HAYPOST REVENUES FROM POSTAL SERVICES GROW 45% IN FISRT SIX MONTHS 2008

ARKA
July 8
YEREVAN

HayPost Revenues from Postal Services (Mail, Parcels, and
International) grew by 45% on a year to year basis, i.e. from
AMD 525mln to AMD 760mln in the first 6 months of 2008. This was
mainly achieved through new mail contracts with the private business
sector. Nearly 4 million addressed mail items were processed in the
first six months. This was less than 0.7 million prior to the Trust
Management Program.

The quality of mail delivery in Yerevan is at a constant high level
of more than 97% of mail delivered within real Day+1. Prior to the
Trust Management Program this quality level stood at 14%.

The mail productivity ratio has developed from 0.7 mail items per
employee per day in 2005 prior to the Trust Management Program to 12
mail items per employee per day as per 30 June 2008. More than 80%
of the mail concerns Yerevan city.

As far as its payment services are concerned, the company has received
over 14mln micropayments, which is thrice as much as in the banking
system.

Revenues from public payments grew by 8% in the reported period.

The company is now providing new services international money
transfers which will be available to over 120 post offices by the end
of year. HayPost also carried out a pilot sale of insurance packages
focused on better public access.

HayPost CJSC is the national postal operator of the Republic of Armenia
operating through its 900 post offices and 41 regional departments
throughout the country. The company’s staff is 4,000 people. Under
an agreement signed on November 30, 2006, HayPost was transferred in
trust of the Dutch HayPost Trust Management Company. N.H.