6-K 1 d314262d6k.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 March 2012

Commission File Number 1-34694

VimpelCom Ltd.

(Translation of registrant’s name into English)

The Rock Building, Claude Debussylaan 88, 1082 MD, 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: March 13, 2012 |  |  |  |  |  |
|  |  |  | By: |  | /s/ Jeffrey David Mc Ghie
|  |  |  | Name: |  | Jeffrey David Mc Ghie
|  |  |  | Title: |  | General Counsel

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VIMPELCOM DELIVERS SOLID ORGANIC REVENUE GROWTH

AND STRONG CASH FLOW

KEY RESULTS AND DEVELOPMENTS IN 2011*

Q4 |  | • |  | Total mobile subscriber base increased 13% YoY to 205 million
| • |  | Organic revenue growth of 5% YoY; revenues of USD 5.9 billion
| • |  | EBITDA, at constant FX, stable YoY at USD 2.2 billion
| • |  | Net Loss attributable to VimpelCom of USD 386 million, impacted by USD 437 million of non-cash items, related to Purchase Price Allocation and Impairments
| • |  | Net Cash from Operating Activities of USD 1.8 billion
FY |  | • |  | Organic revenue growth of 4% YoY; FY11 revenues of USD 23.5 billion
| • |  | EBITDA, at constant FX, stable YoY at USD 9.4 billion
| • |  | Actual Net Income attributable to VimpelCom of USD 488 million, impacted by significant non-cash items
| • |  | Final dividend announced of USD 0.35, bringing total dividend for 2011 to USD 0.80 per common share (ADS) outstanding

Amsterdam (March 13, 2012) - “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 December 31, 2011.

JO LUNDER, CHIEF EXECUTIVE OFFICER COMMENTS:

“VimpelCom has delivered strong operational performance across all business units in the fourth quarter of 2011, driving organic revenue growth of 5%, stable EBITDA and strong cash flows of USD 1.8 billion in the period. The final dividend payment of USD 0.35 per common share underscores the Company’s commitment to pay annual dividends of at least USD 0.80 per common share from 2011 to 2014.

In Russia, we are implementing our plans to improve the business performance and we regained market share during the year, which we intend to maintain while increasing our focus on profitable growth. In Italy, we saw further market share increases in the mobile and fixed line segments. Data revenues grew strongly in both these markets and in the Ukraine. Our Africa & Asia business unit continued to deliver excellent subscriber growth and the CIS unit produced double digit revenue growth.

Our focus in 2012 will continue to be on the delivery of our Value Agenda and the 2011 results provide a good platform for profitable growth and improved cash flows. The process of integrating the businesses acquired in 2011 is now completed and in 2012 we expect to leverage the benefits of our increased size and capabilities.”

CONSOLIDATED FINANCIAL AND OPERATING HIGHLIGHTS (PRO FORMA)*

USD mln |  | 4Q11 |  |  | 4Q10 |  |  | YoY |  |  | FY11 |  |  | FY10 |  |  | YoY |
Net operating revenues |  |  | 5,878 |  |  |  | 5,633 |  |  |  | 4 | % |  |  | 23,464 |  |  |  | 21,828 |  |  |  | 7 | %
EBITDA |  |  | 2,200 |  |  |  | 2,266 |  |  |  | -3 | % |  |  | 9,363 |  |  |  | 9,284 |  |  |  | 1 | %
EBITDA margin |  |  | 37.4 | % |  |  | 40.2 | % |  |  |  |  |  |  | 39.9 | % |  |  | 42.5 | % |  |  |  |
EBIT |  |  | 240 |  |  |  | 691 |  |  |  | -65 | % |  |  | 3,171 |  |  |  | 3,779 |  |  |  | -16 | %
Capital expenditures** |  |  | 3,862 |  |  |  | 1,844 |  |  |  | 109 | % |  |  | 6,810 |  |  |  | 3,969 |  |  |  | 72 | %
Net cash from operating activities |  |  | 1,791 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net debt / LTM EBITDA |  |  | 2.6 |  |  |  | — |  |  |  |  |  |  |  | 2.6 |  |  |  | — |  |  |  |  |
Total mobile subscribers (millions) |  |  | 205 |  |  |  | 182 |  |  |  | 13 | % |  |  | 205 |  |  |  | 182 |  |  |  | 13 | %

* | Comparative figures are Pro forma - for pro forma definition see next page. For all other definitions see Attachment E.

** | Including licenses of USD 1.8 billion

VimpelCom Ltd. 4Q 2011 | 1

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CONSOLIDATED FINANCIAL AND OPERATING HIGHLIGHTS (ACTUAL)

USD mln |  | 4Q11 |  |  | 4Q10 |  |  | YoY |  |  | FY11 |  |  | FY10 |  |  | YoY |
Net operating revenues |  |  | 5,878 |  |  |  | 2,816 |  |  |  | 109 | % |  |  | 20,250 |  |  |  | 10,513 |  |  |  | 93 | %
EBITDA |  |  | 2,200 |  |  |  | 1,247 |  |  |  | 76 | % |  |  | 8,127 |  |  |  | 4,906 |  |  |  | 66 | %
EBITDA margin |  |  | 37.4 | % |  |  | 44.3 | % |  |  |  |  |  |  | 40.1 | % |  |  | 46.7 | % |  |  |  |
EBIT |  |  | 240 |  |  |  | 626 |  |  |  | -62 | % |  |  | 2,854 |  |  |  | 2,826 |  |  |  | 1 | %
Net income attributable to VimpelCom Ltd. |  |  | -386 |  |  |  | 461 |  |  |  | n.m. |  |  |  | 488 |  |  |  | 1,673 |  |  |  | -71 | %
EPS, basic (USD) |  |  | -0.24 |  |  |  | 0.34 |  |  |  | n.m. |  |  |  | 0.31 |  |  |  | 1.39 |  |  |  | -78 | %
Capital expenditures |  |  | 3,862 |  |  |  | 1,143 |  |  |  | 238 | % |  |  | 6,477 |  |  |  | 2,224 |  |  |  | 191 | %
Net cash from operating activities |  |  | 1,791 |  |  |  | 769 |  |  |  | 133 | % |  |  | 5,883 |  |  |  | 3,670 |  |  |  | 60 | %
Total mobile subscribers (millions) |  |  | 205 |  |  |  | 93 |  |  |  | 120 | % |  |  | 205 |  |  |  | 93 |  |  |  | 120 | %

ORGANIC* GROWTH REVENUE AND EBITDA (PRO FORMA)

|  | 4Q11 versus 4Q10 |  |  | FY11 versus FY10 |
USD mln |  | Revenue |  |  | EBITDA |  |  | Revenue |  |  | EBITDA |
Business Units |  | Organic |  |  | FX and others |  |  | Reported |  |  | Organic |  |  | FX and others |  |  | Reported |  |  | Organic |  |  | FX and others |  |  | Reported |  |  | Organic |  |  | FX and Others |  |  | Reported |
Russia |  |  | 9 | % |  |  | -1 | % |  |  | 8 | % |  |  | -5 | % |  |  | -3 | % |  |  | -8 | % |  |  | 7 | % |  |  | 4 | % |  |  | 11 | % |  |  | -7 | % |  |  | 3 | % |  |  | -4 | %
Europe & NA |  |  | -1 | % |  |  | -2 | % |  |  | -3 | % |  |  | -1 | % |  |  | -1 | % |  |  | -2 | % |  |  | 1 | % |  |  | 4 | % |  |  | 5 | % |  |  | -3 | % |  |  | 5 | % |  |  | 2 | %
Ukraine |  |  | 4 | % |  |  | -1 | % |  |  | 3 | % |  |  | -3 | % |  |  | -1 | % |  |  | -4 | % |  |  | 5 | % |  |  | -1 | % |  |  | 4 | % |  |  | 5 | % |  |  | -1 | % |  |  | 4 | %
Africa & Asia |  |  | 5 | % |  |  | -2 | % |  |  | 3 | % |  |  | 10 | % |  |  | -15 | %1) |  |  | -5 | % |  |  | 6 | % |  |  | -1 | % |  |  | 5 | % |  |  | 12 | % |  |  | -6 | %2) |  |  | 6 | %
CIS |  |  | 16 | % |  |  | 0 | % |  |  | 16 | % |  |  | 11 | % |  |  | 0 | % |  |  | 11 | % |  |  | 16 | % |  |  | 1 | % |  |  | 17 | % |  |  | 14 | % |  |  | 0 | % |  |  | 14 | %
Total |  |  | 5 | % |  |  | -1 | % |  |  | 4 | % |  |  | 1 | % |  |  | -4 | % |  |  | -3 | % |  |  | 4 | % |  |  | 3 | % |  |  | 7 | % |  |  | -1 | % |  |  | 2 | % |  |  | 1 | %

* | Organic growth excludes the effect of foreign currency movements and certain items like liquidations and disposals. For more information please see the definition of Organic growth Revenue and EBITDA in Attachment E.

1) | “Forex and others” effect of -15% consists of -4% due to unfavorable currency movements, -13% related to OTH’s headquarters, primarily a corporate contingent liability provision in Q411 and 2% attributable to disposals, mergers and acquisitions.

2) | “Forex and others” effect of -6% mainly consists of -3% effect related to OTH’s headquarters, primarily a corporate contingent liability provision in Q411 and -3% attributable to disposals, mergers and acquisitions.

PRESENTATION OF FINANCIAL RESULTS

Actual twelve months 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 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. Pro forma 2010 results as reported on August 18, 2011 have been adjusted to reflect the impact of the updated Purchase Price Allocation of Wind Telecom and the change in the amortization model. For more details see page 7.

VimpelCom Ltd. consolidated results presented in this earnings release are based on US GAAP. The results of Business Units Europe & North America and Africa & Asia, excluding SEA, are based on IFRS. The correction to US GAAP of these business units has been made at the 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.

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, and the 4Q11 figure exclude the Purchase Price Allocation catch-up, which is described in more detail on page 7.

The actual 2011 full year financial results in this press release have not been audited. As previously announced, the Company intends to publish its full year 2011 audited financial results under IFRS and the Company plans to do this when it files its annual report on Form 20-F for the year ended December 31, 2011. Going forward, the Company will publish its financial results according to IFRS.

VimpelCom Ltd. 4Q 2011 | 2

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STRATEGIC UPDATE

| • |  | Announced Value Agenda for 2012-2014 at Analyst & Investor Day

| • |  | Spin-off of certain OTH assets completed in February 2012

| • |  | Integration of Wind Telecom completed

| • |  | Revenue and EBITDA objective for 2012 to 2014 CAGR of around mid single digit

VimpelCom continued its progress in the fourth quarter against its strategic priorities, highlighted by the presentation on November 15, 2011 of the Company’s Value Agenda for 2012-2014.

The Value Agenda is focused on improving the net cash from operating activities by delivering

| • |  | Profitable growth,

| • |  | Operational excellence, and

| • |  | Capital efficiency

VimpelCom’s objectives* for the period 2012 - 2014 are:

| • |  | Revenue and EBITDA CAGR of around mid single digits,

| • |  | Net Debt / EBITDA below 2x by the end of 2014, and

| • |  | Capex / Revenues, excluding licenses, below 15% by the end of 2014.

In Russia, for example, VimpelCom is implementing an operational excellence program that aims to deliver at least RUR 5 billion in cost savings in 2012. The program includes the following projects:

| • |  | Network sharing and outsourcing initiatives to decrease network maintenance costs,

| • |  | Optimized structure of dealer commissions,

| • |  | Optimized cash collection, and

| • |  | Increasing productivity through organizational structure optimization.

In addition, VimpelCom launched a customer experience program in Russia, which is focused on enhancing the Beeline brand and improving customer loyalty and actively managing churn.

Part of the Value Agenda 2012-2014 is formed by a strategic portfolio analysis. Following a detailed business plan review of our operations in Vietnam and Cambodia, we have booked an impairment of 527 million dollars.

* | The above objectives assume constant currency movements, no major regulatory changes, current asset portfolio mix and a stable macroeconomic environment.

The Company decided not to exercise its call option to acquire an additional 24.95% stake in Euroset Holding N.V. (“Euroset”). VimpelCom owns 49.9% of the Euroset group since October 2008. VimpelCom’s partnership with Euroset has been and will continue to be a substantial part of VimpelCom’s distribution strategy in the Russian market.

The Group secured a revolving credit facility of approximately USD 500 million for VimpelCom Amsterdam B.V. and a separate revolving credit facility of approximately USD 475 million for OJSC Vimpel-Communications (“OJSC VimpelCom”). These credit facilities are in line with the overall Group strategy to provide the Company with increased flexibility in managing its cash levels and will be used for general corporate purposes.

