VimpelCom raises an additional US$200 million of financing in the international bond markets
14 Jul 2004

Moscow and New York (July 14, 2004) - Open Joint Stock Company "Vimpel-Communications" ("VimpelCom" or the "Company") (NYSE: VIP) today announced that it has raised an additional US$200 million in debt financing through the issuance of notes in the international bond markets. The issue price of the notes is 100.5% of the principal amount, plus accrued interest from (and including) June 16, 2004 to (but excluding) July 14, 2004, with the first semi-annual payment due December 16, 2004. The notes bear an annual interest rate of 10.0% and are due on June 16, 2009. The notes are consolidated and form a single series with the US$250 million 10.0% notes due June 16, 2009 that were issued on June 16, 2004. VimpelCom intends to use the net proceeds of the debt financing to continue the development and expansion of its networks, including through possible acquisitions or investments in existing wireless operators or entering into partnerships and joint ventures.

This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act of 1933, as amended (the "Securities Act"). This press release shall not constitute an offer to sell or the solicitation of an offer to buy the notes, nor shall there be any sale of the notes in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The notes have been offered to qualified institutional buyers in reliance on Rule 144A under the Securities Act and outside the United States in reliance on Regulation S under the Securities Act. The notes will not be registered under the Securities Act. Unless and until so registered, the notes may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

VimpelCom

Altimo, a leading private equity group, operating on some of the world's most desirable and potentially lucrative mobile telecommunications markets, was created in 2005 from Alfa Telecom, which itself was established in 2004 to hold the telecoms investments of the Alfa Group Consortium (Golden Telecom, Inc., Turkcell Iletisim Hizmetleri A.S., Kyivstar GSM, MegaFon, VimpelCom, Sky Mobile). Those assets are in Russia, the CIS and other promising emerging markets.

VimpelCom consists of telecommunications operators providing voice and data services through a range of wireless, fixed and broadband technologies. The Group includes companies operating in Russia, Kazakhstan, Ukraine, Uzbekistan, Tajikistan, Georgia and Armenia, in territories with a total population of about 340 million. The Group companies provide services under the "Beeline" brand.  VimpelCom was the first Russian company to list its shares on the New York Stock Exchange (under the symbol "VIP").  In Q1 2008, VimpelCom acquired 100% of the oustanding share capital of Golden Telecom, a leading facilities-based provider of integrated telecommunications and Internet services in Russia and the CIS.

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