6-K 1 d6k.htm FORM 6-K

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

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

the Securities Exchange Act of 1934

For the month of September 2011

Commission File Number 1-34694

VimpelCom Ltd.

(Translation of registrant’s name into English)

SOM 2 Bld., Floor 2, Claude Debussylaan 15, 1082 MC, Amsterdam, the Netherlands

(Address of principal executive offices)

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

Form 20-F x Form 40-F ¨

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

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

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

Yes ¨ No x

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

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SIGNATURES

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

VIMPELCOM LTD.
(Registrant)

Date: September 7, 2011

By: |  | /s/ Jeffrey David McGhie
Name: |  | Jeffrey David McGhie
Title: |  | General Counsel

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VIMPELCOM DELIVERS SOLID REVENUE AND SUBSCRIBER GROWTH IN 2Q11

INTERIM DIVIDEND 2011 OF USD 0.45 PER SHARE

KEY RESULTS AND DEVELOPMENTS* — Total mobile subscriber base increased 11% YoY, reaching 193 million — Pro forma revenue increased 9% YoY to USD 6.0 billion — Pro forma EBITDA stable YoY at USD 2.4 billion — Solid performance across Business Units, highlighted by continued subscriber growth in Russia, market outperformance in Italy and profitable growth in emerging markets — Strong cash flow generation and long-term financing in place — Interim dividend 2011 of USD 0.45 per common share (ADS) outstanding

Amsterdam (September 7, 2011) - “VimpelCom Ltd” (“VimpelCom”, “Company” or “Group”) (NYSE: VIP), a leading global provider of telecommunications services, today announced operating and financial results for the quarter ended June 30, 2011.

JO LUNDER, CHIEF EXECUTIVE OFFICER COMMENTS:

“This quarter in which our transformational merger with Wind Telecom closed, shows solid performance across all of our Business Units. Our diligent efforts resulted in an improvement in our market position in Russia, relative outperformance of the market in Italy, and continued profitable growth across our operations in emerging markets. Moreover, we are leveraging our scale advantage, which is reflected by our ability to deliver synergies from the merger with Kyivstar ahead of expectations. And, although we are early in the process of integrating Wind Telecom, our confidence in significant synergies from our enlarged company is reaffirmed.”

“Looking ahead, we will maintain our focus on integrating our businesses and driving sustainable, profitable growth and increased cash flows by capturing opportunities in our emerging markets and by increasing focus on both fixed and mobile broadband in our more mature markets.”

“I am confident that we have a strong platform for improvement and for sustainable profitable growth.”

CONSOLIDATED FINANCIAL AND OPERATING HIGHLIGHTS*

USD mln |  |  |  | Actual |  | Pro forma |
|  |  |  | 2Q11 |  |  |  |  | 2Q10 |  |  |  |  | YoY |  |  |  |  | 2Q11 |  |  |  |  | 2Q10 |  |  |  |  | YoY |
Net operating revenues |  |  |  |  | 5,532 |  |  |  |  |  | 2,642 |  |  |  |  |  | 109% |  |  |  |  |  | 6,008 |  |  |  |  |  | 5,488 |  |  |  |  |  | 9% |
EBITDA |  |  |  |  | 2,184 |  |  |  |  |  | 1,260 |  |  |  |  |  | 73% |  |  |  |  |  | 2,371 |  |  |  |  |  | 2,368 |  |  |  |  |  | - |
EBITDA margin |  |  |  |  | 39.5% |  |  |  |  |  | 47.7% |  |  |  |  |  |  |  |  |  |  |  | 39.5% |  |  |  |  |  | 43.1% |  |  |  |  |  |  |
Net income attributable to VimpelCom Ltd. |  |  |  |  | 239 |  |  |  |  |  | 335 |  |  |  |  |  | -29% |  |  |  |  |  | 312 |  |  |  |  |  | 219 |  |  |  |  |  | 42% |
EPS, basic (USD) |  |  |  |  | 0.16 |  |  |  |  |  | 0.28 |  |  |  |  |  | -43% |  |  |  |  |  | 0.19 |  |  |  |  |  | 0.14 |  |  |  |  |  | 36% |
Capital expenditures |  |  |  |  | 1,016 |  |  |  |  |  | 381 |  |  |  |  |  | 167% |  |  |  |  |  | 1,027 |  |  |  |  |  | 728 |  |  |  |  |  | 41% |
Net cash from operating activities |  |  |  |  | 1,231 |  |  |  |  |  | 1,001 |  |  |  |  |  | 23% |  |  |  |  |  | - |  |  |  |  |  | - |  |  |  |  |  | - |
Net debt / LTM EBITDA |  |  |  |  | - |  |  |  |  |  | 0.9 |  |  |  |  |  | - |  |  |  |  |  | 2.6 |  |  |  |  |  | - |  |  |  |  |  | - |
Total mobile subscribers (‘000) |  |  |  |  | 192,742 |  |  |  |  |  | 89,372 |  |  |  |  |  | 116% |  |  |  |  |  | 192,742 |  |  |  |  |  | 174,420 |  |  |  |  |  | 11% |

*See definitions in Attachment E. Actual second quarter 2011 results reflect the consolidation of Wind Telecom as of April 15, 2011 and actual second quarter 2010 results reflected consolidation of Kyivstar as of April 22, 2010. For pro forma definition see next page.

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STRATEGIC PROGRESS

— |  | Closed acquisition of Wind Telecom on April 15

— |  | Strengthened presence in Far East of Russia through acquisition of NTC and new 2G licenses

— |  | Announced Jo Lunder as new CEO

INTEGRATION UPDATE

— |  | Launched integration of Wind Telecom immediately following the close of the transaction

— |  | Expected synergies of at least NPV USD 2.5 billion from the integration of Wind Telecom reaffirmed

— |  | Synergies from the merger with Kyivstar are ahead of plan; since inception NPV USD 120 million realized

— |  | Implemented new organizational structure with 5 Business Units

The highlight of the second quarter was the closing of the transformational merger with Wind Telecom, which elevated VimpelCom to a position as one of the leading global telecommunications operators in the world with an attractive and balanced portfolio in both developed and emerging markets. The Company has significant advantages in terms of scale, sharing of best practices across the organization, and ability to capture the next phase of growth in the industry from the paradigm shift from voice to data. Furthermore, the leadership team is focused on executing these priorities, both at the Group level, as well as at the business units. The strengthening of our position in the Far East of Russia is a significant addition to the coverage in the Russian market.

Following the closing of the merger with Wind Telecom, the Company launched a comprehensive integration program to capture the benefits of the combination and to achieve the expected synergies from the enlarged group. The first results from the program are promising, with early savings in procurement already achieved through harmonization of current price levels across the Company. Savings are also being realized through benchmarking of costs and sharing of best practices. Phase 1 initiatives have already secured synergies in the amount of USD 1.6 billion on a NPV basis. Also the integration program in Ukraine continues to progress ahead of plan, with synergies of NPV USD 120 million realized since inception.

A new organizational structure has been implemented with five Business Units reporting to the Headquarters in Amsterdam.

PRESENTATION OF FINANCIAL RESULTS Actual second quarter 2011 results reflect the consolidation of Wind Telecom as of April 15, 2011. The Company believes pro forma comparisons provide the most meaningful comparison of financial performance for the quarter and, unless otherwise stated, all comparisons in this press release are on a pro forma basis. For further details about the adjustments and assumptions of our pro forma results, please refer to VimpelCom’s press release issued on August 18, 2011 and available on our website. The pro forma information presented in this press release reflects what the Company’s results of operations would have looked like had the Company’s transactions with Wind Telecom and Kyivstar occurred on January 1, 2010. VimpelCom Ltd. consolidated results presented in this earnings release are based on US GAAP. The results of Business Units Europe & North America and Asia & Africa, excluding SEA, are based on IFRS. The correction to US GAAP of these business units has been made at Group level. Certain amounts and percentages that appear in this earnings release have been subject to rounding adjustments. As a result, certain numerical figures shown as totals, including in tables, may not be exact arithmetic aggregations of the figures that precede or follow them.

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VIMPELCOM GROUP – FINANCIAL AND OPERATING RESULTS — Total mobile subscriber base increased by 11% YoY to 193 million — Revenues up 9% YoY to USD 6.0 billion driven by 3% organic growth and favorable forex — EBITDA stable at USD 2.4 billion — Net income increased 42% to USD 312 million — CAPEX at USD 1.0 billion, LTM capex/revenue 20% — Actual net cash from operating activities was USD 1.2 billion, 23% higher than a year ago — Net debt / LTM EBITDA was 2.6x at the end of the second quarter

OPERATING PERFORMANCE OVERVIEW

The total mobile subscriber base increased by 11% YoY to 193 million, with the largest absolute contribution coming from the accelerated growth in subscribers in Russia. The Company also achieved strong growth of broadband and mobile data in Russia, Italy and Ukraine.

In Russia, the Company had the highest net additions of mobile subscribers in the market during the first 6 months of 2011. The subscriber growth rate increased twofold over the first quarter of 2011 with more than 2 million additional subscribers. Mobile broadband subscribers increased by 82% YoY to 2.3 million and fixed broadband subscribers grew 39% YoY to 1.7 million.

In the Business Unit Europe and North America, the Company’s Italian business continued to outperform the broader telecom market in the second quarter despite the ongoing weak macroeconomic environment and unfavorable regulatory developments. VimpelCom strengthened its market position in both mobile and fixed-line, increasing the market share in both segments. The fixed broadband subscriber base increased 18% YoY to

2.1 million, while Mobile Internet revenues increased 33% YoY.

In the Business Unit Africa and Asia, the Company achieved strong growth in its subscriber base across all countries of operation, reaching over 74 million in total. Improved performance was driven primarily by increased usage of voice traffic and focus on cost optimization.

The Business Unit Ukraine delivered stable growth in mobile subscribers, strong improvements in fixed residential broadband, and increased mobile data usage. Mobile data revenue grew 48% YoY to UAH 190 million driven by increased usage of data services in USB modem offers and within the new bundled tariff plans.

The CIS Business Unit continued to demonstrate strong operational results despite intensified competition in some key CIS countries, due to the improving macroeconomic situation in the region, product quality and efficient sales and marketing efforts. In the Company’s largest CIS market, Kazakhstan, VimpelCom achieved subscriber growth of 24% YoY.

OPERATING FINANCIALS PER BUSINESS UNIT

USD mln |  |  |  | Pro forma |  |  |  |  | Pro forma |
|  |  |  |  |  | 2Q11 |  |  | 2Q10 |  |  | YoY |  |  |  |  | YTD11 |  |  | YTD10 |  |  | YoY |
Net operating revenues |  |  |  |  | 6,008 |  |  |  | 5,488 |  |  |  | 9% |  |  |  |  |  | 11,489 |  |  |  | 10,677 |  |  |  | 8% |
|  | of which: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | BU Russia |  |  |  |  | 2,329 |  |  |  | 2,042 |  |  |  | 14% |  |  |  |  |  | 4,394 |  |  |  | 3,961 |  |  |  | 11% |
|  | BU Europe & North America |  |  |  |  | 2,015 |  |  |  | 1,829 |  |  |  | 10% |  |  |  |  |  | 3,878 |  |  |  | 3,646 |  |  |  | 6% |
|  | BU Africa & Asia |  |  |  |  | 949 |  |  |  | 901 |  |  |  | 5% |  |  |  |  |  | 1,840 |  |  |  | 1,748 |  |  |  | 5% |
|  | BU Ukraine |  |  |  |  | 412 |  |  |  | 387 |  |  |  | 6% |  |  |  |  |  | 787 |  |  |  | 745 |  |  |  | 6% |
|  | BU CIS |  |  |  |  | 389 |  |  |  | 336 |  |  |  | 16% |  |  |  |  |  | 740 |  |  |  | 631 |  |  |  | 17% |
|  | Other |  |  |  |  | -86 |  |  |  | -7 |  |  |  |  |  |  |  |  |  | -150 |  |  |  | -54 |  |  |  |  |
EBITDA |  |  |  |  |  |  | 2,371 |  |  |  | 2,368 |  |  |  | 0% |  |  |  |  |  | 4,628 |  |  |  | 4,583 |  |  |  | 1% |
|  | of which: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | BU Russia |  |  |  |  | 968 |  |  |  | 963 |  |  |  | 1% |  |  |  |  |  | 1,836 |  |  |  | 1,874 |  |  |  | -2% |
|  | BU Europe & North America |  |  |  |  | 664 |  |  |  | 669 |  |  |  | -1% |  |  |  |  |  | 1,314 |  |  |  | 1,304 |  |  |  | 1% |
|  | BU Africa & Asia |  |  |  |  | 407 |  |  |  | 377 |  |  |  | 8% |  |  |  |  |  | 811 |  |  |  | 748 |  |  |  | 8% |
|  | BU Ukraine |  |  |  |  | 226 |  |  |  | 208 |  |  |  | 9% |  |  |  |  |  | 429 |  |  |  | 382 |  |  |  | 12% |
|  | BU CIS |  |  |  |  | 175 |  |  |  | 161 |  |  |  | 9% |  |  |  |  |  | 334 |  |  |  | 300 |  |  |  | 11% |
|  | Other |  |  |  |  | -69 |  |  |  | -10 |  |  |  |  |  |  |  |  |  | -96 |  |  |  | -25 |  |  |  |  |
EBITDA margin |  |  |  |  | 39.5% |  |  |  | 43.1% |  |  |  |  |  |  |  |  |  | 40.3% |  |  |  | 42.9% |  |  |  |  |

*See definitions in Attachment E.

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FINANCIAL PERFORMANCE OVERVIEW

Total net operating revenues in the second quarter 2011 increased by 9% YoY, with strong performance across all business units and favorable foreign exchange movements. In Russia, revenues increased by 14% in USD terms and 6% in local currency. In Italy, revenues in USD increased by 10%, while in local currency, excluding certain one off items in the same period a year ago, revenues increased by 1%. Business Unit Ukraine delivered growth of 6% in USD terms and 7% in local currency. Business Unit Africa and Asia reported revenue growth of 5%. Lastly, CIS continued to achieve strong performance with a revenue increase of 16%, driven primarily by a quality product offering, efficient sales and marketing efforts, and an improving macroeconomic situation.

The EBITDA of 2Q11 was impacted by one off expenses related to the Wind Telecom and GTEL transactions. Excluding these effects the pro forma EBITDA would have increased by 3%.

Net income increased by 42% YoY, as a result of favorable currency movements partly offset by increased depreciation and tax expenses. The increase in our tax expenses is mainly attributable to certain net operating losses not recognized.

CAPEX increased 41% to 1.0 billion US dollars. This is within our planned 21% CAPEX to revenue range for the year, and mainly reflects slow phasing of investments in Russia and the CIS last year. On a Last Twelve Months basis, 2Q11 CAPEX/Revenue is broadly in line with full year 2010 of 18% capex to revenues.

ACTUAL 2Q 2011

On an actual basis, revenues more than doubled YoY and EBITDA increased by 73% YoY, as a result of the combination with Wind Telecom in April this year.

Net income declined by 29%, mainly due to higher interest expenses, resulting from higher gross debt after the acquisition of Wind Telecom. In addition, net income was also negatively impacted by higher depreciation and amortization charges associated with the Wind Telecom transaction.

USD mln |  |  |  | Actual |  |  |  |  | Pro forma |
|  |  |  | 2Q11 |  |  | 2Q10 |  |  | YoY |  |  |  |  | 2Q11 |  |  | 2Q10 |  |  | YoY |
Net operating revenues |  |  |  |  | 5,532 |  |  |  | 2,642 |  |  |  | 109% |  |  |  |  |  | 6,008 |  |  |  | 5,488 |  |  |  | 9% |
EBITDA |  |  |  |  | 2,184 |  |  |  | 1,260 |  |  |  | 73% |  |  |  |  |  | 2,371 |  |  |  | 2,368 |  |  |  | - |
EBITDA margin |  |  |  |  | 39.5% |  |  |  | 47.7% |  |  |  |  |  |  |  |  |  | 39.5% |  |  |  | 43.1% |  |  |  |  |
Net income attributable to VimpelCom Ltd. |  |  |  |  | 239 |  |  |  | 335 |  |  |  | -29% |  |  |  |  |  | 312 |  |  |  | 219 |  |  |  | 42% |
EPS, basic (USD) |  |  |  |  | 0.16 |  |  |  | 0.28 |  |  |  | -43% |  |  |  |  |  | 0.19 |  |  |  | 0.14 |  |  |  | 36% |
Capital expenditures |  |  |  |  | 1,016 |  |  |  | 381 |  |  |  | 167% |  |  |  |  |  | 1,027 |  |  |  | 728 |  |  |  | 41% |
STATEMENT OF FINANCIAL POSITION |
USD mln |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Actual |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2Q11 |  |  | FY10 |  |  |  |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 58,873 |  |  |  | 19,928 |  |  |  |  |
Shareholders’ equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16,111 |  |  |  | 10,671 |  |  |  |  |
Gross debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27,392 |  |  |  | 5,661 |  |  |  |  |
Net debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 24,104 |  |  |  | 4,740 |  |  |  |  |

The total assets almost tripled to USD 59 billion, primarily as a result of the acquisition of Wind Telecom in April, 2011. As a consequence of the acquisition gross debt increased to USD 27.4 billion, in line with the estimated preliminary pro forma gross debt as of the end of the first quarter of 2011. Net debt was USD 24.1 billion, slightly higher than the estimated preliminary pro forma net debt as of the end of the first quarter, leading to a small increase in the Net debt / LTM EBITDA to 2.6x at the end of the second quarter.

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CASH FLOWS

USD mln |  |  |  | Actual |  |  |  |  | Actual |
|  |  |  | 2Q11 |  |  | 2Q10 |  |  | YoY |  |  |  |  | YTD11 |  |  | YTD10 |  |  | YoY |
Net cash from operating activities |  |  |  |  | 1,231 |  |  |  | 1,001 |  |  |  | 23% |  |  |  |  |  | 2,235 |  |  |  | 1,804 |  |  |  | 24% |
Net cash used in/(from) investing activities |  |  |  |  | 1,010 |  |  |  | -67 |  |  |  |  |  |  |  |  |  | 2,205 |  |  |  | -75 |  |  |  |  |
Net cash used in/(provided) financing activities |  |  |  |  | -948 |  |  |  | 191 |  |  |  |  |  |  |  |  |  | -2,079 |  |  |  | 928 |  |  |  |  |

The net cash from operating activities at the Group level was positively impacted by the strong cash flow generation from our operating activities offset by certain cash costs in relation to the acquisition of Wind Telecom. The net cash from investing activities was mainly impacted by higher investments in property and equipment and investments related to the Wind Telecom transaction. Net cash from financing activities was related to the repayment of the bridge loan associated with the acquisition of Wind Telecom, refinanced with the successful USD 2.2 billion bonds issued in the Eurobond market in June. Funds from VimpelCom were also used to refinance all outstanding indebtedness at Orascom Telecom Holding.

INTERIM DIVIDEND 2011

The Supervisory Board declared the payment of an interim dividend of USD 0.45 per American depositary share (“ADS”) in relation to the 2011 results. Each ADS represents one common share. The total interim dividend payment will be approximately USD 733 million.

The record date for the Company’s shareholders entitled to receive the interim dividend has been set for December 1, 2011. The ex-dividend date is November 29, 2011. The Company will make appropriate tax withholdings of up to 15% when the dividend is paid to the Company’s ADS depositary, The Bank of New York Mellon. The dividend will be paid by the Company before December 31, 2011.

MAIN SECOND QUARTER EVENTS

· |  | Completion of the combination with Wind Telecom establishing an enhanced platform for global growth

· |  | Payment of a final dividend for 2010 in the amount of USD 244 million giving a total of USD 1.1 billion in dividends paid relating to 2010 results

· |  | Agreement on further financing of operations in Vietnam

· |  | Acquisition of NTC, a mobile operator in the Far East of Russia, improving the license footprint in the region

· |  | Appointment of Jo Lunder as CEO and announcement of key management positions

· |  | Election of the new Supervisory Board and Co-Founder Augie Fabela II as Chairman

· |  | Successful placement of USD 2.2 billion in Eurobond market

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BUSINESS UNITS PERFORMANCE — Russia — Europe and North America — Africa and Asia — Ukraine — CIS

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BUSINESS UNIT RUSSIA – FINANCIAL AND OPERATING RESULTS — Improved market position, with more than 2 million mobile net additions — Strengthened presence in Far East of Russia through acquisition of NTC and new 2G licenses — Strong growth of fixed broadband and continued expansion of IPTV — Solid growth of mobile data subscribers and increased data ARPUs

In Russia, we continued to execute our development plan, which we adopted a year ago, aimed at enhancing our market position. We improved the trends of our mobile subscription and service revenue market share, and accelerated the development of the fixed-line segment. We intend to maintain this momentum. Our development plan puts pressure on our margins, and we are taking measures to improve profitability by offsetting the effects of the recent active investments and network development with operational efficiency.

