"ARTSAKH HYDROPOWER STATION" IPOS WILL SECURE INVESTMENTS FOR PROMOTION OF NKR ECONOMY DEVELOPMENT

NKR Government Information and
Public Relations Department
March 23, 2009

"The primary public subscription to Artsakh Hydropower Station shares
which promotes the NKR economy development is an unprecedented
event," NKR Prime Minister Ara Harutyunyan stated at the official
presentation of this programme in Yerevan , on March 20. According to
him, the programme has been the most significant investment project
of post-war period, for the realization of which lengthy negotiations
were conducted with the major investors.

Ara Haroutyunyan clarified the fact that being in possession of
sufficient water and energetic resources, Karabakh was deprived
of such opportunities because of major investors’ distrust and
uncertainty, absence of international programmes, low opportunities
of local entrepreneurs, absence of business projects and efficient
management. "This project is a good chance for those of our compatriots
who are willing to participate and invest in NKR economy development",-
he stated.

In his speech delivered before the participants, A.Haroutyunyan called
the society to make investments in the Artsakh Hydropower Station
project as it will give an opportunity to provide new working places
and will promote the NKR economic growth. According to the recent
data, IPO subscribers in the NKR comprised 200, total shares value
amounted USD 400 million drams.

The primary share issue totaling AMD 3,45 mlrd (about 9.5 mln dollars)
was effected by "Artsakh Hydropower Station" OSJO, with "Armenbrok"
OSJO serving as consultant and emission underwriter. 3285715 shares
are being issued at AMD1050 per share.

"Artsakh Hydropower Station" is one of the leading companies in the
energy sector of Nagorno- Karabakh which at present satisfies only
40-60 % of the needs of NKR’s electric power system. The means gained
through share issue will be used for the construction of three small
Hydro Power Stations in the NKR on the Tartar River. The new Hydro
Power Stations will help cover more than 85% of domestic needs in
NKR’s Energy Sector.