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21 Oct 1998

VimpelCom announces the inaugration of its dual-band GSM-900/1800 network in Moscow

Introduces new prepaid card program

Moscow and New York (October 21, 1998) - Open Joint Stock Company Vimpel-Communications ("VimpelCom" or the "Company") (NYSE:VIP)
today announced the launch of the first phase of its new dual-band GSM-900/1800 network in Moscow. The Company also announced the introduction of a new prepaid card program.

Commenting on today's announcement, Dmitri Zimin, President and Chief Executive Officer of VimpelCom said, "We are happy to present these new strategically important features to our marketplace despite the current economic situation. The dual-band GSM-900/1800 network is the most technically advanced and, in terms of coverage/capacity, the most cost efficient way of implementing the GSM technology. VimpelCom's dual-band network is to be deployed in the Moscow License Area and later in the Central Region of Russia in the bands of 2x3 MHz and 2x20 MHz in the 900 MHz and 1800 MHz frequency ranges, respectively."

The dual-band network will incorporate VimpelCom's existing GSM-1800 network. The initial phase of the dual-band network operating in the 900 MHz band provides coverage in the central part of Moscow, along the road to the Shermetyevo International airport as well as the airport itself.

Dr. Zimin continued, "We are also pleased to announce the initiation of a new prepaid card program which will help us reach a broader spectrum of potential customers, including the more price sensitive customer segments."

Prepaid cards simplify the usage of cellular phones eliminating deposits and monthly bills and allowing subscribers to control their spending. Operators, such as VimpelCom, benefit by receiving advance payments without the need to issue invoices or monitor credit limits. Prepaid cards are initially being provided in the Company's GSM network.

VimpelCom is the largest provider of cellular telecommunications in Russia, marketing its services under the brand name "Bee Line". The VimpelCom Group operates the only Digital-AMPS cellular network and the first Russian PCS network, using GSM technology, in the Moscow License Area, which includes the City of Moscow and the Moscow Region. The VimpelCom Group holds cellular licenses covering a total population of approximately 100 million (68% of Russia's population). VimpelCom was the first Russian company listed on the New York Stock Exchange (November 1996), and trades under the symbol "VIP".

This press release contains forward-looking statements related to the development of the Company's business. These statements are based on Management's best assessment of future market conditions and trends. The actual outcome may differ from these statements as a result of unforeseen developments from competition, governmental regulations of the wireless telecommunications industry, general political uncertainties in Russia and general economic developments in Russia, all of which may be aggravated by the current economic and political crisis. As a result of such uncertainties, there can be no assurance that the current or future regulation of the Russian telecommunications industry will not have a material adverse effect on the VimpelCom Group. VimpelCom disclaims any obligation to update developments of these risk factors or to announce publicly any revision to any of the forward-looking statements contained in this release, or to make corrections to reflect future events or developments.

For more information, please contact:
Valery Goldin
VimpelCom (Moscow)
7(095) 974-5888

Mona Walsh/Glenn Wiener
Edelman Financial
1 (212) 704 4423/8174