· |  | For two quarters in a row we have achieved the highest net additions in Russia, accelerating subscriber growth to more than 2 million net additional mobile subscribers in 2Q11, a twofold increase in growth in comparison to 1Q11.

· |  | Total consolidated 2Q11 revenues reached 65.2 billion rubles, up 6% YoY, driven by growth in fixed and mobile revenues including sales of devices.

· |  | Mobile data revenues increased 38% YoY to 4.1 billion rubles. Our total number of mobile broadband subscribers (USB only) was 2.4 million, up 82% YoY.

· |  | Fixed-line broadband revenues were nearly 1.9 billion rubles, growing by 45% YoY, supported by strong growth in subscribers, which were up 39% YoY and positive ARPU performance, which increased by 7% versus last year. During the quarter, IPTV service was launched in 8 cities, bringing the total number of cities serviced to 32 as of the end of 2Q11.

· |  | Total consolidated 2Q11 EBITDA declined to 27.1 billion rubles and the EBITDA margin declined to 41.5%, reflecting the Company’s intensified network development and increased sales and marketing expenses aimed at strengthening our market position.

· |  | We developed and launched a business excellence program aimed at enhancing the Company’s profitability. This program will focus on an increase in efficiency of operations and will target annual cost reductions related to network maintenance expenses, rental costs, commissions and other G&A expenses.

· |  | Capex increased by 54% YoY, reflecting the acceleration of network development and improved phasing of capex throughout the year.

RUSSIA KEY INDICATORS |
RUR mln |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | 2Q11 |  |  | 2Q10 |  |  | YoY |  |  |  |  | YTD11 |  |  | YTD10 |  |  | YoY |
Net operating revenues |  |  |  |  | 65,179 |  |  |  | 61,738 |  |  |  | 6% |  |  |  |  |  | 125,513 |  |  |  | 119,087 |  |  |  | 5% |
Total operating expenditures |  |  |  |  | 38,103 |  |  |  | 32,624 |  |  |  | 17% |  |  |  |  |  | 73,042 |  |  |  | 62,737 |  |  |  | 16% |
EBITDA |  |  |  |  | 27,076 |  |  |  | 29,114 |  |  |  | -7% |  |  |  |  |  | 52,471 |  |  |  | 56,350 |  |  |  | -7% |
EBITDA margin |  |  |  |  | 41.5% |  |  |  | 47.2% |  |  |  |  |  |  |  |  |  | 41.8% |  |  |  | 47.3% |  |  |  |  |
Capex |  |  |  |  | 11,348 |  |  |  | 7,363 |  |  |  | 54% |  |  |  |  |  | 20,834 |  |  |  | 11,073 |  |  |  | 88% |
Capex / revenues |  |  |  |  | 17% |  |  |  | 12% |  |  |  |  |  |  |  |  |  | 17% |  |  |  | 9% |  |  |  |  |
Mobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mobile net operating revenues |  |  |  |  | 54,360 |  |  |  | 51,825 |  |  |  | 5% |  |  |  |  |  | 104,427 |  |  |  | 99,707 |  |  |  | 5% |
- of which mobile data |  |  |  |  | 4,118 |  |  |  | 2,994 |  |  |  | 38% |  |  |  |  |  | 8,000 |  |  |  | 6,203 |  |  |  | 29% |
Mobile EBITDA |  |  |  |  | 24,069 |  |  |  | 26,437 |  |  |  | -9% |  |  |  |  |  | 46,831 |  |  |  | 50,960 |  |  |  | -8% |
Mobile EBITDA margin |  |  |  |  | 44.3% |  |  |  | 51.0% |  |  |  |  |  |  |  |  |  | 44.8% |  |  |  | 51.1% |  |  |  |  |
Mobile subscribers (‘000) |  |  |  |  | 55,251 |  |  |  | 50,912 |  |  |  | 9% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- of which mobile broadband (‘000) |  |  |  |  | 2,362 |  |  |  | 1,300 |  |  |  | 82% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mobile ARPU (RUR) |  |  |  |  | 327 |  |  |  | 330 |  |  |  | -1% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MOU |  |  |  |  | 244 |  |  |  | 219 |  |  |  | 11% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-line |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-line net operating revenues |  |  |  |  | 10,818 |  |  |  | 9,913 |  |  |  | 9% |  |  |  |  |  | 21,085 |  |  |  | 19,381 |  |  |  | 9% |
Fixed-line EBITDA |  |  |  |  | 3,007 |  |  |  | 2,677 |  |  |  | 12% |  |  |  |  |  | 5,640 |  |  |  | 5,389 |  |  |  | 5% |
Fixed-line EBITDA margin |  |  |  |  | 27.8% |  |  |  | 27.0% |  |  |  |  |  |  |  |  |  | 26.7% |  |  |  | 27.8% |  |  |  |  |
Fixed-line broadband revenues |  |  |  |  | 1,855 |  |  |  | 1,283 |  |  |  | 45% |  |  |  |  |  | 3,590 |  |  |  | 2,596 |  |  |  | 38% |
Fixed line broadband subscribers (‘000) |  |  |  |  | 1,671 |  |  |  | 1,199 |  |  |  | 39% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed line broadband ARPU (RUR) |  |  |  |  | 384 |  |  |  | 359 |  |  |  | 7% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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BUSINESS UNIT EUROPE & NORTH AMERICA FINANCIAL AND OPERATING RESULTS ITALY — Continued relative outperformance in the Italian market — Solid growth of fixed broadband coupled with an increase in ARPU — Strong growth of mobile Internet revenues, up 33% to EUR 56 million — Total revenues increased 1% excluding non organic items, decline 1% YoY on a reported basis — EBITDA in line with previous year on an organic basis (net of non-recurring items), declines 5% YoY on a reported basis

In Italy we strengthened our market position in both mobile and fixed-line, increasing market share in both segments. In the mobile segment, performance was driven by the ongoing success of the Company’s targeted offerings for voice and messaging, both on-net and off-net, by the strong take-up of its post-paid offerings targeted at the high value consumer and SME/SOHO segments, and by the notable success of its Mobile Internet offerings for smartphones and tablet devices. In the fixed-line segment, performance was particularly strong in the consumer segment, which posted a 6.3% increase in revenues driven by the Company’s simple and transparent set of offerings, which are easily adaptable to all customer needs and are supported by a highly effective promotional and advertising strategy.

· |  | WIND’s total revenues reached EUR 1.4 billion in the second quarter, driven by a 1% increase in telecom service revenues.

· |  | EBITDA declined YoY as a result of certain non organic items recorded in 2Q10 (mainly settlements with other operators, active penalties and release of previous years over accrued provisions), combined with an increase in monthly access fees on Local Loop Unbundling (LLU) paid to the incumbent operator and by an increase in bad debt in the fixed-line business. On an organic basis WIND’s EBITDA in the second quarter was in line with the same quarter a year ago. The EBITDA margin remained a solid 37.6%.

· |  | During the second quarter of 2011, WIND continued to deliver on its investment plan with EUR 234 million of capex invested in: i.) increasing the coverage of its 3G / HSDPA mobile footprint and in increasing the capacity of the mobile network; ii.) in the expansion of LLU coverage; and iii.) in the increase of capacity and quality of WIND’s backbone, which serves both the mobile and fixed-line businesses.

ITALY KEY INDICATORS |
Euro mln |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | 2Q11 |  |  | 2Q10 |  |  | YoY |  |  |  |  | YTD11 |  |  | YTD10 |  |  | YoY |
Revenues |  |  |  |  | 1,399 |  |  |  | 1,411 |  |  |  | -1% |  |  |  |  |  | 2,750 |  |  |  | 2,706 |  |  |  | 2% |
Total operating expenditures |  |  |  |  | (873) |  |  |  | (856) |  |  |  | 2% |  |  |  |  |  | -1,727 |  |  |  | -1,668 |  |  |  | 4% |
EBITDA |  |  |  |  | 526 |  |  |  | 556 |  |  |  | -5% |  |  |  |  |  | 1,022 |  |  |  | 1,039 |  |  |  | -2% |
EBITDA margin |  |  |  |  | 37.6% |  |  |  | 39.4% |  |  |  |  |  |  |  |  |  | 37.2% |  |  |  | 38.4% |  |  |  |  |
Capex |  |  |  |  | 234 |  |  |  | 203 |  |  |  | 15% |  |  |  |  |  | 380 |  |  |  | 331 |  |  |  | 15% |
Capex / revenues |  |  |  |  | 17% |  |  |  | 14% |  |  |  |  |  |  |  |  |  | 14% |  |  |  | 12% |  |  |  |  |
Mobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenues |  |  |  |  | 1,029 |  |  |  | 1,046 |  |  |  | -2% |  |  |  |  |  | 2,011 |  |  |  | 1,983 |  |  |  | 1% |
EBITDA |  |  |  |  | 455 |  |  |  | 477 |  |  |  | -5% |  |  |  |  |  | 886 |  |  |  | 894 |  |  |  | -1% |
EBITDA margin |  |  |  |  | 44.2% |  |  |  | 45.6% |  |  |  |  |  |  |  |  |  | 44.1% |  |  |  | 45.1% |  |  |  |  |
Subscribers (‘000) |  |  |  |  | 20,559 |  |  |  | 19,263 |  |  |  | 7% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ARPU (€) |  |  |  |  | 16.0 |  |  |  | 17.2 |  |  |  | -7% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MOU |  |  |  |  | 198 |  |  |  | 185 |  |  |  | 7% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenues |  |  |  |  | 370 |  |  |  | 366 |  |  |  | 1% |  |  |  |  |  | 739 |  |  |  | 723 |  |  |  | 2% |
EBITDA |  |  |  |  | 71 |  |  |  | 79 |  |  |  | -10% |  |  |  |  |  | 136 |  |  |  | 145 |  |  |  | -6% |
EBITDA margin (%) |  |  |  |  | 19.2% |  |  |  | 21.6% |  |  |  |  |  |  |  |  |  | 18.4% |  |  |  | 20.0% |  |  |  |  |
Total voice subscribers (‘000) |  |  |  |  | 3,128 |  |  |  | 2,904 |  |  |  | 8% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total fixed-line ARPU (€) |  |  |  |  | 33.4 |  |  |  | 34.8 |  |  |  | -4% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Broadband subscribers (‘000) |  |  |  |  | 2,082 |  |  |  | 1,765 |  |  |  | 18% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Broadband ARPU (€) |  |  |  |  | 19.2 |  |  |  | 18.4 |  |  |  | 5% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dual-play subscribers (‘000) |  |  |  |  | 1,689 |  |  |  | 1,450 |  |  |  | 17% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

Financials are based on IFRS

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##### Table of Contents

· |  | The performance of WIND’s mobile business remained positive in the second quarter with a 7% increase in subscribers, reaching 20.6 million, reflecting 280 thousand net additions in 2Q11.

· |  | WIND’s mobile data offerings continued to post strong results driven by the significant increase in mobile Internet revenues, up 33% over the previous year to EUR 56 million, and supported by the ongoing solid revenue growth posted by traditional data services.

· |  | WIND’s mobile ARPU in 2Q11 declined 7% over the same period last year, as a result of the cut in mobile termination rates coupled with the strong growth in data-only SIM cards, which do not generate voice revenues. Net of these impacts, the decline would have been approximately 3%. Mobile Data ARPU in 2Q11 reached 21% of total mobile ARPU.

· |  | In fixed-line our voice subscribers increased by 8% to 3 million customers, mainly as a result of a 12% increase in higher value direct voice subscribers, which reached 2.4 million. Our performance in broadband was also particularly strong with an 18% growth in customer

| base to over 2.1 million. Finally in the dual-play market Infostrada grew its customer base by 16% to almost 1.7 million.

· |  | Fixed-line Internet and Data revenue growth was solid in the second quarter, delivering an 18% increase over the previous year, mainly driven by the 25% increase in broadband revenues only marginally offset by the decline in narrowband Internet services.

· |  | Fixed voice ARPU declined over the same period last year as a result of the cut in fixed termination rates coupled with a decrease in usage due to fixed-mobile substitution. Notwithstanding the intense competitive environment, which abated slightly in 2Q11, Infostrada was able to increase its Broadband ARPU by 5% to EUR 19.2.

CANADA

— |  | Active subscriber base increased significantly

— |  | Solid share of net additions drove growth to 317 thousand active subscribers

Globalive Wireless Management Corporation, operating under the brand name Wind Mobile in Canada, is accounted for under the equity method and therefore we only disclose operational information in the quarterly earnings release.

WIND Mobile’s active subscriber base increased by 239% YoY to 317 thousand active subscribers, reinforcing its solid share of net additions despite a climate of increased competition and seasonal mild growth rates.

CANADA KEY INDICATORS

Mobile |  |  |  | 2Q11 |  |  | 2Q10 |  |  | YoY |
Subscribers (‘000) |  |  |  |  | 317 |  |  |  | 94 |  |  |  | 239% |
ARPU (CAD) |  |  |  |  | 27.8 |  |  |  | n.a. |  |  |  | n.a. |

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##### Table of Contents

BUSINESS UNIT AFRICA & ASIA - FINANCIAL AND OPERATING RESULTS — Subscriber base surpassed the 74 million mark — Net operating revenues increased 5% YoY — EBITDA grew 8% YoY, reflecting revenue growth and focus on cost optimization — Strong EBITDA margin of 42.9%

In the second quarter of 2011, net operating revenues in Africa and Asia increased by 5% YoY driven by strong subscriber growth across our countries. Total subscribers grew by 12% to 74 million. EBITDA increased by 8%, as a result of management’s continued focus on cost optimization, leading to a strong EBITDA margin of 42.9%.

ALGERIA (“DJEZZY”)

Revenue performance improved with a 5% YoY increase, despite a challenging operating and regulatory environment. However, revenue growth was affected by the limitations imposed on Djezzy. EBITDA increased 11% compared to the same quarter last year as a result of the aforementioned revenue increase coupled with tight cost management, which drove a strong EBITDA margin of 59.2%. The decrease in capex was mainly due to limitations on importing goods. Subscribers increased 5% YoY to 16 million, due to a continued focus on successful churn management. ARPU remained stable compared to the same quarter last year at DZD 711 as a result of careful acquisition of customers and efficient use of promotions. Market share remained stable at 58%, as a result of successful churn management and special loyalty programs.

PAKISTAN (“MOBILINK”)

Subscribers exceeded 33 million, increasing by 4% compared to the same quarter last year as a result of targeting new subscribers through location-based promotions, as well as a continuing focus on mobile number portability. Revenues showed stable growth YoY, increasing 2% mainly as a result of a growing customer base, which was partially offset by a decrease in pre-paid average rate per minute as a result of competitive pressures. EBITDA displayed a corresponding increase of 2% as a result of applied cost efficiency measures. These kept EBITDA margin stable at 40.2%. Capex increased 37% to support IT and network development. We continue to focus on the youth segment through dedicated products and offerings, as well as rolling out a number of activities to promote value added services

BANGLADESH (“BANGLALINK”)

Subscriber growth was strong, increasing almost 26% YoY to 20.2 million as a result of penetration in rural areas and in the younger lower end market segments. Revenues increased by nearly 17% YoY as a result of a growing customer base, as well as the launch of promotions and tariff amendments. EBITDA displayed a sharp increase of 85% YoY due to selective subscriber acquisition through the removal of SIM tax subsidies during most of the second quarter in anticipation of a reduction in the SIM tax. As expected, the government reduced the SIM tax by Tk194 at the end of the second quarter. Capex decreased by 67% when compared to the aggressive rollout plan in the previous year.

SUB SAHARAN AFRICA (“TELECEL GLOBE”)

Subscribers increased 24%, however revenues showed a 2% decline YoY mainly due to significant competitive pressures in Burundi as well as to the country-wide economic slowdown in the Central African Republic (CAR). EBITDA decreased 68% YoY as a result of higher subscriber acquisition costs and offerings to counter competition in both highly competitive markets.

SOUTH EAST ASIA

The subscriber base increased by 279% YoY, reaching 2 million. In Vietnam, we developed a more focused strategy with a planned comprehensive commercial re-launch of our operations. Cambodia showed strong YoY growth in both revenues (up 50% YoY) and subscribers (up 56% YoY). In Laos, plans are in place to rebrand to Beeline.

AFRICA & ASIA KEY INDICATORS |
USD mln |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | 2Q11 |  |  | 2Q10 |  |  | YoY |  |  |  |  | YTD11 |  |  | YTD10 |  |  | YoY |
Revenues |  |  |  |  | 949 |  |  |  | 901 |  |  |  | 5% |  |  |  |  |  | 1,840 |  |  |  | 1,748 |  |  |  | 5% |
Total operating expenditures |  |  |  |  | 542 |  |  |  | 524 |  |  |  | 3% |  |  |  |  |  | 1,029 |  |  |  | 1,000 |  |  |  | 3% |
EBITDA |  |  |  |  | 407 |  |  |  | 377 |  |  |  | 8% |  |  |  |  |  | 811 |  |  |  | 748 |  |  |  | 8% |
EBITDA margin |  |  |  |  | 42.9% |  |  |  | 41.8% |  |  |  |  |  |  |  |  |  | 44.1% |  |  |  | 42.8% |  |  |  |  |
Capex |  |  |  |  | 97 |  |  |  | 94 |  |  |  | 3% |  |  |  |  |  | 173 |  |  |  | 245 |  |  |  | -29% |
Capex / revenues |  |  |  |  | 10% |  |  |  | 10% |  |  |  |  |  |  |  |  |  | 9% |  |  |  | 14% |  |  |  |  |

For details per country unit please see Attachment B

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##### Table of Contents

BUSINESS UNIT UKRAINE – FINANCIAL AND OPERATING RESULTS — Ukraine continued to deliver stable growth in mobile subscribers and revenues — Strong growth in fixed residential broadband — Improved operating margins through synergy realization and cost control

Overall, Kyivstar continued to deliver solid results in the second quarter with a strong revenue growth, driven by an increase in the subscriber base and ARPU, increased mobile data usage, and a growing fixed broadband business that almost doubled in revenue YoY. At the same time, Kyivstar has managed to improve operating margins due to lower mobile termination rates, realized synergies ahead of plan, and effective cost control.

· |  | Total revenue increased 7% YoY, mainly driven by growth in mobile revenue as our subscriber base increased 3% YoY to 24.7 million and ARPU increased 3.3% YoY to UAH 41. This growth was largely due to our continued transition towards new bundled tariff plans that stimulated an 11% increase in MOU.

· |  | Mobile data revenue grew 48% YoY to UAH 190 million driven by increased usage of data services in USB modem offers and within the new bundled tariff plans.

· |  | Fixed revenue showed 23% growth YoY due to an increase in wholesale revenues, as well as an 87%

|  | increase in fixed-line broadband revenues as a result of a 174% increase in fixed-line broadband subscribers, which reached 293,000 in the quarter. In April, the FTTB subscription base was revised for the period of the first quarter of 2010 through the first quarter of 2011 based on the VimpelCom definition for broadband subscribers to reflect 3-months active base.

· |  | EBITDA was up 9% YoY with EBITDA margin improving to 54.8% YoY on the back of higher revenues, higher mobile gross margin due to lower mobile termination rates, realized synergies ahead of plan, and effective cost control.

· |  | Capex was UAH 463 million, or 14% of revenue, which is below plan due to mobile equipment delivery delays and improved pricing terms.

· |  | The integration program in Ukraine continues to progress ahead of plan, with synergies of NPV USD 120 million realized since inception.

