ARMENTEL WILL APPEAL THE DECISION

A1+
08:32 pm 20 March, 2006

The State Committee of Economic Competition Defense had made a
decision to fine “ArmenTel” on the basis of the application of
“Gh-Telecom”. “ArmenTel” has not paid the fine as they are going to
appeal the decision.

“ArmenTel” has not carried out the second demand of the Committee: it
has not ceased to allot bonuses to those who remained subscribers of
“ArmenTel” during the year 2005.

The Company did not give us details about the appeal.

Let us only add that the deadline for the appeal is tomorrow.