ARMENTEL GETS NEW DIRECTOR GENERAL

ARKA
May 20, 2008

YEREVAN, May 20. /ARKA/. Neicho Velichkov has been appointed Director
General of the ArmenTel telecommunication company (Beeline brand). The
post has remained vacant since Oleg Bliznyuk resigned early in 2008.

"The ArmenTel Company is an important component of our business
and in many respects it determines the development strategy of
the VimpelCom Company in other countries," said Dmitry Pleskonos,
VimpelCom Executive Vice-President for Business Development in the
Commonwealth of Independent States (CIS).

He said that the company is licenses to provide all types of
communication services in Armenia and, in selecting a candidate for
the post of ArmenTel Director General, the company considered Neicho
Velichkov’s wide and successful management experience.

"I am sure that his knowledge will help the company effectively
accomplish the tasks of introducing advanced telecommunication
technologies and consolidate its leading positions in communication
services," Pleskonos said.

In his turn, Velichkov expressed his willingness to join the VimpelCom
team and head the ArmenTel Company, one of the largest companies
in Armenia.

Among the company’s main goals are a the development of the Beeline
brand in the country, launching of services using a network of the 3rd
generation, convergent services, as well as improvement of the quality
of services, he said. If the company succeeds, it will certainly enjoy
popularity as a leading service company in Armenia, Velichkov said.

Neicho Velichkov was born in Sophia, Bulgaria, on September
27, 1961. In 1990, he graduated from Moscow State Institute of
International Relations.

In 2001, he received a MBA degree at the University of Seattle,
USA. In 2007, he received a management and leadership certificate at
the Technological Institute of Massachusetts, USA.

Neicho Velichkov has been working in the telecommunication field
since 2001.

He worked as Corporate Sales Manager for the MobilTel Company,
Bulgaria.

Over the last three years Velichkov has been Sales and Business
Marketing Manager for Bulgarian Telecommunication Company.

Among Velichkov’s achievements is successful promotion of new
communication services, such as convergent services, GSM Gateway,
VoIP solutions, GSM POS terminal, mobile VPN.