UKRAINE KEY INDICATORS

UAH mln |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | 2Q11 |  |  | 2Q10 |  |  | YoY |  |  |  |  | YTD11 |  |  | YTD10 |  |  | YoY |
Net operating revenues |  |  |  |  | 3,287 |  |  |  | 3,071 |  |  |  | 7% |  |  |  |  |  | 6,267 |  |  |  | 5,925 |  |  |  | 6% |
Total operating expenditures |  |  |  |  | 1,485 |  |  |  | 1,425 |  |  |  | 4% |  |  |  |  |  | 2,856 |  |  |  | 2,886 |  |  |  | -1% |
EBITDA |  |  |  |  | 1,802 |  |  |  | 1,646 |  |  |  | 9% |  |  |  |  |  | 3,411 |  |  |  | 3,040 |  |  |  | 12% |
EBITDA margin |  |  |  |  | 54.8% |  |  |  | 53.6% |  |  |  |  |  |  |  |  |  | 54.4% |  |  |  | 51.3% |  |  |  |  |
Capex |  |  |  |  | 463 |  |  |  | 538 |  |  |  | -14% |  |  |  |  |  | 832 |  |  |  | 1,018 |  |  |  | -18% |
Capex / revenues |  |  |  |  | 14% |  |  |  | 18% |  |  |  |  |  |  |  |  |  | 13% |  |  |  | 17% |  |  |  |  |
Mobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mobile net operating revenues |  |  |  |  | 3,042 |  |  |  | 2,871 |  |  |  | 6% |  |  |  |  |  | 5,808 |  |  |  | 5,533 |  |  |  | 5% |
Mobile subscribers (‘000) |  |  |  |  | 24,695 |  |  |  | 24,059 |  |  |  | 3% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mobile ARPU (UAH) |  |  |  |  | 41.0 |  |  |  | 39.7 |  |  |  | 3% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MOU |  |  |  |  | 474 |  |  |  | 427 |  |  |  | 11% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-line |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-line net operating revenues |  |  |  |  | 245 |  |  |  | 200 |  |  |  | 23% |  |  |  |  |  | 459 |  |  |  | 392 |  |  |  | 17% |
Fixed-line broadband revenues |  |  |  |  | 36 |  |  |  | 19 |  |  |  | 87% |  |  |  |  |  | 68 |  |  |  | 37 |  |  |  | 86% |
Fixed-line broadband subscribers (‘000) |  |  |  |  | 293 |  |  |  | 107 |  |  |  | 174% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-line broadband ARPU (UAH) |  |  |  |  | 46.2 |  |  |  | 65.5 |  |  |  | -29% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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##### Table of Contents

BUSINESS UNIT CIS* – FINANCIAL AND OPERATING RESULTS — Continued strong growth in revenues and subscribers — Increased usage of voice and data traffic — Successful rollout of 2G and 3G networks

Overall, the CIS business continues to deliver strong operational and financial results. Despite intensified competition in some of the CIS countries, revenues are growing at double-digit rates YoY in nearly all CIS markets as a result of the improving macroeconomic situation, product quality and efficient sales and marketing efforts.

· |  | Comprehensive data strategy execution drove record revenue growth of 83% YoY in data services.

· |  | EBITDA increased 9% in absolute terms YoY, but

| EBITDA margin declined by 2.9 p.p. to 45%, primarily due to lower EBITDA in Kazakhstan

· |  | We substantially increased CAPEX related to mobile and fixed network expansion in the second quarter in order to support further growth in the CIS markets.

· |  | We maintained our efforts to enhance market position in all CIS markets, despite continuous and intensified competition in key markets.

KAZAKHSTAN

In our largest CIS market, Kazakhstan, we achieved mobile subscriber growth of 24% YoY and solid revenue growth of 9% in the second quarter.

EBITDA margin declined to 48.8%, primarily due to intensified competition in Kazakhstan, increasing volume of customer equipment sales, and higher sales and marketing expenses. EBITDA margin was also impacted by per second-rounding and mandatory cancelling of call set up fees in Kazakhstan, introduced by the national regulator in February 2011.

ARMENIA

In 2Q11 our revenues in Armenia increased by 2% YoY driven by organic growth as well as device sales. The decline in traditional fixed voice revenues was not fully compensated by the solid growth of fixed broadband revenues. To support data consumption in both mobile and fixed segment we accelerated customer devices sales that led to EBITDA margin erosion.

UZBEKISTAN

In Uzbekistan, our sales and marketing efforts resulted in a 34% increase in the number of mobile subscribers as compared with the second quarter of 2010. Our revenues have increased by 28% YoY with strong EBITDA margin of 42.9% demonstrating the underlying strength of our core

business in the country. CAPEX grew by 42% YoY mainly to accelerate 3G network development to support data growth.

TAJIKISTAN

In 2Q11 we recorded YoY revenue growth of 29%. The EBITDA margin reached 51.9% up from 33.3% we reported a year ago. We attribute these strong results to our prudent marketing policy as well as to the high margin incoming traffic from Russia to our subscribers in Tajikistan.

GEORGIA

In 2Q11 our revenues in Georgia increased 21% YoY with substantial improvement of EBITDA margin which increased to 23.9% from 14.4% reported a year ago.

Our strong sales and marketing activities resulted in 53% growth of our mobile subscriber base YoY along with substantial increase in usage.

KYRGYZSTAN

In Kyrgyzstan we managed to strengthen our market position in 2Q11 and also all key financial and operating indicators. Strong growth of mobile subscriber base, reflected in a revenue increase of 27% and a solid EBITDA margin of 52.8%, which is the highest across all CIS countries.

CIS KEY INDICATORS

USD mln |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | 2Q11 |  |  | 2Q10 |  |  | YoY |  |  |  |  | YTD11 |  |  | YTD10 |  |  | YoY |
Net operating revenues |  |  |  |  | 389 |  |  |  | 336 |  |  |  | 16% |  |  |  |  |  | 740 |  |  |  | 631 |  |  |  | 17% |
Total operating expenditures |  |  |  |  | 214 |  |  |  | 175 |  |  |  | 22% |  |  |  |  |  | 440 |  |  |  | 297 |  |  |  | 48% |
EBITDA |  |  |  |  | 175 |  |  |  | 161 |  |  |  | 9% |  |  |  |  |  | 334 |  |  |  | 300 |  |  |  | 11% |
EBITDA margin |  |  |  |  | 45.0% |  |  |  | 47.9% |  |  |  |  |  |  |  |  |  | 45.2% |  |  |  | 47.6% |  |  |  |  |
Capex |  |  |  |  | 132 |  |  |  | 71 |  |  |  | 87% |  |  |  |  |  | 205 |  |  |  | 103 |  |  |  | 99% |
Capex / revenues |  |  |  |  | 34% |  |  |  | 21% |  |  |  |  |  |  |  |  |  | 28% |  |  |  | 16% |  |  |  |  |
Mobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mobile subscribers (‘000) |  |  |  |  | 17,594 |  |  |  | 13,875 |  |  |  | 27% |  |  |  |  |  | 17,594 |  |  |  | 13,875 |  |  |  | 27% |
- of which mobile broadband (‘000) |  |  |  |  | 124 |  |  |  | 17 |  |  |  | 626% |  |  |  |  |  | 124 |  |  |  | 17 |  |  |  | 626% |
Fixed-line |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-line broadband subscribers (‘000) |  |  |  |  | 132 |  |  |  | 65 |  |  |  | 103% |  |  |  |  |  | 132 |  |  |  | 65 |  |  |  | 103% |
FTTB Subscribers |  |  |  |  | 19 |  |  |  | 5 |  |  |  | 263% |  |  |  |  |  | 19 |  |  |  | 5 |  |  |  | 263% |
Fixed-line broadband revenues |  |  |  |  | 7 |  |  |  | 3 |  |  |  | 154% |  |  |  |  |  | 12 |  |  |  | 5 |  |  |  | 135% |

* CIS operations include operations in Kazakhstan, Uzbekistan, Armenia, Kyrgyzstan (since the first quarter of 2010), Tajikistan, and Georgia.

For details per country unit please see Attachment B

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CONFERENCE CALL INFORMATION

The Company’s management will discuss second quarter 2011 results during a conference call and slide presentation on September 7, 2011 at 9:30 am CET (3:30 am US ET) for Europe-based shareholders and analysts, and 3:00 pm CET (9:00 am US ET) for the US-based shareholders and analysts. The call and slide presentation may be accessed at http://www.vimpelcom.com

9:30 am CET (3:30 am US ET) conference call |  |  |  | 3:00 pm CET (9:00 am US ET) conference call
US call-in number: |  | +1 877 616-4476 |  |  |  | US call-in number: |  | +1 877 616-4476
International call-in number: |  | +1 402 875-4763 |  |  |  | International call-in number: |  | +1 402 875-4763
The conference calls replay and the slide presentations webcast will be available through September 14, 2011 and October 7, 2011, respectively. The slide presentation will also be available for download on the Company’s website.
9:30 am CET (3:30 am US ET) replay |  |  |  | 3:00 pm CET (9:00 am US ET) replay
US replay number: |  | +1 855 859-2056 |  |  |  | US Replay number: |  | +1 855 859-2056
Confirmation code: |  | 95884159 |  |  |  | Confirmation code: |  | 95889150
International replay: |  | +1 404 537-3406 |  |  |  | International replay: |  | +1 404 537-3406
Confirmation code: |  | 95884159 |  |  |  | Confirmation code: |  | 95889150

CONTACT INFORMATION

INVESTOR RELATIONS Gerbrand Nijman Investor_Relations@vimpelcom.com Tel: +31 20 79 77 200 (Amsterdam) Marine Babayan Russia, Ukraine and CIS Investor_Relations@vimpelcom.com Tel: +7 495 974 5888 (Moscow) Stefano Songini Europe & North America and Fixed Income ir@mail.wind.it Tel +39 06 83113099 (Rome) Noha Khalil Africa & Asia and Orascom Telecom otinvestorrelations@otelecom.com Tel: +202 2461 5050 / 51 (Cairo) |  |  |  | MEDIA AND PUBLIC RELATIONS Elena Prokhorova pr@vimpelcom.com Tel: +7(495)725-0705 (Moscow)

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DISCLAIMER

This press release contains “forward-looking statements”, as the phrase is defined in Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements include those relating to the benefits and synergies from the Company’s transaction with Wind Telecom and the expected growth and development of the Company’s operations. These and other forward-looking statements are based on management’s best assessment of the Company’s strategic and financial position and of future market conditions and trends. These discussions involve risks and uncertainties. The actual outcome may differ materially from these statements as a result of continued volatility in the economies in the markets in which the Company operates, unforeseen developments from competition, governmental regulation of the telecommunications industries, general political uncertainties in the markets in which the Company operates and/or litigation with third parties. 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 Wind Telecom, its Ukrainian operations and other newly-acquired businesses, if the Company is unable to complete the demerger of certain Wind Telecom assets and other factors. In addition, there are risks related to the combination with Wind Telecom, including the possibility that the anticipated benefits of the combination may not materialize as expected; that the parties are unable to successfully implement integration strategies or otherwise realize the synergies anticipated for the transaction; the possibility that Telenor may succeed in the arbitration against the Company and Altimo Holdings and Investments Ltd. or bring other legal challenge (including requests for injunctive relief) against the Company, its officers or directors and/or Altimo in respect of its claims to pre-emptive rights or otherwise; and other risks and uncertainties that are beyond the parties’ control. There can be no assurance that such risks and uncertainties will not have a material adverse effect on the Company. Certain factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risk factors described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2010 and other public filings made by the Company with the SEC, which risk factors are incorporated herein by reference. The Company disclaims any obligation to update developments of these risk factors or to announce publicly any revision to any of the forward-looking statements contained in this release, or to make corrections to reflect future events or developments.

ABOUT VIMPELCOM LTD

VimpelCom is one of the world’s largest integrated telecommunications services operators offering a wide range of wireless, fixed, and broadband services in Russia, Ukraine, Kazakhstan, Uzbekistan, Tajikistan, Armenia, Georgia, Kyrgyzstan, Vietnam, Cambodia, Laos, Algeria, Bangladesh, Pakistan, Burundi, Zimbabwe, Central African Republic, Italy and Canada. VimpelCom’s operations around the globe cover territory with a total population of approximately 864 million people. VimpelCom provides services under the “Beeline”, “Kyivstar”, “djuice”, “Wind”, “Infostrada” “Mobilink”, “Leo”, “banglalink”, “Telecel”, and “Djezzy” brands. As of June 30, 2011 VimpelCom had 193 million mobile subscribers on a combined basis. VimpelCom is traded on the New York Stock Exchange under the symbol (VIP). For more information visit: http://www.vimpelcom.com.

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##### Table of Contents

CONTENT OF THE ATTACHMENT TABLES

Attachment A |  | VimpelCom Ltd Financial Statements |  |  | 16 |
Attachment B |  | Country units key indicators CIS and Asia & Africa |  |  | 19 |
Attachment C |  | Reconciliation Tables |  |  | 22 |
|  | Average Rates of Functional Currencies to USD |  |  |  |
Attachment D |  | Wind Italy condensed financial statement of income |  |  | 24 |
Attachment E |  | Definitions |  |  | 25 |
For more information on financial and operating data for specific countries, please refer to the supplementary file FactbookQ22011.xls on our website at http://vimpelcom.com/ir/financials/results.wbp |  |  |  |

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##### Table of Contents

ATTACHMENT A: VIMPELCOM LTD FINANCIAL STATEMENTS

VIMPELCOM LTD UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

|  | USD (000) |  |  |  | Three months ended June 30 |  |  |  |  | Six months ended June 30 |
|  |  |  |  |  | 2011 |  |  | 2010 |  |  |  |  | 2011 |  |  | 2010 |
Operating revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Service revenues |  |  |  |  | 5,394,292 |  |  |  | 2,584,855 |  |  |  |  |  | 8,067,431 |  |  |  | 4,787,484 |
|  | Sales of equipment and accessories |  |  |  |  | 134,263 |  |  |  | 44,539 |  |  |  |  |  | 200,396 |  |  |  | 71,118 |
|  | Other revenues |  |  |  |  | 3,643 |  |  |  | 12,240 |  |  |  |  |  | 7,231 |  |  |  | 14,160 |
|  | Net operating revenues |  |  |  |  | 5,532,199 |  |  |  | 2,641,634 |  |  |  |  |  | 8,275,059 |  |  |  | 4,872,762 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Service costs |  |  |  |  | 1,381,076 |  |  |  | 553,022 |  |  |  |  |  | 2,006,248 |  |  |  | 1,054,610 |
|  | Cost of equipment and accessories |  |  |  |  | 146,153 |  |  |  | 47,879 |  |  |  |  |  | 228,561 |  |  |  | 74,229 |
|  | Selling, general and administrative expenses |  |  |  |  | 1,773,538 |  |  |  | 766,416 |  |  |  |  |  | 2,586,459 |  |  |  | 1,409,713 |
|  | Depreciation |  |  |  |  | 829,493 |  |  |  | 376,648 |  |  |  |  |  | 1,304,925 |  |  |  | 729,201 |
|  | Amortization |  |  |  |  | 291,928 |  |  |  | 116,544 |  |  |  |  |  | 392,595 |  |  |  | 183,238 |
|  | Impairment loss |  |  |  |  | - |  |  |  | - |  |  |  |  |  | - |  |  |  | - |
|  | Provision for doubtful accounts |  |  |  |  | 40,017 |  |  |  | 12,485 |  |  |  |  |  | 52,925 |  |  |  | 31,129 |
|  | Total operating expenses |  |  |  |  | 4,462,204 |  |  |  | 1,872,994 |  |  |  |  |  | 6,571,712 |  |  |  | 3,482,120 |
|  | Operating income |  |  |  |  | 1,069,995 |  |  |  | 768,640 |  |  |  |  |  | 1,703,347 |  |  |  | 1,390,642 |
Other income and expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Interest income |  |  |  |  | 19,751 |  |  |  | 16,079 |  |  |  |  |  | 34,810 |  |  |  | 27,625 |
|  | Net foreign exchange gain/(loss) |  |  |  |  | (25,833) |  |  |  | (126,393) |  |  |  |  |  | 113,697 |  |  |  | (21,459) |
|  | Interest expense |  |  |  |  | (468,919) |  |  |  | (132,264) |  |  |  |  |  | (603,855) |  |  |  | (273,924) |
|  | Equity in net gain/(loss) of associates |  |  |  |  | (9,396) |  |  |  | 11,088 |  |  |  |  |  | 46,192 |  |  |  | 7,304 |
|  | Other expenses, net |  |  |  |  | (106,504) |  |  |  | (10,011) |  |  |  |  |  | (111,778) |  |  |  | (58,356) |
|  | Total other income and expenses |  |  |  |  | (590,901) |  |  |  | (241,501) |  |  |  |  |  | (520,934) |  |  |  | (318,810) |
|  | Income before income taxes |  |  |  |  | 479,094 |  |  |  | 527,139 |  |  |  |  |  | 1,182,413 |  |  |  | 1,071,832 |
|  | Income tax expense |  |  |  |  | 206,515 |  |  |  | 177,958 |  |  |  |  |  | 301,125 |  |  |  | 331,007 |
|  | Net income from continuing operations |  |  |  |  | 272,579 |  |  |  | 349,181 |  |  |  |  |  | 881,288 |  |  |  | 740,825 |
|  | Profit from discontinued operations |  |  |  |  | 3,397 |  |  |  | - |  |  |  |  |  | 3,397 |  |  |  | - |
|  | Net income/(loss) |  |  |  |  | 275,977 |  |  |  | 349,181 |  |  |  |  |  | 884,686 |  |  |  | 740,825 |
|  | Net income attributable to the noncontrolling interest |  |  |  |  | 36,822 |  |  |  | 14,441 |  |  |  |  |  | 55,858 |  |  |  | 24,607 |
|  | Net income attributable to VimpelCom |  |  |  |  | 239,155 |  |  |  | 334,740 |  |  |  |  |  | 828,828 |  |  |  | 716,218 |
|  | Basic EPS : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Net income attributable to VimpelCom* per common share |  |  |  |  | 0.16 |  |  |  | 0.28 |  |  |  |  |  | 0.59 |  |  |  | 0.65 |
|  | Weighted average common shares outstanding (thousand) |  |  |  |  | 1,564,135 |  |  |  | 1,227,320 |  |  |  |  |  | 1,428,845 |  |  |  | 1,121,394 |
|  | Diluted EPS : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Net income attributable to VimpelCom* per common share |  |  |  |  | 0.16 |  |  |  | 0.28 |  |  |  |  |  | 0.59 |  |  |  | 0.65 |
|  | Weighted average diluted shares (thousand) |  |  |  |  | 1,564,275 |  |  |  | 1,227,780 |  |  |  |  |  | 1,428,871 |  |  |  | 1,121,991 |

