VimpelCom Announces Fourth Quarter and Full-Year 2009 Financial and Operating Results

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VimpelCom Announces Fourth Quarter and Full-Year 2009 Financial and Operating Results

MOSCOW and NEW YORK, March 18 -- Open Joint Stock Company "Vimpel-Communications" ("VimpelCom" or the "Company") (NYSE:VIP), a leading international provider of telecommunications services operating in Russia, the Commonwealth of Independent States (CIS) and South-East Asia, today announced its operating and financial results for the quarter and year ended December 31, 2009.

The Company changed its reporting currency from the US dollar to the Russian ruble effective as of January 1, 2009. The Company presented certain financial information for the first three quarters of 2009 in Russian rubles.

Following the plans announced in October 2009 by the Company's two strategic shareholders to combine their holdings under a new company, VimpelCom Ltd., and in connection with regulatory filings relating to that transaction, the Company decided to change its reporting currency to the US dollar. The audited consolidated financial statements for the year ended December 31, 2009 are prepared in US dollars. Amounts included in quarterly financial statements for the first three quarters of 2009 were recast using the current rate method of currency translation as though the US dollar was the reporting currency in those periods. Financial information in this press release is presented in US dollars for the consolidated Group and in functional currencies for Russia and the CIS countries.

Although Georgia is no longer a member of the CIS, consistent with our historical reporting practice we continue to include Georgia in our CIS reporting segment.

  2009 Highlights and Recent Developments

  Operational
  --  3.6 million new mobile subscribers, with the total subscriber base up
      to 64.6 million
  --  2.3 million broadband subscribers, an 85% growth year-on-year
  --  3G networks rollout in Russia on schedule, all current license
      requirements fulfilled
  --  Launch of operations in Cambodia and Vietnam under Beeline brand

  Financial
  --  Revenues of $8.7 billion and OIBDA* of $4.3 billion, 14% and 12% down
      year-on-year, respectively.  In ruble terms, revenues of 275.2 billion
      and OIBDA of 135.2 billion, 10% and 12% increase year-on-year
  --  Full-year consolidated ruble revenues in Russia increased 10%
      year-on-year and reached 235.4 billion rubles
  --  Substantially improved consolidated fixed and mobile margin of 49.1%
      compared to 48.0% in 2008
  --  Free cash flow amounted to $2.7 billion after $0.8 billion spent on
      Capex
  --  Net income attributable to VimpelCom of $1.1 billion or 114% increase
      year-on-year
  --  Basic EPS up 110% year-on-year to $21.71 ($1.09 per ADS)
  --  Net debt decreased to $5.9 billion bringing the Net Debt/OIBDA ratio
      to 1.4

  Other
  --  Interim dividend of $0.32 per ADS was paid out
  --  Strategic shareholders initiated the process of combining their stakes
      in VimpelCom and Kyivstar in a new company, VimpelCom Ltd., and
      launched a public exchange offer for all of VimpelCom's outstanding
      shares

  _______________
  *Here and thereafter refers to adjusted OIBDA (See definition)

Commenting on the performance of the Company, Boris Nemsic, Chief Executive Officer of VimpelCom, said, "By the end of 2008, in the depths of the global macroeconomic crisis, we took decisive actions to address the market uncertainties. We committed  to our shareholders that we would preserve cash, improve liquidity, control costs, and integrate the newly acquired fixed-line business, all while maintaining our leading market positions. I am very pleased that we have delivered on each of these commitments, which is clearly demonstrated by our full-year results.

The growth in our mobile subscriber base to over 64.6 million customers was good especially in light of the high penetration in our markets. Moreover, subscriber growth did not come at the expense of subscriber quality and profitability, as we improved our consolidated fixed and mobile OIBDA margins to more than 49% on average for the year. Furthermore, our focus on operational excellence and profitability resulted in a record $3.5 billion of operational cash flow, allowing us to substantially improve our liquidity and pay dividends. We paid out a dividend of $0.32 per ADS based on the Company's operating results for the first nine months of 2009, while substantially reducing our net debt to a comfortably manageable $5.9 billion, a 22% reduction compared to December 31, 2008.

Finally, our strategic shareholders recently took another important step toward positioning VimpelCom as a global player in the telecommunications industry by launching an exchange offer through VimpelCom Ltd., which if completed, will combine VimpelCom with Kyivstar, the largest mobile operator in Ukraine. We believe that this transaction will support our strategic objectives and create value for the Company's stakeholders. The Company's Board of Directors unanimously recommended that the Company's shareholders and holders of American depositary shares exchange their Company shares and ADSs  for VimpelCom Ltd. depositary shares in the exchange offer launched by VimpelCom Ltd".

  Key Consolidated Financial and Operating Results*

  CONSOLIDATED OPERATIONS                       
  (US$, millions)                                   4Q '09/         4Q '09/
                                    4Q '09  4Q '08  4Q '08  3Q '09  3Q '09
                                    ------  ------  ------- ------  -------

  Net operating revenues            2,309   2,555    -9.6%  2,276      1.4%
  Adjusted OIBDA                    1,088   1,124    -3.2%  1,148     -5.2%
  Adjusted OIBDA margin, %           47.1%   44.0%           50.4%
  Operating income                    608     208   192.3%    711    -14.5%
  Operating income margin, %         26.3%    8.1%           31.2%
  SG&A                                680     787   -13.6%    599     13.5%
    including Sales & Marketing
     Expenses                         218     285   -23.5%    184     18.5%
    including General &
     Administrative Costs             462     502    -8.0%    415     11.3%
  SG&A percentage                    29.4%   30.8%           26.3%
  Net income (loss) attributable
   to VimpelCom                       283    -816    n/a      433    -34.6%
  Net income (loss) attributable
   to VimpelCom per common share,
   basic, (US$)                      5.47  -16.12            8.36
  Net income (loss) attributable
   to VimpelCom per ADS
   equivalent, basic, (US$)          0.27   -0.81            0.42
  Capital expenditures              422.7   855.5   -50.6%  123.2    243.1%
  Mobile subscribers ('000) ***    64,596  61,029     5.8% 65,358     -1.2%
  Broadband subscribers ('000)      2,257   1,221    84.8%  1,930     16.9%

  CONSOLIDATED OPERATIONS 
  (US$, millions)                                     2009/
                                     2009   2008**    2008
                                     ----   ------    -----

  Net operating revenues            8,703   10,117   -14.0%
  Adjusted OIBDA                    4,272    4,860   -12.1%
  Adjusted OIBDA margin, %           49.1%    48.0%
  Operating income                  2,578    2,536     1.7%
  Operating income margin, %         29.6%    25.1%
  SG&A                              2,390    2,839   -15.8%
    including Sales & Marketing
     Expenses                         727      929   -21.7%
    including General &
     Administrative Costs           1,663    1,910   -12.9%
  SG&A percentage                    27.5%    28.1%
  Net income (loss) attributable
   to VimpelCom                     1,122      524   114.1%
  Net income (loss) attributable
   to VimpelCom per common share,
   basic, (US$)                     21.71    10.32
  Net income (loss) attributable
   to VimpelCom per ADS
   equivalent, basic, (US$)          1.09     0.52
  Capital expenditures              814.1  2,570.8   -68.3%
  Mobile subscribers ('000) ***    64,596   61,029     5.8%
  Broadband subscribers ('000)      2,257    1,221    84.8%

  *   See definitions in Attachment A. References to "year-on-year"
      are to comparisons of 4Q09 vs. 4Q08, while references to "quarter-
      on-quarter" are to 4Q09 vs. 3Q09.
  **  2008 results include only 10 months of consolidation of Golden
      Telecom's operations.
  *** In 3Q09 we reported 95 thousands as active subscribers in
      Cambodia which was calculated on a one month basis. Starting from
      4Q09 we will report active subscriber base in Cambodia calculated on
      a three month basis.

  Net operating revenues
   4Q '09****                  Russia    CIS     SEA   Eliminations  Total
  (US$ millions)               ------    ---     ---   ------------  -----

  Mobile business               1,671    284       2           -2    1,955
  Fixed-line business             458     67       0          -18      507
  Eliminations                   -133     -9       0          -11     -153
  Total net operating revenue   1,996    342       2          -31    2,309

  **** Due to the increasing integration between different parts of
       our business, we include inter-company transactions in the reported
       revenues of geographic and business segments and indicate the amount
       of inter-company eliminations within and between the segments.

The quarterly net operating revenues increased by 1.4% quarter-on-quarter, reflecting seasonality supported by favorable exchange rate dynamics. Full-year revenues amounted to $8.7 billion, demonstrating the robustness of our core business and our ability to maintain our market positions.

Our continuous efforts on cost optimization, price rebalancing and streamlining integration resulted in more than one percentage point improvement of the full-year consolidated fixed and mobile OIBDA margin, which reached 49.1%. The fourth quarter OIBDA margin, despite being seasonally affected, showed substantial improvement when compared to the fourth quarter of the previous year.

A consistent focus on cash generation and working capital optimization helped us to achieve a record $3.5 billion of operational cash flow, which is $100 million higher than reported a year ago.

Capital expenditures in 2009 were significantly lower than in the previous year, utilizing massive investments made in 2007-2008, including the acquisition of Golden Telecom's networks, and meeting the overall level of demand throughout 2009.  In 2010, we intend to increase our capital expenditures compared with the 2009 level and plan to invest approximately 15-20% of our revenues.

During the fourth quarter we repaid in total $742 million of debt including a $315 million bond buy-back we completed in October 2009. Our net debt declined by $1.6 billion in 2009 and reached $5.9 billion at the end of the year.

