UNITEDTable STATESof Contents

~~SECURITIES~~UNITED ~~AND~~STATES ~~EXCHANGE COMMISSION~~

~~Washington,~~SECURITIES ~~D.C.~~AND ~~20549~~EXCHANGE COMMISSION

~~FORM~~Washington, ~~6-K~~ D.C. 20549

~~Report~~FORM ~~of Foreign Private Issuer~~ 6-K

~~Pursuant~~Report toof ~~Rule~~Foreign ~~13a-16~~Private orIssuer ~~15d-16 under~~

~~the~~Pursuant ~~Securities~~to ~~Exchange~~Rule ~~Act~~13a-16 ~~of 1934~~or 15d-16 under

~~For~~ the ~~month~~Securities ofExchange ~~November~~Act ~~2010~~of 1934

~~Commission~~For ~~File~~the ~~Number~~month ~~1-14522~~of December 2010

~~Open~~Commission ~~Joint Stock~~File ~~Company~~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~~ 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”
	OPEN JOINT STOCK COMPANY
	“VIMPEL-COMMUNICATIONS”
	(Registrant)
Date: November 15, 2010
Date: December 2, 2010
	By:	/sS/ ~~Elena~~ELENA ~~Shmatova~~SHMATOVA
	Name:	Elena Shmatova
	Title:	General Director

OpenTable Jointof Stock Company “Vimpel-Communications” Contents

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10Amsterdam ~~Ulitsa~~and 8New ~~Marta~~York (December 2, ~~Building~~2010) 14- “VimpelCom Ltd” (“VimpelCom” or the “Company”) (NYSE: VIP), a leading international provider of telecommunications services, today announced its operating and financial results for the quarter ended September 30, 2010.

~~Moscow~~Third ~~127083,~~Quarter ~~Russian~~Highlights: ~~Federation~~

~~NOTICE~~• OFNumber ~~THE 2010~~of ~~EXTRAORDINARY~~mobile ~~GENERAL~~subscriptions ~~MEETING~~increased OFto ~~SHAREHOLDERS~~92.0 million (up 40.7% y-o-y); broadband subscriptions grew to 3.1 million (up 58.8% y-o-y)

~~December 7,~~• ~~2010~~Net operating revenues increased by 24.1% y-o-y to $2.8 billion

~~10:00~~• aAdjusted OIBDA* reached $1.m.4 billion (~~Moscow~~up ~~time~~20.0% y-o-y); consolidated OIBDA margin was 48.8%

~~The~~• ~~meeting~~Net ~~will~~income beattributable ~~held~~to atVimpelCom ~~the~~Ltd ~~following address:~~was $495.9 million (up 14.1% y-o-y)

4• ~~Krasnoproletarskaya~~Net ~~Ulitsa,~~cash ~~Moscow~~from ~~127006~~operating activities was $1,096.8 ~~Russian~~million ~~Federation~~(up 3.1% y-o-y)

~~Open~~• ~~Joint~~Capex ~~Stock Company~~was ~~“Vimpel-Communications”,~~$520.1 10million ~~Ulitsa~~and 8year-to-date ~~Marta,~~Capex ~~Building~~was 14$1,080.9 ~~Moscow 127083, Russian Federation~~ million

To• Net debt during the ~~Shareholders~~quarter increased by $46 million primarily as a result of payment for the OJSC VimpelCom squeeze out, partially offset by cash generated by operating activities

ofRecent ~~Open~~Developments: ~~Joint Stock Company~~

~~“Vimpel~~• The Ukrainian Anti-~~Communications”~~Monopoly Committee confirmed its prior approval of the transaction to combine OJSC VimpelCom and Kyivstar GSM under VimpelCom Ltd

~~NOTICE~~• ONVimpelCom ~~THE~~Group ~~CONVOCATION~~issued ruble bonds with five-year maturity in the amount of approximately $658 million to refinance its US dollar denominated debt

OF• ~~THE~~Commercial ~~2010~~launch ~~EXTRAORDINARY~~of ~~GENERAL~~3G ~~MEETING~~networks OFin ~~SHAREHOLDERS~~Kazakhstan and Kyrgyzstan

OF• ~~OPEN~~Signed ~~JOINT STOCK~~an ~~COMPANY~~agreement ~~“VIMPEL-COMMUNICATIONS”~~to combine VimpelCom and Weather to create a new global telecom group

~~November 15,~~• The Supervisory Board of VimpelCom Ltd declared the payment of an interim dividend in 2010 of US$0.46 per American depositary share

~~Dear~~* ~~Shareholder:~~Hereafter Adjusted OIBDA is referred to as OIBDA and Adjusted OIBDA margin is referred to as OIBDA margin (See definitions of Adjusted OIBDA and Adjusted OIBDA margin in Attachment A)

PursuantTable to a Unanimous Written Consent of the Board of Directors (the “Board”) of Open Joint Stock Company “Vimpel-Communications”, registered at 10, Ulitsa 8 Marta, Building 14, Moscow 127083, Russia (“VimpelCom” or the “Company”), dated November 12, 2010, a decision was made to hold an Extraordinary General Meeting of Shareholders of VimpelCom (“EGM”) on December 7, 2010, at 10:00 a.m. (Moscow time) at the following address: 4 Krasnoproletarskaya Ulitsa, Moscow 127006, Russian Federation. The EGM shall be held in the form of a meeting. The registration start time is 9:00 a.m. (Moscow time), at the same address. Shareholders may report breaches of the registration procedure to the General Director of the Company. Shareholders of record as of the close of the Company registrar’s business (Moscow time) on November 15, 2010 (the “Shareholders”) shall be eligible to participate in and vote at the EGM. Contents

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~~The~~VimpelCom ~~Agenda~~Ltd of- ~~the~~Third ~~Meeting~~Quarter is2010 asOperating ~~follows:~~ and Financial Results

1.Consolidated ~~Allocation~~Financial ofResults* profits and losses resulting from operations during the nine months ended September 30, 2010, including adoption of the decision on payment of dividends to holders of common registered shares, and payment of dividends to holders of preferred registered shares of type “A” based on the results of the nine months ended September 30, 2010.

2. Early termination of powers of the Audit Committee members, determining the number of Audit Committee members, and the election of the Audit Committee.


CONSOLIDATED OPERATIONS (US$, millions)	3Q 10			3Q 09			3Q 10/ 3Q 09			2Q 10			3Q 10/ 2Q 10
Net operating revenues		2,824.4			2,275.8			24.1	%		2,641.6			6.9	%
Adjusted OIBDA		1,377.7			1,148.3			20.0	%		1,261.8			9.2	%
Adjusted OIBDA margin, %		48.8	%		50.5	%					47.8	%
SG&A		799.1			599.2			33.4	%		766.4			4.3	%
SG&A percentage		28.3	%		26.3	%					29.0	%
Net income attributable to VimpelCom Ltd.		495.9			434.5			14.1	%		334.7			48.2	%
Net income attributable to VimpelCom Ltd. per ADS, basic (US$)		0.39			0.44						0.28
Net cash from operating activities		1,096.8			1,064.1			3.1	%		1,000.9			9.6	%
Capital expenditures		520.1			123.2			322.2	%		381.4			36.4	%
ROCE, %		21.5	%		19.8	%					22.7	%

InCommenting ~~preparation~~on ~~for~~ the ~~EGM~~results, VimpelCom’s Chief Executive Officer, Alexander Izosimov, said, “Our third quarter results reflect the ~~following~~macroeconomic ~~materials~~situation ~~are~~in ~~being~~the ~~sent~~countries towhere ~~our~~we ~~Shareholders~~operate, ~~along~~consolidation ~~with~~of ~~this~~Kyivstar ~~Notice~~and ~~(which~~seasonal ~~includes information~~effects ~~regarding~~typical for the ~~issues~~summer onperiod. Our quarterly revenues reached $2.8 billion, while the ~~Agenda):~~OIBDA ~~(i) information~~margin remained in the high 40’s. Our focus on ~~candidate~~profitability toand becash ~~elected~~flow generation helped to ~~the~~substantially ~~Audit~~increase ~~Committee~~net ~~(Attachment~~income, 1)while keeping ROCE above 20%. The strength of our cash flows allowed us to declare a sizeable interim dividend of $600 million.

InOur ~~addition,~~increased ~~the~~scale ~~following~~and ~~materials~~financial ~~shall~~strength beposition ~~made~~us ~~available~~well to ~~Shareholders~~capture atopportunities 4and ~~Krasnoproletarskaya~~strategic ~~Ulitsa,~~benefits ~~Moscow~~of ~~127006,~~industry ~~Russian~~consolidation. Our ~~Federation~~recently ~~(tel.~~announced ~~+7 (495) 725-07-00),~~agreement orwith atWeather ~~the~~Investments ~~office~~is ofa ~~the~~significant ~~General~~step ~~Director~~in ofthis direction. Given the ~~Company,~~size atand 10complexity ~~Ulitsa~~of 8the ~~Marta~~transaction, ~~Building~~we ~~14,~~are ~~Moscow,~~satisfied ~~127083,~~with ~~Russian~~the ~~Federation~~progress ~~Monday~~made ~~through~~thus ~~Friday,~~far. ~~from~~We ~~9:30~~remain committed and continue to ~~18:00~~move ~~(Moscow~~forward as ~~time)~~outlined ~~from~~in ~~November~~our October ~~15,~~4th ~~2010~~announcement. ~~through December 6,~~We ~~2010~~are working towards fulfilling all necessary conditions precedent, orincluding atobtaining approval of VimpelCom’s Supervisory Board and securing the ~~EGM:~~necessary regulatory approvals and anticipate the closing in the first half of 2011.

1Mr. Izosimov ~~Recommendations~~continued, of“However, ~~the~~while ~~Company’s~~scale ~~Board~~is onan ~~payment~~important ofstrength ~~dividends~~in a rapidly evolving telecom industry, it is critical to ~~holders~~sustain ofcompetitive ~~common~~positions ~~registered~~in ~~shares~~the ~~and~~core ~~payment~~markets. We are clearly dissatisfied with our recent loss of ~~dividends~~market share in the Russian mobile market. The new management team in Russia already started to implement ~~holders~~a set of ~~preferred~~measures ~~registered~~to ~~shares~~regain ofmomentum ~~type~~in ~~“A”~~our asbusiness ~~well~~development. asThis onincludes ~~the~~prioritized ~~amount~~network ofexpansion, ~~dividends~~distribution optimization and ~~the~~pricing ~~procedure~~efficiency ofwith ~~payment~~focused ofplans ~~dividends~~for ~~based~~each onregion, ~~the~~to ~~results~~strengthen ofand facilitate the development ~~nine~~of ~~months~~our ~~ended~~business. ~~September~~We 30understand that our strategy requires certain time, ~~2010;~~strong focus on execution and resources, but we are confident that VimpelCom will restore its market positions.”

2* Please see the consolidated results on a pro-forma basis in the Attachment G.

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2. VimpelCom’s unconsolidated accounting statements for the nine months ended September 30, 2010, including Profit and Loss Statement (prepared in accordance with Russian statutory accounting principles).

