AUCTION HELD ON PLACEMENT OF STATE BONDS OF AMGT39215098 ISSUE

Noyan Tapan

Au g 22, 2008

YEREVAN, AUGUST 22, NOYAN TAPAN. An action on placement of state
(treasury) short-term bonds of AMGT39215098 issue with a redemption
period of 39 weeks was held on August 21.

The bonds subject to placement amounted to 1.5 billion drams, the
demand made 2 bln 523 mln 427 thousand drams. The placement of bonds
made 1.5 bln drams. The placement proceeds made 1 bln 411 mln 309
thousand 529 drams. The weighted average yield from placement made
8.2869%, the maxiumum yield – 8.4700%.

According to the press center of the RA ministry of finance, ten
dealers participated in the auction.