modu Signs Strategic Partnership with VimpelCom to Sell modu Products to Massive Russian Subscriber Base

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modu today announced that it has signed a strategic partnership with Russian mobile network operator VimpelCom to offer modu's unique mobile portfolio to its 50 million subscribers across Russia and the CIS.

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modu is all about making new connections, and the partnership with VimpelCom helps us achieve that goal. We are delighted that VimpelCom shares our excitement and our vision. It has been a pleasure working with the VimpelCom management team to align our respective strategies around this partnership, and we look forward to this bearing fruit over the coming months.

KFAR-SABA, Israel & MOSCOW (Business Wire EON) February 7, 2008 --    At the heart of the modu ecosystem is a tiny, sleek mobile phone - the modu - that is fully functional and easy to use. The modu can be slipped into a wide variety of modu jackets - stylishly designed phone enclosures - and modu mates - modu enabled consumer electronics devices. modu's ecosystem offers boundless possibilities in a simple and affordable way.

modu, which was set up in 2007 by leading technology innovator and entrepreneur Dov Moran, the inventor of the USB Flash Drive and other ground breaking personal storage solutions, has developed a mobile phone that promises to transform the way people buy, use and enjoy personal communication.

The partnership with VimpelCom has been signed in order to broaden the choice available to consumers. VimpelCom's licence covers a territory with a population of about 250 million people, embracing 76 regions of Russia (where 95% of the Russian population lives) VimpelCom has over 50 million subscribers, including almost 42 million in Russia, VimpelCom's subsidiaries have 4.3 million in Kazakhstan and 2.2 million in Ukraine.

The partnership will come to fruition later this year, when modu's full range of mobile products becomes commercially available.

For operators, the benefits are numerous: modu's business model means operators now have an additonal opportunity to engage in a positive dialogue with their subscribers by offering them a wider and more compelling choice of handset models and styles; they can also create and build new communities and segments among their subscriber base, leading to increased usage, additional handsets, greater loyalty and reduced churn.

Dov Moran, Founder and Chief Executive Officer of modu, said: "The partnership with VimpelCom is a significant and exciting one. The market in Russia and the CIS is experiencing great change and generating enormous potential for modu, with fashion and style particularly crucial requirements of handsets in Russia.

"Consumers in these countries are ready for a mobile capability that realises the full potential of personal communications, enabling them to connect an endless array of devices on their terms, reflecting their interests, personality and lifestyle.

"modu is all about making new connections, and the partnership with VimpelCom helps us achieve that goal. We are delighted that VimpelCom shares our excitement and our vision. It has been a pleasure working with the VimpelCom management team to align our respective strategies around this partnership, and we look forward to this bearing fruit over the coming months."

Kent McNeley, Vice President and Chief Marketing Officer at VimpelCom, said: "The modu proposition is just the boost the mobile industry has needed for some time. It is both unique and compelling and is sure to resonate with our millions of subscribers.

"VimpelCom is 100% behind the modu mobile concept and the agreement means we can work closely with the modu team to shape and exploit this spectacular innovation for the benefit of both businesses, as well as consumers across Russia and the CIS territories."

The partnership with VimpelCom is among the first of a number of such deals modu is negotiating with prominent mobile network operators (MNO) market to ensure that the modu platform achieves widespread penetration and user uptake once products are available in the fourth quarter of 2008.

NOTES TO EDITORS

About modu

http://www.modumobile.com

modu was established by Dov Moran and several of his colleagues from msystems, a company he founded and sold to SanDisk in 2006 for $1.6B. modu's vision is to bring a fundamental change to the dynamics of the mobile phone industry. The company is dedicated to developing products, technologies, a wide ecosystem and business relationships that will help realize that ambition. modu will have its official launch at the Mobile World Congress, being held in Barcelona, Spain in February 2008.

modu gives users the freedom to choose a new phone as often as they like, meeting their changing needs, preferences and style- easily and affordably. At the heart of the modu ecosystem is modu - a tiny and sophisticated mobile phone. modu can be slipped into a wide variety of modu jackets - stylish phone enclosures that enable users to create a new look or design and provide added functionality. modu can also slip into modu mates- consumer electronic devices that are modu-enabled - allowing users to create an entirely new communication experience.

About VimpelCom

The VimpelCom Group includes companies operating in Russia, Kazakhstan, Ukraine, Uzbekistan, Tajikistan, Georgia and Armenia. The VimpelCom Group's GSM and 3G license portfolio covers a territory with a population of about 250 million. This includes the entire territories of Russia, 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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