3.Table Written consent of the candidate nominated to the Company’s Audit Committee.Contents

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~~Set~~VimpelCom ~~forth~~Ltd ~~below~~- isThird aQuarter ~~description~~2010 ofOperating ~~the~~and ~~issue~~Financial onResults ~~which shareholder approval is sought. The Board has recommended that the Shareholders vote in favor of all items on the Agenda.~~

* * * * * * * * * *


CONSOLIDATED OPERATIONS (US$, millions)	3Q 10			3Q 10/ 3Q 09			3Q 09			YTD 3Q 10			YTD 3Q 10/ YTD 3Q 09			YTD 3Q 09			YTD 3Q 08
Consolidated revenue		2,824.4			24.1	%		2,275.8			7,697.2			20.4	%		6,394.3			7,561.6
Russia		2,099.4			7.5	%		1,953.0			6,059.9			11.1	%		5,452.2			6,462.4
Ukraine		426.0			652.7	%		56.6			781.4			403.8	%		155.1			210.2
CIS		361.0			21.5	%		297.0			992.0			15.0	%		862.3			934.6
Consolidated adjusted OIBDA		1,377.7			20.0	%		1,148.3			3,680.7			15.6	%		3,184.6			3,735.9
%		48.8	%					50.5	%		47.8	%					49.8	%		49.4	%
Russia		987.9			-0.7	%		995.0			2,862.5			4.2	%		2,748.0			3,267.7
%		47.1	%					50.9	%		47.2	%					50.4	%		50.6	%
Ukraine		242.2			1901.7	%		12.1			416.9			1362.8	%		28.5			11.0
%		56.9	%					21.4	%		53.4	%					18.4	%		5.2	%
CIS		176.0			13.8	%		154.7			477.5			10.1	%		433.8			459.2
%		48.8	%					52.1	%		48.1	%					50.3	%		49.1	%

~~ITEM 1.~~Consolidated ~~ALLOCATION~~net OFoperating ~~PROFITS~~revenues increased ~~AND~~by ~~LOSSES~~$548.6 ~~RESULTING~~million ~~FROM~~or ~~OPERATIONS~~24.1% ~~DURING~~year-on-year ~~THE~~mainly ~~NINE~~due ~~MONTHS~~to ~~ENDED~~the ~~SEPTEMBER~~consolidation ~~30,~~of ~~2010~~Kyivstar, ~~INCLUDING~~which ~~ADOPTION~~contributed OF$376.6 ~~THE DECISION ON PAYMENT OF DIVIDENDS TO HOLDERS OF COMMON REGISTERED SHARES~~million, ~~AND~~as ~~PAYMENT~~well OFas ~~DIVIDENDS~~organic TOrevenue ~~HOLDERS~~growth OFof ~~PREFERRED~~$146.4 ~~REGISTERED~~million ~~SHARES~~in OFRussia ~~TYPE~~and ~~“A”~~$34.7 ~~BASED~~million ONin ~~THE~~the ~~RESULTS~~CIS. ~~OF THE NINE MONTHS ENDED SEPTEMBER 30, 2010~~

~~Text~~Quarterly, ofnet ~~the Proposed Decision: “To pay in cash dividends to holders of common registered shares based on~~ operating ~~results~~revenue ~~for~~increased ~~the~~by ~~nine~~$182.8 ~~months~~million ~~ended~~or ~~September 30~~6.9%, ~~2010~~mainly indue ~~the amount~~to ~~of 394~~$115.004 ~~rubles~~million ~~per~~growth ~~common~~from ~~share~~Ukraine ~~(for~~and ~~a total of 20,204,722,668~~$82.004 ~~rubles~~million ~~for~~revenue ~~all common registered shares in the aggregate) within 60 days~~ growth from ~~the~~Russia ~~date this decision is approved;~~ and ~~to pay in cash dividends to holders of preferred registered shares of type “A” based on operating results for~~ the ~~nine~~CIS. ~~months~~Sequential ~~ended~~growth ~~September 30, 2010~~ in ~~the~~key ~~amount~~areas ofwas ~~0.075~~mainly ~~kopeck~~driven ~~per~~by ~~preferred~~increases ~~share~~in ~~within 60 days from~~ the ~~date~~active ofcustomer ~~the~~base, ~~adoption~~coupled ofwith ~~this~~growing ~~decision;~~usage and toseasonally ~~invest~~higher ~~the remaining~~roaming ~~profits resulting from operating results for the nine months ended September 30, 2010 (after payment of dividends) into the business~~revenues.”

~~Explanatory~~Consolidated ~~Information:~~OIBDA improved year-on-year by $229.4 million. Ukraine and the CIS were the main contributors adding $230.1 million and $21.3 million respectively. Overall OIBDA margin decreased 1.7 percentage points from 50.5% to 48.8% year-on-year primarily due to resumed market investments in Russia partly offset by margin improvement in Ukraine.

•OIBDA ~~Russian~~increased ~~legislation~~on ~~provides that shareholders may adopt~~ a ~~decision~~sequential ~~(declaration)~~basis onby ~~payment~~$115.9 ofmillion ~~dividends~~or ~~based~~9.2%. onThis ~~results~~growth ~~for~~reflects ~~the~~decline ~~first~~in ~~nine~~interconnect ~~months~~costs ofin aUkraine ~~Company’s financial year, including on the amount~~ and ~~form~~ongoing ofcost ~~payment~~control ~~of dividends for each category (type) of shares~~measures. The ~~decision~~current toconsolidated ~~pay~~OIBDA ~~dividends~~margin ~~based~~in high on40’s ~~nine~~reflects ~~months of a financial year can be adopted within three months from~~ the ~~last~~steady ~~date~~state of ~~the~~our ~~relevant~~business ~~period.~~and ~~The~~is ~~amount~~in ofline ~~due~~with ~~dividends~~our ~~approved by shareholders may not exceed that recommended by the Board~~expectations.

•Consolidated ~~The~~Capex ~~total~~increased ~~amount recommended~~ by ~~the Board to be paid to Shareholders as dividends for all outstanding common registered shares is 20,204,722,668.00 Rubles (approximately US~~$~~631~~396.48 million or ~~based~~322.2% year-on-year ~~the~~following ~~exchange~~a ~~rate~~return 32to ~~Rubles~~our ~~for~~normal ~~US$1)~~investment ~~(Unanimous~~profile. ~~Written~~The ~~Consent~~last oftwelve ~~the~~months ~~Board~~Capex-to-revenue ~~dated~~ratio ~~November~~was ~~12, 2010)~~15.0%.

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•3 VimpelCom’s Board has recommended that the Shareholders adopt a decision to pay dividends on common registered shares based on operating results for the nine months ended September 30, 2010 in the amount of 394.00 Rubles per common share to be paid in cash (Unanimous Written Consent of the Board dated November 12, 2010).

•Table VimpelCom’s Board has recommended that the Shareholders adopt a decision to pay dividends on preferred registered shares of type “A” based on operating results for the nine months ended September 30, 2010 in the amount of 0.075 kopeck per preferred share to be paid in cash (Unanimous Written Consent of the Board dated November 12, 2010).Contents

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•VimpelCom ~~According~~Ltd to- ~~the~~Third ~~recommendation~~Quarter of the Board, the declared dividends shall be paid within 60 days from the date of the adoption by the EGM of a decision to approve the payment of dividends. Shareholders of record as of the close of the Company’s registrar’s business (Moscow time) on November 15, 2010 ~~(the~~Operating ~~record~~and ~~date~~Financial ~~for~~Results ~~the EGM) shall be eligible to receive the declared dividends.~~

•Russia ~~The~~- ~~Board~~Business ~~recommends that Shareholders approve a decision to invest the remaining profits from operating results for the nine months ended September 30~~Context, ~~2010~~Operations ~~(after~~and ~~payment~~Financial ofResults ~~dividends) into the Company’s business.~~

~~Shareholder~~Russia ~~Approval~~is the largest and most important part of our business. During 2010, our competitive position in the mobile segment weakened due to insufficient ~~Required:~~investments ~~This~~in ~~Item 1~~network ~~requires~~development made in the ~~approval~~past six quarters. In addition, lack of ~~Shareholders~~focused ~~owning~~activities ~~more~~on ~~than~~the ~~50%~~market led to stagnation and quality erosion of ~~the~~our ~~voting~~active ~~shares~~customer ~~represented~~base. atAs ~~the~~a ~~EGM~~result, mobile revenue growth rates year-on-year and quarter-on-quarter, although solid for a saturated market, were lower than those of our competitors.

3Our key priority is to regain momentum and reverse the negative trend in the quality of our active customer base in the mobile segment. We intend to close the gap in the mobile data segment and see it not only as a new source of revenue, but increasingly as an important element influencing the loyalty of our customers. We are revising our approach to distribution, focusing on smart pricing and loyalty programs backed by further strengthening of our presence in retail and properly balanced capital investments.

~~ITEM 2.~~Our ~~EARLY~~fixed-line ~~TERMINATION~~business performed well during the quarter with strong sequential growth in the wholesale business and corporate segment, reflecting our OFincreased ~~POWERS~~sales OFefforts ~~THE~~and ~~AUDIT~~growing ~~COMMITTEE~~demand ~~MEMBERS~~for data services. The consumer side of the fixed segment, ~~DETERMINING~~mainly ~~THE~~represented ~~NUMBER~~by OFFTTB ~~AUDIT~~technology, ~~COMMITTEE~~also ~~MEMBERS~~showed positive dynamics with revenue growth of 30% year-on-year and 4% quarter-on-quarter. We continue to expand our unique high-quality IPTV product, ~~AND~~which ~~THE~~is ~~ELECTION~~currently OFavailable ~~THE~~to ~~AUDIT~~customers ~~COMMITTEE~~in 13 cities.

~~Text~~Russian ofconsolidated fixed and mobile OIBDA margin decreased year-on-year from 50.9% to 47.0%, which we see as the ~~Proposed~~normal ~~Decision:~~operational level after we resumed our investments into the market and new products, limited during 2009. Our mobile OIBDA margin, although slightly down quarter-on-quarter, remains above 50%.

~~“(1)~~We Tohave ~~approve~~already ~~the~~accelerated ~~early~~our ~~termination~~investments ofin ~~powers~~scale and quality of ~~the~~our ~~existing~~networks. ~~members~~CAPEX ofin ~~the~~3Q2010 increased ~~Audit~~59% ~~Committee~~sequentially asand ofmore ~~December 7~~than threefold year-on-year. Despite much higher investments, ~~2010~~our ROIC remained stable, reflecting our continued efforts in profitability and cash generation.

(2) To determine that the Audit Committee shall consist of one member (Company’s Auditor).


RUSSIA (RUR millions)	3Q 10			3Q 09			3Q 10/ 3Q 09			2Q 10			3Q 10/ 2Q 10
Net operating revenues		64,284			61,211			5.0	%		61,738			4.1	%
Adjusted OIBDA		30,244			31,166			-3.0	%		29,114			3.9	%
Adjusted OIBDA margin, %		47.0	%		50.9	%					47.2	%
SG&A		17,263			15,427			11.9	%		16,891			2.2	%
including Sales & Marketing Expenses		6,057			4,940			22.6	%		5,594			8.3	%
including General & Administrative Costs		11,206			10,487			6.9	%		11,297			-0.8	%
SG&A percentage		26.9	%		25.2	%					27.4	%
Capital expenditures		11,715			2,829			314.1	%		7,364			59.1	%
ROIC, %		32.2	%		27.6	%					33.0	%

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~~(3)~~4 ~~To elect Marina V. Muravyova to act as the Company’s Auditor from December 8, 2010.”~~

ExplanatoryTable Information:of Contents

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~~• The General Meeting of Shareholders of June 30, 2010 elected the Audit Committee consisting of Alexander Gersh, Halvor Bru and Nigel Robinson. In August of 2010,~~ VimpelCom Ltd. ~~completed~~- ~~the~~Third ~~buyout~~Quarter ~~of 100% of the Company’s shares. In October of~~ 2010, ~~100%~~Operating ofand ~~shares~~Financial ~~minus~~Results ~~one share were transferred to VimpelCom Holdings B.V.~~

• In September of 2010, an Amended Charter of the Company was approved, under which the Company’s General Meeting of Shareholders determines the number of Audit Committee members. The Audit Committee may consist of one person (Auditor).


