CONVERSEBANK OF ARMENIA OFFERS NEW "MANUK (KID) PLUS" DEPOSIT

ARKA
Feb 23, 2009

YEREVAN, February 23. /ARKA/. Conversebank of Armenia is holding an
action to attract "Manuk (kid) plus" deposit from March 1 to June 15.

The official website of Conversebank reports that the new deposit gives
citizens an opportunity to receive, apart from the interest accrued, a
5% bonus for every year of the contract at the end of the deposit term.

According to the report, in the scope of the action Conversebank is
to give depositors various surprises. Deposits are accepted in Drams
or in U.S. dollars at the interest rate of Conversebank.

The minimal term of the deposit is 5 years and the maximum one is
16 years.

Interest on deposit is paid every quarter and the calculated interest
is accrued on the balance of the deposit account.

"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 ten branches in Yerevan.

By the end of December 2008, the bank’s assets had totalled 71.9bln
Drams, total capital 13.1bln Drams, liabilities 58.7bln Drams, credit
investments 42.9bln Drams, liabilities to clients 43.6bln Drams;
net profit reached 2.1bln Drams in January-December 2 008.

As of February 2009, the bank is also offering deposits
"Progress", "Karas", "Manuk (Kid)", "Investments", "Daytime" and
"Pension". ($1=305.44Drams).