The program to capture synergies of at least USD 2.5 billion in NPV is finalized, and the last step of implementation will take place in 2012 and 2013.

The organizational integration process was completed at the end of 2011, allowing VimpelCom to start 2012, with the full focus on delivering on the Company’s Value Agenda. The newly appointed Deputy CEO & COO, Jan Edvard Thygesen, will have the operational responsibility for liaising directly with the business unit operations and focusing on operational excellence as part of the Value Agenda.

Effective January 16, 2012 Anton Kudryashov started as the new Head of the Business Unit Russia, and his task will be to focus on the execution of the Value Agenda in that Business Unit.

In February 2012, VimpelCom completed the spin-off of certain assets of OTH to Weather Investments II S.à r.l. (“Weather II”). The principal spin-off assets include OTH’s investments in ECMS and Mobinil in Egypt and koryolink in North Korea. The completion of the spin-off of these assets fulfills VimpelCom’s spin-off obligations in connection with its acquisition of Wind Telecom S.p.A. from Weather II.

In February 2012, the arbitration regarding the pre-emptive rights related to the Wind Telecom transaction was withdrawn.

VimpelCom Ltd. 4Q 2011 | 3

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DIVIDEND

In line with the stated dividend guideline** to pay at least USD 0.80 per common share in 2011 - 2014, the Supervisory Board of VimpelCom declared the payment of a final dividend of USD 0.35 per American depositary share (“ADS”) in relation to its 2011 results. Each ADS represents one common share. The total final dividend payment will be approximately USD 570 million. This brings the total dividend in relation to the 2011 results to USD 0.80 per ADS, equivalent to USD 1.3 billion.

The record date for the Company’s shareholders entitled to receive the final dividend has been set for June 1, 2012. The ex-dividend date is May 30, 2012. 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 June 30, 2012.

** | For a full dividend guideline please refer to www.vimpelcom.com

VimpelCom Ltd. 4Q 2011 | 4

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VIMPELCOM GROUP – FINANCIAL AND OPERATING RESULTS 4Q11

| • |  | Total mobile subscriber base increased by 13% YoY to 205 million

| • |  | Organic revenue growth of 5% YoY; revenues of USD 5.9 billion

| • |  | EBITDA, at constant currency, was stable YoY at USD 2.2 billion

| • |  | Net cash from operating activities was USD 1.8 billion

| • |  | Actual Net income attributable to VimpelCom Ltd. was USD 386 million negative, mainly impacted by non-cash items related to PPA and impairments of USD 437 million

| • |  | CAPEX excl. licenses of USD 2.1 billion; incl. licenses USD 3.9 billion

| • |  | Net debt / LTM EBITDA was 2.6x at the end of the fourth quarter

OPERATING PERFORMANCE OVERVIEW

The total mobile subscriber base increased 13% YoY to 205 million by the end of the fourth quarter. The largest absolute contribution came from accelerated growth in subscribers in the Africa & Asia Business Unit. The Company also achieved strong growth in fixed and mobile broadband in Russia, Italy and Ukraine.

In Russia, the subscriber growth rate decreased in the fourth quarter compared to the third quarter, in line with the announced strategy to focus on profitable growth. Mobile broadband subscribers in Russia increased 32% YoY to 2.5 million and fixed broadband subscribers grew 46% YoY to almost 2.1 million.

The Company’s Italian business continued to outperform the broader Italian telecom market in the fourth quarter despite the ongoing weak macroeconomic environment and unfavorable regulatory developments. VimpelCom strengthened its market position in Italy in both mobile and fixed-line, increasing its revenue share in both segments. The fixed broadband subscriber base increased 12% YoY to more than 2.1 million, with an increase in Fixed Broadband

revenues of 21% YoY, while Mobile broadband revenues increased 43% YoY.

In the Africa & Asia Business Unit, the Company achieved strong growth in its subscriber base across all countries of operation, exceeding 82 million in total. Solid performance across the main operations led to organic revenue growth of 5% YoY. Reported net operating revenues increased by 3% YoY, adversely impacted by local currency devaluation against the USD in the main operating countries of Algeria, Pakistan and Bangladesh, as well as the liquidation of the handset business of “Ring”.

The Ukraine Business Unit continued to deliver healthy top line revenue growth in mobile and fixed data revenues and doubled its fixed line broadband subscribers. Mobile data revenue grew 12% YoY to UAH 218 million driven by increased usage of data services in USB modem offers and within the new bundled tariff plans.

The CIS Business Unit delivered double digit revenue growth in all of its markets with the exception of Armenia, and was able to maintain high quality subscriber growth.

OPERATING FINANCIALS PER BUSINESS UNIT (PRO FORMA)

USD mln |  | 4Q11 |  |  | 4Q10 |  |  | YoY |  |  | FY11 |  |  | FY10 |  |  | YoY |
Net operating revenues |  |  | 5,878 |  |  |  | 5,633 |  |  |  | 4 | % |  |  | 23,464 |  |  |  | 21,828 |  |  |  | 7 | %
of which: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BU Russia |  |  | 2,274 |  |  |  | 2,102 |  |  |  | 8 | % |  |  | 9,064 |  |  |  | 8,162 |  |  |  | 11 | %
BU Europe & North America |  |  | 1,924 |  |  |  | 1,988 |  |  |  | -3 | % |  |  | 7,771 |  |  |  | 7,407 |  |  |  | 5 | %
BU Africa & Asia |  |  | 922 |  |  |  | 895 |  |  |  | 3 | % |  |  | 3,719 |  |  |  | 3,553 |  |  |  | 5 | %
BU Ukraine |  |  | 417 |  |  |  | 404 |  |  |  | 3 | % |  |  | 1,641 |  |  |  | 1,575 |  |  |  | 4 | %
BU CIS |  |  | 419 |  |  |  | 362 |  |  |  | 16 | % |  |  | 1,589 |  |  |  | 1,354 |  |  |  | 17 | %
Other |  |  | -78 |  |  |  | -118 |  |  |  |  |  |  |  | -320 |  |  |  | -223 |  |  |  |  |
EBITDA |  |  | 2,200 |  |  |  | 2,266 |  |  |  | -3 | % |  |  | 9,363 |  |  |  | 9,284 |  |  |  | 1 | %
of which: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BU Russia |  |  | 844 |  |  |  | 913 |  |  |  | -8 | % |  |  | 3,641 |  |  |  | 3,775 |  |  |  | -4 | %
BU Europe & North America |  |  | 671 |  |  |  | 682 |  |  |  | -2 | % |  |  | 2,727 |  |  |  | 2,670 |  |  |  | 2 | %
BU Africa & Asia |  |  | 321 |  |  |  | 337 |  |  |  | -5 | % |  |  | 1,566 |  |  |  | 1,471 |  |  |  | 6 | %
BU Ukraine |  |  | 209 |  |  |  | 217 |  |  |  | -4 | % |  |  | 873 |  |  |  | 838 |  |  |  | 4 | %
BU CIS |  |  | 171 |  |  |  | 155 |  |  |  | 11 | % |  |  | 703 |  |  |  | 615 |  |  |  | 14 | %
Other |  |  | -16 |  |  |  | -38 |  |  |  |  |  |  |  | -147 |  |  |  | -85 |  |  |  |  |
EBITDA margin |  |  | 37.4 | % |  |  | 40.2 | % |  |  |  |  |  |  | 39.9 | % |  |  | 42.5 | % |  |  |  |
CAPEX |  |  | 3,862 |  |  |  | 1,844 |  |  |  | 109 | % |  |  | 6,810 |  |  |  | 3,969 |  |  |  | 72 | %

* | See definitions in Attachment E.

VimpelCom Ltd. 4Q 2011 | 5

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FINANCIAL PERFORMANCE OVERVIEW

PRO FORMA 4Q11

Total net operating revenues in the fourth quarter 2011 increased by 4% YoY, with strong performance across most business units. Overall underlying organic revenue growth was 5%.

Unfavorable currency movements led to a decline of 3% in EBITDA YoY. Excluding these forex effects, EBITDA was stable compared to the same period last year. Solid organic EBITDA growth was seen in emerging markets of the business units of CIS and Africa & Asia, up 11% and 10% respectively. In the Europe & North America Business Unit EBITDA excluding forex remained stable. Overall growth was offset by the YoY organic decline in Russia and Ukraine business units.

CAPEX stood at USD 2.1 billion, excluding licenses, with investments in the further roll out of the mobile networks in Russia, Bangladesh, Pakistan and the CIS. In Italy, we continued to invest in the roll-out of HSDPA and in the backbone capacity to support the growth in data. Including licenses CAPEX was USD 3.9 billion, due to investments related to the LTE frequencies in Italy and 2G license renewal in Bangladesh. The 2G license renewal fee in Bangladesh was booked as accrued (accounting) CAPEX since the company received the title for the license while the payment will be made in installments. The actual amount paid in Q4 was USD 118 million and the remaining part of approximately USD 138 million is deferred. The LTE license fee in Italy was booked for an amount of

approximately EUR 1.1 billion. It was fully funded by using cash available at the Company of EUR 0.2 billion, a bridge facility of EUR 0.5 billion and a loan provided by the government of EUR 0.4 billion.

ACTUAL 4Q11

On an actual basis, revenues more than doubled YoY and EBITDA increased by 76% YoY as a result of the combination with Wind Telecom in April 2011.

EBIT declined by 62% over the same period of 2010 due to the impairments in the South-East Asia region and the impact of the Purchase Price Allocation (“PPA”).

Net income from continuing operations was also negatively impacted by the aforementioned non-cash items for a total amount of USD 652 million and by higher interest expenses, resulting from higher gross debt after the acquisition of Wind Telecom. Forex and other losses, mainly due to unrealized forex losses of USD 110 million and fair value adjustments of USD 147 million, also added to the decline in Net Income.

The unrealized forex loss of USD 110 million is mainly attributable to USD 61 million of depreciation of the EUR against the USD and USD 34 million due to the devaluation of the BDT (Bangladesh Taka) against the USD.

|  | Actual |  |  | Actual |
USD mln |  | 4Q11 |  |  | 4Q10 |  |  | YoY |  |  | FY11 |  |  | FY10 |  |  | YoY |
Net Operating Revenues |  |  | 5,878 |  |  |  | 2,816 |  |  |  | 109 | % |  |  | 20,250 |  |  |  | 10,513 |  |  |  | 93 | %
EBITDA |  |  | 2,200 |  |  |  | 1,247 |  |  |  | 76 | % |  |  | 8,127 |  |  |  | 4,906 |  |  |  | 66 | %
EBITDA margin |  |  | 37.4 | % |  |  | 44.3 | % |  |  |  |  |  |  | 40.1 | % |  |  | 46.7 | % |  |  |  |
EBIT |  |  | 240 |  |  |  | 626 |  |  |  | -62 | % |  |  | 2,854 |  |  |  | 2,826 |  |  |  | 1 | %
Financial income and expenses |  |  | -480 |  |  |  | -126 |  |  |  | 281 | % |  |  | -1,530 |  |  |  | -484 |  |  |  | 216 | %
Net foreign exchange (loss)/gain and others |  |  | -321 |  |  |  | 14 |  |  |  | n.m. |  |  |  | -574 |  |  |  | -15 |  |  |  | n.m. |
Income tax expense |  |  | -111 |  |  |  | -44 |  |  |  | 152 | % |  |  | -578 |  |  |  | -606 |  |  |  | -5 | %
Net income from continuing operations |  |  | -672 |  |  |  | 470 |  |  |  | n.m. |  |  |  | 172 |  |  |  | 1,721 |  |  |  | -90 | %
Net income attributable to VimpelCom Ltd. |  |  | -386 |  |  |  | 461 |  |  |  | n.m. |  |  |  | 488 |  |  |  | 1,673 |  |  |  | -71 | %
Capital expenditures |  |  | 3,862 |  |  |  | 1,143 |  |  |  | 238 | % |  |  | 6,477 |  |  |  | 2,224 |  |  |  | 191 | %

VimpelCom Ltd. 4Q 2011 | 6

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STATEMENT OF FINANCIAL POSITION & CASH FLOW (ACTUAL)

USD mln |  | 4Q11 |  |  | 3Q11 |  |  | QoQ |  |  | FY11 |  |  | FY10 |  |  | YoY |
Total assets |  |  | 54,476 |  |  |  | 55,999 |  |  |  | -3 | % |  |  | 54,476 |  |  |  | 19,928 |  |  |  | 173 | %
Shareholders’ equity |  |  | 14,042 |  |  |  | 15,226 |  |  |  | -8 | % |  |  | 14,042 |  |  |  | 10,671 |  |  |  | 32 | %
Gross debt |  |  | 27,037 |  |  |  | 26,004 |  |  |  | 4 | % |  |  | 27,037 |  |  |  | 5,661 |  |  |  | 378 | %
Net debt |  |  | 24,373 |  |  |  | 22,261 |  |  |  | 9 | % |  |  | 24,373 |  |  |  | 4,740 |  |  |  | 414 | %
|  | 4Q11 |  |  | 4Q10 |  |  | YoY |  |  | FY11 |  |  | FY10 |  |  | YoY |
Net cash from operating activities |  |  | 1,791 |  |  |  | 769 |  |  |  | 133 | % |  |  | 5,883 |  |  |  | 3,670 |  |  |  | 60 | %
Net cash used in/(from) investing activities |  |  | 3,424 |  |  |  | 866 |  |  |  | 295 | % |  |  | 6,723 |  |  |  | 1,347 |  |  |  | 399 | %
Net cash used in/(provided) financing activities |  |  | -674 |  |  |  | 1,481 |  |  |  | n.m. |  |  |  | -2,582 |  |  |  | 2,864 |  |  |  |  |

Total assets increased by 173% to USD 54.5 billion, primarily as a result of the acquisition of Wind Telecom in April, 2011. Gross debt increased in the quarter from USD 26.0 billion to USD 27.0 billion, mainly due to the financing of the LTE license in Italy. Net debt was USD 24.4 billion, leading to a net debt to FY11 EBITDA of 2.6x on a pro forma basis at the end of the year.