*RUSSIA REVENUES (RUR millions)**	3Q 10			3Q 09			3Q 10/ 3Q 09			2Q 10			3Q 10/ 2Q 10
Net operating revenues		64,284			61,211			5.0	%		61,738			4.1	%
Mobile		53,804			51,277			4.9	%		51,825			3.8	%
including data revenue		3,196			2,654			20.4	%		2,997			6.6	%
Fixed-line		10,480			9,934			5.5	%		9,913			5.7	%
Business segment		4,804			5,011			-4.1	%		4,614			4.1	%
Wholesale		3,985			3,505			13.7	%		3,668			8.6	%
Residential		1,691			1,418			19.3	%		1,631			3.7	%
including FTTB revenue		1,241			953			30.2	%		1,196			3.8	%

*RUSSIA OIBDA DEVELOPMENT (RUR millions)**	3Q 10			3Q 09			3Q 10/ 3Q 09			2Q 10			3Q 10/ 2Q 10
Adjusted OIBDA Total		30,244			31,166			-3.0	%		29,114			3.9	%
Mobile		27,130			28,047			-3.3	%		26,437			2.6	%
Fixed-line		3,114			3,119			-0.2	%		2,677			16.3	%
Adjusted Total OIBDA margin, %		47.0	%		50.9	%					47.2	%
Mobile, %		50.4	%		54.7	%					51.0	%
Fixed-line, %		29.7	%		31.4	%					27.0	%

RUSSIA OPERATING DEVELOPMENT	3Q 10			3Q 09			3Q 10/ 3Q 09			2Q 10			3Q 10/ 2Q 10
Mobile operations
Subscriptions (‘000)		51,615			51,028			1.2	%		50,912			1.4	%
including mobile broadband subscriptions		1,500			896			67.4	%		1,300			15.4	%
MOU, min		222.1			213.6			4.0	%		219.3			1.3	%
Adjusted MOU**, min		227.8			216.7			5.1	%		224.1			1.7	%
ARPU, RUR		342.5			331.8			3.2	%		329.9			3.8	%
Fixed-line operations
FTTB subscriptions (‘000)		1,193			850			40.4	%		1,131			5.5	%
FTTB ARPU, RUR		360.1			389.8			-7.6	%		356.6			1.0	%

•* ~~Pursuant~~Mobile ~~to Russian legislation~~ and ~~the~~fixed ~~Company’s~~revenues ~~Charter~~for ~~the~~all ~~following~~periods ~~candidate~~were ~~was~~adjusted; ~~nominated~~see todefinition beof ~~elected~~reportable assegments ~~the Company’s Auditor: Marina V. Muravyova. The above candidate has consented,~~ in ~~writing, to her nomination to the position of the Company’s Auditor. Information about the candidate for election to the position of Auditor is attached to this Notice (~~Attachment 1)A.

~~Shareholder~~** ~~Approval~~Adjusted ~~Required:~~MOU ~~This~~is ~~Item 2~~calculated ~~requires~~for ~~the~~mobile ~~approval~~subscriptions ofexcluding ~~Shareholders~~mobile ~~owning~~broadband ~~more~~subscriptions ~~than 50%~~using ofUSB ~~the voting shares represented at the EGM~~modems. ~~The Company’s General Director and members of the Board of Directors who are Shareholders of the Company are not eligible to vote on this issue.~~

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*5 ~~* * * * * * * * *~~

AsTable noted above, the Board recommends that the Shareholders vote in favor of each item on the Agenda. Contents

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~~Notice~~VimpelCom ofLtd ~~the~~- ~~results~~Third ofQuarter ~~the~~2010 ~~Meeting~~Operating ~~shall be sent to Shareholders in accordance with the Company’s Charter~~ and ~~Russian~~Financial ~~law.~~Results

~~This~~Ukraine ~~Notice~~- isBusiness ~~being~~Context, ~~sent~~Operations byand ~~order~~Pro-forma ofFinancial ~~the~~Results* ~~Board.~~

~~Elena~~In AUkraine, the macroeconomic situation continues to improve. ~~Shmatova~~In ~~Alexander~~the Vtelecom market, we observe a more stable competitive situation. ~~Izosimov~~This ~~General~~environment ~~Director~~has ~~Chairman~~supported ofa reversal in the ~~Board~~previous negative revenue trend and we reported 3.6% year-on-year growth in consolidated revenues in Ukraine on a pro-forma basis. Sequentially, revenues increased 9.6% driven by increased subscriptions, usage and seasonally higher roaming.

4After the Ukrainian Anti-Monopoly Committee’s final decision on October 19th related to the Kyivstar transaction, we began the active phase of integrating our operations. We remain confident that we will be able to achieve the synergies as initially anticipated.

~~Attachment~~Quarterly 1operating highlights toin ~~the Notice~~Ukraine:

~~INFORMATION~~• ~~ABOUT~~Our ~~THE~~marketing ~~CANDIDATE~~activities TOfocused ~~THE~~on ~~AUDIT~~the ~~COMMITTEE~~price sensitive segment helped to reverse the trend and increase our active customer base, which was up 4.1% quarter-on-quarter

OF• ~~OPEN~~ARPU ~~JOINT~~increased ~~STOCK~~quarter-on-quarter ~~COMPANY~~by ~~“VIMPEL~~7.3% and 4.4% year-~~COMMUNICATIONS”~~on-year driven by continuous increase in usage and seasonal trends

~~Marina~~• V.Consolidated ~~Muravyova~~mobile ~~has~~OIBDA ~~been~~margin awas ~~Director~~up ~~of Internal Audit and Risk Management of OJSC VimpelCom since 2002. She is responsible for managing internal audit function in Russia and CIS. From 2001~~ to ~~2002 Ms~~58. ~~Muravyova~~5% ~~headed~~on Investment Department of OJSC VimpelCom. Prior to joining VimpelCom she served as Financial Manager and Treasury Manager of Sprint, Global One Group of companies from 1993 to 2001. Ms. Muravyova graduated from the ~~Faculty~~back of ~~marketing~~revenue ~~and~~growth management in mechanical engineering of the Moscow State Aviation Institute. She is a certified internal auditor (CIA) since 2004, a member of the American Institute of Certified Public Accountants (AICPA) and ~~holds a~~operational ~~master’s degree in management.~~ excellence

5• We remain one of the leaders in the Ukrainian broadband market in terms of new broadband subscriptions adding 50,000 customers, a 205.0% increase compared to 3Q09

SG&A costs decreased by 75.5 million UAH or 8.0% year-on-year as a result of the ongoing operational excellence program started in 2009, and helped drive substantial improvements in the OIBDA margin. Quarter-on-quarter SG&A costs grew just 2.3% despite the substantial growth in revenues.

Capital expenditures were up 6.7% year-on-year but down quarter-on-quarter mostly due to delayed deliveries, which we expect in the fourth quarter of 2010. We continue to invest in the development of our business with Capex/Revenue expected to be at around 15% calculated on an actual annualized basis. We see the development of our fixed data networks as a priority.

Overall, we see further recovery of the Ukrainian telecom market and are confident in sustaining our leadership position.

*	Ukraine reporting segment includes operations of Kyivstar, URS and GTI. “Pro forma basis” means that the numbers are presented assuming that the business combination with Kyivstar had taken place on January 1, 2009

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VimpelCom Ltd - Third Quarter 2010 Operating and Financial Results


UKRAINE PRO-FORMA (UAH millions)	3Q 10			3Q 09			3Q 10/ 3Q 09			2Q 10			3Q 10/ 2Q 10
Net operating revenues		3,365.4			3,247.0			3.6	%		3,071.0			9.6	%
Adjusted OIBDA		1,913.2			1,629.0			17.4	%		1,663.0			15.0	%
Adjusted OIBDA margin, %		56.8	%		50.2	%					54.2	%
SG&A		873.5			949.0			-8.0	%		854.0			2.3	%
including Sales & Marketing Expenses		167.3			223.0			-25.0	%		165.0			1.4	%
including General & Administrative Costs		706.2			726.0			-2.7	%		689.0			2.5	%
SG&A percentage		26.0	%		29.2	%					27.8	%
Capital expenditures		403.3			378.0			6.7	%		538.0			-25.0	%

UKRAINE PRO-FORMA REVENUES (UAH millions)	3Q 10			3Q 09			3Q 10/ 3Q 09			2Q 10			3Q 10/ 2Q 10
Net operating revenues		3,365.4			3,247.0			3.6	%		3,071.0			9.6	%
Mobile		3,239.4			3,093.0			4.7	%		2,928.0			10.6	%
Fixed-line		126.0			154.0			-18.2	%		143.0			-11.9	%
Business segment		74.9			83.0			-9.8	%		73.0			2.6	%
Wholesale		27.2			58.0			-53.1	%		47.0			-42.1	%
Residential		23.9			13.0			83.8	%		23.0			3.9	%

UKRAINE PRO-FORMA OIBDA DEVELOPMENT (UAH millions)	3Q 10			3Q 09			3Q 10/ 3Q 09			2Q 10			3Q 10/ 2Q 10
Adjusted OIBDA Total		1,913.2			1,629.0			17.4	%		1,663.0			15.0	%
Mobile		1,896.5			1,585.0			19.7	%		1,614.0			17.5	%
Fixed-line		16.7			44.0			-62.0	%		49.0			-65.9	%
Adjusted Total OIBDA margin, %		56.8	%		50.2	%					54.2	%
Mobile, %		58.5	%		51.2	%					55.1	%
Fixed-line, %		13.3	%		28.6	%					34.3	%

UKRAINE ACTUAL (UAH millions)	3Q 10			3Q 09			3Q 10/ 3Q 09			2Q 10			3Q 10/ 2Q 10
Net operating revenues		3,365.4			441.7			661.9	%		2,461.3			36.7	%
Adjusted OIBDA Total		1,913.2			94.5			1924.6	%		1,304.4			46.7	%
Net income/(loss) attributable to VimpelCom Ltd.		587.3			-296.6			n/a			236.1			148.8	%

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VimpelCom Ltd - Third Quarter 2010 Operating and Financial Results


UKRAINE PRO-FORMA OPERATING DEVELOPMENT	3Q 10		3Q 09		3Q 10/ 3Q 09			2Q 10		3Q 10/ 2Q 10
Mobile operations
Subscriptions (‘000)		25,057		24,484		2.3	%		24,059		4.1	%
MOU, min		433.2		330.6		31.0	%		426.7		1.5	%
ARPU mobile, UAH		42.6		40.8		4.4	%		39.7		7.3	%
ARPU mobile, US$		5.4		5.3		1.9	%		5.0		8.0	%
Fixed-line operations
Broadband subscriptions (‘000)		213.8		70.1		205.0	%		164.0		30.4	%
Broadband ARPU, UAH		38.0		53.1		-28.4	%		42.8		-11.2	%
Broadband ARPU, US$		4.8		6.8		-29.4	%		5.4		-11.1	%

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VimpelCom Ltd - Third Quarter 2010 Operating and Financial Results

CIS - Business Context, Operations and Financial Results *

In the CIS, we achieved considerable organic revenue growth both on a year-on-year and quarter-on-quarter basis. The results from our largest CIS market, Kazakhstan, continued to demonstrate strong dynamics, with robust revenue growth and high OIBDA margin. During the quarter, we achieved double-digit revenue growth in Georgia and Tajikistan, and we saw a reversal of negative market trends in Uzbekistan and accelerated recovery in Kyrgyzstan.

•

CIS mobile subscriptions grew to almost 15 million representing a 22.8% increase year-on-year

•

Net operating revenues reached $361.0 million, an increase of 21.5% year-on-year including a 11.7% organic growth; consolidated CIS OIBDA margin remains strong at 48.8%, in line with our targeted level of high 40’s

•

In Kazakhstan, growth in revenue was over 12% in local currency year-on-year and 7.6% quarter-on-quarter, reflecting growth in both mobile and fixed operations

•

Total number of broadband subscriptions increased 178.7% year-on-year and 15.0% quarter-on-quarter as we continue to develop our broadband projects in Kazakhstan, Uzbekistan and Armenia

•

Year-on-year growth of selling and marketing expenses is due to consolidation of Kyrgyzstan and substantial growth in subscription base there. Sequential increase addresses competitive situation in Armenia and Uzbekistan and ongoing business expansion in our core markets

•

Capex for the CIS markets increased substantially both year-on-year and quarter-on-quarter to support our network expansion, which is mainly focused on increasing mobile penetration and investments in fixed networks.

Overall, we are pleased with the results from our CIS business unit. We continue to invest in the region and expect to benefit from growing penetration of voice and data services.


