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21 Apr 1997

Open Joint Stock Company Vimpel-Communications Intends to File Registration Statement with U.S. Securities and Exchange Commission for Secondary Offering

Moscow and New York (April 21, 1997) - Open Joint Stock Company Vimpel-Communications ("VimpelCom") (NYSE: VIP) today announced that it intends to file a Registration Statement with the U.S. Securities and Exchange Commission regarding a proposed secondary offering of American Depository Shares ("ADSs") representing common shares of VimpelCom in the U.S. and Canada (the "U.S. Offering") and outside the U.S. and Canada (the "International Offering") by FGI Wireless Ltd. ("FGI Wireless"). Based on current market prices, the offering size is anticipated to be approximately $100 million.

FGI Wireless is a U.S. company founded in 1993 as an investment vehicle for non-Russian venture capitalists and institutions to invest in VimpelCom. FGI Wireless' sole material asset is 3,305,622 shares of VimpelCom Common Stock. FGI Wireless is not a publicly traded company, making it difficult for its investors to realize the value of their proportionate interest in VimpelCom should they so desire. As a United States corporation, substantial United States corporate level taxes are payable by FGI Wireless in the U.S. at the time that it either distributes to its investors or sells its VimpelCom Stock. As the market value of the VimpelCom Stock held by FGI Wireless has significantly increased as a result of VimpelCom's initial public offering in November 1996, the amount of United States corporate level taxes payable in connection with the distribution or sale of VimpelCom Stock has increased substantially, and will continue to increase if the market valuation of VimpelCom increases, thereby reducing the inherent realizable value in FGI Wireless by its investors. Consequently, the investors in FGI Wireless have decided to liquidate and distribute the company's assets.

The purpose of the proposed secondary sale, therefore, is: (a) to obtain the amount of cash necessary to pay the substantial United States corporate-level taxes that will be due in connection with the liquidation of FGI Wireless and the sale or distribution of the ADSs; and (b) to enable FGI Wireless to distribute cash or ADSs to its investors at their election.

Augie K. Fabela II, Chairman of VimpelCom and Chairman and Chief Executive Officer of FGI Wireless, plans to continue in his role as Chairman of VimpelCom after the proposed secondary offering. Following the secondary offering, Mr. Fabela also intends to directly own a significant portion of his allocable share of VimpelCom stock distributed in the liquidation.

Having begun full-scale operations in 1994, VimpelCom is now the largest provider of cellular telecommunications in Russia, marketing its services under the brand-name "Bee Line". The Group's primary operating area includes the City of Moscow and Moscow Region, which together cover a population of over 15 million people. The Group operates the only Digital Advanced Mobile Phone System ("D-AMPS") cellular system in the Moscow License Area, and has also been granted a license to provide Personal Communications Services ("PCS") in the Moscow License Area. VimpelCom completed an initial public offering of ADSs in November 1996 and is the first and only Russian company listed on the New York Stock Exchange.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State or other jurisdiction in which such offer, solicitation or sale would be unlawfull under the securities laws of any such State or other jurisdiction.

For more information, contact:

Valery Goldin
VimpelCom (Moscow)
7(095) 974-5888

John McInerney or Perry Hall
Dewe Rogerson Inc.
(212) 688-6840