Total operating revenues, excluding inter-company transactions, for the Moscow license area and the regions in the second quarter of 2003 were $216.72 million and $87.72 million, respectively. Net income for the Moscow license area and the regions in the second quarter of 2003 was $47.08 million and $9.03 million, respectively.

As of June 30, 2003, there were approximately 7.43 million subscribers on wireless networks operated by VimpelCom and its subsidiaries, an increase of approximately 126.9% compared to June 30, 2002, including approximately 4.43 million subscribers in the Moscow license area and approximately 3.00 million subscribers in the regions. As of today, there are approximately 8.54 million subscribers on wireless networks operated by VimpelCom and its subsidiaries, with approximately 4.84 million subscribers in the Moscow license area and approximately 3.70 million subscribers in the regions.

Based on independent sources, VimpelCom estimates that its market share in the Moscow license area was 48.8% as of June 30, 2003, compared to 52.0% as of June 30, 2002 and that its overall market share in Russia was 30.0% as of June 30, 2003, compared to 26.1% as of June 30, 2002.

Commenting on today's announcement, Jo Lunder, Chief Executive Officer of VimpelCom, said, "Our second quarter results reflect continued strong financial performance as a result of revenue growth and strict cost control. We are particularly pleased with our successful regional expansion, which has resulted in further improvement at the net income level. It is now evident that the regions are growing faster than Moscow, and that we are well positioned to capture this growth opportunity. The Company is entering a new phase with our Moscow and regional branches being equally important parts of our business performance."

Key Financial and Operating Indicators

	Three months ended			Six months ended
	June 30, 2003	June 30, 2002	Change (%)	June 30, 2003	June 30, 2002	Change (%)
Net operating revenues ($,000)	304,440	173,381	75.6%	548,877	318,441	72.4%
EBITDA ($,000) (1)	139,929	71,757	95.0%	247,865	135,027	83.6%
EBITDA margin (2)	46.0%	41.4%	-	45.2%	42.4%	-
Gross margin ($,000) (3)	249,022	139,045	79.1%	445,592	256,936	73.4%
Gross margin percentage (4)	81.8%	80.2%	-	81.2%	80.7%	-
Net income ($,000)	52,647	21,941	139.9%	94,034	49,987	88.1%
ARPU ($) (5)	14.3	18.9	-24.3%	13.9	19.1	-27.2%
MOU (minutes) (6)	93.8	94.7	-1.0%	88.2	91.3	-3.4%
SAC ($) (7)	21.1	31.3	-32.6%	21.0	30.9	-32.0%

Notes:

1. EBITDA is a non-U.S. GAAP financial measure. EBITDA, which represents operating income before depreciation and amortization, should not be considered in isolation as an alternative to net income, operating income or any other measure of performance under U.S. GAAP. We believe that EBITDA is viewed as a relevant supplemental measure of performance in the wireless telecommunications industry. The performance that EBITDA measures does not include our need to replace our capital equipment over time. Reconciliation of EBITDA to operating income, the most directly comparable U.S. GAAP financial measure, is presented below in the tables' section.
2. EBITDA margin is EBITDA expressed as a percentage of net operating revenues. Reconciliation of EBITDA margin to operating income as percentage of net revenues, the most directly comparable U.S. GAAP financial measures, is presented below in the tables' section.
3. Gross margin is defined as net operating revenues less selected operating costs (specifically, service costs, cost of handsets and accessories sold and cost of other revenues).
4. Gross margin percentage is gross margin expressed as a percentage of net operating revenues.
5. ARPU (Monthly Average Revenue per User) is calculated for each month in the relevant period by dividing the Company's service revenue during that month, including roaming revenue, but excluding revenue from connection fees and sales of handsets and accessories, by the average number of the Company's subscribers during the month.
6. MOU (Monthly Average Minutes of Use per User) is calculated for each month of the relevant period by dividing the total number of billable minutes of usage for incoming and outgoing calls during that month (excluding guest roamers) by the average number of subscribers during the month.
7. SAC (Average Acquisition Cost Per User) is calculated as dealer commissions, advertising expenses and handset subsidies for the relevant period divided by the number of gross sales during the relevant period.

