Amsterdam and New York (June 7, 2011) – VimpelCom Ltd. (“VimpelCom” or the “Company”) (NYSE: VIP), announced that its subsidiary OJSC VimpelCom acquired 90% of shares of Open Joint-Stock Company “New Telephone Company” (“NTC”).

In line with the earlier announcement regarding the acquisition of NTC, VimpelCom has acquired 90% of NTC shares. VimpelCom will launch a mandatory tender offer under Russian law to acquire the remaining 10% of the outstanding NTC shares. Completion of the tender offer is expected to occur in the third quarter of 2011.  The acquisition price for 100% of NTC shares is based on an Enterprise Value of US$ 420 million. The major shareholders of NTC are KT Corporation and Summit Telecom Global Management B.V., a subsidiary of Sumitomo Corporation.

NTC is a leading mobile operator in the Primorskiy region of Russia and provides voice and data services through a wide range of wireless, fixed and broadband solutions as well as IPTV and IP–telephony. In 2010, NTC recorded approximately RUR 3.4 billion in revenues and had a mobile subscriber base of approximately 950,000 as of 2010 year-end.