Our net income attributable to VimpelCom amounted to $283 million for the fourth quarter and $1.1 billion for the full year 2009, which is 114.1% more than we reported in 2008.

  Russia - Financial and Operating Results
  RUSSIA (RUR millions)                            4Q '09/         4Q '09/
                                 4Q '09   4Q '08   4Q '08  3Q '09  3Q '09
                                 ------   ------   ------- ------  ------- 
                                                             
  Net operating revenues          58,819   58,809     0.0%  61,211    -3.9%
  Adjusted OIBDA                  27,725   25,849     7.3%  30,951   -10.4%
  Adjusted OIBDA margin, %          47.1%    44.0%            50.6%
  Operating income                17,393    7,847   121.7%  20,724   -16.1%
  Operating income margin, %        29.6%    13.3%            33.9%
  SG&A                            17,033   18,198    -6.4%  15,644     8.9%
    including Sales & Marketing
     Expenses                      5,862    6,706   -12.6%   4,940    18.7%
    including General &
     Administrative Costs         11,171   11,492    -2.8%  10,704     4.4%
  SG&A percentage                   29.0%    30.9%            25.6%
  Net income (loss)
   attributable to VimpelCom       9,267  -12,132    n/a    13,754   -32.6%

                                                     2009/
  RUSSIA (RUR millions)             2009     2008    2008
                                    ----     ----    -----

  Net operating revenues         235,438  214,136     9.9%
  Adjusted OIBDA                 116,181  104,426    11.3%
  Adjusted OIBDA margin, %          49.3%    48.8%
  Operating income                76,410   60,489    26.3%
  Operating income margin, %        32.5%    28.2%
  SG&A                            63,030   59,424     6.1%
    including Sales & Marketing
     Expenses                     20,013   19,720     1.5%
    including General &
     Administrative Costs         43,017   39,704     8.3%
  SG&A percentage                   26.8%    27.8%
  Net income (loss)
   attributable to VimpelCom      38,133   19,713    93.4%

Our quarterly net operating revenues in Russia amounted to 58.8 billion rubles. The quarterly dynamics reflect seasonality, with revenues in local currency declining by 3.9% quarter-on-quarter. Overall, our full-year 2009 consolidated fixed and mobile revenues in Russia increased by 9.9% in ruble terms, when compared to 2008.

In the mobile segment, our quarterly ruble revenues remained flat when compared to the fourth quarter of 2008. Full year mobile revenues were up 7.0%. We also saw an increase in revenues from value added services driven by demand for infotainment and mobile data. Minutes of use increased in the past three quarters supporting our view that voice traffic continues to be one of the key drivers of revenue growth. In our marketing activities we aim to maintain pricing discipline and be competitive in every segment of the mobile market.

We achieved a mobile OIBDA margin of 49.3% in the fourth quarter of 2009, which is 2.5 percentage points higher than reported in the fourth quarter of 2008. In ruble terms, our quarterly mobile OIBDA reached 24.3 billion rubles, a 6.0% increase year-on-year.

Our quarterly fixed-line revenues increased by 12.7% year-on-year in ruble terms reflecting the sustainability of our diverse revenue base. To the extent that we will begin to see economic recovery in 2010, we expect to see revenue growth in the corporate segment and increasing demand for data from both corporate and residential customers.

Fixed-line OIBDA margin, although slightly down quarter-on-quarter, increased on a full-year basis from 24.1% to 27.9%. In ruble terms, in 2009 the full-year fixed-line OIBDA reached 14.9 billion rubles, a 73.2%* increase as compared to 2008.

In the fourth quarter of 2009, our total number of residential broadband subscribers in Russia, including FTTB and mobile broadband, exceeded 2.1 million, a 78.6% increase year-on-year and a 15.2% increase quarter-on-quarter. Revenues from residential broadband were up 151.0% year-on-year.

  RUSSIA REVENUES (RUR millions)                 4Q '09/          4Q '09/
                                 4Q '09  4Q '08  4Q '08   3Q '09  3Q '09
                                 ------  ------  -------  ------  -------

  Net operating revenues         58,819  58,809    0.0%   61,211   -3.9%
    Mobile                       49,250  48,987    0.5%   51,502   -4.4%
    Fixed-line                   13,485  11,962   12.7%   13,583   -0.7%
    Eliminations                 -3,916  -2,140           -3,874

  RUSSIA REVENUES (RUR millions)                     2009/
                                    2009     2008    2008
                                    ----     ----    -----

  Net operating revenues         235,438  214,136     9.9%
    Mobile                       195,816  183,036     7.0%
    Fixed-line                    53,383   35,730    49.4%
    Eliminations                 -13,761   -4,630

  RUSSIA OIBDA DEVELOPMENT                      4Q '09/          4Q '09/
  (RUR millions)                4Q '09  4Q '08  4Q '08   3Q '09  3Q '09
                                ------  ------  -------  ------  -------

  Adjusted OIBDA Total          27,725  25,849    7.3%   30,951   -10.4%
    Mobile                      24,286  22,902    6.0%   27,360   -11.2%
    Fixed-line                   3,439   2,947   16.7%    3,591    -4.2%
  Adjusted Total OIBDA
   margin, %                      47.1%   44.0%            50.6%
  Mobile, %                       49.3%   46.8%            53.1%
  Fixed-line, %                   25.5%   24.6%            26.4%

  RUSSIA OIBDA DEVELOPMENT                            2009/
  (RUR millions)                   2009     2008      2008
                                   ----     ----      -----

  Adjusted OIBDA Total          116,181  104,428      11.3%
    Mobile                      101,293   95,834       5.7%
    Fixed-line                   14,888    8,594      73.2%
  Adjusted Total OIBDA
   margin, %                       49.3%    48.8%
  Mobile, %                        51.7%    52.4%
  Fixed-line, %                    27.9%    24.1%

                                                  4Q '09/           4Q '09/
  RUSSIA OPERATING DEVELOPMENT   4Q '09  4Q '08   4Q '08   3Q '09   3Q '09
                                 ------  ------   -------  ------   -------

  Mobile subscribers ('000)      50,886  47,677     6.7%   51,028     -0.3%
  MOU, min                        217.7   227.8    -4.4%    213.6      1.9%
  ARPU mobile, US                 $10.8    12.5   -13.6%     10.6      1.9%
  ARPU mobile, RUR                316.9   340.6    -7.0%    331.8     -4.5%
  Broadband subscribers ('000)    2,111   1,182    78.6%    1,833     15.2%

                                                    2009/
  RUSSIA OPERATING DEVELOPMENT     2009    2008     2008
                                   ----    ----     -----

  Mobile subscribers ('000)      50,886  47,677      6.7%
  MOU, min                        211.4   219.1     -3.5%
  ARPU mobile, US                 $10.1    13.9    -27.3%
  ARPU mobile, RUR                319.6   344.4     -7.2%
  Broadband subscribers ('000)    2,111   1,182     78.6%

  * 2008 results include only 10 months of consolidation of Golden
    Telecom's operations.

  CIS - Financial and Operating Results

                                                   4Q '09/          4Q '09/
  CIS OPERATIONS (US$ millions)   4Q '09   4Q '08  4Q '08  3Q '09   3Q '09
                                  ------   ------  ------  ------   ------

  Net operating revenues           341.6   419.6   -18.6%   353.6     -3.4%
  Adjusted OIBDA                   154.7   179.3   -13.7%   169.8     -8.9%
  Adjusted OIBDA margin, %          45.3%   42.7%            48.0%
  Operating income                  28.5   -38.7     n/a     65.6    -56.6%
  Operating income margin, %         8.3%   -9.2%            18.6%
  SG&A                              94.1   116.9   -19.5%    91.0      3.4%
    including Sales & Marketing
     Expenses                       24.9    39.5   -37.0%    24.6      1.2%
    including General &
     Administrative Costs           69.2    77.4   -10.6%    66.4      4.2%
  SG&A percentage                   27.5%   27.9%            25.7%
  Net (loss) income attributable
   to VimpelCom                     -7.6  -278.5     n/a      2.7      n/a
  Mobile subscribers ('000)       13,342  13,352    -0.1%  14,235     -6.3%
  Broadband subscribers ('000)       146      39   274.4%      97     50.5%

                                                      2009/
  CIS OPERATIONS (US$ millions)      2009     2008    2008
                                     ----     ----    -----

  Net operating revenues          1,358.9  1,564.3   -13.1%
  Adjusted OIBDA                    626.7    652.6    -4.0%
  Adjusted OIBDA margin, %           46.1%    41.7%
  Operating income                  203.9    105.8    92.7%
  Operating income margin, %         15.0%     6.8%
  SG&A                              365.9    448.0   -18.3%
    including Sales & Marketing
     Expenses                        91.9    141.6   -35.1%
    including General &
     Administrative Costs           274.0    306.4   -10.6%
  SG&A percentage                    26.9%    28.6%
  Net (loss) income attributable
   to VimpelCom                      10.3   -257.1    n/a
  Mobile subscribers ('000)        13,342   13,352    -0.1%
  Broadband subscribers ('000)        146       39   274.4%

In 2009, our net operating revenues in the CIS grew in local currency terms in the majority of our markets, including Kazakhstan and Ukraine. However, in dollar terms, we reported a 13.1% decline due to dollar appreciation against the local currencies.

Our focus on operational efficiencies increased our full-year consolidated OIBDA margin by more than 4 percentage points to 46.1% in 2009 compared to 2008, a remarkable achievement in challenging market conditions.

