HAYPOST NOT MADE OFFFICIAL PROPOSAL FOR CHANGING ITS MANAGER

Noyan Tapan
Apr 05 2006

YEREVAN, APRIL 5, NOYAN TAPAN. Hasypost company has not received
any official proposal for passing its shares for trust management. NT
correspondent was informed at the company’s press service that Converse
Invest company, to which Haypost has been transferred for trust
management, continues fulfilling its contract obligations. According
to some reports, La Poste company (France) and ING company (the
Netherlands) proposed the Armenian government that they assume the
trust management of Haypost CJSC shares. To recap, in January 2005,
Haypost was transferred to Latvia-based Converse Invest investment
company for trust management for a 5-year period. Converse Invest is
obliged to invest 5 mln dollars in Haypost during this period.