VIMPELCOM SUBMITS BID TO TAKE PART IN ARMENTEL TENDER

Interfax News Agency
Russia & CIS Business and Financial Newswire
June 7, 2006 Wednesday 6:15 PM MSK

Russia’s No. 2 cellular operator VimpelCom (RTS: VIMP) has submitted
a bid to take part in a tender to sell Armenian telecommunications
company Armentel, the company’s press service told Interfax.

Greece’s Hellenic Telecommunications Organization SA (OTE) announced
plans earlier to sell its 90% stake Armentel. Russia’s No. 1 cellular
provider Mobile TeleSystems (RTS: MTSS) (MTS) has also submitted a bid.

Renaissance Capital analysts said the these two operators are the
most likely contenders to buy Armentel.

“Expansion on the Armenian market, which has a low level of mobile
phone penetration, could be good for MTS and VimpelCom, which we think
are the most likely candidates to acquire the asset,” Renaissance
Capital said in a report.