Mobile subscriber numbers in the CIS in 2009 stayed essentially flat, reflecting the Company's focus on subscriber quality. The number of broadband subscribers increased almost fourfold compared to 2008 as we started to actively develop our broadband projects in Ukraine, Kazakhstan, Uzbekistan and Armenia.

  CIS Revenues Development

                                                 4Q '09/           4Q '09/
  KAZAKHSTAN (KZT mln)          4Q '09  4Q '08   4Q '08   3Q '09   3Q '09
                                ------  ------   ------   ------   ------

  Net operating revenues        25,564  23,661     8.0%   25,928    -1.4%
    Mobile                      25,181  23,277     8.2%   25,563    -1.5%
    Fixed                        1,119     853    31.2%    1,017    10.0%
    Elimination                   -736    -469              -652

                                                 4Q '09/           4Q '09/
  UKRAINE (UAH mln)             4Q '09  4Q '08   4Q '08   3Q '09   3Q '09
                                ------  ------   ------   ------   ------

  Net operating revenues           385     424    -9.2%      442   -12.9%
    Mobile                         202     284   -28.9%      265   -23.8%
    Fixed                          220     161    36.6%      219     0.5%
    Elimination                    -37     -21               -42

                                                 4Q '09/           4Q '09/
  ARMENIA (AMD mln)             4Q '09  4Q '08   4Q '08   3Q '09   3Q '09
                                ------  ------   -------  ------   -------

  Net operating revenues        18,202  19,532    -6.8%   19,167    -5.0%
    Mobile                       7,046   8,339   -15.5%    7,575    -7.0%
    Fixed                       11,156  11,194    -0.3%   11,592    -3.8%
    Elimination                      0       0                 0

                                                 4Q '09/           4Q '09/
  UZBEKISTAN (US$ mln)*         4Q '09  4Q '08   4Q '08   3Q '09   3Q '09
                                ------  ------   -------  ------   -------

  Net operating revenues          50.2    66.5   -24.5%     50.1     0.2%
    Mobile                        47.5    63.5   -25.2%     46.8     1.5%
    Fixed                          2.8     3.0    -6.7%      3.3   -15.2%
    Elimination                   -0.1     0.0               0.0

                                                 4Q '09/           4Q '09/
  TAJIKISTAN (US$ mln)*         4Q '09  4Q '08   4Q '08   3Q '09   3Q '09
                                ------  ------   -------  ------   -------

  Mobile net operating
   revenues                       15.6    16.4    -4.9%     14.9     4.7%

                                                 4Q '09/           4Q '09/
  GEORGIA (GEL mln)             4Q '09  4Q '08   4Q '08   3Q '09   3Q '09
                                ------  ------   -------  ------   -------

  Mobile net operating
   revenues                       17.1     9.2    85.9%     14.9    14.8%

                                                  2009/
  KAZAKHSTAN (KZT mln)            2009    2008    2008
                                  ----    ----    -----

  Net operating revenues        96,543  89,439     7.9%
    Mobile                      95,142  88,311     7.7%
    Fixed                        3,703   2,294    61.4%
    Elimination                 -2,302  -1,166

                                                  2009/
  UKRAINE (UAH mln)               2009    2008    2008
                                  ----    ----    -----

  Net operating revenues         1,582   1,460     8.4%
    Mobile                         898   1,025   -12.4%
    Fixed                          818     503    62.6%
    Elimination                   -134     -68

                                                  2009/
  ARMENIA (AMD mln)               2009    2008    2008
                                  ----    ----    -----

  Net operating revenues        72,687  78,368    -7.2%
    Mobile                      28,819  33,013   -12.7%
    Fixed                       43,868  45,355    -3.3%
    Elimination                      0       0

                                                  2009/
  UZBEKISTAN (US$ mln)*           2009    2008    2008
                                  ----    ----    -----

  Net operating revenues         211.3   216.4    -2.4%
    Mobile                       199.3   207.1    -3.8%
    Fixed                         12.2     9.3    31.2%
    Elimination                   -0.2     0.0

                                                  2009/
  TAJIKISTAN (US$ mln)*           2009    2008    2008
                                  ----    ----    -----

  Mobile net operating
   revenues                       59.2    50.8    16.5%

                                                  2009/
  GEORGIA (GEL mln)               2009    2008    2008
                                  ----    ----    -----

  Mobile net operating
   revenues                       54.0    26.2   106.1%

  CIS REVENUES        4Q   4Q            3Q
   (US$ mln)         '09  '08   y-o-y   '09   q-o-q     2009    2008  y-o-y
  ------------       ---  ---   -----   ---   -----     ----    ----  -----
  Net operating
   revenues        341.6 419.6  -18.6% 353.6   -3.4% 1,358.9 1,564.3  -13.1%
      Mobile       284.4 354.1  -19.7% 294.3   -3.4% 1,128.7 1,315.0  -14.2%
      Fixed         66.8  73.0   -8.5%  69.2   -3.5%   263.2   272.7   -3.5%
      Elimination   -9.6  -7.5          -9.9           -33.0   -23.4

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

  CIS OIBDA Development

                                               4Q '09/           4Q '09/
  KAZAKHSTAN (KZT mln)        4Q '09  4Q '08   4Q '08   3Q '09   3Q '09
                              ------  ------   -------  ------   -------

  Adjusted OIBDA total        14,083  11,740    20.0%   15,341    -8.2%
      Mobile                  13,409  11,276    18.9%   14,747    -9.1%
      Fixed                      674     464    45.3%      594    13.5%
  Adjusted OIBDA margin, %      55.1%   49.6%             59.2%

                                               4Q '09/           4Q '09/
  UKRAINE (UAH mln)           4Q '09  4Q '08   4Q '08   3Q '09   3Q '09
                              ------  ------   -------  ------   -------

  Adjusted OIBDA total          60.8    73.7   -17.5%     94.6   -35.7%
      Mobile                     4.2    38.5   -89.1%     34.0   -87.6%
      Fixed                     56.6    35.2    60.8%     60.6    -6.6%
  Adjusted OIBDA margin, %      15.8%   17.4%             21.4%

                                               4Q '09/           4Q '09/
  ARMENIA (AMD mln)           4Q '09  4Q '08   4Q '08   3Q '09   3Q '09
                              ------  ------   -------  ------   -------

  Adjusted OIBDA total         8,748   9,735   -10.1%    9,812   -10.8%
      Mobile                   2,902   3,819   -24.0%    3,633   -20.1%
      Fixed                    5,846   5,916    -1.2%    6,179    -5.4%
  Adjusted OIBDA margin, %      48.1%   49.8%             51.2%

                                               4Q '09/           4Q '09/
  UZBEKISTAN (US$ mln)*       4Q '09  4Q '08   4Q '08   3Q '09   3Q '09
                              ------  ------   -------  ------   -------

  Adjusted OIBDA total          23.0    34.2   -32.7%     23.5    -2.1%
      Mobile                    21.9    33.0   -33.6%     22.2    -1.4%
      Fixed                      1.1     1.2    -8.3%      1.3   -15.4%
  Adjusted OIBDA margin, %      45.8%   51.4%             46.9%

                                               4Q '09/           4Q '09/
  TAJIKISTAN (US$ mln)*       4Q '09  4Q '08   4Q '08   3Q '09   3Q '09
                              ------  ------   -------  ------   -------

  Adjusted Mobile OIBDA          7.1     5.3    34.0%      5.2    36.5%
  Adjusted Mobile OIBDA
   margin, %                    45.5%   32.3%             34.9%

                                               4Q '09/           4Q '09/
  GEORGIA (GEL mln)           4Q '09  4Q '08   4Q '08   3Q '09   3Q '09
                              ------  ------   -------  ------   -------

  Adjusted Mobile OIBDA          0.6    -1.8     n/a       1.6   -62.5%
  Adjusted Mobile OIBDA
   margin, %                     3.5%    n/a              10.7%

                                                 2009/
  KAZAKHSTAN (KZT mln)          2009    2008     2008
                                ----    ----     -----

  Adjusted OIBDA total        53,244  45,969     15.8%
      Mobile                  51,139  44,810     14.1%
      Fixed                    2,105   1,159     81.6%
  Adjusted OIBDA margin, %      55.2%   51.4%

                                                 2009/
  UKRAINE (UAH mln)             2009    2008     2008
                                ----    ----     -----

  Adjusted OIBDA total         281.7   129.0    118.4%
      Mobile                    57.5    13.4      329%
      Fixed                    224.2   115.6     93.9%
  Adjusted OIBDA margin, %      17.8%    8.8%

                                                 2009/
  ARMENIA (AMD mln)             2009    2008     2008
                                ----    ----     -----

  Adjusted OIBDA total        36,625  38,114     -3.9%
      Mobile                  13,376  14,366     -6.9%
      Fixed                   23,249  23,748     -2.1%
  Adjusted OIBDA margin, %      50.4%   48.6%

                                                 2009/
  UZBEKISTAN (US$ mln)*         2009    2008     2008
                                ----    ----     -----

  Adjusted OIBDA total         106.6   115.9     -8.0%
      Mobile                   101.7   112.8     -9.8%
      Fixed                      4.9     3.1     58.1%
  Adjusted OIBDA margin, %      50.4%   53.6%

                                                 2009/
  TAJIKISTAN (US$ mln)*         2009    2008     2008
                                ----    ----     -----

  Adjusted Mobile OIBDA         22.5    14.0     60.7%
  Adjusted Mobile OIBDA
   margin, %                    38.0%   27.6%

                                                 2009/
  GEORGIA (GEL mln)             2009    2008     2008
                                ----    ----     -----

