BANK VTB (ARMENIA), ARMENIAN WATER AND SEWERAGE COMPANY AWARD FOUR BEST SUBSCRIBERS

ARKA
Oct 24, 2008

YEREVAN, October 24. /ARKA/. Bank VTB (Armenia) and Armenian Water
and Sewerage Company awarded four most honest subscribers of the
company Thursday.

The winners of the competition are Hripsime Zhamgaryan from Gavar,
Arevik Davtyan from Echmiadzin, Ruben Choloyan from Biureghavan and
Grigory Harutiunyan from Kapan. They received 300,000 Drams each.

Bank VTB (Armenia), in its run, presented plastic cards to the winners.

General Director of Armenian Water and Sewerage Company Patrick Lorain
said that the action of the company and the bank is to encourage
honest subscribers making payments on time and to spur non-payers to
make regular payments against the water supplied.

Lorain expressed his gratitude to Bank VTB (Armenia) for cooperation
and urged all the subscribers of the Armenian Water and Sewerage
Company to pay for the services on a regular basis.

General Director of Bank VTB (Armenia) Valery Ovsiannikov, in his
turn, said that the bank is often carrying out similar actions with
its clients. The bank will continue cooperating with Armenian Water
and Sewerage Company, he said.

"SAUR" S.A. French company won the tender for management of Armenian
Water and Sewerage Company in 2004. Armenian Water and Sewerage Company
have 4 territorial branches with their central offices in Sevan,
Abovyan, Sisian and Artashat. The company is providing services to
265,000 subscribers in 286 villages and 37 cities of the country. The
price for water supply service provided by the company is 140 Drams
per cubic meter (including VAT).

Bank VTB (Armenia) (Armsavingsbank before June 20 2006) joined the
VTB Group in April 2004. Currently the bank VTB is the full owner of
Bank VTB (Armenia) closed joint stock company.

Authorized stock of Bank VTB (Armenia) is 13.9bln Drams. By
October 1, the bank’s own capital had totaled 23.2bln Drams,
assets 98bln Drams, credit portfolio 74bln Drams and liabilities to
clients 38bln Drams. The bank’s net profit totaled 2.4bln Drams in
January-September. ($1=309.11Drams).
From: Baghdasarian