Корпоративное действие VIMPEL Communication (sec reg gdr) lv1 — new information dated 17/02/10

Event details
New information dated 17/02/10.

VIMPELCOM LTD IS Conducting an exchange offer comprised of two offers, which are referred to collectively in the prospectus as the offers, and separately as the u.s.  offer and the russian offer.

The U.S.  offer comprises an offer made pursuant to the prospectus to all shareholders of open joint stock company vimpel-communications who are u.s.  holders (within the meaning of rule 14d-1(d)  under the U.S.  securities exchange act of 1934), and to all holders of OJSC VIMPELCOM American Depositary shares (referred to in the prospectus as the ojsc vimpelcom adss, wherever located.
The Russian offer comprises an offer made pursuant to a separate russian offer document to all holders of ojsc vimpelcom shares, wherever located.

the offers are made subject to the local laws and regulations applicable to the holders of such securities and are only capable being accepted if local laws permit a holder to participate in the relevant offer. the offers are being conducted simultaneously and have substantially the same terms and are subject to the same conditions in the u.s.  offer, vimpelcom ltd is offering to exchange their OJSC VIMPELCOM common shares and OJSC VIMPELCOM preferred shares (provided you are A U.S.  holder) and OJSC VIMPELCOM adss for adr shares, each representing either one common share or one preferred share of VIMPELCOM LTD. (referred to in this prospectus as a commondr or a preferred dr, respectively, and collectively as the drs ).in the relevant offer. the offers are being conducted simultaneously and have substantially the same terms and are subject to the same conditions in the u.s.  offer, vimpelcom ltd is offering to exchange their OJSC VIMPELCOM common shares and OJSC VIMPELCOM preferred shares (provided you are A U.S.  holder) and OJSC VIMPELCOM adss for adr shares, each representing either one common share or one preferred share of VIMPELCOM LTD. (referred to in this prospectus as a commondr or a preferred dr, respectively, and collectively as the DRS).

The common DRS And the preferred drs will be registered under the u.s.  securities act of 1933, and the common drs will be listed on the new york stock exchange and are expected to be traded under the symbol vip. in addition, under the applicable russian voluntary tender offer rules, VIMPELCOM LTD is required to offer a cash alternative to its offer of the drs. therefore, as an alternative to the DRS, in the U.S.  offer VIMPELCOM LTD is also offering 0.01 russian roubles in cash for each OJSC VIMPELCOM common share or OJSC VIMPELCOM Preferred share and 0.0005 russian roubles in cash for each OJSC VIMPELCOM ADS.

All shareholders of OJSC VIMPELCOM, wherever located, will be invited to exchange their shares in the russian offer, however, only shareholders who satisfy the russian legal definition of a qualified investor may elect to receive drs in exchange for their shares in the russian offer.

If holders tender their OJSC VIMPELCOM shares or OJSC VIMPELCOM ADS in the U.S.  offer and elect to receive cash consideration they will receive the u.s.  dollar equivalent, if any, after fees, expenses and any applicable taxes, of the cash consideration paid in russian rouble at the prevailing exchange rate, rather than receiving russian roubles directly.

The completion of the offers is conditioned upon more than 95.0 pc of OJSC VIMPELCOM’S outstanding shares, including those represente by OJSC VIMPELCOM ADSS, being tendered, in addition to other conditions.

If holders hold OJSC VIMPELCOM ADSS, they may not participate in the russian offer. however, if holders surrender their OJSC VIMPELCOM ADSS for delivery of the underlying OJSC VIMPELCOM common shares (the fees for which have been waived by the ojsc vimpelcom adss depositary), they may participate in the russian offer.

In addition, if holders are not able to demonstrate That they meet the russian legal definition of a qualified investor, they will not be able to exchange their OJSC VIMPELCOM shares for DRS. as noted above, holders may only participate in one offer with respect to the same OJSC VIMPELCOM shares thus, if holders participate in the russian offer, they may not participate in the U.S.  offer, and vice versa.

If holders decide not to tender, they will continue to own their OJSC VIMPELCOM shares or OJSC VIMPELCOM ADSS in their current form. however, if the offers are completed, the number of OJSC VIMPELCOM shares and OJSC VIMPELCOM ADSS that are publicly held may be so small that they would no longer be an active trading market for OJSC VIMPELCOM shares or OJSC VIMPELCOM adss. in particular, vimpelcom ltd intends to cause OJSC VIMPELCOM to delist the OJSC VIMPELCOM adss from the nyse and cease trading of the OJSC VIMPELCOM common shares on the russian trading system, so OJSC VIMPELCOM adss will no longer be eligible for trading on the nyse and OJSC VIMPELCOM common shares will no longer trade on the russian trading system.

VIMPELCOM LTD also intends to cause OJSC VIMPELCOM to terminate the deposit agreement relating to the OJSC VIMPELCOM ADSS.

If the offers are successfully completed, vimpelcom ltd intends to commence compulsory squeeze-out proceedings in accordance with russian law to acquire any remaining ojsc vimpelcom shares and OJSC VIMPELCOM adss, as further discussed under the offers effects of the offers and the russian squeeze-out proceedings.

Holders should consult their tax advisor for complete details in reference to withholding taxes.