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21 Aug 2000

VimpelCom announces registration of placement report by Russian Securities Commission

Moscow and New York (August 21, 2000) - Open Joint Stock Company "Vimpel-Communications" ("VimpelCom" or the "Company") (NYSE: VIP), a leading provider of mobile telecommunications services in Russia, announced today the registration by the Russian Federal Commission on the Securities Markets of its placement report relating to its shares of common stock that underlie the notes issued in its offering of 5.5% Senior Convertible Notes due 2005 and the American Depositary Shares ("ADSs") sold in its ADS offering in late July. Each ADS represents three-quarters of one share of VimpelCom's common stock.

As a result of this registration, all ADSs trading under the temporary symbol "VIP/T" will automatically commence trading under the symbol "VIP" as of August 23, 2000. The convertible notes are listed on the NYSE under the symbol "VIP 05."

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 NYSE.

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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