Net cash from operating activities at the Group level was positively impacted by the strong cash flow generation from the operating activities.

Net cash from investing activities was mainly impacted by the investments in LTE licenses in Italy and payments for extensions of 2G licenses in Bangladesh coupled with the higher investments in property and equipment and the consolidation of Wind Telecom.

Net cash used in financing activities in 4Q11 was mainly the result of payments of dividends and obtaining external financing for license acquisitions.

NON-CASH ITEMS IN 4Q11 AND FY11

IMPAIRMENTS

On a regular basis the Company performs an impairment test per cash generating unit. Following a detailed business plan review of our operations in Vietnam and Cambodia, we have booked an impairment of 527 million dollars.

PURCHASE PRICE ALLOCATION

During the fourth quarter of 2011, the Company further refined the Purchase Price Allocation (‘PPA’) with regards to the acquisition of Wind Telecom as is a standard requirement under applicable accounting standards. With the PPA the purchase price is allocated to the Wind Telecom assets acquired and liabilities assumed based on their estimated fair values. Any difference between the purchase consideration transferred to the former owners of Wind Telecom, and the estimated net fair values of the assets

acquired and liabilities assumed has been recognized as goodwill. The PPA is still subject to further revisions.

With the further update of the Purchase Price Allocation of Wind Telecom (“PPA”) and the finalization of the valuation of the acquired Wind Telecom intangible assets the Company adjusted retroactively the linear amortization model towards a model based on value contribution for the customer relationships. With this change benefits and costs are better matched. Effectively, this means that there will be higher amortization in the earlier years and lower in the later years. The catch-up effect of this adjustment has, based on the applicable accounting rules, been retroactively adjusted to Q2 and Q3, negatively impacting Net Income from continuing operations for USD 45 million and USD 82 million respectively.

IMPAIRMENT AND IMPACT OF PPA (ACTUAL)

|  | 4Q11 Actual |  |  | FY11 Actual |
|  | Reported |  |  | PPA impact |  |  | Impairment |  |  | Excluding non-cash items |  |  | Reported |  |  | PPA impact |  |  | Impairment |  |  | Excluding non-cash items |
Net operating revenues |  |  | 5,878 |  |  |  |  |  |  |  |  |  |  |  | 5,878 |  |  |  | 20,250 |  |  |  |  |  |  |  |  |  |  |  | 20,250 |
EBITDA |  |  | 2,200 |  |  |  |  |  |  |  |  |  |  |  | 2,200 |  |  |  | 8,127 |  |  |  |  |  |  |  |  |  |  |  | 8,127 |
Depreciation/ Amortization/Other |  |  | -1,960 |  |  |  | 286 |  |  |  | 527 |  |  |  | -1,147 |  |  |  | -5,273 |  |  |  | 859 |  |  |  | 527 |  |  |  | -3,887 |
EBIT |  |  | 240 |  |  |  | 286 |  |  |  | 527 |  |  |  | 1,053 |  |  |  | 2,854 |  |  |  | 859 |  |  |  | 527 |  |  |  | 4,240 |
Tax |  |  | -111 |  |  |  | -69 |  |  |  |  |  |  |  | -180 |  |  |  | -578 |  |  |  | -207 |  |  |  |  |  |  |  | -785 |
Financial income / expenses |  |  | -480 |  |  |  | -33 |  |  |  |  |  |  |  | -513 |  |  |  | -1,530 |  |  |  | -98 |  |  |  |  |  |  |  | -1,628 |
FX and Other |  |  | -321 |  |  |  | -59 |  |  |  |  |  |  |  | -380 |  |  |  | -574 |  |  |  | -177 |  |  |  |  |  |  |  | -751 |
Net income from continuing operations |  |  | -672 |  |  |  | 125 |  |  |  | 527 |  |  |  | -20 |  |  |  | 172 |  |  |  | 377 |  |  |  | 527 |  |  |  | 1,076 |
Net income attributable to VimpelCom Ltd. |  |  | -386 |  |  |  | 79 |  |  |  | 358 |  |  |  | 51 |  |  |  | 488 |  |  |  | 240 |  |  |  | 358 |  |  |  | 1,087 |

VimpelCom Ltd. 4Q 2011 | 7

##### Table of Contents

VIMPELCOM GROUP – FINANCIAL RESULTS FULL YEAR 2011

| • |  | Revenues up 7% YoY to USD 23.5 billion

| • |  | EBITDA increased 1% to USD 9.4 billion

| • |  | Actual Net Income attributable to VimpelCom Ltd. of USD 488 million

| • |  | CAPEX excl. licenses of USD 5.0 billion; incl. licenses USD 6.8 billion

| • |  | Net cash from operating activities was USD 5.9 billion

PRO FORMA FY 11

Total net operating revenues in 2011 increased by 7% YoY, with strong performance across all business units. Overall organic revenue growth was 4%. In Russia, revenues increased by 11% in USD terms and 7% in local currency. In Italy, revenues in USD increased by 5% and in local currency increased by only 1%. The Ukraine Business Unit delivered growth of 4% in USD and 5% in local currency. The Africa & Asia Business Unit reported organic revenue growth of 6%. Lastly, CIS continued to achieve strong performance with a revenue increase of 17%.

EBITDA increased by 1% demonstrating solid performance in most Business Units. Strong organic EBITDA growth was seen in emerging markets of the business units of CIS and Africa & Asia, up 14% and 12% respectively. In the Europe & North America business unit EBITDA increased 2% in USD terms and declined by 3% in local currency. The Ukraine business unit EBITDA increased by 5% in local currency. Overall growth was partially offset by the decline in the Russia business unit.

CAPEX stood at USD 5.0 billion, excluding licenses, with investments in the further roll out of the mobile networks in Russia, Bangladesh, Pakistan and the CIS. Including licenses CAPEX was USD 6.8 billion, with investments related to the LTE frequencies in Italy, 2G license renewal in Bangladesh and 3G licenses in Laos and Uzbekistan for a total amount of USD 1.8 billion.

ACTUAL FY 11

On an actual basis, revenues almost doubled YoY and EBITDA increased by 66% YoY as a result of the combination with Wind Telecom in April in 2011. Net Income attributable to VimpelCom Ltd. declined by 71% over the same period of 2010 mainly due to non-cash items, such as impairments in the South-East Asia region, the impact of the PPA, unrealized forex losses, remeasurement of certain investments and derivatives and the ineffective portion of fair value hedges. See also page 7 for further details.

|  | Actual |  |  | Pro forma |
USD mln |  | FY11 |  |  | FY10 |  |  | YoY |  |  | FY11 |  |  | FY10 |  |  | YoY |
Net operating revenues |  |  | 20,250 |  |  |  | 10,513 |  |  |  | 93 | % |  |  | 23,464 |  |  |  | 21,828 |  |  |  | 7 | %
EBITDA |  |  | 8,127 |  |  |  | 4,906 |  |  |  | 66 | % |  |  | 9,363 |  |  |  | 9,284 |  |  |  | 1 | %
EBITDA margin |  |  | 40.1 | % |  |  | 46.7 | % |  |  |  |  |  |  | 39.9 | % |  |  | 42.5 | % |  |  |  |
EBIT |  |  | 2,854 |  |  |  | 2,826 |  |  |  | 1 | % |  |  | 3,171 |  |  |  | 3,779 |  |  |  | -16 | %
Financial income and expenses |  |  | -1,530 |  |  |  | -484 |  |  |  | 216 | % |  |  | -1,993 |  |  |  | -2,084 |  |  |  | -4 | %
Net foreign exchange (loss)/gain and others |  |  | -574 |  |  |  | -15 |  |  |  | n.a. |  |  |  | -497 |  |  |  | -395 |  |  |  | 26 | %
Income tax expense |  |  | -578 |  |  |  | -606 |  |  |  | -5 | % |  |  | -623 |  |  |  | -836 |  |  |  | -25 | %
Net income from continuing operations |  |  | 172 |  |  |  | 1,721 |  |  |  | -90 | % |  |  | 58 |  |  |  | 464 |  |  |  | -88 | %
Net income attributable to VimpelCom Ltd. |  |  | 488 |  |  |  | 1,673 |  |  |  | -71 | % |  |  | 324 |  |  |  | 309 |  |  |  | 5 | %
EPS, basic (USD) |  |  | 0.31 |  |  |  | 1.39 |  |  |  | -78 | % |  |  | 0.18 |  |  |  | 0.20 |  |  |  | -10 | %
Capital expenditures |  |  | 6,477 |  |  |  | 2,224 |  |  |  | 191 | % |  |  | 6,810 |  |  |  | 3,969 |  |  |  | 72 | %

ORGANIC REVENUE AND EBITDA GROWTH FY11 VERSUS FY10 (PRO FORMA)

USD mln |  | Revenue |  |  | EBITDA |
Business Units |  | Organic |  |  | FX and others |  |  | Reported |  |  | Organic |  |  | FX and others |  |  | Reported |
Russia |  |  | 7 | % |  |  | 4 | % |  |  | 11 | % |  |  | -7 | % |  |  | 3 | % |  |  | -4 | %
Europe & NA |  |  | 1 | % |  |  | 4 | % |  |  | 5 | % |  |  | -3 | % |  |  | 5 | % |  |  | 2 | %
Ukraine |  |  | 5 | % |  |  | -1 | % |  |  | 4 | % |  |  | 5 | % |  |  | -1 | % |  |  | 4 | %
Africa & Asia |  |  | 6 | % |  |  | -1 | % |  |  | 5 | % |  |  | 12 | % |  |  | -6 | %* |  |  | 6 | %
CIS |  |  | 16 | % |  |  | 1 | % |  |  | 17 | % |  |  | 14 | % |  |  | 0 | % |  |  | 14 | %
Total |  |  | 4 | % |  |  | 3 | % |  |  | 7 | % |  |  | -1 | % |  |  | 2 | % |  |  | 1 | %

* | “Forex and others” effect of -6% mainly consists of -3% effect related to OTH’s headquarters, primarily a corporate contingent liability provision in Q411 and -3% attributable to disposals, mergers and acquisitions.

VimpelCom Ltd. 4Q 2011 | 8

##### Table of Contents

BUSINESS UNITS PERFORMANCE IN 4Q11

| • |  | Russia

| • |  | Europe and North America

| • |  | Africa & Asia

| • |  | Ukraine

| • |  | CIS

VimpelCom Ltd. 4Q 2011 | 9

##### Table of Contents

BUSINESS UNIT RUSSIA – FINANCIAL AND OPERATING RESULTS

| • |  | Strong growth in mobile subscribers with a substantial increase in mobile broadband subscribers

| • |  | Solid revenue growth of 10% YoY

| • |  | Double digit revenue increase in Mobile and fixed broadband

| • |  | 4Q11 EBITDA margin at 37.1% impacted by price adjustments, revenue mix and cost increases

| • |  | FY11 EBITDA margin at 40.1%, with a mobile margin of 42.8%

In Russia, the subscriber growth rate decreased in the fourth quarter compared to the third quarter, in line with the announced strategy to focus on profitable growth. In 4Q11, the results of the Russia Business Unit were still impacted by the investments in previous quarters aiming at growing the subscriber base in both the fixed and mobile segments. Revenues increased substantially as a result, but pressure on EBITDA margins continued.

