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Valletta Preparing For 4th Issue Of Bonds To Refinance 3rd Issue

VALLETTA PREPARING FOR 4TH ISSUE OF BONDS TO REFINANCE 3RD ISSUE

ArmInfo
13.01.2010

ArmInfo. Valletta is preparing for the 4th issue of bonds in the amount
of 500 million drams to refinance the 3rd one, Artur Martirosyan, chief
accountant of the company, told ArmInfo. He did not specify the terms
referring to unpredictability of the situation in the debt market of
Armenia. A. Martirosyan said that the 4th issue is scheduled for the
current year and the issue parameters depend on the market trends.

By data of ArmSwissbank on December 26, 2009 the bonds issued by
"VALLETTA" Ltd (AMVALTB02ER9) in the total amount of AMD 500 million
(with nominal value of AMD 50,000, maturity of 24 months and annual
coupon rate of 10.5%) were repaid. The company paid the amount as of
30.12.2009. The allocation of bonds started since December 26, 2007.

"ArmSwissBank" CJSC acted as the lead manager of the issue. On
February 20, 2008 the bonds were listed in the Armenian Stock Exchange
Bbond level (currently "NASDAQ OMX ARMENIA" OJSC), since August 6,
2009 the bonds were traded on Cbond free market. During the whole
period of turnover of bonds "ArmSwissBank" CJSC provided double-sided
quotations. Over the period of turnover of bonds transactions in amount
of AMD 420.4 million were concluded (except for Repo transactions)
that is 84.08% of the issue. From this amount about AMD 350 million,
which is about 70% of the issue, were the transactions in the Stock
Exchange with average price of 13.56%. Repo transactions in amount
of AMD 2,963.25 million were concluded with the bonds, which accounts
for more than 590% of the overall issue.

Frangulian Shushan:
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