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02 Dec 1997

VimpelCom poised to receive US$100 million credit facility from ING Barings

Standard & Poor’s releases first ever rating for VimpelCom Moscow and New York (December 2, 1997) Open Joint Stock Company Vimpel-Communications ("VimpelCom") (NYSE: VIP) announced today that it has signed a term sheet for a five-year US$100 million credit facility to be funded by ING Barings. VimpelCom which operates in Russia under the brand name of "Bee Line" will use this credit facility to expand its cellular networks, develop regional projects and refinance vendor credit facilities.

Augie K. Fabela II, VimpelCom’s Chairman said, "This long term corporate credit to a Russian company by a leading international corporate and investment bank is a strong vote of confidence in our company and reflects the opening of the Russian market to conventional world standard corporate financing."

The Company also announced today that it has received its first ever credit rating from Standard & Poor’s.

Standard & Poor’s assigned to VimpelCom a single ґB+’ long-term corporate credit rating with a positive outlook. In giving the credit rating, Standard & Poor’s stated "the rating reflects the company’s leading market position in the rapidly growing Russian cellular market and its strong cash flow generation and high profitability". In giving the rating a positive outlook, Standard & Poor’s recognizes Bee Line’s competitive advantages which include its position as the largest cellular operator in Moscow and the Moscow region and its large spectrum allocation compared with other operators.

VimpelCom is the largest provider of cellular telecommunications in Russia. 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 and the first Russian PCS network, using GSM technology, in the Moscow License Area. VimpelCom completed an initial public offering of American Depository Shares (ADSs) in November 1996 and is the first and only Russian company listed on the New York Stock Exchange.

For more information, contact:
Valery Goldin
VimpelCom (Moscow)
7(095) 974-5888