OREANDA-NEWS. April 16, 2008.  Open Joint Stock Company "Vimpel-Communications" ("VimpelCom" or the "Company") (NYSE: VIP), a leading provider of telecommunications services in Russia and the Commonwealth of Independent States (“CIS”), announced that the Company's Kazakhstan subsidiary, TOO KaR-Tel (“KaR-Tel”), signed a management agreement to assist in operation and management of the network of LLC Sky Mobile (“Sky Mobile”), a leading GSM operator in Kyrgyzstan.

Pursuant to this agreement, KaR-Tel will assist in operation and management of Sky Mobile’s mobile network and will assist Sky Mobile, on an exclusive basis, with provision of products and services on the territory of Kyrgyzstan.

Sky Mobile is 100% indirectly owned by Crowell Investments Limited (“Crowell”). Crowell also owns 50% less one share of KaR-Tel’s parent company, Limnotex Development Limited (“Limnotex”). VimpelCom indirectly owns the remaining 50% plus one share of Limnotex.

In February 2008, VimpelCom advanced to Crowell a loan in the principal amount of US\\$350 million for a term of 18 months at an interest rate of 10% per annum. To secure its borrowing, Crowell granted VimpelCom a security interest over 25% of the shares of Limnotex.  In connection with the loan, Crowell also granted VimpelCom two call options over the entire issued share capital of Sky Mobile’s parent company.