Amsterdam and New York (May 26, 2010) - “VimpelCom Ltd” (“VimpelCom” or the “Company”) (NYSE: VIP) a leading international provider of telecommunications services, today announces its pro forma operating and financial results for the quarter ended March 31, 2010.

This earnings release contains pro forma information* for VimpelCom and the  financial and operating results of each of Open Joint Stock Company “Vimpel-Communications” (“OJSC VimpelCom”) and Closed Joint Stock Company “Kyivstar G.S.M.” (“Kyivstar”) on a stand-alone basis. The presentation of OJSC VimpelCom’s financial and operating results follows the format of its 2009 year-end earnings release, with its consolidated financial results and the financial results of its CIS operations being presented in US dollars and the financial results of its Russian operations being presented in Russian Rubles.  Kyivstar’s financial and operating results are presented in its functional currency, the Ukrainian Hryvnia.

In accordance with recently adopted accounting rules, from January 1, 2010 OJSC VimpelCom began to consolidate the results of LLC Sky Mobile's operations in Kyrgyzstan. 

Quarterly highlights:

- Pro forma net operating revenues and OIBDA* of $2.5 billion and $1.2 billion, respectively
- 1Q10 VimpelCom Ltd. transaction related costs and the new headquarters overhead charges amounted to $11 million
- The first quarter pro forma OIBDA margin was 47.5%
- Pro forma net income attributable to VimpelCom Ltd amounted to $412 million.
- Combined operating cash flow amounted to $960 million

Commenting on the first quarter results of VimpelCom, Alexander Izosimov, Chief Executive Officer of VimpelCom, said, “With this release we open a new chapter in our history. The combination of the two market leaders – OJSC VimpelCom and Kyivstar – has created a new strong emerging markets player. The increased scale of our business, combined with our high level of profitability, positions VimpelCom as the leading telecom operator in the region.
Our quarterly results give us confidence that the development of our business is on track. We remain focused on sustainable revenue growth and continued to deliver returns to our shareholders.

Looking ahead, we will focus on completing the integration and organizational structure of our new company in order to deal with the changing industry landscape. We believe that the outlook for VimpelCom is bright and are confident that we will successfully leverage our new advantages.”

* Hereafter refers to adjusted OIBDA.