PRESS RELEASE
THE LINCY FOUNDATION
Contact: Harut Sassounian
Tel: 818-241-8900
Email: sassoun@pacbell.net

July 8, 2005

The Lincy Foundation Will Allocate $60 Million for New Projects in Armenia

Beverly Hills, CA – The Lincy Foundation announced today that it would
allocate $60 million for three new infrastructure projects selected by the
Government of Armenia.

The work will commence once the necessary approvals have been obtained and
agreements between the Armenian government and The Lincy Foundation have
been signed. The Government of Armenia will implement these projects with
the assistance of The Lincy Foundation.

The $60 million to be provided by The Lincy Foundation would be used for
the much-needed renovation of schools, the upgrading of Yerevan streets, and
the improvement of various roads throughout Armenia.

The school renovation project would significantly improve the educational
environment for thousands of students who have been studying in dilapidated
school buildings for many years. The upgrading and improvement of various
city streets and roads would facilitate the movement of people and goods
throughout Armenia.

These new projects follow Lincy’s successful completion of $150 million of
infrastructure renovation that included the construction and repair of 270
miles of highways, 5 bridges, 2 tunnels, 17 major city streets as well as
the Republican Square in Yerevan, 3,674 apartments in the earthquake zone,
and 34 cultural institutions throughout Armenia. In addition, The Lincy
Foundation provided $20 million of loans to small and medium-size businesses
in Armenia.