"Converse Bank" CJSC announces a public tender for conducting the audit of the financial statements of the year ending on December 31, 2010.

a) The tender is open for independent audit companies that comply with the following criteria:

• have minimum 3 years of experience in auditing or are internationally recognized (are among 10 best audit companies);
• the head and members of the audit group have 3 and 2 years of experience in bank audit, respectively;
• will involve at least 3 employees (including the head of the group) with international accounting qualification (A-C-C-A, P-C-A, etc.) in the process of implementation of the audit works.

b) The audit works should comprise the following:

• audit of the financial statements of the year ending on December 31, 2010;
• submitting the Letter to Management prepared in the result of audit of the financial statements of the year ending on December 31, 2010.

The above-mentioned documents should be presented not later than March 5 of the year following the accounting year.

c) Bids should be presented by an authorized person in two envelopes, signed and sealed:

• Technical package (experience of the audit company - it is especially important to provide details on the experience in the banking system, the resume of the auditors involved in the audit group, the experience with the company, professional qualification of the auditors, audit implementation methods, terms of conducting the audit and presenting the opinion).
• Financial package (price of the audit, including the taxes).

The documents presented for the tender must be in Armenian and English languages. If necessary, the bidders might be requested to submit additional information and documents before the date of opening of the packages.

The bidder who offers the best terms according to the criteria applied by the Bank will be recognized as the winner.

d) The bids must be submitted to "Converse Bank" CJSC in sealed envelops until June 4, 2010, 4:00 P.M., by hand or via mail.

The bids will be opened at the meeting of the Tender Committee, 3 days after the deadline for submission of bids, at the address: 26/1 V.Sargsyan Str., Yerevan. Persons who have submitted the bids (representatives) may be present at the bid opening meeting.

The Bank bears no responsibility for the risk of actual losses caused to bidders as a result of any change in this public announcement.

Procedure of selection of independent auditor

For further information please contact Lilit Yordanyan, Head of the Internal Audit Department, at the following address:
26/1 V. Sargsyan Str., Yerevan, 0010, "Converse Bank" CJSC, Tel: 511 258, Fax: 511 212, e-mail: lyordanyan@conversebank.am.