In 4Q11, however the first signs of stabilization and improvement were visible in the YoY increase in the absolute gross margin recorded in the fourth quarter, improving over the previous quarters trend in 2011. VimpelCom is now implementing a new dealer commission structure, based on revenue sharing instead of upfront payments. As previously communicated, the Company is also in the process of implementing its RUR 5 billion operational excellence program and is on track to reach the targeted savings in 2012. In line with the announced strategy, VimpelCom intends to drive profitable growth in the Russian market through a number of initiatives including the following projects:

| • |  | Network sharing, like fiber and towers,

| • |  | Improve efficiency in network operations through closer cooperation with vendors,

| • |  | Improve sales efficiency through focus on optimal sales mix for each sales channel,

| • |  | Optimize cash collection, and

| • |  | Increasing productivity through organizational structure optimization.

VimpelCom has also launched a customer experience program in Russia, which is focused on enhancing the Beeline brand and improving customer loyalty. To improve profitability, the Company is promoting higher margin data service revenue streams and rebalancing tariff plans in favor of on-net calls.

KEY DEVELOPMENTS 4Q11

| • |  | Mobile subscriber base grew 10% YoY to 57.2 million, while mobile broadband subscribers increased 32% YoY to 2.5 million.

| • |  | Total revenues continued to accelerate with 10% YoY growth to RUR 71.0 billion. Mobile revenues increased 10% YoY due to an increase in voice, data and sales of devices.

| • |  | Mobile data revenue was up 41% YoY. The Company believes this is one of the most promising growth drivers in Russia and continues its efforts to enhance smartphone penetration and stimulate data usage. Mobile data traffic grew 183% YoY.

| • |  | Fixed-line revenues increased 12% YoY driven by continuing growth in fixed broadband revenues, up 57% YoY. Together with mobile data, this segment is rapidly becoming an increasingly important contributor to revenue.

| • |  | Fixed broadband subscribers increased to more than 2 million, up 46% YoY.

| • |  | Total EBITDA margin decreased in 4Q11 to 37.1%. The decline was due to APPM reduction driven by competition, growth in low-margin handset sales and a write-off of obsolete handset inventory of approximately RUR 300 million, as well as forex impact costs related to calls to the CIS countries.

| • |  | Full year 2011 EBITDA margin was in line with previously communicated management expectations.

| • |  | In 4Q11, VimpelCom optimized its tariff portfolio by improving the traffic mix and stimulating data services usage and continued to ramp up the operational excellence program aimed at curtailing costs in sales and marketing expenses, technical and IT.

| • |  | In 4Q11, capex increased by 2% YoY focused on improving and further extending network quality and coverage. As of the end of 2011, IPTV service was provided in 34 cities with an active subscriber base of 570 thousand. The Company will continue to invest in the 3G network development to match its main competitors in VimpelCom’s 43 key regions.

VimpelCom Ltd. 4Q 2011 | 10

##### Table of Contents

RUSSIA KEY INDICATORS

RUR mln |  | 4Q11 |  |  | 4Q10 |  |  | YoY |  |  | FY11 |  |  | FY10 |  |  | YoY |
Net operating revenues |  |  | 71,022 |  |  |  | 64,552 |  |  |  | 10 | % |  |  | 266,087 |  |  |  | 247,923 |  |  |  | 7 | %
Total operating expenditures |  |  | 44,664 |  |  |  | 36,526 |  |  |  | 22 | % |  |  | 159,406 |  |  |  | 133,302 |  |  |  | 20 | %
EBITDA |  |  | 26,358 |  |  |  | 28,026 |  |  |  | -6 | % |  |  | 106,681 |  |  |  | 114,621 |  |  |  | -7 | %
EBITDA margin |  |  | 37.1 | % |  |  | 43.4 | % |  |  |  |  |  |  | 40.1 | % |  |  | 46.2 | % |  |  |  |
Capex |  |  | 25,318 |  |  |  | 24,842 |  |  |  | 2 | % |  |  | 59,795 |  |  |  | 47,631 |  |  |  | 26 | %
Capex / revenues |  |  | 36 | % |  |  | 38 | % |  |  |  |  |  |  | 22 | % |  |  | 19 | % |  |  |  |
Mobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mobile net operating revenues |  |  | 59,012 |  |  |  | 53,828 |  |  |  | 10 | % |  |  | 221,534 |  |  |  | 207,338 |  |  |  | 7 | %
- of which mobile data |  |  | 5,118 |  |  |  | 3,619 |  |  |  | 41 | % |  |  | 17,604 |  |  |  | 13,021 |  |  |  | 35 | %
Mobile EBITDA |  |  | 23,253 |  |  |  | 24,993 |  |  |  | -7 | % |  |  | 94,719 |  |  |  | 103,084 |  |  |  | -8 | %
Mobile EBITDA margin |  |  | 39.4 | % |  |  | 46.4 | % |  |  |  |  |  |  | 42.8 | % |  |  | 49.7 | % |  |  |  |
Mobile subscribers (’000) |  |  | 57,224 |  |  |  | 52,020 |  |  |  | 10 | % |  |  |  |  |  |  |  |  |  |  |  |
- of which mobile broadband (’000) |  |  | 2,538 |  |  |  | 1,927 |  |  |  | 32 | % |  |  |  |  |  |  |  |  |  |  |  |
Mobile ARPU (RUR) |  |  | 327 |  |  |  | 333 |  |  |  | -2 | % |  |  |  |  |  |  |  |  |  |  |  |
MOU |  |  | 259 |  |  |  | 228 |  |  |  | 14 | % |  |  |  |  |  |  |  |  |  |  |  |
Fixed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-line net operating revenues |  |  | 12,009 |  |  |  | 10,724 |  |  |  | 12 | % |  |  | 44,554 |  |  |  | 40,585 |  |  |  | 10 | %
Fixed-line EBITDA |  |  | 3,105 |  |  |  | 3,033 |  |  |  | 2 | % |  |  | 11,962 |  |  |  | 11,537 |  |  |  | 4 | %
Fixed-line EBITDA margin |  |  | 25.9 | % |  |  | 28.3 | % |  |  |  |  |  |  | 26.8 | % |  |  | 28.4 | % |  |  |  |
Fixed-line broadband revenues |  |  | 2,564 |  |  |  | 1,638 |  |  |  | 57 | % |  |  | 8,676 |  |  |  | 5,687 |  |  |  | 53 | %
Fixed line broadband subscribers (’000) |  |  | 2,073 |  |  |  | 1,421 |  |  |  | 46 | % |  |  |  |  |  |  |  |  |  |  |  |
Fixed line broadband ARPU (RUR) |  |  | 432 |  |  |  | 403 |  |  |  | 7 | % |  |  |  |  |  |  |  |  |  |  |  |

VimpelCom Ltd. 4Q 2011 | 11

##### Table of Contents

BUSINESS UNIT EUROPE & NA - FINANCIAL AND OPERATING RESULTS ITALY

| • |  | Continued relative outperformance in Italy with 2% underlying revenue growth, excl. MTR impact

| • |  | Stable EBITDA, leading to margin expansion to 37.4%

| • |  | Solid subscriber growth across all market segments: mobile subscribers up 5%, fixed voice subscribers up 5% and fixed broadband subscribers up 12%

| • |  | Impressive mobile data growth with mobile Internet revenues up 43%; mobile data ARPU increased 14%

| • |  | Strong Fixed-line broadband performance with revenues up 21% and fixed Broadband ARPU increasing 7%

In Italy, WIND continued to outperform the market in the fourth quarter of 2011 despite ongoing competitive pressure, regulatory headwinds and macroeconomic uncertainties in the period. The marginal decline in service revenues, mainly caused by the 26% cut in mobile termination rate in July 2011, was fully offset by operational excellence cost initiatives and certain one-off items, which resulted in a stable EBITDA over 4Q10.

WIND’s mobile data offerings continued to deliver strong results in 4Q11 with Mobile Internet revenues increasing by over 43% YoY, as a result of growing penetration of smartphones, tablets and data dongles. Messaging revenues delivered a solid 13% growth YoY. With an HSDPA population coverage on par with its main competitors WIND is well positioned to benefit from expected data growth in the coming years, and the LTE spectrum secured in September will enable WIND to effectively compete in this market.

In fixed-line, the Italian market returned to a normal subscriber growth trend after a slowdown in 3Q11 mainly caused by customer base clean-ups amongst certain competitors. WIND saw strong growth in consumer service revenues, up 8%, which were however offset by a decrease in corporate service revenues. WIND’s fixed Broadband business continued to deliver strong performance in 4Q11 with revenues increasing 21% YoY while fixed-line voice revenues in the quarter remained stable.

KEY DEVELOPMENTS 4Q11

| • |  | Total revenues decreased in 4Q11 by 1.5% YoY to EUR 1,424 million with an underlying growth (excl. MTR cut) of 2%

| • |  | Mobile service revenues in 4Q11 declined 2.3% as a result of MTR cut, net of which service revenues would have increased 2.5%; fixed-line service revenues in the quarter declined marginally (-0.7% YoY)

| • |  | EBITDA reached EUR 533 million in 4Q11, stable YoY, delivering a solid overall margin of 37.4%. Both mobile and fixed line EBITDA were stable YoY in absolute terms, resulting in margins of 43.6% and 20.9%, respectively

| • |  | Capex in 4Q11, excluding LTE spectrum, reached EUR 389 million bringing the total for 2011 to EUR 995 million; investments were dedicated to expanding coverage and capacity on the HSDPA mobile network, to LLU sites unbundling and backhauling capacity to support the strong growth in data.

| • |  | WIND continued to deliver solid subscriber growth in the mobile segment in 4Q11 with its customer base increasing 5% to over 21 million driven by the success of bundle offerings and growth in Mobile broadband, which saw subscribers increase by 13% YoY.

| • |  | Mobile Data ARPU increased by 14% in 4Q11 to €3.8, as a result of solid growth in traditional data and Mobile Internet, reaching 25% of total Mobile ARPU; Total Mobile ARPU declined 8% in 4Q11 driven by decline in Voice ARPU resulting from the sharp cut in MTR and by strong growth in data-only SIM cards which do not generate voice revenues.

| • |  | The fixed-line business also continued to perform strongly in 4Q11 with voice subscribers growing 5% to 3.14 million, driven by the solid increase in higher value direct voice subscribers, up 8% to almost 2.4 million. The Broadband customer base grew significantly YoY, exceeding 2.13 million subscribers, an increase of 12%. WIND’s core dual play offerings also continued to perform strongly with a 10% YoY increase in subscribers to 1.74 million

| • |  | Fixed-line ARPU was stable at EUR 33.2 in 4Q11 with the decline in voice ARPU fully compensated by the double digit increase in Data ARPU. In particular Broadband ARPU witnessed a solid 7% increase over 4Q10 to EUR 19.1.

| • |  | In December 2011 the new MTR glide path was announced by the Regulator: 2.5€c from July 2012, 1.5€c from January 2013 and 0.98€c from July 2013.

