PRESENTATION, DEDICATED TO THE PLACEMENT OF "VALLETTA" COMPANY’S BONDS, TOOK PLACE IN YEREVAN

Mediamax, Armenia
July 28 2007

Yerevan, July 27 /Mediamax/. The presentation, dedicated to the
placement of "Valletta" Company’s bonds, took place in Yerevan today.

Mediamax reports that Chairman of "Valletta" LLC Henrik Zakharyants
stressed that the implementation of the strategic decision to enter
the securities market was in many aspects assisted by the rating B-,
which was conferred to the Company by the Central Bank in early 2007.

The total volume of issue of the first tranche of nominal coupon
bonds makes 350mln AMD, the nominal value of each – 50 thousand AMD,
the quantity – 7 thousand bonds, annual interest rate – 10,5%, term
of repayment – 18 months. The organizer of the bonds issue and the
main underwriter is "Armswissbank" CJSC.

According to Henrik Zakharyants, "Valletta" registers dynamic speeds of
growth, and the open and transparent work will assist the extension
of its activity and will have positive influence on the image of
the Company.

Chairman of "Valletta" LLC informed that the Company has concluded the
elaboration of three investment programs in the spheres of production,
public service, construction and real estate. "The programs are so
attractive that a number of European institutional investors have
already expressed their wish to take part in their implementation",
Henrik Zakharyants stated.

Chairman of the Armenian CB Tigran Sarkisian stressed that making the
knowledge deeper in the sphere of market economy, Armenian companies
open up for themselves "the window of new opportunities". He expressed
hope that the example of "Valletta" will be catching for other
companies as well.

The peculiarity of this undertaking, according to Tigran Sarkisian,
is the fact that, on the initiative of "Armswissbank", there is a
group of banks and one financial organization established, which
strive to realize the project by joint efforts. "This evidences that
such tools unite commercial banks, which is a positive signal for us",
Chairman of the Central Bank stressed.

Executive Director of "Armswissbank" Gevorg Machanian noted that to
organize the placement of "Valletta" bonds, there is a syndicate formed
with the participation of "Armswissbank", "Converse Bank", "Armenian
Development Bank" and the investment company "Future Capital Market".

"Valletta" Company carries out diversified activities, being involved,
in particular, in wholesale and retail trade of food products
and everyday use equipment, exploitation of public food objects,
production of meet products, coffee, etc.