Moscow and New York (October 23, 2008) - Open Joint Stock Company “Vimpel-Communications” (“VimpelCom” or the “Company”) (NYSE: VIP) today announced that it has signed a new unsecured loan agreement with The Bank of Tokyo-Mitsubishi UFJ, Ltd., Barclays Capital (the investment banking division of Barclays Bank PLC), BNP Paribas, Commerzbank Aktiengesellschaft, Standard Bank Plc, Sumitomo Mitsui Banking Corporation Europe Limited and WestLB AG, London Branch as Mandated Lead Arrangers and Bookrunners.

The facility has a 3 year tenor and an amortizing structure, with repayments due in five equal semi-annual installments starting from the date falling 12 months after the signing date. The rate of interest for the facility is the percentage rate per annum which is the aggregate of EURIBOR plus a margin of 2.30%.

VimpelCom intends to use the proceeds from the loan to continue the development and expansion of its networks, including through possible acquisitions or investments in existing operators, and to repay indebtedness.

The VimpelCom Group consists of telecommunications operators providing voice and data services through a range of wireless, fixed and broadband technologies. The Group includes companies operating in Russia, Kazakhstan, Ukraine, Uzbekistan, Tajikistan, Georgia and Armenia. The VimpelCom Group has licences to operate in territories with a total population of about 340 million. The Group companies provide services under the "Beeline" brand. VimpelCom was the first Russian company to list its shares on the New York Stock Exchange ("NYSE"). VimpelCom's ADRs are listed on the NYSE under the symbol "VIP".