Moscow and New York (February 29, 2008) - Open Joint Stock Company “Vimpel-Communications” (“VimpelCom”) (NYSE: VIP), today announced the completion of the merger of its indirect wholly-owned subsidiary, Lillian Acquisition, Inc. (“Lillian Acquisition”) with and into Golden Telecom, Inc. (“Golden Telecom”). Because Lillian Acquisition was the owner of at least 90 percent of the shares of common stock of Golden Telecom outstanding immediately prior to the merger, under applicable Delaware law no action was required by Golden Telecom’s other stockholders to effect the merger.  Upon completion of the merger, Golden Telecom became the surviving corporation and an indirect wholly owned subsidiary of VimpelCom. Each remaining share of Golden Telecom common stock was canceled and (other than those shares of common stock, if any, owned by stockholders who properly perfect dissenters’ rights) converted into the right to receive $105.00 in cash, without interest.

Golden Telecom common stock ceased trading on NASDAQ at market close on February 28, 2008.

Holders of record of Golden Telecom common stock immediately prior to the completion of the merger will receive instructions and a letter of transmittal by mail from D.F. King & Co., Inc., the information agent, concerning how and where to forward their stock certificates for payment. For shares held in "street name" by a broker, bank or other nominee, stockholders will not need to take any action to have shares converted into cash, as this will be done by the broker, bank or other nominee.