UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 under

the Securities Exchange Act of 1934

For the month of May 2010

Commission File Number 1-14522

Open Joint Stock Company “Vimpel-Communications”

(Translation of registrant’s name into English)

10 Ulitsa 8-Marta, Building 14, Moscow, Russian Federation 127083

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F [X] Form 40-F [ ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): .

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): .

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes [ ] No [X]

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- .

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	OPEN JOINT STOCK COMPANY “VIMPEL-COMMUNICATIONS” (Registrant)

Date: May 26, 2010

	By:	/s/ Alexander Y. Torbakhov
	Name:	Alexander Y. Torbakhov
	Title:	General Director

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Amsterdam and New York (May 26, 2010) - “VimpelCom Ltd” (“VimpelCom” or the “Company”) (NYSE: VIP), a leading international provider of telecommunications services, today announces its pro forma operating and financial results for the quarter ended March 31, 2010.

This earnings release contains pro forma information^* for VimpelCom and the financial and operating results of each of Open Joint Stock Company “Vimpel-Communications” (“OJSC VimpelCom”) and Closed Joint Stock Company “Kyivstar G.S.M.” (“Kyivstar”) on a stand-alone basis. The presentation of OJSC VimpelCom’s financial and operating results follows the format of its 2009 year-end earnings release, with its consolidated financial results and the financial results of its CIS operations being presented in US dollars and the financial results of its Russian operations being presented in Russian Rubles. Kyivstar’s financial and operating results are presented in its functional currency, the Ukrainian Hryvnia.

In accordance with recently adopted accounting rules, from January 1, 2010 OJSC VimpelCom began to consolidate the results of LLC Sky Mobile’s operations in Kyrgyzstan.

*	See page 9 for details

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VimpelCom Ltd - First Quarter 2010 Pro Forma Operating Results and Selected Financial Data

Combined Financial and Operating Results on a Pro Forma Basis


(US$, millions) - 1Q 10	OJSC VimpelCom		Kyivstar		HQ and eliminations		Pro Forma Condensed Combined
Net operating revenues	2,231		322		(18	)	2,535
Adjusted OIBDA	1,052		164		(11	)	1,205
Adjusted OIBDA margin, %	47.2	%	50.9	%			47.5	%
Operating income	633		40		(11	)	662
Operating income margin, %	28.4	%	12.4	%			26.1	%
SG&A	632		98		11		741
including Sales & Marketing Expenses	191		17				208
including General & Administrative Costs	441		81		11		533
SG&A percentage	28.3	%	30.4	%			29.2	%
Net income (loss) attributable to VimpelCom Ltd.	392		28		(8	)	412
Net income (loss) attributable to VimpelCom Ltd. per ADS, basic, (US$)							0.32
Capital expenditures	179.3		55.8				235.1
Mobile subscriptions (‘000)	66,821		21,934				88,755
Broadband subscriptions (‘000)	2,513		—				2,513

Quarterly highlights:

•

Pro forma net operating revenues and OIBDA^* of $2.5 billion and $1.2 billion, respectively

•

1Q10 VimpelCom Ltd. transaction related costs and the new headquarters overhead charges amounted to $11 million

•

The first quarter pro forma OIBDA margin was 47.5%

•

Pro forma net income attributable to VimpelCom Ltd amounted to $412 million.

•

Combined operating cash flow amounted to $960 million

Commenting on the first quarter results of VimpelCom, Alexander Izosimov, Chief Executive Officer of VimpelCom, said, “With this release we open a new chapter in our history. The combination of the two market leaders – OJSC VimpelCom and Kyivstar – has created a new strong emerging markets player. The increased scale of our business, combined with our high level of profitability, positions VimpelCom as the leading telecom operator in the region.

Our quarterly results give us confidence that the development of our business is on track. We remain focused on sustainable revenue growth and continued to deliver returns to our shareholders.

Looking ahead, we will focus on completing the integration and organizational structure of our new company in order to deal with the changing industry landscape. We believe that the outlook for VimpelCom is bright and are confident that we will successfully leverage our new advantages.”

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VimpelCom Ltd - First Quarter 2010 Pro Forma Operating Results and Selected Financial Data

*	Hereafter refers to adjusted OIBDA (See definition of adjusted OIBDA in Attachment A)

OJSC VimpelCom: Key Consolidated Financial and Operating Results*


CONSOLIDATED OPERATIONS (US$, millions)	1Q 10		1Q 09		1Q 10/ 1Q 09		4Q 09		1Q 10/ 4Q 09
Net operating revenues	2,231		1,973		13.1	%	2,309		-3.4	%
Adjusted OIBDA	1,052		949		10.9	%	1,088		-3.3	%
Adjusted OIBDA margin, %	47.2	%	48.1	%			47.1	%
Operating income	633		567		11.6	%	608		4.1	%
Operating income margin, %	28.4	%	28.7	%			26.3	%
SG&A	632		538		17.5	%	680		-7.1	%
including Sales & Marketing Expenses	191		156		22.4	%	218		-12.4	%
including General & Administrative Costs	441		382		15.4	%	462		-4.5	%
SG&A percentage	28.3	%	27.3	%			29.4	%
Net income (loss) attributable to OJSC VimpelCom	392		-297		n/a		283		38.5	%
Capital expenditures	179.3		113.0		58.7	%	422.7		-57.6	%
Mobile subscriptions (‘000)	66,821		62,724		6.5	%	64,596		3.4	%
Broadband subscriptions (‘000)	2,513		1,560		61.1	%	2,257		11.3	%

*	See definitions in Attachment A. References to “year-on-year” are to comparisons of 1Q10 vs. 1Q09, while references to “quarter-on-quarter” are to 1Q10 vs. 4Q09.

Quarterly highlights:

•

Net operating revenues reflect stability of the core business in Russia and ability to market new products and services

•

Appreciation of local currencies against the US dollar strengthened the top line

•

The decline in revenues compared to the previous quarter reflects the normal seasonality of the business

•

Consolidated fixed and mobile OIBDA margin of 47.2% was in line with the previous quarter

•

Strong operating cash flow of $803 million as a result of consistent focus on cash generation and working capital optimization

•

Capital expenditures will increase further throughout the year as we accelerate the 3G and FTTB network roll-out in the markets in which we operate

•

Repayment of $928 million of debt bringing OJSC VimpelCom’s net debt to $4.9 billion with a Total Debt/OIBDA LTM ratio of 1.5

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VimpelCom Ltd - First Quarter 2010 Pro Forma Operating Results and Selected Financial Data

OJSC VimpelCom: Russia - Financial and Operating Results


RUSSIA (RUR millions)	1Q 10		1Q 09		1Q 10/ 1Q 09		4Q 09		1Q 10/ 4Q 09
Net operating revenues	57,350		56,272		1.9	%	58,819		-2.5	%
Adjusted OIBDA	27,107		27,227		-0.4	%	27,725		-2.2	%
Adjusted OIBDA margin, %	47.3	%	48.4	%			47.1	%
Operating income	17,527		17,719		-1.1	%	17,393		0.8	%
Operating income margin, %	30.6	%	31.5	%			29.6	%
SG&A	15,796		14,936		5.8	%	17,033		-7.3	%
including Sales & Marketing Expenses	4,969		4,485		10.8	%	5,862		-15.2	%
including General & Administrative Costs	10,827		10,451		3.6	%	11,171		-3.1	%
SG&A percentage	27.5	%	26.5	%			29.0	%
Net income (loss) attributable to OJSC VimpelCom	11,557		-6,722		n/a		9,267		24.7	%

*RUSSIA REVENUES (RUR millions)**	1Q 10		1Q 09		1Q 10/ 1Q 09		4Q 09		1Q 10/ 4Q 09
Net operating revenues	57,350		56,272		1.9	%	58,819		-2.5	%
Mobile	47,882		45,507		5.2	%	48,921		-2.1	%
Fixed-line	9,468		10,765		-12.0	%	9,898		-4.3	%

*RUSSIA OIBDA DEVELOPMENT (RUR millions)**	1Q 10		1Q 09		1Q 10/ 1Q 09		4Q 09		1Q 10/ 4Q 09
Adjusted OIBDA Total	27,107		27,227		-0.4	%	27,725		-2.2	%
Mobile	24,385		23,562		3.5	%	24,850		-1.9	%
Fixed-line	2,722		3,665		-25.7	%	2,875		-5.3	%
Adjusted Total OIBDA margin, %	47.3	%	48.4	%			47.1	%
Mobile, %	50.9	%	51.8	%			50.8	%
Fixed-line, %	28.7	%	34.0	%			29.0	%

RUSSIA OPERATING DEVELOPMENT	1Q 10		1Q 09		1Q 10/ 1Q 09		4Q 09		1Q 10/ 4Q 09
Mobile subscriptions (‘000)	51,254		49,351		3.9	%	50,886		0.7	%
MOU, min	203.9		203.0		0.4	%	217.7		-6.3	%
Adjusted MOU, min**	208.4		205.7		1.3	%	221.4		-5.9	%
ARPU mobile, US$	10.3		9.1		13.2	%	10.8		-4.6	%
ARPU mobile, RUR	307.7		306.6		0.4	%	316.9		-2.9	%
Broadband subscriptions (‘000)	2,335		1,498		55.9	%	2,111		10.6	%

*	Mobile and fixed revenues for all periods were recalculated – please see definition of reportable segments in Attachment A.

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VimpelCom Ltd - First Quarter 2010 Pro Forma Operating Results and Selected Financial Data

**	Adjusted MOU is calculated for mobile subscriptions excluding mobile broadband subscriptions using USB modems.

Quarterly highlights:

•

In the mobile segment:

•

Strong demand for data services led to an increase in USB modem subscriptions

•

Stable pricing for traditional voice services

•

VAS as a percentage of mobile service revenues increased to 20.6%

•

Strong mobile OIBDA margin above 50%

•

In the fixed-line segment:

•

Revenues in the US dollar terms remained stable year-on-year

•

Revenue dynamics of a fixed-line segment reflect Russian ruble appreciation as a significant part of our fixed-line client base is billed in US dollars and Euro

•

OIBDA margin remained essentially flat quarter-on-quarter

•

The total number of residential broadband subscriptions, including FTTB and mobile broadband, exceeded 2.3 million with revenues up 59.1% year-on-year

Overall, in Russia the Company achieved good growth in the mobile segment, while fixed-line performance remained stable with ruble revenues and margins affected by currency fluctuations. Our competitive position remains sound, while further revenue growth will be defined to a large degree by continued macroeconomic recovery in the country.

