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02 Aug 1999

VimpelCom hires Chief Operating Officer from Telenor Mobile

Moscow and New York (August 2, 1999) - Open Joint Stock Company "Vimpel-Communications" ("VimpelCom" or the "Company") (NYSE: VIP) today announced that Mr. Jo Lunder will become Chief Operating Officer effective September 1, 1999. Mr. Lunder is presently Chief Operating Officer at Telenor Mobile (a branch of Telenor AS).

Mr. Lunder, age 37, brings a seasoned background in cellular telecommunications to VimpelCom. Mr. Lunder has worked for Telenor Mobile since 1993 and has served as the company's Financial Manager, Director of Information Technology and Customer Service, Director of Product, Market and Customer Service and most recently, Chief Operating Officer. Mr. Lunder played a key role in developing Telenor Mobile into one of the most successful cellular telecommunications companies in Europe.

Commenting on today's announcement, Dmitri B. Zimin, President and Chief Executive Officer said, "We warmly welcome Mr. Lunder to VimpelCom at a time when our company is poised for growth and expansion. Under the terms of our agreement, Mr. Lunder will oversee VimpelCom's operations during his one-year stay. Mr. Lunder has extensive industry experience and, during his tenure at Telenor, he gained a strong reputation for developing a mass cellular market with one of the highest penetration rates in the world. We believe that Mr. Lunder will successfully transfer the expertise and experience he gained working for Telenor to VimpelCom. As Chief Operating Officer of Telenor Mobile, Mr. Lunder demonstrated excellent insight and we have great confidence in our performance with his added managerial experience."

Telenor is a provider of fixed, mobile, satellite and Internet services and is headquartered in Oslo, Norway. Telenor operates GSM mobile networks in Norway, Germany, Ireland, Greece, Austria, Hungary, Montenegro, Russia, Ukraine and Bangladesh. The current Telenor mobile subscriber base in Norway numbers approximately 1.7 million, a 75% market share in one of the world's most heavily penetrated mobile markets, where the penetration rate is approximately 50%. Telenor's satellite based telephony operations are amongst the largest in the world. Telenor is a co-owner of the INTELSAT, EUTELSAT and INMARSAT satellite organizations. Telenor is also the largest distributor of TV programs to the Scandinavian market.

VimpelCom is a leading provider of cellular telecommunications in Russia, marketing its services under the brand name "Bee Line". The VimpelCom Group operates GSM-900/1800 and Digital-AMPS cellular networks 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 (70% of Russia's population). VimpelCom was the first Russian Company listed on the New York Stock Exchange (November 1996), and its ADSs trade 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. No assurance can be given that the economic crisis will abate in the foreseeable future or that the full impact of the economic crisis on the VimpelCom Group can be assessed at this time. As a result of such uncertainties, there can be no assurance that current or future changes in the political, economic and social environment or 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

Glenn Wiener
Edelman Financial Worldwide
1 (212) 704 8174