VimpelCom Ltd. 4Q 2011 | 12

##### Table of Contents

ITALY KEY INDICATORS*

Euro mln |  | 4Q11 |  |  | 4Q10 |  |  | YoY |  |  | FY11 |  |  | FY10 |  |  | YoY |
Revenues |  |  | 1,424 |  |  |  | 1,446 |  |  |  | -1 | % |  |  | 5,570 |  |  |  | 5,514 |  |  |  | 1 | %
Total operating expenditures |  |  | 892 |  |  |  | 911 |  |  |  | -2 | % |  |  | 3,451 |  |  |  | 3,385 |  |  |  | 2 | %
EBITDA |  |  | 533 |  |  |  | 534 |  |  |  | 0 | % |  |  | 2,120 |  |  |  | 2,130 |  |  |  | 0 | %
EBITDA margin |  |  | 37.4 | % |  |  | 37.0 | % |  |  |  |  |  |  | 38.1 | % |  |  | 38.6 | % |  |  |  |
Capex |  |  | 1,533 |  |  |  | 398 |  |  |  | 285 | % |  |  | 2,139 |  |  |  | 944 |  |  |  | 127 | %
Capex / revenues |  |  | 108 | % |  |  | 28 | % |  |  |  |  |  |  | 38 | % |  |  | 17 | % |  |  |  |
Mobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenues |  |  | 1,037 |  |  |  | 1,038 |  |  |  | 0 | % |  |  | 4,073 |  |  |  | 4,042 |  |  |  | 1 | %
EBITDA |  |  | 452 |  |  |  | 453 |  |  |  | 0 | % |  |  | 1,817 |  |  |  | 1,834 |  |  |  | -1 | %
EBITDA margin |  |  | 43.6 | % |  |  | 43.7 | % |  |  |  |  |  |  | 44.6 | % |  |  | 45.4 | % |  |  |  |
Subscribers (’000) |  |  | 21,014 |  |  |  | 19,933 |  |  |  | 5 | % |  |  | 21,014 |  |  |  | 19,933 |  |  |  | 5 | %
- of which mobile broadband (’000) (1) |  |  | 4,479 |  |  |  | 3,965 |  |  |  | 13 | % |  |  | 4,479 |  |  |  | 3,965 |  |  |  | 13 | %
ARPU (€) |  |  | 15.2 |  |  |  | 16.5 |  |  |  | -8 | % |  |  | 15.6 |  |  |  | 16.6 |  |  |  | -6 | %
MOU |  |  | 205 |  |  |  | 191 |  |  |  | 8 | % |  |  | 197 |  |  |  | 184 |  |  |  | 7 | %
Fixed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenues |  |  | 387 |  |  |  | 408 |  |  |  | -5 | % |  |  | 1,497 |  |  |  | 1,472 |  |  |  | 2 | %
EBITDA |  |  | 81 |  |  |  | 81 |  |  |  | -1 | % |  |  | 303 |  |  |  | 297 |  |  |  | 2 | %
EBITDA margin (%) |  |  | 21 | % |  |  | 20 | % |  |  |  |  |  |  | 20 | % |  |  | 20 | % |  |  |  |
Total voice subscribers (’000) |  |  | 3,142 |  |  |  | 3,003 |  |  |  | 5 | % |  |  | 3,142 |  |  |  | 3,003 |  |  |  | 5 | %
Total fixed-line ARPU (€) |  |  | 33.2 |  |  |  | 33.3 |  |  |  | 0 | % |  |  | 33.2 |  |  |  | 34.0 |  |  |  | -2 | %
Broadband subscribers (’000) |  |  | 2,135 |  |  |  | 1,912 |  |  |  | 12 | % |  |  | 2,135 |  |  |  | 1,912 |  |  |  | 12 | %
Broadband ARPU (€) |  |  | 19.1 |  |  |  | 17.9 |  |  |  | 7 | % |  |  | 19.3 |  |  |  | 18.3 |  |  |  | 5 | %
Dual-play subscribers (’000) |  |  | 1,743 |  |  |  | 1,579 |  |  |  | 10 | % |  |  | 1,743 |  |  |  | 1,579 |  |  |  | 10 | %

* | IFRS

Financials Data WAHF Group excluding Canada figures

(1) | Mobile broadband includes consumer customers that have performed at least one mobile Internet event in the previous Month on 2.5G/3G/3.5G

CANADA

Globalive Wireless Management Corp., operating its wireless business under the brand name WIND Mobile, celebrated its second year of operation in the Canadian market. Following the re-launch of the “WIND Mobile” brand during 3Q11, WIND successfully executed on its new postpaid strategy by renewing its handset program to include larger subsidies and a broader range of high-end handsets. This has expanded WIND’s target market to overlap more directly with the incumbent Canadian operators across all their brands, including in their higher value customer segments and thus driving lower churn, higher ARPU, better credit quality and higher lifetime value customers. The effect has been positive as more than 50% of WIND Mobile’s gross additions in 4Q11 were postpaid sales; postpaid net additions in 4Q11 were 41 thousand.

WIND also recorded positive net additions in prepaid in a quarter where prepaid net additions for the Canadian incumbent operators were negative, but WIND’s approach reflected a conscious and disciplined mandate not to match competition purely on lower prices.

WIND grew its distribution materially, ending 2011 with 211 WIND Mobile-branded locations and a total of 453 points of sale. WIND also focused heavily on its network, with a clear goal to speed up site deployment, quality, and data speed by upgrading the network to HSPA+.

WIND has increased its coverage to over 12.7 million people, representing 37% of Canada’s total population and 47% of the licensed populace.

CANADA KEY INDICATORS

|  | 4Q11 |  |  | 4Q10 |  |  | YoY |  |  | FY11 |  |  | FY10 |  |  | YoY |
Subscribers (’000) |  |  | 403 |  |  |  | 233 |  |  |  | 73 | % |  |  | 403 |  |  |  | 233 |  |  |  | 73 | %
ARPU (CAD) |  |  | 26.4 |  |  |  | 28.9 |  |  |  | -9 | % |  |  | 27.0 |  |  |  | 26.2 |  |  |  | 3 | %

VimpelCom Ltd. 4Q 2011 | 13

##### Table of Contents

BUSINESS UNIT AFRICA & ASIA - FINANCIAL AND OPERATING RESULTS

| • |  | Subscriber base surpassed 82 million, a 18% increase YoY

| • |  | Organic revenue growth of 5% YoY

| • |  | Net operating revenues increased 3% YoY to USD 922 million

| • |  | EBITDA increased organically by 10% YoY

| • |  | EBITDA margin stood at 35%

| • |  | Strong operational performance in Algeria with EBITDA margin of 59.5%

In the fourth quarter of 2011, net operating revenues in Africa & Asia increased by 3% YoY, impacted by local currency devaluation against the USD in the main operating countries of Algeria, Pakistan and Bangladesh, as well as the liquidation of the handset business of “Ring”. Consequently, EBITDA showed a decline of 5% YoY, while the consolidated EBITDA margin stood at 34.8%. However, revenue and EBITDA demonstrated an organic growth of 5% and 10% respectively. It is worth noting that EBITDA growth surpassed revenue growth in most operations as a result of the company’s focus on driving profitable growth as well as operational excellence and capital efficiency programs. Local currency and operational performance show significant growth across the board. The performance per operation is described in local currency.

ALGERIA (“DJEZZY”)

Algeria’s subscribers increased 10% YoY, as a result of controlling churn alongside successful customer acquisitions. ARPU for 4Q11 showed a decline of 7% as compared to 4Q10, due to the penetration of lower income segments, in addition to an accounting provision concerning a loyalty program. Revenues increased 3% YoY, mostly driven by the growth in Djezzy’s subscriber base, while EBITDA increased 18% YoY as a result of successful Opex savings this quarter, resulting in an EBITDA margin of 59.5%. CAPEX declined in comparison to 4Q10, as a result of the ongoing ban on foreign currency transfers preventing the payment of essential suppliers, as well as the importing of equipment critical to network maintenance and necessary expansion.

PAKISTAN (“MOBILINK”)

Mobilink’s subscriber base grew almost 8% YoY after expanding its portfolio of location-based promotions and focusing on high-quality acquisitions by introducing new pre-paid and postpaid sales promotions. In addition, reactivation promotions were launched to help control churn, which culminated in successful customer retention. Revenues were up 4% in 4Q11 compared to the previous year, mainly due to an increase in subscribers, steady VAS uptake, as well as higher administrative fees on scratch cards. EBITDA was positively impacted by higher revenues, and declining cost of sales, such as lower interconnect and SIM card costs, leading to a YoY increase of 10%. CAPEX increased 128% YoY due to the continued focus on network and IT development for Mobilink.

BANGLADESH (“BANGLALINK”)

In Bangladesh the subscriber base showed an impressive growth of 23% YoY, driven by a more aggressive acquisition strategy following the SIM Tax reduction in June 2011, as well as loyalty programs and reactivation promotions. The accelerated growth of subscribers in rural and youth market segments led to an ARPU dilution of 6% compared to 4Q10. Revenues grew almost 17% this quarter, as a result of tariff revisions, aggressive competitive moves, and a focus on VAS. EBITDA decreased 4%, mainly attributable to rising SIM tax subsidies related to strong customer acquisitions. CAPEX increased 311% YoY mainly as a result of the 2G license renewal.

SUB SAHARAN AFRICA (“TELECEL GLOBE”)

Telecel Globe subscribers increased 6% YoY mostly driven by a surge in Burundi’s and Zimbabwe’s customer bases, as a result of increased penetration into rural areas, as well as improved sales and distribution channels performance. It is also worth noting the impressive growth in subscribers compared to 3Q 2011, which was boosted by Zimbabwe’s recapturing of subscribers after a dip in 1H 2011. Revenues for Telecel Globe declined by 5% YoY as a result of the sale of the operation in Namibia, in addition to currency devaluation in Burundi. On a comparable basis, excluding the sale of Powercom Ltd. in Namibia, revenues display an increase of 8.6% YoY. Meanwhile, EBITDA experienced a significant decline compared to 4Q10 due to retroactive tax adjustments in CAR, in addition to an exceptional tax assessment and bad debt provision in Burundi.

SOUTH EAST ASIA

The subscriber base exceeded 4 million customers. Laos launched its 3G services on 31 December 2011, offering data bundles to its customers. Revenues for South East Asia increased 236% YoY. Notwithstanding these indicators, the Company booked an impairment of USD 527 million related to its operations in Vietnam and Cambodia, as a detailed business plan review led to significant downward growth perspectives for these businesses.

VimpelCom Ltd. 4Q 2011 | 14

##### Table of Contents

AFRICA & ASIA KEY INDICATORS

USD mln |  | 4Q11 |  |  | 4Q10 |  |  | YoY |  |  | FY11 |  |  | FY10 |  |  | YoY |
Revenues |  |  | 922 |  |  |  | 895 |  |  |  | 3 | % |  |  | 3,719 |  |  |  | 3,553 |  |  |  | 5 | %
Total operating expenditures |  |  | 601 |  |  |  | 558 |  |  |  | 8 | % |  |  | 2,153 |  |  |  | 2,082 |  |  |  | 3 | %
EBITDA |  |  | 321 |  |  |  | 337 |  |  |  | -5 | % |  |  | 1,566 |  |  |  | 1,471 |  |  |  | 6 | %
EBITDA margin |  |  | 34.8 | % |  |  | 37.7 | % |  |  |  |  |  |  | 42.1 | % |  |  | 41.4 | % |  |  |  |
Capex |  |  | 646 |  |  |  | 175 |  |  |  | 269 | % |  |  | 976 |  |  |  | 536 |  |  |  | 82 | %
Capex / revenues |  |  | 70 | % |  |  | 20 | % |  |  |  |  |  |  | 26 | % |  |  | 15 | % |  |  |  |

For details per country unit please see Attachment B

AFRICA & ASIA BUSINESS UNIT: COUNTRY DETAIL

ALGERIA

DZD bln |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 4Q11 |  |  | 4Q10 |  |  | YoY |  |  | FY11 |  |  | FY10 |  |  | YoY |
Revenues |  |  | 33.9 |  |  |  | 32.8 |  |  |  | 3 | % |  |  | 135.6 |  |  |  | 129.2 |  |  |  | 5 | %
EBITDA |  |  | 20.1 |  |  |  | 17.1 |  |  |  | 18 | % |  |  | 80.4 |  |  |  | 72.5 |  |  |  | 11 | %
EBITDA margin |  |  | 59.5 | % |  |  | 52.0 | % |  |  |  |  |  |  | 59.3 | % |  |  | 56.1 | % |  |  |  |

PAKISTAN

PKR bln |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 4Q11 |  |  | 4Q10 |  |  | YoY |  |  | FY11 |  |  | FY10 |  |  | YoY |
Revenues |  |  | 25.0 |  |  |  | 23.9 |  |  |  | 4 | % |  |  | 97.9 |  |  |  | 94.3 |  |  |  | 4 | %
EBITDA |  |  | 10.4 |  |  |  | 9.4 |  |  |  | 10 | % |  |  | 40.0 |  |  |  | 37.3 |  |  |  | 7 | %
EBITDA margin |  |  | 41.7 | % |  |  | 39.4 | % |  |  |  |  |  |  | 40.9 | % |  |  | 39.6 | % |  |  |  |

BANGLADESH

BDT bln |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 4Q11 |  |  | 4Q10 |  |  | YoY |  |  | FY11 |  |  | FY10 |  |  | YoY |
Revenues |  |  | 9.9 |  |  |  | 8.5 |  |  |  | 17 | % |  |  | 37.9 |  |  |  | 31.8 |  |  |  | 19 | %
EBITDA |  |  | 2.1 |  |  |  | 2.1 |  |  |  | -4 | % |  |  | 12.5 |  |  |  | 8.9 |  |  |  | 40 | %
EBITDA margin |  |  | 20.8 | % |  |  | 25.1 | % |  |  |  |  |  |  | 33.0 | % |  |  | 27.9 | % |  |  |  |

