Conversebank of Armenia to hold joint action with Money Gram on March 1
` April 7

YEREVAN, February 20. /ARKA/. Conversebank of Armenia is to hold a
joint action with Money Gram international payment system.

Clients are to get three presents while receiving remittances through
Money Gram in any of Conversebank’s branches in the period from March 1
to April 7, the bank reported.

Conversebank joined Money Gram system on December 2, 2008.
`’Conversebank” Closed Joint Stock Company was registered on December
20 1993. Since February 2007 Argentinean businessman of Armenian origin
Eduardo Ernekian has been holding 95% of the bank’s shares. Armenian
Apostolic Church owns the remaining 5%. Conversebank has 25 branches,
including eight branches in Yerevan.

By the end of December 2008, the bank’s assets had totalled 71.9bln
Drams, liabilities 58.7bln Drams, total capital ` 13.1bln Drams, credit
investments ` 44.1bln Drams. Profit after tax was 2.1bln Dramas for the
year 2008. ($1=305.41Drams). N.V. `0–