  Adjusted Mobile OIBDA          1.5    -9.9      n/a
  Adjusted Mobile OIBDA
   margin, %                     2.8%    n/a

                                               4Q '09/           4Q '09/
  CIS OIBDA (US$ mln)         4Q '09  4Q '08   4Q '08   3Q '09   3Q '09
                              ------  ------   -------  ------   -------

  Adjusted OIBDA total         154.7   179.3   -13.7%    169.8    -8.9%
      Mobile                   126.9   149.1   -14.9%    140.4    -9.6%
      Fixed                     27.8    30.2    -7.9%     29.4    -5.4%
  Adjusted OIBDA margin, %      45.3%   42.7%             48.0%

                                                 2009/
  CIS OIBDA (US$ mln)           2009    2008     2008
                                ----    ----     -----

  Adjusted OIBDA total         626.7   652.6     -4.0%
      Mobile                   515.0   540.1     -4.6%
      Fixed                    111.7   112.5     -0.7%
  Adjusted OIBDA margin, %     46.1%   41.7%

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

  CIS Operating Highlights

                                                 4Q '09/           4Q '09/
  KAZAKHSTAN                    4Q '09  4Q '08   4Q '08   3Q '09   3Q '09
                                ------  ------   -------  ------   -------

  Mobile subscribers ('000)      6,135   6,270    -2.2%    6,835   -10.2%
  MOU, min                       102.3   100.5     1.8%     98.1     4.3%
  ARPU mobile, US                 $8.5    10.8   -21.3%      8.2     3.7%
  ARPU mobile, (KZT)             1,279   1,298    -1.5%    1,241     3.1%
  Broadband internet
   subscribers ('000)              1.3     0.2   550.0%      0.3   333.3%

                                                2009/
  KAZAKHSTAN                     2009   2008    2008
                                 ----   ----    -----

  Mobile subscribers ('000)     6,135  6,270    -2.2%
  MOU, min                       93.1  104.3   -10.7%
  ARPU mobile, US                $8.1   11.7   -30.8%
  ARPU mobile, (KZT)            1,202  1,402   -14.3%
  Broadband internet
   subscribers ('000)             1.3    0.2   550.0%

                                                4Q '09/           4Q '09/
  UKRAINE                      4Q '09  4Q '08   4Q '08   3Q '09   3Q '09
                               ------  ------   -------  ------   -------

  Mobile subscribers ('000)     2,005   2,052    -2.3%    2,199    -8.8%
  MOU, min                      201.3   230.0   -12.5%    203.7    -1.2%
  ARPU mobile, US                $3.9     7.0   -44.3%      5.4   -27.8%
  ARPU mobile, (UAH)             31.9    42.1   -24.2%     42.0   -24.0%
  Broadband internet
   subscribers ('000)           109.3    24.1   353.5%     70.1    55.9%

                                                2009/
  UKRAINE                        2009   2008    2008
                                 ----   ----    -----

  Mobile subscribers ('000)     2,005  2,052    -2.3%
  MOU, min                      208.7  231.8   -10.0%
  ARPU mobile, US                $4.7    7.6   -38.2%
  ARPU mobile, (UAH)             37.1   39.8    -6.8%
  Broadband internet
   subscribers ('000)           109.3   24.1   353.5%

                                                 4Q '09/           4Q '09/
  ARMENIA                       4Q '09  4Q '08   4Q '08   3Q '09   3Q '09
                                ------  ------   -------  ------   -------

  Mobile subscribers ('000)        545     544     0.2%      502     8.6%
  MOU, min                       268.2   150.0    78.8%    269.0    -0.3%
  ARPU mobile, US                $11.5    13.6   -15.4%     13.7   -16.1%
  ARPU mobile, (AMD)             4,433   4,182     6.0%    5,117   -13.4%
  Broadband internet
   subscribers ('000)             26.2     9.2   184.8%     18.1    44.8%

                                                2009/
  ARMENIA                        2009   2008    2008
                                 ----   ----    -----

  Mobile subscribers ('000)       545    544     0.2%
  MOU, min                      237.8  152.1    56.3%
  ARPU mobile, US               $13.2   14.6    -9.6%
  ARPU mobile, (AMD)            4,782  4,460     7.2%
  Broadband internet
   subscribers ('000)            26.2    9.2   184.8%

                                                 4Q '09/           4Q '09/
  UZBEKISTAN                    4Q '09  4Q '08   4Q '08   3Q '09   3Q '09
                                ------  ------   -------  ------   -------

  Mobile subscribers ('000)      3,515   3,636    -3.3%    3,652    -3.8%
  MOU, min                       387.3   288.6    34.2%    409.3    -5.4%
  ARPU mobile, US                 $4.6     6.5   -29.2%      4.5     2.2%
  Broadband internet
   subscribers ('000)              9.0     5.8    55.2%      8.3     8.4%

                                                2009/
  UZBEKISTAN                     2009   2008    2008
                                 ----   ----    -----

  Mobile subscribers ('000)     3,515  3,636    -3.3%
  MOU, min                      314.0  287.8     9.1%
  ARPU mobile, US                $4.7    6.4   -26.6%
  Broadband internet
   subscribers ('000)             9.0    5.8    55.2%

                                                 4Q '09/           4Q '09/
  TAJIKISTAN                    4Q '09  4Q '08   4Q '08   3Q '09   3Q '09
                                ------  ------   -------  ------   -------

  Mobile subscribers ('000)        743     625    18.9%      706     5.2%
  MOU, min                       173.6   243.4   -28.7%    173.3     0.2%
  ARPU mobile, US                 $7.2     9.6   -25.0%      7.2     0.0%

                                                2009/
  TAJIKISTAN                     2009   2008    2008
                                 ----   ----    -----

  Mobile subscribers ('000)       743    625    18.9%
  MOU, min                      172.9  238.9   -27.6%
  ARPU mobile, US                $7.1    9.5   -25.3%

                                                 4Q '09/           4Q '09/
  GEORGIA                       4Q '09  4Q '08   4Q '08   3Q '09   3Q '09
                                ------  ------   -------  ------   -------

  Mobile subscribers ('000)        399     225    77.3%      341    17.0%
  MOU, min                       131.1   129.8     1.0%    129.3     1.4%
  ARPU mobile, US                 $8.4     9.7   -13.4%      9.2    -8.7%
  ARPU mobile, (GEL)              15.2    15.1     0.7%     15.4    -1.3%

                                                2009/
  GEORGIA                        2009   2008    2008
                                 ----   ----    -----

  Mobile subscribers ('000)       399    225    77.3%
  MOU, min                      138.3  113.6    21.7%
  ARPU mobile, US                $8.9    9.0    -1.1%
  ARPU mobile, (GEL)             14.9   13.0    14.6%

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

  South-East Asia

In Cambodia we successfully continue development of our operations. We achieved network coverage of more than 70% of the population and our services are available in the 18 largest provinces. Good network quality, effective marketing and a pro-active approach to distribution helped us to establish a solid footprint for further expansion. We now serve more than 370 thousand subscribers.

Six months after the network launch in Vietnam, our networks cover approximately 32% of the population with presence in 40 out of 63 provinces. By the end of 2009, we served approximately 1.1 million subscribers counted on a one month active basis.

We are satisfied with the pace of business development and remain optimistic about the potential of the South-East Asia mobile market.

                                                 4Q '09/           4Q '09/
  SEA (US$ mln)                 4Q '09  4Q '08   4Q '08   3Q '09   3Q '09
                                ------  ------   -------  ------   -------
  Net operating mobile revenues    2.4     0.0    n/a        2.4     0.0%
  Adjusted mobile OIBDA           -6.4    -0.8    n/a       -7.5     n/a

                                                 2009/
  SEA (US$ mln)                   2009   2008    2008
                                  ----   ----    -----

  Net operating mobile revenues    5.7    0.0    n/a
  Adjusted mobile OIBDA          -21.0   -1.0    n/a

  *) See definitions in Attachment A.

For more information on financial and operating data for specific countries, please refer to the supplementary file FinancialOperatingQ42009.xls on our website at http://www.vimpelcom.com/news/qrep.wbp.

The Company's management will discuss its fourth quarter and annual 2009 results during a conference call and slide presentation on March 18, 2010 at 6:30 pm Moscow time (11:30 am US EDT). 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 March 25, 2010. The slide presentation webcast will also be available for download on VimpelCom's website http://www.vimpelcom.com/.

The VimpelCom Group consists of telecommunications operators providing voice and data services through a range of mobile, fixed and broadband technologies. The Group includes companies operating in Russia, Kazakhstan, Ukraine, Uzbekistan, Tajikistan, Georgia, Armenia, as well as Vietnam and Cambodia, in territories with a total population of about 340 million. VimpelCom was the first Russian company to list its shares on the New York Stock Exchange ("NYSE"). VimpelCom's ADSs are listed on the NYSE under the symbol "VIP".

This press release contains "forward-looking statements", as the phrase is defined in Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements include those relating to the proposed combination with Kyivstar and its benefits, the Company's  2010 capital expenditures, the Company's future revenues, pricing and competitive position, and the Company's development plans in Cambodia and Vietnam. These and other forward-looking statements are based on management's best assessment of the Company's strategic and financial position and of future market conditions and trends. These discussions involve risks and uncertainties. The actual outcome may differ materially from these statements as a result of continued volatility in the economies in the markets in which the Company operates, unforeseen developments from competition, governmental regulation of the telecommunications industries, general political uncertainties in the markets in which the Company operates and/or litigation with third parties. The actual outcome may also differ materially if the Company is unable to obtain all necessary corporate approvals relating to its business, if the Company is unable to successfully integrate newly-acquired businesses, including Golden Telecom, and other factors. There can be no assurance that such risks and uncertainties will not have a material adverse effect on the VimpelCom Group. Certain factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risks described in the Company's Amended Annual Report on Form 20-F/A for the year ended December 31, 2008 and other public filings made by the Company with the United States Securities and Exchange Commission, which risk factors are incorporated herein by reference. VimpelCom disclaims any obligation to update developments of these risk factors or to announce publicly any revision to any of the forward-looking statements contained in this release, or to make corrections to reflect future events or developments.

