ARMENIA’S POSTAL SERVICE TO BE MODERNIZED BY 2011

ARKA
April 16, 2008

YEREVAN, April 16. /ARKA/. The program of modernizing Armenia’s postal
service is to be completed in three years.

Hans Boon, Chief Executive Officer of the Haypost (Armpost) Company,
reported, under the contract for trust management of the Haypost
Company, the modernization program was to be completed in six
years. However, if the current rates are maintained, the program will
be completed in three years, he said.

The contract for 5-year trust management of Haypost by the "Haypost
Trust Management" (Holland) was signed in Yerevan on November 30,
2006. The contract stipulates a 5-year prolongation.

Boon said that the modernization program envisages the opening of
new comfortable post offices, higher-quality service.

He pointed out the hi-tech post offices will be a starting point for
Armenia’s postal service to reach a high level.

According to Boon, the modernization of the country’s postal service
will allow it to widen the range of services and transform post
offices to small shops that will provide a wide range of services.

The Haypost CJSC is Armenia’s national post operator, which has 900
post offices throughout the county and 4,000-member personnel.

A contract for 5-year trust management of Haypost by the "Haypost
Trust Management" (Holland) was signed in Yerevan on November 30, 2006.

Haypost Trust Management (Amsterdam, Holland) was founded to implement
a trust management program. The company is cooperating with Post
Finance International, which specializes in post modernization in
the developing countries.