CIS OPERATIONS (US$ millions)	3Q 10			3Q 09			3Q 10/ 3Q 09			2Q 10			3Q 10/ 2Q 10
Net operating revenues		361.0			297.0			21.5	%		336.2			7.4	%
Adjusted OIBDA		176.0			154.7			13.8	%		161.9			8.7	%
Adjusted OIBDA margin, %		48.8	%		52.1	%					48.2	%
SG&A		94.6			73.3			29.1	%		90.1			5.0	%
including Sales & Marketing Expenses		26.2			20.5			27.8	%		21.4			22.4	%
including General & Administrative Costs		68.4			52.8			29.5	%		68.7			-0.4	%
SG&A percentage		26.2	%		24.7	%					26.8	%
Capital expenditures		78.3			21.5			264.2	%		70.6			10.9	%
ROIC, %		10.8	%		11.5	%					10.0	%
Mobile subscriptions (‘000)		14,782			12,036			22.8	%		13,875			6.5	%
including mobile broadband subscriptions		20.3			0.0			n/a			17.1			18.7	%
Broadband fixed-line subscriptions (‘000)		74.4			26.7			178.7	%		64.7			15.0	%

*	CIS operations include operations in Kazakhstan, Uzbekistan, Armenia, Kyrgyzstan (since 1Q10), Tajikistan, and Georgia.

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VimpelCom Ltd - Third Quarter 2010 Operating and Financial Results

South-East Asia – Overview

•

Our Vietnamese joint-venture maintained its operations on a limited level during the third quarter as shareholders’ negotiations continued on the optimal way of further financing and expanding the business. We do not consolidate the Vietnamese operations in our financial reporting.

•

In Cambodia, recently we managed to reverse the negative trends stemming from regulatory action earlier this year. Although the quarterly results were slightly below our expectations, we are confident that our business in Cambodia will be on track by the end of the year.


SEA (US$ mln)	3Q 10		3Q 09		3Q 10/ 3Q 09			2Q 10		3Q 10/ 2Q 10
Net operating mobile revenues		5.0		2.4		108.3	%		5.5		-9.1	%
Adjusted mobile OIBDA		-8.8		-13.2		n/a			-8.1		n/a

Content of the attachment tables:


Attachment A:	Definitions	12

Attachment B:	VimpelCom Ltd financial Statements	15

Attachment C:	Reconciliation Tables (Unaudited)	19

Attachment D:	Capex Development	21

Attachment E:	Financial and Operational Highlights in Functional Currencies	21

Attachment F:	Key Financial Results in US Dollars Russia	25

Attachment G:	VimpelCom Ltd Financial and Operational Highlights on Pro-Forma Basis	29

Attachment H:	Average Rates of Functional Currencies to USD	29

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VimpelCom Ltd - Third Quarter 2010 Operating and Financial Results

For more information on financial and operating data for specific countries, as well as reconciliation of OIBDA, please refer to the supplementary file FinancialOperatingQ32010.xls on our website at http://www.vimpelcom.com/news/qrep.wbp.

The Company’s management will discuss its third quarter 2010 results during a conference call and slide presentation on December 2, 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 December 9, 2010. The slide presentation webcast will also be available for download on VimpelCom’s website http://www.vimpelcom.com.

VimpelCom consists of telecommunications operators providing voice and data services through a range of wireless, fixed and broadband technologies. The VimpelCom 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 345 million. VimpelCom operating companies provide services under the “Beeline” and “Kyivstar” brands. VimpelCom’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 our transaction with Weather Investments, realization of synergies in Ukraine and the expected growth and development of our operations. 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. In addition, there can be no assurance that all of the conditions precedent to completion of our transaction with Weather Investments will be satisfied. 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 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. 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.

For more information, please contact:


Alexey Subbotin		Mateo Millett
VimpelCom		FD
Tel:	+31 20 79 77 200 (Amsterdam)	Tel: 1-617 897-1533
Tel:	+7 495 9545888 (Moscow)	[email protected]
[email protected]

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VimpelCom Ltd - Third Quarter 2010 Operating and Financial Results

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, our 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. Additionally, 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 FinancialOperatingQ22010.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.

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.

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 access via USB modems using 3G/HSDPA technologies.

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.

CIS Geographic Segment for the purpose of VimpelCom’s reporting includes our operations in the following countries: Kazakhstan, Kyrgyzstan, Uzbekistan, Tajikistan, Armenia and Georgia. Starting from the second quarter 2010 OJSC VimpelCom’s operation in Ukraine was included into a separate reporting segment together with Kyivstar and reported on a pro-forma basis for all periods starting from the first quarter of 2010.

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VimpelCom Ltd - Third Quarter 2010 Operating and Financial Results

Free cash flow is a non-U.S. GAAP financial measure and is calculated as net income plus depreciation and amortization minus capital expenditures for the reported period (a quarter or a year, respectively). 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 to maintain or expand our asset base. The Company also refers to free cash flow in determining its dividends. Free cash flow should not be considered in isolation as an alternative to operating cash flow or any other measure of the company’s cash flows management. Reconciliation of free cash flow to net income, the most directly comparable U.S. GAAP financial measure, is presented below in the reconciliation tables section (Attachment C).

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.

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.

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

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.

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

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.

Net debt is a non-U.S. GAAP financial measure and is calculated as the sum of interest bearing long-term debt and short-term debt minus cash and cash equivalents. 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.

Reportable segments – The Company identified Russia mobile, Russia fixed-line, CIS mobile, CIS fixed-line, Ukraine mobile, Ukraine fixed-line and Asia mobile reporting segments based on the business activities in different geographical areas. Although Georgia is no longer a member of the CIS, consistent with VimpelCom’s historic reporting practice VimpelCom continues to include Georgia in its CIS reporting segment. Mobile lines include activities for the providing of wireless telecommunication services to the Company’s subscribers; fixed-line includes all activities for providing wireline telecommunication services, broadband and consumer Internet. Revenues and expenses are shown net of intercompany transactions within one geographical segment. Intersegment revenues and expenses between different geographical segments are eliminated at the consolidated level. Starting second quarter of 2010 VimpelCom also started to consider VimpelCom’s respective equities in net results of operations of the Company’s associates Morefront Holdings Ltd. and GTEL-Mobile as part of operations of Russia mobile and Asia mobile reporting segments, respectively, as well as VimpelCom’s DVB-T and DVB-H activities were allocated to Russia fixed-line and Russia mobile segments, respectively. The comparative information was retrospectively adjusted.

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VimpelCom Ltd - Third Quarter 2010 Operating and Financial Results

ROCE is a non-U.S. GAAP financial measure and is calculated as operating income for the last twelve months divided by the sum of net debt, total equity and redeemable noncontrolling interest calculated as an average of the quarter-end balances for the last four quarters. The Company believes that ROCE (return on capital employed) provides useful information to management of our company and investors because it is an indicator of our company’s operational performance and represents a return on employed capital at the end of each reported period. Calculation of ROCE on the basis of U.S. GAAP financial measures is presented in the reconciliation tables section below (Attachment C).

ROIC is a non-U.S. GAAP financial measure and is calculated as operating income for the last twelve months divided by the sum of property and equipment, licenses, intangible assets, goodwill, software and frequency permissions as reflected on the balance sheet as of the end of the period. The Company believes that ROIC (return on invested capital) provides useful information to management of our company because it is an indicator of our company’s operational performance and provides a useful indication of how profitably our company used its resources in each reportable segment over the reported period. Calculation of ROIC on the basis of U.S. GAAP financial measures is presented below in the reconciliation tables section below (Attachment C).

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

Ukraine segment – Due to change in the reporting structure of VimpelCom and in line with intentions made public by the Company in the previous quarter, Ukraine was considered to be a separate reporting segment apart from the CIS and includes the operations of VimpelCom’s indirect Ukrainian subsidiaries Closed Joint Stock Company “Ukrainian Radio Systems” (“URS”) and “Golden Telecom” Limited Liability Company (“GT LLC”)), as well as Kyivstar.

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.

Voice revenue – for the purpose of press-release voice revenue includes voice revenue generated by our subscribers, roaming revenues generated by our subscribers and guest roamers and interconnect revenue. In our annual report and annual report on Form 20-F we report each of these types of revenues separately.

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VimpelCom Ltd - Third Quarter 2010 Operating and Financial Results

Attachment B: VimpelCom Ltd financial statements

VimpelCom Ltd

Unaudited Condensed Consolidated Statements of Income


	Three months ended September 30,						Nine months ended September 30,
	2010			2009			2010			2009
	*(In thousands of US dollars, except share amounts)*
Operating revenues:
Service revenues	$	2,785,966		$	2,245,967		$	7,567,961		$	6,298,463
Sales of equipment and accessories		35,072			26,130			106,190			86,998
Other revenues		3,351			5,523			22,999			14,694

Total operating revenues		2,824,390			2,277,620			7,697,151			6,400,155
Revenue based tax		—			(1,823	)		—			(5,839	)

Net operating revenues		2,824,390			2,275,797			7,697,151			6,394,316

Operating expenses:
Service costs		594,687			488,425			1,649,297			1,370,952
Cost of equipment and accessories		44,276			26,876			118,505			85,564
Selling, general and administrative expenses		799,122			599,186			2,208,835			1,710,198
Depreciation		408,284			366,039			1,137,486			1,000,201
Amortization		137,771			71,164			321,010			213,947
Provision for doubtful accounts		8,683			12,974			39,812			42,974

Total operating expenses		1,992,825			1,564,664			5,474,945			4,423,836


Operating income		831,565			711,133			2,222,206			1,970,480
Other income and expenses:
Interest income		14,558			7,706			42,182			41,310
Net foreign exchange (loss)/gain		27,267			24,516			5,808			(397,191	)
Interest expense		(125,713	)		(156,793	)		(399,637	)		(434,802	)
Equity in net gain/(loss) of associates		19,201			4,861			26,505			(25,754	)
Other (expenses)/income, net		(26,512	)		(3,206	)		(84,868	)		(8,124	)

Total other income and expenses		(91,199	)		(122,916	)		(410,010	)		(824,561	)

Income before income taxes		740,365			588,217			1,812,198			1,145,919
Income tax expense		230,303			152,336			561,310			309,665

Net income		510,062			435,881			1,250,887			836,254
Net income/(loss) attributable to the noncontrolling interest		14,161			1,384			38,768			(2,136	)

Net income attributable to VimpelCom	$	495,901		$	434,497		$	1,212,120		$	838,390

Basic EPS :
Net income attributable to VimpelCom per common share restated	$	0.39		$	0.44		$	1.05		$	0.82
Weighted average common shares outstanding (thousand)		1,291,232			1,012,862			1,178,629			1,012,555

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VimpelCom Ltd - Third Quarter 2010 Operating and Financial Results

VimpelCom Ltd Unaudited Condensed Consolidated Balance Sheets


	September 30, 2010			December 31, 2009
	*(In thousands of US dollars, except share amounts)*
Assets
Current assets:
Cash and cash equivalents	$	2,467,002		$	1,446,949
Trade accounts receivable, net of allowance for doubtful accounts		525,659			392,365
Inventory		83,620			61,919
Deferred income taxes		99,405			91,493
Input value added tax		143,908			96,994
Due from related parties		113,006			249,631
Other current assets		348,501			627,257

Total current assets		3,781,102			2,966,608

Property and equipment, net		6,480,385			5,561,569
Telecommunications licenses, net		583,221			542,597
Goodwill		6,943,143			3,284,293
Other intangible assets, net		1,629,117			700,365
Software, net		513,459			448,255
Investments in associates		440,952			436,767
Other assets		674,367			792,087

Total assets	$	21,045,746		$	14,732,541


Liabilities, redeemable noncontrolling interest and equity
Current liabilities:
Accounts payable	$	749,750		$	545,690
Due to employees		149,032			113,368
Due to related parties		2,777			9,211
Accrued liabilities		393,797			315,666
Taxes payable		287,015			212,767
Customer advances, net of VAT		326,956			376,121
Customer deposits		28,412			28,386
Short-term debt		2,126,113			1,813,141

Total current liabilities		4,063,852			3,414,350

Deferred income taxes		787,178			596,472
Long-term debt		4,366,641			5,539,906
Other non-current liabilities		171,418			164,636
Commitments, contingencies and uncertainties		—			—

