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					                                                                                                                     NASDAQ OMX ARMENIA
                                                                                                            Monthly Bulletin              November 2009




See Inside For:

     Securities Listed and Delisted in November, 2009
     Monthly Exchange Trading Data: Equities Market
     Exchange Trading Statistics on Stocks Traded at NASDAQ OMX Armenia in November, 2009
     Financial Highlights of the Issuers Listed on NASDAQ OMX Armenia
     Corporate & Government Bonds Market Statistics
     Foreign Currency Market Statistics
     Overview of Depository Activities

                                                                            LISTING
As of 30 November, 2009, a total of 24 securities of 20 issuers was listed and admitted to trading at NASDAQ OMX Armenia,
of which 12 stocks of 11 issuers and 12 bonds of 10 issuers. No securities were delisted, as well as no new listings or
securities admittance to trade took place this month.
                                                                     EXCHANGE TRADING
All financial figures are in Armenian Drams (AMD) unless otherwise noted. Exchange rates established by the Central Bank of Armenia as of November
30, 2009 were as follows: USD 1=AMD 385.76; EUR 1=AMD 580.22.

                                                                       Equities Market
In November two trades with total value traded of AMD 10,005,500 were concluded through the continuous two-side
exchange auction: 2,005 stocks of two issuers, “Artsakh HEK” JSC (AHEK) and “Armenian Development Bank” JSC (ZHBK),
were traded. One trade of AMD 144,000 was done through the manual trades mechanism: 288 stocks of 1 issuer, “Yerevan
Champaigne Factory” JSC (ESHG), were traded.
Please refer to the table below for equities market exchange trading statistics in 2009:
                      Number of Companies                                                    Number of Securities
                                                         Number of Trades                                                           Total Value Traded, AMD
                            Traded                                                                Traded
                                         Variance                         Variance
    Month                                                                                                         Variance
                                          over the                         over the                                                                Variance over the
                           2009                          2009                                    2009             over the         2009
                                           same                             same                                                                    same month of
                       (by months)                   (by months)                             (by months)        same month     (by months)
                                         month of                         month of                                                                     2008 (%)
                                                                                                                of 2008 (%)
                                         2008 (%)                         2008 (%)
January                              2     -60.00                     2     -90.91                      146          -99.37           1,110,000              -95.86
February                             2       0.00                     3     -62.50                      416          -90.05           2,266,500              -93.01
March                                1       0.00                     2       0.00                       64          -98.02              32,000              -99.84
April                                1       0.00                     1       0.00                      416          -98.02             208,000              -99.84
May                                  2     100.00                     3      50.00                    1,527        1,022.79             717,900              -65.06
June                                 0    -100.00                     0    -100.00                        0         -100.00                   0             -100.00
July                                 3     200.00                     8     700.00                   77,665       95,782.72          81,812,500            7,219.06
August                               1     -50.00                     1     -50.00                      100          150.00              50,000              -90.29
September                            1       0.00                     1       0.00                      113           52.70             768,400               59.75
October                              1     -50.00                     1     -91.67                      100          -96.74             700,000              -97.53
November                             3     200.00                     3     -25.00                    2,293          358.60          10,149,500              125.54
YTD 2009                                                             25                             82,840                          97,814,800

                          Number of Trades and Value Traded in Equities at NASDAQ OMX Armenia, 2009
         90,000,000                                                                                                                                        9

         80,000,000                                                                                                                                        8

         70,000,000                                                                                                                                        7

         60,000,000                                                                                                                                        6

         50,000,000                                                                                                                                        5

         40,000,000                                                                                                                                        4

         30,000,000                                                                                                                                        3

         20,000,000                                                                                                                                        2

         10,000,000                                                                                                                                        1

                 0                                                                                                                                         0

           AMD          January   February       March       April        May         June         July        August   September     October   November

                                                         Total Value Traded, AMD                          Number of Trades




                                                                                                                        543 321
                                  NASDAQ OMX Armenia — 5B Mher Mkrtchyan str., Yerevan 0010, Armenia — tel/fax: +374 10 543 321
                                                   e-mail: info@nasdaqomx.am — URL: www.nasdaqomx.am                                                                   1
Following are the details on prices and values traded for the issuers traded at NASDAQ OMX Armenia in November (on a
monthly basis).

                                                                                                                                                                                                                                                Price
                                                                                                                                                                                                                                                                         Number of
                                                                      AHEK                                                                                                       Month            Price Low               Price High           Weighted                                         Volume, AMD
  6,000.0                                                                                                                                                 1,200.0
                                                                                                                                                                                                                                                                          Stocks
                                                                                                                                                                                                                                                Avg.
                                                                                                                                                                                                                                        2008
  5,000.0                                                                                                                                                 1,000.0         November                                    -                   -                          -                   -                              -
                                                                                                                                                                          December                                    -                   -                          -                   -                              -
  4,000.0                                                                                                                                                 800.0
                                                                                                                                                                                                                                        2009
                                                                                                                                                                          January                                     -                   -                          -                   -                              -
  3,000.0                                                                                                                                                 600.0
                                                                                                                                                                          February                                    -                   -                          -                   -                              -

  2,000.0                                                                                                                                                 400.0           March                                       -                   -                          -                   -                              -
                                                                                                                                                                          April                                       -                   -                          -                   -                              -
  1,000.0                                                                                                                                                 200.0           May                                         -                   -                          -                   -                              -
                                                                                                                                                                          June                                        -                   -                          -                   -                              -
            -                                                                                                                                             0.0             July                                        -                   -                          -                   -                              -
 AMD                                                                  12/11/09                                                                            AMD             August                                      -                   -                          -                   -                              -
                                                                                                                                                                          September                                   -                   -                          -                   -                              -
                                           Value traded                                       Weighted average price                                                      October                                     -                   -                          -                   -                              -
                                                                                                                                                                          November                    1,100.00                1,100.00           1,100.00                               5            5,500.00


