VimpelCom Ltd. Announces Results of U.S. Exchange Offer

Trading of VimpelCom Ltd. to Begin Today on a When-issued Basis

AMSTERDAM, April 16, 2010 - VimpelCom Ltd. today announces the results of the U.S. Offer for all
shares and American Depositary Shares ("ADSs") of OJSC
"Vimpel-Communications" ("OJSC VimpelCom") (NYSE:VIP).

The U.S. Offer expired yesterday at 5:00 pm, New York City time. A total
of 308,309,375 ADSs (representing 15,415,468 shares) were validly tendered
and not withdrawn in the U.S. Offer. It is expected that the major
shareholders of OJSC VimpelCom, Telenor ASA and Altimo Holdings & Investments
Ltd., will also cause their shares to be tendered in the Russian Offer prior
to its close at 11:59 pm, Moscow time, on Tuesday, 20 April 2010, bringing
the aggregate combined tenders in the U.S. Offer and the Russian Offer to
56,144,721 shares, representing 97.29% of OJSC VimpelCom's outstanding
shares.

It is therefore expected that the requirement that more than 95% of OJSC
VimpelCom's outstanding shares be tendered in the Exchange Offer, which is
one of the key remaining conditions to the successful completion of the
transaction, will be met.

VimpelCom Ltd. DRs will begin trading today on the NYSE on a
"when-issued" basis, under the ticker symbol "VIP.WI". Regular way trading of
the VimpelCom Ltd. DRs is anticipated to commence on Thursday, 22 April 2010,
under the ticker symbol "VIP".

Following expiration of the U.S. Offer, 24,697,325 OJSC VimpelCom ADSs
were not tendered. If these remaining (non-tendered) OJSC VimpelCom ADSs meet
the NYSE's continued listing criteria, the ticker symbol of these remaining
(non-tendered) OJSC VimpelCom ADSs (CUSIP 68370R 10 9) will change from "VIP"
to "OVIP" beginning on Monday, 19 April 2010. These remaining (non-tendered)
OJSC VimpelCom ADSs are intended to be delisted from the NYSE following the
successful completion of the Exchange Offer.

Following the expiration of the Russian Offer and the successful
completion of the Exchange Offer, OJSC VimpelCom shares and ADSs not tendered
in the U.S. Offer or the Russian Offer will be subject to a mandatory squeeze
out procedure under Russian law.

VimpelCom Ltd. will announce the final results of the Exchange Offer on
Wednesday, 21 April 2010, following expiration of the Russian Offer.

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

Alexander Izosimov, CEO of VimpelCom Ltd., commented:

"We are announcing an excellent result today - the U.S. Offer has
received overwhelming support from shareholders, which shows that investors
strongly back VimpelCom Ltd.'s strategy and the combination of OJSC VimpelCom
with Kyivstar. We look forward to the completion of the Russian Offer next
week, after which our priority will be the integration of the two businesses
as a platform for creating value for all our shareholders."

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

In connection with the U.S. Offer by VimpelCom Ltd. to acquire
all outstanding shares of OJSC VimpelCom (including those represented by
ADSs), VimpelCom Ltd. has filed with the SEC a registration statement on Form
F-4, which includes a prospectus and related U.S. Offer acceptance materials
to register shares of VimpelCom Ltd. (including those represented by DRs) to
be issued in exchange for OJSC VimpelCom shares held by U.S. persons and OJSC
VimpelCom ADSs held by all holders, wherever located. The Exchange Offer
comprises 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 pm New York City time on 15 April
2010, and the Russian Offer is scheduled to expire at 11:59 pm Moscow time on
20 April 2010. VimpelCom Ltd. has the right to extend the acceptance period
of the Offers. Any extension will be announced not later than the next
business day after the previously scheduled expiration date of the Russian
Offer. VimpelCom Ltd. will announce any extension of the Offers by issuing a
press release and by publishing an announcement in newspapers in the United
States and Russia. In addition, VimpelCom Ltd. will file the announcement
with the SEC via the EDGAR filing system and post the announcement on its
website (www.vimpelcomlimited.com).

Holders of OJSC VimpelCom securities are urged to carefully
read the registration statement (including the prospectus) and any other
documents relating to the U.S. Offer filed with the SEC, as well as any
amendments and supplements to those documents, because they contain important
information. Free copies of the registration statement, including the
prospectus and related U.S. Offer acceptance materials and other relevant
documents filed with the SEC in respect of the U.S. Offer, can be obtained at
the SEC's website at www.sec.gov or at VimpelCom Ltd.'s website at
www.vimpelcomlimited.com. The final prospectus and related U.S. Offer
acceptance materials have been mailed to holders of OJSC VimpelCom securities
eligible to participate in the U.S. Offer. 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). This announcement
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 solicitation of offers to exchange OJSC VimpelCom
securities for VimpelCom Ltd. DRs in the United States will only be made
pursuant to the prospectus and related U.S. Offer acceptance materials that
have been mailed to U.S. holders of OJSC VimpelCom shares and all holders of
OJSC VimpelCom ADSs, wherever located. An investor may only exchange OJSC
VimpelCom shares for VimpelCom Ltd. DRs in the Russian Offer if such investor
is a "qualified investor" under the applicable Russian rules and regulations.
This announcement is not for publication, release or distribution in or into
or from any jurisdiction where it would otherwise be prohibited.

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 anticipated timing of filings and
approvals relating to the proposed transactions; the expected timing of the
completion of the proposed transactions; the expected benefits and costs of
the proposed transactions; management plans relating to the proposed
transactions; the ability to complete the proposed transactions in view of
the various closing conditions; the possibility that the proposed
transactions may not be completed, 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, risks related to the timing or ultimate completion of the
proposed transactions; the possibility that expected benefits may not
materialize as expected; that, prior to the completion of the proposed
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 Citigate Dewe Rogerson:

    Citigate Dewe Rogerson
    David Westover, Director
    Andrew Hey, Director
    3 London Wall Buildings
    London Wall
    London EC2M 5SY, United Kingdom
    Tel: +44(0)20-7638-9571

    Questions on OJSC VimpelCom may be directed to OJSC VimpelCom's Investor
    Relations team:

    OJSC VimpelCom Investor Relations Team
    Email: Investor_Relations@VimpelCom.com
    4 Krasnoproletarskaya Street
    Moscow 127006, Russia
    Tel: +7(495)974-5888
    Fax: +7(909)991-7903

    Questions on Kyivstar may be directed to:

    Telenor Group
    Dag Melgaard, Group Communications
    E-mail: dag.melgaard@telenor.com
    Tel: (+47)901-92-000
    Dag Eide, Investor Relations
    E-mail: dag.eide@telenor.com
    Tel: (+47)458-05-050

Contacts: Questions on VimpelCom Ltd. may be directed to Citigate Dewe Rogerson: Citigate Dewe Rogerson, David Westover, Director, Andrew Hey, Director, 3 London Wall Buildings, London Wall, London EC2M 5SY, United Kingdom, Tel: +44(0)20-7638-9571; Questions on OJSC VimpelCom may be directed to OJSC VimpelCom's Investor Relations team: OJSC VimpelCom Investor Relations Team, Email: Investor_Relations at VimpelCom.com, 4 Krasnoproletarskaya Street, Moscow 127006, Russia, Tel: +7(495)974-5888, Fax: +7(909)991-7903; Questions on Kyivstar may be directed to: Telenor Group, Dag Melgaard, Group Communications, E-mail: dag.melgaard at telenor.com, Tel: (+47)901-92-000, Dag Eide, Investor Relations, E-mail: dag.eide at telenor.com, Tel: (+47)458-05-050