The ADSs will be repurchased from time to time in open market transactions or privately negotiated transactions at VC ESOP's discretion, subject to market conditions and other factors, including the Company's insider trading policy, United States and Russian securities laws and Rule 10b-18 of the Securities Exchange Act of 1934.

VimpelCom also announced that it has established a systematic purchasing plan under Rule 10b5-1 of the Securities Exchange Act of 1934 to facilitate repurchases under the repurchase program. Rule 10b5-1 permits a public company to repurchase its shares at times when it ordinarily would not be in the market because of self-imposed trading blackout periods. Under the Rule 10b5-1 plan, certain specified amounts of ADSs will be purchased on a daily basis provided that specified trading prices are achieved. The Rule 10b5-1 plan expires upon the earliest of May 4, 2006, the purchase of all the ADSs covered by the plan, or certain other specified events.

Depending on market conditions, VC ESOP may conduct repurchases under the repurchase program in the open market and in privately negotiated transactions from time to time during its normal trading windows.

The Company also announced that it has amended its Amended and Restated 2000 Stock Option Plan to increase the maximum number of shares available for issuance under the Plan from 250,000 to 450,000 common shares (equivalent to 1,800,000 ADSs) and to extend the term of the Plan to December 31, 2015.

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