VimpelCom Ltd. 4Q 2011 | 15

##### Table of Contents

BUSINESS UNIT UKRAINE – FINANCIAL AND OPERATING RESULTS

| • |  | Continued growth of all revenue streams, in particular in mobile and fixed data revenues

| • |  | Doubling of fixed residential broadband subscribers YoY

| • |  | FY11 EBITDA margin stable at 53.2% YoY, in line with management expectations

| • |  | 4Q11 EBITDA of 50.3% impacted by seasonal promotions and costs

The Ukraine Business Unit continued to deliver solid results in the fourth quarter with solid revenue growth and a strong performance in fixed residential broadband.

| • |  | Total revenue was 4% higher YoY at UAH 3.3 billion due to growth in both mobile and fixed businesses.

| • |  | Mobile revenues grew by 2% YoY on the back of a 2% increase in subscriber base (to 24.8 million) and ARPU growth of 2% driven by increased usage of bundled offers and higher traffic.

| • |  | Data revenue was up 12% YoY to UAH 218 million driven by growth in the number of data users and Mobile internet traffic usage.

| • |  | Fixed-line revenues increased by 36% in 4Q11, mainly due to a 78% growth in the wholesale revenue stream and significant growth in the broadband revenue stream driven by an increase in the number of users by 98% YoY to 397 thousand.

| • |  | 4Q11 EBITDA margin was 50.3% impacted by higher advertising costs and seasonal promotions. The margin was further impacted by a growing share of non-mobile business and higher SG&A from increased technical costs due to inflation.

| • |  | FY11 EBITDA margin was unchanged YoY, in line with management expectations, and SG&A increased by only 2% YoY.

| • |  | Capex increased 35% in 4Q11 YoY mainly due to extensive investments into the completion of the nation-wide fixed broadband network roll-out.

UKRAINE KEY INDICATORS

UAH mln |  | 4Q11 |  |  | 4Q10 |  |  | YoY |  |  | FY11 |  |  | FY10 |  |  | YoY |
Net operating revenues |  |  | 3,326 |  |  |  | 3,198 |  |  |  | 4 | % |  |  | 13,078 |  |  |  | 12,489 |  |  |  | 5 | %
Total operating expenditures |  |  | 1,654 |  |  |  | 1,477 |  |  |  | 12 | % |  |  | 6,125 |  |  |  | 5,843 |  |  |  | 5 | %
EBITDA |  |  | 1,672 |  |  |  | 1,722 |  |  |  | -3 | % |  |  | 6,953 |  |  |  | 6,646 |  |  |  | 5 | %
EBITDA margin |  |  | 50.3 | % |  |  | 53.8 | % |  |  |  |  |  |  | 53.2 | % |  |  | 53.2 | % |  |  |  |
Capex |  |  | 788 |  |  |  | 584 |  |  |  | 35 | % |  |  | 2,264 |  |  |  | 2,005 |  |  |  | 13 | %
Capex / revenues |  |  | 24 | % |  |  | 18 | % |  |  |  |  |  |  | 17 | % |  |  | 16 | % |  |  |  |
Mobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mobile net operating revenues |  |  | 3,070 |  |  |  | 3,010 |  |  |  | 2 | % |  |  | 12,106 |  |  |  | 11,717 |  |  |  | 3 | %
Mobile subscribers (’000) |  |  | 24,776 |  |  |  | 24,390 |  |  |  | 2 | % |  |  |  |  |  |  |  |  |  |  |  |
Mobile ARPU (UAH) |  |  | 41.1 |  |  |  | 40.3 |  |  |  | 2 | % |  |  |  |  |  |  |  |  |  |  |  |
MOU |  |  | 483 |  |  |  | 457 |  |  |  | 6 | % |  |  |  |  |  |  |  |  |  |  |  |
Fixed-line |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-line net operating revenues |  |  | 256 |  |  |  | 188 |  |  |  | 36 | % |  |  | 972 |  |  |  | 772 |  |  |  | 26 | %
Fixed-line broadband revenues |  |  | 47 |  |  |  | 30 |  |  |  | 54 | % |  |  | 158 |  |  |  | 89 |  |  |  | 77 | %
Fixed-line broadband subscribers (’000) |  |  | 397 |  |  |  | 200 |  |  |  | 98 | % |  |  |  |  |  |  |  |  |  |  |  |
Fixed-line broadband ARPU (UAH) |  |  | 43.7 |  |  |  | 55.7 |  |  |  | -22 | % |  |  |  |  |  |  |  |  |  |  |  |

VimpelCom Ltd. 4Q 2011 | 16

##### Table of Contents

BUSINESS UNIT CIS* – FINANCIAL AND OPERATING RESULTS

| • |  | Double digit organic revenue growth continues in all markets except in Armenia

| • |  | EBITDA increased organically by 11%; EBITDA of USD 171 million

| • |  | EBITDA margin of 40.8%

| • |  | Doubling mobile data revenue YoY to USD 25 million; significant mobile broadband subscriber increase

Overall, the CIS Business Unit continued to deliver strong operational and financial results. Despite intensified competition, revenues continued to grow at double-digit rates YoY in all CIS markets, except Armenia, as a result of improving macroeconomic conditions, strong product offerings, and efficient sales and marketing efforts.

| • |  | In 4Q11, total revenues grew 16% YoY to USD 419 million.

| • |  | Total mobile revenue increased by 18% YoY in 4Q11 mainly driven by voice revenues increase, as a result of sales and active subscriber base growth. However, the greatest growth potential was seen in data revenue, which doubled YoY with an increasing data traffic trend.

| • |  | In 4Q11, fixed-line revenue decreased slightly YoY, impacted by wholesale revenue stream decline in the quarter in all countries.

| • |  | Consolidated EBITDA was USD 171 million, up 11% YoY.

| • |  | EBITDA margin was 40.8% in 4Q11, impacted by aggressive competition in key markets and year-end marketing campaigns to attract new subscribers and secure market positions.

| • |  | Capex decreased YoY by 6% in 4Q11. The network expansion continues to support voice and data traffic growth. 2011 was the first year of 3G network development in Kazakhstan and Kyrgyzstan.

KAZAKHSTAN

Kazakhstan, the Company’s largest market in the CIS, demonstrated revenue growth of 11% YoY in 4Q11 despite continuing competitive pressure. APPM declined due to new regulatory requirements and intensified competition. These issues as well as increased sales of devices contributed to an EBITDA margin erosion of 5.2 p.p. YoY.

UZBEKISTAN

In Uzbekistan, the positive trend in subscriber base growth, coupled with positive dynamics in all KPIs, resulted in revenue growth of 35% YoY in 4Q11. EBITDA was 54% higher YoY as a result of revenue growth and efficient SG&A spending.

ARMENIA

Revenues in Armenia demonstrated 2% YoY growth in 4Q11 driven by mobile revenue growth of 9%, while EBITDA increased 14% YoY. Going forward, the Company will focus on stabilizing its profitability level while continuing to develop fixed and mobile data services.

KYRGYZSTAN

Kyrgyzstan continues to demonstrate positive dynamics in subscriber base and revenue growth which resulted in solid EBITDA performance with a 34% increase in 4Q11 YoY. APPM remained stable YoY in 4Q11, accompanied by growth in usage of both voice and VAS services. Data usage trends drove a significant mobile data revenue increase of 151% YoY.

TAJIKISTAN

In Tajikistan, VimpelCom saw a 20% increase in revenue YoY for 4Q11 due to growth of sales and voice revenue, as well as growth of international traffic termination and transit traffic termination volume. EBITDA increased 7% YoY due to solid revenue performance.

GEORGIA

Georgia showed strong results with subscriber base growth of 49% and revenue growth of 45% which drove an increase in EBITDA of 131% YoY in 4Q11, despite APPM erosion due to the competitive environment.

VimpelCom Ltd. 4Q 2011 | 17

##### Table of Contents

CIS KEY INDICATORS

USD mln |  | 4Q11 |  |  | 4Q10 |  |  | YoY |  |  | FY11 |  |  | FY10 |  |  | YoY |
Net operating revenues |  |  | 419 |  |  |  | 362 |  |  |  | 16 | % |  |  | 1,589 |  |  |  | 1,354 |  |  |  | 17 | %
Total operating expenditures |  |  | 248 |  |  |  | 207 |  |  |  | 20 | % |  |  | 886 |  |  |  | 739 |  |  |  | 20 | %
EBITDA |  |  | 171 |  |  |  | 155 |  |  |  | 11 | % |  |  | 703 |  |  |  | 615 |  |  |  | 14 | %
EBITDA margin |  |  | 40.8 | % |  |  | 42.7 | % |  |  |  |  |  |  | 44.3 | % |  |  | 45.4 | % |  |  |  |
Capex |  |  | 241 |  |  |  | 256 |  |  |  | -6 | % |  |  | 626 |  |  |  | 437 |  |  |  | 43 | %
Capex / revenues |  |  | 58 | % |  |  | 71 | % |  |  |  |  |  |  | 39 | % |  |  | 32 | % |  |  |  |
Mobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mobile subscribers (’000) |  |  | 19,703 |  |  |  | 15,612 |  |  |  | 26 | % |  |  |  |  |  |  |  |  |  |  |  |
- of which mobile broadband (’000) |  |  | 446 |  |  |  | 33 |  |  |  | 1271 | % |  |  |  |  |  |  |  |  |  |  |  |
Fixed-line |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-line broadband subscribers (’000) |  |  | 212 |  |  |  | 92 |  |  |  | 131 | % |  |  |  |  |  |  |  |  |  |  |  |
Fixed-line broadband revenues |  |  | 9 |  |  |  | 4 |  |  |  | 120 | % |  |  | 30 |  |  |  | 12 |  |  |  | 138 | %

* | 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

CIS BUSINESS UNIT: COUNTRY DETAIL

KAZAKHSTAN

KZT mln |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 4Q11 |  |  | 4Q10 |  |  | YoY |  |  | FY11 |  |  | FY10 |  |  | YoY |
Net operating revenues |  |  | 31,566 |  |  |  | 28,556 |  |  |  | 11 | % |  |  | 120,672 |  |  |  | 108,266 |  |  |  | 11 | %
EBITDA |  |  | 13,749 |  |  |  | 13,939 |  |  |  | -1 | % |  |  | 57,708 |  |  |  | 57,094 |  |  |  | 1 | %
EBITDA margin |  |  | 43.6 | % |  |  | 48.8 | % |  |  |  |  |  |  | 47.8 | % |  |  | 52.7 | % |  |  |  |

UZBEKISTAN

USD mln |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 4Q11 |  |  | 4Q10 |  |  | YoY |  |  | FY11 |  |  | FY10 |  |  | YoY |
Net operating revenues |  |  | 80 |  |  |  | 59 |  |  |  | 35 | % |  |  | 277 |  |  |  | 210 |  |  |  | 32 | %
EBITDA |  |  | 33 |  |  |  | 21 |  |  |  | 54 | % |  |  | 122 |  |  |  | 83 |  |  |  | 48 | %
EBITDA margin |  |  | 41.0 | % |  |  | 35.9 | % |  |  |  |  |  |  | 44.1 | % |  |  | 39.5 | % |  |  |  |

VimpelCom Ltd. 4Q 2011 | 18

##### Table of Contents

CONFERENCE CALL INFORMATION

On March 13, 2012, the Company will host an analyst & investor conference call on its fourth quarter 2011 results. The call and slide presentation may be accessed at http://www.vimpelcom.com

2:00 pm CET investor and analyst conference call

US call-in number: |  | + 1 877 616-4476
International call-in number: |  | + 1 402 875-4763

The conference calls replay and the slide presentation webcasts will be available until March 20, 2012 and April 13, 2012, respectively. The slide presentations will also be available for download on the Company’s website.

