Amsterdam and New York (December 9, 2010) – VimpelCom Ltd. (“VimpelCom” or the “Company”) (NYSE: VIP), a leading international provider of telecommunications services received an annual award from the Investor Protection Association in Russia (IPA) for “Best Investor Relation Function” at the conference dedicated to the Corporate Governance in Russia held on December 8th, 2010 in Moscow.

VimpelCom Ltd’s Director of Investor Relations, Alexey Subbotin, accepted the award on behalf of the Company, commenting, “We are thankful for recognition from the Investor Protection Association in Russia. It’s been a very challenging year for us with the Kyivstar transaction, the re-listing of VimpelCom, the move to Amsterdam and the most recent agreement we entered into with Weather Investments. We will continue to adhere to the highest standards of communication with the investment community.”

The Investor Protection Association (IPA) is a non-commercial organization established in April of 2000 on the basis of the Coordination Center for protection of investors' rights for the purpose of uniting investors' efforts aimed at protection of their rights and improvement of the corporate governance in Russia. The Association members include domestic and international investors with sizeable investments and considerable work experience on the Russian market. Each year, the IPA evaluates the Corporate Governance practices of Russian companies and presents awards to those companies and managers that demonstrated the greatest progress in this field.