VimpelCom Welcomes Glass Lewis recommendation to Support the Combination

VimpelCom Ltd. (“VimpelCom” or the “Company”) (NYSE: VIP) today announced that Glass Lewis & Co., a leading independent proxy advisory firm, recommends that VimpelCom shareholders vote “FOR” approval of the issuance of VimpelCom common shares and convertible preferred shares and the increase of VimpelCom’s authorized share capital needed to complete the combination of VimpelCom and Wind Telecom S.p.A. (“Wind Telecom”) (the “Transaction”).
Glass Lewis published its recommendation on February 24, 2011 stating that: “Decisions regarding a company’s business operations are best left to the judgment of the Board. We believe that the Company should be provided the flexibility to use its equity in a manner that could provide funding for its operations and enhance shareholder value.”
Alexander Izosimov, Chief Executive Officer of VimpelCom, commented: “The Glass Lewis recommendation clearly underscores the merits of the combination, as well as importance of the due diligence and support of the Company’s Supervisory Board. The expansion of our growth platform is strategically compelling and financially attractive and we move forward with confidence that our shareholders will support the Transaction at the upcoming Special General Meeting.”
The Special General Meeting of VimpelCom is scheduled to take place on March 17, 2011 to approve the issuance of up to 325,639,827 VimpelCom common shares and 305,000,000 convertible preferred shares and the increase of VimpelCom’s authorized share capital needed to complete this transaction.
VimpelCom’s Supervisory Board and Management Board recommend shareholders vote “FOR” the proposals by signing, dating and returning the WHITE voting card received from the Company.