VIMPELCOM STOCK OFFER APPROVED

MOSCOW and NEW YORK-Vimpel-Communications announced its shareholders
overwhelmingly approved the issue of 8.9 million shares of VimpelCom’s common stock to Telenor East Invest AS at
$18.19 per share.

As announced on Dec. 1, Telenor will acquire 25.7 percent of VimpelCom’s total voting stock in
consideration for cash payment of approximately $162 million, the full amount of which has been placed in escrow to
fund the purchase of shares.

VimpelCom said it will use the funds to build out its Moscow Global System for
Mobile communications licenses and fiber-optic network, pay certain license fees, make opportunistic acquisitions and
develop an Internet business.

The company said it anticipates the transaction will close by June 1.