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PRESS RELEASE

Monday, May 14, 2007

Court of Appeals Confirms Verdict in Favor of AGBU Regarding the
Melkonian Estate

On May 8, 2007, the United States Court of Appeals (9th Circuit)
upheld the ruling of the District Court in connection with the
Melkonian Educational Institute, in favor of AGBU. His Beatitude
Archbishop Mesrob Mutafyan, Patriarch of Constantinople (Istanbul),
had initiated legal proceedings against AGBU, challenging AGBU’s full
rights of ownership in connection with the Melkonian property in
Nicosia, Cyprus.

The District Court of Central California, in its ruling dated April
15, 2005, had dismissed the Patriarch’s claims without leave to amend
or repeal.

Established in 1906, AGBU () is the world’s largest
non-profit Armenian organization. Headquartered in New York City, AGBU
preserves and promotes the Armenian identity and heritage through
educational, cultural and humanitarian programs, annually serving some
400,000 Armenians in 35 countries.