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STATEMENT OF LIZIN'S BOARD OF DIRECTORS

Economy

In regard of the USA State Department statement on transfer of banned technologies to Iran, performed by "Lizin" OJSC of Charentsavan City, Republic of Armenia, we, herewith, clarify:

1. Our company has never sold banned technologies and equipment to no single organization of the Islamic Republic of Iran .

2. Armen Sargsyan mentioned in the State Department statement, has never been an owner or a director of "Lizin" OJSC.

We express our bewilderment and regret on the USA State Department statement being based on imprecise information.

17.05.2002 Yerevan City

Chairman of Board of Directors A.Ohanyan