VimpelCom Announces the Completion of the Issuance of Loan Participation Notes in the International Bond Markets

MOSCOW, February 2, 2011 - Open Joint Stock Company "Vimpel-Communications" ("VimpelCom" or the
"Company"), today announced the completion of the issuance of an aggregate
principal amount of US$1.5 billion of new loan participation notes in the
international bond markets, split between 5-year and 10-year tranches. The
5-year US$0.5 billion issue will bear an annual interest rate of 6.493% and
will be due in February 2016. The 10-year US$1.0 billion issue will bear an
annual interest rate of 7.748% and will be due in February 2021.

The Company intends to use the net proceeds from the issuance for its
general corporate purposes or to lend all or a portion of the net proceeds to
VimpelCom Ltd. or one of its wholly owned subsidiaries to use for its general
corporate purposes, which may include (i) funding a portion of the cash
consideration to be paid in connection with VimpelCom Ltd.'s acquisition of
Wind Telecom S.p.A. ("Wind Telecom") or (ii) following the closing of the
acquisition of Wind Telecom, refinancing by direct or indirect intercompany
loan a portion of the indebtedness associated with the Wind Telecom group.

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the notes in the United States or any other
jurisdiction, nor shall there be any sale of the notes in the United States
or any other jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under applicable securities
laws. The notes have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "Securities Act"). The notes
may not be offered or sold in the United States except pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act and applicable state securities laws. (For
these purposes, "United States" means the United States of America, its
territories and possessions, any State of the United States, and the District
of Columbia.)

This press release is not an invitation nor is it intended to be an
inducement to engage in investment activity for the purpose of section 21 of
the Financial Services and Markets Act 2000 of the United Kingdom (the
"FSMA"). To the extent that this press release does constitute an inducement
to engage in any investment activity, it is directed solely at persons who
(i) are outside the United Kingdom or (ii) are investment professionals
within the meaning of article 19(5) of the Financial Services and Markets Act
2000 (Financial Promotion) Order 2005 (the "Financial Promotion Order") or
(iii) are persons falling within article 49(2)(a) to (e) of the Financial
Promotion Order or (iv) is a person to whom such communication may otherwise
lawfully be made in accordance with the Financial Services and Markets Act
2000 and the Financial Promotion Order (all such persons together being
referred to as "relevant persons"). This communication must not be acted on
or relied on by persons who are not relevant persons. Any investment or
investment activity to which this communication relates is available only to
relevant persons and will be engaged in only with relevant persons.

This press release is not an offer, or an invitation to make offers,
sell, purchase, exchange or transfer any securities in Russia or to or for
the benefit of any Russian person, and does not constitute an advertisement
or offering of the notes in Russia within the meaning of Russian securities
laws and must not be distributed in Russia. The notes have not been and will
not be registered in Russia or admitted to placement and/or circulation in
Russia. The notes are not intended for "offering", "placement" or
"circulation" in Russia (each as defined in Russian securities laws).

This press release contains "forward-looking statements," as the phrase
is defined in Section 27A of the Securities Act and Section 21E of the
Exchange Act. These statements relate to the Company's intended use of
proceeds from the transaction described above and are based on Management's
best assessment of the Company's strategic and financial position and of
future market conditions and opportunities. These discussions involve risks
and uncertainties. The actual outcome may differ materially from these
statements as a result of unforeseen developments from competition,
governmental regulations of the telecommunications industry, general
political uncertainties in Russia and the Commonwealth of Independent States
("CIS") and general economic developments in Russia and the CIS and other
factors. As a result of such risks and uncertainties, there can be no
assurance that the effects of competition or current or future changes in the
political, economic and social environment or current or future regulation of
the telecommunications industry in Russia and the CIS will not have a
material adverse effect on the VimpelCom Group and there can be no assurance
that the Company will be able to use the proceeds from the transaction in the
manner described above. Certain factors that could cause actual results to
differ materially from those discussed in any forward-looking statements
include the risks described in the Company's Annual Report on Form 20-F for
the year ended December 31, 2009 and other public filings made by the Company
with the United States Securities and Exchange Commission, which risk factors
are incorporated herein by reference. VimpelCom 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.

Alexey Subbotin of VimpelCom, +31-20-79-77-200 (Amsterdam), +7-495-974-5888 (Moscow), Investor_Relations at vimpelcom.com