                                                                                                                                                                                                                                                Price
                                                                                                                                                                                                                                                                         Number of
                                                                      ESHG                                                                                                       Month            Price Low               Price High           Weighted
                                                                                                                                                                                                                                                                          Stocks
                                                                                                                                                                                                                                                                                                Volume, AMD
   700.0                                                                                                                                                    600.0                                                                               Avg.
                                                                                                                                                                                                                                        2008
   600.0                                                                                                                                                    500.0
                                                                                                                                                                          November                                    -                   -                          -                   -                              -
   500.0                                                                                                                                                                  December                                    -                   -                          -                   -                              -
                                                                                                                                                            400.0
                                                                                                                                                                                                                                        2009
   400.0
                                                                                                                                                                          January                                     -                   -                          -                   -                              -
                                                                                                                                                            300.0
   300.0                                                                                                                                                                  February                         500.00               500.00                 500.00                   237               118,500.00
                                                                                                                                                            200.0         March                            500.00               500.00                 500.00                       64             32,000.00
   200.0                                                                                                                                                                  April                            500.00               500.00                 500.00                   416               208,000.00
                                                                                                                                                            100.0         May                              500.00               500.00                 500.00                1,375                687,500.00
   100.0
                                                                                                                                                                          June                                        -                   -                          -                   -                              -
        -                                                                                                                                                   0.0           July                             500.00               500.00                 500.00                   565               282,500.00
    '000 AMD
                                                11/03/09


                                                           15/04/09




                                                                                                  06/07/09
                        23/02/09


                                     03/03/09




                                                                       11/05/09


                                                                                   21/05/09




                                                                                                             14/07/09


                                                                                                                                    07/08/09


                                                                                                                                               03/11/09




                                                                                                                                                          AMD             August                           500.00               500.00                 500.00                   100                50,000.00
                                                                                                                                                                          September                                   -                   -                          -                   -                              -
                                                11


                                                           15




                                                                                                  06




                                                                                                                                                                          October                                     -                   -                          -                   -                              -
                                   Value traded                                       Weighted average price
                                                                                                                                                                          November                         500.00               500.00                 500.00                   288               144,000.00


                                                                                                                                                                                                                                                Price
                                                                                                                                                                                                                                                                         Number of
                                                                      ZHBK                                                                                                       Month            Price Low               Price High           Weighted
                                                                                                                                                                                                                                                                          Stocks
                                                                                                                                                                                                                                                                                                Volume, AMD
   12,000.0                                                                                                                                                 7,000.0                                                                             Avg.
                                                                                                                                                                                                                                        2008
   10,000.0                                                                                                                                                 6,000.0
                                                                                                                                                                          November                                    -                   -                          -                   -                              -
                                                                                                                                                            5,000.0       December                   6,500.00                6,500.00            6,500.00                       362              2,353,000.00
    8,000.0
                                                                                                                                                                                                                                        2009
                                                                                                                                                            4,000.0
                                                                                                                                                                          January                    6,500.00                6,500.00            6,500.00                       100               650,000.00
    6,000.0
                                                                                                                                                            3,000.0       February                                    -                   -                          -                   -                              -
    4,000.0                                                                                                                                                               March                                       -                   -                          -                   -                              -
                                                                                                                                                            2,000.0       April                                       -                   -                          -                   -                              -
    2,000.0                                                                                                                                                               May                                         -                   -                          -                   -                              -
                                                                                                                                                            1,000.0
                                                                                                                                                                          June                                        -                   -                          -                   -                              -
                -                                                                                                                                           0.0           July                                        -                   -                          -                   -                              -
    '000 AMD                       02/12/08                18/12/08                       13/01/09                      04/11/09                                          August                                      -                   -                          -                   -                              -
                                                                                                                                                          AMD
                                                                                                                                                                          September                                   -                   -                          -                   -                              -
                                                                                                                                                                          October                                     -                   -                          -                   -                              -
                                   Value traded                                       Weighted average price
                                                                                                                                                                          November                   5,000.00                5,000.00            5,000.00                    2,000              10,000,000.00


                    Exchange Trading Statistics on Stocks Traded at NASDAQ OMX Armenia in November, 2009
                                                                                                                                                                                                    Weighted Avg.
                                                                                                                        Nominal Value




                                                                                                                                                                                                                                                                                                       Turnover ratio
                                                                                                                                                                                                                                                                               Capitalization
                                                                                                                                                                                                                                                  Value Traded
                                                                                                                                                            Total Value




                                                                                                                                                                                  Number of




                                                                                                                                                                                                                           Number of
                                                                                                                                                                                                                           Securities
                                                                                               List/Free




                                                                                                                                                                                                                                                                                  Market
                                                                                                                                                              Issued




                                                                                                                                                                                                                            Traded
                                                                                                Market




                                                                                                                                                                                   Trades
                      Issuer




                                                                          Ticker




                                                                                                                                                                                                        Price




                                                                                                                                                                                                                                                                                                           (%)




ARTSAKH HEK                                                           AHEK                       B                                 1,000                    5,962,074                         1               1,100                      5                       5,500       6,558,281,400 0.0001
YEREVAN FACTORY OF                                                    ESHG                       C                                 4,000                        222,183                       1                     500                 288       144,000                      111,091,500 0.1296
CHAMPAGNE WINES
                                                                      ZHBK                       C                                 5,500                        792,685                       1               5,000               2,000        10,000,000                    3,963,425,000 0.2523
ARMENIAN DEVELOPMENT BANK

Total                                                                                                                                                                                         3                                 2,293         10,149,500




