OREANDA-NEWS. November 16, 2011. “VimpelCom Ltd” (“VimpelCom”, “Company” or “Group”) (NYSE: VIP), a leading global provider of telecommunications services, today announced operating and financial results for the quarter ended September 30, 2011.

JO LUNDER, CHIEF EXECUTIVE OFFICER COMMENTS:

“We are satisfied with the solid performance we have achieved across our business units in the third quarter during which we have achieved double-digit top-line growth and surpassed the 200 million subscriber mark in October. Our cash flow of USD 1.9 billion from operations remains strong, increasing by almost 70%, however our net result declined mainly due to non-cash items. In Russia, even though we achieved strong revenue and subscriber growth, it was offset by an increase in costs leading to declining profitability. In line with our announced strategy, we will focus on cash flow growth in this market by tackling the key issues through an operational excellence program we have implemented and by leveraging the synergies of the enlarged VimpelCom. The integration process with Wind telecom is ahead of schedule and will be completed by year end. We have already secured synergies of USD 1.9 billion on an NPV basis out of the USD 2.5 billion committed.

Looking ahead, we will maintain our focus on delivering on our value agenda by driving sustainable, profitable growth and improving our operational excellence and capital efficiency, leading to increased cash flows. We will provide more details on our strategy tomorrow at our Analyst and Investor Day in Amsterdam.”