VimpelCom Completes US$2.2 Billion Eurobonds Issuance

AMSTERDAM, June 29, 2011 -

VimpelCom Holdings B.V. (”VimpelCom Holdings”), an indirect
wholly owned subsidiary of VimpelCom Ltd. (”VimpelCom” or the
“Company”), announces the completion of US$2.2 billion in debt
financing with 3-year floating rate guaranteed notes, long 5-year
guaranteed notes and long 10-year guaranteed notes. The notes are
guaranteed by VimpelCom Holdings’ subsidiary OJSC
“Vimpel-Communications.” The notes are listed on the Irish Stock
Exchange.

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).

Investor Relations: Gerbrand Nijman, +31 (0)20 79 77 203 (Amsterdam), Investor_Relations at vimpelcom.com, or Media and Public Relations: Elena Prokhorova, +7(495) 725-0708 (Moscow), pr at vimpelcom.com, both of VimpelCom Ltd.