IMPORTANT NOTICE:  In connection with the exchange offer, VimpelCom Ltd. has filed with the SEC a registration statement on Form F-4, which includes a preliminary prospectus and related U.S. offer acceptance materials, and a Statement on Schedule TO.  In addition, the Company has filed a Solicitation/Recommendation Statement on Schedule 14D-9. Holders of the Company's securities are urged to carefully read the VimpelCom Ltd. registration statement (including the preliminary prospectus), the VimpelCom Ltd. Statement on Schedule TO, any other documents relating to the U.S. offer filed by VimpelCom Ltd. with the SEC, and the Company's Solicitation/Recommendation Statement on Schedule 14D-9, as well as any amendments and supplements to these documents, because they contain important information.  Free copies of the registration statement, including the preliminary prospectus and related U.S. offer acceptance materials, the Statement on Schedule TO, the Solicitation/Recommendation Statement on Schedule 14D-9, amendments and supplements to these documents, and other relevant documents filed with the SEC in respect of the U.S. offer, can be obtained at the SEC's website at http://www.sec.gov.

This announcement is not an offering document and does not constitute an offer to exchange or the solicitation of an offer to exchange securities or a solicitation of any vote or approval, nor shall there be any sale or exchange of securities in any jurisdiction in which such offer, solicitation or sale or exchange would be unlawful prior to the registration or qualification under the laws of such jurisdiction. The solicitation of offers to exchange the Company's securities for VimpelCom Ltd. DRs in the United States is being made pursuant to the preliminary prospectus and related U.S. offer acceptance materials that have been mailed to holders resident in the United States (including its territories and possessions) of Company shares and all holders of Company ADSs, wherever located.

This announcement does not constitute advertisement of securities, including securities of foreign issuers, in the Russian Federation within the meaning of Federal Law No. 39-FZ "On the Securities Market" dated April 22, 1996, as amended (the "Securities Law"), Federal Law No. 46-FZ "On the Protection of Rights and Lawful Interests of Investors on the Securities Market" dated March 5, 1999, as amended, and Federal Law No. 38-FZ "On Advertising" dated March 13, 2006, as amended, or a public offer to purchase, sell, exchange or transfer to or for the benefit of any person resident, incorporated, established or having their usual residence in the Russian Federation, or to any person located within the territory of the Russian Federation, that does not fall under a legal definition of a "qualified investor" within the meaning of Article 51.2 of the Securities Law, or an invitation to or for the benefit of any such person, to make offers to purchase, sell, exchange or transfer any such securities. The securities of VimpelCom Ltd. have not been and will not be admitted for placement, public placement or public circulation in the Russian Federation within the meaning of Article 51.1 of the Securities Law. This announcement is not for publication, release or distribution in or into or from any jurisdiction where it would otherwise be prohibited.

  - Definitions and tables are attached -

  Attachment A: Definitions

Mobile subscribers are subscribers in the registered subscriber base as of a measurement date who engaged in a revenue generating activity at any time during the three months prior to the measurement date. Such activity includes any incoming and outgoing calls, subscriber 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 subscribers also includes subscribers using mobile Internet service via USB modems.

Each ADS represents 0.05 of one share of common stock. This ratio was established effective August 21, 2007.

ARPU (Monthly Average Revenue per User) is calculated by dividing the Company's 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 the Company's subscribers during the period and dividing by the number of months in that period.

Broadband subscribers are those subscribers in the registered subscriber base who were a party to a revenue generating activity in the past three months. Such activities include monthly internet access using FTTB, xDSL and WiFi technologies as well as mobile internet service via USB modems.

CIS Geographic Segment for the purpose of VimpelCom reporting includes our operations in the following countries: Kazakhstan, Ukraine, Uzbekistan, Tajikistan, Armenia and Georgia

Fixed-line subscriber is an authorized user of fixed-line communications services.

General and administrative costs (G&A) include salaries and outsourcing costs, including related social contributions required by Russian 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.

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 subscribers during the period and dividing by the number of months in that period.

Adjusted OIBDA is a non-U.S. GAAP financial measure. Adjusted OIBDA, previously referred to as EBITDA or OIBDA by the Company, is defined as operating income before depreciation, amortization and impairment loss. The Company believes that adjusted OIBDA provides useful information to investors because it is an indicator of the strength and performance of our business operations, including our ability to finance capital expenditures, acquisitions and other investments and our ability to incur and service debt. While depreciation, amortization and impairment loss are considered operating costs under U.S. GAAP, these expenses primarily represent the non-cash current period allocation of costs associated with long-lived assets acquired or constructed in prior periods. Our adjusted OIBDA calculations are commonly used as bases for some investors, analysts and credit rating agencies to evaluate and compare the periodic and future operating performance and value of companies within the telecommunications industry. Adjusted OIBDA should not be considered in isolation as an alternative to net income attributable to VimpelCom, operating income or any other measure of performance under U.S. GAAP. Adjusted OIBDA does not include our need to replace our capital equipment over time. Reconciliation of adjusted OIBDA to operating income, the most directly comparable U.S. GAAP financial measure, is presented below in the reconciliation tables section.

Adjusted OIBDA margin is adjusted OIBDA expressed as a percentage of net operating revenues. Reconciliation of adjusted OIBDA margin to operating 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.

Prepaid subscribers are those subscribers who pay for their services in advance.

Roaming revenues include both revenues from VimpelCom customers who roam outside of home country network and revenues from other wireless carriers for roaming by their customers on VimpelCom's network. Roaming revenues do not include revenues from our own subscribers roaming while travelling across Russian regions within our network (so called 'intranet roaming')

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

Take-up rate for the FTTB network is calculated by dividing the number of FTTB subscribers by the total number of households passed.

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.

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.

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

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

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

  Attachment B: VimpelCom financial statements

             Open Joint Stock Company "Vimpel-Communications"
                Audited Consolidated Statements of Income

                                        Years ended December 31,
                                    2009          2008          2007
                                    ----          ----          ----
                                 (In thousands of US dollars, except
                                         share (ADS) amounts)
  Operating revenues:
  Service revenues              $8,580,815    $9,999,850    $7,161,833
  Sales of equipment and
   accessories                     109,959       107,946         6,519
  Other revenues                    19,788        17,190         6,528
                                     -----         -----          ----
  Total operating revenues       8,710,562    10,124,986     7,174,880

  Revenue based tax                 (7,660)       (8,054)       (3,782)
                                    ------        ------        ------
  Net operating revenues         8,702,902    10,116,932     7,171,098

  Operating expenses:
  Service costs                  1,878,443     2,262,570     1,309,287
  Cost of equipment and
   accessories                     110,677       101,282         5,827
  Selling, general and
   administrative expenses       2,389,998     2,838,508     2,206,322
  Depreciation                   1,393,431     1,520,184     1,171,834
  Amortization                     300,736       360,980       218,719
  Impairment loss                        -       442,747             -
  Provision for doubtful
   accounts                         51,262        54,711        52,919
  Total operating expenses       6,124,547     7,580,982     4,964,908
                                  --------      --------      --------

  Operating income               2,578,355     2,535,950     2,206,190

  Other income and expenses:
  Interest income                   51,714        71,618        33,021
  Net foreign exchange
   (loss)/gain                    (411,300)   (1,142,276)       72,955
  Interest expense                (598,531)     (495,634)     (194,839)
  Equity in net (loss)/gain of
   associates                      (35,763)      (61,020)         (211)
  Other (expenses)/income, net     (32,114)      (17,404)        3,240
  Total other income and
   expenses                     (1,025,994)   (1,644,716)      (85,834)
                                ----------    ----------       -------

  Income before income taxes     1,552,361       891,234     2,120,356
  Income tax expense               435,030       303,934       593,928
                                    ------        ------        ------

  Net income                     1,117,331       587,300     1,526,428
  Net (loss)/income
   attributable to the
   noncontrolling interest          (4,499)       62,966        63,722
  Net income attributable to
   VimpelCom                    $1,121,830      $524,334    $1,462,706
                                ==========      ========    ==========

  Basic EPS :
  Net income attributable to
   VimpelCom per common share       $21.71        $10.32        $28.78
                                    ======        ======        ======
  Weighted average common
   shares outstanding
   (thousand)                       50,647        50,700        50,818
  Net income attributable to
   VimpelCom per ADS equivalent      $1.09         $0.52         $1.44
                                     =====         =====         =====

  Diluted EPS :
  Net income attributable to
   VimpelCom per common share       $21.69        $10.32        $28.78
                                    ======        ======        ======
  Weighted average diluted
   shares (thousand)                50,678        50,703        50,818
  Net income attributable to
   VimpelCom per ADS equivalent      $1.08         $0.52         $1.44
                                     =====         =====         =====

  Dividends per share                $6.30        $11.46         $6.47
  Dividends per ADS equivalent       $0.31         $0.57         $0.32

               Open Joint Stock Company "Vimpel-Communications"
                     Audited Consolidated Balance Sheets

