VimpelCom Agrees on Further Financing of Its Vietnamese Operations

VimpelCom VIP announced today that it has agreed with its local partner in Vietnam on a financing plan for its Vietnamese joint venture, GTEL-Mobile Joint Stock Company ("GTEL-Mobile"), that could result in the Company providing investments in total of up to US$500 million through 2013. The Company has completed the first stage of the financing plan by paying US$196 million for newly issued shares and thereby increasing its stake in GTEL-Mobile from 40% to 49%. All proceeds from this financing will be used for GTEL-Mobile development. The Company's local partner in the joint venture, GTEL, has retained a 51% interest in GTEL-Mobile. In connection with this investment, the joint venture parties have also agreed that the Company will assume operational management of GTEL-Mobile.