Total liabilities		9,389,088			9,715,364

Redeemable noncontrolling interest		518,664			508,668

Equity:
Convertible voting preferred stock (0.001 US$ nominal value per share), 200,000,000 shares authorized; 128,532,000 shares issued and outstanding		129			129
Common stock (0.001 US$ nominal value per share), 1,800,000,000 shares authorized; 1,302,559,308 shares issued (December 31, 2009: 1,025,620,440); 1,291,232,105 shares outstanding (December 31, 2009: 1,014,291,580)		1,303			1,026
Additional paid-in capital		6,294,869			1,142,594
Retained earnings		5,286,612			4,074,492
Accumulated other comprehensive loss		(497,816	)		(488,277	)
Treasury stock, at cost, 11,327,203 shares of common stock (December 31, 2009: 11,328,860)		(223,406	)		(223,421	)

Total VimpelCom shareholders’ equity		10,861,692			4,506,543
Noncontrolling interest		276,302			1,966

Total equity		11,137,994			4,508,509

Total liabilities, redeemable noncontrolling interest and equity	$	21,045,746		$	14,732,541

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VimpelCom Ltd - Third Quarter 2010 Operating and Financial Results

VimpelCom Ltd Unaudited Condensed Consolidated Statements of Cash Flows


	Nine months ended September 30,
	2010			2009
	*(In thousands of US dollars)*

Operating activities

Net cash provided by operating activities	$	2,901,086		$	2,761,844

Investing activities

Purchases of property and equipment		(750,530	)		(482,455	)
Purchases of intangible assets		(15,245	)		(13,067	)
Purchases of software		(145,591	)		(128,001	)
Investments in associates		—			(12,424	)
Payment for shares in Golden Telecom		(143,569	)		—
Cash proceeds from Kyivstar aqcuisition		167,077			—
Acqusition of Foratec, net of cash acquired		(36,372	)		—
Cash increase due to Sky Mobile consolidation		4,702			—
Loan granted		(5,305	)		—
Loan receivable repayment		22,910			—
Proceeds from withdrawal of deposits		435,166			—
Purchases of other assets, net		(15,065	)		(29,877	)

Net cash provided by/(used in) investing activities		(481,820	)		(665,824	)

Financing activities
Proceeds from bank and other loans		738,450			1,226,137
Repayments of bank and other loans		(1,589,976	)		(1,691,052	)
Payments of fees in respect of debt issues		(2,606	)		(51,516	)
Share capital issued and paid		905			—
Share premium contributed		(225	)		5,412
Purchase of noncontrolling interest in consolidated subsidiaries		(12,594	)		(439	)
Payment of dividends		(2,049	)		—
Payment of dividends to noncontrolling interest		(34,517	)		(718	)
Purchase of own shares		(479,936	)		—
Net proceeds from employee stock options		27			—

Net cash used in financing activities		(1,382,521	)		(512,176	)

Effect of exchange rate changes on cash and cash equivalents		(16,691	)		23,788


Net increase in cash and cash equivalents		1,020,053			1,607,632
Cash and cash equivalents at beginning of period		1,446,949			914,683

Cash and cash equivalents at end of period	$	2,467,002		$	2,522,315

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VimpelCom Ltd - Third Quarter 2010 Operating and Financial Results

VimpelCom Ltd Unaudited Condensed Consolidated Statements of Cash Flows (Continued)


	Nine months ended September 30,
	2010		2009
	*(In thousands of US dollars)*
Supplemental cash flow information
Cash paid during the period:
Income tax	$	490,468	$	280,774
Interest		378,872		377,568
Non-cash activities:
Accounts payable for property, equipment and other long-lived assets		293,171		128,150

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VimpelCom Ltd - Third Quarter 2010 Operating and Financial Results

Attachment C: Reconciliation Tables (Unaudited)

Reconciliation of Consolidated Adjusted OIBDA of VimpelCom

(In millions of US$)


	3Q 10			3Q 09			2Q 10
Adjusted OIBDA		1,377.7			1,148.3			1,261.8
Depreciation		(408.3	)		(366.0	)		(376.7	)
Amortization		(137.8	)		(71.2	)		(116.5	)
Operating income		831.6			711.1			768.6
Interest income		14.6			7.7			16.1
Net foreign exchange (loss)/gain		27.3			24.5			(126.4	)
Interest expense		(125.7	)		(156.8	)		(132.3	)
Equity in net gain/(loss) of associates		19.2			4.9			11.1
Other (expense)/income, net		(26.6	)		(3.2	)		(10.0	)
Income tax expense		(230.3	)		(152.3	)		(178.0	)
Net income		510.1			435.9			349.1

Reconciliation of Consolidated Adjusted OIBDA Margin of VimpelCom


	3Q 10			3Q 09			2Q 10
Adjusted OIBDA margin		48.8	%		50.5	%		47.8	%
Less: Depreciation as a percentage of net operating revenues		(14.5	%)		(16.2	%)		(14.3	%)
Less: Amortization as a percentage of net operating revenues		(4.9	%)		(3.1	%)		(4.4	%)
Operating income as a percentage of net operating revenues		29.4	%		31.2	%		29.1	%
Interest income		0.5	%		0.3	%		0.6	%
Net foreign exchange (loss)/gain		1.0	%		1.1	%		(4.8	%)
Interest expense		(4.5	%)		(6.9	%)		(5.0	%)
Equity in net gain/(loss) of associates		0.7	%		0.2	%		0.4	%
Other (expense)/income, net		(0.8	%)		0.0	%		(0.4	%)
Income tax expense		(8.2	%)		(6.7	%)		(6.7	%)
Net income margin		18.1	%		19.2	%		13.2	%

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VimpelCom Ltd - Third Quarter 2010 Operating and Financial Results

Reconciliation of VimpelCom Consolidated ROCE and Net Debt

(In millions of US$)


VimpelCom Ltd. Actual ROCE, %	2Q ‘08			3Q ‘08			4Q ‘08			1Q ‘09			2Q ‘09			3Q ‘09			4Q ‘09			1Q ‘10			2Q ‘10			3Q ‘10
Consolidated operating income LTM		2,643			2,859			2,536			2,402			2,357			2,179			2,578			2,633			2,710			2,830
Net debt		6,772			7,276			7,528			6,729			6,325			5,547			5,906			5,118			3,980			4,026
Long-term debt		6,503			6,255			6,534			5,307			5,732			5,593			5,540			5,292			4,801			4,367
Short-term debt		1,248			1,748			1,909			2,388			2,242			2,476			1,813			1,356			1,532			2,126
Cash and cash equivalents		(979	)		(727	)		(915	)		(966	)		(1,649	)		(2,522	)		(1,447	)		(1,530	)		(2,353	)		(2,467	)
Total equity		6,436			5,639			4,140			3,146			4,038			4,569			4,509			5,376			10,644			11,138
Redeemable noncontrolling interest		0			470			470			500			500			505			509			512			515			519
Total capital employed (CE)		13,208			13,385			12,138			10,375			10,863			10,621			10,924			11,006			15,139			15,683
Average capital employed											12,277			11,690			10,999			10,696			10,854			11,923			13,188
ROCE consolidated											19.6	%		20.2	%		19.8	%		24.1	%		24.3	%		22.7	%		21.5	%

Reconciliation of ROIC


Russia, ROIC, % (based on RUR millions)	3Q 10			3Q 09			2Q 10
Operating income LTM		75,969			66,515			76,048
Property and equipment		124,465			126,599			119,880
Licenses		4,798			7,102			5,252
Intangible assets		13,242			15,533			13,491
Goodwill		80,181			78,896			78,897
Software		9,825			9,557			9,479
Frequency permissions		3,234			3,050			3,172
Total Invested Capital		235,745			240,737			230,171
ROIC, %		32.2	%		27.6	%		33.0	%

CIS, ROIC, % (based on US$ millions)	3Q 10			3Q 09			2Q 10
Operating income LTM		270.1			261.3			260.7
Property and equipment		1,146.0			1,078.1			1,117.9
Licenses		216.3			256.8			233.8
Intangible assets		176.0			184.6			172.3
Goodwill		874.5			666.0			988.9
Software		77.5			79.5			76.6
Frequency permissions		4.6			2.8			4.6
Total Invested Capital		2,494.9			2,267.8			2,594.1
ROIC, %		10.8	%		11.5	%		10.0	%

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VimpelCom Ltd - Third Quarter 2010 Operating and Financial Results

Attachment D: Capex Development


CAPEX (in US$ millions)	3Q 10		3Q 09		3Q 10/ 3Q 09			2Q 10		3Q 10/ 2Q 10
Total capex		520.1		123.2		322.2	%		381.4		36.4	%
Russia		382.6		90.4		323.2	%		243.4		57.2	%
Ukraine		51.0		3.0		1600.0	%		58.6		-13.0	%
Other CIS		78.3		21.6		262.5	%		70.6		10.9	%
SEA		8.2		8.2		0.0	%		8.8		-6.8	%

Attachment E: Financial and Operational Highlights in Functional Currencies

Ukraine


UKRAINE ACTUAL (UAH millions)	3Q 10			3Q 09			3Q 10/ 3Q 09			2Q 10			3Q 10/ 2Q 10
Net operating revenues		3,365.4			441.7			661.9	%		2,461.3			36.7	%
Adjusted OIBDA		1,913.2			94.5			1924.6	%		1,304.4			46.7	%
Adjusted OIBDA margin, %		56.8	%		21.4	%					53.0	%
SG&A		873.5			162.1			438.9	%		691.4			26.3	%
including Sales & Marketing Expenses		167.3			40.9			309.0	%		134.9			24.0	%
including General & Administrative Costs		706.2			121.2			482.7	%		556.5			26.9	%
SG&A percentage		26.0	%		36.7	%					28.1	%
Capital expenditures		403.3			23.5			1616.2	%		464.1			-13.1	%

UKRAINE ACTUAL REVENUES (UAH millions)	3Q 10			3Q 09			3Q 10/ 3Q 09			2Q 10			3Q 10/ 2Q 10
Net operating revenues		3,365.4			441.7			661.9	%		2,461.3			36.7	%
Mobile		3,239.4			251.5			1188.0	%		2,309.0			40.3	%
Fixed-line		126.0			190.2			-33.8	%		152.3			-17.3	%
Business segment		74.9			82.5			-9.2	%		72.8			2.9	%
Wholesale		27.2			94.9			-71.3	%		56.8			-52.1	%
Residential		23.9			12.8			86.7	%		22.7			5.3	%

UKRAINE ACTUAL ADJUSTED OIBDA DEVELOPMENT (UAH mln)	3Q 10			3Q 09			3Q 10/ 3Q 09			2Q 10			3Q 10/ 2Q 10
Adjusted OIBDA Total		1,913.2			94.5			1924.6	%		1,304.4			46.7	%
Mobile		1,896.5			49.1			3762.5	%		1,255.1			51.1	%
Fixed-line		16.7			45.4			-63.2	%		49.3			-66.1	%
Adjusted Total OIBDA margin, %		56.8	%		21.4	%					53.0	%
Mobile, %		58.5	%		19.5	%					54.4	%
Fixed-line, %		13.3	%		23.9	%					32.4	%

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VimpelCom Ltd - Third Quarter 2010 Operating and Financial Results

CIS — Revenues Development


KAZAKHSTAN (KZT mln)	3Q 10		3Q 09		3Q 10/ 3Q 09			2Q 10		3Q 10/ 2Q 10
Net operating revenues		29,100		25,928		12.2	%		27,054		7.6	%
Mobile		28,422		25,538		11.3	%		26,503		7.2	%
Fixed-line		678		390		73.8	%		551		23.0	%

ARMENIA (AMD mln)	3Q 10		3Q 09		3Q 10/ 3Q 09			2Q 10		3Q 10/ 2Q 10
Net operating revenues		17,785		19,167		-7.2	%		17,073		4.2	%
Mobile		7,698		7,575		1.6	%		6,701		14.9	%
Fixed-line		10,087		11,592		-13.0	%		10,372		-2.7	%

