VIMPELCOM IS READY TO REJECT MONOPOLY

Lragir, Armenia
Nov 14 2006

Today the Public Services Regulatory Commission approved the sale of
90 percent of stocks of Armentel to the Russian company Vimpelcom.

The commission concluded in today’s meeting that this deal does not
attack the public interests of Armenia, at the same time, all the
exclusive rights remain with Armentel.

For his part, the authorized representative of Vimpelcom, the candidate
of CEO of Armentel Oleg Bliznyuk commended the deal and said it would
allow using new technologies in Armenia and supply a quality service.

Oleg Bliznyuk also said that there will be serious investments after
the deal is made. In particular, it is foreseen to invest 100 million
dollars in 2007 in both fixed-line and mobile telephone. According to
him, Vimpelcom is ready to reject monopoly, including that of Internet.