Selling, general and administrative ("SG&A") expenses were $106.7 million in the second quarter of 2003, an increase of 67.3% compared to $63.8 million in the same period of 2002. In the second quarter of 2003, SG&A expenses as a percentage of net operating revenues were 35.1% compared to 36.8% in the same period of 2002. The Company's average acquisition cost per subscriber (SAC) for the second quarter of 2003 was $21.1 compared to $31.3 in the same period of 2002. The decrease in SAC was primarily attributable to the increase in regional sales as a percentage of total sales, as SAC is lower in the regions due to the relatively lower dealer commissions and larger proportion of sales through the Company's own offices.

In the second quarter of 2003, the Company recorded a $2.4 million provision for doubtful accounts receivable, representing 0.8% of net operating revenues for this period, compared to $3.5 million in the same period in 2002, representing 2.0 % of net operating revenues for that period. This decrease was largely the result of improved risk management and cash collection procedures as well as the increased proportion of prepaid subscribers.

VimpelCom's capital expenditures in the second quarter of 2003 were approximately $174.2 million, primarily for the purchase of property and equipment. Capital expenditures for the Moscow license area in the second quarter of 2003 were approximately $47.9 million.

MOU decreased slightly in the second quarter of 2003 to 93.8 minutes, compared to 94.7 minutes in the second quarter of 2002. However, primarily due to seasonal factors, MOU increased by 15.1% in the second quarter of 2003 compared to the first quarter of 2003. ARPU decreased in the second quarter of 2003 by approximately 24.3% to $14.30, compared to $18.90 in the second quarter of 2002, due to a reduction in tariffs as a result of increased competition and the growing proportion of regional subscribers (who generate lower ARPU than Moscow subscribers). However, seasonal factors caused ARPU to increase by 5.8% compared to the first quarter of 2003.

Key Subscriber Statistics

	As of June 30, 2003	As of June 30, 2002	Change, Y-on-Y (%)	As of March 31, 2003	Change Q-on-Q (%)
Moscow license area	4,428,800	2,845,300	55.7%	3,945,600	12.2%
Contract	763,200	701,700	8.8%	732,000	4.3%
Prepaid	3,665,600	2,143,600	71.0%	3,213,600	14.1%
Regions	3,004,800	430,900	597.3%	2,242,400	34.0%
Total Number of Subscribers	7,433,600	3,276,200	126.9%	6,188,000	20.1%
Churn (quarterly)	10.5%	6.9%	-	9.6%	-

The Company’s regional subscribers increased approximately seven-fold between June 30, 2002 and June 30, 2003 to reach the figure of 3 million subscribers, including growth of 34% in the second quarter of 2003. The second quarter of 2003 was also marked by an increase in the number of VimpelCom’s prepaid subscribers in the Moscow license area as a percentage of its total subscribers in the Moscow license area, from approximately 81.4% at the end of the first quarter of 2003 to 82.8% at the end of the second quarter of 2003. The number of VimpelCom’s GSM subscribers in the Moscow license area as a percentage of its total subscribers in the Moscow license area increased to 96.8% at the end of the second quarter of 2003, compared to 92.7% at the end of the second quarter of 2002.

The Company's quarterly churn rate in the second quarter of 2003 was 10.5%, compared to 6.9% for the same period in 2002. The increase in churn was primarily the result of high subscriber growth rates in previous periods, particularly in the low-end user segment, as well as internal migration, which is technically regarded as churn, and increased competition.

The Company's management will discuss its second quarter 2003 results on a conference call on August 28, 2003 at 6:30 pm Moscow time (10:30 am EDT in New York). The call may be accessed via webcast at the following URL address https://www.vimpelcom.com. The conference call replay and the webcast will be available through September 5, 2003 and September 29, 2003, respectively. A Company presentation will be posted on VimpelCom's website https://www.vimpelcom.com.

VimpelCom is a leading provider of telecommunications services in Russia, operating under the "Bee Line" brand, which is one of the most recognized brand names in Russia. The VimpelCom Group's license portfolio covers approximately 92% of Russia's population (134 million people), including the City of Moscow, the Moscow Region and the City of St. Petersburg. 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". VimpelCom's convertible notes are listed on the NYSE under the symbol "VIP 05".

