"CAPITAL ASSET MANAGEMENT" BECOMES OFFICIAL MARKET-MAKER OF BONDS OF ARMENIAN INECOBANK

ARKA
June 3, 2009

YEREVAN, June 3. /ARKA/. Capital Asset Management closed joint stock
company became the official market-maker of the bonds of Armenian
Inecobank.

The marketing and communication department of NASDAQ OMX Armenia stock
exchange reports that as from June 2 2009 Capital Asset Management cjsc
will be officially announcing buying/selling prices for registered
discount bonds of Inecobank closed joint stock company that were
included in Bbond list of NASDAQ OMX Armenia on May 11 2009.

This tranche listed under ENECB1 includes 7,000 bonds – 50,000Drams
each; the redemption period is 365 days and annual yield is
9.5%. According to the report, as a market-maker Capital Asset
Management cjsc will be supporting the liquidity of Inecobank’s bonds
while providing a permanent opportunity to investors to buy or sell
the bonds on the secondary market.

Inecobank closed joint stock company was registered on February
7, 1996.

Currently it provides the whole range of banking services through
its headoffice and branches in Yerevan and in four regions of Armenia.

The biggest stockholders of Inecobank are member of KfW group DEG
company (Deutsche Investititions-und Entwicklunsgesellschaft mbH)
and the International Financial Corporation.

Total capital of Inecobank was about 9.36bln Drams at the end of Q1
2009; total assets exceeded 48.4bln Drams .

In February 2009 Inecobank became a member of NASDAQ OMX Armenia;
it has access to all exchange markets, including the market of
government and corporate securities, REPO instrument market and the
foreign exchange market.

Capital Asset Management closed joint stock company has been a
member of the stock exchange since December 2006. In February 2008
the company became the market-maker of the bonds of Converse Bank
(CVBKB1) enlisted in Bbond.

On January 27 2009 Armenian Stock Exchange open joint stock company was
officially renamed as NASDAQ OMX Armenia open joint stock company. It
was founded as a self-regulating organization registered in Armenia
on February 13 2001 embracing 21 dealer organizations. On November 9
the stock exchange was reorganized to an open joint stock company. OMX
(NASDAQ OMX today) has been the 100% owner of NASDAQ OMX Armenia and
the Central Depository since January 7 2008.

By June 1 2009, twenty-three securities underwent listing on NASDAQ OMX
Armenia stock exchange with the capitalization reaching 53.2bln Drams.

($1=369.91Drams).