*Adjusted for the impact through changes in redeemable noncontrolling interest

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ATTACHMENT A: VIMPELCOM LTD FINANCIAL STATEMENTS

VIMPELCOM LTD UNAUDITED CONSOLIDATED BALANCE SHEETS

|  | USD (000) |  |  |  | June 30, 2011 |  |  |  |  | December 31, 2010 |
Assets |  |  |  |  |  |  |  |  |  |  |  |
|  | Current assets: |  |  |  |  |  |  |  |  |  |  |  |
|  | Cash and cash equivalents |  |  |  |  | 3,190,214 |  |  |  |  |  | 885,125 |
|  | Trade accounts receivable, net of allowance for doubtful accounts |  |  |  |  | 2,725,943 |  |  |  |  |  | 506,322 |
|  | Inventory |  |  |  |  | 315,689 |  |  |  |  |  | 137,413 |
|  | Deferred income taxes |  |  |  |  | 94,164 |  |  |  |  |  | 117,236 |
|  | Input value added tax |  |  |  |  | 159,963 |  |  |  |  |  | 137,958 |
|  | Due from related parties |  |  |  |  | 96,840 |  |  |  |  |  | 87,151 |
|  | Short-term bank deposits |  |  |  |  | 63,143 |  |  |  |  |  | 34,305 |
|  | Other current assets |  |  |  |  | 2,379,186 |  |  |  |  |  | 383,964 |
|  | Assets held for sale |  |  |  |  | 1,526,237 |  |  |  |  |  | - |
|  | Total current assets |  |  |  |  | 10,551,378 |  |  |  |  |  | 2,289,474 |
|  | Property and equipment, net |  |  |  |  | 15,183,944 |  |  |  |  |  | 6,935,287 |
|  | Telecommunications licenses, net |  |  |  |  | 3,488,752 |  |  |  |  |  | 562,931 |
|  | Goodwill |  |  |  |  | 18,238,118 |  |  |  |  |  | 7,003,714 |
|  | Other intangible assets, net |  |  |  |  | 7,561,820 |  |  |  |  |  | 1,481,800 |
|  | Software, net |  |  |  |  | 1,034,869 |  |  |  |  |  | 627,330 |
|  | Investments in associates |  |  |  |  | 1,279,688 |  |  |  |  |  | 446,130 |
|  | Due from related party |  |  |  |  | 8,539 |  |  |  |  |  | 4,905 |
|  | Other non-current assets |  |  |  |  | 1,525,752 |  |  |  |  |  | 576,324 |
|  | Total assets |  |  |  |  | 58,872,861 |  |  |  |  |  | 19,927,895 |
Liabilities, redeemable non-controlling interest and equity |  |  |  |  |  |  |  |  |  |  |  |
|  | Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |
|  | Accounts payable |  |  |  |  | 4,149,840 |  |  |  |  |  | 963,450 |
|  | Due to employees |  |  |  |  | 267,488 |  |  |  |  |  | 108,050 |
|  | Due to related parties |  |  |  |  | 22,367 |  |  |  |  |  | 5,634 |
|  | Accrued liabilities |  |  |  |  | 1,323,825 |  |  |  |  |  | 212,323 |
|  | Taxes payable |  |  |  |  | 764,492 |  |  |  |  |  | 233,848 |
|  | Customer advances, net of VAT |  |  |  |  | 855,987 |  |  |  |  |  | 452,055 |
|  | Customer deposits |  |  |  |  | 66,933 |  |  |  |  |  | 33,835 |
|  | Deferred income taxes |  |  |  |  | 24,001 |  |  |  |  |  | 50,313 |
|  | Short-term debt |  |  |  |  | 1,636,640 |  |  |  |  |  | 1,162,444 |
|  | Liabilities associated to assets held for sale |  |  |  |  | 770,000 |  |  |  |  |  | - |
|  | Total current liabilities |  |  |  |  | 9,881,574 |  |  |  |  |  | 3,221,952 |
|  | Deferred income taxes |  |  |  |  | 2,414,396 |  |  |  |  |  | 688,206 |
|  | Long-term debt |  |  |  |  | 25,755,792 |  |  |  |  |  | 4,498,861 |
|  | Other non-current liabilities |  |  |  |  | 1,787,038 |  |  |  |  |  | 184,133 |
|  | Total liabilities |  |  |  |  | 39,838,800 |  |  |  |  |  | 8,593,152 |
|  | Redeemable noncontrolling interest |  |  |  |  | 528,855 |  |  |  |  |  | 522,076 |
Equity |  |  |  |  |  |  |  |  |  |  |  |
|  | Convertible voting preferred stock (0.001 US$ nominal value per share), 433,532,000 shares authorized; 433,532,000 shares issued and outstanding |  |  |  |  | 434 |  |  |  |  |  | 129 |
|  | Common stock (0.001 US$ nominal value per share), 2,630,639,827 shares authorized; 1,628,199,135 shares issued (December 31, 2010: 1,302,559,308); 1,618,120,527 shares outstanding (December 31, 2010: 1,292,050,700 ) |  |  |  |  | 1,628 |  |  |  |  |  | 1,303 |
|  | Ordinary stock (0.001 US$ nominal value per share), 50,000,000 shares authorized; nil shares issued and outstanding |  |  |  |  | - |  |  |  |  |  | - |
|  | Additional paid-in capital |  |  |  |  | 11,042,875 |  |  |  |  |  | 6,292,269 |
|  | Retained earnings |  |  |  |  | 5,483,596 |  |  |  |  |  | 5,153,819 |
|  | Accumulated other comprehensive loss |  |  |  |  | (198,152) |  |  |  |  |  | (561,154) |
|  | Treasury stock, at cost, 10,078,608 shares of common stock (December 31, 2010: 10,508,608) |  |  |  |  | (219,463) |  |  |  |  |  | (215,763) |
|  | Total VimpelCom shareholders’ equity |  |  |  |  | 16,110,918 |  |  |  |  |  | 10,670,603 |
|  | Noncontrolling interest |  |  |  |  | 2,394,288 |  |  |  |  |  | 142,064 |
|  | Total equity |  |  |  |  | 18,505,206 |  |  |  |  |  | 10,812,667 |
|  | Total liabilities, redeemable noncontrolling interest and equity |  |  |  |  | 58,872,861 |  |  |  |  |  | 19,927,895 |

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ATTACHMENT A: VIMPELCOM LTD FINANCIAL STATEMENTS

VIMPELCOM LTD UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

|  | USD (000) |  |  |  | Six months ended June 30, |
|  |  |  |  |  | 2011 |  |  |  |  | 2010 |
Operating activities |  |  |  |  |  |  |  |  |  |  |  |
|  | Net cash provided by operating activities |  |  |  |  | 2,235,411 |  |  |  |  |  | 1,804,243 |
|  |  |  |  |  |  | - |  |  |  |  |  |  |
Investing activities |  |  |  |  |  |  |  |  |  |  |  |
|  | Purchases of property and equipment |  |  |  |  | (1,363,017) |  |  |  |  |  | (380,308) |
|  | Purchases of intangible assets |  |  |  |  | (13,737) |  |  |  |  |  | (11,298) |
|  | Purchases of software |  |  |  |  | (104,314) |  |  |  |  |  | (88,587) |
|  | Proceeds from sale of property, plant and equipment |  |  |  |  | 58,035 |  |  |  |  |  | 1,396 |
|  | Acquisition of subsidiaries, net of cash acquired |  |  |  |  | (929,717) |  |  |  |  |  | 171,878 |
|  | Receipts from associates |  |  |  |  | 12,500 |  |  |  |  |  | - |
|  | Loan granted |  |  |  |  | - |  |  |  |  |  | (5,048) |
|  | Net flow from disposal of financial instruments |  |  |  |  | 183,085 |  |  |  |  |  | 377,044 |
|  | Loans receivable repayment / (granted) |  |  |  |  | (31,662) |  |  |  |  |  | 22,910 |
|  | Purchases of other assets, net |  |  |  |  | (15,892) |  |  |  |  |  | (13,216) |
|  | Net cash (used in)/provided by investing activities |  |  |  |  | (2,204,718) |  |  |  |  |  | 74,771 |
|  |  |  |  |  |  | - |  |  |  |  |  |  |
Financing activities |  |  |  |  | - |  |  |  |  |  |  |
|  | Proceeds from bank and other loans |  |  |  |  | 8,455,010 |  |  |  |  |  | 270,254 |
|  | Repayments of bank and other loans |  |  |  |  | (5,806,544) |  |  |  |  |  | (1,158,204) |
|  | Payments of fees in respect of debt issues |  |  |  |  | (64,658) |  |  |  |  |  | (1,847) |
|  | Purchase of noncontrolling interest in consolidated subsidiaries |  |  |  |  | (3,775) |  |  |  |  |  | (2,294) |
|  | Payment of dividends |  |  |  |  | (500,397) |  |  |  |  |  | (2,049) |
|  | Payment of dividends to noncontrolling interest |  |  |  |  | - |  |  |  |  |  | (34,517) |
|  | Other (payments)/receipts, net |  |  |  |  | (198) |  |  |  |  |  | 932 |
|  | Net cash (used in)/from financing activities |  |  |  |  | 2,079,439 |  |  |  |  |  | (927,725) |
|  |  |  |  |  |  | - |  |  |  |  |  |  |
|  | Effect of exchange rate changes on cash and cash equivalents |  |  |  |  | 49,670 |  |  |  |  |  | (45,690) |
|  | Cash and cash equivalents of discontinued operations and assets held for sale at the end of the period |  |  |  |  | 145,369 |  |  |  |  |  | - |
|  | Net (decrease)/increase in cash and cash equivalents |  |  |  |  | 2,305,171 |  |  |  |  |  | 905,599 |
|  | Cash and cash equivalents at beginning of period |  |  |  |  | 885,125 |  |  |  |  |  | 1,446,949 |
|  | Cash and cash equivalents at end of period |  |  |  |  | 3,190,214 |  |  |  |  |  | 2,352,548 |
|  |  |  |  |  | Six months ended June 30, |
|  |  |  |  |  | 2011 |  |  |  |  | 2010 |
Supplemental cash flow information |  |  |  |  |  |  |  |  |  |  |  |
|  | Non-cash activities: |  |  |  |  |  |  |  |  |  |  |  |
|  | Accounts payable for property, equipment and other long-lived assets |  |  |  |  | 847,695 |  |  |  |  |  | 214,485 |

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ATTACHMENT B: COUNTRY UNITS KEY INDICATORS

AFRICA AND ASIA BUSINESS UNIT: COUNTRY DETAIL

ALGERIA

DZD bln |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | 2Q11 |  |  | 2Q10 |  |  | YoY |  |  |  |  | YTD11 |  |  | YTD10 |  |  | YoY |
Revenues |  |  |  |  | 34 |  |  |  | 33 |  |  |  | 5% |  |  |  |  |  | 66 |  |  |  | 63 |  |  |  | 5% |
EBITDA |  |  |  |  | 20 |  |  |  | 18 |  |  |  | 11% |  |  |  |  |  | 39 |  |  |  | 35 |  |  |  | 11% |
EBITDA margin |  |  |  |  | 59.2% |  |  |  | 56.4% |  |  |  |  |  |  |  |  |  | 59.3% |  |  |  | 56.2% |  |  |  |  |
Capex (USD mln) |  |  |  |  | 10 |  |  |  | n.a. |  |  |  | n.a. |  |  |  |  |  | 14 |  |  |  | 45 |  |  |  | -69% |
Capex / revenues (USD) |  |  |  |  | 2% |  |  |  | n.a. |  |  |  | n.a. |  |  |  |  |  | 2% |  |  |  | 5% |  |  |  | -3% |
Mobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subscribers (‘000) |  |  |  |  | 15,964 |  |  |  | 15,142 |  |  |  | 5% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ARPU |  |  |  |  | 711 |  |  |  | 711 |  |  |  | 0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MOU |  |  |  |  | 296 |  |  |  | 279 |  |  |  | 6% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PAKISTAN |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PKR bln |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | 2Q11 |  |  | 2Q10 |  |  | YoY |  |  |  |  | YTD11 |  |  | YTD10 |  |  | YoY |
Revenues |  |  |  |  | 25 |  |  |  | 24 |  |  |  | 2% |  |  |  |  |  | 48 |  |  |  | 47 |  |  |  | 2% |
EBITDA |  |  |  |  | 10 |  |  |  | 10 |  |  |  | 2% |  |  |  |  |  | 20 |  |  |  | 19 |  |  |  | 4% |
EBITDA margin |  |  |  |  | 40.2% |  |  |  | 40.2% |  |  |  |  |  |  |  |  |  | 40.4% |  |  |  | 39.6% |  |  |  |  |
Capex (USD mln) |  |  |  |  | 52 |  |  |  | 38 |  |  |  | 37% |  |  |  |  |  | 97 |  |  |  | 62 |  |  |  | 56% |
Capex / revenues (USD) |  |  |  |  | 18% |  |  |  | 13% |  |  |  | 5% |  |  |  |  |  | 17% |  |  |  | 11% |  |  |  | 6% |
Mobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subscribers (‘000) |  |  |  |  | 33,378 |  |  |  | 32,203 |  |  |  | 4% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ARPU |  |  |  |  | 243 |  |  |  | 247 |  |  |  | -2% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MOU |  |  |  |  | 213 |  |  |  | 210 |  |  |  | 1% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BANGLADESH |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BDT bln |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | 2Q11 |  |  | 2Q10 |  |  | YoY |  |  |  |  | YTD11 |  |  | YTD10 |  |  | YoY |
Revenues |  |  |  |  | 9 |  |  |  | 8 |  |  |  | 17% |  |  |  |  |  | 18 |  |  |  | 15 |  |  |  | 23% |
EBITDA |  |  |  |  | 4 |  |  |  | 2 |  |  |  | 85% |  |  |  |  |  | 7 |  |  |  | 5 |  |  |  | 41% |
EBITDA margin |  |  |  |  | 42.6% |  |  |  | 27.1% |  |  |  |  |  |  |  |  |  | 39.2% |  |  |  | 34.4% |  |  |  |  |
Capex (USD mln) |  |  |  |  | 14 |  |  |  | 43 |  |  |  | -67% |  |  |  |  |  | 27 |  |  |  | 102 |  |  |  | -74% |
Capex / revenues (USD) |  |  |  |  | 11% |  |  |  | 38% |  |  |  | -27% |  |  |  |  |  | 11% |  |  |  | 48% |  |  |  | -37% |
Mobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subscribers (‘000) |  |  |  |  | 20,203 |  |  |  | 16,097 |  |  |  | 26% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ARPU |  |  |  |  | 153 |  |  |  | 172 |  |  |  | -11% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MOU |  |  |  |  | 211 |  |  |  | 237 |  |  |  | -11% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SUB SAHARAN AFRICA (TELECEL GLOBE) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
USD mln |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | 2Q11 |  |  | 2Q10 |  |  | YoY |  |  |  |  | YTD11 |  |  | YTD10 |  |  | YoY |
Revenues |  |  |  |  | 24 |  |  |  | 25 |  |  |  | -2% |  |  |  |  |  | 49 |  |  |  | 49 |  |  |  | 0% |
EBITDA |  |  |  |  | 2 |  |  |  | 6 |  |  |  | -68% |  |  |  |  |  | 6 |  |  |  | 9 |  |  |  | -34% |
EBITDA margin |  |  |  |  | 7.5% |  |  |  | 23.2% |  |  |  |  |  |  |  |  |  | 12.6% |  |  |  | 19.1% |  |  |  |  |
Mobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subscribers (‘000) |  |  |  |  | 2,789 |  |  |  | 2,250 |  |  |  | 24% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SEA (CONSOLIDATED) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
USD mln |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | 2Q11 |  |  | 2Q10 |  |  | YoY |  |  |  |  | YTD11 |  |  | YTD10 |  |  | YoY |
Revenues |  |  |  |  | 18 |  |  |  | 6 |  |  |  | 223% |  |  |  |  |  | 28 |  |  |  | 10 |  |  |  | 181% |
EBITDA |  |  |  |  | -37 |  |  |  | -8 |  |  |  | n.a. |  |  |  |  |  | -41 |  |  |  | -17 |  |  |  | n.a. |
EBITDA margin |  |  |  |  | n.a. |  |  |  | n.a. |  |  |  |  |  |  |  |  |  | n.a. |  |  |  | n.a. |  |  |  |  |
Mobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subscribers (‘000) |  |  |  |  | 1,993 |  |  |  | 525 |  |  |  | 279% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

19

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CIS BUSINESS UNIT: COUNTRY DETAIL

KAZAKHSTAN KZT mln |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | 2Q11 |  |  | 2Q10 |  |  | YoY |  |  |  |  | YTD11 |  |  | YTD10 |  |  | YoY |
Net operating revenues |  |  |  |  | 29,530 |  |  |  | 27,054 |  |  |  | 9% |  |  |  |  |  | 56,380 |  |  |  | 50,609 |  |  |  | 11% |
EBITDA |  |  |  |  | 14,414 |  |  |  | 15,449 |  |  |  | -7% |  |  |  |  |  | 28,028 |  |  |  | 28,470 |  |  |  | -2% |
EBITDA margin |  |  |  |  | 48.8% |  |  |  | 57.1% |  |  |  |  |  |  |  |  |  | 49.7% |  |  |  | 56.3% |  |  |  |  |
Capex (USD mln) |  |  |  |  | 68 |  |  |  | 26 |  |  |  | 164% |  |  |  |  |  | 79 |  |  |  | 32 |  |  |  | 148% |
Capex / revenues (USD) |  |  |  |  | 34% |  |  |  | 14% |  |  |  |  |  |  |  |  |  | 20% |  |  |  | 9% |  |  |  |  |
Mobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subscribers (‘000) |  |  |  |  | 7,831 |  |  |  | 6,339 |  |  |  | 24% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ARPU (KZT) |  |  |  |  | 1,249 |  |  |  | 1,411 |  |  |  | -11% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MOU |  |  |  |  | 144 |  |  |  | 125 |  |  |  | 15% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ARMENIA AMD mln |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | 2Q11 |  |  | 2Q10 |  |  | YoY |  |  |  |  | YTD11 |  |  | YTD10 |  |  | YoY |
Net operating revenues |  |  |  |  | 17,490 |  |  |  | 17,073 |  |  |  | 2% |  |  |  |  |  | 34,380 |  |  |  | 33,089 |  |  |  | 4% |
EBITDA |  |  |  |  | 6,699 |  |  |  | 7,193 |  |  |  | -7% |  |  |  |  |  | 12,392 |  |  |  | 14,555 |  |  |  | -15% |
EBITDA margin |  |  |  |  | 38.3% |  |  |  | 42.1% |  |  |  |  |  |  |  |  |  | 36.0% |  |  |  | 44.0% |  |  |  |  |
Capex (USD mln) |  |  |  |  | 6 |  |  |  | 4 |  |  |  | 63% |  |  |  |  |  | 15 |  |  |  | 7 |  |  |  | 117% |
Capex / revenues (USD) |  |  |  |  | 13% |  |  |  | 9% |  |  |  |  |  |  |  |  |  | 16% |  |  |  | 8% |  |  |  |  |
Mobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subscribers (‘000) |  |  |  |  | 733 |  |  |  | 567 |  |  |  | 29% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ARPU (AMD) |  |  |  |  | 3,089 |  |  |  | 3,975 |  |  |  | -22% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MOU |  |  |  |  | 263 |  |  |  | 270 |  |  |  | -3% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
UZBEKISTAN USD mln |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | 2Q11 |  |  | 2Q10 |  |  | YoY |  |  |  |  | YTD11 |  |  | YTD10 |  |  | YoY |
Net operating revenues |  |  |  |  | 66 |  |  |  | 51 |  |  |  | 28% |  |  |  |  |  | 125 |  |  |  | 97 |  |  |  | 29% |
EBITDA |  |  |  |  | 28 |  |  |  | 20 |  |  |  | 42% |  |  |  |  |  | 55 |  |  |  | 40 |  |  |  | 39% |
EBITDA margin |  |  |  |  | 42.9% |  |  |  | 38.9% |  |  |  |  |  |  |  |  |  | 44.2% |  |  |  | 41.0% |  |  |  |  |
Capex (USD mln) |  |  |  |  | 27 |  |  |  | 29 |  |  |  | -7% |  |  |  |  |  | 66 |  |  |  | 46 |  |  |  | 42% |
Capex / revenues (USD) |  |  |  |  | 40% |  |  |  | 55% |  |  |  |  |  |  |  |  |  | 53% |  |  |  | 48% |  |  |  |  |
Mobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subscribers (‘000) |  |  |  |  | 5,347 |  |  |  | 3,997 |  |  |  | 34% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ARPU (USD) |  |  |  |  | 4.0 |  |  |  | 4.1 |  |  |  | -2% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MOU |  |  |  |  | 413 |  |  |  | 383 |  |  |  | 8% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TAJIKISTAN USD mln |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | 2Q11 |  |  | 2Q10 |  |  | YoY |  |  |  |  | YTD11 |  |  | YTD10 |  |  | YoY |
Net operating revenues |  |  |  |  | 26 |  |  |  | 20 |  |  |  | 29% |  |  |  |  |  | 47 |  |  |  | 35 |  |  |  | 33% |
EBITDA |  |  |  |  | 14 |  |  |  | 7 |  |  |  | 101% |  |  |  |  |  | 23 |  |  |  | 11 |  |  |  | 105% |
EBITDA margin |  |  |  |  | 51.9% |  |  |  | 33.3% |  |  |  |  |  |  |  |  |  | 48.8% |  |  |  | 31.8% |  |  |  |  |
Capex (USD mln) |  |  |  |  | 7 |  |  |  | 4 |  |  |  | 109% |  |  |  |  |  | 11 |  |  |  | 4 |  |  |  | 194% |
Capex / revenues (USD) |  |  |  |  | 28% |  |  |  | 17% |  |  |  |  |  |  |  |  |  | 23% |  |  |  | 10% |  |  |  |  |
Mobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subscribers (‘000) |  |  |  |  | 870 |  |  |  | 784 |  |  |  | 11% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ARPU (USD) |  |  |  |  | 9.4 |  |  |  | 6.1 |  |  |  | 54% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MOU |  |  |  |  | 234 |  |  |  | 168 |  |  |  | 39% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