UZBEKISTAN (US$ mln)*	3Q 10		3Q 09		3Q 10/ 3Q 09			2Q 10		3Q 10/ 2Q 10
Net operating revenues		53.8		50.1		7.4	%		51.4		4.7	%
Mobile		51.4		46.8		9.8	%		48.9		5.1	%
Fixed-line		2.4		3.3		-27.3	%		2.5		-4.0	%

TAJIKISTAN (US$ mln)*	3Q 10		3Q 09		3Q 10/ 3Q 09			2Q 10		3Q 10/ 2Q 10
Net operating revenues		22.2		14.9		49.0	%		20.1		10.4	%
Mobile		16.5		14.9		10.7	%		14.9		10.7	%
Fixed-line		5.7		—		n/a			5.2		9.6	%

GEORGIA (GEL mln)	3Q 10		3Q 09		3Q 10/ 3Q 09			2Q 10		3Q 10/ 2Q 10
Net operating revenues		23.9		14.9		60.4	%		20.8		14.9	%
Mobile		23.2		14.9		55.7	%		20.0		16.0	%
Fixed-line		0.7		—		n/a			0.8		-12.5	%

KYRGYZSTAN (KGS mln)	3Q 10		3Q 09		3Q 10/ 3Q 09			2Q 10		3Q 10/ 2Q 10
Mobile net operating revenues		1,368		—		n/a			1,261		8.5	%

CIS REVENUES (US$ mln)**	3Q 10		3Q 09		3Q 10/ 3Q 09			2Q 10		3Q 10/ 2Q 10
Net operating revenues		361.0		297.0		21.5	%		336.2		7.4	%
Mobile		320.5		260.0		23.3	%		297.4		7.8	%
Fixed-line		40.5		37.0		9.5	%		38.8		4.4	%

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

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

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VimpelCom Ltd - Third Quarter 2010 Operating and Financial Results

CIS – Adjusted OIBDA Development


KAZAKHSTAN (KZT mln)	3Q 10			3Q 09			3Q 10/ 3Q 09			2Q 10			3Q 10/ 2Q 10
Adjusted OIBDA total		16,483			15,341			7.4	%		15,526			6.2	%
Mobile		16,245			15,350			5.8	%		15,406			5.4	%
Fixed-line		238			-9			n/a			120			98.3	%
Adjusted OIBDA margin, %		56.6	%		59.2	%					57.4	%

ARMENIA (AMD mln)	3Q 10			3Q 09			3Q 10/ 3Q 09			2Q 10			3Q 10/ 2Q 10
Adjusted OIBDA total		8,074			9,812			-17.7	%		7,331			10.1	%
Mobile		3,212			3,633			-11.6	%		2,711			18.5	%
Fixed-line		4,862			6,179			-21.3	%		4,620			5.2	%
Adjusted OIBDA margin, %		45.4	%		51.2	%					42.9	%

UZBEKISTAN (US$ mln)*	3Q 10			3Q 09			3Q 10/ 3Q 09			2Q 10			3Q 10/ 2Q 10
Adjusted OIBDA total		21.9			23.5			-6.8	%		20.1			9.0	%
Mobile		20.9			22.2			-5.9	%		19.2			8.9	%
Fixed-line		1.0			1.3			-23.1	%		0.9			11.1	%
Adjusted OIBDA margin, %		40.7	%		46.9	%					39.1	%

TAJIKISTAN (US$ mln)*	3Q 10			3Q 09			3Q 10/ 3Q 09			2Q 10			3Q 10/ 2Q 10
Adjusted OIBDA total		8.8			5.2			69.2	%		6.7			31.3	%
Mobile		7.8			5.2			50.0	%		5.7			36.8	%
Fixed-line		1.0			—			n/a			1.0			0.0	%
Adjusted OIBDA margin, %		39.6	%		34.9	%					33.3	%

GEORGIA (GEL mln)	3Q 10			3Q 09			3Q 10/ 3Q 09			2Q 10			3Q 10/ 2Q 10
Adjusted OIBDA Total		6.4			1.6			300.0	%		2.7			137.0	%
Mobile		6.3			1.6			293.8	%		2.66			136.8	%
Fixed-line		0.12			—			n/a			0.05			140.0	%
Adjusted OIBDA margin, %		26.8	%		10.7	%					13.0	%

KYRGYZSTAN (KGS mln)	3Q 10			3Q 09			3Q 10/ 3Q 09			2Q 10			3Q 10/ 2Q 10
Adjusted Mobile OIBDA		569			—			n/a			589			-3.4	%
Adjusted Mobile OIBDA margin, %		41.6	%		—						46.7	%

CIS OIBDA (US$ mln)	3Q 10			3Q 09			3Q 10/ 3Q 09			2Q 10			3Q 10/ 2Q 10
Adjusted OIBDA total		176.0			154.7			13.8	%		161.9			8.7	%
Mobile		159.5			137.4			16.1	%		147.6			8.1	%
Fixed-line		16.5			17.3			-4.6	%		14.3			15.4	%
Adjusted OIBDA margin, %		48.8	%		52.1	%					48.2	%

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

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VimpelCom Ltd - Third Quarter 2010 Operating and Financial Results

CIS — Operating Highlights


KAZAKHSTAN	3Q 10		3Q 09		3Q 10/ 3Q 09			2Q 10		3Q 10/ 2Q 10
Mobile subscriptions (‘000)		6,736		6,835		-1.4	%		6,339		6.3	%
MOU, min		130.3		98.1		32.8	%		125.1		4.2	%
ARPU mobile, US$		9.6		8.2		17.1	%		9.6		0.0	%
ARPU mobile, (KZT)		1,419		1,241		14.3	%		1,411		0.6	%
Broadband internet subscriptions (‘000)		6.2		0.3		1966.7	%		4.3		44.2	%

ARMENIA	3Q 10		3Q 09		3Q 10/ 3Q 09			2Q 10		3Q 10/ 2Q 10
Mobile subscriptions (‘000)		581		502		15.7	%		567		2.5	%
including mobile broadband subscriptions		7.4		0.0		n/a			6.6		12.1	%
MOU, min		286.7		269.0		6.6	%		270.1		6.1	%
ARPU mobile, US$		11.4		13.7		-16.8	%		10.3		10.7	%
ARPU mobile, (AMD)		4,176		5,117		-18.4	%		3,975		5.1	%
Broadband internet subscriptions (‘000)		57.8		18.1		219.3	%		49.7		16.3	%

UZBEKISTAN	3Q 10		3Q 09		3Q 10/ 3Q 09			2Q 10		3Q 10/ 2Q 10
Mobile subscriptions (‘000)		4,398		3,652		20.4	%		3,997		10.0	%
including mobile broadband subscriptions		12.9		0.0		n/a			10.5		22.9	%
MOU, min		387.7		409.3		-5.3	%		383.0		1.2	%
ARPU mobile, US$		4.1		4.5		-8.9	%		4.1		0.0	%
Broadband internet subscriptions (‘000)		10.4		8.3		25.3	%		10.7		-2.8	%

TAJIKISTAN	3Q 10		3Q 09		3Q 10/ 3Q 09			2Q 10		3Q 10/ 2Q 10
Mobile subscriptions (‘000)		772		706		9.3	%		784		-1.5	%
MOU, min		191.2		173.3		10.3	%		167.6		14.1	%
ARPU mobile, US$		7.1		7.2		-1.4	%		6.1		16.4	%

GEORGIA	3Q 10		3Q 09		3Q 10/ 3Q 09			2Q 10		3Q 10/ 2Q 10
Mobile subscriptions (‘000)		529		341		55.1	%		466		13.5	%
MOU, min		147.4		129.3		14.0	%		140.5		4.9	%
ARPU mobile, US$		8.1		9.2		-12.0	%		7.9		2.5	%
ARPU mobile, (GEL)		14.9		15.4		-3.2	%		14.5		2.8	%

KYRGYZSTAN	3Q 10		3Q 09		3Q 10/ 3Q 09			2Q 10		3Q 10/ 2Q 10
Mobile subscriptions (‘000)		1,766		—		n/a			1,722		2.6	%
MOU, min		288.2		—		n/a			235.9		22.2	%
ARPU mobile, US$		5.6		—		n/a			5.3		5.7	%
ARPU mobile, (KGS)		260.0		—		n/a			239.5		8.6	%

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.

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VimpelCom Ltd - Third Quarter 2010 Operating and Financial Results

Attachment F: Key Financial Results in US Dollars Russia *


RUSSIA (US$ millions)	3Q 10			3Q 09			3Q 10/ 3Q 09			2Q 10			3Q 10/ 2Q 10
Net operating revenues		2,099.4			1,953.0			7.5	%		2,041.8			2.8	%
Adjusted OIBDA		987.9			995.0			-0.7	%		964.0			2.5	%
Adjusted OIBDA margin, %		47.1	%		50.9	%					47.2	%
SG&A		563.6			493.0			14.3	%		558.4			0.9	%
including Sales & Marketing Expenses		197.8			157.0			26.0	%		185.0			6.9	%
including General & Administrative Costs		365.8			336.0			8.9	%		373.4			-2.0	%
SG&A percentage		26.8	%		25.2	%					27.3	%
Capital expenditures		382.6			90.3			323.7	%		243.5			57.1	%

RUSSIA REVENUES (US$ millions)	3Q 10			3Q 09			3Q 10/ 3Q 09			2Q 10			3Q 10/ 2Q 10
Net operating revenues		2,099.4			1,953.0			7.5	%		2,041.8			2.8	%
Mobile revenues		1,757.2			1,636.0			7.4	%		1,714.0			2.5	%
Fixed-line revenues		342.2			317.0			7.9	%		328.0			4.3	%
Business segment		156.9			160.0			-1.9	%		153.0			2.5	%
Wholesale		130.1			112.0			16.2	%		121.0			7.5	%
Residential		55.2			45.0			22.7	%		54.0			2.2	%

RUSSIA ADJUSTED OIBDA DEVELOPMENT (US$ millions)	3Q 10			3Q 09			3Q 10/ 3Q 09			2Q 10			3Q 10/ 2Q 10
Adjusted OIBDA total		987.9			995.0			-0.7	%		964.0			2.5	%
Mobile		886.2			895.0			-1.0	%		875.0			1.3	%
Fixed-line		101.8			100.0			1.8	%		89.0			14.4	%
Adjusted total OIBDA margin, %		47.1	%		50.9	%					47.2	%
Mobile, %		50.4	%		54.7	%					51.1	%
Fixed-line, %		29.7	%		31.5	%					27.1	%

*	Please find information on respective operating income amounts in the supplementary file FinancialOperatingQ32010.xls on our website at http://www.vimpelcom.com/news/qrep.wbp.

