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VimpelCom Receives Notice of Arbitration From Telenor

AMSTERDAM NEW YORK Jan. 31, 2011 VimpelCom Ltd. ("VimpelCom" or the "Company")

January 16, 2011

March 17, 2011 January 31, 2011 January 31, 2011

VimpelCom’s management and Supervisory Board continue to believe strongly in the strategic rationale for the Transaction which will create a new global telecom player with significant scale and an attractive mix of developed and emerging market assets, well-positioned to realize profitable growth.

Cautionary statement regarding forward-looking statements

December 31, 2009

www.vimpelcom.com

SOURCE VimpelCom Ltd.

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