20

##### Table of Contents

GEORGIA GEL mln |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | 2Q11 |  |  | 2Q10 |  |  | YoY |  |  |  |  | YTD11 |  |  | YTD10 |  |  | YoY |
Net operating revenues |  |  |  |  | 25 |  |  |  | 21 |  |  |  | 21% |  |  |  |  |  | 46 |  |  |  | 40 |  |  |  | 16% |
EBITDA |  |  |  |  | 6 |  |  |  | 3 |  |  |  | 100% |  |  |  |  |  | 10 |  |  |  | 5 |  |  |  | 100% |
EBITDA margin |  |  |  |  | 23.9% |  |  |  | 14.4% |  |  |  |  |  |  |  |  |  | 21.6% |  |  |  | 12.6% |  |  |  |  |
Capex (USD mln) |  |  |  |  | 9 |  |  |  | 9 |  |  |  | -4% |  |  |  |  |  | 16 |  |  |  | 13 |  |  |  | 18% |
Capex / revenues (USD) |  |  |  |  | 56% |  |  |  | 77% |  |  |  |  |  |  |  |  |  | 58% |  |  |  | 59% |  |  |  |  |
Mobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subscribers (‘000) |  |  |  |  | 712 |  |  |  | 466 |  |  |  | 53% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ARPU (GEL) |  |  |  |  | 11.4 |  |  |  | 14.5 |  |  |  | -21% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MOU |  |  |  |  | 224 |  |  |  | 141 |  |  |  | 59% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
KYRGYZSTAN KGS mln |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | 2Q11 |  |  | 2Q10 |  |  | YoY |  |  |  |  | YTD11 |  |  | YTD10 |  |  | YoY |
Net operating revenues |  |  |  |  | 1,603 |  |  |  | 1,261 |  |  |  | 27% |  |  |  |  |  | 3,048 |  |  |  | 2,399 |  |  |  | 27% |
EBITDA |  |  |  |  | 847 |  |  |  | 589 |  |  |  | 44% |  |  |  |  |  | 1,656 |  |  |  | 1,015 |  |  |  | 63% |
EBITDA margin |  |  |  |  | 52.8% |  |  |  | 46.7% |  |  |  |  |  |  |  |  |  | 54.3% |  |  |  | 42.3% |  |  |  |  |
Capex (USD mln) |  |  |  |  | 15 |  |  |  | 0.2 |  |  |  | nm |  |  |  |  |  | 19 |  |  |  | 1 |  |  |  | nm |
Capex / revenues (USD) |  |  |  |  | 43% |  |  |  | 1% |  |  |  |  |  |  |  |  |  | 29% |  |  |  | 2% |  |  |  |  |
Mobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subscribers (‘000) |  |  |  |  | 2,102 |  |  |  | 1,722 |  |  |  | 22% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ARPU (KGS) |  |  |  |  | 261 |  |  |  | 240 |  |  |  | 9% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MOU |  |  |  |  | 319 |  |  |  | 236 |  |  |  | 35% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

21

##### Table of Contents

ATTACHMENT C: RECONCILIATION TABLES

RECONCILIATION OF CONSOLIDATED EBITDA OF VIMPELCOM*

USD mln |  |  |  | Pro forma |
|  |  |  | 2Q11 |  |  | 2Q10 |  |  |  |  | YTD 2011 |  |  | YTD 2010 |
EBITDA |  |  |  |  | 2,371 |  |  |  | 2,368 |  |  |  |  |  | 4,628 |  |  |  | 4,583 |
Adjustment for certain non-operating items |  |  |  |  | 8 |  |  |  | 3 |  |  |  |  |  | 10 |  |  |  | 5 |
Depreciation |  |  |  |  | (892) |  |  |  | (722) |  |  |  |  |  | (1,731) |  |  |  | (1,474) |
Amortization |  |  |  |  | (342) |  |  |  | (379) |  |  |  |  |  | (700) |  |  |  | (765) |
Impairment loss |  |  |  |  |  |  |  |  | (9) |  |  |  |  |  | 23 |  |  |  | (15) |
Operating income |  |  |  |  | 1,145 |  |  |  | 1,260 |  |  |  |  |  | 2,230 |  |  |  | 2,333 |
Adjustment for certain non-operating items |  |  |  |  | (8) |  |  |  | (3) |  |  |  |  |  | (10) |  |  |  | (5) |
EBIT |  |  |  |  | 1,137 |  |  |  | 1,257 |  |  |  |  |  | 2,220 |  |  |  | 2,329 |
Financial income and expenses |  |  |  |  | (486) |  |  |  | (448) |  |  |  |  |  | (971) |  |  |  | (1,028) |
- including interest income |  |  |  |  | 38 |  |  |  | 66 |  |  |  |  |  | 74 |  |  |  | 95 |
- including interest expense |  |  |  |  | (524) |  |  |  | (514) |  |  |  |  |  | (1,045) |  |  |  | (1,123) |
Net foreign exchange (loss)/gain and others |  |  |  |  | (120) |  |  |  | (493) |  |  |  |  |  | 77 |  |  |  | (416) |
- including net foreign exchange (loss)/gain |  |  |  |  | 1 |  |  |  | (299) |  |  |  |  |  | 210 |  |  |  | (199) |
- including equity in net (loss)/gain of associates |  |  |  |  | (14) |  |  |  | (22) |  |  |  |  |  | 12 |  |  |  | (61) |
- including other (expense)/income, net |  |  |  |  | (114) |  |  |  | (175) |  |  |  |  |  | (155) |  |  |  | (162) |
- including adjustment for certain non-operating items |  |  |  |  | 8 |  |  |  | 3 |  |  |  |  |  | 10 |  |  |  | 5 |
EBT |  |  |  |  | 531 |  |  |  | 316 |  |  |  |  |  | 1,327 |  |  |  | 884 |
Income tax expense |  |  |  |  | (226) |  |  |  | (170) |  |  |  |  |  | (418) |  |  |  | (425) |
Profit (loss) from discontinued operations |  |  |  |  | - |  |  |  | - |  |  |  |  |  | - |  |  |  | - |
Net income |  |  |  |  | 305 |  |  |  | 146 |  |  |  |  |  | 909 |  |  |  | 458 |
Net (loss)/income attributable to the noncontrolling interest |  |  |  |  | (7) |  |  |  | (73) |  |  |  |  |  | 33 |  |  |  | (42) |
Net Income attributable to VimpelCom Ltd. |  |  |  |  | 312 |  |  |  | 219 |  |  |  |  |  | 875 |  |  |  | 501 |

*See also the supplementary file FactbookQ22011.xls on our website at http://vimpelcom.com/ir/financials/results.wbp

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ATTACHMENT C: RECONCILIATION TABLES

RECONCILIATION OF CONSOLIDATED EBITDA OF VIMPELCOM* (CONTINUED)

USD mln |  |  |  | Actual |
|  |  |  | 2Q11 |  |  | 2Q10 |  |  |  |  | YTD 2011 |  |  | YTD 2010 |
EBITDA |  |  |  |  | 2,184 |  |  |  | 1,260 |  |  |  |  |  | 3,391 |  |  |  | 2,300 |
Adjustment for certain non-operating items |  |  |  |  | 8 |  |  |  | 2 |  |  |  |  |  | 10 |  |  |  | 3 |
Depreciation |  |  |  |  | (829) |  |  |  | (377) |  |  |  |  |  | (1,305) |  |  |  | (729) |
Amortization |  |  |  |  | (292) |  |  |  | (117) |  |  |  |  |  | (393) |  |  |  | (183) |
Impairment loss |  |  |  |  |  |  |  |  | - |  |  |  |  |  |  |  |  |  | - |
Operating income |  |  |  |  | 1,070 |  |  |  | 769 |  |  |  |  |  | 1,703 |  |  |  | 1,391 |
Adjustment for certain non-operating items |  |  |  |  | (8) |  |  |  | (2) |  |  |  |  |  | (10) |  |  |  | (3) |
EBIT |  |  |  |  | 1,062 |  |  |  | 766 |  |  |  |  |  | 1,693 |  |  |  | 1,388 |
Financial income and expenses |  |  |  |  | (449) |  |  |  | (116) |  |  |  |  |  | (569) |  |  |  | (246) |
- including interest income |  |  |  |  | 20 |  |  |  | 16 |  |  |  |  |  | 35 |  |  |  | 28 |
- including interest expense |  |  |  |  | (469) |  |  |  | (132) |  |  |  |  |  | (604) |  |  |  | (274) |
Net foreign exchange (loss)/gain and others |  |  |  |  | (134) |  |  |  | (123) |  |  |  |  |  | 58 |  |  |  | (70) |
- including net foreign exchange (loss)/gain |  |  |  |  | (26) |  |  |  | (126) |  |  |  |  |  | 114 |  |  |  | (21) |
- including equity in net (loss)/gain of associates |  |  |  |  | (9) |  |  |  | 11 |  |  |  |  |  | 46 |  |  |  | 7 |
- including other (expense)/income, net |  |  |  |  | (107) |  |  |  | (10) |  |  |  |  |  | (112) |  |  |  | (58) |
- including adjustment for certain non-operating items |  |  |  |  | 8 |  |  |  | 2 |  |  |  |  |  | 10 |  |  |  | 3 |
EBT |  |  |  |  | 479 |  |  |  | 527 |  |  |  |  |  | 1,182 |  |  |  | 1,072 |
Income tax expense |  |  |  |  | (207) |  |  |  | (178) |  |  |  |  |  | (301) |  |  |  | (331) |
Profit (loss) from discontinued operations |  |  |  |  | 3 |  |  |  | - |  |  |  |  |  | 3 |  |  |  | - |
Net income |  |  |  |  | 276 |  |  |  | 349 |  |  |  |  |  | 885 |  |  |  | 741 |
Net (loss)/income attributable to the noncontrolling interest |  |  |  |  | 37 |  |  |  | 14 |  |  |  |  |  | 56 |  |  |  | 25 |
Net Income attributable to VimpelCom Ltd. |  |  |  |  | 239 |  |  |  | 335 |  |  |  |  |  | 829 |  |  |  | 716 |

*See also the supplementary file FactbookQ22011.xls on our website at http://vimpelcom.com/ir/financials/results.wbp

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ATTACHMENT C: RECONCILIATION TABLES

RECONCILIATION OF VIMPELCOM CONSOLIDATED NET DEBT

USD mln |  |  |  | 2Q10 |  |  | 3Q10 |  |  | 4Q10 |  |  |  |  | 1Q11 |  |  | 2Q11 |
Net debt |  |  |  |  | 3,865 |  |  |  | 3,970 |  |  |  | 4,740 |  |  |  |  |  | 4,840 |  |  |  | 24,104 |
Cash and cash equivalents |  |  |  |  | (2,353) |  |  |  | (2,467) |  |  |  | (885) |  |  |  |  |  | (1,858) |  |  |  | (3,190) |
Long - term and short-term deposits |  |  |  |  | (115) |  |  |  | (56) |  |  |  | (36) |  |  |  |  |  | (592) |  |  |  | (99) |
Long - term debt |  |  |  |  | 4,801 |  |  |  | 4,367 |  |  |  | 4,499 |  |  |  |  |  | 6,047 |  |  |  | 25,756 |
Short-term debt |  |  |  |  | 1,532 |  |  |  | 2,126 |  |  |  | 1,162 |  |  |  |  |  | 1,243 |  |  |  | 1,637 |

AVERAGE RATES OF FUNCTIONAL CURRENCIES TO USD*

|  |  |  | Average rates |  |  |  |  | Closing rates |
|  |  |  | YTD11 |  |  | YTD10 |  |  | YoY |  |  |  |  | YTD11 |  |  | FY2010 |  |  | Delta |
Russian Ruble |  |  |  |  | 28.62 |  |  |  | 30.07 |  |  |  | 5.1% |  |  |  |  |  | 28.08 |  |  |  | 30.48 |  |  |  | 8.5% |
Euro |  |  |  |  | 1.40 |  |  |  | 1.32 |  |  |  | -6.2% |  |  |  |  |  | 1.45 |  |  |  | 1.34 |  |  |  | -7.5% |
Algerian Dinar |  |  |  |  | 72.47 |  |  |  | 74.19 |  |  |  | 2.4% |  |  |  |  |  | 72.06 |  |  |  | 74.29 |  |  |  | 3.1% |
Pakistan Rupee |  |  |  |  | 85.40 |  |  |  | 84.81 |  |  |  | -0.7% |  |  |  |  |  | 85.97 |  |  |  | 85.67 |  |  |  | -0.4% |
Bangladeshi Taka |  |  |  |  | 72.37 |  |  |  | 69.66 |  |  |  | -3.7% |  |  |  |  |  | 74.15 |  |  |  | 70.60 |  |  |  | -4.8% |
Vietnamese Dong |  |  |  |  | 20,409 |  |  |  | - |  |  |  | n/a |  |  |  |  |  | 20,618 |  |  |  | - |  |  |  | n/a |
Lao Kip |  |  |  |  | 8,042 |  |  |  | - |  |  |  | n/a |  |  |  |  |  | 8,011 |  |  |  | - |  |  |  | n/a |
Ukrainian Hryvnia |  |  |  |  | 7.96 |  |  |  | 7.95 |  |  |  | -0.1% |  |  |  |  |  | 7.97 |  |  |  | 7.96 |  |  |  | -0.1% |
Kazakh Tenge |  |  |  |  | 146.00 |  |  |  | 147.24 |  |  |  | 0.8% |  |  |  |  |  | 146.25 |  |  |  | 147.40 |  |  |  | 0.8% |
Armenian Dram |  |  |  |  | 370.09 |  |  |  | 384.32 |  |  |  | 3.8% |  |  |  |  |  | 368.86 |  |  |  | 363.44 |  |  |  | -1.5% |
Georgian Lari |  |  |  |  | 1.71 |  |  |  | 1.76 |  |  |  | 2.9% |  |  |  |  |  | 1.67 |  |  |  | 1.77 |  |  |  | 6.0% |
Kyrgyz Som |  |  |  |  | 46.79 |  |  |  | 45.18 |  |  |  | -3.4% |  |  |  |  |  | 45.21 |  |  |  | 47.10 |  |  |  | 4.2% |

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

ATTACHMENT D: WIND TELECOMUNICAZIONI S.P.A. CONDENSED STATEMENTS OF INCOME

EUR mln |  |  |  | H1 2011 |  |  | H1 2010 |  |  | Change |
Revenue |  |  |  |  | 2,707 |  |  |  | 2,645 |  |  |  | 2.3% |
Other revenue |  |  |  |  | 43 |  |  |  | 61 |  |  |  | -29.2% |
Total Revenue |  |  |  |  | 2,750 |  |  |  | 2,706 |  |  |  | 1.6% |
EBITDA |  |  |  |  | 1,023 |  |  |  | 1,039 |  |  |  | -1.6% |
D&A |  |  |  |  | (508) |  |  |  | (490) |  |  |  | -3.8% |
EBIT |  |  |  |  | 514 |  |  |  | 549 |  |  |  | -6.3% |
Financial Income and expenses |  |  |  |  | (406) |  |  |  | (468) |  |  |  | 13.4% |
EBT |  |  |  |  | 109 |  |  |  | 81 |  |  |  | 34.5% |
Income Tax |  |  |  |  | (88) |  |  |  | (81) |  |  |  | -9.2% |
Profit/(Loss) from discontinued operations |  |  |  |  | 6 |  |  |  | 17 |  |  |  | -65.1% |
Net income |  |  |  |  | 26 |  |  |  | 16 |  |  |  | 58.5% |

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ATTACHMENT E: DEFINITIONS

EBITDA is a non-U.S. GAAP financial measure. EBITDA is defined as earnings before interest, tax, depreciation and amortization. VimpelCom calculates EBITDA as operating income before depreciation, amortization and impairment loss and includes certain non-operating losses and gains mainly represented by litigation provisions for all of its Business Units except for its Russia Business Unit. The Russia Business Unit’s EBITDA is calculated as operating income before depreciation and amortization. EBITDA should not be considered in isolation or as a substitute for analyses of the results as reported under U.S. GAAP. Historically our management used OIBDA (defined as operating income before depreciation, amortization and impairment losses) instead of EBITDA. Following the acquisition of Wind Telecom, our management concluded that EBITDA is a more appropriate measure because it is more widely used amongst European-based analysts and investors to assess the performance of an entity and compare it with other market players. Our management uses EBITDA and EBITDA margin as supplemental performance measures and believes that EBITDA and EBITDA margin provide useful information to investors because they are indicators of the strength and performance of the Company’s business operations, including its ability to fund discretionary spending, such as capital expenditures, acquisitions and other investments, as well as indicating its ability to incur and service debt. In addition, the components of EBITDA include the key revenue and expense items for which the Company’s operating managers are responsible and upon which their performance is evaluated. EBITDA also assists management and investors by increasing the comparability of the Company’s performance against the performance of other telecommunications companies that provide EBITDA information. This increased comparability is achieved by excluding the potentially inconsistent effects between periods or companies of depreciation, amortization and impairment losses, which items may significantly affect operating income between periods. However, our EBITDA results may not be directly comparable to other companies’ reported EBITDA results due to variances and adjustments in the components of EBITDA (including our calculation of EBITDA) or calculation measures. Additionally, a limitation of EBITDA’s use as a performance measure is that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues or the need to replace capital equipment over time. Reconciliation of EBITDA to net income attributable to VimpelCom Ltd., the most directly comparable U.S. GAAP financial measure, is presented above.

EBITDA margin is calculated as EBITDA divided by net operating revenues, expressed as a percentage.

EBIT is a non-U.S. GAAP measure and is calculated as EBITDA plus depreciation, amortization and impairment loss. Our management uses EBIT as a supplemental performance measure and believes that it provides useful information of earnings of the Company before making accruals for financial income and expenses and Net foreign exchange (loss)/gain and others. Reconciliation of EBIT to net income attributable to VimpelCom Ltd., the most directly comparable U.S. GAAP financial measure, is presented above.

Net foreign exchange (loss)/gain and others represents the sum of Net foreign exchange (loss)/gain, Equity in net (loss)/gain of associates and Other (expense)/income, net (primarily losses from derivative instruments), and is adjusted for certain non-operating losses and gains mainly represented by litigation provisions. Our management uses Net foreign exchange (loss)/gain and others as a supplemental performance measure and believes that it provides useful information about the impact of our debt denominated in foreign currencies on our results of operations due to fluctuations in exchange rates, the performance of our equity investees and other losses and gains the Company needs to manage to run the business.

EBT is a non-U.S. GAAP measure and is calculated as EBIT minus Financial income and expenses (which is calculated by subtracting interest income from interest expense) and Net foreign exchange (loss)/gain and others. Our management uses EBT as a supplemental performance measure and believes that it provides useful information about earnings of the Company before making accruals for income tax expenses. Reconciliation of EBT to net income attributable to VimpelCom Ltd., the most directly comparable U.S. GAAP financial measure, is presented above.

ARPU (Monthly Average Revenue per User) is calculated by dividing service revenue during the relevant period, including revenue from voice-, roaming-, interconnect-, and value added services (including mobile data, SMS, MMS), but excluding revenue from connection fees, sales of handsets and accessories and other non-service revenue, by the average number of subscribers during the period and dividing by the number of months in that period. For business unit Africa and Asia (except SEA) visitors roaming revenue is excluded from service revenues.

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Broadband subscribers are the customer contracts that served as a basis for revenue generating activity in the three months prior to the measurement date, as a result of activities including monthly internet access using FTTB and xDSL technologies as well as mobile internet access via WiFi and USB modems using 3G/HSDPA technologies. Our Italian subsidiary measures broadband subscribers based on the number of active contracts signed.

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.

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 subscribers are SIM-cards registered in the system as of a measurement date, users of which generated revenue at any time during the three months prior to the measurement date. This includes revenue coming from any incoming and outgoing calls, subscription fee accruals, debits related to service, outgoing SMS, Multimedia Messaging Service (referred to as MMS), data transmission and receipt sessions, but does not include incoming SMS and MMS sent by VimpelCom or abandoned calls. VimpelCom’s total number of mobile subscribers also includes SIM-cards for use of mobile Internet service via USB modems and subscribers for WiFi. The number for Italy is based on SIM-cards, users of which generated revenue at any time during the twelve months prior to the measurement date. For the purpose of this earnings release, we include all subscribers of Zimbabwe, which is accounted for as investment at cost, into business unit Africa and Asia and subscribers of all our Canada equity investee into business unit Europe and North America, both of which are included into total subscribers of VimpelCom.

