Moscow and New York (October 5, 2009) - Open Joint Stock Company “Vimpel-Communications” (“VimpelCom” or the “Company”) (NYSE: VIP) welcomes today’s decision by its two major shareholders, Altimo and Telenor, to combine ownership of VimpelCom and Kyivstar under a new company, VimpelCom Ltd., to be listed on the New York Stock Exchange.

"This exciting development strengthens VimpelCom's position as a global player in the telecommunications industry. It provides us with renewed clarity on a strategy of growth and expansion," said Company Chief Executive Officer Boris Nemsic. "We are delighted that our two major shareholders have agreed on a framework to create a powerful new vehicle for growth with VimpelCom and Kyivstar joined together under the newly listed VimpelCom Ltd. as one group. We believe this transaction will have positive strategic, synergistic and operational value for both companies, their shareholders and their customers."

The Company’s Board of Directors has expressed its support for this proposal, based on the review by a special working group comprised of its three independent directors unaffiliated with either of Altimo or Telenor.  This statement of support from the Board of Directors is based on current facts and circumstances, the proposed structure and terms of the transaction as disclosed by Altimo and Telenor and the diligence the Company and its advisers have conducted to date.

The terms of the exchange offer proposed by Altimo and Telenor are described in their joint press release issued today.  The proposed exchange offer cannot commence until a registration statement has been filed with the United States Securities and Exchange Commission (the “SEC”) and until the relevant offering document has been reviewed by the Federal Service for the Financial Markets of the Russian Federation. Once commenced, the completion of the proposed exchange offer will be subject to the satisfaction or waiver of certain conditions.  This statement by the Company is not a recommendation or solicitation with respect to the proposed exchange offer.  Consistent with SEC rules and Russian law, the Company’s Board of Directors will make a formal recommendation to the Company’s minority shareholders with respect to the proposed exchange offer following the commencement of the exchange offer, which is not expected to occur for several months.

Advisors

The Company has engaged UBS Investment Bank to act as its financial advisor and Akin Gump Strauss Hauer & Feld LLP to act as its legal advisor.