Amsterdam and New York (December 20, 2010) – VimpelCom Ltd. (“VimpelCom” or the “Company”) (NYSE: VIP), a leading international provider of telecommunications services today announced that by letter dated 19 December 2010 Telenor has informed the Company that Telenor, in its capacity as a shareholder of VimpelCom, does not support the proposed combination of VimpelCom Ltd. and Weather Investments. The VimpelCom Ltd. supervisory board is scheduled to meet for two days in the near future to vote on final approval of the transaction. The supervisory board will consider the interests of all of the Company’s shareholders in reaching its decision.

VimpelCom Ltd. consists of telecommunications operators providing voice and data services through a range of wireless, fixed and broadband technologies. The VimpelCom Ltd. group is headquartered in Amsterdam and has operations in Russia, Ukraine, Kazakhstan, Uzbekistan, Tajikistan, Georgia, Armenia, Kyrgyzstan, Vietnam and Cambodia, covering territory with a total population of about 345 million. As of September 30, 2010, the VimpelCom Ltd. group had a total of 92 million mobile subscribers and US$2.8 billion of net operating revenues. VimpelCom Ltd. operating companies provide services under the "Beeline" and "Kyivstar" brands. VimpelCom Ltd.’s ADSs are listed on the New York Stock Exchange under the symbol "VIP".

For more information, please contact:

Alexey Subbotin 
Tel: +31 (0)20 79 77 200 (Amsterdam)

Tel: + 7 495 974-5888 (Moscow)

Mateo Millett 
Tel: 1-617 897-1533