Amsterdam and New York (March  29, 2011) - “VimpelCom Ltd” (“VimpelCom” or the “Company”) (NYSE: VIP), a leading international provider of telecommunications services, today announced its operating and financial results for the fourth quarter and year ended December 31, 2010.

Fourth Quarter Highlights:

- Net operating revenues increased by 22.0% y-o-y to $2.8 billion
- Adjusted OIBDA* reached $1.3 billion (up 15.0% y-o-y); consolidated OIBDA margin of 44.5%
- Net income attributable to VimpelCom Ltd was $461.2 million (up 62.7% y-o-y)
- Net cash from operating activities was $769  million (up 2.4% y-o-y)

Full 2010 Year Highlights:

- Number of mobile subscriptions increased to 92.7 million (up 43.5% y-o-y); broadband subscriptions grew to 3.8 million (up 66.2% y-o-y)
- Net operating revenues increased by 20.8% y-o-y to $10.5 billion
- Adjusted OIBDA* reached $4.9 billion (up 15.4% y-o-y); consolidated OIBDA margin of 46.9%
- Net income attributable to VimpelCom Ltd was $1.7 billion (up 49.2% y-o-y)
- Net cash from operating activities was $3.7 billion (up 4.5 % y-o-y)
- Capex was $2.2 billion, capex to revenue ratio was 21.2%, reflecting a significant step up in 4Q10
- Net debt during the year decreased by $0.7 billion
- Interim dividends for 2010 declared and paid in the amount of $850 million, an additional final dividend expected later in 2011

Recent Developments:

 - In February 2011, the Company placed $1.5 billion in bonds, including a $500 million five-year tranche with an interest rate of 6.493% and a $1 billion 10-year tranche with an interest rate of 7.748%
- On March 9, 2011, the Company completed its $88 million acquisition of a 78% stake in Laos's Millicom Lao Co.
- On March 17, 2011, VimpelCom shareholders approved the combination with Wind Telecom, paving the way for the establishment of a global diversified platform and creating one of the largest mobile operators in the world

** Hereafter Adjusted OIBDA is referred to as OIBDA and Adjusted OIBDA margin is referred to as OIBDA margin (See definitions of Adjusted OIBDA and Adjusted OIBDA margin in Attachment E)