                                           December 31,    December 31,
                                               2009           2008
                                           ------------    ------------
                                          (In thousands of US dollars,
                                             except share amounts)
  Assets
  Current assets:
  Cash and cash equivalents                  $1,446,949       $914,683
  Trade accounts receivable, net of
   allowance for doubtful accounts              392,365        475,667
  Inventory                                      61,919        142,649
  Deferred income taxes                          91,493         82,788
  Input value added tax                          96,994        182,045
  Due from related parties                      249,631        168,196
  Other current assets                          627,257        440,479
                                                -------        -------
  Total current assets                        2,966,608      2,406,507

  Property and equipment, net                 5,561,569      6,425,873
  Telecommunications licenses, net              542,597        764,783
  Goodwill                                    3,284,293      3,476,942
  Other intangible assets, net                  700,365        882,830
  Software, net                                 448,255        549,166
  Investments in associates                     436,767        493,550
  Other assets                                  792,087        725,502
  Total assets                              $14,732,541    $15,725,153
                                            ===========    ===========

  Liabilities, redeemable noncontrolling
   interest and equity
  Current liabilities:
  Accounts payable                             $545,690       $896,112
  Due to employees                              113,368        105,795
  Due to related parties                          9,211          7,492
  Accrued liabilities                           315,666        288,755
  Taxes payable                                 212,767        152,189
  Customer advances, net of VAT                 376,121        425,181
  Customer deposits                              28,386         29,557
  Short-term debt                             1,813,141      1,909,221
                                              ---------      ---------
  Total current liabilities                   3,414,350      3,814,302

  Deferred income taxes                         596,472        644,475
  Long-term debt                              5,539,906      6,533,705
  Other non-current liabilities                 164,636        122,825
  Commitments, contingencies and
   uncertainties                                      -              -
                                                    ---            ---
  Total liabilities                           9,715,364     11,115,307

  Redeemable noncontrolling interest            508,668        469,604

  Equity:
  Convertible voting preferred stock
   (.005 rubles nominal value per
   share), 10,000,000 shares authorized;
   6,426,600 shares issued and
   outstanding                                        -              -
  Common stock (.005 rubles nominal
   value per share), 90,000,000 shares
   authorized;  51,281,022 shares issued
   (December 31, 2008: 51,281,022);
   50,714,579 shares outstanding
   (December 31, 2008: 50,617,408)                   92             92
  Additional paid-in capital                  1,143,657      1,165,188
  Retained earnings                           4,074,492      3,271,878
  Accumulated other comprehensive (loss)       (488,277)       (90,021)
  Treasury stock, at cost, 566,443
   shares of common stock (December 31,
   2008: 663,614)                              (223,421)      (239,649)
  Total VimpelCom shareholders' equity        4,506,543      4,107,488
  Noncontrolling interest                         1,966         32,754
  Total equity                                4,508,509      4,140,242
                                              ---------      ---------
  Total liabilities, redeemable
   noncontrolling interest and equity       $14,732,541    $15,725,153
                                            ===========    ===========

             Open Joint Stock Company "Vimpel-Communications"
               Audited Consolidated Statements of Cash Flows

                                       Years ended December 31,
                                    2009          2008          2007
                                    ----          ----          ----
                                     (In thousands of US dollars)
  Operating activities
  Net income                     $1,117,331      $587,300    $1,526,428
    Adjustments to reconcile
     net income to net cash
     provided by operating
     activities:
       Depreciation               1,393,431     1,520,184     1,171,834
       Amortization                 300,736       360,980       218,719
       Impairment loss                    -       442,747             -
       Loss from associates          35,763        61,020           211
       Provision for deferred
        taxes                       (19,541)      (92,654)       32,858
       Loss (gain) on foreign
        currency translation        411,300     1,142,276       (72,955)
       Provision for doubtful
        accounts                     51,262        54,711        52,919
       Stock-based compensation
        expense/(gain)                2,323      (121,890)      171,242
       Loss from early debt
        redemption                   19,063             -             -
       Other adjustments               (380)       (5,078)            -
      Changes in operating
       assets and liabilities:
       Trade accounts receivable    (57,452)     (240,629)         (333)
       Inventory                     64,927       (90,221)       (3,021)
       Input value added tax         78,972      (103,941)       45,383
       Other current assets         135,212      (415,735)         (351)
       Accounts payable             (69,290)      281,725      (157,901)
       Customer advances and
        deposits                    (23,010)       75,098        85,135
       Taxes payable and accrued
        liabilities                  72,122       (34,035)      (32,478)
                                     ------       -------       -------
  Net cash provided by
   operating activities           3,512,769     3,421,858     3,037,690

  Investing activities
  Purchases of property and
   equipment                       (691,445)   (2,002,452)   (1,238,305)
  Purchases of intangible
   assets                           (15,685)      (75,012)      (73,814)
  Purchases of software            (184,481)     (313,652)     (293,956)
  Acquisition of
   subsidiaries, net of
   cash acquired                          -    (4,134,609)     (301,355)
  Investments in associates         (12,500)     (491,265)            -
  Exercise of escrow cash
   deposit                                -       200,170      (200,170)
  Loan granted                            -      (350,000)            -
  Investments in deposits          (488,580)       43,179       (42,356)
  Purchases of other
   assets, net                      (40,799)      (53,575)      (84,596)
                                    -------       -------       -------
  Net cash used in
   investing activities          (1,433,490)   (7,177,216)   (2,234,552)

  Financing activities
  Proceeds from bank and
   other loans                    1,270,248     6,209,392       666,348
  Proceeds from sale of
   treasury stock                         -        25,488        39,787
  Repayments of bank and
   other loans                   (2,432,862)     (721,222)     (365,657)
  Payments of fees in
   respect of debt issues           (53,071)      (68,159)      (14,380)
  Repayments of equipment
   financing obligations                  -             -      (106,888)
  Net proceeds from
   employee stock options            18,142             -             -
  Purchase of
   noncontrolling interest
   in consolidated
   subsidiaries                     (18,198)     (992,825)            -
  Payment of dividends             (315,644)     (587,302)     (331,885)
  Payment of dividends to
   noncontrolling interest          (13,977)            -             -
  Purchase of treasury
   stock                                  -      (114,476)      (81,069)
                                        ---      --------       -------
  Net cash (used
   in)/provided by
   financing activities          (1,545,362)    3,750,896      (193,744)
  Effect of exchange rate
   changes on cash and cash
   equivalents                       (1,651)      (84,566)       49,823
                                     ------       -------        ------
  Net  increase/(decrease)
   in cash and cash
   equivalents                      532,266       (89,028)      659,217
  Cash and cash equivalents
   at beginning of year             914,683     1,003,711       344,494
  Cash and cash equivalents
   at end of year                $1,446,949      $914,683    $1,003,711
                                 ==========      ========    ==========

           Open Joint Stock Company "Vimpel-Communications"
         Audited Consolidated Statements of Cash Flows (Continued)

                                       Years ended December 31,
                                      2009          2008        2007
                                      ----          ----        ----
                                       (In thousands of US dollars)
  Supplemental cash flow
   information
  Cash paid during the period:
    Income tax                      $428,761      $647,597    $601,939
    Interest                         571,964       406,020     201,259

  Non-cash activities:
  Equipment acquired under
   financing agreements                    -         2,726      48,514
    Accounts payable for property,
     equipment and  other long-
     lived assets                    210,159       448,218     417,478
    Non-cash discounts from
     suppliers of equipment              239         2,464      (5,441)
    Issue of promissory notes              -        81,660           -

  Acquisitions :
    Fair value of assets acquired          -     2,645,655      84,125
    Fair value of noncontrolling
     interest acquired                     -       206,129      41,636
    Difference between the amount
     paid and the fair value of net
     assets acquired                       -     3,517,062     182,034
    Consideration for the
     acquisition of subsidiaries           -    (5,348,180)   (291,928)
    Fair value of liabilities
     assumed                              $-    $1,020,666     $15,867
                                         ===    ==========     =======

  Attachment C: Reconciliation Tables (Unaudited)

          Reconciliation of Adjusted Consolidated OIBDA
                      (In millions of US$)

                    4Q '09   4Q '08   3Q '09     2009    2008
                    ------   ------   ------     ----    ----

  Adjusted OIBDA      1,088    1,124    1,148   4,272   4,860
    Depreciation       (393)    (379)    (366) (1,393) (1,520)
    Amortization        (87)     (94)     (71)   (301)   (361)
    Impairment loss       0     (443)       0       0    (443)
  Operating income      608      208      711   2,578   2,536

            Reconciliation of Adjusted Consolidated OIBDA Margin

                              4Q '09   4Q '08   3Q '09     2009     2008
                              ------   ------   ------     ----     ----

  Adjusted OIBDA margin         47.1%    44.0%    50.4%    49.1%    48.0%
    Less: Depreciation as a
     percentage of net
     operating revenues       (17.0%)  (14.9%)  (16.1%)  (16.0%)  (15.0%)
    Less: Amortization as a
     percentage of net
     operating revenues        (3.8%)   (3.7%)   (3.1%)   (3.5%)   (3.5%)
    Less: Impairment loss as
     a percentage of net
     operating revenues          0.0%  (17.3%)     0.0%     0.0%   (4.4%)
  Operating income as a
   percentage of net
   operating revenues           26.3%     8.1%    31.2%    29.6%    25.1%

           Reconciliation of Consolidated Net Debt
                     (In millions of US$)

                                            2009      2008
                                            ----      ----

  Net debt                                 5,906     7,528
    Long - term debt                       5,540     6,534
    Short-term debt                        1,813     1,909
    Cash and cash equivalents             (1,447)     (915)