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.

Net debt is a non-U.S. GAAP financial measure and is calculated as the sum of interest bearing long-term debt and short-term debt minus cash and cash equivalents and long-term and short-term deposits. 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 and long-term and short-term deposits. Net debt should not be considered in isolation as an alternative to long-term debt and short-term debt, or any other measure of the company financial position. Reconciliation of net debt to long-term debt and short-term debt, the most directly comparable U.S. GAAP financial measures, is presented below in the reconciliation tables section.

Reportable segments, the Company identified Russia, Europe and North America, Africa and Asia, CIS and Ukraine based on the business activities in different geographical areas. Although Georgia is no longer a member of the CIS, consistent with VimpelCom’s historic reporting practice VimpelCom continues to include Georgia in its CIS reporting segment. Intersegment revenues are eliminated in consolidation.

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2Q 2011 Presentation Jo Lunder, CEO Amsterdam, September 7, 2011

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© VimpelCom Ltd 2011 2 Disclaimer This presentation contains "forward-looking statements", as the phrase is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements relate to the Company's strategy, development plans and anticipated performance. The forward-looking statements are based on management's best assessment of the Company's strategic and financial position, and future market conditions and trends. These discussions involve risks and uncertainties. The actual outcome may differ materially from these statements 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 and general political uncertainties in the markets in which the Company operates and/or litigation with third parties. The actual outcome may also differ materially if the Company is unable to obtain all necessary corporate approvals relating to its business, if the Company is unable to successfully integrate newly-acquired businesses and other factors. There can be no assurance that these risks and uncertainties will not have a material adverse effect on the Company, that the Company will be able to grow or that it will be successful in executing its strategy and development plans. Certain factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risk factors described in the Company’s annual report on Form 20-F for the year ended December 31, 2010 filed with the U.S. Securities and Exchange Commission (the “SEC”) and other public filings made by the Company with the SEC, which risk factors are incorporated herein by reference. VimpelCom disclaims any obligation to update developments of these risk factors or to announce publicly any revision to any of the forward-looking statements contained herein, or to make corrections to reflect future events or developments.

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© VimpelCom Ltd 2011 3 Key messages Second quarter results • Solid revenue and subscriber growth • Solid performance in all Business Units • Long-term financing secured • Delivering synergies ahead of plan in Kyivstar • Integration of Wind Telecom and VimpelCom well on track • Interim dividend 2011 of USD 0.45 per share Value agenda 2012 - 2014 • First outline today • Presentation in second half November at Investor Day

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© VimpelCom Ltd 2011 4 Group Highlights Jo Lunder, CEO

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© VimpelCom Ltd 2011 5 Management team with strong track records Organizational Structure Henk van Dalen CFO Philip Tohme CTO Business Unit Management Jo Lunder CEO Khaled Bichara President and COO Igor Lytovchenko Ukraine Elena Shmatova Russia Ahmed Abou Doma Asia & Africa Dmitry Kromsky CIS Ossama Bessada Europe & NA Group Executive Board Khaled Bichara Acting CCO

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© VimpelCom Ltd 2011 6 2Q11 Highlights Key Results and Developments Strategic Progress * Pro Forma • Mobile subscribers 193 million, up 11% YoY* • Total fixed-line subs 5 million, up 22% YoY* • Revenues of USD 6.0 billion, up 9%YoY* • EBITDA of USD 2.4 billion, stable YoY* • Solid performance all Business Units: Continued subscriber growth in Russia Market outperformance in Italy Profitable growth in emerging markets • Strong cash flow generation • Interim Dividend 2011 USD 0.45 per share • Acquisition Wind Telecom closed • Strengthened position in Far East of Russia • Strong growth mobile and fixed broadband • Launched integration VimpelCom and Wind Telecom • Expected synergies reaffirmed • Synergies merger Kyivstar ahead of plan • New organizational structure • “Value Agenda 2012-2014” in preparation

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© VimpelCom Ltd 2011 7 Financial Highlights Henk van Dalen, CFO

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© VimpelCom Ltd 2011 8 2Q11 Actual Financial Highlights Consolidated financial and operating highlights (USD million) • Revenues more than doubled YoY • EBITDA increased with 73% YoY • Net cash from operating activities up 23% • Mobile subscriber base more than doubled to 193 million USD mln Actual 2Q11 2Q10 YoY Net operating revenues 5,532 2,642 109% EBITDA 2,184 1,260 73% EBITDA margin 39.5% 47.7% Net income attributable to VimpelCom Ltd. 239 335 -29% EPS, basic (USD) 0.16 0.28 -43% Capital expenditures 1,016 381 167% Net cash from operating activities 1,231 1,001 23% Total mobile subscriptions ('000) 192,742 89,372 116%

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© VimpelCom Ltd 2011 9 2Q11 Pro Forma Financial Highlights +9% YoY Revenues (USD million) Stable YoY EBITDA (USD million) EBITDA EBITDA Margin CAPEX (USD million) CAPEX CAPEX / LTM Revenue Highlights: • Revenues grew 9% YoY to USD 6.0 billion driven by organic growth (3%) and favorable forex • EBITDA stable at USD 2.4 billion, due to lower mobile EBITDA in Russia and one-off costs compensated by other businesses and forex • EBITDA margin declined YoY to 39.5% primarily due to lower mobile margin in Russia as a result of our investments in that market • CAPEX stood at USD 1.0 billion, in line with our expected 21% of capex/revenues

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© VimpelCom Ltd 2011 10 Opening gross debt Opening cash and deposits Opening net debt Net Operating Cash Flow, actual Cash Capex, actual Acquisition Wind gross debt Acquisition net of cash acquired Dividends Other*** Closing net debt Closing cash and deposits Closing gross debt Key Components Consolidated Cash and Net Debt Development Actual H1 2011 (USD million) * See definition of EBITDA in earnings release. LTM stands for “last twelve months” to reporting date. ** See definition of net debt in earnings release (USD million) June 30, 2011 Cash and Cash Equivalents 3,190 Total Assets 58,873 Gross Debt 27,392 -Short-term 1,637 -Long-term 25,756 Shareholders' equity 16,111 Gross Debt/Assets 0.5 Net Debt** 24,104 Pro forma LTM EBITDA* 9,329 - Pro forma LTM Operating income 4,421 Pro forma LTM Financial Income and Expenses 1,934 Pro forma ratios LTM 2Q 11 June 30, 2011 Net Debt/ EBITDA 2.6 EBITDA/ Financial Income and Expenses 4.8 Gross Debt/ EBITDA 2.9 Debt, Cash and Ratios Net Cashflow From Operating Activities, Actual (USD million) *** Forex effect on cash, non-cash changes debt, Wind deposits and finance raising costs

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© VimpelCom Ltd 2011 11 EURO US Dollars Russian Ruble Other WIND Italy VIP/OJSC Other Debt Composition and Maturity Profile Group Debt Maturity Schedule as of June 30, 2011, Actual (USD million) 2HY 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Debt Composition by Currency Actual 2Q 11 1,276 1,408 2,454 1,242 1,968 2,251 9,621 5,116 1,000 1,500 1Q 11 40% 60% 8% 18% 31% 43%

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© VimpelCom Ltd 2011 12 Interim Dividend 2011 Declared * For a full dividend guideline please refer to www.vimpelcom.com ** Operating free cash flow = net cash from operating activities minus capital expenditures Interim dividend 2011 of USD 733 million, USD 0.45 per share • The record date for the Company’s shareholders entitled to receive the interim dividend has been set for December 1, 2011 Dividend guideline* • Aim to pay at least USD 0.80 per common share, assuming not more than 1,628 million common shares issued and outstanding • Intention to pay a dividend that develops substantially in line with the development of operational performance • Barring unforeseen circumstances, the Company aims to pay out a significant part of its annual operating free cash flow** to its shareholders in the form of dividends • Precise amount and timing of dividends for a particular year will be approved by the Supervisory Board, subject to certain constraints and guidelines Dividend paid in 2011 already USD 0.5 billion in cash relating to 2010 financial results

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© VimpelCom Ltd 2011 13 Business Units Performance Khaled Bichara, President and COO

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© VimpelCom Ltd 2011 14 Highlights: • Mobile subscribers 55.3 million, up 9% YoY • Revenues RUR 65.2 million, up 6% YoY • More than 2 million mobile net adds - highest in Russia • Solid growth mobile data and increased data ARPU • Mobile BB subscribers 2.4 million, up 82% YoY • Strong growth of fixed broadband; continued expansion of IPTV • Fixed BB revenues RUR 1.9 billion, up 45% YoY • Strengthened presence in Far East through NTC acquisition and new 2G licenses Revenues (RUR billion) EBITDA and EBITDA Margin (RUR billion) EBITDA EBITDA Margin CAPEX (RUR billion) CAPEX CAPEX/Revenue LTM Mobile Fixed-line BU Russia: Financial Highlights 65.2 60.4 64.5 64.3 61.7 +54% YoY -7% YoY +6% YoY

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© VimpelCom Ltd 2011 15 50.9 51.6 52.0 53.0 55.3 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 330 343 333 308 327 219 222 228 218 244 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 1.2 1.3 1.4 1.6 1.7 1.3 1.5 1.9 2.3 2.4 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 359 360 388 388 384 251 246 238 227 209 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Mobile subscribers (RUR million) ARPU and MOU (RUR) (min) ARPU MOU Broadband subscribers (RUR million) Broadband ARPU (RUR) Fixed BB ARPU Mobile BB ARPU Fixed BB subs Mobile BB subs BU Russia: Operating Highlights +39% YoY Fixed +82% YoY Mobile - 1% YoY ARPU +11% YoY MOU +7% YoY Fixed -17% YoY Mobile +9% YoY

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© VimpelCom Ltd 2011 16 BU Europe & NA: Financial Highlights Italy Highlights: • Mobile subscribers 20.6 million, up 7% YoY • Revenues EUR 1.4 billion, up 1% organically • Continued relative outperformance in the market • Strengthened market share in both mobile and fixed • Solid growth of fixed broadband coupled with an increase in ARPU • Strong growth mobile in Internet revenues, up 33% to EUR 56 million • Stable organic EBITDA • Solid EBITDA margin of 37.6% • Continued to deliver on investment plan with EUR 234 million of CAPEX Revenues* (EUR million) EBITDA* and EBITDA Margin (EUR million) EBITDA EBITDA Margin CAPEX* (EUR million) CAPEX CAPEX/Revenue LTM Mobile Fixed-line * IFRS -1% YoY reported +1% YoY organic -5% YoY reported Stable YoY organic +15% YoY 1,046 1,021 1,038 982 1,029 366 341 408 369 370 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 556 557 534 496 526 39% 41% 37% 37% 38% Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 944 214 398 17% 17% 17% FY 10 Q1 11 Q2 11

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© VimpelCom Ltd 2011 17 Mobile subscribers (EUR million) ARPU and MOU (EUR) (min) Broadband subscribers (EUR million) Broadband ARPU (EUR) BU Europe & NA: Operating Highlights Italy +18% YoY +5% YoY -7% YoY +7% YoY

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© VimpelCom Ltd 2011 18 BU Africa & Asia: Financial and Operating Highlights Highlights: • Mobile subs surpassed 74 million, up 12% • Revenues USD 949 million, up 5% YoY • Strong, profitable growth across markets • EBITDA grew 8% YoY, reflecting revenue growth and focus on cost optimization • Strong EBITDA margin of 42.9% • Algeria: Revenue increased 5% despite challenging regulatory environment. • Pakistan: Stable growth revenue and EBITDA driven by solid subscriber growth and continued focus on cost efficiency • Bangladesh: Revenues increase by over 17% driven by growing customer base, up 25% YoY Revenues (USD million) EBITDA and EBITDA Margin (USD million) EBITDA EBITDA Margin CAPEX (USD million) CAPEX CAPEX/Revenu LTM +5% YoY +8% YoY +3% YoY 901 910 895 891 949 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 496 76 97 14% 13% 10% FY 10 Q1 11 Q2 11 377 385 337 404 407 41.8% 42.3% 37.7% 45.3% 42.9% Q2 10 Q3 10 Q4 10 Q1 11 Q2 11

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© VimpelCom Ltd 2011 19 Highlights: • Mobile subscribers 24.7 million, up 3% YoY • Revenue UAH 3.3 million, up 7% YoY, driven by stable growth in mobile subs and ARPU • Strong growth in mobile data revenue, up 48% YoY to UAH 190 million • Fixed-line revenue up 23% YoY, reflecting 87% increase in fixed broadband revenue YoY • EBITDA up 10% YoY • EBITDA margin improved to 54.8% • Synergies integration ahead of plan, NPV USD 120 million secured since inception Revenues (UAH billion) EBITDA and EBITDA Margin (UAH billion) EBITDA EBITDA Margin CAPEX (UAH million) CAPEX CAPEX/Revenue LTM BU Ukraine: Financial and Operating Highlights +9% YoY +7% YoY -14% YoY

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© VimpelCom Ltd 2011 20 Highlights: • Mobile subscribers 17.5 million, up 27% YoY • Revenues USD 389 million, up 16% • Increased usage of voice and data traffic • Successful rollout of 2G and 3G networks • Record revenue growth of 83% YoY in data services • EBITDA of USD 175 million, up 9% • EBITDA margin 45% • CAPEX increased related to continued mobile and fixed network expansion in order to support further growth Revenues (USD million) +9% YoY EBITDA and EBITDA Margin (USD million) EBITDA EBITDA Margin CAPEX (USD million) * This segment includes our operations in Kazakhstan, Uzbekistan, Armenia, Kyrgyzstan, Tajikistan and Georgia. Mobile Fixed-line CAPEX CAPEX/Revenue LTM 336 362 362 351 389 BU CIS * : Financial and Operating Highlights +16% YoY +87% YoY

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© VimpelCom Ltd 2011 21 Global Scope, Local Excellence Jo Lunder, CEO

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© VimpelCom Ltd 2011 22 VimpelCom Today Revenue Russia Italy Other Balanced Revenue Base USD million 2Q11 LTM Mobile 1) 1,860 Fixed 2) 840 Broadband/Data revenue Financial Parameters USD 2Q11 LTM Revenues per share 13.9 EBITDA per share 5.8 FCF*** per share 3.3 Attractive Emerging Markets Exposure Mobile subs (million) 192 Population covered (million) 864 Countries 19 Emerging Market PoP 750 ** Emerging market exposure Solid Financial Parameters Significant Data Growth Potential 1) Pro forma 2Q11 annualized 2) Pro-forma USD 22.6bn* 34% 38% 28% * 2Q11 LTM ** Source: Company information; The Mobile World *** Free cash Flow = EBITDA – CAPEX

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Expected Synergies Reaffirmed Approx. NPV of USD2.5bn 35% 65% Opex Capex First phase • Savings through harmonization current price levels • Cost benchmarking Next phase • Implement best practices on global categories • Vendor rationalization and market share redistribution • Focus on local categories Target Secured Next phase First phase Communicated Current status (USD billion)

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© VimpelCom Ltd 2011 24 Three Strategic Clusters Recognized * Penetration I Russia Italy • Early stage operations • Potential strong growth • Investments required to reach full potential Increase Profit and Cash Growth Engine Develop New Business • Large addressable market • High revenue growth • Growing penetration • Untapped growth mobile data • Large mature countries • Actively maintain position • Strong broadband growth • Mobile and Fixed offerings Algeria Kazakhstan Armenia, Tajikistan, Georgia A Canada Vietnam Laos Cambodia Burundi CAR Zimbabwe Pop Subs ARPU Pen II III Ukraine Pakistan Bangladesh Uzbekistan, Kyrgyzstan Russia Italy Pop Subs ARPU Pen* 140m 55m 12 USD 159% 61m 21m 22 USD 151% B A A B 65m 26m 7-10 USD 75%-130% 425m 86m 2-6 USD 40%-110% Pop Subs ARPU Pen A B 34m 0.3m 28 USD 70% 138m 4.8m 3-6 USD 27%-91% B

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© VimpelCom Ltd 2011 25 Unified, Disciplined and Accountable Business Performance Culture Drive Profitable Growth Increase Capital Efficiency Reduce Costs and Realize Synergies Attractive Dividend Yield Increase Free Cash Flow YoY Value Agenda 2012-2014 Stakeholder Value Build World-Class Organization, Governance and Business Steering

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© VimpelCom Ltd 2011 26 Conclusion Second quarter results • Solid revenue and subscriber growth • Solid performance in all Business Units • Long-term financing secured • Delivering synergies ahead of plan in Kyivstar • Integration of Wind Telecom and VimpelCom well on track • Interim dividend 2011 of USD 0.45 per share Value agenda 2012 - 2014 • First outline today • Presentation in second half November at Investor Day

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Q&A Amsterdam, September 2011

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Thank you Amsterdam, September 2011

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© VimpelCom Ltd 2011 29 Contact Information Please find herewith all contact details of VimpelCom’s Investor Relations team: Gerbrand Nijman Investor_Relations@vimpelcom.com Tel: +31 20 79 77 200 (Amsterdam) Marine Babayan Russia, Ukraine and CIS Investor_Relations@vimpelcom.com Tel: +7 495 974 5888 (Moscow) Noha Khalil Asia & Africa and Orascom Telecom otinvestorrelations@otelecom.com Tel: +202 2461 5050 / 51 (Cairo) Stefano Songini Europe & North America and fixed income ir@mail.wind.it Tel +39 06 83113099 (Rome)

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© VimpelCom Ltd 2011 30 Appendices

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© VimpelCom Ltd 2011 31 2011: Chief Executive Officer of VimpelCom Ltd 2010 -2011: Chairman of the Board of Directors 2002-2011: Member of VimpelCom Board of Directors 2003-2005: Chairman of the Board of OJSC VimpelCom 1999 -2003: CEO of OJSC VimpelCom and General Director • Sustained growth and expansion • Attracted significant investment from Alfa Group and Telenor • A track record of delivering results Joe Lunder CEO 2011: President and Chief Operating Officer of VimpelCom Ltd 2009 – 2011: Chief Executive Officer of Wind Telecom and Orascom Telecom Holding (OTH) 2003 – 2011: Member of OTH Board of directors 2006 - 2009: Chief Operating Officer of Wind Telecomunicazioni (Wind) 2005 - 2006: Head of the fixed line and portal BU at Wind Telecomunicazioni • Restructured Wind’s organization, transforming it into a leading performing mobile, fixed line and broadband integrated operator in Europe • • Prior to joining Wind, he was the cofounder, Chairman and CEO of LINKdotNET (”LDN”), the largest private Internet Service Provider (”ISP”) in the Middle East • At 32, he was recognized as the “Young Executive of the Year” by Business Today Khaled Bichara President and COO 2010: Chief Financial Officer of VimpelCom Ltd 2006 – 2010: CFO and member of the Board of Management of TNT N.V. 2000 – 2006: Member of the Board of Management and CFO of Royal DSM N.V. 1990 - 2000: Managed various divisions at DSM N.V. • 10 years of leadership in group financial function (CFO) in listed (Euronext AEX/NYSE) companies • Extended experience on M&A and disposal, large international business transactions, general management, strategy and portfolio transformation, and HR in all functions • • Member of the Board of Advisors NEVIR (Dutch Association for Investor Relations) • Member of the Board of Advisors NE, Nationaal Fonds 4/5 mei • Member of the Board VEUO (Dutch Association of Listed Companies) Henk van Dalen CFO Transformed VimpelCom into the second largest wireless telecommunications company In Central and Eastern Europe Active member of the Software Community in the Middle East, a founding member of the Egyptian Software Association and the Internet Society of Egypt Member of Supervisory Board of NIB Capital Bank and Macintosh Retail Group NV

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© VimpelCom Ltd 2011 32 Average rates Closing rates Currency YTD11 YTD10 YoY YTD11 FY2010 Delta RUR 28.62 30.07 5.1% 28.08 30.48 8.5% EUR 1.40 1.32 -6.2% 1.45 1.34 -7.5% DZD 72.47 74.19 2.4% 72.06 74.29 3.1% PKR 85.40 84.81 -0.7% 85.97 85.67 -0.4% BDT 72.37 69.66 -3.7% 74.15 70.60 -4.8% VND 20,408 - n/a 20,618 - n/a LAK 8,042 - n/a 8,011 - n/a UAH 7.96 7.95 -0.1% 7.97 7.96 -0.1% KZT 146.00 147.24 0.8% 146.25 147.40 0.8% AMD 370.09 384.32 3.8% 368.86 363.44 -1.5% GEL 1.71 1.76 2.9% 1.67 1.77 6.0% KGS 46.79 45.18 -3.4% 45.21 47.10 4.2% Source: National Banks of the respective countries, Company calculations FOREX Development

