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02 Dec 1998

Proposed Investment by Telenor in VimpelCom

Open Joint Stock Company Vimpel-Communications ("VimpelCom" or the "Company") announced yesterday that it had reached an agreement for Telenor to acquire a strategic stake in VimpelCom which agreement is subject to shareholder and regulatory approval. Telenor AS ("Telenor") will purchase 8,902,201 shares of VimpelCom's Common Stock (the "Common Stock") at a price of $18.19 per share of Common Stock (or $13.64 per ADS). The exact purchase price to be paid by Telenor is $161,931,036 plus interest accruing from the date of shareholder approval.

Telenor's 8,902,201 shares of Common Stock today represent approximately 25.7% of VimpelCom's total voting stock (31.6% of the common stock), as the number of such shares purchased by Telenor was calculated on a fully-diluted basis, taking into account (i) VimpelCom's outstanding 6,426,600 shares of voting series-A preferred stock and (ii) VimpelCom's proposed employee stock option plan (the "ESOP") pursuant to which up to 1,000,000 shares of Common Stock would be issued. If all 1,000,000 shares of Common Stock reserved for issuance under the considered ESOP are in fact issued, Telenor's ownership interest will be reduced to exactly 25% plus one share of VimpelCom's total voting stock. However, in the event that VimpelCom does not issue all 1,000,000 shares contemplated for issuance under the ESOP, an agreement with Telenor will permit VimpelCom to buy back from Telenor such number of shares as are required to reduce Telenor's ownership interest to 25% plus one share of VimpelCom's total voting stock at the price paid for such shares by Telenor plus interest.

VimpelCom has filed a Form 6-K today with the Securities and Exchange Commission of the United States with the material agreements relating to this transaction.

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