Moscow and New York (November 25, 2008) - Open Joint Stock Company “Vimpel-Communications” (“VimpelCom” or the “Company”) (NYSE: VIP), the leading provider of telecommunications services in Russia and the Commonwealth of Independent States (CIS), today announced its financial and operating results for the quarter and nine months ended September 30, 2008.

3Q08 Financial and Operating Highlights

• Net operating revenues reached $2,843 million, an increase of 45.3% versus 3Q07.

• OIBDA reached $1,388 million, an increase of 36.7% versus 3Q07.

• OIBDA margin improved quarter-on-quarter to 48.8%, including 50.0% in Russia and 53.4% in Kazakhstan.

• Net income totaled $269 million, a reduction of 41.3% versus 3Q07, reflecting strong adverse currency impact.

• Mobile subscribers increased by 7.1 million versus 3Q07, reaching 57.8 million.

• Bonds in the amount of 10 billion Russian rubles were issued in July.

Commenting on today’s announcement, Alexander Izosimov, Chief Executive Officer of VimpelCom, said, “We are pleased to present another strong set of quarterly results. In the third quarter our business showed 45% annual revenue growth with an improved 49% OIBDA margin.

While our operations have not yet been affected by the financial turmoil, we clearly understand that the Company will not be immune to it going forward. Anticipating this, we have already taken steps to mitigate any potential adverse impact of deteriorating market conditions. We froze new orders for capital expenditures, cut non-essential expenses, implemented a hiring freeze and re-negotiated a number of contracts with vendors and suppliers. We are monitoring the situation very closely and are prepared to activate additional measures as events unfold.

We are confident that our robust business model and resilient cash flow, further enhanced by the protective measures that we have implemented, will ensure VimpelCom’s ability to meet its obligations and to continue its operations without significant disruptions.”