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© VimpelCom Ltd 2011 33 Reconciliation Tables Reconciliation of consolidated EBITDA of VimpelCom USD mln Pro forma 2Q11 2Q10 YTD 2011 YTD 2010 EBITDA 2,371 2,368 4,628 4,583 Adjustment for certain non- operating items 8 3 10 5 Depreciation (892) (722) (1,731) (1,474) Amortization (342) (379) (700) (765) Impairment loss (9) 23 (15) Operating income 1,145 1,260 2,230 2,333 (8) (3) (10) (5) EBIT 1,137 1,257 2,220 2,329 Financial income and expenses (486) (448) (971) (1,028) - including interest income 38 66 74 95 - including interest expense (524) (514) (1,045) (1,123) Net foreign exchange (loss)/gain and others (120) (493) 77 (416) - including net foreign exchange (loss)/gain 1 (299) 210 (199) - including equity in net (loss)/gain of associates (14) (22) 12 (61) - including other (expense)/income, net (114) (175) (155) (162) - items 8 3 10 5 EBT 531 316 1,327 884 Income tax expense (226) (170) (418) (425) Profit (loss) from discontinued operations - - - - Net income 305 146 909 458 Net (loss)/income attributable to the noncontrolling interest (7) (73) 33 (42) Net Income attributable to VimpelCom Ltd. 312 219 875 501 Adjustment for certain non-operating items including adjustment for certain non-operating

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© VimpelCom Ltd 2011 34 Reconciliation Tables Reconciliation of consolidated EBITDA of VimpelCom (continued) USD mln Actual 2Q11 2Q10 YTD 2011 YTD 2010 EBITDA 2,184 1,260 3,391 2,300 8 2 10 3 Depreciation (829) (377) (1,305) (729) Amortization (292) (117) (393) (183) Impairment loss - - Operating income 1,070 769 1,703 1,391 (8) (2) (10) (3) EBIT 1,062 766 1,693 1,388 Financial income and expenses (449) (116) (569) (246) - including interest income 20 16 35 28 - including interest expense (469) (132) (604) (274) Net foreign exchange (loss)/gain and others (134) (123) 58 (70) - including net foreign exchange (loss)/gain (26) (126) 114 (21) - including equity in net (loss)/gain of associates (9) 11 46 7 - including other (expense)/income, net (107) (10) (112) (58) - including adjustment for certain non-operating items 8 2 10 3 EBT 479 527 1,182 1,072 Income tax expense (207) (178) (301) (331) Profit (loss) from discontinued operations 3 - 3 - Net income 276 349 885 741 Net (loss)/income attributable to the noncontrolling interest 37 14 56 25 Net Income attributable to VimpelCom Ltd. 239 335 829 716 Adjustment for certain non-operating items Adjustment for certain non-operating items

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© VimpelCom Ltd 2011 35 Reconciliation Tables Reconciliation of consolidated net debt of VimpelCom USD mln 2Q10 3Q10 4Q10 1Q11 2Q11 Net debt 3,865 3,970 4,740 4,840 24,104 Cash and cash equivalents (2,353) (2,467) (885) (1,858) (3,190) Long - term and short -term deposits (115) (56) (36) (592) (99) Long - term debt 4,801 4,367 4,499 6,047 25,756 Short-term debt 1,532 2,126 1,162 1,243 1,637

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VimpelCom Ltd. 2Q11 Fact Book

BU Russia
Russia
BU Europe and North America
Italy
BU Africa and Asia
Algeria
Pakistan
Bangladesh
Sub Saharan Africa
SEA
BU Ukraine
Ukraine
BU CIS
Kazakhstan
Uzbekistan
Armenia
Tajikistan
Georgia
Kyrgyzstan

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Russia

(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED |  | Q1 2010 |  | Q2 2010 |  | Q3 2010 |  | Q4 2010 |  | Q1 2011 |  | Q2 2011
Net operating revenues |  | 1,919 |  | 2,042 |  | 2,099 |  | 2,102 |  | 2,064 |  | 2,329
Gross margin |  | 1,450 |  | 1,530 |  | 1,560 |  | 1,503 |  | 1,458 |  | 1,630
Gross margin, % |  | 75.6% |  | 74.9% |  | 74.3% |  | 71.5% |  | 70.6% |  | 70.0%
Adjusted OIBDA |  | 911 |  | 964 |  | 988 |  | 913 |  | 868 |  | n.a.
Adjusted OIBDA, % |  | 47.5% |  | 47.2% |  | 47.1% |  | 43.4% |  | 42.1% |  | n.a.
EBITDA |  | 911 |  | 964 |  | 988 |  | 913 |  | 868 |  | 968
EBITDA margin |  | 47.5% |  | 47.2% |  | 47.1% |  | 43.4% |  | 42.1% |  | 41.5%
SG&A |  | 524 |  | 558 |  | 564 |  | 584 |  | 579 |  | 655
including Sales & Marketing Expenses |  | 166 |  | 185 |  | 198 |  | 215 |  | 184 |  | 239
Capital expenditures |  | 124 |  | 244 |  | 383 |  | 807 |  | 334 |  | 407
MOBILE |  | Q1 2010 |  | Q2 2010 |  | Q3 2010 |  | Q4 2010 |  | Q1 2011 |  | Q2 2011
Net operating revenues |  | 1,602 |  | 1,714 |  | 1,757 |  | 1,753 |  | 1,713 |  | 1,943
Adjusted OIBDA |  | 820 |  | 875 |  | 886 |  | 814 |  | 778 |  | n.a.
Adjusted OIBDA, % |  | 51.2% |  | 51.1% |  | 50.4% |  | 46.5% |  | 45.4% |  | n.a.
EBITDA |  | 820 |  | 875 |  | 886 |  | 814 |  | 778 |  | 859
EBITDA margin |  | 51.2% |  | 51.1% |  | 50.4% |  | 46.5% |  | 45.4% |  | 44.2%
Subscribers (‘000) |  | 51,254 |  | 50,912 |  | 51,615 |  | 52,020 |  | 52,991 |  | 55,251
Mobile ARPU (US$) |  | 10.3 |  | 10.9 |  | 11.2 |  | 10.8 |  | 10.5 |  | 11.7
Mobile broadband subscriptions using USB modems (‘000) |  | 1,169 |  | 1,300 |  | 1,500 |  | 1,927 |  | 2,313 |  | 2,362
Mobile broadband ARPU (US$) |  | 9.2 |  | 8.3 |  | 8.0 |  | 7.7 |  | 7.8 |  | 7.5
MOU, min |  | 204 |  | 219 |  | 222 |  | 228 |  | 218 |  | 243
Churn 3 months active base (quarterly), % |  | 10.6% |  | 12.8% |  | 12.3% |  | 15.2% |  | 14.6% |  | 14.9%
FIXED-LINE |  | Q1 2010 |  | Q2 2010 |  | Q3 2010 |  | Q4 2010 |  | Q1 2011 |  | Q2 2011
Net operating revenues |  | 317 |  | 328 |  | 342 |  | 349 |  | 351 |  | 387
Adjusted OIBDA |  | 91 |  | 89 |  | 102 |  | 99 |  | 90 |  | n.a.
Adjusted OIBDA, % |  | 28.6% |  | 27.1% |  | 29.7% |  | 28.2% |  | 25.6% |  | n.a.
EBITDA |  | 91 |  | 89 |  | 102 |  | 99 |  | 90 |  | 107
EBITDA margin |  | 28.6% |  | 27.1% |  | 29.7% |  | 28.2% |  | 25.6% |  | 27.6%
Fixed-line broadband revenues |  | 44 |  | 42 |  | 43 |  | 50 |  | 59 |  | 66
Fixed-line broadband subscribers (‘000) |  | 1,167 |  | 1,199 |  | 1,257 |  | 1,421 |  | 1,569 |  | 1,671
Fixed-line broadband ARPU, US$ |  | 13.2 |  | 11.9 |  | 11.7 |  | 12.6 |  | 13.3 |  | 13.7
FTTB revenues |  | 39 |  | 40 |  | 40 |  | 48 |  | 57 |  | 64
FTTB subscribers (‘000) |  | 1,088 |  | 1,131 |  | 1,193 |  | 1,358 |  | 1,510 |  | 1,635
FTTB ARPU, US$ |  | 12.4 |  | 11.8 |  | 11.7 |  | 12.5 |  | 13.2 |  | 13.6

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Italy

(in EUR millions, unless stated otherwise, unaudited)

CONSOLIDATED |  | Q1 2010 |  | Q2 2010 |  | Q3 2010 |  | Q4 2010 |  | Q1 2011 |  | Q2 2011
Total revenues |  | 1,295 |  | 1,411 |  | 1,363 |  | 1,446 |  | 1,351 |  | 1,399
EBITDA |  | 483 |  | 556 |  | 557 |  | 534 |  | 496 |  | 526
EBITDA margin |  | 37.3% |  | 39.4% |  | 40.9% |  | 37.0% |  | 36.8% |  | 37.6%
Capital expenditures* |  | 128 |  | 203 |  | 214 |  | 398 |  | 146 |  | 234
MOBILE |  | Q1 2010 |  | Q2 2010 |  | Q3 2010 |  | Q4 2010 |  | Q1 2011 |  | Q2 2011
Total revenues |  | 937 |  | 1,046 |  | 1,021 |  | 1,038 |  | 982 |  | 1,029
EBITDA |  | 417 |  | 477 |  | 487 |  | 453 |  | 432 |  | 455
EBITDA margin |  | 44.5% |  | 45.6% |  | 47.6% |  | 43.7% |  | 44.0% |  | 44.2%
Subscribers (‘000) |  | 18,836 |  | 19,263 |  | 19,622 |  | 19,933 |  | 20,279 |  | 20,559
Mobile ARPU, € |  | 16.1 |  | 17.2 |  | 16.8 |  | 16.5 |  | 15.4 |  | 16.0
of which : |  |  |  |  |  |  |  |  |  |  |  |
ARPU voice, € |  | 13.2 |  | 13.8 |  | 13.5 |  | 13.1 |  | 12.1 |  | 12.7
ARPU data, € |  | 2.9 |  | 3.3 |  | 3.3 |  | 3.3 |  | 3.3 |  | 3.3
MOU**, min |  | 177 |  | 185 |  | 183 |  | 191 |  | 187 |  | 198
Total traffic**, mln. min. |  | 9,883 |  | 10,530 |  | 10,600 |  | 11,263 |  | 11,260 |  | 12,106
Churn, annualised rate (%) |  | 22.9% |  | 24.2% |  | 27.3% |  | 28.0% |  | 26.4% |  | 26.6%
FIXED |  | Q1 2010 |  | Q2 2010 |  | Q3 2010 |  | Q4 2010 |  | Q1 2011 |  | Q2 2011
Total revenues |  | 357 |  | 366 |  | 341 |  | 408 |  | 369 |  | 370
EBITDA |  | 66 |  | 79 |  | 70 |  | 81 |  | 65 |  | 71
EBITDA margin |  | 18.4% |  | 21.6% |  | 20.6% |  | 19.9% |  | 17.6% |  | 19.2%
Total voice subscribers (‘000) |  | 2,875 |  | 2,904 |  | 2,910 |  | 3,003 |  | 3,085 |  | 3,128
of which : |  |  |  |  |  |  |  |  |  |  |  |
Total DIRECT voice subscribers (‘000) |  | 2,066 |  | 2,108 |  | 2,136 |  | 2,226 |  | 2,312 |  | 2,357
Total INDIRECT voice subscribers (‘000) |  | 809 |  | 797 |  | 774 |  | 777 |  | 773 |  | 771
Total fixed-line ARPU, € |  | 34.7 |  | 34.8 |  | 33.3 |  | 33.3 |  | 33.6 |  | 33.4
Total Traffic, mln. min. |  | 5,147 |  | 5,011 |  | 4,139 |  | 5,204 |  | 5,018 |  | 4,764
Total Internet subscribers (‘000) |  | 1,944 |  | 1,956 |  | 1,973 |  | 2,056 |  | 2,158 |  | 2,196
of which : |  |  |  |  |  |  |  |  |  |  |  |
Broadband (‘000) |  | 1,713 |  | 1,765 |  | 1,805 |  | 1,912 |  | 2,030 |  | 2,082
Broadband ARPU, € |  | 18.5 |  | 18.4 |  | 18.5 |  | 17.9 |  | 19.3 |  | 19.2
Dual-play subscribers (‘000) |  | 1,403 |  | 1,450 |  | 1,485 |  | 1,579 |  | 1,662 |  | 1,689

* Excluding impact of FOC capex

**Starting from Q2 2010 we include incoming traffic from international in the calculation of total traffic and in calculation of average minutes of use; Q1 2010 has been reclassified accordingly.

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Algeria

(in USD millions, unless stated otherwise, unaudited)

MOBILE |  | Q1 2010 |  | Q2 2010 |  | Q3 2010 |  | Q4 2010 |  | Q1 2011 |  | Q2 2011
Net operating revenues |  | 413 |  | 437 |  | 445 |  | 453 |  | 439 |  | 478
EBITDA |  | 229 |  | 246 |  | 267 |  | 241 |  | 261 |  | 283
EBITDA margin |  | 55.4% |  | 56.3% |  | 60.0% |  | 53.3% |  | 59.4% |  | 59.2%
Capital expenditures |  | 48 |  | -3 |  | 10 |  | 35 |  | 4 |  | 10
Subscribers (‘000) |  | 14,790 |  | 15,142 |  | 14,919 |  | 15,087 |  | 15,509 |  | 15,964
Mobile ARPU (US$) |  | 9.2 |  | 9.5 |  | 9.6 |  | 9.7 |  | 9.4 |  | 9.9
MOU, min |  | 267 |  | 280 |  | 287 |  | 288 |  | 284 |  | 296
Churn 3 months active base (quarterly), % |  | 6.4% |  | 6.2% |  | 7.3% |  | 5.7% |  | 4.7% |  | 5.2%

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Pakistan

(in USD millions, unless stated otherwise, unaudited)

MOBILE |  | Q1 2010 |  | Q2 2010 |  | Q3 2010 |  | Q4 2010 |  | Q1 2011 |  | Q2 2011
Net operating revenues |  | 272 |  | 287 |  | 267 |  | 281 |  | 275 |  | 292
EBITDA |  | 106 |  | 116 |  | 105 |  | 111 |  | 111 |  | 118
EBITDA margin |  | 39.0% |  | 40.4% |  | 39.3% |  | 39.6% |  | 40.3% |  | 40.4%
Capital expenditures |  | 25 |  | 37 |  | 33 |  | 48 |  | 45 |  | 52
Subscribers (‘000) |  | 31,572 |  | 32,203 |  | 31,444 |  | 31,794 |  | 32,707 |  | 33,378
Mobile ARPU (US$) |  | 2.8 |  | 2.9 |  | 2.7 |  | 2.9 |  | 2.8 |  | 2.8
MOU, min |  | 203 |  | 210 |  | 192 |  | 221 |  | 206 |  | 213
Churn 3 months active base (quarterly), % |  | 5.2% |  | 5.9% |  | 9.3% |  | 8.2% |  | 6.4% |  | 7.1%

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Bangladesh

(in USD millions, unless stated otherwise, unaudited)

MOBILE |  | Q1 2010 |  | Q2 2010 |  | Q3 2010 |  | Q4 2010 |  | Q1 2011 |  | Q2 2011
Net operating revenues |  | 100 |  | 114 |  | 121 |  | 122 |  | 126 |  | 128
EBITDA |  | 42 |  | 31 |  | 23 |  | 31 |  | 45 |  | 55
EBITDA margin |  | 42.0% |  | 27.2% |  | 19.0% |  | 25.2% |  | 35.7% |  | 42.7%
Capital expenditures |  | 58 |  | 44 |  | 51 |  | 82 |  | 13 |  | 14
Subscribers (‘000) |  | 14,219 |  | 16,097 |  | 18,107 |  | 19,327 |  | 20,127 |  | 20,203
Mobile ARPU (US$) |  | 2.3 |  | 2.5 |  | 2.3 |  | 2,1 |  | 2.0 |  | 2.0
MOU, min |  | 233 |  | 237 |  | 227 |  | 221 |  | 205 |  | 211
Churn 3 months active base (quarterly), % |  | 2.3% |  | 2.1% |  | 5.2% |  | 4.6% |  | 3.8% |  | 5.1%

##### Table of Contents

Ukraine

(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED |  | Q1 2010 |  | Q2 2010 |  | Q3 2010 |  | Q4 2010 |  | Q1 2011 |  | Q2 2011
Net operating revenues |  | 45 |  | 311 |  | 426 |  | 404 |  | 375 |  | 412
Gross margin |  | 29 |  | 254 |  | 351 |  | 336 |  | 312 |  | 345
Gross margin, % |  | 63.5% |  | 81.7% |  | 82.4% |  | 83.2% |  | 83.2% |  | 83.7%
Adjusted OIBDA |  | 10 |  | 165 |  | 242 |  | 216 |  | 204 |  | n.a.
Adjusted OIBDA, % |  | 22.5% |  | 53.0% |  | 56.9% |  | 53.5% |  | 54.4% |  | n.a.
EBITDA |  | 10 |  | 163 |  | 239 |  | 217 |  | 202 |  | 226
EBITDA margin |  | 22.1% |  | 52.6% |  | 56.0% |  | 53.7% |  | 54.0% |  | 54.8%
SG&A |  | 18 |  | 87 |  | 111 |  | 119 |  | 108 |  | 115
including Sales & Marketing Expenses |  | 3 |  | 17 |  | 21 |  | 22 |  | 15 |  | 17
Capital expenditures |  | 6 |  | 59 |  | 51 |  | 74 |  | 46 |  | 58
MOBILE |  | Q1 2010 |  | Q2 2010 |  | Q3 2010 |  | Q4 2010 |  | Q1 2011 |  | Q2 2011
Net operating revenues* |  | 23 |  | 286 |  | 402 |  | 380 |  | 348 |  | 382
Subscribers (‘000) |  | 1,951 |  | 24,059 |  | 25,057 |  | 24,390 |  | 24,398 |  | 24,695
ARPU, US$ |  | 3.8 |  | 5.0 |  | 5.4 |  | 5.1 |  | 4.7 |  | 5.1
MOU, min |  | 197 |  | 427 |  | 433 |  | 457 |  | 466 |  | 474
Churn 3 months active base (quarterly), % |  | 18.5% |  | 6.3% |  | 5.3% |  | 9.6% |  | 5.3% |  | 4.3%
FIXED-LINE |  | Q1 2010 |  | Q2 2010 |  | Q3 2010 |  | Q4 2010 |  | Q1 2011 |  | Q2 2011
Net operating revenues* |  | 22 |  | 25 |  | 24 |  | 24 |  | 27 |  | 31
Fixed-line broadband revenue |  | 2 |  | 2 |  | 3 |  | 4 |  | 4 |  | 5
Fixed-line broadband subscriptions (‘000)** |  | 92 |  | 107 |  | 149 |  | 200 |  | 235 |  | 293
Fixed-line broadband ARPU, US$ |  | 8.6 |  | 8.3 |  | 7.5 |  | 7.0 |  | 6.2 |  | 5.8
FTTB revenues |  | 2 |  | 2 |  | 3 |  | 4 |  | 4 |  | 4
FTTB subscriptions (‘000) |  | 86 |  | 101 |  | 144 |  | 196 |  | 231 |  | 290
FTTB ARPU, US$ |  | 8.2 |  | 8.3 |  | 7.5 |  | 7.0 |  | 6.2 |  | 5.8

* Mobile and fixed revenues for the period from 2Q2010 to 4Q2010 were adjusted for consistency purposes

** Fixed line broadband subscription base has been revised for the period from 1Q2010 to 4Q2010 based on the standard VimpelCom definition for broadband subscriptions to reflect a 3-months active base