                                                                      NASDAQ OMX Armenia — 5B Mher Mkrtchyan str., Yerevan 0010, Armenia — tel/fax: +374 10 543 321
                                                                                       e-mail: info@nasdaqomx.am — URL: www.nasdaqomx.am                                                                                                                                                                                    2
Top 5 Issuers by Market Capitalization
                                                                                                                                      5            6             1
                                                                           Market                                                  7.09%        1.69%         44.78%
                                                                                                 Share in
 N                            Company                     Ticker        Capitalization,                                 4
                                                                                                 Total, %
                                                                             AMD                                     11.69%
  1   PURE IRON PLANT                                       MQER            25,028,939,250            44.78
  2   ARARATBANK                                            ARBK            12,868,812,000            23.02
  3   ARTSAKH HEK                                           AHEK                6,558,281,400         11.73
                                                                                                                    3
      ARMENIAN ECONOMY DEVELOPMENT
  4                                                         HEZB                6,533,345,000         11.69      11.73%
      BANK
  5   ARMENIAN DEVELOPMENT BANK                             ZHBK                3,963,425,000            7.09
  6   Other issuers                                                              944,436,650             1.69                2
      Total                                                               55,897,239,300                                  23.02%

Market capitalization of a company is calculated as the product of the last closing price and number of common stocks issued.
Total market capitalization is calculated for common stocks currently listed at NASDAQ OMX Armenia, which have ever been traded as of 30/11/2009.



       Financial Highlights of the Stock Issuers Listed/Admitted to Trading at NASDAQ OMX Armenia*
       List/Free




                                                                  Total
         Market




                                                                                 Total Assets
                     Ticker




                                                               Revenues                                                                                  Debt/
 N                                      Company                                    (in '000        P/E            EPS           ROA           ROE                    Equity/ Assets
                                                                (in '000                                                                                 Equity
                                                                                    AMD)
                                                                 AMD)
  1      B         AHEK       ARTSAKH HEK                            386,409         8,054,055           94.05          27.15         0.023     0.027        0.215            0.823
  2      B         HEZB       ARMECONOMBANK                         4,030,934       49,913,074           12.62       554.75           0.010     0.061        4.854            0.171
  3      C         ALMS       ALMAST                                 133,129         1,679,018            N/A         -44.54        -0.011      -0.028       1.814            0.355
  4      C         ARAX       ARAX                                    97,520           454,987           16.19          64.84         0.015     0.026        0.627            0.615
  5      C         ARBK       ARARATBANK                            1,565,830       29,632,267           16.62       722.21           0.021     0.097        2.806            0.249
  6      C         ASEV       ARPA SEVAN                            2,838,387        2,569,435               -      8,448.22          0.059     0.110        1.201            0.454
  7      C         EJWG       YEREVAN JEWELLERY FACTORY             1,047,115        4,635,493            N/A           -8.89       -0.021      -0.025       0.263            0.792


  8      C         EVG1       YEREVAN JEWELLERY FACTORY-1           1,431,023        4,455,894            1.72          58.29         0.016     0.036        1.375            0.421
                              "GNOMON"
  9      C         ESHG       YEREVAN FACTORY OF                    1,063,100        1,869,172            N/A        -653.88        -0.075      -0.107       0.564            0.640
                              CHAMPAIGNE WINES
 10      C         MQER       PURE IRON PLANT                      39,958,262       36,816,185            3.50    103,381.99          0.218     0.239        0.127            0.887
 11      C         ZHBK       ARMENIAN DEVELOPMENT BANK             1,243,940       16,081,972            4.95      1,009.15          0.051     0.142        2.007            0.333



*Total Assets, Debt/Equity & Equity/Assets are calculated based on the issuers' 2009 3rd quarter report, while other figures - based on 2008
Annual report
P/E = stock price weighted avg./ (profit after tax – dividend payable on preferred stocks) / number of stocks outstanding. For those companies, whose
stocks were not traded in the report month, the price weighted average was replaced by last trade price. This indicator was not calculated for companies
never traded at Armex.
EPS (Earnings per Share) = (profit after tax - dividend payable on preferred stocks) / number of common stocks issued
ROA = profit after tax / avg. annual asset value
ROE = profit after tax / avg. annual value of equity




                                            NASDAQ OMX Armenia — 5B Mher Mkrtchyan str., Yerevan 0010, Armenia — tel/fax: +374 10 543 321
                                                             e-mail: info@nasdaqomx.am — URL: www.nasdaqomx.am                                                                        3
                                                                              Corporate Bonds
During November, 2009, 6 trades in corporate bonds were concluded for a total value of AMD 1,692,082 (54 bonds of 3
issuers were traded). As compared to the previous month, the number of trades, the number of bonds traded and the total
value traded fell by 83%, 99% and 99% correspondingly.
As compared to the same period of the previous year (November, 2008) the number of trades, the number of bonds traded
and the total value traded decreased by 88%, 99% and 99% accordingly.
Please refer to the table below for corporate bonds exchange trading statistics in 2009:

                                    Number of Trades                       Number of Securities Traded                      Total Value Traded, AMD

            Month                                    Variance over                              Variance over the                               Variance over the
                                     2009                                       2009                                           2009
                                                    the same month                             same month of 2008                                same month of
                                 (by months)                                (by months)                                     (by months)
                                                      of 2008 (%)                                     (%)                                           2008 (%)

        January                                26                52.94                25,415                 42.29            247,286,890                  22.03
        February                              134               458.33               414,041              5,960.32          1,967,193,943               1,779.18
        March                                 111               326.92               127,660              2,241.96          1,467,941,473                 849.63
        April                                  42                90.91                57,304                530.20            287,063,498                  64.52
        May                                    62               138.46               259,951              4,255.02          1,083,302,668                 271.29
        June                                   66               135.71               222,493              1,713.60          1,460,124,257                 565.92
        July                                   54               500.00                 7,226                189.85            161,920,019                  85.50
        August                                 34                88.89                58,203                512.53            523,287,432                 282.91
        September                              54               184.21                16,068                105.92            386,890,652                 277.22
        October                                35                 2.94                 9,661                -77.51            289,492,015                  21.90
        November                                6               -88.46                    54                -99.01              1,692,082                 -98.69
        YTD 2009                              624                                 1,198,076                                7,876,194,927


