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03 Oct 2007

Vimpelcom's Acquisition of Ukrainian Radio Systems Affirmed by Appeals Court

Moscow and New York (October 3, 2007) — Open Joint Stock Company "Vimpel-Communications" ("VimpelCom" or the "Company") (NYSE: VIP), today announced that the Federal Arbitration Court of the Moscow District affirmed the December 14, 2006 ruling of the Moscow Arbitration Court and the July 2, 2007 ruling of the Court of Appeals in favor of VimpelCom in the last remaining claim by Telenor East Invest AS.

VimpelCom is satisfied with the order of the court which once again denies Telenor’s claim to invalidate the transaction pursuant to which VimpelCom acquired CJSC “Ukrainian Radio Systems” (“URS”).

An appeal of today's ruling may be filed with the Supreme Arbitration Court.

 

This press release contains "forward-looking statements”, as the phrase is defined in Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements relate to the possible appeal of the court ruling described above. There can be no assurance that Telenor will not appeal the ruling or that such ruling, if appealed, will not be overturned on appeal. In addition, there can be no assurances that additional claims will not be made by Telenor or other third parties regarding the Company’s acquisition of URS or other matters. In the event a decision unfavorable to the Company becomes binding in any pending or future court cases, including a decision for monetary damages and/or to unwind the URS acquisition, it could have an adverse effect on the Company, its business, its expansion strategy and its financial results. Certain additional 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, 2006 and other public filings made by the Company with the United States Securities and Exchange Commission, which risk factors are incorporated herein by reference. The Company 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 press release, or to make corrections to reflect future events or developments.

 

For more information, please contact:

 

Marine Babayan
VimpelCom (Moscow)
Tel: 7 (495) 974-5888
Investor_Relations@vimpelcom.com
Peter Schmidt/Michael Polyviou
Financial Dynamics
Tel: 1 (212) 850-5600
mpolyviou@fd-us.com



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