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Vimpelcom (VIP) is the second largest cellular carrier in Russia. The company maintains approximately 30% market share in Russia (which is rapidly maturing) with expansion into regions of the Commonwealth of Independent States operating GSM-based wireless technology. Robust subscriber growth and recent acquisitions continue to drive
revenue and earnings momentum. Growth prospects in Eastern Europe for wireless services remain firm and support our forecast for strengthening financials. We continue to be
intrigued by Vimpelcom s success in maintaining its market share and increasing sales on a recurring basis. Its acquisition of Golden Telecom is also expected to facilitate
telecom expansion outside its core consumer cellular offering. We reiterate our Buy rating based on financial metric estimates which we believe are attainable
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