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VimpelCom Ltd - First Quarter 2010 Pro Forma Operating Results and Selected Financial Data

OJSC VimpelCom: CIS* - Financial and Operating Results


CIS OPERATIONS (US$ millions)	1Q 10		1Q 09		1Q 10/ 1Q 09		4Q 09		1Q 10/ 4Q 09
Net operating revenues	339.8		332.6		2.2	%	341.6		-0.5	%
Adjusted OIBDA	152.4		149.7		1.8	%	154.7		-1.5	%
Adjusted OIBDA margin, %	44.8	%	45.0	%			45.3	%
Operating income	56.9		49.9		14.0	%	28.5		99.6	%
Operating income margin, %	16.7	%	15.0	%			8.3	%
SG&A	94.7		92.5		2.4	%	94.1		0.6	%
including Sales & Marketing Expenses	21.5		22.7		-5.3	%	24.9		-13.7	%
including General & Administrative Costs	73.2		69.8		4.9	%	69.2		5.8	%
SG&A percentage	27.9	%	27.8	%			27.5	%
Net income/(loss) attributable to OJSC VimpelCom	22.0		-11.0		n/a		-7.6		n/a
Mobile subscriptions (‘000)	15,076		13,373		12.7	%	13,342		13.0	%
Broadband subscriptions (‘000)	178		62		187.1	%	146		21.9	%

OJSC VimpelCom’s CIS operations include operations in Kazakhstan, Uzbekistan, Armenia, Kyrgyzstan, Tajikistan, and Georgia as well as OJSC VimpelCom’s operations in Ukraine. Starting with the second quarter of 2010 we intend to present our operations in Ukraine as a new segment, which will include OJSC VimpelCom’s and Kyivstar’s operations in Ukraine.

Quarterly highlights:

•

10% year-on-year local currency revenue growth in Kazakhstan, our largest market in this segment, reflecting signs of a return to stability in that market

•

Consolidation of the Kyrgyzstan mobile operations of Sky Mobile, which has a management contract with Kar-Tel, our subsidiary operating in Kazakhstan. Sky Mobile serves 1.8 million customers and has been operating under the “Beeline” brand since June 2009

•

OIBDA margin declined slightly; due in part to the inclusion of the Kyrgyz operations

•

Number of broadband subscriptions increased 187% year-on-year as we started to actively develop our broadband projects in Ukraine, Kazakhstan, Uzbekistan and Armenia.

Overall, in our CIS markets we continue to focus on cash flow and profitability. While the situation in Armenia and Uzbekistan remains challenging, we are pleased with our progress in Kazakhstan and Georgia.

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VimpelCom Ltd - First Quarter 2010 Pro Forma Operating Results and Selected Financial Data

OJSC VimpelCom: South-East Asia

Quarterly highlights:

•

Our operations in South-East Asia are still in a very early stage of development

•

In Cambodia, good network quality, effective marketing campaigns and a pro-active approach to distribution have made us the fourth largest player in a nine-player market after the first year of operations

•

In Vietnam, our networks covered approximately 57% of the total population with commercial activity in 51 out of 63 provinces where we have approximately 1.6 million subscriptions

Overall, we are optimistic about the potential of the South-East Asian mobile market and continue to enhance our presence in this region.

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VimpelCom Ltd - First Quarter 2010 Pro Forma Operating Results and Selected Financial Data

Kyivstar: Financial and Operating Results


KYIVSTAR (UAH millions)	1Q 10		1Q 09		1Q 10/ 1Q 09		4Q 09		1Q 10/ 4Q 09
Net operating revenues	2,573		2,703		-4.8	%	2,890		-11.0	%
Adjusted OIBDA	1,307		1,456		-10.2	%	1,549		-15.6	%
Adjusted OIBDA margin, %	50.8	%	53.9	%			53.6	%
Operating income	320		311		2.9	%	414		-22.7	%
Operating income margin, %	12.4	%	11.5	%			14.3	%
SG&A	782		766		2.1	%	782		0.0	%
including Sales & Marketing Expenses	134		143		-6.3	%	191		-29.8	%
including General & Administrative Costs	648		623		4.0	%	591		9.6	%
SG&A percentage	30.4	%	28.3	%			27.1	%
Net income (loss) attributable to Kyivstar	224		370		-39.5	%	333		-32.7	%

KYIVSTAR OPERATING DEVELOPMENT	1Q 10		1Q 09		1Q 10/ 1Q 09		4Q 09		1Q 10/ 4Q 09
Mobile subscriptions (‘000)	21,934		22,727		-3.5	%	22,022		-0.4	%
MOU, min	425		281		51.2	%	396		7.3	%
ARPU mobile, US$	4.8		5.1		-5.9	%	5.4		-11.1	%
ARPU mobile, UAH	38.5		39.1		-1.5	%	43.5		-11.5	%

Quarterly highlights:

•

Quarter-on-quarter revenue dynamics reflect typical seasonality and the results of our efforts to stabilize subscription market share

•

Year-on-year decline in revenues was largely driven by a lower number of active subscriptions caused by an ongoing shift of the Ukrainian mobile market to the “zero on-net” model aimed at price sensitive low-tier customers

•

Reduction of the interconnect rates starting from the beginning of 2010 was another key contributor to the decrease in revenues

•

Year-on-year ARPU remained essentially stable reflecting the high quality of our active customer base and partially offsetting the reduction of interconnect rates

•

Introduction of “zero on-net” pricing model under Djuice brand in the second half of 2009 helped to reduce churn, stabilize subscription market share, and drive growth in MOU

•

Weaker revenues and approximately 50 million Ukrainian Hryvnias of one-off costs related to transaction expenses and shareholder charges led to a decline in OIBDA margin

•

The level of capital investments remained within the normal investment profile and should benefit from the upcoming integration with URS

Overall, the results are in line with our expectations and reflect our focus on stabilization of subscription market share and protecting ARPU.

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VimpelCom Ltd - First Quarter 2010 Pro Forma Operating Results and Selected Financial Data

For more information on financial and operating data for specific countries, as well as reconciliation of OIBDA, please refer to the supplementary file FinancialOperatingQ12010.xls on our website at http://www.vimpelcom.com/news/qrep.wbp.

In April 2010, following successful completion of the VimpelCom’s Ltd exchange offer for shares and American depositary shares of OJSC VimpelCom, VimpelCom’s two strategic shareholders completed the combination of OJSC VimpelCom and Kyivstar under VimpelCom Ltd.

Because VimpelCom Ltd. transaction was completed in the second quarter of 2010, VimpelCom is presenting first quarter results on a pro forma basis assuming the consolidation of OJSC VimpelCom and Kyivstar. This information does not assume that VimpelCom would have reported these results if the exchange offer was completed in the first quarter, nor does it imply that these results will be realized in the future.

The Company’s management will discuss its first quarter 2010 results during a conference call and slide presentation on May 26, 2010 at 4:30 pm CET, (10:30 am US ET). The call and slide presentation may be accessed via webcast at the following URL address http://www.vimpelcom.com. The conference call replay will be available through June 2, 2010. The slide presentation webcast will also be available for download on VimpelCom’s website http://www.vimpelcom.com.

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 340 million. 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”.

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 include those relating to the benefits of the combination of OJSC VimpelCom and Kyivstar under the Company, the Company’s 2010 capital expenditures projections and the Company’s development plans in South East Asia. These and other forward-looking statements are based on management’s best assessment of the Company’s strategic and financial position and of future market conditions and trends. These discussions involve risks and uncertainties. The actual outcome may differ materially from these statements as a result of continued volatility in the economies in the markets in which the Company operates, unforeseen developments from competition, governmental regulation of the telecommunications industries, general political uncertainties in the markets in which the Company operates and/or litigation with third parties. The actual outcome may also differ materially if the Company is unable to obtain all necessary corporate approvals relating to its business, if the Company is unable to successfully integrate its Ukrainian operations and other newly-acquired businesses and other factors. There can be

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VimpelCom Ltd - First Quarter 2010 Pro Forma Operating Results and Selected Financial Data

no assurance that such risks and uncertainties will not have a material adverse effect on the Company. Certain factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risk factors described in the Company’s registration statement on Form F-4 filed with the U.S. Securities and Exchange Commission (the “SEC”), OJSC VimpelCom’s public filings with the SEC, including its Annual Report on Form 20-F for the year ended December 31, 2009, and other public filings made by the Company with the SEC, which risk factors are incorporated herein by reference. VimpelCom 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.


For more information, please contact:

Alexey Subbotin		Mateo Millett
VimpelCom		FD
Tel: 7-495- 954-7888		Tel: 1-617 897-1533
Investor_Relations@vimpelcom.com		mateo.millett@fd.com

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VimpelCom Ltd - First Quarter 2010 Pro Forma Operating Results and Selected Financial Data

- Definitions and tables are attached –

Attachment A: Definitions

Adjusted OIBDA is a non-U.S. GAAP financial measure. Adjusted OIBDA, previously referred to as EBITDA or OIBDA by OJSC VimpelCom, is defined as operating income before depreciation, amortization and impairment loss. Our management uses adjusted OIBDA and adjusted OIBDA margin as supplemental performance measures and believes that adjusted OIBDA and adjusted OIBDA margin provide useful information to investors because they are indicators of the strength and performance of the Company’s business operations, including its ability to fund discretionary spending, such as capital expenditures, acquisitions and other investments, as well as indicating its ability to incur and service debt. In addition, the components of adjusted OIBDA include the key revenue and expense items for which the Company’s operating managers are responsible and upon which their performance is evaluated. Adjusted OIBDA also assists management and investors by increasing the comparability of the Company’s performance against the performance of other telecommunications companies that provide OIBDA or EBITDA (earnings before interest, taxes, depreciation and amortization) information. This increased comparability is achieved by excluding the potentially inconsistent effects between periods or companies of depreciation, amortization and impairment loss, which items may significantly affect operating income between periods. However, OJSC VimpelCom’s and Kyivstar’s adjusted OIBDA results and our pro forma adjusted OIBDA results may not be directly comparable to other companies’ reported OIBDA or EBITDA results due to variances and adjustments in the components of OIBDA (including our calculation of adjusted OIBDA) or calculation measures. However, a limitation of adjusted OIBDA’s use as a performance measure is that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues or the need to replace capital equipment over time. Reconciliation of adjusted OIBDA to net income, the most directly comparable U.S. GAAP financial measure, is presented below in the reconciliation tables section as well as in the supplementary file FinancialOperatingQ12010.xls on our website at http://www.vimpelcom.com/news/qrep.wbp.

Adjusted OIBDA margin is a non-U.S. GAAP financial measure. We calculate adjusted OIBDA margin as adjusted OIBDA divided by net operating revenues, expressed as a percentage. Reconciliation of adjusted OIBDA margin to net income as a percentage of net operating revenues, the most directly comparable U.S. GAAP financial measure, is presented below in the reconciliation tables section as well as in the supplementary file FinancialOperatingQ12010.xls on our website at http://www.vimpelcom.com/news/qrep.wbp.

Sales and marketing costs (S&M) include marketing, advertising and dealer commissions expenses.

General and administrative costs (G&A) include salaries and outsourcing costs, including related social contributions required by law; stock price-based compensation expenses; repair and maintenance expenses; rent, including lease payments for base station sites; utilities; other miscellaneous expenses, such as insurance, operating taxes, license fees, and accounting, audit and legal fees.

Capital expenditures (Capex) – purchases of new equipment, new construction, upgrades, software, other long lived assets and related reasonable costs incurred prior to intended use of the non current asset, accounted at the earliest event of advance payment or delivery. Long-lived assets acquired in business combinations are not included in capital expenditures.

Net debt is a non-U.S. GAAP financial measure and is calculated as the sum of long-term debt and short-term debt minus cash and cash equivalents and short-term investments. The Company believes that net debt provides useful information to investors because it shows the amount of debt outstanding to be paid after using available cash and cash equivalent, as well as short-term investments. Net debt should not be considered in isolation as an alternative to long-term debt and short-term debt, or any other measure of the company financial position. Reconciliation of net debt to long-term debt and short-term debt, the most directly comparable U.S. GAAP financial measures, is presented below in the reconciliation tables section.