                 Number of Trades and Value Traded in Corporate Bonds at NASDAQ OMX Armenia, 2009
            2,500                                                                                                                                            160

                                                                                                                                                             140
            2,000
                                                                                                                                                             120

                                                                                                                                                             100
            1,500

                                                                                                                                                             80

            1,000
                                                                                                                                                             60

                                                                                                                                                             40
                 500
                                                                                                                                                             20

                  0                                                                                                                                          0
           mln AMD
                       January     February     March           April       May         June       July          August   September   October     November

                                                                 Total Value Traded, AMD                         Number of Trades

Below table contains exchange trading statistics on corporate bonds for November, 2009.
                                                                                  Number of     Number of                       Weighted
                                                    List/Free       Nominal                                       Number of                                         Turnover
             Issuer                   Ticker                                      Securities    Securities                      Avg. Yield        Value traded
                                                     Market          Value                                         Trades                                           Ratio (%)
                                                                                   Issued        Traded                           (%)

"HSBC Bank Armenia" CJSC             HSBCB1          Bbond              100,000       10,000                 8              2         10.1631             855,329         0.080
“Valletta” LLC                        VALTB2         Bbond               50,000       10,000                 9              2         13.0175             465,027         0.090
"IMEX GROUP" Co. LTD                 EMXGB1          Cbond               10,000      100,000              37                2         12.0000             371,726         0.037
Total                                                                                                     54                6                          1,692,082


Besides, 10 manual trades of AMD 262,732,009 in 114,614 corporate bonds of “Elit Group” CJSC, “Converse Bank” CJSC and
“Shen-Concern” CJSC were concluded in November, 2009.




                                      NASDAQ OMX Armenia — 5B Mher Mkrtchyan str., Yerevan 0010, Armenia — tel/fax: +374 10 543 321
                                                       e-mail: info@nasdaqomx.am — URL: www.nasdaqomx.am                                                                          4
                                                                        REPO Trading

In November, 2009, 5 Repo trades were concluded at NASDAQ OMX Armenia with total value traded of AMD 239,311,590,
which is 65% lower than the same of the previous month, number of trades also decreased by 62%. Please refer to table
below for repo agreements trading statistics in 2009.

                                                   Number of Trades                          Total Value Traded, AMD
                            Month                              Variance over the                              Variance over the
                                                  2009                                         2009
                                                                previous month                                 previous month
                                              (by months)                                   (by months)
                                                                      (%)                                            (%)
                       January                             -              -100.00                        -                -100.00
                       February                            7                    -              614,349,719                      -
                       March                               4               -42.86              247,616,430                 -59.69
                       April                               5                25.00              248,084,517                   0.19
                       May                                 7                40.00              498,726,038                 101.03
                       June                               13                85.71              610,185,076                  22.35
                       July                                0              -100.00                        0                -100.00
                       August                              5                    -              253,209,954                      -
                       September                          22               340.00            1,133,074,115                 347.48
                       October                            13               -40.91              675,508,808                 -40.38
                       November                            5               -61.54              239,311,590                 -64.57
                       YTD 2009                           81                                4,520,066,247


                    Number and Value of REPO Trades Concluded at NASDAQ OMX Armenia in 2009
     1,200,000,000                                                                                                                                      25.00


     1,000,000,000
                                                                                                                                                        20.00

        800,000,000
                                                                                                                                                        15.00

        600,000,000

                                                                                                                                                        10.00
        400,000,000

                                                                                                                                                        5.00
        200,000,000


                 0                                                                                                                                      -
               AMD    January    February      March       April        May          June         July     August   September     October    November


                                                          Total Value Traded, AMD                Number of Trades



                                               Repo Agreements                                                                               Change
                                            List / Free   Duration      Repo Rate                                            Duration       Repo Rate
           Issuer               Ticker                                                      Value Traded         Date                                       Date
                                              Market       (days)         (%)                                                 (days)          (%)

ELITE Group                     ELTGB2        Bbond                 9     8.20                  44,954,790    03/11/2009          28          8.06      24/11/09
Shen-Concern                    SHNCB4        Bbond                92     8.50                  50,680,400    03/11/2009           -            -           -
Shen-Concern                    SHNCB4        Bbond                91     8.50                  49,877,400    04/11/2009           -            -           -
Shen-Concern                    SHNCB4        Bbond                91     8.50                  48,849,000    04/11/2009           -            -           -
VALLETTA                        VALTB3        Cbond                 0     0.41                  44,950,000    03/11/2009           -            -           -
Total                                                                                         239,311,590


During November, 2009, 3 repo agreements with overall value of AMD 130,555,100 matured, as follows:

                                                 Matured Repo Agreements
                                            List/Free     Duration      Repo Rate
           Issuer               Ticker                                                      Value Traded         Date        End Date
                                             Market        (days)         (%)
Shen-Concern                    SHNCB4        Bbond                40         8.68               44,449,100    24/09/09      03/11/09
Shen-Concern                    SHNCB4        Bbond                25         8.64               41,156,000    09/10/09      03/11/09
VALLETTA                        VALTB3        Cbond                 0         0.41               44,950,000    03/11/09      03/11/09
Total                                                                                        130,555,100




