Amsterdam and New York (June 1, 2011) - “VimpelCom Ltd” (“VimpelCom”, the “Company” or the “Group”) (NYSE: VIP), a leading international provider of telecommunications services, today announced operating and financial results for the quarter ended March 31, 2011.

This earnings release contains actual 1Q11 financial and operational results as well as selected results on a pro forma basis.

VimpelCom is consolidating the results of Wind Telecom S.p.A. (“Wind Telecom”) starting from April 15, 2011.

Quarterly highlights and recent developments:

- On April 15, 2011, VimpelCom completed the combination with Wind Telecom, creating a leading global telecom group
- Financing of US$6.5 billion was completed to fund Wind Telecom transaction and further business expansion
- Net operating revenues increased by 23% y-o-y to US$2.7 billion
- OIBDA reached US$1.2 billion (up 16% y-o-y); OIBDA margin was 44.1%
- Net income attributable to VimpelCom was US$590 million (up 55% y-o-y)
- Net cash from operating activities was US$1.0 billion (up 25% y-o-y)
- South-East Asian presence was strengthened through acquisition in Laos and a new agreement in Vietnam
- On April 14, 2011, the Supervisory Board declared the payment of a final dividend of US$244 million in relation to its 2010 results, bringing total 2010 dividends to US$1.1