MOSCOW -- Open Joint Stock Company "Vimpel-Communications" ("VimpelCom" or the "Company") (NYSE:VIP) today announced it has completed the acquisition of approximately 93.5% of the outstanding shares of Open Joint Stock Company "Dal Telecom International" ("Dal Telecom"). Dal Telecom holds cellular licenses for a portion of the Far East super-region, the last remaining super-region in Russia for which the Company did not have a GSM wireless license. VimpelCom purchased 93.5% of the outstanding shares of Dal Telecom for a total cash purchase price of approximately $73.3 million. Dal Telecom has long-term debt of approximately $7.6 million.

Dal Telecom is a GSM-1800 and D-AMPS operator with licenses to operate in three regions within the super-region (Khabarovsk Krai, Amur Region and Kamchatka Region) covering a population of 2.7 million. Dal Telecom holds a market share of approximately 45% in the areas where it operates. Dal Telecom's subscriber base as of June 30, 2004 was more than 322,000 (including 268,000 GSM subscribers) which, according to independent estimates, represented a market share of approximately 20% in the Far East super-region.

Commenting on today's announcement, Alexey Mischenko, Vice President of Business Development of VimpelCom, said, "We are very pleased to announce the acquisition of Dal Telecom which gives us access to operations in important parts of the Far East, the only super-region where we did not have a GSM license".

With the acquisition of Dal Telecom the VimpelCom Group's license portfolio covers approximately 136 million people or 94% of Russia's population.

JSC Vimpel-Communications (VimpelCom)