                                NASDAQ OMX Armenia — 5B Mher Mkrtchyan str., Yerevan 0010, Armenia — tel/fax: +374 10 543 321
                                                 e-mail: info@nasdaqomx.am — URL: www.nasdaqomx.am                                                                 5
                                                                    Government Bonds
In November, 2009, 2 trades in Government bonds were concluded with total value traded (by purchase price) of AMD
26,673,010, which is 94% less than the same of the previous month. As compared to the same period of the previous year
(November, 2008), the number of trades and value traded by purchase price decreased 50% and 35% accordingly.
Ministry of Finance of RA granted ARARATBANK, ArdshinInvestBank, ArmSwissBank, Converse Bank and HSBC Bank
Armenia the status of government debt management agent to provide simultaneous bid and ask quotes of the following
benchmark government bonds AMGB10072186, AMGB20072283, AMGN36052110, AMGN60052135 in the trading system.
To ensure implementation of this process NASDAQ OMX Armenia in its turn granted the above mentioned agents the status
of market maker.
                                 Number of Trades                            Value Traded                               Value Traded
                                              Variance over                          Variance over the                             Variance over the
            Month               2009                                   2009                                           2009
                                             the same month                         same month of 2008                              same month of
                            (by months)                            (by months)                                    (by months)
                                               of 2008 (%)                                 (%)                                         2008 (%)

     January                             5                   -         90,000,000                         -           92,031,950                    -
     February                            4              -66.67         21,001,000                    -92.70           20,689,654               -92.83
     March                               9              200.00         74,300,000                    147.67           66,057,744               117.81
     April                               1              -66.67         10,000,000                    -66.67            9,227,510               -69.71
     May                                 1                0.00         10,000,000                      0.00            9,042,900               -11.08
     June                               32              255.56        395,000,000                    163.33          391,484,555               152.68
     July                                3              -50.00         90,000,000                     35.47           91,201,050                36.13
     August                             12              100.00        126,000,000                     73.88          125,367,100                74.44
     September                          82            4,000.00      1,026,728,000                  5,033.64        1,006,646,757             4,953.60
     October                            35              400.00        438,000,000                     85.59          444,812,783                84.18
     November                            2              -50.00         26,000,000                    -36.59           26,673,010               -34.89
     YTD 2009                          186                         2,307,029,000                                  2,283,235,013

                                 Trades in Government Bonds at NASDAQ OMX Armenia in 2009
    1,200,000,000                                                                                                                                        90

                                                                                                                                                         80
    1,000,000,000
                                                                                                                                                         70

        800,000,000                                                                                                                                      60

                                                                                                                                                         50
        600,000,000
                                                                                                                                                         40

        400,000,000                                                                                                                                      30

                                                                                                                                                         20
        200,000,000
                                                                                                                                                         10

                 0                                                                                                                                       0

              AMD      January    February    March        April       May          June         July      August    September     October   November

                                                         Value Traded                          Number of Trades
                                                         (by purchase price), AMD

Please refer to the table below for exchange trading statistics in Government bonds at NASDAQ OMX Armenia in November,
2009.
                                                                         Number of              Weighted Value Traded (by           Value Traded        Turnover
     ISIN*            Date Issued      Date Matures        Value Issued
                                                                          Trades                Avg. Yield nominal price)           (by purchase        Ratio (%)
AMGN60147141          14/07/2009        14/07/2014        13,000,000,000         2                (%)
                                                                                                   13.0000      26,000,000             price)
                                                                                                                                        26,673,010           0.2000
Total                                                                                      2                         26,000,000         26,673,010
*Transcription of ISIN codes can be understood from the example of AMGB20072283:
AM - Armenia, G - Issuer, Government (CB - the Central Bank of Armenia), B - long-term (N - mid-term, M - mid-term bonds with partial redemption, T -
short-term), 20 - 20 weeks (terms of circulation ), 07 - day of repayment, 2 - month of repayment, 28 - 2028 year of repayment, 3 - numeric affix.




                                  NASDAQ OMX Armenia — 5B Mher Mkrtchyan str., Yerevan 0010, Armenia — tel/fax: +374 10 543 321
                                                   e-mail: info@nasdaqomx.am — URL: www.nasdaqomx.am                                                                  6
                                                                                      Currency

In November, 2009, 594 trades in the foreign currency market were concluded at NASDAQ OMX Armenia, all of them in US
Dollars. Total value traded was AMD 30,471,801,716 (USD 78,709,000).
As compared to the previous month the number of trades and the value traded in USD increased 70% and 66%,
respectively. Like in previous month, no trades in Euro were recorded.

                                                                     Weighted
         Month             FX        Min Price       Max Price                    Close Price     Number of Trades               Value Traded, FX            Value Traded, AMD
                                                                     Avg. Price

                           EUR           -               -              -              -                               -                              -                           -
January
                           USD         305.00          305.00         305.00         305.00                          712                    158,023,000              48,197,015,000
                           EUR           -               -              -              -                               -                              -                           -
February
                           USD         305.00          305.10         305.00         305.10                        1,022                    277,413,000              84,610,975,000
                           EUR           -               -              -              -                               -                              -                           -
March
                           USD         305.00          375.50         347.23         371.00                          495                     87,619,000              30,423,795,742
                           EUR           -               -              -              -                               -                              -                           -
April
                           USD         367.50          374.50         370.48         369.25                          112                     38,530,000              14,274,412,250
                           EUR           -               -              -              -                               -                              -                           -
May
                           USD         370.00          374.50         372.07         370.00                          200                     23,427,000               8,716,412,866
                           EUR           -               -              -              -                               -                              -                           -
June
                           USD         360.00          370.50         364.35         360.25                          414                     62,780,000              22,874,069,946
                           EUR           -               -              -              -                               -                              -                           -
July
                           USD         360.25          372.50         365.50         372.39                          248                     27,735,000              10,137,120,568
                           EUR           -               -              -              -                               -                              -                           -
August
                           USD         368.50          378.00         371.82         374.00                          131                     14,630,000               5,439,792,419
                           EUR           -               -              -              -                               -                              -                           -
September
                           USD         374.50          386.50         380.45         384.00                          638                    114,725,000              43,647,679,198
                           EUR           -               -              -              -                               -                              -                           -
October
                           USD         384.25          388.75         385.76         386.43                          349                     47,360,000              18,269,473,594
                           EUR           -               -              -              -                               -                              -                           -
November
                           USD         385.50          388.50         387.15         385.54                          594                     78,709,000              30,471,801,716
                           EUR                                                                                         -                              -                           -
         Total
                           USD                                                                                    4,915                    930,951,000             317,062,548,298


