VimpelCom Ltd. Successfully Completes Exchange Offer for OJSC VimpelCom Shares and American Depositary Shares

Amsterdam, April 21, 2010 (ots/PRNewswire) - VimpelCom Ltd. today
announces the final results of its Exchange Offer for all shares and
American Depositary Shares ("ADSs") of OJSC "Vimpel-Communications"
("OJSC VimpelCom") .

The U.S. Offer expired on 15 April 2010, and the Russian Offer
expired yesterday at 11:59 p.m., Moscow time. A combined total of
56,477,397 common and preferred shares, including those represented
by ADSs tendered in the U.S. Offer and the shares held by Telenor ASA
("Telenor") and Altimo Holdings & Investments Ltd. ("Altimo"), were
tendered in the Exchange Offer, representing 97.87% of the voting
rights in OJSC VimpelCom.

VimpelCom Ltd. has accepted for exchange all shares and ADSs that
were validly tendered and not withdrawn. VimpelCom Ltd. will promptly
exchange one VimpelCom Ltd. common Depositary Receipt ("DR") for each
OJSC VimpelCom ADS, 20 VimpelCom Ltd. common DRs for each OJSC
VimpelCom common share and 20 VimpelCom Ltd. preferred DRs for each
OJSC VimpelCom preferred share.

All conditions for successful completion of the Exchange Offer
have now been satisfied. The required approvals from the relevant
regulatory authorities in Russia and Ukraine have been received and
all legal and regulatory proceedings and enforcement actions in the
Farimex Case against Telenor have been withdrawn, without cost or
loss to Telenor.

As previously announced, VimpelCom Ltd. DRs began trading on a
"when-issued" basis, under the ticker symbol "VIP.WI", on Friday, 16
April 2010, and will begin trading tomorrow, 22 April 2010, on the
NYSE on a regular way basis under the ticker symbol "VIP". VimpelCom
Ltd. intends to cause OJSC VimpelCom to cease trading of OJSC
VimpelCom common shares on the Russian Trading System and delist OJSC
VimpelCom ADSs from the NYSE following approval by the OJSC VimpelCom
Board of Directors.

The VimpelCom Ltd. Board of Directors today designated Jo Lunder
as the Chairman of the Board and approved the appointments of Jeffrey
McGhie as General Counsel and Alexey Subbotin as Director of Investor
Relations.

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

VimpelCom Ltd.'s majority shareholders, Altimo and Telenor, now
hold 44.7% and 36.0% of the voting rights and 39.2% and 39.6% of the
economic interests, respectively, in VimpelCom Ltd. Minority
shareholders represent 19.3% and 21.2% of the voting rights and
economic interests, respectively, in VimpelCom Ltd.

Credit Suisse Securities (USA) LLC and Morgan Stanley & Co.
Incorporated acted as dealer managers for the Exchange Offer.

Alexander Izosimov, CEO of VimpelCom Ltd., commented:

"The completion of the Exchange Offer marks the emergence of a
new force in emerging market telecoms. The confirmation of the
support for VimpelCom Ltd. from such a high proportion of OJSC
VimpelCom shareholders shows that the company can move forward with
their full support for its strategy. In addition, the fact that all
outstanding issues have been resolved between our two major
shareholders, Altimo and Telenor, makes me confident that our new
corporate and governance structure will enable us to realise the full
potential of our assets and I look forward to working with the OJSC
VimpelCom and Kyivstar management teams to achieve this."

About VimpelCom Ltd.

The combination of OJSC VimpelCom and Kyivstar into one
consolidated company will create a stronger business with enhanced
market presence and growth prospects, leading to substantial value
creation potential for OJSC VimpelCom shareholders and benefits for
all shareholders, subscribers and employees.

Important Additional Information

This announcement relates to the Exchange Offer by VimpelCom Ltd.
to acquire all outstanding shares of OJSC VimpelCom (including those
represented by ADSs) and is not an offering document and does not
constitute an offer to sell or the solicitation of an offer to buy
securities or a solicitation of any vote or approval, nor shall there
be any sale or exchange of securities in any jurisdiction in which
such offer, solicitation or sale or exchange would be unlawful prior
to the registration or qualification under the laws of such
jurisdiction. The Exchange Offer comprised an offer made pursuant to
a prospectus sent to all shareholders of OJSC VimpelCom who are U.S.
holders and to all holders of OJSC VimpelCom ADSs, wherever located
(the "U.S. Offer"), and an offer made pursuant to a separate Russian
offer document to all holders of OJSC VimpelCom shares, wherever
located (the "Russian Offer," and together with the U.S. Offer, the
"Offers"). The U.S. Offer expired at 5:00 p.m. New York City time on
15 April 2010, and was only made pursuant to the registration
statement on Form F-4, which includes a prospectus and related U.S.
Offer acceptance materials, filed with the SEC. Free copies of any
such documents can be obtained at the SEC's website at
http://www.sec.gov or at VimpelCom Ltd.'s website at
http://www.vimpelcomlimited.com. Additional copies may be obtained
for free from Innisfree M&A Incorporated, the information agent for
the U.S. Offer, at the following telephone numbers: 1-877-800-5190
(for shareholders and ADS holders) and 1-212-750-5833 (for banks or
brokers). The Russian Offer expired at 11:59 pm Moscow time on 20
April 2010, and was only made pursuant to a Russian offer document.

Cautionary statement regarding forward-looking statements

This announcement contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are statements that are not historical
facts, including statements concerning the expected benefits and
costs of the proposed transactions; management plans relating to the
proposed transactions; any projections of earnings, revenues,
synergies, accretion, margins or other financial items; any
statements of operations, including the execution of integration
plans; any statements of expectation or belief; and any statements of
assumptions underlying any of the foregoing. Any statement in this
announcement that expresses or implies VimpelCom Ltd.'s intentions,
beliefs, expectations or predictions (and the assumptions underlying
them) is a forward-looking statement. Forward-looking statements
involve inherent risks, uncertainties and assumptions, including,
without limitation, the possibility that expected benefits may not
materialize as expected; that, following the completion of the
transactions, the business of OJSC VimpelCom or Kyivstar may not
perform as expected due to uncertainty; that the parties are unable
to successfully implement integration strategies or otherwise realize
the synergies anticipated for the proposed transactions; and other
risks and uncertainties that are beyond the parties' control. If such
risks or uncertainties materialize or such assumptions prove
incorrect, actual results could differ materially from those
expressed or implied by such forward-looking statements and
assumptions. The forward-looking statements contained in this
announcement are made as of the date hereof, and VimpelCom Ltd.
expressly disclaims any obligation to update or correct any
forward-looking statements made herein due to the occurrence of
events after the issuance of this announcement.

Contacts
Questions on VimpelCom Ltd. may be directed to
Alexey Subbotin, Director of Investor Relations
Email: Investor_Relations@VimpelCom.com
Tel: +7(495)974-5888
Fax: +7(909)991-7903

ots Originaltext: VimpelCom LTD
Im Internet recherchierbar: http://www.presseportal.de

Contact:
CONTACT: Contacts: Questions on VimpelCom Ltd. may be directed to
AlexeySubbotin, Director of Investor Relations,
Email:Investor_Relations@VimpelCom.com , Tel: +7-(495)-974-5888,
Fax:+7-(909)-991-7903.