Moscow and New York (April 8, 2010) - Open Joint Stock Company "Vimpel-Communications" ("VimpelCom" or the "Company") (NYSE: VIP), today announced that it intends to submit to the Russian Federal Financial Markets Service documentation required for the potential issuance of Russian ruble-denominated bonds through LLC VimpelCom-Invest, a consolidated Russian subsidiary of VimpelCom. 

The bonds may be issued depending on VimpelCom’s funding needs within a period of one year from the date on which the Russian Federal Financial Markets Service registers the submitted documentation. The proposed amount of the issue is up to 20 billion Russian rubles, which is the equivalent of approximately $683 million at the Central Bank of Russia exchange rate on April 8, 2010. The bonds will be guaranteed by VimpelCom. 

The proposed maturity period is five years. The coupons are to be paid semiannually. The bond issue structure allows the issuer to grant investors a put option and/or retain a redemption right. The bonds may be issued in two series with face values of 10 billion rubles for each, and the coupon rate will be determined based on market conditions.

VimpelCom intends to use the proceeds from the bonds for financing development and expansion of VimpelCom’s core business.