This press release contains "forward-looking statements", as the phrase is defined in Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements relate to the Company's development plans. These and other forward-looking statements are based on management's best assessment of the Company's strategic and financial position and of future market conditions and trends. These discussions involve risks and uncertainties. The actual outcome may differ materially from these statements as a result of unforeseen developments from competition, governmental regulation of the wireless telecommunications industry, general political uncertainties in Russia and general economic developments in Russia, the Company's ability to continue to grow its overall subscriber base, continued volatility in the world economy and other factors. As a result of such risks and uncertainties, there can be no assurance that the effects of competition or 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. Certain factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risks described in the Company's Annual Report on Form 20-F for the year ended December 31, 2002 and other public filings made by the Company with the United States Securities and Exchange Commission, which risk factors are incorporated herein by reference. 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)
Tel: 7(095) 974-5888
vgoldin@vimpelcom.com

Christopher Mittendorf
Edelman Financial Worldwide
Tel: 1(212) 704-8134
christopher.mittendorf@edelman.com

- Tables attached -

Open Joint Stock Company "Vimpel-Communications"
Unaudited Condensed Consolidated Statements of Income

		Three months ended June 30,		Six months ended June 30,
		2003	2002	2003	2002
		(In thousands of US dollars , except per share (ADS) amounts)
Operating revenues:
	Service revenues and connection fees	US$290,426	US$164,328	US$520,525	US$299,081
	Sales of handsets and accessories	12,956	11,372	26,382	23,268
	Other revenues	1,058	393	1,970	794
Total operating revenues		304,440	176,093	548,877	323,143
	Less revenue based taxes	-	(2,712)	-	(4,702)
Net operating revenues		304,440	173,381	548,877	318,441
Operating expenses:
	Service costs	42,774	24,048	79,934	44,125
	Cost of handsets and accessories sold	12,641	10,272	23,345	17,348
	Cost of other revenues	3	16	6	32
	Selling, general and administrative expenses	106,721	63,809	192,031	113,763
	Depreciation and amortization	42,652	21,881	81,702	40,831
	Provision for doubtful accounts	2,372	3,479	5,696	8,146
Total operating expenses		207,163	123,505	382,714	224,245
Operating income		97,277	49,876	166,163	94,196
Other income and expenses:
	Interest income	2,278	1,835	4,276	3,046
	Gain on trading in securities	17	6	17	58
	Interest expense	(17,961)	(11,998)	(33,997)	(18,606)
	Net foreign exchange (loss) gain	(1,286)	(9,460)	41	(9,881)
	Other (expenses) income	(877)	1,205	(735)	1,113
Total other income and expenses		(17,829)	(18,412)	(30,398)	(24,270)
Income before income taxes and minority interest		79,448	31,464	135,765	69,926
Income taxes expense		23,129	9,523	38,041	19,949
Minority interest in net earnings (losses) of subsidiaries		3,672	-	3,690	(10)
Net income		US$52,647	US$ 21,941	US$94,034	US$49,987
Net income per common share		US$1.38	US$0.58	US$2.47	US$1.32
Net income per ADS equivalent		US$1.04	US$ 0.44	US$1.85	US$ 0.99
Weighted average common shares outstanding (thousands)		38,079	38,006	38,076	38,004