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VimpelCom Ltd - First Quarter 2010 Pro Forma Operating Results and Selected Financial Data

Free cash flow is a non-U.S. GAAP financial measure and is calculated as operating cash flow less Capex. The Company believes that free cash flow provides useful information to investors because it is an indicator of our company’s operational and financial performance and represents our ability to generate cash after accruals required to maintain or expand our asset base. Free cash flow should not be considered in isolation as an alternative to operating cash flow or any other measure of the company cash flows management. Reconciliation of free cash flow to operating cash flow, the most directly comparable U.S. GAAP financial measure, is presented below in the reconciliation tables section.

Mobile subscriptions are SIM-cards registered in the system as of a measurement date, users of which generated revenue at any time during the three months prior to the measurement date. This includes revenue coming from any incoming and outgoing calls, subscription fee accruals, debits related to service, outgoing SMS, Multimedia Messaging Service (referred to as MMS), data transmission and receipt sessions, but does not include incoming SMS and MMS sent by VimpelCom or abandoned calls. VimpelCom’s total number of mobile subscriptions also includes SIM-cards for use of mobile Internet service via USB modems.

Broadband subscriptions are the customer contracts that served as a basis for revenue generating activity in the three months prior to the measurement date, as a result of activities including monthly internet access using FTTB, xDSL and WiFi technologies as well as mobile internet service via USB modems.

ARPU (Monthly Average Revenue per User) is calculated by dividing service revenue during the relevant period, including roaming revenue and interconnect revenue, but excluding revenue from connection fees, sales of handsets and accessories and other non-service revenue, by the average number of subscriptions during the period and dividing by the number of months in that period.

MOU (Monthly Average Minutes of Use per User) is calculated by dividing the total number of minutes of usage for incoming and outgoing calls during the relevant period (excluding guest roamers) by the average number of mobile subscriptions during the period and dividing by the number of months in that period.

Households passed are households located within buildings, in which indoor installation of all the FTTB equipment necessary to install terminal residential equipment has been completed.

Mobile services are wireless voice and data transmission services excluding WiFi.

VAS (value added services) includes short messages (“SMS”), multimedia messages (“MMS”), caller number identification, call waiting, data transmission, mobile Internet, downloadable content and other services.

CIS Geographic Segment for the purpose of VimpelCom Ltd reporting includes our operations in the following countries: Kazakhstan, Kyrgyzstan, Uzbekistan, Tajikistan, Armenia and Georgia as well as OJSC VimpelCom’s operations in Ukraine. Starting from the next quarter we intend to include OJSC VimpelCom’s operation in Ukraine in a separate reporting segment together with Kyivstar.

SEA – VimpelCom operations in South-East Asia, which include operations in Cambodia and VimpelCom’s respective equity in net results of operations of the Company’s Vietnamese associate GTEL-Mobile JSC (“GTEL-Mobile”).

Reportable segments – Historically intersegment revenues were eliminated in consolidation. Starting from January 1, 2010, OJSC VimpelCom changed the approach to intersegment revenues and expenses in a way that operating revenues and operating expenses of Russia mobile and Russia fixed segments from each other and operating revenues and operating expenses of CIS mobile and CIS fixed segments from each other are eliminated on the level of a segment, as well as certain expenses and revenues were allocated to allow revenues and expenses related to those revenues to produce financial result within one segment. Other intersegment revenues and expenses are eliminated at the consolidated level. The comparative information was retrospectively adjusted.

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VimpelCom Ltd - First Quarter 2010 Pro Forma Operating Results and Selected Financial Data

Attachment B: VimpelCom financial statements

VimpelCom Limited

Unaudited Combined Statement of Income (Pro-forma)


	Three months ended March 31, 2010
	*(In thousands of US dollars)*
Operating revenues:
Service revenues	2,498,176
Sales of equipment and accessories	28,424
Other revenues	9,992

Total operating revenues	2,536,592
Revenue based tax	(1,633	)

Net operating revenues	2,534,959

Operating expenses:
Service costs	536,783
Cost of equipment and accessories	31,594
Selling, general and administrative expenses	741,090
Depreciation	408,117
Amortization	134,075
Impairment loss	612
Provision for doubtful accounts	20,585

Total operating expenses	1,872,856


Operating income	662,103
Other income and expenses:
Interest income	15,113
Net foreign exchange (loss)/gain	100,365
Interest expense	(141,844	)
Equity in net gain/(loss) of associates	(3,784	)
Other (expenses)/income, net	(48,487	)

Total other income and expenses	(78,637	)

Income before income taxes	583,466
Income tax expense	161,079

Net income/(loss)	422,387
Net income/(loss) attributable to the noncontrolling interest	10,166

Net income/(loss) attributable to VimpelCom	412,221

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VimpelCom Ltd - First Quarter 2010 Pro Forma Operating Results and Selected Financial Data

OJSC VimpelCom Unaudited Condensed Consolidated Statement of Income


	Three months ended March 31,
	2010			2009
	*(In thousands of US dollars)*
Operating revenues:
Service revenues	$	2,202,629		$	1,942,761
Sales of equipment and accessories		26,579			28,680
Other revenues		3,553			3,836

Total operating revenues		2,232,761			1,975,277
Revenue based tax		(1,633	)		(2,262	)

Net operating revenues		2,231,128			1,973,015

Operating expenses:
Service costs		501,588			440,237
Cost of equipment and accessories		26,350			28,666
Selling, general and administrative expenses		632,406			537,541
Depreciation		352,553			308,637
Amortization		66,694			72,601
Provision for doubtful accounts		18,643			17,861

Total operating expenses		1,598,234			1,405,543


Operating income		632,894			567,472
Other income and expenses:
Interest income		11,546			14,813
Net foreign exchange (loss)/gain		104,934			(745,763	)
Interest expense		(141,660	)		(137,393	)
Equity in net gain/(loss) of associates		(3,784	)		(35,312	)
Other (expenses)/income, net		(48,345	)		(5,473	)

Total other income and expenses		(77,309	)		(909,128	)

Income before income taxes		555,585			(341,656	)
Income tax expense		153,049			(34,100	)

Net income/(loss)		402,536			(307,556	)
Net income/(loss) attributable to the noncontrolling interest		10,166			(10,924	)

Net income/(loss) attributable to OJSC VimpelCom	$	392,370		$	(296,632	)

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VimpelCom Ltd - First Quarter 2010 Pro Forma Operating Results and Selected Financial Data

OJSC VimpelCom Unaudited Condensed Consolidated Balance Sheets


	March 31, 2010			December 31, 2009
	*(In thousands of US dollars, except share amounts)*
Assets
Current assets:
Cash and cash equivalents	$	1,529,605		$	1,446,949
Trade accounts receivable, net of allowance for doubtful accounts		449,599			392,365
Inventory		63,310			61,919
Deferred income taxes		89,178			91,493
Input value added tax		135,285			96,994
Due from related parties		187,260			249,631
Other current assets		430,640			627,257

Total current assets		2,884,877			2,966,608

Property and equipment, net		5,556,235			5,561,569
Telecommunications licenses, net		535,024			542,597
Goodwill		3,674,705			3,284,293
Other intangible assets, net		689,289			700,365
Software, net		441,514			448,255
Investments in associates		432,562			436,767
Other assets		817,685			792,087

Total assets	$	15,031,891		$	14,732,541


Liabilities, redeemable noncontrolling interest and equity
Current liabilities:
Accounts payable	$	525,013		$	545,690
Due to employees		156,019			113,368
Due to related parties		9,998			9,211
Accrued liabilities		399,918			315,666
Taxes payable		337,437			212,767
Customer advances, net of VAT		315,088			376,121
Customer deposits		29,109			28,386
Short-term debt		1,356,396			1,813,141

Total current liabilities		3,128,978			3,414,350

Deferred income taxes		544,932			596,472
Long-term debt		5,291,747			5,539,906
Other non-current liabilities		178,118			164,636
Commitments, contingencies and uncertainties		—			—

Total liabilities		9,143,775			9,715,364

Redeemable noncontrolling interest		511,942			508,668

Equity:
Convertible voting preferred stock (.005 rubles nominal value per share), 10,000,000 shares authorized; 6,426,600 shares issued and outstanding		—			—
Common stock (.005 rubles nominal value per share), 90,000,000 shares authorized; 51,281,022 shares issued (December 31, 2009: 51,281,022); 50,714,662 shares outstanding (December 31, 2009: 50,714,579)		92			92
Additional paid-in capital		1,152,515			1,143,657
Retained earnings		4,466,862			4,074,492
Accumulated other comprehensive (loss)		(418,444	)		(488,277	)
Treasury stock, at cost, 566,360 shares of common stock (December 31, 2009: 566,443)		(223,406	)		(223,421	)

Total OJSC VimpelCom shareholders’ equity		4,977,619			4,506,543

Noncontrolling interest		398,555			1,966

Total equity		5,376,174			4,508,509

Total liabilities, redeemable noncontrolling interest and equity	$	15,031,891		$	14,732,541

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VimpelCom Ltd - First Quarter 2010 Pro Forma Operating Results and Selected Financial Data

OJSC VimpelCom Unaudited Condensed Consolidated Statements of Cash Flows


	Three months ended March 31,
	2010			2009
	*(In thousands of US dollars)*

Operating activities

Net cash provided by operating activities		803,279			838,187

Investing activities

Purchases of property and equipment		(144,113	)		(148,834	)
Purchases of intangible assets		(8,503	)		(8,759	)
Purchases of software		(57,379	)		(42,816	)
Cash increase due to Sky Mobile consolidation		4,702			—
Loan granted		(5,044	)		—
Proceeds from withdrawal of deposits		225,743			—
Purchases of other assets, net		(8,051	)		(3,049	)

Net cash used in investing activities		7,355			(203,458	)

Financing activities
Proceeds from bank and other loans		203,227			—
Repayments of bank and other loans		(927,551	)		(525,992	)
Payments of fees in respect of debt issues		(83	)		(8,166	)
Purchase of noncontrolling interest in consolidated subsidiaries		(2,294	)		—
Payment of dividends		(2,049	)		—
Payment of dividends to noncontrolling interest		(7,874	)		—

Net cash (used in)/provided by financing activities		(736,624	)		(534,158	)

Effect of exchange rate changes on cash and cash equivalents		8,646			(49,099	)


Net increase/(decrease) in cash and cash equivalents		82,656			51,472
Cash and cash equivalents at beginning of period		1,446,949			914,683

Cash and cash equivalents at end of period	$	1,529,605		$	966,155

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VimpelCom Ltd - First Quarter 2010 Pro Forma Operating Results and Selected Financial Data

OJSC VimpelCom Unaudited Consolidated Statements of Cash Flows (Continued)


	Three months ended March 31,
	2010			2009
	*(In thousands of US dollars)*
Supplemental cash flow information
Cash paid during the period:
Income tax	$	175,208		$	30,850
Interest		118,217			88,492
Non-cash activities:
Accounts payable for property, equipment and other long-lived assets		(138,899	)		308,273

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VimpelCom Ltd - First Quarter 2010 Pro Forma Operating Results and Selected Financial Data

Attachment C: Reconciliation Tables (Unaudited)

Reconciliation of Combined Adjusted OIBDA (pro-forma)

(In millions of US$)


