ARMENIA’S ARMENTEL PAYS 159 MLN DRAMS FOR ANTITRUST VIOLATION

Prime-Tass English-language Business Newswire
September 6, 2005

YEREVAN, Sept 6 (Prime-Tass) — Armenian national telecom company
ArmenTel has paid 158.6 million dram to the state budget for violations
of antitrust laws, Armine Udumyan, press secretary of Armenia’s State
Commission for the Protection of Economic Competition, said Tuesday.

On August 12, the commission set a fine at 1% of ArmenTel’s 2004
revenue from GSM mobile services.

ArmenTel failed to provide stable and high-quality communications
in June-July.

Earlier ArmenTel held a monopoly to provide GSM services in Armenia.
However, in November 2004 the Armenian government decided to make
amendments to ArmenTel’s license, depriving the company of its
exclusive right to provide GSM, mobile satellite and mobile radio
communication services in the country.

Greece’s OTE holds a 90% stake in ArmenTel, with the Armenian
government holding the remaining 10% stake. (463.27 dram – U.S. USD
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