VimpelCom announces first quarter 2007 financial and operating results
25 May 2007

Moscow and New York (May 25, 2007) - Open Joint Stock Company "Vimpel-Communications" ("VimpelCom" or the "Company") (NYSE: VIP), a leading provider of wireless telecommunications services in Russia and the Commonwealth of Independent States (CIS) today announced its financial and operating results for the quarter ended March 31, 2007. 

• Net operating revenues reached $1,488.0 million in the first quarter, a year-on-year increase of 59.0% and a quarter-on-quarter increase of 2.5%. 
• OIBDA reached $766.4 million, a year-on-year increase of 58.8%.
• OIBDA margin was 52.9% in Russia and 51.5% for the Company
• Net income totaled $277.3 million, a year-on-year increase of 84.6%.
• Operating cash flow was $655.9 million, a year-on-year increase of 81.2%. 
• ARPU was unchanged in Russia as compared with the previous quarter. 
• Market share exceeded 50% in Kazakhstan.

Commenting on today's announcement, Alexander Izosimov, Chief Executive Officer of VimpelCom, said,
"Our first quarter results were very strong with revenue, OIBDA, net income and cash flow all at record levels.  We reported almost 60% year-on-year growth in revenue and OIBDA and almost 85% year-on-year growth in net income which is a remarkable achievement for a company of VimpelCom's size. 

"On a sequential, quarter-on-quarter basis, our results were also very encouraging.  Although the first quarter is the seasonally weakest quarter for revenue, we reported both revenue growth and substantially improved margins.  It is a very good start to what we hope will become another successful year."

VimpelCom

Altimo, a leading private equity group, operating on some of the world's most desirable and potentially lucrative mobile telecommunications markets, was created in 2005 from Alfa Telecom, which itself was established in 2004 to hold the telecoms investments of the Alfa Group Consortium (Golden Telecom, Inc., Turkcell Iletisim Hizmetleri A.S., Kyivstar GSM, MegaFon, VimpelCom, Sky Mobile). Those assets are in Russia, the CIS and other promising emerging markets.

VimpelCom 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, 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 (under the symbol "VIP").  In Q1 2008, VimpelCom acquired 100% of the oustanding share capital of Golden Telecom, a leading facilities-based provider of integrated telecommunications and Internet services in Russia and the CIS.

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