ALTIMO General Presentation

1. ALTIMO General Presentation 2010 This document has been prepared for informational purposes only. It is not intended to or shall be deemed to be construed to constitute an offer or agreement or to represent any binding legal obligation on the part of Altimo. Altimo hereby waves any liability in connection therewith. This document contains forward-looking statements of financial and operational performance of certain companies. The actual outcome may differ materially from these statements as a result of unforeseen developments. Altimo disclaims any obligation to make corrections to reflect future events or developments.

2. Altimo is the Telecom Investment arm of Alfa Group Russian Technologies Investment and development of promising Russian commercial and consumer technologies Alfa BankWide range of financial services, including corporate banking, retail banking, investment banking, trade finance and asset management Alfa Asset Management The Group’s asset management arm whose clients include Russianas well as international institutional and private clients Alfa Capital Partners The Group’s private equity and real estate investment group  AlfaStrakhovanie InsuranceGroup One of thelargest non-obligatory insurance companies in Russia X5 Retail Group N.V. LSE-listed X5 Retail Group N.V. is the largest food retail company in Russia in terms of sales. X5 Retail Group N.V. includes the supermarket chains Pyaterochka and Perekrestok. The company uses a multi-formatted strategy to develop three formats simultaneously: soft discounters, supermarkets and hypermarkets. TNK-BP Russia’s third largest vertically integrated oil company in terms of production Altimo Telecom Investment arm of Alfa A1 Group Large-scale proprietary and for-client investment in Russia, the CIS and other emerging markets CTC TV The first private TV channel in Russia

3. Altimo’s Overview 4,99% 25,1% 441)% 43,5% Mobile Turkey UkraineBelarus Mobile Russia Tajikistan Fixed-Mobile RussiaKazakhstan Ukraine Uzbekistan Tajikistan Georgia Armenia Vietnam Cambodia Laos Mobile Ukraine • Altimo is the leading international private equity investor in emerging telecoms markets across Eurasia, that was established to hold the telecoms investments of the Alfa Group, Russia’s largest and most respected privately-owned business consortium. • Its investment portfolio holds assets in Russia, the CIS, Turkey and other emerging markets of Europe and Asia. • The value of Altimo’s investment portfolio exceeds $16bn. • The companies in which Altimo is invested have a footprint which covers a total population of 350 million people with over 170 million subscribers. • 1 Voting stake 41,45% Azerbaijan Kazakhstan Georgia Moldova

4. Vimpelcom reported strong consolidated results for the 9 months of 2009. The company significantly improved operational efficiency and successfully repaid $1.9 bln of current debt, restructuring remaining part of the debt. * Company recorded 8 514 mln RUR FX loss in Q1 2009. At October 5th 2009 Altimo and Telenor announced plans to merge Vimpelcom and Kyivstar under the newly listed Vimpelcom Ltd and started mandatory tender offer for minority shareholders in February 2010. Vimpelcom successfully launched operations in Vietnam and Cambodia under Beeline brand. The Company paid interim dividends for 9 months of 2009 in the amount of $324 mln. Previously directors decided not to recommend dividends payment for the year 2008 because of instability on the financial markets. Market capitalization of the Company after fall at the end of 2008 grew to $19 bln at the end of February. At the same time main rival MTS has the same market capitalization even with significantly lower debt levels. 3 month active subscriber base in Russia and CIS reached 64 mln subs at the end of September (+3 mln subs since the beginning of the year 2009). Vimpelcom Vimpelcom Facts

5. Megafon Megafon Facts • Megafon reported audited financial results for the 9 months of 2009. • 3 month active subscriber base in Russia and Tajikistan reached 50.5 mln subs at the end of September (+7 mln subs since the beginning of the year 2009). • International rating agency Standard & Poor's (S&P) upgraded Long-Term Credit Rating of MegaFon from “ВВ+” to “ВВВ-“ due to continually high financial indicators. This makes MegaFon the first and the only investment grade telecom company in Russia. • The Company is in talks on acquisition of the universal infrastructure network provider Synterra. • Megafon completed its reorganization in the form of merger with regional subsidiaries. • At November 12th, 2009 TeliaSonera and Altimo agreed to combine their ownership interests in MegaFon and Turkcell.

6. Kyivstar Kyivstar Facts • Kyivstar reported unaudited financial results for the 9 months of 2009. • Kyivstar paid dividends for the previous periods in the amount of 9 961 mln UAH (~$ 1.2 bln). • At October 5th Altimo and Telenor announced plans to merge Vimpelcom and Kyivstar under the newly listed Vimpelcom Ltd. • The Company is maintaining its number one position in the Ukrainian mobile market. Kyivstar’s subscriber base reached 22 mln subs at the end of the year 2009.

7. Turkcell Turkcell Facts • Turkcell reported results for the 9 months of 2009. Despite the pressure from regulator, competitors and difficult market situation Turkcell continue to maintain its number 1 position in terms of subscribers, revenue and EBITDA market shares. • The total number of subscribers in Turkey decreased on 2.6 mln subs. Turkcell had 35.4 mln subs at the end of the year and holds its 56% of subscriber market. • At November 12th, 2009 TeliaSonera and Altimo agreed to combine their ownership interests in MegaFon and Turkcell. • S&P confirmed Turkcell’s Long Term foreign currency rating “BB+” and increased long-term forecast to ‘stable’. Fitch has upgraded Turkcell’s long-term foreign currency from “BB” to “BBB-“. • Market capitalization of the Company stabilized after fall at the end of 2008 and grew to $15 bln at the end of February.

8. Altimo to establish new global telecom leaders NEW HOLDING 55,8%* 68,9% 100% 100% • Altimo strikes 2 major deals in merging its assets with telecoms market-leaders, Telenor and TeliaSonera: • - Working directly with Telenor, Altimo will merge VimpelCom, the 2nd largest mobile operator in Russia, with Kyivstar, the largest mobile operator in the Ukraine, into a new company called VimpelCom Ltd. This unified company will provide high-quality integrated mobile telecom services in Russia, the Ukraine and other CIS countries such as Georgia, Vietnam, Cambodia. Vimpelcom Ltd. will also seek to expand its operations in other rapidly developing markets in Europe, Asia and Africa, eventually becoming a global market leader. The headquarters of the new company will be located in Amsterdam, its shares listed on the New York Stock Exchange (NYSE). Altimo will have 43,8% voting rights in the new company. • - Also, Altimo and TeliaSonera have agreed to create a new company to hold their stakes in Megafon, the 3rd largest mobile operator in Russia, and in Turkcell, the largest mobile operator in Turkey. The two companies will work closely to resolve any legal disputes regarding the establishment of this new company. It will be a leading international operator with more than 90 million subscribers in Turkey, Russia and the CIS countries, and will have streamlined corporate governance processes. The new company will be established in a Western jurisdiction and listed on the NYSE. • * - with the disputed stake which was appropriated by Altimo as the collateral in the defaulted loan to Cukurova.

9. Assets capitalization level • After the peak at 2007, market cap has fallen by 47%. • At the same time the Morgan Stanley Emerging Telecom Markets index has fallen by 32%. • Assets capitalisation level stabilized after fall and grew 23% to $16 bln. 23% (US$m)

10. Emerging Markets Projects Myanmar • A prospective of obtaining a GSM license in Myanmar is negotiated with the local business group and the government. Iran • A purchase of the Iranian asset Iraphone by Turkcell is expected as a result of the latter’s Board of Directors meeting on 19th December. Africa • Altimo is actively engaged in top-level discussions with governments of Nigeria, Angola, DR Congo, Ethiopia regarding the mobile investment opportunities.