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VimpelCom Ltd - Third Quarter 2010 Operating and Financial Results

Ukraine


UKRAINE ACTUAL (US$ millions)	3Q 10			3Q 09			3Q 10/ 3Q 09			2Q 10			3Q 10/ 2Q 10
Net operating revenues		426.0			56.6			652.7	%		310.6			37.2	%
Adjusted OIBDA		242.2			12.1			1901.7	%		164.6			47.1	%
Adjusted OIBDA margin, %		56.9	%		21.4	%					53.0	%
SG&A		110.6			20.7			434.3	%		87.3			26.7	%
including Sales & Marketing Expenses		21.2			5.1			315.7	%		17.0			24.7	%
including General & Administrative Costs		89.4			15.6			473.1	%		70.3			27.2	%
SG&A percentage		26.0	%		36.6	%					28.4	%
Capital expenditures		51.0			3.0			1600.0	%		58.6			-13.0	%

UKRAINE ACTUAL REVENUES (US$ millions)	3Q 10			3Q 09			3Q 10/ 3Q 09			2Q 10			3Q 10/ 2Q 10
Net operating revenues		426.0			56.6			652.7	%		310.6			37.2	%
Mobile		410.0			32.3			1169.3	%		291.4			40.7	%
Fixed-line		16.0			24.3			-34.2	%		19.2			-16.7	%
Business segment		9.5			10.4			-8.7	%		9.2			3.3	%
Wholesale		3.5			12.3			-71.5	%		7.1			-50.7	%
Residential		3.0			1.6			87.5	%		2.9			3.4	%

UKRAINE ACTUAL ADJISTED OIBDA DEVELOPMENT (US$ millions)	3Q 10			3Q 09			3Q 10/ 3Q 09			2Q 10			3Q 10/ 2Q 10
Adjusted OIBDA Total		242.2			12.1			1901.7	%		164.6			47.1	%
Mobile		240.1			6.4			3651.6	%		158.4			51.6	%
Fixed-line		2.1			5.7			-63.2	%		6.2			-66.1	%
Adjusted Total OIBDA margin, %		56.9	%		21.4	%					53.0	%
Mobile, %		58.6	%		19.8	%					54.4	%
Fixed-line, %		13.1	%		23.5	%					32.3	%

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VimpelCom Ltd - Third Quarter 2010 Operating and Financial Results

CIS Revenues in US$


KAZAKHSTAN (US$ mln)	3Q 10		3Q 09		3Q 10/ 3Q 09			2Q 10		3Q 10/ 2Q 10
Net operating revenues		197.4		171.9		14.8	%		184.3		7.1	%
Mobile		192.8		169.3		13.9	%		180.5		6.8	%
Fixed-line		4.6		2.6		76.9	%		3.8		21.1	%

ARMENIA (US$ mln)	3Q 10		3Q 09		3Q 10/ 3Q 09			2Q 10		3Q 10/ 2Q 10
Net operating revenues		48.7		51.4		-5.3	%		44.5		9.4	%
Mobile		21.1		20.3		3.9	%		17.5		20.6	%
Fixed-line		27.6		31.1		-11.3	%		27.0		2.2	%

UZBEKISTAN (US$ mln)	3Q 10		3Q 09		3Q 10/ 3Q 09			2Q 10		3Q 10/ 2Q 10
Net operating revenues		53.8		50.1		7.4	%		51.4		4.7	%
Mobile		51.4		46.8		9.8	%		48.9		5.1	%
Fixed-line		2.4		3.3		-27.3	%		2.5		-4.0	%

TAJIKISTAN (US$ mln)	3Q 10		3Q 09		3Q 10/ 3Q 09			2Q 10		3Q 10/ 2Q 10
Net operating revenues		22.2		14.9		49.0	%		20.1		10.4	%
Mobile		16.5		14.9		10.7	%		14.9		10.7	%
Fixed-line		5.7		0.0		n/a			5.2		9.6	%

GEORGIA (US$ mln)	3Q 10		3Q 09		3Q 10/ 3Q 09			2Q 10		3Q 10/ 2Q 10
Net operating revenues		13.0		8.9		46.1	%		11.5		13.0	%
Mobile		12.6		8.9		41.6	%		11.1		13.5	%
Fixed-line		0.4		0.0		n/a			0.4		0.0	%

KYRGYZSTAN (US$ mln)	3Q 10		3Q 09		3Q 10/ 3Q 09			2Q 10		3Q 10/ 2Q 10
Mobile net operating revenues		29.3		0.0		n/a			27.5		6.5	%

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VimpelCom Ltd - Third Quarter 2010 Operating and Financial Results

CIS Adjusted OIBDA in US$*


KAZAKHSTAN (US$ mln)	3Q 10			3Q 09			3Q 10/ 3Q 09			2Q 10			3Q 10/ 2Q 10
Adjusted OIBDA total		111.8			101.7			9.9	%		105.7			5.8	%
Mobile		110.2			101.7			8.4	%		104.9			5.1	%
Fixed-line		1.6			0.0			n/a			0.8			100.0	%
Adjusted OIBDA margin, %		56.6	%		59.2	%					57.4	%

ARMENIA (US$ mln)	3Q 10			3Q 09			3Q 10/ 3Q 09			2Q 10			3Q 10/ 2Q 10
Adjusted OIBDA total		22.1			26.3			-16.0	%		19.1			15.7	%
Mobile		8.8			9.8			-10.2	%		7.1			23.9	%
Fixed		13.3			16.5			-19.4	%		12.0			10.8	%
Adjusted OIBDA margin, %		45.4	%		51.2	%					42.9	%

UZBEKISTAN (US$ mln)	3Q 10			3Q 09			3Q 10/ 3Q 09			2Q 10			3Q 10/ 2Q 10
Adjusted OIBDA total		21.9			23.5			-6.8	%		20.1			9.0	%
Mobile		20.9			22.2			-5.9	%		19.2			8.9	%
Fixed-line		1.0			1.3			-23.1	%		0.9			11.1	%
OIBDA Margin, %		40.7	%		46.9	%					39.1	%

TAJIKISTAN (US$ mln)	3Q 10			3Q 09			3Q 10/ 3Q 09			2Q 10			3Q 10/ 2Q 10
Adjusted OIBDA total		8.8			5.2			69.2	%		6.7			31.3	%
Mobile		7.8			5.2			50.0	%		5.7			36.8	%
Fixed-line		1.0			—			n/a			1.0			0.0	%
Adjusted OIBDA margin, %		39.6	%		34.9	%					33.3	%

GEORGIA (US$ mln)	3Q 10			3Q 09			3Q 10/ 3Q 09			2Q 10			3Q 10/ 2Q 10
Adjusted OIBDA total		3.5			1.0			250.0	%		1.5			133.3	%
Mobile		3.5			1.0			250.0	%		1.5			133.3	%
Fixed-line		0.07			0.0			n/a			0.03			133.3	%
Adjusted OIBDA margin, %		26.9	%		11.2	%					13.0	%

KYRGYZSTAN (US$ mln)	3Q 10			3Q 09			3Q 10/ 3Q 09			2Q 10			3Q 10/ 2Q 10
Adjusted mobile OIBDA		12.2			—			n/a			12.8			-4.7	%
Adjusted mobile OIBDA margin, %		41.6	%		—						46.5	%

*	Please find information on respective operating income amounts in the supplementary file FinancialOperatingQ22010.xls on our website at http://www.vimpelcom.com/news/qrep.wbp.

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VimpelCom Ltd - Third Quarter 2010 Operating and Financial Results

Attachment G: VimpelCom Ltd Financial and Operational Highlights on Pro-Forma Basis*


CONSOLIDATED OPERATIONS (US$, millions)	3Q 10 (actual)			3Q 09 (pro-forma)			3Q 10/ 3Q 09			2Q 10 (pro-forma)			3Q 10/ 2Q 10			YTD 3Q 10 (pro-forma)			YTD 3Q 09 (pro-forma)
Net operating revenues		2,824.4			2,622.1			7.7	%		2,716.1			4.0	%		8,075.4			7,422.0
Adjusted OIBDA		1,377.7			1,345.4			2.4	%		1,307.0			5.4	%		3,892.4			3,789.4
Adjusted OIBDA margin, %		48.8	%		51.3	%					48.1	%					48.2	%		51.1	%
SG&A		799.1			699.6			14.2	%		786.2			1.6	%		2,323.6			1,998.2
SG&A percentage		28.3	%		26.7	%					28.9	%					28.8	%		26.9	%
Net income attributable to VimpelCom Ltd.		495.9			493.3			0.5	%		347.7			42.6	%		1,258.9			1,026.2
Net cash from operating activities		1,096.8			n/a						1,029.2			6.6	%		3,085.8			n/a
Capital expenditures		520.1			229.8			126.3	%		445.3			16.8	%		1,198.9			619.9

*	“Pro forma basis” means – that the numbers are presented assuming that the business combination with Kyivstar had taken place on January 1, 2009

Attachment H: Average Rates of Functional Currencies to USD*


Functional Currency/ 1 US$		1Q 09		2Q 09		3Q 09		4Q 09		1Q 10		2Q 10		3Q 10
Russia	RUR		33.93		32.21		31.33		29.47		29.89		30.24		30.62
Kazakhstan	KZT		138.85		150.47		150.75		149.77		147.68		146.81		147.40
Ukraine	UAH		7.70		7.66		7.82		7.99		7.99		7.92		7.90
Armenia	AMD		325.11		370.46		372.66		384.40		384.26		384.49		365.57
Georgia	GEL		1.67		1.66		1.68		1.68		1.72		1.80		1.84
Kyrgyzstan	KGS		—		—		—		—		44.55		45.75		46.74

•

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

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VimpelCom

Ltd

Group financial results for the

third quarter of 2010

Amsterdam

December

2 ,

2010

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 in

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:

Elena Shmatova

Head of Russian operations

Dmitry Kromsky

Head of the CIS operations

Andrew Simmons

CFO of Ukrainian operations

Alexey Subbotin

Head of Investor Relations

Alexander Izosimov

President and Chief Executive Officer

Henk van Dalen

Chief Financial Officer

Presentation

VimpelCom

Ltd

2010

Corporate highlights

•

Number of mobile subscriptions up to 92.0 million (40.7% y-o-y)

•

Broadband subscriptions grew to 3.1 million (58.8% y-o-y)

•

Net operating revenues increased by 24.1% year-on-year to $2.8bn

•

Adjusted OIBDA

up to $1.4bn (20.0% y-o-y), consolidated OIBDA margin at 48.8%

•

Free cash flow for nine months amounted to $1.6bn

•

Net

income

attributable

VimpelCom

$0.5bn

•

Ukrainian Anti-Monopoly Committee has confirmed its prior approval for merger with

Kyivstar

GSM under VimpelCom

Ltd

•

Raised Ruble bonds for 20 billion rubles for five years at 8.3%

•

Commercial launch of 3G network in Kazakhstan and Kyrgyzstan

•

Signed

agreement

combine

VimpelCom

and

Weather

Investments

create

new

global telecom group

•

Supervisory

Board

declared

the

payment

interim

dividend

US$0.46

per

ADS

Quarterly results

Recent developments

VimpelCom

Ltd

2010

19.8%

22.7%

21.5%

3Q09

2Q10

3Q10

458

-70

496

335

Russia 3Q10

Ukraine 3Q10

CIS 3Q10

SEA and

eliminations

VimpelCom

Ltd 3Q10

VimpelCom

Ltd 2Q10

988

242

176

-28

1,378

1,262

Russia 3Q10

Ukraine

3Q10

CIS 3Q10

SEA and

eliminations

VimpelCom

Ltd 3Q10

VimpelCom

Ltd 2Q10

2,099

2,824

2,642

426

-62

361

Russia 3Q10

Ukraine 3Q10

CIS 3Q10

SEA and

eliminations

VimpelCom

Ltd 3Q10

VimpelCom

Ltd 2Q10

Group Financial Highlights

Revenue

, USD mln

Net Income attributable to

VimpelCom

Ltd, USD mln

OIBDA

, USD mln

Hereafter

Adjusted

OIBDA

and

Adjusted

OIBDA

margin

are

referred

OIBDA

and

OIBDA

margin

respectively

ROCE, %

+6.9%

+9.2%

* Hereafter refers to Net operating revenues

+48.2%

VimpelCom

Ltd

2010

Group Financial Position

Key Ratios and Indicators

Liquidity position, USD mln

($ mln)

Sept 30,

2010

Jun 30,

2010

Mar 31,

2010

Dec 31,

2009

Cash and Cash Equivalents

2,467

2,353

1,530

1,447

Total Assets

21,046

20,943

15,032

14,733

Total Debt

6,493

6,333

6,648

7,353

-Short-term

2,126

1,532

1,356

1,813

-Long-term

4,367

4,801

5,292

5,540

Equity and redeemable

noncontrolling interest

11,657

11,160

5,888

5,017

LTM OIBDA*

4,769

4,539

4,365

4,272

LTM Depreciation, amortization

and impairment loss

1,939

1,829

1,732

1,694

LTM Operating income

2,830

2,710

2,633

2,578

LTM Interest expense

563

595

603

599

Debt/Equity and redeemable

noncontrolling interest

0.6

1.1

1.5

Debt/OIBDA

LTM

1.4

1.5

1.7

OIBDA

LTM

/Interest expense

LTM

8.5

7.6

7.2

7.1

Debt/Assets

0.31

0.30

0.44

0.50

Net Debt**

4,026

3,980

5,118

4,365

4,539

4,769

881

1,107

1,504

2,651

2,156

1,931

1Q10

2Q10

3Q10

OIBDA LTM

Capex

LTM

Free Cash Flow LTM

* LTM OIBDA represents an adjusted OIBDA which constitutes the sum of the lines: LTM Operating Income and LTM Depreciation and Amortization.