VimpelCom Ltd. (Pro-forma), OIBDA, US$ mln	1Q 10
Adjusted OIBDA	1,205
Depreciation	(408	)
Amortization	(134	)
Impairment loss	(1	)
Operating income	662
Interest income	15
Net foreign exchange gain/(loss)	100
Interest expense	(142	)
Equity in net gain/(loss) of associates	(4	)
Other (expense)/income, net	(48	)
Income tax expense	(161	)
Net income/(loss)	422

Reconciliation of Combined Adjusted OIBDA Margin (pro-forma)


VimpelCom Ltd. (Pro-forma), %	1Q 10
Adjusted OIBDA margin as a percentage of net operating revenues	47.5	%
Depreciation	(16.1	)%
Amortization	(5.3	)%
Impairment loss	0.0	%
Operating income	26.1	%
Interest income	0.6	%
Net foreign exchange gain/(loss)	3.9	%
Interest expense	(5.6	)%
Equity in net gain/(loss) of associates	(0.2	)%
Other (expense)/income, net	(1.9	)%
Income tax expense	(6.3	)%
Net income/(loss)	16.6	%

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VimpelCom Ltd - First Quarter 2010 Pro Forma Operating Results and Selected Financial Data

Reconciliation of Consolidated Adjusted OIBDA of OJSC VimpelCom

(In millions of US$)


OJSC VimpelCom, OIBDA, US$ mln	1Q 10		1Q 09		4Q 09
Adjusted OIBDA	1,052		949		1,088
Depreciation	(352	)	(309	)	(393	)
Amortization	(67	)	(73	)	(87	)
Operating income	633		567		608
Interest income	12		15		10
Net foreign exchange gain/(loss)	105		(746	)	(14	)
Interest expense	(142	)	(137	)	(164	)
Equity in net gain/(loss) of associates	(4	)	(35	)	(10	)
Other (expense)/income, net	(48	)	(6	)	(24	)
Income tax expense	(153	)	34		(125	)
Net income/(loss)	403		(308	)	281

Reconciliation of Consolidated Adjusted OIBDA Margin of OJSC VimpelCom


OJSC VimpelCom, OIBDA Margin, %	1Q 10		1Q 09		4Q 09
Adjusted OIBDA margin as a percentage of net operating revenues	47.2	%	48.1	%	47.1	%
Depreciation	(15.8	)%	(15.7	)%	(17.0	)%
Amortization	(3.0	)%	(3.7	)%	(3.8	)%
Operating income	28.4	%	28.7	%	26.3	%
Interest income	0.5	%	0.8	%	0.4	%
Net foreign exchange gain/(loss)	4.7	%	(37.8	)%	(0.6	)%
Interest expense	(6.4	)%	(6.9	)%	(7.1	)%
Equity in net gain/(loss) of associates	(0.2	)%	(1.8	)%	(0.4	)%
Other (expense)/income, net	(2.0	)%	(0.3	)%	(1.0	)%
Income tax expense	(6.9	)%	1.7	%	(5.4	)%
Net income/(loss)	18.1	%	(15.6	)%	12.2	%

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VimpelCom Ltd - First Quarter 2010 Pro Forma Operating Results and Selected Financial Data

Reconciliation of Consolidated Adjusted OIBDA of Kyivstar

(In millions of US$)


KYIVSTAR, OIBDA US$ mln	1Q 10		1Q 09		4Q 09
Adjusted OIBDA	164		189		194
Depreciation	(56	)	(60	)	(54	)
Amortization	(67	)	(82	)	(78	)
Impairment loss	(1	)	(7	)	(10	)
Operating income	40		40		52
Interest income	4		36		5
Net foreign exchange gain/(loss)	(5	)	(10	)	(2	)
Interest expense	0		(3	)	0
Equity in net gain/(loss) of associates	0		0		0
Other (expense)/income, net	0		0		0
Income tax expense	(11	)	(15	)	(13	)
Net income/(loss)	28		48		42

Reconciliation of Consolidated Adjusted OIBDA Margin of Kyivstar


KYIVSTAR, OIBDA Margin,%	1Q 10		1Q 09		4Q 09
Adjusted OIBDA margin as a percentage of net operating revenues	50.9	%	53.8	%	53.6	%
Depreciation	(17.4	)%	(17.1	)%	(14.9	)%
Amortization	(20.8	)%	(23.4	)%	(21.5	)%
Impairment loss	(0.3	)%	(2.0	)%	(2.8	)%
Operating income	12.4	%	11.4	%	14.4	%
Interest income	1.2	%	10.3	%	1.4	%
Net foreign exchange gain/(loss)	(1.5	)%	(2.8	)%	(0.6	)%
Interest expense	0.0	%	(0.9	)%	0.0	%
Equity in net gain/(loss) of associates	0.0	%	0.0	%	0.0	%
Other (expense)/income, net	0.0	%	0.0	%	0.0	%
Income tax expense	(3.4	)%	(4.3	)%	(3.6	)%
Net income/(loss)	8.7	%	13.7	%	11.6	%

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VimpelCom Ltd - First Quarter 2010 Pro Forma Operating Results and Selected Financial Data

Reconciliation of Consolidated Adjusted OIBDA of Kyivstar

(In millions of UAH)


KYIVSTAR, UAH mln	1Q 10		1Q 09		4Q 09
Adjusted OIBDA	1,307		1,456		1,549
Depreciation	(444	)	(460	)	(434	)
Amortization	(538	)	(630	)	(627	)
Impairment loss	(5	)	(55	)	(74	)
Operating income	320		311		414
Interest income	28		280		43
Net foreign exchange gain/(loss)	(36	)	(77	)	(13	)
Interest expense	(1	)	(26	)	(1	)
Equity in net gain/(loss) of associates	0		0		0
Other (expense)/income, net	(1	)	0		(4	)
Income tax expense	(86	)	(118	)	(106	)
Net income/(loss)	224		370		333

Reconciliation of Consolidated Adjusted OIBDA Margin of Kyivstar

(based on UAH million OIBDA)


KYIVSTAR, OIBDA Margin, %	1Q 10		1Q 09		4Q 09
Adjusted OIBDA margin as a percentage of net operating revenues	50.8	%	53.9	%	53.6	%
Depreciation	(17.3	)%	(17.0	)%	(15.0	)%
Amortization	(20.9	)%	(23.3	)%	(21.7	)%
Impairment loss	(0.2	)%	(2.1	)%	(2.6	)%
Operating income	12.4	%	11.5	%	14.3	%
Interest income	1.1	%	10.4	%	1.5	%
Net foreign exchange gain/(loss)	(1.4	)%	(2.8	)%	(0.5	)%
Interest expense	0.0	%	(1.0	)%	(0.0	)%
Equity in net gain/(loss) of associates	0.0	%	0.0	%	0.0	%
Other (expense)/income, net	0.0	%	0.0	%	(0.1	)%
Income tax expense	(3.3	)%	(4.4	)%	(3.7	)%
Net income/(loss)	8.7	%	13.7	%	11.5	%

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VimpelCom Ltd - First Quarter 2010 Pro Forma Operating Results and Selected Financial Data

Reconciliation of OJSC VimpelCom Consolidated Net Debt (as of March 31, 2010)

(In millions of US$)


OJSC VimpelCom Net Debt	1Q 10
Net debt	4,928
Long-term debt	5,292
Short-term debt	1,356
Cash and cash equivalents	(1,530	)
Short-term investments	(190	)

Attachment D: Capex Development


CAPEX (in US$ millions)	1Q 10	1Q 09	1Q 10/ 1Q 09		4Q 09	1Q 10/ 4Q 09
Total capex OJSC VimpelCom	179.3	113.0	58.7	%	422.7	-57.6	%
Russia	123.9	90.5	36.9	%	331.5	-62.6	%
CIS	38.3	9.5	303.2	%	68.1	-43.8	%
Kazakhstan	5.9	3.3	78.8	%	19.5	-69.7	%
Ukraine (URS+GT)	6.0	2.9	106.9	%	11.0	-45.5	%
Armenia	3.1	0.2	1450.0	%	7.8	-60.3	%
Uzbekistan	17.9	1.1	1527.3	%	21.1	-15.2	%
Tajikistan	0.1	0.4	-75.0	%	5.4	-98.1	%
Georgia	4.3	1.6	168.8	%	3.3	30.3	%
Kyrgyzstan	1.0	—	n/a		—	n/a
SEA	16.9	12.9	31.0	%	22.8	-25.9	%
Kyivstar	55.8	42.3	31.9	%	41.7	33.8	%

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VimpelCom Ltd - First Quarter 2010 Pro Forma Operating Results and Selected Financial Data

Attachment E: OJSC VimpelCom Financial and Operational highlights – CIS

Revenues Development


KAZAKHSTAN (KZT mln)	1Q 10	1Q 09	1Q 10/ 1Q 09		4Q 09	1Q 10/ 4Q 09
Net operating revenues	23,555	21,373	10.2	%	25,564	-7.9	%
Mobile	23,079	21,055	9.6	%	25,151	-8.2	%
Fixed	476	318	49.7	%	413	15.3	%

UKRAINE (URS+GT) (UAH mln)	1Q 10	1Q 09	1Q 10/ 1Q 09		4Q 09	1Q 10/ 4Q 09
Net operating revenues	359	365	-1.6	%	385	-6.8	%
Mobile	183	198	-7.6	%	190	-3.7	%
Fixed	176	167	5.4	%	195	-9.7	%

ARMENIA (AMD mln)	1Q 10	1Q 09	1Q 10/ 1Q 09		4Q 09	1Q 10/ 4Q 09
Net operating revenues	16,016	17,066	-6.2	%	18,202	-12.0	%
Mobile	5,787	6,888	-16.0	%	7,046	-17.9	%
Fixed	10,229	10,178	0.5	%	11,156	-8.3	%

UZBEKISTAN (US$ mln)*	1Q 10	1Q 09	1Q 10/ 1Q 09		4Q 09	1Q 10/ 4Q 09
Net operating revenues	45.3	58.5	-22.6	%	50.2	-9.8	%
Mobile	42.9	55.5	-22.7	%	47.5	-9.7	%
Fixed	2.4	3.0	-20.0	%	2.7	-11.1	%

TAJIKISTAN (US$ mln)*	1Q 10	1Q 09	1Q 10/ 1Q 09		4Q 09	1Q 10/ 4Q 09
Net operating revenues	14.8	14.4	2.8	%	15.6	-5.1	%
Mobile	13.3	14.4	-7.6	%	15.6	-14.7	%
Fixed	1.5	—			—

GEORGIA (GEL mln)	1Q 10	1Q 09	1Q 10/ 1Q 09		4Q 09	1Q 10/ 4Q 09
Net operating revenues	18.8	10.1	86.1	%	17.1	9.9	%
Mobile	18.3	10.1	81.2	%	17.1	7.0	%
Fixed	0.5	—			—

KYRGYZSTAN (KGS mln)	1Q 10	1Q 09	1Q 10/ 1Q 09		4Q 09	1Q 10/ 4Q 09
Mobile net operating revenues	1,138	—	n/a		—	n/a

CIS REVENUES (US$ mln)**	1Q 10	1Q 09	1Q 10/ 1Q 09		4Q 09	1Q 10/ 4Q 09
Net operating revenues	339.8	332.6	2.2	%	341.6	-0.5	%
Mobile	283.8	274.3	3.5	%	282.8	0.4	%
Fixed	56.0	58.3	-3.9	%	58.8	-4.8	%

*	US$ is the functional currency in Uzbekistan and Tajikistan.