         Reconciliation of Consolidated Free Cash Flow
                     (In millions of US$)

                                            2009      2008
                                            ----      ----
  Free cash flow                           2,699       851
  --------------                           -----       ---
    Net cash provided by operating
     activities                            3,513     3,422
    Capital expenditures                    (814)   (2,571)

                     Attachment D:  Capex Development

  CAPEX                                     4Q '09/           4Q '09/
   (in US$ millions)      4Q '09  4Q '08    4Q '08   3Q '09   3Q '09
                          ------  ------    -------  ------   -------

  Total capex              422.7   855.5     -50.6%  123.2     243.1%
  Russia                   331.5   641.5     -48.3%   90.3     267.1%
  CIS                       68.1   203.5     -66.5%   24.5     178.0%
    Kazakhstan              19.5    79.7     -75.5%   10.0      95.0%
    Ukraine                 11.0    57.8     -81.0%    3.0     266.7%
    Armenia                  7.8    23.7     -67.1%    1.3     500.0%
    Uzbekistan              21.1    17.2      22.7%    7.2     193.1%
    Tajikistan               5.4    18.0     -70.0%    0.5     980.0%
    Georgia                  3.3     7.1     -53.5%    2.5      32.0%
  SEA                       22.8     7.4     208.1%    8.2     178.0%

  CAPEX                                       2009/
   (in US$ millions)        2009     2008     2008
                            ----     ----     -----

  Total capex              814.1  2,570.8    -68.3%
  Russia                   619.1  1,776.4    -65.1%
  CIS                      126.8    775.1    -83.6%
    Kazakhstan              43.8    254.8    -82.8%
    Ukraine                 19.8    185.4    -89.3%
    Armenia                  9.7     78.3    -87.6%
    Uzbekistan              36.9    176.3    -79.1%
    Tajikistan               7.1     45.1    -84.3%
    Georgia                  9.5     35.2    -73.0%
  SEA                       67.6      7.7    777.9%

  Attachment E: Key Financial Results in US Dollars

  Russia

                                                   4Q '09/           4Q '09/
  RUSSIA (US$ millions)          4Q '09  4Q '08    4Q '08   3Q '09   3Q '09
                                 ------  ------    -------  ------   -------

  Net operating revenues          1,996   2,157      -7.5%  1,953       2.2%
  Adjusted OIBDA                    941     948      -0.7%    988      -4.8%
  Adjusted OIBDA margin, %         47.1%   43.9%             50.6%
  Operating income                  590     288     104.9%    661     -10.7%
  Operating income margin, %       29.6%   13.4%             33.8%
  SG&A                              578     667     -13.3%    500      15.6%
    including Sales & Marketing
     Expenses                       191     246     -22.4%    158      20.9%
    including General &
     Administrative Costs           387     421      -8.1%    342      13.2%
  SG&A percentage                  29.0%   30.9%             25.6%
  Net income (loss)
   attributable to VimpelCom        313    -445       n/a     440     -28.9%

                                                    2009/
  RUSSIA (US$ millions)            2009    2008     2008
                                   ----    ----     -----

  Net operating revenues          7,448   8,619    -13.6%
  Adjusted OIBDA                  3,674   4,215    -12.8%
  Adjusted OIBDA margin, %        49.3%   48.9%
  Operating income                2,413   2,476     -2.5%
  Operating income margin, %      32.4%   28.7%
  SG&A                            1,998   2,384    -16.2%
    including Sales & Marketing
     Expenses                       628     787    -20.2%
    including General &
     Administrative Costs         1,370   1,597    -14.2%
  SG&A percentage                  26.8%   27.7%
  Net income (loss)
   attributable to VimpelCom      1,188     880     35.0%

  RUSSIA REVENUES                                  4Q '09/           4Q '09/
   (US$ millions)                4Q '09  4Q '08    4Q '08   3Q '09   3Q '09
                                 ------  ------    -------  ------   -------

  Net operating revenues          1,996   2,157      -7.5%  1,953       2.2%
    Mobile revenues               1,671   1,797      -7.0%  1,643       1.7%
    Fixed-line revenues             458     439       4.3%    434       5.5%
    Eliminations                   -133     -79              -124

  RUSSIA REVENUES                                   2009/
   (US$ millions)                  2009    2008     2008
                                   ----    ----     -----

  Net operating revenues          7,448   8,619    -13.6%
    Mobile revenues               6,198   7,372    -15.9%
    Fixed-line revenues           1,687   1,429     18.1%
    Eliminations                   -437    -182

  RUSSIA OIBDA DEVELOPMENT                   4Q '09/           4Q '09/
   (US$ millions)           4Q '09  4Q '08   4Q '08   3Q '09   3Q '09
                            ------  ------   -------  ------   -------

  Adjusted OIBDA total         941     948    -0.7%      988    -4.8%
    Mobile                     824     840    -1.9%      873    -5.6%
    Fixed-line                 117     108     8.3%      115     1.7%
  Adjusted total OIBDA
   margin, %                  47.1%   43.9%             50.6%
  Mobile, %                   49.3%   46.7%             53.1%
  Fixed-line, %               25.5%   24.6%             26.5%

  RUSSIA OIBDA DEVELOPMENT                     2009/
   (US$ millions)             2009    2008     2008
                              ----    ----     -----

  Adjusted OIBDA total       3,674   4,215    -12.8%
    Mobile                   3,205   3,872    -17.2%
    Fixed-line                 469     343     36.7%
  Adjusted total OIBDA
   margin, %                  49.3%   48.9%
  Mobile, %                   51.7%   52.5%
  Fixed-line, %               27.8%   24.0%

  * Please find information on respective operating income amounts in
    the supplementary file FinancialOperatingQ42009.xls on our website
    at http://www.vimpelcom.com/news/qrep.wbp.

  CIS Segment Revenues in US$

                                                 4Q '09/           4Q '09/
  KAZAKHSTAN (US$ mln)          4Q '09  4Q '08   4Q '08   3Q '09   3Q '09
                                ------  ------   -------  ------   -------

  Net operating revenues         170.4   196.9   -13.5%    171.9    -0.9%
    Mobile                       167.8   193.7   -13.4%    169.5    -1.0%
    Fixed                          7.5     7.1     5.6%      6.7    11.9%
    Elimination                   -4.9    -3.9              -4.3

                                                  2009/
  KAZAKHSTAN (US$ mln)            2009   2008     2008
                                  ----   ----     -----

  Net operating revenues         653.3  743.6    -12.1%
    Mobile                       643.8  734.2    -12.3%
    Fixed                         25.0   19.1     30.9%
    Elimination                  -15.5   -9.7

                                                 4Q '09/           4Q '09/
  UKRAINE (US$ mln)             4Q '09  4Q '08   4Q '08   3Q '09   3Q '09
                                ------  ------   -------  ------   -------

  Net operating revenues          48.1    70.5   -31.8%     56.6   -15.0%
    Mobile                        25.2    47.5   -46.9%     34.0   -25.9%
    Fixed                         27.5    26.4     4.2%     28.1    -2.1%
    Elimination                   -4.6    -3.4              -5.5

                                                  2009/
  UKRAINE (US$ mln)               2009   2008     2008
                                  ----   ----     -----

  Net operating revenues         203.2  280.7    -27.6%
    Mobile                       115.3  197.8    -41.7%
    Fixed                        105.0   96.1      9.3%
    Elimination                  -17.1  -13.2

                                                 4Q '09/           4Q '09/
  ARMENIA (US$ mln)             4Q '09  4Q '08   4Q '08   3Q '09   3Q '09
                                ------  ------   ------   ------   -------

  Net operating revenues          47.3    63.7     -25.7%   51.4      -8.0%
    Mobile                        18.3    27.2     -32.7%   20.3      -9.9%
    Fixed                         29.0    36.5     -20.5%   31.1      -6.8%
    Elimination                    0.0     0.0               0.0

                                                  2009/
  ARMENIA (US$ mln)               2009   2008     2008
                                  ----   ----     -----

  Net operating revenues         200.6  256.2    -21.7%
    Mobile                        79.6  108.0    -26.3%
    Fixed                        121.0  148.2    -18.4%
    Elimination                    0.0    0.0

                                                 4Q '09/           4Q '09/
  UZBEKISTAN (US$ mln)          4Q '09  4Q '08   4Q '08   3Q '09   3Q '09
                                ------  ------   -------  ------   -------

  Net operating revenues          50.2    66.5   -24.5%     50.1     0.2%
    Mobile                        47.5    63.5   -25.2%     46.8     1.5%
    Fixed                          2.8     3.0    -6.7%      3.3   -15.2%
    Elimination                   -0.1     0.0               0.0

                                                  2009/
  UZBEKISTAN (US$ mln)            2009   2008     2008
                                  ----   ----     -----

  Net operating revenues         211.3  216.4     -2.4%
    Mobile                       199.3  207.1     -3.8%
    Fixed                         12.2    9.3     31.2%
    Elimination                   -0.2    0.0

                                                 4Q '09/           4Q '09/
  TAJIKISTAN (US$ mln)          4Q '09  4Q '08   4Q '08   3Q '09   3Q '09
                                ------  ------   -------  ------   -------
  Mobile net operating
   revenues                       15.6    16.4    -4.9%     14.9     4.7%

                                                  2009/
  TAJIKISTAN (US$ mln)            2009   2008     2008
                                  ----   ----     -----

  Mobile net operating
   revenues                       59.2   50.8     16.5%

                                                 4Q '09/           4Q '09/
  GEORGIA (US$ mln)             4Q '09  4Q '08   4Q '08   3Q '09   3Q '09
                                ------  ------   -------  ------   -------

