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25 Sep 2000

VimpelCom appoints President and Chief Operating Officer

Moscow and New York (September 25, 2000) - Open Joint Stock Company "Vimpel-Communications" ("VimpelCom" or the "Company") (NYSE: VIP), a leading provider of wireless telecommunications services in Russia, today announced the appointment of Jo Lunder to the position of President and Chief Operating Officer of the Company. Mr. Lunder has been VimpelCom's Chief Operating Officer since September 1, 1999. Prior to joining VimpelCom, Mr. Lunder was Chief Operating Officer of Telenor Mobile, the mobile subsidiary of Telenor, Norway's leading telecommunications company and VimpelCom's strategic partner.

Dr. Dmitri Zimin, VimpelCom's Chief Executive Officer, said: "I am very fortunate to have Mr. Lunder as a member of my management team. As President and Chief Operating Officer, he will be responsible for the Company's internal operations as head of the management committee and his new appointment will allow me to focus more on external and strategic issues."

"I am excited to be taking on my new role at the Company. I am very proud to work with a team of talented executives in our management committee," said Mr. Lunder. "I look forward to helping VimpelCom continue its growth and success."

VimpelCom is a leading wireless telecommunications service company in Russia, operating under the Bee Line family of brand names, which are among the most recognized brand names in Russia. VimpelCom's license portfolio covers approximately 70% of Russia's population (100 million people), including the City of Moscow and the Moscow Region, which is the Company's primary market. VimpelCom was the first Russian company to list its shares on the NYSE.

This press release contains "forward-looking statements," as that 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 and 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 regulations of the wireless telecommunications industry, general political uncertainties in Russia and general economic developments in Russia 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, 1999 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)
7(095) 974-5888
vgoldin@vimpelcom.com

Sigrid Peterson
Edelman Financial Worldwide
1(212) 704 8284
sigrid_peterson@edelman.com

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