2:00 pm CET investor and analyst call replay

US Replay number: |  | +1 855 859-2056
Confirmation code : |  | 54211649
International replay: |  | +1 404 537-3406
Confirmation code : |  | 54211649

CONTACT INFORMATION

INVESTOR RELATIONS

Gerbrand Nijman

Investor_Relations@vimpelcom.com

Tel: +31 20 79 77 200 (Amsterdam)

Stefano Songini

ir@mail.wind.it

Tel +39 06 83111 (Rome)

Noha Khalil

Investor_Relations@vimpelcom.com

otinvestorrelations@otelecom.com

Tel: +31 20 79 77 200 (Amsterdam)

Tel: +202 2461 5050 / 51 (Cairo)

MEDIA AND PUBLIC RELATIONS

Bobby Leach

Tel: +31 20 79 77 200 (Amsterdam)

VimpelCom Ltd. 4Q 2011 | 19

##### Table of Contents

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 Company’s revenue and EBITDA objectives, 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 our markets, unforeseen developments from competition, governmental regulation of the telecommunications industries, general political uncertainties in our markets and/or litigation with third parties. 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 we are unable to realize the synergies anticipated from the transaction and other risks and uncertainties that are beyond the Company’s 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 December 31, 2011 VimpelCom had 205 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.

VimpelCom Ltd. 4Q 2011 | 20

##### Table of Contents

CONTENT OF THE ATTACHMENT TABLES

Attachment A |  | VimpelCom Ltd Financial Statements |  | 22
Attachment B |  | Country units key indicators CIS and Africa & Asia |  | 25
Attachment C |  | Reconciliation Tables |  | 28
|  | Average Rates of Functional Currencies to USD |  |
Attachment D |  | Wind Telecomunicazioni group condensed financial statement of income |  | 30
Attachment E |  | Definitions |  | 31

For more information on financial and operating data for specific countries, please refer to the supplementary file Factbook4Q2011.xls on our website at http://vimpelcom.com/ir/financials/results.wbp

VimpelCom Ltd. 4Q 2011 | 21

##### Table of Contents

ATTACHMENT A: VIMPELCOM LTD FINANCIAL STATEMENTS

VIMPELCOM LTD UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

USD (000) |  | Actual Three months ended December 31 |  |  | Actual Full Year |
|  | 2011 |  |  | 2010 |  |  | 2011 |  |  | 2010 |
Operating revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service revenues |  |  | 5,592,965 |  |  |  | 2,723,372 |  |  |  | 19,575,197 |  |  |  | 10,291,333 |
Sales of equipment and accessories |  |  | 189,792 |  |  |  | 87,625 |  |  |  | 516,434 |  |  |  | 193,815 |
Other revenues |  |  | 95,206 |  |  |  | 4,652 |  |  |  | 158,552 |  |  |  | 27,652 |
Net operating revenues |  |  | 5,877,962 |  |  |  | 2,815,649 |  |  |  | 20,250,183 |  |  |  | 10,512,800 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service costs |  |  | 1,441,665 |  |  |  | 602,177 |  |  |  | 4,968,165 |  |  |  | 2,251,474 |
Cost of equipment and accessories |  |  | 253,893 |  |  |  | 98,439 |  |  |  | 662,979 |  |  |  | 216,944 |
Selling, general and administrative expenses |  |  | 1,920,356 |  |  |  | 854,713 |  |  |  | 6,316,830 |  |  |  | 3,063,548 |
Depreciation |  |  | 907,118 |  |  |  | 435,878 |  |  |  | 3,117,872 |  |  |  | 1,651,996 |
Amortization |  |  | 526,994 |  |  |  | 185,390 |  |  |  | 1,628,203 |  |  |  | 427,768 |
Impairment loss |  |  | 526,551 |  |  |  | — |  |  |  | 526,551 |  |  |  | — |
Provision for doubtful accounts |  |  | 54,687 |  |  |  | 8,760 |  |  |  | 153,284 |  |  |  | 48,571 |
Total operating expenses |  |  | 5,631,265 |  |  |  | 2,185,357 |  |  |  | 17,373,884 |  |  |  | 7,660,301 |
Operating income |  |  | 246,697 |  |  |  | 630,292 |  |  |  | 2,876,299 |  |  |  | 2,852,499 |
Other income and expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | 38,110 |  |  |  | 13,756 |  |  |  | 110,138 |  |  |  | 55,938 |
Net foreign exchange gain/(loss) |  |  | (132,783 | ) |  |  | (10,340 | ) |  |  | (219,400 | ) |  |  | (4,532 | )
Interest expense |  |  | (518,478 | ) |  |  | (140,402 | ) |  |  | (1,640,346 | ) |  |  | (540,040 | )
Equity in net gain/(loss) of associates |  |  | (21,775 | ) |  |  | 26,684 |  |  |  | 8,437 |  |  |  | 53,189 |
Other expenses, net |  |  | (172,843 | ) |  |  | (5,658 | ) |  |  | (385,400 | ) |  |  | (90,526 | )
Total other income and expenses |  |  | (807,769 | ) |  |  | (115,960 | ) |  |  | (2,126,571 | ) |  |  | (525,971 | )
Income before income taxes |  |  | (561,071 | ) |  |  | 514,332 |  |  |  | 749,728 |  |  |  | 2,326,528 |
Income tax expense |  |  | 110,911 |  |  |  | 44,353 |  |  |  | 578,273 |  |  |  | 605,663 |
Net income from continuing operations |  |  | (671,982 | ) |  |  | 469,979 |  |  |  | 171,455 |  |  |  | 1,720,865 |
Profit from discontinued operations |  |  | 6,642 |  |  |  | — |  |  |  | 22,301 |  |  |  | — |
Net income/(loss) |  |  | (665,340 | ) |  |  | 469,979 |  |  |  | 193,756 |  |  |  | 1,720,865 |
Net income/(loss) attributable to the noncontrolling interest |  |  | (279,218 | ) |  |  | 8,756 |  |  |  | (294,653 | ) |  |  | 47,524 |
Net income/(loss) attributable to VimpelCom |  |  | (386,122 | ) |  |  | 461,223 |  |  |  | 488,409 |  |  |  | 1,673,341 |
Basic EPS : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to VimpelCom per common share |  | $ | (0.24 | ) |  | $ | 0.34 |  |  | $ | 0.31 |  |  | $ | 1.39 |
Weighted average common shares outstanding (thousand) |  |  | 1,618,121 |  |  |  | 1,291,347 |  |  |  | 1,655,676 |  |  |  | 1,207,040 |
Diluted EPS : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income/(loss) attributable to VimpelCom per common share |  | $ | (0.23 | ) |  | $ | 0.34 |  |  | $ | 0.31 |  |  | $ | 1.39 |
Weighted average diluted shares (thousand) |  |  | 1,618,690 |  |  |  | 1,294,304 |  |  |  | 1,655,943 |  |  |  | 1,207,340 |

* | Adjusted for the impact through changes in redeemable noncontrolling interest

VimpelCom Ltd. 4Q 2011 | 22

##### Table of Contents

ATTACHMENT A: VIMPELCOM LTD FINANCIAL STATEMENTS

VIMPELCOM LTD UNAUDITED CONSOLIDATED BALANCE SHEET

USD (000) |  | Actual December 31, 2011 |  |  | Actual December 31, 2010 |
Assets |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 2,325,084 |  |  |  | 885,125 |
Trade accounts receivable, net of allowance for doubtful accounts |  |  | 2,527,588 |  |  |  | 506,322 |
Inventory |  |  | 226,857 |  |  |  | 137,413 |
Deferred income taxes |  |  | 148,098 |  |  |  | 117,236 |
Input value added tax |  |  | 161,837 |  |  |  | 137,958 |
Due from related parties |  |  | 86,626 |  |  |  | 87,151 |
Short-term bank deposits |  |  | 176,132 |  |  |  | 34,305 |
Other current assets |  |  | 2,471,946 |  |  |  | 383,964 |
Assets held for sale |  |  | — |  |  |  | — |
Total current assets |  |  | 8,124,166 |  |  |  | 2,289,474 |
Property and equipment, net |  |  | 14,870,883 |  |  |  | 6,935,287 |
Telecommunications licenses, net |  |  | 4,614,156 |  |  |  | 562,931 |
Goodwill |  |  | 17,027,569 |  |  |  | 7,003,714 |
Other intangible assets, net |  |  | 6,209,439 |  |  |  | 1,481,800 |
Software, net |  |  | 946,259 |  |  |  | 627,330 |
Investments in associates |  |  | 1,274,773 |  |  |  | 446,130 |
Due from related party |  |  | 11,250 |  |  |  | 4,905 |
Other non-current assets |  |  | 1,397,513 |  |  |  | 576,324 |
Total assets |  |  | 54,476,007 |  |  |  | 19,927,895 |
Liabilities, redeemable non-controlling interest and equity |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |
Accounts payable |  | $ | 4,367,582 |  |  | $ | 963,450 |
Due to employees |  |  | 262,811 |  |  |  | 108,050 |
Due to related parties |  |  | 25,212 |  |  |  | 5,634 |
Accrued liabilities |  |  | 1,543,719 |  |  |  | 212,323 |
Taxes payable |  |  | 1,104,737 |  |  |  | 233,848 |
Customer advances, net of VAT |  |  | 874,169 |  |  |  | 452,055 |
Customer deposits |  |  | 97,129 |  |  |  | 33,835 |
Deferred income taxes |  |  | 55,693 |  |  |  | 50,313 |
Short-term debt |  |  | 2,648,845 |  |  |  | 1,162,444 |
Liabilities associated to assets held for sale |  |  | — |  |  |  | — |
Total current liabilities |  |  | 10,979,897 |  |  |  | 3,221,952 |
Deferred income taxes |  |  | 1,769,209 |  |  |  | 688,206 |
Long-term debt |  |  | 24,387,629 |  |  |  | 4,498,861 |
Other non-current liabilities |  |  | 1,892,613 |  |  |  | 184,133 |
Total liabilities |  |  | 39,029,348 |  |  |  | 8,593,152 |
Redeemable noncontrolling interest |  |  | 540,063 |  |  |  | 522,076 |
Equity |  |  |  |  |  |  |  |
Convertible voting preferred stock (0.001 USD nominal value per share), 433,532,000 shares authorized; 433,532,000 shares issued and outstanding |  |  | 434 |  |  |  | 129 |
Common stock (0.001 USD 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 USD nominal value per share), 50,000,000 shares authorized; nil shares issued and outstanding |  |  | — |  |  |  | — |
Additional paid-in capital |  |  | 11,248,199 |  |  |  | 6,292,269 |
Retained earnings |  |  | 4,426,260 |  |  |  | 5,153,819 |
Accumulated other comprehensive loss |  |  | (1,331,013 | ) |  |  | (561,154 | )
Treasury stock, at cost, 10,078,608 shares of common stock (December 31, 2010: 10,508,608) |  |  | (212,242 | ) |  |  | (215,763 | )
Total VimpelCom shareholders’ equity |  |  | 14,041,985 |  |  |  | 10,670,603 |
Noncontrolling interest |  |  | 864,609 |  |  |  | 142,064 |
Total equity |  |  | 14,906,596 |  |  |  | 10,812,667 |
Total liabilities, redeemable noncontrolling interest and equity |  |  | 54,476,007 |  |  |  | 19,927,895 |

