Amsterdam (November 19, 2012) - VimpelCom Ltd. (“VimpelCom” or “Company”) (NYSE: VIP), a leading global provider of telecommunications services, announced today that its Supervisory Board has approved the following slate of candidates for election to the Supervisory Board at the Company’s Annual General Meeting scheduled to be held on December 21, 2012 (the “Shareholders Meeting”): Jon Fredrik Baksaas, Andrei Baranov, Augie K. Fabela II, Mikhail Fridman, Kjell Morten Johnsen, Dr. Hans-Peter Kohlhammer, Yuri Musatov, Leonid Novoselsky, Alexey Reznikovich, Ole Bjorn Sjulstad, Morten Karlsen Sorby, Sergei Tesliuk and Torbjorn Wist.  The list of 13 candidates was based on nominations received from VimpelCom’s two largest shareholders, Telenor East Invest II AS and Altimo Cooperatief U.A.  Telenor and Altimo each nominated eight candidates, and both nominated the three current independents on the Company’s Supervisory Board, Messrs. Fabela, Kohlhammer and Novoselsky.

Nine of the 13 candidates will be elected to the Company’s Supervisory Board at the Shareholders Meeting.  Elections will be made by cumulative voting by the Company’s shareholders of record on November 20, 2012.  Further details on the agenda, the slate of nominees to the Supervisory Board mentioned above and procedural matters related to the Shareholders Meeting will be made available through an official notice to be distributed by VimpelCom to its shareholders prior to the Shareholders Meeting.

Additionally, as previously disclosed, in light of the injunctions issued by the Moscow Arbitration Court in relation to the claims by the Russian Federal Anti-Monopoly Service (“FAS”) against Telenor and Weather Investments II, the Supervisory Board has determined that if the injunctions are not lifted prior to November 27, 2012 it would be prudent to postpone the Shareholders Meeting. In case the Shareholders Meeting is postponed, an announcement in that respect will be issued on or around November 27, 2012.

Disclaimer

This release contains “forward-looking statements”, as the phrase is defined in Section 27A of the Securities Act and Section 21E of the Exchange Act, relating to the FAS claim and related injunctions, the impact of the claim and injunctions on the VimpelCom Group, including the timing of the Company’s Shareholders Meeting. These forward-looking statements are based on management’s best assessment of the Company’s legal position and the Company’s understanding of current circumstances. The actual outcome may differ materially from these statements and there can be no assurance that VimpelCom will be able to hold its Shareholders Meeting when intended or succeed in any challenges with respect to the FAS claim or injunction.  There can also be no assurance that the determination or postponement of determination by the court with respect to the FAS claim and injunction appeals or any challenges made by VimpelCom to the FAS claim or injunction appeals will not have a material adverse affect on VimpelCom resulting from, among other things, its continued inability to receive dividends or other distributions from OJSC VimpelCom or the suspension or termination of material licenses or permits held by OJSC Vimpel-Communications, denial of new licenses and permits or other adverse actions by Russian regulators. Certain factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risk factors described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2011 and other public filings made by the Company with the SEC, which risk factors are incorporated herein by reference. The Company disclaims any obligation to update developments of these risk factors or to announce publicly any revision to any of the forward-looking statements contained in this release, or to make corrections to reflect future events or developments.