LEGAL WARNING

This Annual Report has been prepared by “MTS Armenia” CJSC (the “Company”) for informational purposes only and may contain statements based on forecast data or the forecasts themselves. Such statements or forecasts relate to matters that do not present historical facts or statements and reflect the intentions of the Company, its beliefs or current expectations regarding, among others, the results of operations, financial condition, liquidity, efficiency, prospects, growth rates, strategies of the Company and the industry in which it operates. The nature of the forwardlooking statements and projections is such that they contain risk and uncertainty as they relate to events and depend on circumstances that may or may not arise in the future. The Company warns that the forward-looking statements and projections are not a guarantee of future results, that the actual results of operation, financial condition and liquidity of the Company, as well as changes in the industry in which the Company operates, may differ materially from those declared or assumed in statements based on forward-looking data or projections contained in this report.

The factors that could cause a material difference between actual results and the assumptions made in forward-looking statements or projections may include the general economic conditions prevailing in the markets in which the Company operates, the competitive environment and risks associated with operation in such markets, market changes in the industry and related industries, as well as other risks affecting the Company and its activities. Moreover, even if the results of operations, financial condition and liquidity of the Company and changes in the industry in which the Company operates are consistent with the statements based on the forward-looking data or projections presented in this report, such results and changes may not represent results or changes for the further periods. The Company assumes no obligation to revise or confirm expectations, estimates, or to update any forward-looking statements or projections in order to reflect events or circumstances that occur or arise upon the date of this report.