Moscow and New York (April 21, 2010) — Open Joint Stock Company “Vimpel-Communications” (“OJSC VimpelCom” or the “Company”) (NYSE: OVIP), today welcomes the successful completion of the VimpelCom Ltd. Exchange Offer for OJSC VimpelCom shares and American Depositary Shares (“ADSs”) and, with this announcement, the next phase of its development as part of VimpelCom Ltd.

As announced by VimpelCom Ltd. today, all conditions of the Exchange Offer have now been satisfied, including the requirement that more than 95% of OJSC VimpelCom’s outstanding shares be tendered in the Exchange Offer.

Commenting on today’s announcement, Boris Nemsic, Chief Executive Officer of OJSC VimpelCom, said:

“OJSC VimpelCom was the first Russian company to list on the NYSE.  With the successful completion of the Exchange Offer, I now thank all our investors, customers and partners for their overwhelming loyalty and support.  At the same time, I assure them of our commitment to delivering ever greater value as we begin the next exciting phase of our development within VimpelCom Ltd., one of the world’s leading emerging markets telecoms operators. 

“I believe this transaction and the enhanced governance and corporate structure it brings will unlock the full potential for future value creation across the OJSC VimpelCom and Kyivstar businesses and we look forward to playing our part in ensuring VimpelCom Ltd. realizes that ambition.”

As previously announced by VimpelCom Ltd., VimpelCom Ltd. Depositary Receipts began trading on a “when-issued” basis, under the ticker symbol “VIP.WI” on Friday, April 16, 2010, and will begin trading tomorrow, April 22, 2010, on the New York Stock Exchange (“NYSE”) on a regular way basis under the ticker symbol “VIP”.  OJSC VimpelCom’s ADSs have been traded under the “OVIP” ticker symbol from April 19, 2010. 

According to VimpelCom. Ltd., OJSC VimpelCom shares and ADSs not validly tendered in the Exchange Offer will be subject to a mandatory squeeze-out procedure under Russian law, and further details of the squeeze-out procedure will be announced by VimpelCom Ltd. on or before May 26, 2010.

OJSC VimpelCom has notified the NYSE of its intention to delist its ADSs from the NYSE in accordance with the decision of the OJSC Board of Directors.  OJSC VimpelCom intends to file a Form 25 “Notification of Removal from Listing and/or Registration under Section 12(b) of the Securities Act of 1934” with the Securities and Exchange Commission and the NYSE on or about May 4, 2010.  OJSC VimpelCom expects the filing to become effective on or about May 14, 2010, at which time the NYSE will suspend trading of OJSC VimpelCom’s ADSs.  OJSC VimpelCom also intends to request the termination of trading of its shares on the Russian Trading System.  OJSC VimpelCom has not arranged for listing or registration on another national securities exchange or for quotation of its shares or ADSs in a quotation medium because it anticipates that VimpelCom Ltd. will be the sole owner of OJSC VimpelCom following completion of the mandatory squeeze-out procedure.