Moscow and New York (February 3, 2004) - Open Joint Stock Company "Vimpel-Communications" ("VimpelCom" or the "Company") (NYSE: VIP) is pleased to announce that it was named the winner of the Best Corporate Governance Award at the 1st Annual IR Magazine Russia Conference and Awards 2004 held on January 29th in Moscow, Russia.

The IR Magazine awards are recognized worldwide as among the most accurate and reliable measures of excellence and accomplishment in the fields of investor relations and corporate governance. In addition to the best corporate governance prize, VimpelCom was also named winner for Best Investment Community Meetings and Roadshows and was awarded the Grand Prix for Best Overall Investor Relations - Large Cap. The awards were based on the results of a poll held among more than 60 fund managers and analysts who invest in / cover Russian companies.

"It was a great honor for us to win these prestigious awards from a well-respected publication such as IR Magazine," said Alexander Izosimov, Chief Executive Officer of VimpelCom. "We pride ourselves on the open and transparent manner in which our company operates and are grateful to see that the efforts we have undertaken at VimpelCom to protect the rights and interests of our valued shareholders and customers are being recognized by the international financial community."

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".

For more information, please contact:
Valery Goldin
VimpelCom (Moscow)
Tel: 7(095) 974-5888
vgoldin@VimpelCom.com

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