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VimpelCom Ltd - First Quarter 2010 Pro Forma Operating Results and Selected Financial Data

**	Mobile and fixed revenues for all periods were recalculated – please see definition of reportable segments in Attachment A.

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VimpelCom Ltd - First Quarter 2010 Pro Forma Operating Results and Selected Financial Data

OIBDA Development


KAZAKHSTAN (KZT mln)	1Q 10		1Q 09		1Q 10/ 1Q 09		4Q 09		1Q 10/ 4Q 09
Adjusted OIBDA total	13,069		10,964		19.2	%	14,083		-7.2	%
Mobile	13,008		10,960		18.7	%	14,082		-7.6	%
Fixed	61		4		1425.0	%	1		6000.0	%
Adjusted OIBDA margin, %	55.5	%	51.3	%			55.1	%

UKRAINE (URS+GT) (UAH mln)	1Q 10		1Q 09		1Q 10/ 1Q 09		4Q 09		1Q 10/ 4Q 09
Adjusted OIBDA total	80.7		49.8		62.0	%	60.8		32.7	%
Mobile	28.3		9.9		185.9	%	18.7		51.3	%
Fixed	52.4		39.9		31.3	%	42.1		24.5	%
Adjusted OIBDA margin, %	22.5	%	13.6	%			15.8	%

ARMENIA (AMD mln)	1Q 10		1Q 09		1Q 10/ 1Q 09		4Q 09		1Q 10/ 4Q 09
Adjusted OIBDA total	7,348		8,849		-17.0	%	8,748		-16.0	%
Mobile	2,377		3,407		-30.2	%	2,902		-18.1	%
Fixed	4,971		5,442		-8.7	%	5,846		-15.0	%
Adjusted OIBDA margin, %	45.9	%	51.9	%			48.1	%

UZBEKISTAN (US$ mln)*	1Q 10		1Q 09		1Q 10/ 1Q 09		4Q 09		1Q 10/ 4Q 09
Adjusted OIBDA total	19.6		33.1		-40.8	%	23.0		-14.8	%
Mobile	18.6		31.9		-41.7	%	22.0		-15.5	%
Fixed	1.0		1.2		-16.7	%	1.0		0.0	%
Adjusted OIBDA margin, %	43.3	%	56.6	%			45.8	%

TAJIKISTAN (US$ mln)*	1Q 10		1Q 09		1Q 10/ 1Q 09		4Q 09		1Q 10/ 4Q 09
Adjusted OIBDA total	4.4		4.9		-10.2	%	7.1		-38.0	%
Mobile	4.1		4.9		-16.3	%	7.1		-42.3	%
Fixed	0.3		—		n/a		—		n/a
Adjusted OIBDA margin, %	29.7	%	34.0	%			45.5	%

GEORGIA (GEL mln)	1Q 10		1Q 09		1Q 10/ 1Q 09		4Q 09		1Q 10/ 4Q 09
Adjusted OIBDA Total	2.0		-0.9		n/a		0.6		233.3	%
Mobile	1.93		-0.9		n/a		0.6		221.7	%
Fixed	0.03		—		n/a		—		n/a
Adjusted OIBDA margin, %	10.6	%	n/a				3.5	%

KYRGYZSTAN (KGS mln)	1Q 10		1Q 09		1Q 10/ 1Q 09		4Q 09		1Q 10/ 4Q 09
Adjusted Mobile OIBDA	426		—		n/a		—		n/a
Adjusted Mobile OIBDA margin, %	37.4	%	—		n/a		—		n/a

CIS OIBDA (US$ mln)	1Q 10		1Q 09		1Q 10/ 1Q 09		4Q 09		1Q 10/ 4Q 09
Adjusted OIBDA total	152.4		149.7		1.8	%	154.7		-1.5	%
Mobile	131.1		126.6		3.6	%	133.1		-1.5	%
Fixed	21.3		23.1		-7.8	%	21.6		-1.4	%
Adjusted OIBDA margin, %	44.8	%	45.0	%			45.3	%

*	US$ is the functional currency in Uzbekistan and Tajikistan.

LOGO

VimpelCom Ltd - First Quarter 2010 Pro Forma Operating Results and Selected Financial Data

Operating Highlights


KAZAKHSTAN	1Q 10	1Q 09	1Q 10/ 1Q 09		4Q 09	1Q 10/ 4Q 09
Mobile subscriptions (‘000)	6,062	6,377	-4.9	%	6,135	-1.2	%
MOU, min	102.2	81.1	26.0	%	102.3	-0.1	%
ARPU mobile, US$	8.4	7.8	7.7	%	8.5	-1.2	%
ARPU mobile, (KZT)	1,264	1,099	15.0	%	1,279	-1.2	%
Broadband internet subscriptions (‘000)	2.7	0.2	1250.0	%	1.3	107.7	%

UKRAINE (URS+GT)	1Q 10	1Q 09	1Q 10/ 1Q 09		4Q 09	1Q 10/ 4Q 09
Mobile subscriptions (‘000)	1,951	1,894	3.0	%	2,005	-2.7	%
MOU, min	197.2	213.3	-7.5	%	201.3	-2.0	%
ARPU mobile, US$	3.8	4.5	-15.6	%	3.9	-2.6	%
ARPU mobile, (UAH)	32.4	34.6	-6.4	%	31.9	1.6	%
Broadband internet subscriptions (‘000)	133.8	39.6	237.9	%	109.3	22.4	%

ARMENIA	1Q 10	1Q 09	1Q 10/ 1Q 09		4Q 09	1Q 10/ 4Q 09
Mobile subscriptions (‘000)	549	481	14.1	%	545	0.7	%
MOU, min	345.6	174.7	97.8	%	268.2	28.9	%
ARPU mobile, US$	9.0	13.9	-35.3	%	11.5	-21.7	%
ARPU mobile, (AMD)	3,478	4,574	-24.0	%	4,433	-21.5	%
Broadband internet subscriptions (‘000)	31.2	15.3	103.9	%	26.2	19.1	%

UZBEKISTAN	1Q 10	1Q 09	1Q 10/ 1Q 09		4Q 09	1Q 10/ 4Q 09
Mobile subscriptions (‘000)	3,489	3,653	-4.5	%	3,515	-0.7	%
MOU, min	369.2	238.6	54.7	%	387.3	-4.7	%
ARPU mobile, US$	4.2	5.2	-19.2	%	4.6	-8.7	%
Broadband internet subscriptions (‘000)	10.0	6.8	47.1	%	9.0	11.1	%

TAJIKISTAN	1Q 10	1Q 09	1Q 10/ 1Q 09		4Q 09	1Q 10/ 4Q 09
Mobile subscriptions (‘000)	820	722	13.6	%	743	10.4	%
MOU, min	157.9	171.7	-8.0	%	173.6	-9.0	%
ARPU mobile, US$	5.6	7.1	-21.1	%	7.2	-22.2	%

GEORGIA	1Q 10	1Q 09	1Q 10/ 1Q 09		4Q 09	1Q 10/ 4Q 09
Mobile subscriptions (‘000)	431	246	75.2	%	399	8.0	%
MOU, min	125.0	121.2	3.1	%	131.1	-4.7	%
ARPU mobile, US$	7.5	8.4	-10.7	%	8.4	-10.7	%
ARPU mobile, (GEL)	13.7	14.0	-2.1	%	15.2	-9.9	%

KYRGYZSTAN	1Q 10	1Q 09	1Q 10/ 1Q 09		4Q 09	1Q 10/ 4Q 09
Mobile subscriptions (‘000)	1,774	—			—
MOU, min	193.9	—			—
ARPU mobile, US$	4.7	—			—
ARPU mobile, (KGS)	208	—			—

LOGO

VimpelCom Ltd - First Quarter 2010 Pro Forma Operating Results and Selected Financial Data

*	We no longer provide information on subscriptions market share, because different churn policies used by mobile service providers result in reported subscriptions market share figures that are not representative.

Attachment F: Key Financial Results in US Dollars

OJSC VimpelCom — Russia


RUSSIA (US$ millions)	1Q 10		1Q 09		1Q 10/ 1Q 09		4Q 09		1Q 10/ 4Q 09
Net operating revenues	1,919		1,661		15.5	%	1,996		-3.9	%
Adjusted OIBDA	907		803		13.0	%	941		-3.6	%
Adjusted OIBDA margin, %	47.3	%	48.3	%			47.1	%
Operating income	586		522		12.3	%	590		-0.7	%
Operating income margin, %	30.5	%	31.4	%			29.6	%
SG&A	529		441		20.0	%	578		-8.5	%
including Sales & Marketing Expenses	166		132		25.8	%	191		-13.1	%
including General & Administrative Costs	363		309		17.5	%	387		-6.2	%
SG&A percentage	27.6	%	26.6	%			29.0	%
Net income (loss) attributable to OJSC VimpelCom	386		-244		n/a		313		23.3	%

RUSSIA REVENUES (US$ millions)	1Q 10		1Q 09		1Q 10/ 1Q 09		4Q 09		1Q 10/ 4Q 09
Net operating revenues	1,919		1,661		15.5	%	1,996		-3.9	%
Mobile revenues	1,602		1,344		19.2	%	1,660		-3.5	%
Fixed-line revenues	317		317		0.0	%	336		-5.7	%

RUSSIA OIBDA DEVELOPMENT (US$ millions)	1Q 10		1Q 09		1Q 10/ 1Q 09		4Q 09		1Q 10/ 4Q 09
Adjusted OIBDA total	907		803		13.0	%	941		-3.6	%
Mobile	816		695		17.4	%	843		-3.2	%
Fixed-line	91		108		-15.7	%	98		-7.1	%
Adjusted total OIBDA margin, %	47.3	%	48.3	%			47.1	%
Mobile, %	50.9	%	51.7	%			50.8	%
Fixed-line, %	28.7	%	34.1	%			29.2	%

*	Please find information on respective operating income amounts in the supplementary file FinancialOperatingQ12010.xls on our website at http://www.vimpelcom.com/news/qrep.wbp.