##### Table of Contents

Kazakhstan

(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED |  | Q1 2010 |  | Q2 2010 |  | Q3 2010 |  | Q4 2010 |  | Q1 2011 |  | Q2 2011
Net operating revenues |  | 160 |  | 184 |  | 197 |  | 194 |  | 183 |  | 203
Gross margin |  | 123 |  | 145 |  | 156 |  | 152 |  | 139 |  | 150
Gross margin, % |  | 77.2% |  | 78.8% |  | 79.1% |  | 78.5% |  | 75.7% |  | 73.9%
Adjusted OIBDA |  | 89 |  | 106 |  | 112 |  | 99 |  | 93 |  | n.a.
Adjusted OIBDA, % |  | 55.5% |  | 57.4% |  | 56.6% |  | 51.2% |  | 50.9% |  | n.a.
EBITDA |  | 88 |  | 105 |  | 100 |  | 95 |  | 93 |  | 99
EBITDA margin |  | 55.3% |  | 57.1% |  | 50.5% |  | 48.8% |  | 50.7% |  | 48.8%
SG&A |  | 35 |  | 40 |  | 56 |  | 57 |  | 45 |  | 51
including Sales & Marketing Expenses |  | 9 |  | 13 |  | 16 |  | 19 |  | 13 |  | 18
Capital expenditures |  | 6 |  | 26 |  | 39 |  | 122 |  | 10 |  | 68
MOBILE |  | Q1 2010 |  | Q2 2010 |  | Q3 2010 |  | Q4 2010 |  | Q1 2011 |  | Q2 2011
Net operating revenues |  | 156 |  | 181 |  | 193 |  | 188 |  | 174 |  | 194
Subscribers (‘000) |  | 6,062 |  | 6,339 |  | 6,736 |  | 6,867 |  | 6,987 |  | 7,831
ARPU, US$ |  | 8.4 |  | 9.6 |  | 9.6 |  | 9.2 |  | 8.0 |  | 8.6
Mobile broadband subscriptions using USB modems (‘000) |  | n.a. |  | n.a. |  | n.a. |  | n.a. |  | n.a. |  | 47.6
MOU, min |  | 102 |  | 125 |  | 130 |  | 124 |  | 113 |  | 144
Churn 3 months active base (quarterly), % |  | 11.4% |  | 8.9% |  | 8.8% |  | 11.2% |  | 11.4% |  | 9.4%
FIXED-LINE |  | Q1 2010 |  | Q2 2010 |  | Q3 2010 |  | Q4 2010 |  | Q1 2011 |  | Q2 2011
Net operating revenues |  | 3 |  | 4 |  | 5 |  | 5 |  | 10 |  | 9
Fixed-line broadband revenues |  | 0.1 |  | 0.2 |  | 0.2 |  | 0.4 |  | 0.7 |  | 1.0
Fixed-line broadband subscriptions (‘000) |  | 3 |  | 4 |  | 6 |  | 12 |  | 15 |  | 15
Fixed-line broadband ARPU, US$ |  | 20.5 |  | 15.2 |  | 13.9 |  | 13.3 |  | 18.2 |  | 20.7

##### Table of Contents

Uzbekistan

(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED |  | Q1 2010 |  | Q2 2010 |  | Q3 2010 |  | Q4 2010 |  | Q1 2011 |  | Q2 2011
Net operating revenues |  | 45 |  | 51 |  | 54 |  | 59 |  | 59 |  | 66
Gross margin |  | 34 |  | 39 |  | 39 |  | 43 |  | 45 |  | 49
Gross margin, % |  | 75.7% |  | 76.3% |  | 72.9% |  | 72.7% |  | 76.1% |  | 74.2%
Adjusted OIBDA |  | 20 |  | 20 |  | 22 |  | 21 |  | 27 |  | n.a.
Adjusted OIBDA, % |  | 43.3% |  | 38.9% |  | 40.7% |  | 35.9% |  | 45.7% |  | n.a.
EBITDA |  | 20 |  | 20 |  | 22 |  | 21 |  | 27 |  | 28
EBITDA margin |  | 43.3% |  | 38.9% |  | 40.7% |  | 35.9% |  | 45.7% |  | 42.9%
SG&A |  | 14 |  | 19 |  | 17 |  | 21 |  | 17 |  | 20
including Sales & Marketing Expenses |  | 3 |  | 4 |  | 4 |  | 6 |  | 3 |  | 4
Capital expenditures |  | 18 |  | 29 |  | 22 |  | 78 |  | 40 |  | 27
MOBILE |  | Q1 2010 |  | Q2 2010 |  | Q3 2010 |  | Q4 2010 |  | Q1 2011 |  | Q2 2011
Net operating revenues |  | 43 |  | 49 |  | 51 |  | 56 |  | 56 |  | 63
Subscribers (‘000) |  | 3,489 |  | 3,997 |  | 4,398 |  | 4,822 |  | 5,102 |  | 5,347
ARPU, US$ |  | 4.2 |  | 4.1 |  | 4.1 |  | 4.0 |  | 3.8 |  | 4.0
Mobile broadband subscriptions using USB modems (‘000) |  | 7.7 |  | 10.5 |  | 12.9 |  | 25.5 |  | 29.7 |  | 42.5
MOU, min |  | 369 |  | 383 |  | 388 |  | 403 |  | 391 |  | 413
Churn 3 months active base (quarterly), % |  | 14.7% |  | 3.7% |  | 11.7% |  | 14.2% |  | 15.1% |  | 15.1%
FIXED |  | Q1 2010 |  | Q2 2010 |  | Q3 2010 |  | Q4 2010 |  | Q1 2011 |  | Q2 2011
Net operating revenues |  | 2 |  | 3 |  | 2 |  | 3 |  | 3 |  | 3
Fixed-line broadband revenues |  | 0.4 |  | 0.4 |  | 0.4 |  | 0.5 |  | 0.6 |  | 1.4
Fixed-line broadband subscriptions (‘000) |  | 10 |  | 11 |  | 10 |  | 12 |  | 13 |  | 16
Fixed-line broadband ARPU, US$ |  | 14.8 |  | 14.4 |  | 13.7 |  | 14.4 |  | 15.5 |  | 31.4

##### Table of Contents

Armenia

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

CONSOLIDATED |  | Q1 2010 |  | Q2 2010 |  | Q3 2010 |  | Q4 2010 |  | Q1 2011 |  | Q2 2011
Net operating revenues |  | 42 |  | 45 |  | 49 |  | 48 |  | 46 |  | 47
Gross margin |  | 31 |  | 32 |  | 35 |  | 33 |  | 29 |  | 31
Gross margin, % |  | 73.9% |  | 71.2% |  | 71.9% |  | 69.3% |  | 63.1% |  | 67.0%
Adjusted OIBDA |  | 19 |  | 19 |  | 22 |  | 18 |  | 16 |  |
Adjusted OIBDA, % |  | 45.8% |  | 42.9% |  | 45.4% |  | 37.7% |  | 34.0% |  |
EBITDA |  | 19 |  | 19 |  | 23 |  | 17 |  | 16 |  | 18
EBITDA margin |  | 45.8% |  | 42.0% |  | 46.4% |  | 36.4% |  | 33.8% |  | 38.3%
SG&A |  | 11 |  | 13 |  | 12 |  | 15 |  | 13 |  | 13
including Sales & Marketing Expenses |  | 1 |  | 2 |  | 2 |  | 3 |  | 2 |  | 2
Capital expenditures |  | 3 |  | 4 |  | 7 |  | 16 |  | 9 |  | 6
MOBILE |  | Q1 2010 |  | Q2 2010 |  | Q3 2010 |  | Q4 2010 |  | Q1 2011 |  | Q2 2011
Net operating revenues |  | 15 |  | 18 |  | 21 |  | 20 |  | 20 |  | 20
Subscribers (‘000) |  | 549 |  | 567 |  | 581 |  | 672 |  | 699 |  | 733
ARPU, US$ |  | 9.0 |  | 10.3 |  | 11.4 |  | 10.0 |  | 7.8 |  | 8.3
Mobile broadband subscriptions using USB modems (‘000) |  | 7 |  | 7 |  | 7 |  | 7 |  | 8 |  | 10
MOU, min |  | 346 |  | 270 |  | 287 |  | 275 |  | 238 |  | 262
Churn 3 months active base (quarterly), % |  | 13.6% |  | 16.0% |  | 16.4% |  | 14.1% |  | 20.2% |  | 20.4%
FIXED |  | Q1 2010 |  | Q2 2010 |  | Q3 2010 |  | Q4 2010 |  | Q1 2011 |  | Q2 2011
Net operating revenues |  | 27 |  | 27 |  | 28 |  | 28 |  | 26 |  | 27
Fixed-line broadband revenues |  | 1.7 |  | 2.2 |  | 2.7 |  | 3.2 |  | 3.7 |  | 4.7
Fixed-line broadband subscriptions (‘000) |  | 31 |  | 50 |  | 58 |  | 68 |  | 84 |  | 100
Fixed-line broadband ARPU, US$ |  | 19.7 |  | 17.7 |  | 17.7 |  | 17.1 |  | 15.4 |  | 16.2

##### Table of Contents

Tajikistan

(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED |  | Q1 2010 |  | Q2 2010 |  | Q3 2010 |  | Q4 2010 |  | Q1 2011 |  | Q2 2011
Net operating revenues |  | 15 |  | 20 |  | 22 |  | 21 |  | 21 |  | 26
Gross margin |  | 11 |  | 13 |  | 14 |  | 14 |  | 15 |  | 20
Gross margin, % |  | 73.0% |  | 64.7% |  | 64.0% |  | 67.3% |  | 71.2% |  | 75.0%
Adjusted OIBDA |  | 4 |  | 7 |  | 9 |  | 11 |  | 9 |  | n.a.
Adjusted OIBDA, % |  | 29.7% |  | 33.3% |  | 39.6% |  | 50.7% |  | 44.9% |  | n.a.
EBITDA |  | 4 |  | 7 |  | 8 |  | 11 |  | 9 |  | 14
EBITDA margin |  | 29.7% |  | 33.3% |  | 37.4% |  | 49.8% |  | 44.9% |  | 51.9%
SG&A |  | 6 |  | 5 |  | 6 |  | 4 |  | 5 |  | 6
including Sales & Marketing Expenses |  | 1 |  | 1 |  | 1 |  | 1 |  | 1 |  | 1
Capital expenditures |  | 0 |  | 4 |  | 2 |  | 10 |  | 3 |  | 7
MOBILE |  | Q1 2010 |  | Q2 2010 |  | Q3 2010 |  | Q4 2010 |  | Q1 2011 |  | Q2 2011
Net operating revenues |  | 13 |  | 15 |  | 17 |  | 17 |  | 18 |  | 23
Subscribers (‘000) |  | 820 |  | 784 |  | 772 |  | 787 |  | 804 |  | 870
ARPU, US$ |  | 5.6 |  | 6.1 |  | 7.1 |  | 7.1 |  | 7.6 |  | 9.4
Mobile broadband subscriptions using USB modems (‘000) |  | n.a. |  | n.a. |  | n.a. |  | n.a. |  | n.a. |  | 1.0
MOU, min |  | 158 |  | 168 |  | 191 |  | 197 |  | 203 |  | 234
Churn 3 months active base (quarterly), % |  | 13.6% |  | 22.9% |  | 22.8% |  | 19.6% |  | 18.6% |  | 15.0%
FIXED |  | Q1 2010 |  | Q2 2010 |  | Q3 2010 |  | Q4 2010 |  | Q1 2011 |  | Q2 2011
Net operating revenues |  | 2 |  | 5 |  | 6 |  | 5 |  | 3 |  | 3

##### Table of Contents

Georgia

(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED |  | Q1 2010 |  | Q2 2010 |  | Q3 2010 |  | Q4 2010 |  | Q1 2011 |  | Q2 2011
Net operating revenues |  | 11 |  | 12 |  | 13 |  | 12 |  | 12 |  | 15
Gross margin |  | 6 |  | 6 |  | 8 |  | 8 |  | 8 |  | 10
Gross margin, % |  | 52.3% |  | 53.0% |  | 64.6% |  | 66.1% |  | 66.7% |  | 64.2%
Adjusted OIBDA |  | 1 |  | 2 |  | 4 |  | 2 |  | 2 |  | n.a.
Adjusted OIBDA, % |  | 10.1% |  | 13.0% |  | 26.9% |  | 16.5% |  | 19.2% |  | n.a.
EBITDA |  | 1 |  | 2 |  | 4 |  | 2 |  | 2 |  | 3
EBITDA margin |  | 10.1% |  | 13.0% |  | 26.9% |  | 14.8% |  | 19.2% |  | 21.9%
SG&A |  | 5 |  | 5 |  | 5 |  | 6 |  | 6 |  | 6
including Sales & Marketing Expenses |  | 1 |  | 1 |  | 1 |  | 1 |  | 1 |  | 2
Capital expenditures |  | 4 |  | 9 |  | 6 |  | 18 |  | 7 |  | 9
MOBILE |  | Q1 2010 |  | Q2 2010 |  | Q3 2010 |  | Q4 2010 |  | Q1 2011 |  | Q2 2011
Net operating revenues |  | 11 |  | 11 |  | 13 |  | 11 |  | 12 |  | 14
Subscribers (‘000) |  | 431 |  | 466 |  | 529 |  | 560 |  | 611 |  | 712
ARPU, US$ |  | 7.5 |  | 7.9 |  | 8.1 |  | 6.6 |  | 6.1 |  | 6.9
MOU, min |  | 125 |  | 141 |  | 147 |  | 134 |  | 147 |  | 224
Churn 3 months active base (quarterly), % |  | 11.2% |  | 12.0% |  | 11.4% |  | 18.1% |  | 17.2% |  | 14.3%
FIXED |  | Q1 2010 |  | Q2 2010 |  | Q3 2010 |  | Q4 2010 |  | Q1 2011 |  | Q2 2011
Net operating revenues |  | 0.3 |  | 0.4 |  | 0.4 |  | 0.5 |  | 0.4 |  | 0.8

##### Table of Contents

Kyrgyzstan

(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED |  | Q1 2010 |  | Q2 2010 |  | Q3 2010 |  | Q4 2010 |  | Q1 2011 |  | Q2 2011
Net operating revenues |  | 26 |  | 28 |  | 29 |  | 31 |  | 31 |  | 35
Gross margin |  | 20 |  | 21 |  | 22 |  | 24 |  | 23 |  | 27
Gross margin, % |  | 78.4% |  | 77.8% |  | 74.4% |  | 76.8% |  | 76.4% |  | 76.7%
Adjusted OIBDA |  | 10 |  | 13 |  | 12 |  | 15 |  | 17 |  | n.a.
Adjusted OIBDA, % |  | 37.3% |  | 46.5% |  | 41.6% |  | 49.7% |  | 56.1% |  | n.a.
EBITDA |  | 10 |  | 13 |  | 9 |  | 15 |  | 17 |  | 18
EBITDA margin |  | 37.3% |  | 46.5% |  | 29.4% |  | 49.7% |  | 56.1% |  | 53.0%
SG&A |  | 8 |  | 9 |  | 13 |  | 8 |  | 6 |  | 8
including Sales & Marketing Expenses |  | 2 |  | 1 |  | 1 |  | 2 |  | 1 |  | 2
Capital expenditures |  | 1 |  | 0 |  | 3 |  | 11 |  | 4 |  | 15
MOBILE |  | Q1 2010 |  | Q2 2010 |  | Q3 2010 |  | Q4 2010 |  | Q1 2011 |  | Q2 2011
Net operating revenues |  | 26 |  | 28 |  | 29 |  | 31 |  | 31 |  | 35
Subscribers (‘000) |  | 1,774 |  | 1,722 |  | 1,766 |  | 1,904 |  | 1,965 |  | 2,102
ARPU, US$ |  | 4.7 |  | 5.3 |  | 5.6 |  | 5.6 |  | 5.1 |  | 5.6
Mobile broadband subscriptions using USB modems (‘000) |  | n.a. |  | n.a. |  | n.a. |  | n.a. |  | n.a. |  | 23.3
MOU, min |  | 194 |  | 236 |  | 288 |  | 313 |  | 290 |  | 319
Churn 3 months active base (quarterly), % |  | 17.2% |  | 17.3% |  | 15.4% |  | 13.1% |  | 14.9% |  | 10.2%

##### Table of Contents

Sub Saharan Africa (Telecel Globe)

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

MOBILE |  | Q1 2010 |  |  | Q2 2010 |  |  | Q3 2010 |  |  | Q4 2010 |  |  | Q1 2011 |  |  | Q2 2011 |
Net operating revenues |  |  | 24 |  |  |  | 25 |  |  |  | 28 |  |  |  | 25 |  |  |  | 25 |  |  |  | 24 |
EBITDA |  |  | 4 |  |  |  | 6 |  |  |  | 8 |  |  |  | 7 |  |  |  | 4 |  |  |  | 2 |
EBITDA margin |  |  | 16.7% |  |  |  | 24.0% |  |  |  | 28.6% |  |  |  | 26.6% |  |  |  | 17.5% |  |  |  | 7.5% |
Subscribers (‘000) |  |  | 2,017 |  |  |  | 2,250 |  |  |  | 2,714 |  |  |  | 2,974 |  |  |  | 2,584 |  |  |  | 2,789 |
- CAR |  |  | 361 |  |  |  | 349 |  |  |  | 420 |  |  |  | 441 |  |  |  | 420 |  |  |  | 447 |
- Burundi |  |  | 736 |  |  |  | 807 |  |  |  | 938 |  |  |  | 1,007 |  |  |  | 1,023 |  |  |  | 1,041 |
- Zimbabwe* |  |  | 920 |  |  |  | 1,094 |  |  |  | 1,356 |  |  |  | 1,526 |  |  |  | 1,141 |  |  |  | 1,301 |
Mobile ARPU (US$): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- CAR |  |  | 7 |  |  |  | 6 |  |  |  | 6 |  |  |  | 6 |  |  |  | 5 |  |  |  | 5 |
- Burundi |  |  | 6 |  |  |  | 6 |  |  |  | 6 |  |  |  | 5 |  |  |  | 3 |  |  |  | 3 |
- Zimbabwe* |  |  | 8 |  |  |  | 6 |  |  |  | 7 |  |  |  | 5 |  |  |  | 4 |  |  |  | 6 |

* Zimbabwe is accounted for as investment at cost

##### Table of Contents

SEA

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

CONSOLIDATED |  | Q1 2010 |  |  | Q2 2010 |  |  | Q3 2010 |  |  | Q4 2010 |  |  | Q1 2011 |  |  | Q2 2011 |
Net operating revenues |  |  | 4.4 |  |  |  | 5.5 |  |  |  | 5.0 |  |  |  | 6.9 |  |  |  | 10.0 |  |  |  | 17.8 |
Adjusted OIBDA |  |  | -8.6 |  |  |  | -8.1 |  |  |  | -8.8 |  |  |  | -9.8 |  |  |  | -3.2 |  |  |  |  |
Adjusted OIBDA, % |  |  | n.m. |  |  |  | n.m. |  |  |  | n.m. |  |  |  | n.m. |  |  |  | n.m. |  |  |  | n.a. |
EBITDA |  |  | -8.6 |  |  |  | -8.1 |  |  |  | -8.8 |  |  |  | -9.8 |  |  |  | -3.2 |  |  |  | -37.4 |
EBITDA margin |  |  | n.m. |  |  |  | n.m. |  |  |  | n.m. |  |  |  | n.m. |  |  |  | n.m. |  |  |  | n.m. |
MOBILE |  | Q1 2010 |  |  | Q2 2010 |  |  | Q3 2010 |  |  | Q4 2010 |  |  | Q1 2011 |  |  | Q2 2011 |
Subscribers (‘000) |  |  | 491 |  |  |  | 525 |  |  |  | 505 |  |  |  | 651 |  |  |  | 1,307 |  |  |  | 1,993 |
-Cambodia |  |  | 491 |  |  |  | 525 |  |  |  | 505 |  |  |  | 651 |  |  |  | 757 |  |  |  | 818 |
-Laos |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |  |  |  | 550 |  |  |  | 536 |
-Vietnam |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |  |  |  | 639 |
Mobile ARPU (US$): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Cambodia |  |  | 3.5 |  |  |  | 3.4 |  |  |  | 3.2 |  |  |  | 3.8 |  |  |  | 3.5 |  |  |  | 3.0 |
- Laos |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | n.m. |  |  |  | 5.1 |
- Vietnam |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | n.m. |