The notes will bear an annual interest rate of 8.0% and will be due in February 2010. VimpelCom intends to use the net proceeds of the debt financing partly to repay indebtedness including, at maturity, a portion of the US$250.0 million notes due April 2005 and partly to continue the development and expansion of its networks, including through possible acquisitions or investments in existing wireless operators within Russia and/or the CIS, or by establishing new wireless operators or entering into local partnerships or joint ventures within Russia and/or the CIS.

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