ARMENIAN CB SUSPENDED THE "GRAND" COMPANY’S LICENSE FOR NON-LIFE INSURANCE

Mediamax Agency, Armenia
April 10 2007

Yerevan, April 10 /Mediamax/. In accordance with the decision of
the Chairman of the Armenian Central Bank, starting from April 3,
the non-life insurance license of "Grand" Company has been suspended.

As Mediamax was told in the CB press service today, "the license is
suspended until the reason for the license violation is eliminated".

Mediamax reminds that in December 2006, the Central Bank of Armenia
declared invalid the life insurance license of "Grand" Company.