                 Monthly Number of Trades and Values Traded in FX at NASDAQ OMX Armenia in 2009
          300,000,000                                                                                                                                              1,200
                                                                                       USD

          250,000,000                                                                                                                                              1,000



          200,000,000                                                                                                                                              800



          150,000,000                                                                                                                                              600



          100,000,000                                                                                                                                              400



           50,000,000                                                                                                                                              200



                    0                                                                                                                                              0
                  USD      January     February      March       April         May         June        July        August      September    October    November
                                                          Value traded, USD                                   Number of Trades


                             Monthly Close and Weighted Average Prices of FX Trading in the Past 12 Months

        410.00


        390.00


        370.00


        350.00


        330.00


        310.00


        290.00


        270.00


        250.00
                  Nov-08      Dec-08       Jan-09       Feb-09       Mar-09       Apr-09      May-09    Jun-09        Jul-09      Aug-09      Sep-09      Oct-09       Nov-09

                                                  Close price, USD                                             Weighted average price, USD




                                                                                                                             543 321
                                       NASDAQ OMX Armenia — 5B Mher Mkrtchyan str., Yerevan 0010, Armenia — tel/fax: +374 10 543 321
                                                        e-mail: info@nasdaqomx.am — URL: www.nasdaqomx.am                                                                             7
Please refer to table below for FX trading statistics in November, 2009 on a daily basis:

                                    Weighted Avg.
                Date                                                              Close Price                       Number of Trades                                          Value Traded, FX                                  Value Traded, AMD
                                        Price

                                                                                                                               USD
             02/11/09                          387.50                                   387.50                                                           6                                         568,000                                     220,100,000
             03/11/09                          388.19                                   388.50                                                           3                                         400,000                                     155,275,000
             04/11/09                          388.21                                   387.75                                                          36                                       4,390,000                                   1,704,259,500
             06/11/09                          387.39                                   387.25                                                          43                                       5,750,000                                   2,227,475,500
             09/11/09                          387.81                                   387.50                                                          37                                       4,820,000                                   1,869,243,000
             10/11/09                          388.10                                   388.25                                                           5                                         500,000                                     194,050,000
             11/11/09                          388.18                                   388.18                                                          47                                       6,400,000                                   2,484,349,398
             12/11/09                          388.00                                   388.00                                                          28                                       3,650,000                                   1,416,200,000
             13/11/09                          387.70                                   387.70                                                          60                                      10,390,000                                   4,028,238,399
             16/11/09                          387.33                                   387.33                                                          45                                       6,675,000                                   2,585,409,800
             17/11/09                          387.25                                   387.25                                                           7                                         800,000                                     309,800,000
             18/11/09                          387.49                                   387.49                                                          47                                       6,040,000                                   2,340,438,868
             19/11/09                          387.06                                   387.06                                                          21                                       2,400,000                                     928,937,739
             20/11/09                          386.98                                   386.98                                                          30                                       3,300,000                                   1,277,041,760
             23/11/09                          386.33                                   385.75                                                          33                                       3,750,000                                   1,448,756,000
             24/11/09                          386.00                                   386.00                                                          24                                       2,850,000                                   1,100,100,000
             25/11/09                          386.10                                   386.10                                                          34                                       4,306,000                                   1,662,547,816
             26/11/09                          385.80                                   385.80                                                          30                                       3,800,000                                   1,466,040,000
             27/11/09                          385.57                                   385.50                                                          15                                       1,570,000                                     605,341,000
             30/11/09                          385.54                                   385.54                                                          43                                       6,350,000                                   2,448,197,937


                                                                                                                               USD
         12,000,000                                                                                                                                                                                                                                            400.00

                                                                                                                                                                                                                                                               390.00
         10,000,000
                                                                                                                                                                                                                                                               380.00

                                                                                                                                                                                                                                                               370.00
          8,000,000
                                                                                                                                                                                                                                                               360.00

          6,000,000                                                                                                                                                                                                                                            350.00

                                                                                                                                                                                                                                                               340.00
          4,000,000
                                                                                                                                                                                                                                                               330.00

                                                                                                                                                                                                                                                               320.00
          2,000,000
                                                                                                                                                                                                                                                               310.00

                -                                                                                                                                                                                                                                              300.00
                       02/11/09


                                  03/11/09


                                                04/11/09


                                                           06/11/09


                                                                      09/11/09


                                                                                   10/11/09


                                                                                              11/11/09


                                                                                                         12/11/09


                                                                                                                    13/11/09


                                                                                                                                16/11/09


                                                                                                                                             17/11/09


                                                                                                                                                        18/11/09


                                                                                                                                                                   19/11/09


                                                                                                                                                                                 20/11/09


                                                                                                                                                                                            23/11/09


                                                                                                                                                                                                        24/11/09


                                                                                                                                                                                                                   25/11/09


                                                                                                                                                                                                                              26/11/09


                                                                                                                                                                                                                                         27/11/09


                                                                                                                                                                                                                                                    30/11/09
             USD
                                                                                                                                                                                                                                                               AMD



                                                                                 Value traded, USD                                         Weighted Avg. Price                                         Close Price




