VimpelCom receives notice of Preferred Share conversion from Altimo

     VimpelCom receives notice of Preferred Share conversion from Altimo

PR Newswire

AMSTERDAM, Dec. 24, 2012

AMSTERDAM, Dec. 24, 2012 /PRNewswire/ --"VimpelCom Ltd." ("VimpelCom",
"Company" or "Group") (NYSE:VIP), a leading global provider of
telecommunications services, today announced that Altimo Cooperatief U.A.
("Altimo") has delivered a notice to the Company that Altimo intends to
convert 128,532,000 Convertible Preferred Shares of the Company owned by
Altimo into Common Shares of the Company at a ratio of one Convertible
Preferred Share for one Common Share.

The conversion date has been notified as April 16, 2013 and the conversion
premium to be paid by Altimo to the Company upon conversion is USD 10.835, the
closing mid-market price on December 21, 2012, per Convertible Preferred
Share. Based on this conversion premium, once Altimo converts its preferred
shares into common shares the Company will receive approximately USD 1.4
billion for the conversion. Altimo's voting percentage, which is currently
47.9%, will not increase as a result of the conversion while its economic
interest in the Company will increase from 52.7% to 56.2%, based on current
outstanding share and ownership percentages.

Disclaimer

This release contains "forward-looking statements", as the phrase is defined
in Section 27A of the Securities Act and Section 21E of the Exchange Act,
relating to Altimo's intention to convert its Convertible Preferred Shares of
the Company and the results thereof. These forward-looking statements are
based on management's best assessment of the current circumstances. The actual
outcome may differ materially from these statements and there can be no
assurance that the conversion will take place as intended or that the results
of the conversion will not differ from those discussed in this press release.
Certain factors that could cause actual results to differ materially from
those discussed in any forward-looking statements, including the risk factors
described in the Company's Annual Report on Form 20-F for the year ended
December 31, 2011 and other public filings made by the Company with the SEC,
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 release, or to make corrections to reflect future events or developments.

About VimpelCom

VimpelCom is one of the world's largest integrated telecommunications services
operators providing voice and data services through a range of traditional and
broadband mobile and fixed technologies in Russia, Italy, Ukraine, Kazakhstan,
Uzbekistan, Tajikistan, Armenia, Georgia, Kyrgyzstan, Cambodia, Laos, Algeria,
Bangladesh, Pakistan, Burundi, Zimbabwe, Central African Republic and Canada.
VimpelCom's operations around the globe cover territory with a total
population of approximately 780 million people. VimpelCom provides services
under the "Beeline", "Kyivstar", "djuice", "Wind", "Infostrada" "Mobilink",
"Leo", "banglalink", "Telecel", and "Djezzy" brands. As of September 30, 2012
VimpelCom had 212 million mobile subscribers on a combined basis. VimpelCom is
traded on the New York Stock Exchange under the symbol (VIP). For more
information visit: http://www.vimpelcom.com

SOURCE VimpelCom Ltd.

Website: http://www.vimpelcom.com
Contact: Investor Relations, Gerbrand Nijman, +31 20 79 77 200 (Amsterdam),
Investor_Relations@vimpelcom.com, Media and Public Relations, Bobby Leach,
pr@vimpelcom.com, +31 20 79 77 200 (Amsterdam), both of VimpelCom Ltd.