Amsterdam and New York (December 2, 2010) - “VimpelCom Ltd” (“VimpelCom” or the “Company”) (NYSE: VIP)), a leading international provider of telecommunications services, today announced its operating and financial results for the quarter ended September 30, 2010.

Third Quarter Highlights:

- Number of mobile subscriptions increased to 92.0 million (up 40.7% y-o-y); broadband subscriptions grew to 3.1 million (up 58.8% y-o-y)
- Net operating revenues increased by 24.1% y-o-y to $2.8 billion
- Adjusted OIBDA* reached $1.4 billion (up 20.0% y-o-y); consolidated OIBDA margin  was 48.8%
- Net income attributable to VimpelCom Ltd was $495.9 million (up 14.1% y-o-y)
- Net cash from operating activities was $1,096.8 million (up 3.1% y-o-y)
- Capex was $520.1 million and year-to-date Capex was $1,080.9 million
- Net debt during the quarter increased by $46 million primarily as a result of payment for the OJSC VimpelCom squeeze out, partially offset by cash generated by operating activities

Recent Developments:

- The Ukrainian Anti-Monopoly Committee confirmed its prior approval of the transaction to combine OJSC VimpelCom and Kyivstar GSM under VimpelCom Ltd
- VimpelCom Group issued ruble bonds with five-year maturity in the amount of approximately $658 million to refinance its US dollar denominated debt
- Commercial launch of 3G networks in Kazakhstan and Kyrgyzstan
- Signed an agreement to combine VimpelCom and Weather to create a new global telecom group
- The Supervisory Board of VimpelCom Ltd declared the payment of an interim dividend in 2010 of US$0.46 per American depositary share

* Hereafter Adjusted OIBDA is referred to as OIBDA and Adjusted OIBDA margin is referred to as OIBDA margin (See definitions of Adjusted OIBDA and Adjusted OIBDA margin in Attachment A)