VimpelCom's Board of Directors Recommends Interim Dividend Payment
02 Nov 2009

Communications” (“VimpelCom” or the “Company”) (NYSE: VIP), today announced that its Board of Directors (the “Board”) approved convocation of an Extraordinary General Meeting of Shareholders of the Company to vote on an interim dividend payment based on the operating results for the nine months ending on September 30, 2009 (the “Shareholders Meeting”).  The Shareholders Meeting will be held on December 17, 2009.
 
The Board recommended that the Shareholders Meeting approve interim dividends based on the operating results for the nine months ending on September 30, 2009 (calculated in accordance with Russian statutory accounting principles) in the amount of RUR 190.13 per common share of VimpelCom stock (or approximately US $0.32 per American Depositary Share (“ADS”) based on the Russian Central Bank exchange rate as of September 30, 2009), amounting to a total of approximately RUR 9.75 billion (or approximately US $324 million based on the Russian Central Bank exchange rate as of September 30, 2009), to be payable within 60 days of the approval at the Shareholders Meeting.  The record date for the Company’s shareholders entitled to participate in the Shareholders Meeting and to receive interim dividends has been set for November 12, 2009.  The approval of the shareholders owning more than 50% of the voting shares represented at the Shareholders Meeting is required for the payment of dividends by VimpelCom.  If the dividends are approved by the requisite majority at the Shareholders Meeting, VimpelCom will, in accordance with Russian tax legislation, withhold a tax of up to 15% on the dividend amount when payable.  The exact amount of the withholding will vary depending on the recipient’s legal status and jurisdiction.

Further details on the agenda and other issues related to the Shareholders Meeting will be made available through an official notice to be distributed by VimpelCom to its shareholders prior to the Shareholders Meeting

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 proposed payment of dividends.  There can be no assurance that the dividends will be approved by the requisite majority at the Shareholders Meeting.  Certain additional 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, 2008 and other public filings made by the Company with the United States Securities and Exchange Commission, which risk factors are incorporated herein by reference. The Company 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 press release, or to make corrections to reflect future events or developments.

VimpelCom Ltd.

Altimo, a leading private equity group, operating on some of the world's most desirable and potentially lucrative mobile telecommunications markets, was created in 2005 from Alfa Telecom, which itself was established in 2004 to hold the telecoms investments of the Alfa Group Consortium (VimpelCom Ltd., MegaFon and Turkcell Iletisim Hizmetleri A.S.). Those assets are in Russia, the CIS and other promising emerging markets.

VimpelCom Ltd. provides voice and data services through a range of wireless, fixed and broadband technologies. VimpelCom Ltd. is headquartered in Amsterdam and has operations in Russia, Ukraine, Kazakhstan, Uzbekistan, Tajikistan, Georgia, Armenia, Kyrgyzstan, Vietnam, Cambodia, Laos, Algeria, Bangladesh, Canada, Italy, Pakistan, Burundi, Namibia, Zimbabwe and Central African Republic covering territory with a total population of about 843 million with over 181 mln subscribers. VimpelCom Ltd. operating companies provide services under the "Beeline", "Kyivstar", "Djuice", "Wind", "Infostrada", "Mobilink", "Leo", "Banglalink", "Telecel" and "Djezzy" brands. VimpelCom Ltd. is traded on the New York Stock Exchange under the symbol "VIP". As of 31 December 2010, Altimo owned 44.65% of the voting shares of VimpelCom Ltd. (since June 2011 -  24.99%).

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