ELECTRIC NETWORK OF ARMENIA TOPS LIST OF 300 LARGEST CONTRIBUTORS TO SOCIAL SECURITY FUND

ARKA
July 25

Electric Network of Armenia tops the list of 300 largest contributors
to the Social Security Fund of Armenia, as a result of the first six
months of 2008.

According to RA State Tax Service, the company paid 961.2mln drams
against 1.1bln drams it paid in the corresponding period last year.

The second largest payer is ArmRosgasprom 760mln drams against 701mln
drams last year, followed by K-Telekom (VivaCell trademark) mobile
operator with 578.5mln drams.

ArmenTel paid 560mln AMD (565mln AMD in Jan-June last year). The
fifth largest contributor to the social security fund is Zangezur
Copper and Molybdenum Plant with 502.8mln drams (426.1mln drams last
year. ($1=301.31 drams).