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07 Jun 1999

Announcement of State Registration of Securities Issuance

Is a copy of an English translation of an announcement published on June 7, 1999 in Issue No. 43 of the Russian Federation Federal Commission on Securities Market's bulletin ("Vestnik").
Russian securities regulations require Open Joint Stock Company "Vimpel-Communications" (the "Company") to publish an announcement regarding the Company's completion of its issuance of securities to Telenor East Invest AS.

Open joint stock company Vimpel-Communications 10-14 Ul. 8 Marta, Moscow 127083

Announcement of State Registration of Securities Issuance

Full name of the issuer: Open Joint Stock Company "Vimpel-Communications";

Type (shares, bonds, other securities), category (type) and form of securities: non-documentary common registered shares;

Name of the registration authority which effected the state registration of the securities issuance, state registration number of the issuance and the date of state registration: Federal Commission for the Securities Market, state registration number: 1-06-00027-A, date of state registration: April 26, 1999;

Date of actual commencement and completion of securities placement:

  • Date of actual commencement of securities placement - May 28, 1999;
  • Date of actual completion of securities placement - May 28, 1999.

Number of securities actually placed: (i) fully paid for in cash in foreign currency - 5,500,000 (five million five hundred thousand) common registered shares; 3,402,201 common registered shares will be fully paid for not later than one year following the date of recording Telenor East Invest AS into the Company's shareholders register as the owner of shares, i.e. not later than May 28, 2000; (ii) paid for in cash in rubles - none; (iii) paid for in-kind - none.

Actual placement prices of the securities: 2,750,000 shares were placed at US$18.4455 per share; 2,750,000 shares were placed at $18.4563 per share. The actual placement prices of 3,402,201 shares will depend upon the dates on which payment will be made for a certain number of shares placed under this issuance. The actual placement price shall be calculated on the basis of US$18.19 per share and shall be increased on the basis of 4.25% per annum accruing from the date the Company's general shareholders meeting approves the placement of shares (January 29, 1999) until the relevant date of payment for a certain number of shares.

Percentage of placed securities: 100%.

Information on major transactions in respect of the securities placement: the placement of shares of this issuance is a major transaction because more than 25 per cent of shares previously issued by the Company have been placed;

Information on interested party transactions in relation to the securities placement: in the course of the securities issuance in favor of Telenor East Invest AS, an interested party transaction was made as certain members of the Board of Directors can be qualified as interested persons.

President and Chief Executive Officer of
Open Joint Stock Company

D.B. Zimin