Telenor would like to correct several statements made by Altimo in its press release dated 9 May 2006 with the following:

1. Telenor has discussed with VimpelCom management and agreed to consider a cash plus equity deal;

2. The cash plus equity proposal was made by VimpelCom CEO Alexander Izosimov, not Altimo;

3. The market-based separation mechanism is envisioned as a tool to protect Telenor’s investments from further attacks by Alfa in a way that is fair to all shareholders. Telenor does not envision there being any prerequisite conditions to either party being able to launch the mechanism.

As stated earlier, during negotiations and in correspondence Altimo agreed in principle to a market-based separation mechanism as a pre-requisite to VimpelCom buying Kyivstar. Altimo has also accepted Telenor’s requirements that the separation mechanism should be transparent, simple, fair, symmetrical and effective from closing of the Kyivstar transaction.

“Significant progress was made at Telenor’s last meetings with VimpelCom and Altimo on 26 and 27 April respectively,” said Telenor Vice President and Chief Press Spokesman Dag Melgaard. “Telenor is considering a proposal that VimpelCom buy Kyivstar for a combination of cash and shares, however many details need to be discussed before this transaction is finalized. Telenor looks forward to continued good-faith negotiations with both parties, and will continue to be a driving force for progress on this deal.”