Altimo welcomes the results of the VimpelCom Annual General Meeting
23 Jun 2006

On the 23^rd of June 2006, the shareholders of VimpelCom elected a new Board of Directors. They supported the candidature of Leonid Novoselsky, an independent board member who was proposed by Altimo.

In addition, David Haines, whose candidacy was put forward by minority shareholders, was re-elected as a member of the Board of Directors.

Kirill Babaev, Altimo vice-president said: “During the past year, Mr Haines, as the Chairman of the Board of Directors, was responsible for competent and balanced initiatives that allowed the Board to make some strategically important decisions for VimpelCom. We hope that the Board of Directors will continue working under the direction of Mr Haines and in close collaboration with VimpelCom’ management.”

Altimo welcomes the election results and is sure that the elected Board of Directors will continue in the future to support the agreed development strategy of VimpelCom as it develops new markets. The new Board of Directors reflects the effective and balanced system of corporate governance of VimpelCom.

Altimo

Altimo, a leading private equity group, operating on some of the world's most desirable and potencially lucrative mobile telecommunications markets, was created in 2005 from Alfa Telecom, which itself was established in 2004 to hold the telecoms investments of the Alfa Group Consortium (Turkcell Iletisim Hizmetleri A.S., Kyivstar GSM, MegaFon, VimpelCom, Sky Mobile). Those assets are in Russia, the CIS and other promising emerging markets.

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