ARMENIAN COPPER PROGRAM ISSUES FIRST BONDS

ARMENPRESS
Sept 26 2007

YEREVAN, SEPTEMBER 26, ARMENPRESS: Armenian Copper Program (ACP),
a subsidiary of the Manex and Valex Company, issued yesterday its
first 500 million Drams worth 10, 000 coupon bonds. The cost of one
bond is 50,000 Drams. The interest rate is 10 percent and the maturity
period is 18 months.

The issuance of bonds was handled by ArmSwiss bank.

It is also responsible for their distribution.

Fifty percent of bonds are to be distributed by ArmSwiss bank, 20
percent by Armenian Development Bank, 10 percent by Future Capital
Market company. The remaining 20 percent worth 100 million worth will
be sold through an open subscription. If no one responds ArmSwiss
bank has committed to buy them.

Central Bank governor Tigran Sarkisian urged local companies to obtain
the bonds.

Manex and Valex vice-president Gagik Arzumanian said issuance of
bonds will help the company to diversify its assets.