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30 Jun 2000

VimpelCom announces filing of registration statement

Moscow and New York (June 30, 2000) - Open Joint Stock Company "Vimpel-Communications" ("VimpelCom" or the "Company") (NYSE: VIP), a leading provider of mobile telecommunications services in Russia, announced today that pursuant to the resolutions approved at the Extraordinary General Meeting of VimpelCom's shareholders on April 13, 2000 with respect to the issuance of up to 7 million common shares (equivalent to 9,333,333 ADSs), VimpelCom will be offering senior notes convertible into VimpelCom's American Depositary Shares (ADSs), as well as ADSs representing VimpelCom common stock to raise new financing for the expansion of its operations. The offerings, which will be made both in the United States and internationally, are expected to be completed during the third quarter of 2000, subject to market conditions and other factors.

In addition to the shares that were approved at the VimpelCom shareholder meeting, the registration statement provides that an entity wholly-owned by Dr. Dmitri Zimin, President & Chief Executive Officer of VimpelCom, has agreed to sell up to 700,000 of his common shares (equivalent to 933,333 ADSs), which are anticipated to be part of the over-allotment option, if exercised.

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. 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 jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

UBS Warburg will act as sole bookrunning lead manager and Donaldson, Lufkin & Jenrette and Morgan Stanley Dean Witter as joint lead managers of the offerings. Troika Dialog, a Russian investment bank, is acting as a financial adviser to VimpelCom.

Copies of the preliminary prospectus relating to the offerings may be obtained from UBS Warburg at 1 Finsbury Avenue, London EC2M 2PP, England (tel +44 20 5678 4313).

VimpelCom is a leading wireless telecommunications service company in Russia, operating under the "Bee Line" family of brand names, which are among the most recognized brand names in Russia. VimpelCom's license portfolio covers approximately 70% of Russia's population (100 million people), including the City of Moscow and the Moscow Region, which is the Company's primary market. 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".

 

This press release contains "forward-looking statements," as that phrase is defined in Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements relate to the Company's development and are based on Management's best assessment of the Company's strategic and financial position and of future market conditions and trends. These discussions involve risks and uncertainties. The actual outcome may differ materially from these statements as a result of unforeseen developments from competition, governmental regulations of the wireless telecommunications industry, general political uncertainties in Russia and general economic developments in Russia and other factors. As a result of such risks and uncertainties, there can be no assurance that the effects of competition or current or future changes in the political, economic and social environment or current or future regulation of the Russian telecommunications industry will not have a material adverse effect on the VimpelCom Group. Certain factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risks described in the Company's Annual Report on Form 20-F for the year ended December 31, 1999 and other public filings made by the Company with the United States Securities and Exchange Commission, which risk factors are incorporated herein by reference. VimpelCom disclaims any obligation to update developments of these risk factors or to announce publicly any revision to any of the forward-looking statements contained in this release, or to make corrections to reflect future events or developments.

 

For more information, please contact:
Valery Goldin
VimpelCom (Moscow)
7(095) 974-5888
vgoldin@vimpelcom.com

Sigrid Peterson
Edelman Financial Worldwide
1 (212) 704 8284
sigrid_peterson@edelman.com

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