ARMSWISSBANK SUBMITS BOND EMISSION PROSPECTUS OF EXPRESS CREDIT UCO

ARKA
July 7

ArmSwissbank submitted Monday papers for registration bond emission
prospectus of Express Credit, universal credit organization.

Press office of ArmSwissbank says the bonds will be placed through
open subscription.

The agreement on the universal credit organization’s bonds was signed
in May. Under the agreement, bonds worth AMD 150 million (6,000 bonds
of AMD 25,000 nominal cost) will be placed under redemption term of
18 months.

Details will be unveiled after the registration of the prospectus.

Express-Credit Universal Credit Organization was established in
December 1997 as Pinar CJSC.

In 2002, the company was renamed into Express-Credit.

The Central Bank of Armenia registered the organizations on February
11, 2003.

The organization’s assets totaled AMD 1.3 billion, liabilities,
729 million and capital 555.5 million at the first quarter of 2008.

The company’s net profit amounted to AMD 99.5 million by late
May.