OREANDA-NEWS. February 5, 2009. Open Joint Stock Company “Vimpel-Communications” (“VimpelCom” or the "Company") (NYSE: VIP) today announced that the Board of Directors of the Company has decided unanimously to recommend to the Annual General Shareholders meeting that the Company not pay dividends on its common stock based on 2008 results.

Commenting on today’s announcement, Alexander Izosimov, Chief Executive Officer of VimpelCom, said,

“We continue to adjust our business model to adapt to the current economic situation.  We are focused on generating and preserving cash by optimizing our capital investments and maintaining our margins.  The decision not to pay dividends this year is part of this ongoing cash-focused plan.”

 The VimpelCom Group consists of telecommunications operators providing voice and data services through a range of wireless, fixed and broadband technologies. The Group includes companies operating in Russia, Kazakhstan, Ukraine, Uzbekistan, Tajikistan, Georgia and Armenia, as well as in Vietnam and Cambodia. The VimpelCom Group has licenses to operate in territories with a total population of about 340 million. The Group companies provide services under the "Beeline" brand. VimpelCom was the first Russian company to list its shares on the New York Stock Exchange ("NYSE"). VimpelCom's ADRs are listed on the NYSE under the symbol "VIP".