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07 Feb 1997

VimpelCom Common Stock to trade on the Russian Trading System in Moscow

Moscow and New York (February 7, 1997) - VimpelCommunications (NYSE: VIP) today announced that commencing on or about February 13, shares of the Company's Common Stock will be authorized to trade on the Russian Trading System market in Moscow under the symbol VIPM. The RTS is an online, screen-based trading system used by brokers in Moscow and throughout the Russian Federation.

Commenting on the newly available trading mechanism, Dmitri Zimin, President and Chief Executive Officer of VimpelCom, said: "We have always wanted to give Russian investors an opportunity to own shares of one of the country's best known branded companies, one that has become even better known after our international offering last year. While we expect that the New York Stock Exchange will remain the primary market for the shares, we are delighted that Russian investors will soon be able to purchase shares directly in Moscow on a market that provides transparent pricing."

The first and only Russian company to list on the New York Stock Exchange, VimpelCom completed an initial public offering in November 1996 of a total of 6,216,504 American Depository Receipts (ADRs) representing 4,662,378 shares of Common Stock. One ADR equals 0.75 of one share of Common Stock. In all, the Company has 19,280,000 shares of Common Stock outstanding. VimpelCom is not planning to issue any new Common Stock in connection with the RTS facility.

Having begun full-scale operations in 1994, VimpelCom is now the largest provider of cellular telecommunications in Russia, marketing its services under the "Bee Line" brand name. The Group's primary operating area includes the City of Moscow and the Moscow Region, which together cover a population of over 15 million people. The Group operates the only digital Advanced Mobile Phone System ("D-AMPS") cellular system in the Moscow License Area and has also been granted a license to provide PCS in the Moscow License Area.

For more information, contact:

Valery Goldin or Mike Buinyckyi
VimpelCom (Moscow)
7(095) 974-5888

John McInerney or Perry Hall
Dewe Rogerson Inc.
(212) 688-6840