VimpelCom Ltd. Successfully Completes Exchange Offer for OJSC VimpelCom Shares and American Depositary Shares

Reference is made to today's announcement made by

VimpelCom Ltd. regarding the successful completion

of the Exchange Offer for OJSC VimpelCom Shares and

American Depositary Shares.

VimpelCom Ltd. has accepted for exchange all OJSC

VimpelCom shares and ADSs that were validly tendered

and not withdrawn. All conditions for successful

completion of the Exchange Offer have now been

satisfied. The required approvals from the relevant

regulatory authorities in Russia and Ukraine have

been received and all legal and regulatory

proceedings and enforcement actions in the Farimex

Case against Telenor have been withdrawn, without

cost or loss to Telenor.

Telenor now holds 39.6% of the economic interests

and 36.0% of the voting rights in VimpelCom Ltd.

Altimo's respective ownership interest is 39.2% and

44.7%. Minority shareholders represent 21.2% of the

economic interests and 19.3% of the voting rights.

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