LOGO

VimpelCom Ltd - First Quarter 2010 Pro Forma Operating Results and Selected Financial Data

Kyivstar — Ukraine


KYIVSTAR (US$ millions)	1Q 10		1Q 09		1Q 10/ 1Q 09		4Q 09		1Q 10/ 4Q 09
Net operating revenues	322		351		-8.3	%	362		-11.0	%
Adjusted OIBDA	164		189		-13.2	%	194		-15.5	%
Adjusted OIBDA margin, %	50.9	%	53.8	%			53.6	%
Operating income	40		40		0.0	%	52		-23.1	%
Operating income margin, %	12.4	%	11.4	%			14.4	%
SG&A	98		99		-1.0	%	98		0.0	%
including Sales & Marketing Expenses	17		18		-5.6	%	24		-29.2	%
including General & Administrative Costs	81		81		0.0	%	74		9.5	%
SG&A percentage	30.4	%	28.2	%			27.1	%
Net income (loss) attributable to Kyivstar	28		48		-41.7	%	42		-33.3	%

LOGO

VimpelCom Ltd - First Quarter 2010 Pro Forma Operating Results and Selected Financial Data

OJSC VimpelCom — CIS Revenues in US$


KAZAKHSTAN (US$ mln)	1Q 10	1Q 09	1Q 10/ 1Q 09		4Q 09	1Q 10/ 4Q 09
Net operating revenues	159.5	153.9	3.6	%	170.4	-6.4	%
Mobile	156.3	151.6	3.1	%	167.7	-6.8	%
Fixed	3.2	2.3	39.1	%	2.7	18.5	%

UKRAINE (URS+GT) (US$ mln)	1Q 10	1Q 09	1Q 10/ 1Q 09		4Q 09	1Q 10/ 4Q 09
Net operating revenues	44.9	47.4	-5.3	%	48.1	-6.7	%
Mobile	22.9	25.7	-10.9	%	23.8	-3.8	%
Fixed	22.0	21.7	1.4	%	24.3	-9.5	%

ARMENIA (US$ mln)	1Q 10	1Q 09	1Q 10/ 1Q 09		4Q 09	1Q 10/ 4Q 09
Net operating revenues	41.7	52.7	-20.9	%	47.3	-11.8	%
Mobile	15.1	21.3	-29.1	%	18.3	-17.5	%
Fixed	26.6	31.4	-15.3	%	29.0	-8.3	%

UZBEKISTAN (US$ mln)	1Q 10	1Q 09	1Q 10/ 1Q 09		4Q 09	1Q 10/ 4Q 09
Net operating revenues	45.3	58.5	-22.6	%	50.2	-9.8	%
Mobile	42.9	55.5	-22.7	%	47.5	-9.7	%
Fixed	2.4	3.0	-20.0	%	2.7	-11.1	%

TAJIKISTAN (US$ mln)	1Q 10	1Q 09	1Q 10/ 1Q 09		4Q 09	1Q 10/ 4Q 09
Net operating revenues	14.8	14.4	2.8	%	15.6	-5.1	%
Mobile	13.3	14.4	-7.6	%	15.6	-14.7	%
Fixed	1.5	—	n/a		—	n/a

GEORGIA (US$ mln)	1Q 10	1Q 09	1Q 10/ 1Q 09		4Q 09	1Q 10/ 4Q 09
Net operating revenues	10.9	6.0	81.7	%	10.2	6.9	%
Mobile	10.6	6.0	76.7	%	10.2	3.9	%
Fixed	0.3	—	n/a		—	n/a

KYRGYZSTAN (US$ mln)	1Q 10	1Q 09	1Q 10/ 1Q 09		4Q 09	1Q 10/ 4Q 09
Mobile net operating revenues	25.5	—	n/a		—	n/a

LOGO

VimpelCom Ltd - First Quarter 2010 Pro Forma Operating Results and Selected Financial Data

OJSC VimpelCom — CIS Adjusted OIBDA in US$


KAZAKHSTAN (US$ mln)	1Q 10		1Q 09		1Q 10/ 1Q 09		4Q 09		1Q 10/ 4Q 09
Adjusted OIBDA total	88.5		78.7		12.5	%	93.9		-5.8	%
Mobile	88.1		78.7		11.9	%	93.9		-6.2	%
Fixed	0.4		0.0		n/a		0.0		n/a
Adjusted OIBDA margin, %	55.5	%	51.1	%			55.1	%

UKRAINE (URS+GT) (US$ mln)	1Q 10		1Q 09		1Q 10/ 1Q 09		4Q 09		1Q 10/ 4Q 09
Adjusted OIBDA total	10.1		6.3		60.3	%	7.6		32.9	%
Mobile	3.5		1.2		191.7	%	2.2		59.1	%
Fixed	6.6		5.1		29.4	%	5.4		22.2	%
Adjusted OIBDA margin, %	22.5	%	13.3	%			15.8	%

ARMENIA (US$ mln)	1Q 10		1Q 09		1Q 10/ 1Q 09		4Q 09		1Q 10/ 4Q 09
Adjusted OIBDA total	19.1		27.2		-29.8	%	22.7		-15.9	%
Mobile	6.2		10.5		-41.0	%	7.6		-18.4	%
Fixed	12.9		16.7		-22.8	%	15.1		-14.6	%
Adjusted OIBDA margin, %	45.8	%	51.6	%			48.0	%

UZBEKISTAN (US$ mln)	1Q 10		1Q 09		1Q 10/ 1Q 09		4Q 09		1Q 10/ 4Q 09
Adjusted OIBDA total	19.6		33.1		-40.8	%	23.0		-14.8	%
Mobile	18.6		31.9		-41.7	%	22.0		-15.5	%
Fixed	1.0		1.2		-16.7	%	1.0		0.0	%
OIBDA Margin, %	43.3	%	56.6	%			45.8	%

TAJIKISTAN (US$ mln)	1Q 10		1Q 09		1Q 10/ 1Q 09		4Q 09		1Q 10/ 4Q 09
Adjusted OIBDA total	4.4		4.9		-10.2	%	7.1		-38.0	%
Mobile	4.1		4.9		-16.3	%	7.1		-42.3	%
Fixed	0.3		—		n/a		—		n/a
Adjusted OIBDA margin, %	29.7	%	34.0	%			45.5	%

GEORGIA (US$ mln)	1Q 10		1Q 09		1Q 10/ 1Q 09		4Q 09		1Q 10/ 4Q 09
Adjusted OIBDA total	1.1		-0.5		n/a		0.4		175.0	%
Mobile	1.1		-0.5		n/a		0.4		175.0	%
Fixed	0.02		—		n/a		—		n/a
Adjusted OIBDA margin, %	10.1	%	n/a				3.9	%

KYRGYZSTAN (US$ mln)	1Q 10		1Q 09		1Q 10/ 1Q 09		4Q 09		1Q 10/ 4Q 09
Adjusted mobile OIBDA	9.5		—		n/a		—		n/a
Adjusted mobile OIBDA margin, %	37.3	%	—				—

LOGO

VimpelCom Ltd - First Quarter 2010 Pro Forma Operating Results and Selected Financial Data

*	Please find information on respective operating income amounts in the supplementary file FinancialOperatingQ12010.xls on our website at http://www.vimpelcom.com/news/qrep.wbp.

Attachment G: Operational Highlights - South-East Asia


SEA (US$ mln)	1Q 10	1Q 09	1Q 10/ 1Q 09	4Q 09	1Q 10/ 4Q 09
Net operating mobile revenues	4.4	0.0	n/a	2.4	83.3	%
Adjusted mobile OIBDA	-5.9	-1.6	n/a	-6.4	n/a

Attachment H: Average Rates of Functional Currencies to USD*


Functional Currency/ 1 US$		4Q 08	1Q 09	2Q 09	3Q 09	4Q 09	1Q 10
Russia	RUR	27.27	33.93	32.21	31.33	29.47	29.89
Kazakhstan	KZT	120.16	138.85	150.47	150.75	149.77	147.68
Ukraine	UAH	6.21	7.70	7.66	7.82	7.99	7.99
Armenia	AMD	306.47	325.11	370.46	372.66	384.40	384.26
Georgia	GEL	1.55	1.67	1.66	1.68	1.68	1.72
Kyrgyzstan	KGS	—	—	—	—	—	44.55

•

Functional currencies in Tajikistan, Uzbekistan and Cambodia are US dollars.

LOGO

VimpelCom Ltd

1Q10 Presentation

VimpelCom Ltd

2010

Disclaimer

This presentation contains "forward-looking statements", as the phrase is defined in Section

27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.

These statements relate to the Company's strategy, development plans and anticipated

performance. The forward-looking statements are based on management's best assessment

of the Company's strategic and financial position, and future market conditions and trends.

These discussions involve risks and uncertainties. The actual outcome may differ materially

from

these

statements

result

continued

volatility

the

economies

the

markets

which the Company operates, unforeseen developments from competition, governmental

regulation of the telecommunications industries and general political uncertainties in the

markets in which the Company operates and/or litigation with third parties. The actual

outcome may also differ materially if the Company is unable to obtain all necessary

corporate approvals relating to its business, if the Company is unable to successfully

integrate

newly-acquired

businesses

and

other

factors.

There

can

assurance

that

these

risks and uncertainties will not have a material adverse effect on the Company, that the

Company will be able to grow or that it will be successful in executing its strategy and

development plans. Certain factors that could cause actual results to differ materially from

those discussed in any forward-looking statements include the risk factors described in the

Company’s registration statement on Form F-4 filed with the U.S. Securities and Exchange

Commission

(the

“SEC”),

OJSC

VimpelCom’s

public

filings

with

the

SEC,

including

its

Annual

Report

Form

20-F

for

the

year

ended

December

31,

2009,

and

other

public

filings

made

the Company with the SEC, which risk factors are incorporated herein by reference.

VimpelCom

disclaims any obligation to update developments of these risk factors or to

announce publicly any revision to any of the forward-looking statements contained herein, or

to make corrections to reflect future events or developments.

VimpelCom Ltd

2010

Participants

Q&A Session

will be joined by:

Boris Nemsic

Chief Executive Officer. OJSC VimpelCom

Elena Shmatova

Chief Financial Officer, OJSC VimpelCom

Martin Furuseth

Chief Marketing Officer, OJSC VimpelCom

Dmitry Kromsky

Vice-President, CIS, OJSC VimpelCom

Taras

Parkhomenko

Chief Marketing Officer, Kyivstar

Alexander Izosimov, President and Chief

Executive Officer, VimpelCom Ltd

Presentation

VimpelCom Ltd

2010

Transformational deal successfully completed

•

Combination of VimpelCom and Kyivstar

first announced on

October

2009

•

Exchange

Offer

successfully

completed

April

2010

with 98% acceptance rate

•

Trading of VimpelCom Ltd ADSs

commenced on the NYSE on

April

2010

•

The

squeeze

out

demand

notice

filed

May

2010

process expected to be completed in the coming months

VimpelCom Ltd

2010

1,919

2,535

1,973

344

322

-50

Russia 1Q10

CIS+SEA

1Q10

Kyivstar

1Q10

Other, HQ

and

eliminations

VimpelCom

Ltd 1Q10

OJSC

VimpelCom

1Q09

Group Financial Highlights

Revenue

, USD mln

Net Income Attributable to OJSC VimpelCom / VimpelCom Ltd., USD mln

Adjusted OIBDA,

USD mln

•

Combined revenues increased to $2.5bn

•

Russia represents 75% of the total revenues

compared to 84% a year ago

•

The leading telecom operator in the region

•

The combined adjusted OIBDA margin comprised

47.5%

strengthened

the

Kyivstar’s

margin

•

Combined net income attributable to VimpelCom

Ltd. amounted to $412 mln

•

Combined EPS was $0.32

+28.5%

+27.0%

* Hereafter refers to Net operating revenues

(pro forma)

386

412

-297

-8

Russia 1Q10

CIS+SEA

1Q10

Kyivstar

1Q10

Other, HQ

and

eliminations

VimpelCom

Ltd 1Q10

OJSC

VimpelCom

1Q09

907

147

164

949

-13

1,205

Russia 1Q10

CIS+SEA

1Q10

Kyivstar

1Q10

Other, HQ

and

eliminations

VimpelCom

Ltd 1Q10

OJSC

VimpelCom

1Q09

VimpelCom Ltd

2010

VimpelCom

Debt Profile

OJSC VimpelCom

Debt

Maturity

Schedule,

USD

mln

1 000

745

1,418

1,971

1,795

928

605

1Q10

2Q10

3Q10

4Q10

2010

2011

2012

2013

2014

2015

2016

2017

2018

OJSC VimpelCom

Debt

Composition by Currency

* $928 million paid as of March 31, 2010 at actual rate.

