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01 Jun 2004

Court rules in favor of VimpelCom's subsidiary on appeal by regulator

Moscow and New York (June 1, 2004) - Open Joint Stock Company "Vimpel-Communications" ("VimpelCom" or the "Company") welcomes the decision by the Appellate Panel of the Moscow Arbitrazh Court, upholding the previous ruling by the Moscow Arbitrazh Court in favor of the Company's wholly-owned subsidiary, KB Impuls, invalidating a provision contained in a notice officially received from Moscow Gossvyaznadzor on January 9, 2004.

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 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 the phrase is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. There is no assurance that Gossvyaznadzor will not appeal the decision described in this press release or that Gossvyaznadzor will not take other actions against the Company. 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, 2003 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.

 

For more information, please contact:

 

Valery Goldin
VimpelCom (Moscow)
Tel: 7(095) 974-5888
vgoldin@VimpelCom.com
Christopher Mittendorf
Edelman Financial Worldwide
Tel: (212) 704-8134
christopher.mittendorf@edelman.com



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