Moscow, Russia – December 3, 2007 –Golden Telecom Inc. (NASDAQ: “GLDN”) and Open Joint Stock Company Vimpel-Communications(NYSE: “VIP”) today issued the following joint statement: 

Golden Telecom and VimpelCom confirm that they are currently in discussions regarding the potential acquisition of all of the outstanding shares of Golden Telecom by a subsidiary of VimpelCom at a price per share of $105 in cash, subject to negotiation and execution of a definitive acquisition agreement and final approval of their respective Boards of Directors and the special independent committees thereof. 

There can be no assurance that the discussions will lead to a definitive agreement or that a transaction will be consummated. Golden Telecom and VimpelCom do not intend to make any further comment or to respond to any inquiries until either a definitive agreement has been reached or discussions have been terminated.

About VimpelCom Group (www.vimpelcom.com):

The VimpelCom Group includes companies operating in Russia, Kazakhstan, Ukraine, Uzbekistan, Tajikistan, Georgia and Armenia. The VimpelCom Group's GSM and 3G license portfolio covers a territory with a population of about 250 million. This includes the entire territories of Russia, Kazakhstan, Ukraine, Uzbekistan, Tajikistan, Georgia and Armenia. VimpelCom was the first Russian company to list its shares on the New York Stock Exchange ("NYSE"). VimpelCom's ADSs are listed on the NYSE under the symbol "VIP".