6383--4/27/2006--MOSCOW_CABLECOM

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{operation, international, foreign}

{product, market, service}

{stock, price, operating}

{acquisition, growth, future}

{regulation, government, change}

{loan, real, estate}

{interest, director, officer}

{condition, economic, financial}

{control, financial, internal}

{tax, income, asset}

{loss, insurance, financial}

{capital, credit, financial}

The Company may experience liquidity difficulties due to continued operating losses and the capital expenditure requirements of our business. We cannot be sure that a market will develop for our television services, including future services we may offer Our financial results could be adversely impacted by asset impairments or other charges If we fail to establish and maintain an effective system of internal controls over financial reporting, we may not be able to accurately report our financial results or prevent fraud, which could adversely affect our business and the trading price of our stock. We operate in a highly competitive industry, particularly for the delivery of Internet access. We are dependent upon COMCOR for the delivery of our services and the expansion of our HFC Network Renova Media could exert an uneven influence on the strategic direction of our company Certain of our directors and shareholders may have conflicts of interest with us. Continued rapid changes in technologies could materially adversely affect us. AKADO must face operational risks associated with a growing company We may grow through the acquisition of businesses or operations not yet identified. We do not carry all of the insurance coverage customary in more economically developed countries for a business of our size and nature, and as a result could experience substantial loss or disruption. Risks relating to the political environment in Russia Businesses in Russia, especially media companies, can be subject to politically motivated actions Broader political developments could adversely affect our business operations and financial condition Risks relating to the economic environment in Russia Emerging markets such as Russia are subject to greater risks than more developed markets and financial turmoil in any emerging market could disrupt our business, as well as cause the price of our common stock to decline Economic instability in Russia could reduce consumer spending, which could adversely affect our results of operations. The Russian banking system remains underdeveloped, and other banking crisis could place severe liquidity constraints on our business. Risks relating to Russian legislation and the Russian legal system. Weaknesses in the Russian legal system create an uncertain environment for investment and business activity and could have a material adverse effect on our business and the value of our common stock. Unlawful, selective or arbitrary government action may have an adverse effect on our business and the value of our common stock. Changes in the Russian tax system or arbitrary or unforeseen application of existing rules could materially adversely affect our financial condition. Any U.S. or other foreign judgments that may be obtained against us may be difficult to enforce against us in Russia

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6383--4/27/2006--MOSCOW_CABLECOM_CORP