$215 million paid as of May 25, 2010

423

210

1,143

USD, 61%

RUR, 30%

EUR, 9%

215

Ratios

1.3

0.008

1.5

Debt/OIBDA

LTM

5,159

783

4,376

OIBDA

LTM

($ mln)

6,654

6,648

Total Debt ($ mln)

VimpelCom Ltd

Kyivstar

OJSC VimpelCom

paid

due in 2010

due after 2010

VimpelCom Ltd

2010

OJSC VimpelCom: Financial Highlights

Revenue, USD mln

Net Income Attributable to OJSC VimpelCom, USD mln

Adjusted OIBDA

(USD mln)

and Adjusted OIBDA Margin

+13.1%

2,231

2,309

1,973

1Q 09

4Q 09

1Q 10

1,052

1,088

949

48.1%

47.1%

47.2%

1Q 09

4Q 09

1Q 10

30.0%

35.0%

40.0%

45.0%

50.0%

55.0%

60.0%

65.0%

70.0%

OIBDA

OIBDA Margin

392

283

-297

1Q 09

4Q 09

1Q 10

•

The core business proved its stability by a y-o-y

increase to $2.2 bn

in revenue

•

Adjusted

OIBDA

margin

increased

q-o-q

47.2% confirming our ability to maintain

sustainable profitability

•

Net income attributable to OJSC VimpelCom

amounted to $392 mln

in 1Q10 as compared to

a net loss of $297 mln

a year ago

VimpelCom Ltd

2010

Russia: Consolidated Financial Highlights

Revenue, RUR bn

Adjusted OIBDA (RUR bn) and Adjusted OIBDA Margin

56.3

58.8

57.4

45.5

48.9

47.9

9.9

10.8

9.5

1Q09

4Q09

1Q10

Mobile

Fixed

27.2

27.7

27.1

24.4

24.9

23.6

48.4%

47.1%

47.3%

1Q09

4Q09

1Q10

35.0%

40.0%

45.0%

50.0%

55.0%

60.0%

65.0%

70.0%

75.0%

80.0%

Mobile

Fixed

OIBDA Margin

•

Total revenue in Russia were up 1.9% y-o-y

•

Mobile revenue increased 5.2% y-o-y

•

Growth driven by an increase in subscriptions

coupled with stable pricing and demand for VAS

and data transmission

•

Consolidated adjusted OIBDA margin in Russia

was healthy 47.3% despite higher marketing

and sales expenses

VimpelCom Ltd

2010

Russia: Operating Highlights

Mobile subscriptions, mln

Broadband subscriptions, ‘000

ARPU(RUR)

and MOU (min)

+3.9%

49.4

50.9

51.3

1Q 09

4Q 09

1Q 10

307

317

308

204

218

203

1Q 09

4Q 09

1Q 10

150

300

ARPU (RUR)

MOU (min)

2,111

2,335

1,498

848

1,073

1,167

650

1,038

1,168

1Q 09

4Q 09

1Q 10

BB fixed subscriptions

BB mobile subscriptions

•

Number of mobile subscriptions in Russia

increased to 51.3 mln

supported by sales of

USB modems

•

Both

ARPU

and

MOU

remained

stable

y-o-y

and

declined q-o-q

reflecting a normal seasonality

pattern

•

Total number of broadband subscriptions

reached 2.3 mln

increasing 55.9% y-oy

VimpelCom Ltd

2010

Russia: Fixed-line segment

Revenue

Business Segment, RUR bn

Wholesale Segment, RUR bn

Residential Segment, RUR bn

9.5

9.9

10.8

317

336

317

0.0

2.0

4.0

6.0

8.0

10.0

12.0

1Q 09

4Q 09

1Q 10

100

110

120

130

140

150

160

170

180

190

200

210

220

230

240

250

260

270

280

290

300

310

320

330

340

350

360

370

380

390

400

410

420

430

440

450

460

470

480

490

500

RUR bn

USD mln

5.8

4.8

4.5

1Q 09

4Q 09

1Q 10

3.6

3.5

3.4

1Q 09

4Q 09

1Q 10

1.4

1.6

1Q 09

4Q 09

1Q 10

VimpelCom Ltd

2010

333

342

340

1Q09

4Q09

1Q10

CIS

: Financial Highlights

Revenue, USD mln

Adjusted OIBDA (USD mln) and Adjusted OIBDA Margin

+2.2%

•

Revenue increased y-o-y

reaching $340 mln

showing signs of a recovery

•

Adjusted OIBDA stayed stable in mid-40s

150

155

152

44.8%

45.3%

45.0%

0.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

160.00

180.00

1Q09

4Q09

1Q10

30.0%

35.0%

40.0%

45.0%

50.0%

55.0%

60.0%

65.0%

70.0%

* This segment includes our operations in Kazakhstan, Uzbekistan, Armenia, Kirgizstan, Tajikistan, Georgia as well as OJSC VimpelCom’s operations in

Ukraine. Although Georgia is no longer a member of the CIS, we include Georgia in our CIS reporting segment. Starting from the next quarter we

intend to include OJSC VimpelCom’s operation in Ukraine in a separate reporting segment together with Kyivstar.

VimpelCom Ltd

2010

South-East Asia: Planned Growth

Vietnam

Cambodia

•

Brand awareness of 67%

•

Market share estimated at around 2% with 1.6 mln

subscriptions

•

Operations in 51 provinces out of 63 with 57%

population coverage

•

Within

year

operations

Sotelco

became

number

4th in the market share by subscriptions

•

Active

customer

base

increased

34%

q-o-q

0.5 mln

•

Services are available in the 18 largest provinces

with 70% population coverage

VimpelCom Ltd

2010

Kyivstar: Financial Highlights

Revenue, UAH mln

Adjusted OIBDA

(UAH mln)

and Adjusted OIBDA Margin

566

674

493

1Q09

4Q09

1Q10

Interconnect Revenue

1,456

1,549

1,307

50.8%

53.6%

53.9%

1Q 09

4Q 09

1Q 10

30.00%

35.00%

40.00%

45.00%

50.00%

55.00%

60.00%

65.00%

70.00%

75.00%

80.00%

OIBDA

OIBDA Margin

•

Q-o-q

dynamics reflect seasonality

•

Gradual shift to the “Zero on-net”

pricing model

helped to stabilize market share

•

Reduction of the interconnect rates effective

from the beginning of the year contributed to

the decrease in revenues

•

Despite one off charges and lower revenues

Kyivstar

retains sustainable OIBDA margin

above 50%

2,703

2,890

2,573

VimpelCom Ltd

2010

Kyivstar: Operating Highlights

Subscriptions, mln

ARPU(UAH)

and MOU (min)

22.7

22.0

21.9

1Q 09

4Q 09

1Q 10

•

ARPU remained stable reflecting high quality of

our customers

•

Increase in usage in line with the new pricing

model

•

More than 90% of traffic is on-net

•

Introduction of “Zero on-net”

pricing model in

2H09 under DJuice

brand contributed to reduced

churn and stabilized subscription market share

39.1

43.5

38.5

425

396

281

1Q 09

4Q 09

1Q 10

ARPU (UAH)

MOU (min)

VimpelCom Ltd

2010

Summary

•

Transformational deal created a new platform for further

development of our business

•

Solid quarterly operational performance with sustainable

margins and cash flows

•

Focus on market share retention and returns

•

Growth to return on the back of further macroeconomic

recovery

VimpelCom Ltd

2010

APPENDICES

Map of Operations

*GDP(PPP), $ per capita

Population: 45.3 mln.

URS acquired: Nov ’05

Kyivstar: Apr ‘10

Penetration: 112%

GDP* 6,400

Population: 7.0 mln.

Acquired: Jan. 2006

Penetration: 62%

GDP* 1,800

Population: 3.0 mln.

Acquired: Nov. 2006

Penetration: 88%

GDP* 5,900

Population: 28.4 mln.

Acquired: Jan. 2006

Penetration: 58%

GDP* 2,800

Population: 4.3 mln.

Acquired: Jul. 2006

Penetration: 90%

GDP* 4,500

Population: 15.7 mln.

Acquired: Sept. 2004

Penetration: 106%

GDP* 11,400

Population: 89.7 mln.

JVA signed: Jul. 2008

Penetration: 119%

GDP* 2,900

Population: 15.0 mln.

Acquired : Jul. 2008

Penetration: 37%

GDP* 1,900

Population: 140.7 mln.

Penetration: 144%

GDP*: 15,200

Population: 5.3

mln.

Consolidated: Jan ‘10

Penetration: 74%

GDP* 2,100

VimpelCom Ltd

2010

Source: National Banks of the CIS countries,

Company calculations

FOREX Development

29.36

29.89

30.24

29.47

30.09

31.33

31.29

32.21

33.90

RUR

1.75

1.72

1.69

1.68

1.66

1.67

GEL

384.26

7.99

147.68

Average

Rate

1Q10

372.66

7.82

150.75

Average

Rate

3Q09

360.06

7.63

150.41

Closing

Rate

370.46

7.66

150.47

Average

Rate

369.85

7.70

151. 08

Opening

rate

2Q09

377.89

7.99

148.36

Closing

Rate

384.40

7.99

149.77

Average

Rate

4Q09

384.28

8.01

150.95

Closing

Rate

Currency

Closing

Rate

400.50

AMD

7.93

UAH

147.11

KZT

VimpelCom Ltd

2010

OJSC VIP-Group

(in US$ millions, unless stated otherwise, unaudited)


CONSOLIDATED	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010
Net operating revenues	1,488		1,717		1,956		2,010		2,108		2,611		2,843		2,555		1,973		2,146		2,276		2,309		2,231
Gross margin	1,221		1,403		1,590		1,643		1,675		2,012		2,149		1,917		1,504		1,673		1,760		1,776		1,703
Gross margin, %	82.1	%	81.7	%	81.3	%	81.7	%	79.5	%	77.1	%	75.6	%	75.0	%	76.2	%	78.0	%	77.3	%	76.9	%	76.3	%
Adjusted OIBDA	766		897		1,015		918		1,126		1,223		1,388		1,124		949		1,088		1,148		1,088		1,052
Adjusted OIBDA, %	51.5	%	52.2	%	51.9	%	45.7	%	53.4	%	46.8	%	48.8	%	44.0	%	48.1	%	50.7	%	50.4	%	47.1	%	47.2	%
SG&A	439		494		557		716		528		774		749		787		538		573		599		680		632
including Sales & Marketing Expenses	136		167		186		219		187		215		242		285		156		168		184		218		191
including advertising	52		67		66		92		69		89		86		101		26		37		38		57		30
including General & Administrative Costs	303		327		371		497		341		559		507		502		382		405		415		462		441
SG&A, %	29.5	%	28.8	%	28.5	%	35.6	%	25.0	%	29.6	%	26.3	%	30.8	%	27.3	%	26.7	%	26.3	%	29.4	%	28.3	%
Net Income attributable to OJSC VimpelCom	277		359		458		368		601		470		269		-816		-297		701		434		283		392
Capital Expenditures	303.5		334.8		338.8		795.8		358.5		664.0		692.9		855.5		113.0		155.3		123.2		422.7		179.3

