PRESS RELEASE

October 18, 2004

American University of Armenia Corporation
300 Lakeside Drive, 4th Floor
Oakland, CA 94612
Telephone: (510) 987-9452
Fax: (510) 208-3576

Contact: Gohar Momjian
gohar@auac.net

AUA Welcomes First Recipients of the Turpanjian Family Foundation
Scholarship Program

Yerevan, Armenia – The American University of Armenia (AUA) honored
benefactors Mr. and Mrs. Jirair and Patricia Turpanjian of Palos Verdes, CA
with a reception on October 12, 2004 and welcomed the 141 undergraduate and
graduate students who will receive a free university education through the
support of Turpanjian Family Foundation Scholarship Program. According to
Mr. Jirair Turpanjian, `Our family has always been a strong supporter of
education, and we have a special interest in Armenia’s development as a
prosperous democratic country.’

The Turpanjian Family Foundation pledged $1,000,000 over 10 years earlier
this year to implement an innovative Big Brother-Big Sister mentorship
program in tandem with an educational scholarship program. The program
provides financial support in the form of tuition and academic and career
support through a peer-based mentoring program to deserving undergraduate
students at any accredited university in Armenia and graduate students at
AUA. Priority is given to orphans, those affected by the 1988 earthquake,
the socially disadvantaged, and others in need. The Turpanjian Family
Foundation Scholarship Program is administered by the AUA and often
complements support already provided by the students’ university.

`A unique feature of this innovative program is the vision to empower the
awardees to make significant long-term contributions to Armenia’s political,
social and economic development. We are pleased to expand our cooperation
with the Tupanjian Family Foundation in realizing a common hope for Armenia
and the region,’ said AUA President Haroutune Armenian.

AUA Interim Vice President Michael Thompson, who chaired the selection
committee consisting of AUA faculty, staff, and alumni, noted that, `These
awards will help ensure academically deserving students who have already
overcome so many obstacles have the chance to succeed, not only for
themselves, but for their communities, and for Armenia. We are especially
pleased in many cases to complete funding providing by the students’
universities, turning partial reductions into full scholarships.’ The
awardees represent a variety of fields ranging from Metallurgy and Mining,
Mathematics, Engineering and Information Sciences to Health and Civil
Society related disciplines, Speech Therapy and Sign Language Teaching,
Forestry, Law, Public Health, and Political Science.

The Turpanjian Family Foundation was established in 2000 with a commitment
to help institutions in their efforts to advance the development of Armenia
as a democratic country with a robust economy.

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The American University of Armenia is registered as a non-profit educational
organization in both Armenia and the United States and is affiliated with
the Regents of the University of California. Receiving major support from
the AGBU, AUA offers instruction leading to the Masters Degree in eight
graduate programs. For more information about AUA, visit

Photo: Recipients of the Turpanjian Family Foundation Scholarship Program