Court Corner: VimpelCom’s Acquisition of URS Affirmed By Appeals Court

21.12.2006, MForum.ru

Open Joint Stock Company "Vimpel-Communications" today announced that the Federal Arbitration Court of the Moscow District affirmed the June 26, 2006 ruling of the Moscow Arbitration Court and the September 7, 2006 ruling of the Court of Appeals in favor of VimpelCom in one of the claims by Telenor East Invest AS.

VimpelCom is satisfied with the order of the court which once again denies Telenor’s claim to invalidate the decision of VimpelCom's CEO to acquire CJSC “Ukrainian Radio Systems” (“URS”). This is the seventh time that a court has ruled in favor of VimpelCom on claims filed by Telenor challenging the validity of the URS acquisition.

An appeal of today's ruling may be filed with the Highest Arbitration Court.

Additional Information

1	Claim by Telenor East Invest AS against ОАО Vimpelcom seeking to invalidate the decision of the shareholders meeting dated September 14, 2005 On Acquisition of URS Moscow Arbitration Court	On May 15, 2006 the court issued a judgment denying the claim On July 27, 2006 the court of appeals sustained the judgment of the court of first instance, and denied the appeal. On November 02, 2006 the court denied the cassation complaint and sustained the judgment of the first instance and order of the court of appeals.
2	Claim by Telenor East Invest AS against ОАО Vimpelcom seeking to invalidate the decision of the decision of the sole executive body on acquisition of URS Moscow Arbitration Court	On June 26, 2006 the court issued a judgment denying the claim On September 07, 2006 the court of appeals sustained the judgment of the first instance and denied the appeal.
3	Claim by Telenor East Invest AS against ОАО Vimpelcom seeking to challenge the acquisition of shares Moscow Arbitration Court	On November 21, 2006 the court denied the claim.

The VimpelCom Group includes cellular companies operating in Russia, Kazakhstan, Ukraine, Tajikistan, Uzbekistan and recently acquired cellular operators in Georgia and Armenia. The VimpelCom Group's cellular license portfolio covers a territory with a population of about 240 million. This includes 78 regions of Russia (136.5 million people, representing 94% of the Russia's population), and the entire territory of Kazakhstan, Ukraine, Uzbekistan, Tajikistan, Georgia, and Armenia. VimpelCom was the first Russian company to list its shares on the New York Stock Exchange ("NYSE"). VimpelCom's ADSs are listed on the NYSE under the symbol "VIP".

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