Open Joint Stock Company "Vimpel-Communications" Unaudited Condensed Consolidated Balance Sheet
		June 30, 2003	December 31, 2002
		(In thousand US dollars)
Assets
Current assets:
	Cash and cash equivalents	US$188,490	US$263,657
	Trade accounts receivable	81,658	75,399
	Other current assets	214,914	149,309
Total current assets		485,062	488,365
Non-current assets:
	Property and equipment, net	1,214,996	957,602
	Intangible assets, net	56,682	55,730
	Telecommunication licenses and allocation of frequencies, net	109,244	88,385
	Other assets	111,381	102,662
Total non-current assets		1,492,303	1,204,379
Total assets		US$1,977,365	US$1,692,744
Liabilities and shareholders' equity
Current liabilities:
	Accounts payable	US$82,131	US$80,241
	Due to related parties	3,550	4,114
	Customer deposits and advances	124,857	106,655
	Other advances	8,250	-
	Deferred revenue	1,373	2,016
	Ruble denominated bonds payable	98,852	-
	Bank loans, current portion	43,630	37,780
	Capital lease obligation, current portion	3,966	3,868
	Equipment financing obligations, current portion	122,483	134,617
	Accrued liabilities	89,592	49,492
Total current liabilities		578,684	418,783
Deferred income taxes		44,056	35,227
Bank loans, less current portion		330,789	306,080
Capital lease obligation, less current portion		153	899
Accrued liabilities, non-current portion		1,792	3,265
5.5% Senior convertible notes due July 2005		88,584	85,911
Equipment financing obligations, less current portion		67,440	81,425
Minority Interest		105,867	98,491
Shareholders' equity		760,000	662,663
Total liabilities and shareholders' equity		US$1,977,365	US$1,692,744
Unaudited Condensed Consolidated Statements of Cash Flows
		Six months ended June 30,
		2003	2002
		(In thousands of US dollars)
Net cash provided by operating activities		US$196,614	US$91,200
Proceeds from bank and other loans		121,732	251,286
Proceeds from issuance of ruble denominated bonds		97,119	-
Payments of fees in respect of debt issue		(1,815)	(6,203)
Repayment of bank and other loans		(57,545)	(1,037)
Repayment of equipment financing obligations		(149,384)	(16,290)
Repayment of capital lease obligations		(661)	(943)
Net cash provided by financing activities		9,446	226,813
Purchase of property and equipment		(230,004)	(86,812)
Proceeds from sale of property and equipment		8,250	-
Purchase of StavTeleSot stock, net of cash acquired of US$658		(38,143)	-
Purchase of intangible assets		(12,387)	(3,987)
Purchase of other assets		(14,420)	(14,383)
Net cash used in investing activities		(286,704)	(105,182)
Effect of exchange rate changes on cash		5,477	2,124
Net (decrease) increase in cash		(75,167)	214,955
Cash and cash equivalents at beginning of period		263,657	144,172
Cash and cash equivalents at end of period		US$188,490	US$359,127
Supplemental cash flow information
Non-cash activities:
	Equipment acquired under financing agreements	US$68,053	US$63,511
	Accounts payable for equipment and other long-lived assets	25,587	25,468
	Accrued debt and equity offering costs	249	-
	Operating activities financed by sale of treasury stock	1,777	729
Acquisitions:
	Fair value of assets acquired	66,634	-
	Difference between the amount paid and the fair value of net assets acquired	(4,699)	-
	Cash paid for the capital stock	(38,801)	-
	Liabilities assumed	US$23,134	US$-

Reconciliation of EBITDA to operating income
(In thousands of US dollars)

	Three months ended
	June 30, 2003	March 31, 2003	June 30, 2002
EBITDA	US$139,929	US$107,936	US$71,757
Less: Depreciation	(33,914)	(31,678)	(19,097)
Less: Amortization	(8,738)	(7,372)	(2,784)
Operating income	US$97,277	US$68,886	US$49,876

Reconciliation of EBITDA margin to operating income as percentage of net operating revenues

	Three months ended
	June 30, 2003	March 31, 2003	June 30, 2002
EBITDA margin	46.0%	44.2%	41.4%
Less: Depreciation as percentage of net operating revenues	(11.1%)	(13.0%)	(11.0%)
Less: Amortization as percentage of net operating revenues	(2.9%)	(3.0%)	(1.6%)
Operating income as percentage of net operating revenues	32.0%	28.2%	28.8%

Reconciliation of EBITDA to operating income
(In thousands of US dollars)

	Six months ended
	June 30, 2003	June 30, 2002
EBITDA	US$247,865	US$135,027
Less: Depreciation	(65,592)	(35,343)
Less: Amortization	(16,110)	(5,488)
Operating income	US$166,163	US$94,196

Reconciliation of EBITDA margin to operating income as percentage of net operating revenues

	Six months ended
	June 30, 2003	June 30, 2002
EBITDA margin	45.2%	42.4%
Less: Depreciation as percentage of net operating revenues	(12.0%)	(11.1%)
Less: Amortization as percentage of net operating revenues	(2.9%)	(1.7%)
Operating income as percentage of net operating revenues	30.3%	29.6%