ARMENIAN GOVERNMENT DECIDED TO SELL 10% OF ARMENTEL TO VIMPELCOM FOR 38 MIL EUR

Analytical Information Agency, Russia
March 22 2007

Armenian Government decided to sell 10% of ArmenTel CJSC to VimpelCom
OJSC for 38 mil eur, said VimpelCom to AK&M.

In case of purchase VimpelCom will hold 100% of ArmenTel.

Purchase negotiations are not finished yet. VimpelCom is still
interested in the purchase.

VimpelCom ranks second among cellular operators of Russia and the
CIS. It provides services for more than 50 million users. Telenor
(26.6% shares) and Alfa-Group (35.8%) are Vimpelcom’s largest
shareholders. Above 40% shares are floated on the New-York Stock
Exchange. The company has issued 51281022 ordinary shares and 6426600
preferred shares; Alfa holds all the preferred stock.

In the III Q 2006, VimpelCom’s net income under US GAAP grew by 37.7%
to $268.4 mln; revenues totaled $1.359 bn, OIBDA – $717.796 mln,
OIBDA margin – 52.8%.

Armentel CJSC provides fixed-line and cellular telephony services in
the territory of Armenia in GSM – 900 and CDMA standard. The operator’s
subscription base totals some 600000 fixed telecommunication users
and 400000 cellular subscribers.

From: Emil Lazarian | Ararat NewsPress