                                             NASDAQ OMX Armenia — 5B Mher Mkrtchyan str., Yerevan 0010, Armenia — tel/fax: +374 10 543 321
                                                              e-mail: info@nasdaqomx.am — URL: www.nasdaqomx.am                                                                                                                                                         8
                                                            Overview of Depository Activities
During November, 74 new personal securities accounts were opened at the Central Depository of Armenia (CDA). As of
November 30, 2009, the total number of personal securities accounts maintained with the CDA made 156,185.
By month end, 1,493 companies had their shareholder registries kept with the CDA (including 77 new customers in
November).
             Total Trading in Listed Stocks in            In November 2009, a total value of AMD 2,601,465,132 was
                 Armenian Capital Market                  traded in equities in Armenian capital market. No trades in listed
                (including manual trades)                 shares were concluded on the OTC market, while value of AMD
 18,000                                            300

 16,000
                                                          10,005,500 was through the simultaneous two-way auction and
                                                   250    AMD 144,000 was traded through the manual trading
 14,000
                                                          mechanism.
 12,000                                            200
                                                          Total value traded in equities in 2009 was AMD 35,688,128,029,
 10,000
                                                   150    of which AMD 97,814,800 (or 0.27%) was traded in listed
  8,000
                                                          equities. Since the beginning of the year, all trades in listed
  6,000                                            100
                                                          equities were done on the exchange.
  4,000
                                                                               50
                                                                                                      Total Trading in Corporate Bonds in
  2,000                                                                                                     Armenian Capital Market
                                                                                        160
                                                                                                          (including manual trades)                          2,500
        -                                                                      -

mln AMD     Jan   Feb   Mar     Apr May Jun   Jul Aug Sep Oct        Nov                140
                              Value traded      Number of trades                                                                                             2,000
                                                                                        120
In November 2009, total value of AMD 264,424,091 was
                                                                                        100
                                                                                                                                                             1,500
traded in corporate bonds (repo trades not including) in
                                                                                         80
the Armenian capital market. All trades were done in listed
                                                                                                                                                             1,000
corporate bonds on the exchange market.                                                  60

During January-November, 2009, total value traded in         40
                                                                                                                                                             500
corporate bonds in the market was AMD 10,249,586,188         20
(repo trades not included), of which AMD 9,852,066,890       -                                                                                            mln AMD
                                                                                                                                                            -
(or 96.12%) was traded in listed corporate bonds. All            Jan Feb Mar Apr May Jun     Jul  Aug Sep Oct Nov
transactions in listed corporate bonds in 2009 were done                       Value traded      Number of trades
on the exchange.
Table below shows monthly breakdown of values of listed stocks and bonds, as well as corporate bonds repurchase
agreements (repo) traded in 2009.

                          Trading in shares                  Trading in corporate bonds listed/admitted to
                                                                                                                        Trading in corporate bonds repo
                     listed/admitted to trading                                 trading
   Month      Number of                                       Number of                                         Number of
                                   Value traded                                     Value traded                                        Value traded
                trades
              Exch. OTC       Exchange          OTC            trades
                                                             Exch. OTC         Exchange           OTC             trades
                                                                                                               Exch.   OTC     Exchange                OTC
January            2     -            1,110,000         -       26         -           247,286,890        -       -     36                  -       3,318,100,000
February           3     -            2,266,500         -     134          -         1,967,193,943        -        7    39        614,349,719       5,369,412,000
March              2     -              32,000          -     112          -         1,480,159,255        -        4    54        247,616,430      10,138,416,000
April              1     -             208,000          -       42         -           287,063,498        -        5    49        248,084,517       8,599,730,000
May                3     -             717,900          -       62         -         1,083,302,668        -        7    36        498,726,038       5,729,576,000
June               -     -                    -         -       66         -         1,460,124,257        -       13    25        610,185,076       4,649,050,000
July               8     -           81,812,500         -       54         -           161,920,019        -       -     32                  -       7,038,100,000
August             1     -              50,000          -       34         -           523,287,432        -        5    19        253,209,954       4,280,480,000
September          1     -             768,400          -       60         -           392,347,315        -       22    20      1,133,074,115       3,715,300,000
October            1     -             700,000          -       48         1         1,984,658,406   299,117      13     3        675,508,808          518,290,000
November           3     -           10,149,500         -       16         -           264,424,091        -        5     4        239,311,590          384,600,000
Total 2009        25     -         97,814,800           -     654          1        9,851,767,772    299,117     81    317    4,520,066,247       53,741,054,000




                                     NASDAQ OMX Armenia — 5B Mher Mkrtchyan str., Yerevan 0010, Armenia — tel/fax: +374 10 543 321
                                                      e-mail: info@nasdaqomx.am — URL: www.nasdaqomx.am                                                              9
                            NASDAQ OMX Armenia Member Companies
                                    (in alphabetical order)

ACBA-Credit Agricole Bank CJSC         Armenbrok JSC                                   Future Capital Market LLC
                                       32/01 Tirgan Mets str., 0018 Yerevan,           apt.20, 31a/5 Baghramyan Str., 0019
1 Byron str., Yerevan 0009, Armenia
                                       Armenia                                         Yerevan, Armenia
tel.: (374 10) 565 858, 568 585        tel.: (374 10) 538 700                          tel.: (374 10) 273 357
fax: (374 10) 543 485                  fax: (374 10) 528 986                           fax: (374 10) 273 357

acba@acba.am                           info@armenbrok.com                              general@fcm.am, fcm_company@yahoo.com
www.acba.am                            www.armenbrok.com                               www.fcm.am