MOBILE	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010
Net operating revenues	1,454		1,682		1,918		1,974		1,943		2,176		2,396		2,141		1,617		1,802		1,926		1,942		1,888
including Mobile Interconnect	209		241		270		303		299		322		349		320		236		259		271		289		279
Adjusted OIBDA	750		878		996		896		1,077		1,114		1,260		1,027		822		966		1,026		970		941
Adjusted OIBDA, %	51.6	%	52.2	%	51.9	%	45.4	%	55.4	%	51.2	%	52.6	%	48.0	%	50.8	%	53.6	%	53.3	%	49.9	%	49.8	%
Subscriptions (‘000)	45,784		47,702		50,686		51,740		52,293		53,707		57,758		61,029		62,724		63,676		65,358		64,596		66,821

FIXED	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010
Net operating revenues	34.2		35.2		37.6		36.3		164.9		435.7		449.3		419.7		362.1		350.1		359.0		376.8		352.3
including business segment	0.0		0.0		0.0		0.0		74.4		227.1		235.0		218.2		184.6		177.2		173.4		180.9		166.8
including wholesale segment	0.0		0.0		0.0		0.0		40.4		124.9		133.5		118.7		106.9		101.8		106.8		122.2		116.3
including residential segment	34.2		35.2		37.6		36.3		50.1		83.7		80.8		82.8		70.6		71.1		78.8		73.7		69.2
Adjusted OIBDA	16.2		18.5		19.5		22.8		49.9		109.8		129.8		100.2		131.2		128.8		124.3		119.2		112.2
Adjusted OIBDA, %	47.4	%	52.6	%	51.9	%	62.8	%	30.3	%	25.2	%	28.9	%	23.9	%	36.2	%	36.8	%	34.6	%	31.6	%	31.8	%
Broadband subscriptions (‘000)	0		0		0		0		542		617		785		1,221		1,560		1,739		1,930		2,257		2,513

Reconciliation of OIBDA total	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010
Adjusted OIBDA	766		897		1,015		918		1,126		1,223		1,388		1,124		949		1,088		1,148		1,088		1,052
Depreciation	(269	)	(285	)	(286	)	(331	)	(357	)	(385	)	(400	)	(379	)	(309	)	(326	)	(366	)	(393	)	(352	)
Amortization	(53	)	(54	)	(55	)	(56	)	(67	)	(101	)	(98	)	(94	)	(73	)	(70	)	(71	)	(87	)	(67	)
Impairment loss	0		0		0		0		0		0		0		(443	)	0		0		0		0		0
Operating income	444		558		674		531		702		737		890		208		567		692		711		608		633
Interest income	5		8		9		12		15		25		18		14		15		19		8		10		12
Net foreign exchange gain/(loss)	17		8		26		22		185		26		(341	)	(1,012	)	(746	)	323		25		(14	)	105
Interest expense	(46	)	(48	)	(51	)	(50	)	(79	)	(121	)	(142	)	(154	)	(137	)	(141	)	(157	)	(164	)	(142	)
Equity in net gain/(loss) of associates	0		0		0		0		0		0		2		(63	)	(35	)	5		5		(10	)	(4	)
Other (expense)/income, net	(11	)	(8	)	(9	)	31		(9	)	(3	)	(7	)	1		(6	)	1		(4	)	(24	)	(48	)
Income tax expense	(120	)	(144	)	(171	)	(159	)	(196	)	(179	)	(139	)	209		34		(191	)	(152	)	(125	)	(153	)
Net income/(loss)	289		374		478		387		618		485		281		(797	)	(308	)	708		436		281		403

Adjusted OIBDA margin as a percentage of net operating revenue	51.5	%	52.2	%	51.9	%	45.7	%	53.4	%	46.8	%	48.8	%	44.0	%	48.1	%	50.7	%	50.4	%	47.1	%	47.2	%
Depreciation	(18.1	%)	(16.6	%)	(14.6	%)	(16.5	%)	(16.9	%)	(14.7	%)	(14.1	%)	(14.9	%)	(15.7	%)	(15.2	%)	(16.1	%)	(17.0	%)	(15.8	%)
Amortization	(3.6	%)	(3.1	%)	(2.8	%)	(2.8	%)	(3.2	%)	(3.9	%)	(3.4	%)	(3.7	%)	(3.7	%)	(3.3	%)	(3.1	%)	(3.8	%)	(3.0	%)
Impairment loss	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	(17.3	%)	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%
Operating income	29.8	%	32.5	%	34.5	%	26.4	%	33.3	%	28.2	%	31.3	%	8.1	%	28.7	%	32.2	%	31.2	%	26.3	%	28.4	%
Interest income	0.3	%	0.5	%	0.5	%	0.6	%	0.7	%	1.0	%	0.6	%	0.5	%	0.8	%	0.9	%	0.4	%	0.4	%	0.5	%
Net foreign exchange gain/(loss)	1.1	%	0.5	%	1.3	%	1.1	%	8.8	%	1.0	%	(12.0	%)	(39.6	%)	(37.8	%)	15.1	%	1.1	%	(0.6	%)	4.7	%
Interest expense	(3.1	%)	(2.8	%)	(2.6	%)	(2.5	%)	(3.7	%)	(4.6	%)	(5.0	%)	(6.0	%)	(6.9	%)	(6.6	%)	(6.9	%)	(7.1	%)	(6.4	%)
Equity in net gain/(loss) of associates	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.1	%	(2.5	%)	(1.8	%)	0.2	%	0.2	%	(0.4	%)	(0.2	%)
Other (expense)/income, net	(0.6	%)	(0.5	%)	(0.6	%)	1.6	%	(0.5	%)	(0.1	%)	(0.2	%)	0.1	%	(0.3	%)	0.1	%	(0.1	%)	(1.0	%)	(2.0	%)
Income tax expense	(8.1	%)	(8.4	%)	(8.7	%)	(7.9	%)	(9.3	%)	(6.9	%)	(4.9	%)	8.2	%	1.7	%	(8.9	%)	(6.7	%)	(5.4	%)	(6.9	%)
Net income/(loss)	19.4	%	21.8	%	24.4	%	19.3	%	29.3	%	18.6	%	9.9	%	(31.2	%)	(15.6	%)	33.0	%	19.2	%	12.2	%	18.1	%

Russia

(in US$ millions, unless stated otherwise, unaudited)


CONSOLIDATED	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010
Net operating revenues	1,279		1,460		1,653		1,702		1,797		2,239		2,426		2,157		1,661		1,838		1,953		1,996		1,919
Gross margin	1,065		1,209		1,363		1,410		1,445		1,730		1,852		1,619		1,260		1,431		1,499		1,526		1,451
Gross margin, %	83.3	%	82.8	%	82.5	%	82.8	%	80.4	%	77.3	%	76.3	%	75.1	%	75.9	%	77.9	%	76.8	%	76.5	%	75.6	%
Adjusted OIBDA	676		780		871		773		993		1,060		1,215		948		803		942		988		941		907
Adjusted OIBDA, %	52.9	%	53.4	%	52.7	%	45.4	%	55.3	%	47.3	%	50.1	%	43.9	%	48.3	%	51.3	%	50.6	%	47.1	%	47.3	%
SG&A	375		419		477		633		433		657		627		667		441		479		500		578		529
including Sales & Marketing Expenses	114		141		159		186		158		181		203		246		132		147		158		191		166
including advertising	42		56		56		79		56		74		72		86		19		31		30		48		23
including General & Administrative Costs	261		278		318		447		276		476		424		421		309		332		342		387		363
SG&A, %	29.3	%	28.7	%	28.9	%	37.2	%	24.1	%	29.3	%	25.8	%	30.9	%	26.6	%	26.1	%	25.6	%	29.0	%	27.6	%
Net Income attributable to OJSC VimpelCom	280		356		423		364		616		449		259		-445		-244		677		442		313		386
Capital Expenditures	199.6		189.0		216.9		467.2		207.1		423.7		504.1		641.5		90.5		106.8		90.3		331.5		123.9

MOBILE	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010
Net operating revenues	1,279		1,460		1,653		1,702		1,675		1,862		2,034		1,791		1,344		1,531		1,636		1,660		1,602
including Mobile Interconnect	171		203		224		253		252		269		285		257		190		212		220		238		228
Adjusted OIBDA	676		780		871		773		964		976		1,110		873		695		836		887		843		816
Adjusted OIBDA, %	52.9	%	53.4	%	52.7	%	45.4	%	57.6	%	52.4	%	54.6	%	48.7	%	51.7	%	54.6	%	54.2	%	50.8	%	50.9	%
Subscriptions (‘000)	38,631		40,140		41,802		42,221		42,079		42,485		45,093		47,677		49,351		49,971		51,028		50,886		51,254
ARPU, US$	10.9		12.3		13.4		13.5		13.2		14.7		15.2		12.5		9.1		10.1		10.6		10.8		10.3
MOU, min	160.9		192.6		208.9		204.1		198.7		220.3		228.5		227.8		203.0		211.8		213.6		217.7		203.9
Churn 3 months active base (quarterly), %	n/a		7.5	%	8.1	%	9.1	%	9.2	%	8.7	%	7.7	%	9.0	%	8.4	%	10.5	%	10.9	%	12.9	%	10.6	%

FIXED	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010
Net operating revenues	0		0		0		0		122		377		392		366		317		307		317		336		317
including business segment	0		0		0		0		68		207		213		200		171		164		160		162		150
including wholesale segment	0		0		0		0		40		124		133		118		105		99		112		121		114
including residential segment	0		0		0		0		14		47		46		48		41		44		45		53		53
Adjusted OIBDA	0		0		0		0		29		84		105		75		108		106		101		98		91
Adjusted OIBDA, %	0		0		0		0		23.8	%	22.3	%	26.8	%	20.5	%	34.1	%	34.5	%	31.9	%	29.2	%	28.7	%
Broadband subscriptions (‘000)	0		0		0		0		530		604		764		1,182		1,498		1,659		1,833		2,111		2,335
Broadband services ARPU, blended, US$	0		0		0		0		17.6		16.9		15.4		13.7		11.0		10.2		10.6		11.9		12.0

Reconciliation of OIBDA total	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010
Adjusted OIBDA	676		780		871		773		993		1,060		1,215		948		803		942		988		941		907
Depreciation	(232	)	(240	)	(250	)	(268	)	(288	)	(310	)	(331	)	(293	)	(242	)	(263	)	(287	)	(304	)	(280	)
Amortization	(29	)	(29	)	(29	)	(31	)	(35	)	(61	)	(54	)	(52	)	(39	)	(39	)	(40	)	(47	)	(41	)
Impairment loss	0		0		0		0		0		0		0		(315	)	0		0		0		0		0
Operating income	415		511		592		474		670		689		830		288		522		640		661		590		586
Interest income	9		13		15		18		21		33		28		27		27		32		22		25		27
Net foreign exchange gain/(loss)	7		4		26		17		183		5		(345	)	(752	)	(695	)	321		53		(14	)	106
Interest expense	(40	)	(42	)	(45	)	(41	)	(73	)	(118	)	(139	)	(150	)	(136	)	(141	)	(156	)	(162	)	(143	)
Equity in net gain/(loss) of associates	0		0		0		0		0		0		2		0		1		1		1		1		0
Other (expense)/income, net	(6	)	(6	)	(11	)	27		0		0		(3	)	0		2		1		1	&n

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