Moscow and New York (June 4, 2008) - Open Joint Stock Company “Vimpel-Communications” (“VimpelCom” or the “Company”) (NYSE: VIP), a leading provider of telecommunications services in Russia and the Commonwealth of Independent States (CIS) today announced its financial and operating results for the quarter ended March 31, 2008. 

Financial and Operating Highlights

• Net operating revenues reached $2,108 million, an increase of 41.7% versus 1Q2007.
• OIBDA reached $1,126 million, an increase of 47.0% versus 1Q2007.
• OIBDA margin was 53.4%, including 55.2% in Russia and 50.4% in Kazakhstan.
• Net income totaled $601 million, an increase of 117.0% versus 1Q2007.
• Active mobile subscribers increased by 6.5 million versus 1Q2007, reaching 52.3 million.
• Acquisition of Golden Telecom was completed on February 28, 2008.
• The Board of Directors proposed a dividend of $0.58  per ADS, an increase of 81% compared to the previous year.

Commenting on today’s announcement, Alexander Izosimov, Chief Executive Officer of VimpelCom, said, “The first quarter of 2008 should be viewed as the beginning of a new era for VimpelCom. Completion of the Golden Telecom acquisition has opened an entirely new set of growth opportunities which, when realized, should further strengthen our position in the Russian telecom sector.

“Meanwhile our mobile business continues to show strong financial results. We are growing revenues and OIBDA in virtually all of our markets, in spite of the negative impact of economic problems in Central Asia, particularly in Kazakhstan.

“With an OIBDA margin above 50% and a revenue growth rate above 40%, VimpelCom remains a rare example of a large, fast growing and highly profitable business. The underlying strength of our core business coupled with new opportunities of being an integrated player should provide a robust platform for our future growth ambitions.”