In compliance with the article 92 of the NKR law on “Joint-Stock companies”, as well as the requirements of the Procedure (hereinafter “the Procedure”) for Selection of Independent Auditor as approved under the Decision of “Artsakh HEK” OJSC Board of Directors dated 09.06.10 (hereinafter “the Company”)
The company announces an open tender (hereinafter “the Tender”) for the selection of an independent auditor company to conduct the external audit of annual finances and economic activity of the company for 2011.
The tender is open to those companies that meet the following standards:
The company is recognized in NKR, Republic of Armenia and/or has an international recognition (prestige).
The company has at least 3 years of auditing experience (at the same time, the requirement to three years of experience do not apply to companies with international recognition (belonging to internationally recognized top ten audit organizations according to earning capacity, the work done and the number of customers).
Staff of auditors with certain qualification and expertise.
The tender will be held in the Company, at 25A, V. Sargsyan Str., Stepanakert.
The bids for the tender are accepted in the Company through April 15, 2011, on business days from 9:00 to 18:00 in hand or via mail.

The information and documents presenting the bid for the tender can be in the Armenian, as well as in English or Russian languages. Bids for Tender must be submitted in two envelops stuck, sealed, and signed by an authorized person.
Envelops with original document and its copy must bear the words “original” and “copy” respectively along with the address for submission of Tender bid, title of Tender, Terms and Conditions of Tender, and the words “Do not open until bid opening meeting,” name of bidder, place of business, telephone number or other contacts.
Bidders are required to submit information on as follows:
a) in the first envelope:
name of bidder, place of business, telephone number
license requisites
areas of audit experience
information on the auditing expertise of the Company
information about the presence of representative offices, branches and subsidiaries
information on Qualification level and expertise of staff involved in audit practice
the terms of audit performance and audit report submission
b) in the second envelope:
Audit costs (separately for each step and stage of work processes), including all taxes and duties
Until the day, when the winner in Tender is announced, the Bank Board may require the participants in public tender to submit additional information and documents.
The Company is not responsible for any expenses made by the Tender participants, regardless the results of the Tender.
The Tender participants can change or withdraw the bids before the deadlines. The withdrawal and the changes of the bids are regulated by the Procedure.

The bids for tender will be opened at a special meeting of the Tender Committee that will be held on April 18, 2009 at 15:00 at the address: 25A, V.Sargsyan Str., Stepanakert, NKR.
While evaluating the bids, first the envelope with the technical proposals is opened. If the technical proposals in the first envelope correspond the requirements stipulated in the Procedure, then the second envelope is opened. Otherwise, the bid is considered to be rejected.
The Tender committee submits the summarized bids to the Company Board in 15 days, based on which the Board selects the best out of the offered tender conditions and submits a proposal during the General Meeting of the Shareholders to choose and approve an organization for the Company’s External Audit.
The General Meeting of the Shareholders makes a decision on the approval of Company Auditor in 30 days after receiving the proposal from the Company Board of Directors.
Audit must cover at least:
Verification of the company financial and investment activities adequacy with the NKR, RA and international accounting standards
Verification of reliability of statements submitted to the State Tax Services.
The scope of audit activities cover:
External audit of the Company activities, whereupon auditor’s report and Letter to Management must be prepared in Armenian, Russian and English (the documents prepared in both languages must be equally valid) and submitted no later than on April 1, 2012.
A winner of the Tender is recognized the participant whose candidacy was approved at the General Meeting of the Shareholders.
In the result of the winner’s bid evaluation and the decision of the General Meeting of the Shareholders, an agreement on audit services will be signed for 1 (one ) year of validity period, in 20 days after the decision of General Meeting of the Shareholders on approval the External Auditor for the Company.
Persons who filed bids for tender may receive free of charge from the Company a copy of regulation on Selection of Independent Audit Organization and familiarize themselves with it at the address 25A V. Sargsyan Str., Stepanakert, NKR.