Ameria Invest CJSC                     Armenian Development bank JSC                   HSBC Bank Armenia CJSC
6, Suite 2 Baghramyan Ave., 0019       21/1 Paronyan str., 0015 Yerevan,               66 Teryan str., 0009 Yerevan,
Yerevan, Armenia                       Armenia                                         Armenia
tel.: (374 10) 524 040                 tel.: (374 10) 591 400                          tel.: (374 10) 515 000
fax: (374 10) 546 800                  fax: (374 10) 591 404                           fax: (374 10) 515 009

ib@ameria.am                           info@armdb.com                                  hsbc.armenia@hsbc.com
www.ameria.am                          www.armdb.com                                   www.hsbc.am


Ameriabank CJSC                        Armswissbank CJSC                               Inecobank CJSC
2 V. Sargsyan str., 0010 Yerevan,      10 V. Sargsyan str., 0010 Yerevan,              17 Tumanyan str., 0001 Yerevan, Armenia
tel.: (374 10) 561 111, 589 906        tel.: (374 10) 529 593, 584 419                 tel.: (374 10) 545 167, 565 974
fax: (374 10) 565 958, 569 393         fax: (374 10) 529 591                           fax:(374 10) 565 974

office@ameriabank.am                   info@armswissbank.am                            inecobank@inecobank.am
www.ameriabank.am                      www.armswissbank.am                             www.inecobank.am


Anelik bank CJSC                       Artsakhbank CJSC                                ProCreditBank CJSC
75 Marshal Baghramyan Ave., 0033       25 Knunyantsneri str.,                          105/1 Teryan str., 7th floor, Citadel
Yerevan, Armenia                       Stepanakert, NKR                                Business Center, 0009 Yerevan, Armenia

tel.: (374 10) 227 206                 tel.: (374 71) 4 34 12                          tel.: (374 10) 514 867
fax: (374 10) 226 581                  fax: (374 71) 7 15 42                           fax: (374 10) 514 853
anelik@anelik.am                       artsakhbank@ktsurf.net                          info@procreditbank.am
www.anelik.am                          www.artsakhbank.am                              www.procreditbank.am


Araratbank JSC                         BTA Bank CJSC                                   Prometey Bank LLC
19 Pushkin str., 0010 Yerevan,         13 Vardanants str., 0010 Yerevan,               44/2 Hanrapetutyan str., 0010 Yerevan,
Armenia                                Armenia                                         Armenia
tel.: (374 10) 547 935                 tel.: (374 10) 544 527                          tel.: (374 10) 562 036
fax: (374 10) 547 936                  fax: (374 10) 544 527                           fax:(374 10) 545 719
araratbank@araratbank.am               bta@bta.am                                      info@prometeybank.am
www.araratbank.am                      www.bta.am                                      www.prometeybank.am


Ardshininvestbank CJSC                 Capital Asset Management CJSC                   Renesa CJSC
13, 13/1 Grigor Lusavorich str., 0015 office 14, 27 Amiryan str., Yerevan,             16 Vardanants str., 0010 Yerevan,
Yerevan, Armenia                      Armenia                                          Armenia

tel.: (374 10) 590 404                 tel.: (374 10) 501 526, 501 527                 tel.: (374 10) 548 383, 548 387
fax: (374 10) 567 486                  fax: (374 10) 541 528                           fax: (374 10) 548 383, 548 387
office@ashib.am                        mail@capital.com.am                             renesa@renesa.am
www.ashib.com                          www.capital.com.am                              www.renesa.am




                         NASDAQ OMX Armenia — 5B Mher Mkrtchyan str., Yerevan 0010, Armenia — tel/fax: +374 10 543 321
                                          e-mail: info@nasdaqomx.am — URL: www.nasdaqomx.am                                      10
Areximbank CJSC                        Cascade Bank CJSC                               Tonton Ivestment LLC
12 Mher Mkrtchyan str., 0010           6 Deghatan str., Yerevan 0010, Armenia          2 Deghatan str., 0010 Yerevan,
tel.: (374 10) 587 662                 tel.: (374 10) 520 432                          tel.: (374 10) 584 614
fax: (374 10) 520 995                  fax: (374 10) 542 594                           fax: (374 10) 545 477

info@areximbank.am                     cascadebank@cascadebanking.com                  info@tontoninvest.com
www.areximbank.am                      www.cascadebanking.com                          www.tontoninvest.com


Armbusinessbank CJSC                   Cascade Investments CJSC                        Unibank CJSC
48 Nalbandyan str., 0010 Yerevan,      6 Deghatan str.,                                N 53, 12 Charents str., Yerean 0025,
Armenia                                0010 Yerevan, Armenia                           Armenia
tel.: (374 10) 540 502, 542 710        tel.: (374 10) 520 432                          tel.: (374 10) 592 259 (102)
fax: (374 10) 545 835                  fax: (374 10) 583 089                           fax: (374 10) 555 140
info@armbusinessbank.am                info@cascadeinvmts.com                          unibank@unibank.am
www.armbusinessbank.am                 www.cascadebanking.com                          www.unibank.am


Armeconombank JSC                      Converse Bank CJSC                              VTB Bank (Armenia) CJSC
23/1 Amiryan str., 0002 Yerevan,       26/1 V. Sargsyan str.,                          46 Nalbandyan str., 0010 Yerevan,
Armenia                                0010 Yerevan, Armenia                           Armenia
tel.: (374 10) 563 332, 538 695        tel.: (374 10) 511 206, 511 247,                tel.: (374 10) 547 245, 583 594
fax: (374 10) 538 904                  fax: (374 10) 511 212                           fax: (374 10) 547 245
bank@aeb.am                            conversebank@conversebank.am                    info@vtb.ru
www.aeb.am                             www.conversebank.am                             www.vtb.am




                         NASDAQ OMX Armenia — 5B Mher Mkrtchyan str., Yerevan 0010, Armenia — tel/fax: +374 10 543 321
                                          e-mail: info@nasdaqomx.am — URL: www.nasdaqomx.am                                   11