ARMENIA TO HELP MONGOLIA IN FINANCIAL AUDIT OF UBTZ

ARKA
Jan 14, 2009

YEREVAN, January 14. /ARKA/. Armenia will help Mongolia with a
financial audit of the Ulaanbaatar Joint Stock Railway Company (UBTZ)
for 2007-2011.

The press service of the Grant Thornton Amyot reports that in October
2007 the Millennium Challenge Corporation of the United States of
America and the Government of Mongolia have signed a Compact of USD 285
million for reduction of poverty in Mongolia through economic growth.

In November 2008 the Millennium Challenge Account-Mongolia, responsible
for implementation of the Compact, signed its first major USD 1,5
million contract with Grant Thornton Amyot, the Armenian member of
Grant Thornton International, one of the world’s leading accounting
organizations, and its Mongolian partner Onch-Audit.

Within the scope of the contract the companies will carry off the
financial audit of Ulaanbaatar Joint Stock Railway Company (UBTZ),
the main railway operator of Mongolia. The audit will cover years
2007-2011 and will include accounting, financial, operational and other
information necessary to express audit opinion and make recommendations
on strengthening the operational and financial management and internal
control environment of UBTZ. The objective of the audit work is
to help strengthen the company’s accounting practices to adhere to
international standards, thus enhancing the reputation of the UBTZ.

Year 2008 has been marked as succe ssful for Grant Thornton Amyot in
terms of expansion of the company’s activity to foreign markets. During
the year a number of audit and consulting missions have been carried
out abroad, including contracts with the "Georgian Railway" and
"Georgian Oil and Gas Corporation" in Georgia and a number of
commercial banks in Tajikistan.

Grant Thornton launched its activities in Armenia in 1991. In 1994,
Grant Thornton France established a branch in Armenia. Later the
branch was transformed to Grant Thornton Amyot.

Grant Thornton Amyot is a full member of Grant Thornton International,
one of the world’s largest auditing and consulting organizations
uniting 521 companies in 113 countries.