On of “Artsakh HEK” Open Joint Stock Company annual financial statement as at 31 December, 2010

We have revised the financial statement “Artsakh HEK” Open Joint Stock Company, which comprise the statement of financial position as at 31 December, 2010 and the consolidated statements of income, changes in equity, cash flows and a summary of significant accounting policies and other explanatory notes.

Management’s Responsibility for the Financial Statements:

Management is responsible for preparation and fair presentation of these consolidated financial statements based on Financial Reporting Standards of Republic of Armenia. This responsibility includes the necessary control system, which allows preparing the financial statements free from material misstatements, whether due to fraud or error.

The reviser’s responsibility

Our responsibility is to express our opinion on the financial statements at the result of our revision. The revision involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statement.

Opinion

In our opinion the accompanying financial statements present fairly, in all material respect the financial position of “Artsakh HEK” Open Joint Stock Company, its financial performance and its cash flows for the year then ended 31 December, 2010.

“Artsakh HEK” OJSC Revision Committee Chairman

Arthur Petrosyan

15.04.2011