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19 May 2004

VimpelCom Group announces the results of put option exercised by holders of its Russian Ruble- denominated bonds

Open joint stock company Vimpel-Communications
10-14, ul. 8 Marta, Moscow, 127083, Russian Federation

VIMPELCOM GROUP ANNOUNCES THE RESULTS OF PUT OPTION EXERCISED BY HOLDERS OF ITS RUSSIAN RUBLE-DENOMINATED BONDS


Moscow and New York (May 19, 2004) - Open Joint Stock Company "Vimpel-Communications" ("VimpelCom" or the "Company") (NYSE: VIP)
announced the results of the exercise by the bondholders of the put option on the Ruble-denominated bonds that it issued on May 20, 2003 in an aggregate principal amount of 3 billion Rubles (approximately US$97 million at the time of issue) through Limited Liability Company VimpelCom Finance, a wholly-owned subsidiary of VimpelCom. On May 18, 2004, approximately 83.7% of the bonds, with an aggregate principal amount of 2,512,569,000 Rubles (approximately US$86,5 million as of May 18, 2004), were submitted by bondholders for redemption. These redeemed bonds will be available for resale in the Russian secondary market in accordance with Russian law. Raiffeisenbank Austria, the Lead Manager of the issue, provided bridge financing to VimpelCom for a portion of the redeemed bonds. VimpelCom Finance is a consolidated subsidiary of VimpelCom. The bonds are guaranteed by VimpelCom's subsidiary, VimpelCom-Region, and are scheduled for repayment on May 16, 2006. The annual interest rate for the third and subsequent semi-annual interest payments was set on May 7, 2004 at 9.9%.

 

VimpelCom is a leading provider of telecommunications services in Russia, operating under the "Bee Line GSM" brand. The VimpelCom Group's license portfolio covers approximately 92% of Russia's population (134 million people), including the City of Moscow, the Moscow Region and the City of St. Petersburg. VimpelCom's ADSs are listed on the New York Stock Exchange under the symbol "VIP".

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