Pursuant to this agreement, KaR-Tel will assist in operation and management of Sky Mobile’s mobile network and will assist Sky Mobile, on an exclusive basis, with provision of products and services on the territory of Kyrgyzstan.

Sky Mobile is 100% owned by Crowell Investments Limited (“Crowell”). Crowell also owns 50% less one share of KaR-Tel’s parent company, Limnotex Development Limited (“Limnotex”). VimpelCom indirectly owns the remaining 50% plus one share of Limnotex.

In February 2008, VimpelCom advanced to Crowell a loan in the principal amount of US$350 million for a term of 18 months at an interest rate of 10% per annum. To secure its borrowing, Crowell granted VimpelCom a security interest over 25% of the shares of Limnotex. In connection with the loan, Crowell also granted VimpelCom two call options over the entire issued share capital of Sky Mobile’s parent company.

The VimpelCom Group is a telecommunications operator, providing voice and data services, covered through a range of wireless, fixed and broadband technologies. The Group includes companies operating in Russia, Kazakhstan, Ukraine, Uzbekistan, Tajikistan, Georgia and Armenia, in territories with a total population of about 250 million. 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".