Amsterdam (October 19, 2010) - “VimpelCom Ltd” (“VimpelCom” or the “Company”) (NYSE: VIP), a leading international provider of telecommunications services, today announced that the Ukrainian Anti-Monopoly Committee has confirmed its prior approval of the transaction to combine OJSC VimpelCom and Kyivstar GSM under VimpelCom Ltd. This approval will permit VimpelCom Ltd. to integrate its operations in Ukraine, creating a strong platform for future growth and realization of synergies in the Ukrainian market.

On October 5, 2009 Altimo and Telenor decided to combine their ownership in OJSC VimpelCom and Kyivstar under a new company, VimpelCom Ltd. On February 09, 2010 VimpelCom Ltd. launched the exchange offer which received overwhelming support from the market with approximately 97% of OJSC VimpelCom common shares being exchanged in the transaction. On April 21, 2010 the exchange offer was completed. However, on April 22, 2010 the Ukrainian Anti-Monopoly Committee decided to suspend their approval of the transaction.

Jo Lunder, the Chairman of VimpelCom, commented: “I am very pleased that today the Ukrainian Anti-Monopoly Committee confirmed its prior approval of the transaction combining OJSC VimpelCom and Kyivstar. This marks the completion of the transaction that created VimpelCom Ltd., headquartered in Amsterdam. Part of the strategy behind that transaction was to build a platform for diversified growth. The recent signing of the agreement by VimpelCom Ltd to combine with Weather, which was unanimously approved by the VimpelCom Ltd. Board, marked a key milestone in the further development of VimpelCom Ltd. Indeed we have certain conditions precedent to closing, however we remain committed to the transaction and believe it creates a strong potential for growth and value creation.”