Amsterdam(December 24, 2012), “VimpelCom Ltd.” (“VimpelCom”, “Company” or “Group”) (NYSE:VIP),a leading global provider of telecommunications services, today announced that Altimo Cooperatief U.A. (“Altimo”) has delivered a notice to the Company that Altimo intends to convert 128,532,000 Convertible Preferred Shares of the Company owned by Altimo into Common Shares of the Company at a ratio of one Convertible Preferred Share for one Common Share.

The conversion date has been notified as April 16, 2013 and the conversion premium to be paid by Altimo to the Company upon conversion is USD 10.835, the closing mid-market price on December 21, 2012, per Convertible Preferred Share. Based on this conversion premium, once Altimo converts its preferred shares into common shares the Company will receive approximately USD 1.4 billion for the conversion.  Altimo's voting percentage, which is currently 47.9%, will not increase as a result of the conversion while its economic interest in the Company will increase from 52.7% to 56.2%, based on current outstanding share and ownership percentages.

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 Altimo's intention to convert its Convertible Preferred Shares of the Company and the results thereof. These forward-looking statements are based on management’s best assessment of the current circumstances. The actual outcome may differ materially from these statements and there can be no assurance that the conversion will take place as intended or that the results of the conversion will not differ from those discussed in this press release. Certain factors that could cause actual results to differ materially from those discussed in any forward-looking statements, including 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.