  Mobile net operating
   revenues                       10.2     5.9    72.9%      8.9    14.6%

                                                  2009/
  GEORGIA (US$ mln)               2009   2008     2008
                                  ----   ----     -----

  Mobile net operating
   revenues                       32.3   17.7     82.5%

  CIS Segment Adjusted OIBDA in US$

                                                 4Q '09/           4Q '09/
  KAZAKHSTAN (US$ mln)         4Q '09  4Q '08    4Q '08   3Q '09   3Q '09
                               ------  ------    ------   ------   -------

  Adjusted OIBDA total           93.9    97.7      -3.9%  101.7      -7.7%
      Mobile                     89.4    93.8      -4.7%   97.8      -8.6%
      Fixed                       4.5     3.9      15.4%    3.9      15.4%
  Adjusted OIBDA margin, %       55.1%   49.6%             59.2%

                                                  2009/
  KAZAKHSTAN (US$ mln)           2009    2008     2008
                                 ----    ----     -----

  Adjusted OIBDA total          359.6   382.2     -5.9%
      Mobile                    345.4   372.5     -7.3%
      Fixed                      14.2     9.7     46.4%
  Adjusted OIBDA margin, %       55.0%   51.4%

                                                 4Q '09/           4Q '09/
  UKRAINE (US$ mln)            4Q '09  4Q '08    4Q '08   3Q '09   3Q '09
                               ------  ------    -------  ------   -------

  Adjusted OIBDA total            7.6    11.6     -34.5%   12.1     -37.2%
      Mobile                      0.6     5.7     -89.5%    4.5     -86.7%
      Fixed                       7.0     5.9      18.6%    7.6      -7.9%
  Adjusted OIBDA margin, %       15.8%   16.5%             21.4%

                                                 2009/
  UKRAINE (US$ mln)              2009   2008     2008
                                 ----   ----     -----

  Adjusted OIBDA total           36.0   22.5     60.0%
      Mobile                      7.5    0.4     1775%
      Fixed                      28.5   22.1     29.0%
  Adjusted OIBDA margin, %       17.7%   8.0%

                                                 4Q '09/           4Q '09/
  ARMENIA (US$ mln)            4Q '09  4Q '08    4Q '08   3Q '09   3Q '09
                               ------  ------    -------  ------   -------

  Adjusted OIBDA total           22.7    31.7     -28.4%   26.3     -13.7%
      Mobile                      7.5    12.5     -40.0%    9.7     -22.7%
      Fixed                      15.2    19.2     -20.8%   16.6      -8.4%
  Adjusted OIBDA margin, %       48.0%   49.8%             51.2%

                                                  2009/
  ARMENIA (US$ mln)              2009    2008     2008
                                 ----    ----     -----

  Adjusted OIBDA total          101.1   124.6    -18.9%
      Mobile                     37.0    47.0    -21.3%
      Fixed                      64.1    77.6    -17.4%
  Adjusted OIBDA margin, %       50.4%   48.6%

                                                4Q '09/           4Q '09/
  UZBEKISTAN (US$ mln)         4Q '09  4Q '08   4Q '08   3Q '09   3Q '09
                               ------  ------   -------  ------   -------

  Adjusted OIBDA total           23.0    34.2    -32.7%   23.5      -2.1%
      Mobile                     21.9    33.0    -33.6%   22.2      -1.4%
      Fixed                       1.1     1.2     -8.3%    1.3     -15.4%
  Adjusted OIBDA Margin, %       45.8%   51.4%            46.9%

                                                  2009/
  UZBEKISTAN (US$ mln)           2009    2008     2008
                                 ----    ----     -----

  Adjusted OIBDA total          106.6   115.9     -8.0%
      Mobile                    101.7   112.8     -9.8%
      Fixed                       4.9     3.1     58.1%
  Adjusted OIBDA Margin, %       50.4%   53.6%

                                                4Q '09/           4Q '09/
  TAJIKISTAN (US$ mln)         4Q '09  4Q '08   4Q '08   3Q '09   3Q '09
                               ------  ------   -------  ------   -------

  Adjusted mobile OIBDA           7.1     5.3     34.0%     5.2     36.5%
  Adjusted mobile OIBDA
   margin, %                     45.5%   32.3%             34.9%

                                                  2009/
  TAJIKISTAN (US$ mln)           2009    2008     2008
                                 ----    ----     -----

  Adjusted mobile OIBDA          22.5    14.0     60.7%
  Adjusted mobile OIBDA
   margin, %                     38.0%   27.6%

                                                 4Q '09/           4Q '09/
  GEORGIA (US$ mln)             4Q '09  4Q '08   4Q '08   3Q '09   3Q '09
                                ------  ------   -------  ------   -------

  Adjusted mobile OIBDA            0.4    -1.2      n/a      1.0    -60.0%
  Adjusted mobile OIBDA
   margin, %                      3.9%   n/a               11.2%

                                                  2009/
  GEORGIA (US$ mln)               2009   2008     2008
                                  ----   ----     -----

  Adjusted mobile OIBDA            0.9   -6.6      n/a
  Adjusted mobile OIBDA
   margin, %                      2.8%  n/a

  * Please find information on respective operating income amounts in
    the supplementary file FinancialOperatingQ42009.xls on our website
    at http://www.vimpelcom.com/news/qrep.wbp.

  Attachment F: Average Rates of Functional Currencies to USD*

  Functional Currency/   3q '08   4q '08  1q '09  2q '09  3q '09  4q '09
  1 US$                  ------   ------  ------  ------  ------  ------

  Russia           RUR    24.25    27.27   33.93   32.21   31.33   29.47
  Kazakhstan       KZT   119.99   120.16  138.85  150.47  150.75  149.77
  Ukraine          UAH     4.85     6.21    7.70    7.66    7.82    7.99
  Armenia          AMD   302.27   306.47  325.11  370.46  372.66  384.40
  Georgia          GEL     1.41     1.55    1.67    1.66    1.68    1.68

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

  Attachment G: Key Financial Results in Russian Rubles (Convenience
  Translation)

                                                    4Q '09/          4Q '09/
  CONSOLIDATED OPERATIONS         4Q '09  4Q '08    4Q '08   3Q '09  3Q '09
  (RUR, millions)                 ------  ------    -------  ------  -------

  Net operating revenues          68,053   69,677     -2.3% 71,338     -4.6%
  Adjusted OIBDA                  32,066   30,648      4.6% 35,980    -10.9%
  Adjusted OIBDA margin, %          47.1%    44.0%            50.4%
  Operating income                17,919    5,674    215.8% 22,299    -19.6%
  Operating income margin, %        26.3%     8.1%            31.3%
  SG&A                            20,042   21,465     -6.6% 18,760      6.8%
    including Sales & Marketing
     Expenses                      6,428    7,784    -17.4%  5,766     11.5%
    including General &
     Administrative Costs         13,614   13,681     -0.5% 12,994      4.8%
  SG&A percentage                   29.4%    30.8%            26.3%
  Net income (loss) attributable
   to VimpelCom                    8,341  -22,243      n/a  13,513    -38.3%
  Net income (loss) attributable
   to VimpelCom per common share,
   basic, (RUR)                   161.27  -439.55           266.83
  Net income (loss) attributable
   to VimpelCom per ADS
   equivalent, basic, (RUR)         8.06   -21.98            13.34
  Capital expenditures            12,458   23,328    -46.6%  3,842    224.3%
  Mobile subscribers ('000)       64,596   61,029      5.8% 65,358     -1.2%
  Broadband subscribers ('000)     2,257    1,221     84.8%  1,930     16.9%

                                                       2009/
  CONSOLIDATED OPERATIONS             2009     2008    2008
  (RUR, millions)                     ----     ----    -----

  Net operating revenues           275,269  251,432     9.5%
  Adjusted OIBDA                   135,170  120,488    12.2%
  Adjusted OIBDA margin, %            49.1%    47.9%
  Operating income                  81,734   61,670    32.5%
  Operating income margin, %          29.7%    24.5%
  SG&A                              75,466   70,730     6.7%
    including Sales & Marketing
     Expenses                       22,910   23,250    -1.5%
    including General &
     Administrative Costs           52,556   47,480    10.7%
  SG&A percentage                     27.4%    28.1%
  Net income (loss) attributable
   to VimpelCom                     35,939    9,966   260.6%
  Net income (loss) attributable
   to VimpelCom per common share,
   basic, (RUR)                     709.16   196.57
  Net income (loss) attributable
   to VimpelCom per ADS
   equivalent, basic, (RUR)          35.46     9.83
  Capital expenditures              25,252   64,512   -60.9%
  Mobile subscribers ('000)         64,596   61,029     5.8%
  Broadband subscribers ('000)       2,257    1,221    84.8%

  Net operating revenues
   4Q '09                  Russia   CIS     SEA    Eliminations Total
  (RUR millions)           ------   ---     ---    ------------ -----

  Mobile business          49,249   8,370     59          -59   57,619
  Fixed-line business      13,499   1,975      0         -531   14,943
  Eliminations             -3,920    -265      0         -324   -4,509
  Total net operating
   revenue                 58,828  10,080     59         -914   68,053

Source: Vimpel-Communications
   

CONTACT:  Alexey Subbotin of VimpelCom, 7(495) 910-5977,
Investor_Relations@vimpelcom.com; or Mateo Millett of FD, +1-617 897-1533,
mateo.millett@fdashtonpartners.com

Web Site:  http://www.vimpelcom.com/

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