ARMENIAN DEPOSIT GUARANTEE FUND’S 2008 FINANCIAL REPORTS TRUE

ARKA
June 26, 2009

YEREVAN, June 26. /ARKA/. The financial reports of the Armenian Deposit
Guarantee Fund for 2008 contain accurate data on the Fund’s financial
situation in conformity with the Armenian accountancy standards,
reported Grant Thornton Amyot LLC, an Armenian consulting and auditing
firm, which made an audit of the Fund’s activities in 2008.

The Fund reported that the company audited the Fund’s balance sheet,
financial reports, changes in the company’s own capital, money flows
as of December 31, 2008, as well as the description of the Fund’s
accountancy policy.

The Deposit Guarantee Fund is an agency ensuring financial stability in
Armenia. The Central Bank of Armenia (CBA) initiated the establishment
of the Fund in 2005 to guarantee deposits of individuals, including
private businessmen, bolster public confidence in the Armenian banking
system and protect deposits’ interests.

The main law regulating the Fund’s activities is the RA Law "On
Guarantee of Remuneration of Banking Deposits of Physical Persons"
adopted on 24 November, 2004. The Fund also works in conformity with
its Statutes and a number of decisions made by the CBA.

A poll conducted by the CBA in the latter half of 2008 showed that 68%
of the respondents were informed of the Fund’s activities.

The Fund cooperates with International Association of Deposit Insurers
(IADI) and European Forum of Deposit Insurers (EFDI) as their full
member.

Since 2005, Global Banking Development Solutions (GBDS) has been
rendering consulting services to the Fund on a â~B¬400,000 grant issued
to Armenia for consolidating its deposit guarantee system. Under the
program, last July, the Fund staff got acquainted with the deposit
insurance systems of Italy and Germany.

Grant Thornton launched its activities in Armenia in 1991. In 1994,
Grant Thornton France established a branch in Armenia, which was
later transformed into Grant Thornton Amyot LLC.

Grant Thornton Amyot LLC, the Armenian Member of Grant Thornton
International, is a multi-professional group of Public Accountants
and Auditors, Financial Advisers, Business, Industry, Tax and Legal
Consultants.

Grant Thornton Amyot (then Amyot Exco Armenia) was founded in 1991,
and has since been providing audit missions, in-depth professional
consulting services, expert advice to governmental organisations,
top-level enterprises, national and commercial banks in CIS countries:
Armenia, Georgia, Belarus, Kazakhstan and Uzbekistan.