ITERA INTERNATIONAL ENERGY NO LONGER ARMROSGASPROM’S SHAREHOLDER

ARKA
March 23, 2009

YEREVAN, March 23. /ARKA/. Itera International Energy has sold its
2,800,000 nominal equities of ArmRosgasprom CJSC to Garsprom, press
office of ArmRosgasprom reported on Monday.

The equities make 4.45% of ArmRosgasprom’s authorized capital.

The transaction was registered in Central Depository of Armenia on
March 12.

ArmRosgasprom’s press office refrained from more detailed comments
on the matter.

ArmRosgasprom enjoys the sole right to import and distribute Russian
natural gas in Armenia.

Russia conveys natural gas to Armenia through Georgia’s territory.

ArmRosgasprom was established in 1997. Gasprom holds 80% of the
company’s shares.

The remaining 20% belongs to Armenian Government.