The decisions of “ARTSAKH HEK” OJSC Board of Directors meeting of 20 August, 2010

“ARTSAKH HEK” OJSC

10 Arakelyan Str., Stepanakert, NKR

Document on significant facts and information/notices

On August 20, 2010, at the meeting of “ARTSAKH HEK” OJSC Board of Directors a number of decisions have been taken, including the issues on significant facts and notices. The meeting’s agenda also included the Chairman and Secretary election, General Director and Corporate Secretary appointment issues.

Spartak Tevosyan, who currently holds the position of NKR Deputy Prime Minister and Minister of Finance, was elected to position of the Chairman of the Board of the Company. Vahram Beglaryan was re-elected to position of General Manager. Inessa Grigoryan was appointed to the position of Corporate Secretary. The Board has also approved a series of internal regulations, in particular, “The regulation on General Director”, “The regulation on Corporate Secretary”, “The regulation on internal information/notices”, and a regulation on a public tender announcement for an independent audit company for “ARTSAKH HEK” OJSC.

The Board of Directors has also taken a decision on the additional allocation of 1,400,000 non-documentary ordinary nominal shares at the amount of 1,400,000 AMD. Simultaneously, the Board has approved the terms and conditions of non-documentary ordinary nominal shares placement, according to which, the company plans the placement of the shares with the application of the shareholders priority right to purchase the shares.

According to the mentioned decision, the shares will be allocated by “Armswissbank” CJSC.

“ARTSAKH HEK” OJSC press office