"ARMENIAN STOCK MARKET IN FACT CLOSED FOR RUSSIAN EXCHANGES" RTS REPRESENTATIVE STATED

The FINANCIAL, Georgia
Dec 24 2007

The FINANCIAL — According to Banks.AM, member of the Board of
Directors "Russian Trading System "Stock Exchange"" OJSC (RTS) Oleg
Safonov believes that the Armenian stock market is in fact closed
for the Russian exchanges".

Mediamax reports that Oleg Safonov said this in an interview to
"Profile" magazine.

"Today, it becomes too cramped for large European and U.S. exchanges
within the framework of their traditional location. They are more and
more interested in the markets of developing countries, among which
the post-soviet states by the means occupy the last position. Today, we
can observe a very complex and interesting process of establishment of
regional financial centers. Depending on which states become regional
centers, and on what conditions, the strategic vector of development
of the whole economy is largely determined. Of course, we believe that
such a center in the Eurasian area should be Moscow. The situation is
complicated by the expansion of large western players. So, the OMX
has already purchased the exchange in Yerevan, in fact closing the
Armenian stock market for the Russian exchanges. Today, the process
is developing in two directions: on the one hand, the players in
CIS states and the Near Baltic states claim to establish their own
financial centers, on the other hand, the global players are interested
in exchange assets in CIS states", Oleg Safonov stated.

Mediamax recalls that on November 21 of 2007, the Armenian government
and the Swedish OMX Exchange operator signed an agreement on December
24 on purchase and sale of the shares of Armenian Stock Exchange
and Central Depository. In accordance with the signed agreement, OMX
becomes a 100% owner of the Armenian Stock Exchange and the Armenian
Central Depository. The shares will be handed over to the new owner
on January 3 of 2008.

On June 6 of 2007, Senior Vice-President of the Swedish OMX Group
Henri Bergstrom stated the necessity of a "revolution" on the Armenian
market of capital. He noted then that at present, the Armenian market
of capital is in reanimation conditions, "when it is difficult to
breathe and feed, and the heart is in bad condition".

However, he stressed, "there is will and readiness of the participants
of the market to assist the process of reanimation".