LTM stands for the “last twelve months” to reporting date.

**Net Debt is calculated as Total Debt minus Cash and cash equivalents

Free cash flow is calculated as Net income plus depreciation, amortization and impairment loss and minus capital expenditures

5,906

VimpelCom

Ltd

2010

928

713

1,950

749

1,408

611

2,304

1,000

1Q10

2Q10

3Q10

4Q10

2010

2011

2012

2013

2014

2015

2016

2017

2018

Group Debt Profile as of September 30, 2010

Debt Maturity Schedule, USD mln

Debt Composition by Currency

paid

due in 2010

due after 2010

EUR

RUR

USD

Total debt –

$6.5 bn

Paid in 2010 -

$1.6 bn

Still

due

2010

–

$0.7 bn

61%

63%

30%

1Q10

2Q10

3Q10

231

432

713

1,591

•

1Q10,2Q10 &3Q10 figures are at actual rate.

All other figures at the exchange rate as of September 30, 2010

VimpelCom Ltd

2010

Dividend policy

•

On November 15, 2010, Supervisory Board declared the payment

of an interim dividend of US$0.46 per ADS or $600 million

•

The annual dividends are equal to a minimum of 50% of Free Cash

Flow from Kyivstar and 50% of Free Cash Flow from VimpelCom's

Russian operations

•

Free Cash Flow is defined as consolidated net income plus

depreciation and amortization minus capital expenditures

•

The payments may be in the form of annual and interim dividends

as well as extraordinary dividends

•

The exact amount and timing of any dividend declarations and

payments will require VimpelCom Board approval

VimpelCom Ltd

2010

Russia: Financial Highlights

Revenue, RUR bn

CAPEX

OIBDA

(RUR bn)

and OIBDA Margin

FCF (RUR bn) and ROIC

59.1

57.4

61.7

61.2

58.8

49.2

51.3

48.9

47.9

51.8

53.8

9.9

9.5

9.9

10.5

2Q 09

3Q 09

4Q 09

1Q 10

2Q 10

3Q 10

Mobile

Fixed-line

64.3

30.4

31.2

28.0

27.2

29.1

30.2

51.5%

50.9%

47.5%

47.2%

47.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

2Q 09

3Q 09

4Q 09

1Q 10

2Q 10

3Q 10

OBDA

OIBDA Margin

3.5

2.8

9.8

3.7

7.4

11.7

16.6%

12.2%

8.3%

8.5%

10.0%

13.4%

2Q 09

3Q 09

4Q 09

1Q 10

2Q 10

3Q 10

CAPEX (RUR bn)

CAPEX/Revenue LTM

+5.0% y-o-y

+4.1% q-o-q

+314% y-o-y

+59% q-o-q

-3.0% y-o-y

+3.9% q-o-q

28,6

21,7

10,2

17,6

11,7

11,8

26,5%

27,6%

32,2%

33,0%

32,2%

2Q 09

3Q 09

4Q 09

1Q 10

2Q 10

3Q 10

FCF (RUR bn)

ROIC

VimpelCom Ltd

2010

799

850

995

1,088

1,131

1,193

763

896

1,038

1,168

1,300

1,500

2Q 09

3Q 09

4Q 09

1Q 10

2Q 10

3Q 10

USB modems subs

FTTB

Russia: Operating Highlights

Mobile subscriptions, mln

Broadband subscriptions, ‘000

ARPU

and MOU

Broadband ARPU, RUR

1,562

2,256

2,431

1,745

2,033

50.0

51.0

50.9

51.3

50.9

51.6

2Q 09

3Q 09

4Q 09

1Q 10

2Q 10

3Q 10

323

332

317

308

330

343

212

214

218

204

219

222

150.0

300.0

2Q 09

3Q 09

4Q 09

1Q 10

2Q 10

3Q 10

ARPU (RUR)

MOU (min)

2,693

411

390

406

356

357

360

252

251

275

251

246

2Q 09

3Q 09

4Q 09

1Q 10

2Q 10

3Q 10

FTTB

USB modems

+1.2% y-o-y

+1.4% q-o-q

+54% y-o-y

+11% q-o-q

VimpelCom Ltd

2010

Russia Fixed-line Operations

Revenue, RUR bn

Business segment, RUR bn

Wholesale segment, RUR bn

Residential segment revenue, RUR bn

9.9

9.5

9.9

10.5

2Q 09

3Q 09

4Q 09

1Q 10

2Q 10

3Q 10

5.3

5.0

4.8

4.5

4.6

4.8

2Q 09

3Q 09

4Q 09

1Q 10

2Q 10

3Q 10

3.2

3.5

3.6

3.4

3.7

4.0

2Q 09

3Q 09

4Q 09

1Q 10

2Q 10

3Q 10

0.9

1.0

1.1

1.2

2Q 09

3Q 09

4Q 09

1Q 10

2Q 10

3Q 10

1.4

1.6

1.4

1.6

1.7

FTTB revenue

+5.5% y-o-y

+5.7% q-o-q

4.1% y-o-y

+4.1% q-o-q

14% y-o-y

+8.6% q-o-q

19% y-o-y

+3.7% q-o-q

VimpelCom Ltd

2010

100

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

Ukraine (pro-forma): Financial Highlights

Revenue, UAH bn

CAPEX, UAH mln

OIBDA

(UAH bn)

and OIBDA Margin

Mobile data revenue, UAH mln

3.1

3.2

2.8

3.0

3.4

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

1.7

1.6

1.4

1.7

1.9

54.6%

50.2%

51.8%

49.4%

54.2%

56.8%

30.0%

35.0%

40.0%

45.0%

50.0%

55.0%

60.0%

65.0%

70.0%

75.0%

80.0%

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

OIBDA

OIBDA Margin

304

378

421

480

538

403

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

+3.6% y-o-y

+9.6% q-o-q

+6.7% y-o-y

-25% q-o-q

+46% y-o-y

+17% q-o-q

+17% y-o-y

+15% q-o-q

VimpelCom Ltd

2010

24.2

24.5

24.0

23.9

24.1

25.1

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

Ukraine (pro-forma): Operating Highlights

Mobile subscriptions, mln

Fixed-line broadband subscriptions, ‘000

ARPU

and MOU

Fixed-line broadband ARPU, UAH

40.2

40.8

40.0

36.5

39.7

42.6

296

331

379

406

427

433

150.0

300.0

450.0

600.0

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

ARPU (UAH)

MOU (min)

109

134

164

214

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

+2.3% y-o-y

+4.1% q-o-q

+205% y-o-y

+30.4% q-o-q

-29% y-o-y

-11% q-o-q

VimpelCom Ltd

2010

12.1%

11.5%

10.7%

9.3%

10.0%

10.8%

2Q 09

3Q 09

4Q 09

1Q 10

2Q 10

3Q 10

CIS Operations

* This segment includes our operations in Kazakhstan, Uzbekistan, Armenia, Kirgizstan, Tajikistan and Georgia.

OIBDA (USD mln)and OIBDA Margin

Revenue, USD mln

CAPEX, USD mln

ROIC, %

280

295

336

294

297

361

245

260

259

261

297

320

2Q 09

3Q 09

4Q 09

1Q 10

2Q 10

3Q 10

Fixed-line

Mobile

139

155

145

140

162

176

49.5%

52.1%

49.2%

47.4%

48.2%

48.8%

30.0%

35.0%

40.0%

45.0%

50.0%

55.0%

60.0%

65.0%

70.0%

75.0%

80.0%

2Q 09

3Q 09

4Q 09

1Q 10

2Q 10

3Q 10

OIBDA

OIBDA Margin

21.7

21.5

57.1

32.3

70.6

78.3

24.9%

16.1%

9.2%

11.4%

14.9%

18.5%

2Q 09

3Q 09

4Q 09

1Q 10

2Q 10

3Q 10

CAPEX

CAPEX/Revenue

+22% y-o-y

+7.4% q-o-q

+264% y-o-y

+10.9% q-o-q

+14% y-o-y

+8.7% q-o-q

VimpelCom Ltd

2010

South-East Asia

Vietnam

Cambodia

•

Operations in 51 provinces out of 63

•

57% population coverage

•

Launch of new services: WAP-portal, SMS-promotion

•

Development of alternative sales channels

•

Services are now available in 22 out of 24 provinces

with 79% population covered

•

Sotelco maintained third place with an active base

above 0.5 million despite adverse regulatory context

VimpelCom Ltd

2010

Summary

•

Solid financial performance across all key business units

•

Launched set of measures to regain momentum in Russia

•

Green light for business integration in Ukraine

•

Continue transaction with Weather Investments

VimpelCom Ltd

2010

APPENDICES

VimpelCom

Ltd

2010

Source: National Banks of the CIS countries,

Company calculations

FOREX Development

VimpelCom

Ltd

2010

Map of Operations

Population: 45.3 mln.

URS acquired: Nov ’05

Kyivstar: Apr ‘10

Penetration: 119%

GDP* 6,400

Population: 4.3 mln.

Acquired: Jul. 2006

Penetration: 90%

GDP* 4,500

Population: 3.0 mln.

Acquired: Nov. 2006

Penetration: 88%

GDP* 5,900

Population: 15.7 mln.

Acquired: Sept. 2004

Penetration: 106%

GDP* 11,400

Population: 5.3

mln.

Consolidated: Jan ‘10

Penetration: 74%

GDP* 2,100

Population: 28.4 mln.

Acquired: Jan. 2006

Penetration: 58%

GDP* 2,800

Population: 7.0 mln.

Acquired: Jan. 2006

Penetration: 62%

GDP* 1,800

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: 149%

GDP*: 15,200

VimpelCom Ltd. 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			Q2 2010			Q3 2010
Net operating revenues		1,488			1,717			1,956			2,010			2,108			2,611			2,843			2,555			1,973.0			2,145.5			2,275.8			2,308.6			2,231.1			2,641.6			2,824.4
Gross margin		1,221			1,403			1,590			1,643			1,675			2,012			2,149			1,917			1,504.0			1,673.2			1,760.5			1,776.0			1,703.2			2,040.7			2,185.4
Gross margin, %		82.1	%		81.7	%		81.3	%		81.7	%		79.5	%		77.1	%		75.6	%		75.0	%		76.2	%		78.0	%		77.4	%		76.9	%		76.3	%		77.3	%		77.4	%
Adjusted OIBDA		766			897			1,015			918			1,126			1,223			1,388			1,124			948.7			1,087.6			1,148.3			1,087.9			1,041.2			1,261.8			1,377.7
Adjusted OIBDA, %		51.5	%		52.2	%		51.9	%		45.7	%		53.4	%		46.8	%		48.8	%		44.0	%		48.1	%		50.7	%		50.5	%		47.1	%		46.7	%		47.8	%		48.8	%
SG&A		439			494			557			716			528			774			749			787			538.0			573.5			599.2			679.8			643.3			766.4			799.1
including Sales & Marketing Expenses		136			167			186			219			187			215			242			285			156.0			168.2			184.1			218.1			190.8			230.3			232.3
including advertising		52			67			66			92			69			89			86			101			26.0			37.1			38.0			56.7			29.9			44.3			54.8
including General & Administrative Costs		303			327			371			497			341			559			507			502			382.0			405.3			415.1			461.7			452.5			536.1			566.8
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	%		28.8	%		29.0	%		28.3	%
Net Income attributable to VimpelCom Ltd		277			359			458			368			601			470			269			-816			-297.0			700.5			434.5			283.4			381.5			334.7			495.9
Capital Expenditures		303.5			334.8			338.8			795.8			358.5			664.0			692.9			855.5			112.9			155.3			123.2			422.7			179.3			381.5			520.1

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			Q2 2010			Q3 2010
Net operating revenues		1,454			1,682			1,918			1,974			1,943			2,176			2,396			2,141			1,617.0			1,802.0			1,926.0			1,942.0			1,888.0			2,288.9			2,484.9
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			89,371

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