VimpelCom Ltd. 4Q 2011 | 23

##### Table of Contents

ATTACHMENT A: VIMPELCOM LTD FINANCIAL STATEMENTS

VIMPELCOM LTD UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

|  | Actual Three months ended December 31, |  |  | Actual Year ended December 31, |
USD (000) |  | 2011 |  |  | 2011 |  |  | 2010 |
Operating activities |  |  |  |  |  |  |  |  |  |  |  |
Net income |  |  | (665,785 | ) |  |  | 193,756 |  |  |  | 1,720,865 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation & Amortization |  |  | 1,960,664 |  |  |  | 5,272,627 |  |  |  | 2,079,764 |
Loss on foreign currency translation |  |  | 132,783 |  |  |  | 219,400 |  |  |  | 4,532 |
Other |  |  | (177,202 | ) |  |  | (251,059 | ) |  |  | (188,418 | )
Changes in operating assets and liabilities: |  |  | 540,660 |  |  |  | 448,064 |  |  |  | 53,400 |
Net cash provided by operating activities |  |  | 1,791,120 |  |  |  | 5,882,788 |  |  |  | 3,670,142 |
Investing activities |  |  |  |  |  |  |  |  |  |  |  |
Purchases of property and equipment |  |  | (1,684,863 | ) |  |  | (3,946,714 | ) |  |  | (1,434,548 | )
Purchases of intangible assets |  |  | (1,680,672 | ) |  |  | (1,852,243 | ) |  |  | (58,604 | )
Purchases of software |  |  | (56,938 | ) |  |  | (203,736 | ) |  |  | (264,107 | )
Proceeds from sale of property, plant and equipment |  |  | 12,718 |  |  |  | 33,577 |  |  |  | 13,573 |
Acqusition of subsidiaries, net of cash acquired |  |  | (46,873 | ) |  |  | (838,164 | ) |  |  | 119,713 |
Receipts from associates |  |  | 12,858 |  |  |  | 24,529 |  |  |  | — |
Payment for shares in Golden Telecom |  |  | — |  |  |  | — |  |  |  | (143,569 | )
Net flow from disposal of financial instruments |  |  | 77,629 |  |  |  | 211,820 |  |  |  | 455,187 |
Loans receivable repayment / (granted) |  |  | (46,942 | ) |  |  | (118,495 | ) |  |  | (9,947 | )
Purchases of other assets, net |  |  | (11,103 | ) |  |  | (33,985 | ) |  |  | (25,149 | )
Net cash (used in)/provided by investing activities |  |  | (3,424,137 | ) |  |  | (6,723,411 | ) |  |  | (1,347,451 | )
Financing activities |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from bank and other loans |  |  | 1,987,631 |  |  |  | 10,488,861 |  |  |  | 1,174,646 |
Repayments of bank and other loans |  |  | (541,761 | ) |  |  | (6,581,430 | ) |  |  | (2,898,292 | )
Payments of fees in respect of debt issues |  |  | (35,408 | ) |  |  | (100,150 | ) |  |  | (5,068 | )
Purchase of own shares |  |  | (3,801 | ) |  |  | (687 | ) |  |  | (479,936 | )
Payment of dividends |  |  | (715,970 | ) |  |  | (1,216,367 | ) |  |  | (577,998 | )
Payment of dividends to noncontrolling interest |  |  | (12,950 | ) |  |  | (12,950 | ) |  |  | (72,370 | )
Other (payments)/receipts, net |  |  | (3,894 | ) |  |  | 4,951 |  |  |  | (4,552 | )
Net cash (used in)/from financing activities |  |  | 673,846 |  |  |  | 2,582,228 |  |  |  | (2,863,570 | )
Effect of exchange rate changes on cash and cash equivalents |  |  | (158,391 | ) |  |  | (301,647 | ) |  |  | (20,946 | )
Net (decrease)/increase in cash and cash equivalents |  |  | (1,117,613 | ) |  |  | 1,439,958 |  |  |  | (561,824 | )
Cash and cash equivalents at beginning of period |  |  | 3,442,697 |  |  |  | 885,125 |  |  |  | 1,446,949 |
Cash and cash equivalents at end of period |  |  | 2,325,084 |  |  |  | 2,325,084 |  |  |  | 885,125 |
|  | Three months ended December 31, |  |  | Year ended December 31, |
|  | 2011 |  |  | 2011 |  |  | 2010 |
Supplemental cash flow information |  |  |  |  |  |  |  |  |  |  |  |
Non-cash activities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable for property, equipment and other long-lived assets |  |  | 1,262,967 |  |  |  | 1,262,967 |  |  |  | 526,509 |

VimpelCom Ltd. 4Q 2011 | 24

##### Table of Contents

ATTACHMENT B: COUNTRY UNITS KEY INDICATORS

AFRICA & ASIA BUSINESS UNIT: COUNTRY DETAIL

ALGERIA

DZD bln |  | 4Q11 |  |  | 4Q10 |  |  | YoY |  |  | FY11 |  |  | FY10 |  |  | YoY |
Revenues |  |  | 33.9 |  |  |  | 32.8 |  |  |  | 3 | % |  |  | 135.6 |  |  |  | 129.2 |  |  |  | 5 | %
EBITDA |  |  | 20.1 |  |  |  | 17.1 |  |  |  | 18 | % |  |  | 80.4 |  |  |  | 72.5 |  |  |  | 11 | %
EBITDA margin |  |  | 59.5 | % |  |  | 52.0 | % |  |  |  |  |  |  | 59.3 | % |  |  | 56.1 | % |  |  |  |
Capex (USD mln) |  |  | 21 |  |  |  | 35 |  |  |  | -40 | % |  |  | 40 |  |  |  | 90 |  |  |  | -56 | %
Capex / revenues (USD) |  |  | 5 | % |  |  | 8 | % |  |  |  |  |  |  | 2 | % |  |  | 5 | % |  |  |  |
Mobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subscribers (‘000) |  |  | 16,595 |  |  |  | 15,087 |  |  |  | 10 | % |  |  |  |  |  |  |  |  |  |  |  |
ARPU |  |  | 673 |  |  |  | 724 |  |  |  | -7 | % |  |  |  |  |  |  |  |  |  |  |  |
MOU |  |  | 278 |  |  |  | 288 |  |  |  | -3 | % |  |  |  |  |  |  |  |  |  |  |  |
PAKISTAN |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PKR bln |  | 4Q11 |  |  | 4Q10 |  |  | YoY |  |  | FY11 |  |  | FY10 |  |  | YoY |
Revenues |  |  | 25.0 |  |  |  | 23.9 |  |  |  | 4 | % |  |  | 97.9 |  |  |  | 94.3 |  |  |  | 4 | %
EBITDA |  |  | 10.4 |  |  |  | 9.4 |  |  |  | 10 | % |  |  | 40.0 |  |  |  | 37.3 |  |  |  | 7 | %
EBITDA margin |  |  | 41.7 | % |  |  | 39.4 | % |  |  |  |  |  |  | 40.9 | % |  |  | 39.6 | % |  |  |  |
Capex (USD mln) |  |  | 109 |  |  |  | 48 |  |  |  | 128 | % |  |  | 261 |  |  |  | 143 |  |  |  | 83 | %
Capex / revenues (USD) |  |  | 38 | % |  |  | 17 | % |  |  |  |  |  |  | 23 | % |  |  | 13 | % |  |  |  |
Mobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subscribers (‘000) |  |  | 34,214 |  |  |  | 31,794 |  |  |  | 8 | % |  |  |  |  |  |  |  |  |  |  |  |
ARPU |  |  | 235 |  |  |  | 245 |  |  |  | -4 | % |  |  |  |  |  |  |  |  |  |  |  |
MOU |  |  | 209 |  |  |  | 221 |  |  |  | -5 | % |  |  |  |  |  |  |  |  |  |  |  |
BANGLADESH |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BDT bln |  | 4Q11 |  |  | 4Q10 |  |  | YoY |  |  | FY11 |  |  | FY10 |  |  | YoY |
Revenues |  |  | 9.9 |  |  |  | 8.5 |  |  |  | 17 | % |  |  | 37.9 |  |  |  | 31.8 |  |  |  | 19 | %
EBITDA |  |  | 2.1 |  |  |  | 2.1 |  |  |  | -4 | % |  |  | 12.5 |  |  |  | 8.9 |  |  |  | 40 | %
EBITDA margin |  |  | 20.8 | % |  |  | 25.1 | % |  |  |  |  |  |  | 33.0 | % |  |  | 27.9 | % |  |  |  |
Capex (USD mln) |  |  | 337 |  |  |  | 82 |  |  |  | 311 | % |  |  | 428 |  |  |  | 235 |  |  |  | 82 | %
Capex / revenues (USD) |  |  | 261 | % |  |  | 67 | % |  |  |  |  |  |  | 84 | % |  |  | 51 | % |  |  |  |
Mobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subscribers (‘000) |  |  | 23,754 |  |  |  | 19,327 |  |  |  | 23 | % |  |  |  |  |  |  |  |  |  |  |  |
ARPU |  |  | 140 |  |  |  | 149 |  |  |  | -6 | % |  |  |  |  |  |  |  |  |  |  |  |
MOU |  |  | 207 |  |  |  | 221 |  |  |  | -6 | % |  |  |  |  |  |  |  |  |  |  |  |
SUB SAHARAN AFRICA (TELECEL GLOBE) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
USD mln |  | 4Q11 |  |  | 4Q10 |  |  | YoY |  |  | FY11 |  |  | FY10 |  |  | YoY |
Revenues |  |  | 23.7 |  |  |  | 25.0 |  |  |  | -5 | % |  |  | 93.7 |  |  |  | 101.8 |  |  |  | -8 | %
EBITDA |  |  | -5.1 |  |  |  | 6.5 |  |  |  | -178 | % |  |  | 7.9 |  |  |  | 23.5 |  |  |  | -66 | %
EBITDA margin |  |  | n.a. |  |  |  | 26.2 | % |  |  |  |  |  |  | 8.4 | % |  |  | 23.1 | % |  |  |  |
Mobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subscribers (‘000) |  |  | 3,140 |  |  |  | 2,974 |  |  |  | 6 | % |  |  |  |  |  |  |  |  |  |  |  |
SEA (CONSOLIDATED) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
USD mln |  | 4Q11 |  |  | 4Q10 |  |  | YoY |  |  | FY11 |  |  | FY10 |  |  | YoY |
Revenues |  |  | 23.5 |  |  |  | 7.0 |  |  |  | 236 | % |  |  | 68.7 |  |  |  | 22.0 |  |  |  | 212 | %
EBITDA |  |  | -19.7 |  |  |  | -10.0 |  |  |  |  |  |  |  | -75.5 |  |  |  | -35.0 |  |  |  |  |
EBITDA margin |  |  | n.a. |  |  |  | n.a. |  |  |  |  |  |  |  | n.a. |  |  |  | n.a. |  |  |  |  |
Mobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subscribers (‘000) |  |  | 4,375 |  |  |  | 651 |  |  |  | 572 | % |  |  |  |  |  |  |  |  |  |  |  |

VimpelCom Ltd. 4Q 2011 | 25

##### Table of Contents

CIS BUSINESS UNIT: COUNTRY DETAIL

KAZAKHSTAN

KZT mln |  | 4Q11 |  |  | 4Q10 |  |  | YoY |  |  | FY11 |  |  | FY10 |  |  | YoY |
Net operating revenues |  |  | 31,566 |  |  |  | 28,556 |  |  |  | 11 | % |  |  | 120,672 |  |  |  | 108,266 |  |  |  | 11 | %
EBITDA |  |  | 13,749 |  |  |  | 13,939 |  |  |  | -1 | % |  |  | 57,708 |  |  |  | 57,094 |  |  |  | 1 | %
EBITDA margin |  |  | 43.6 | % |  |  | 48.8 | % |  |  |  |  |  |  | 47.8 | % |  |  | 52.7 | % |  |  |  |
Capex (USD mln) |  |  | 99 |  |  |  | 122 |  |  |  | -18 | % |  |  | 264 |  |  |  | 192 |  |  |  | 37 | %
Capex / revenues (USD) |  |  | 47 | % |  |  | 63 | % |  |  |  |  |  |  | 32 | % |  |  | 26 | % |  |  |  |
Mobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subscribers (‘000) |  |  | 8,409 |  |  |  | 6,867 |  |  |  | 22 | % |  |  |  |  |  |  |  |  |  |  |  |
ARPU (KZT) |  |  | 1,161 |  |  |  | 1,359 |  |  |  | -15 | % |  |  |  |  |  |  |  |  |  |  |  |
MOU |  |  | 165 |  |  |  | 124 |  |  |  | 33 | % |  |  |  |  |  |  |  |  |  |  |  |
ARMENIA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AMD mln |  | 4Q11 |  |  | 4Q10 |  |  | YoY |  |  | FY11 |  |  | FY10 |  |  | YoY |
Net operating revenues |  |  | 17,498 |  |  |  | 17,159 |  |  |  | 2 | % |  |  | 70,541 |  |  |  | 68,034 |  |  |  | 4 | %
EBITDA |  |  | 7,108 |  |  |  | 6,253 |  |  |  | 14 | % |  |  | 27,038 |  |  |  | 29,079 |  |  |  | -7 | %
EBITDA margin |  |  | 40.6 | % |  |  | 36.4 | % |  |  |  |  |  |  | 38.3 | % |  |  | 42.7 | % |  |  |  |
Capex (USD mln) |  |  | 7 |  |  |  | 16 |  |  |  | -60 | % |  |  | 30 |  |  |  | 30 |  |  |  | 2 | %
Capex / revenues (USD) |  |  | 14 | % |  |  | 34 | % |  |  |  |  |  |  | 16 | % |  |  | 16 | % |  |  |  |
Mobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subscribers (‘000) |  |  | 765 |  |  |  | 672 |  |  |  | 14 | % |  |  |  |  |  |  |  |  |  |  |  |
ARPU (AMD) |  |  | 2,887 |  |  |  | 3,560 |  |  |  | -19 | % |  |  |  |  |  |  |  |  |  |  |  |
MOU |  |  | 261 |  |  |  | 275 |  |  |  | -5 | % |  |  |  |  |  |  |  |  |  |  |  |
UZBEKISTAN |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
USD mln |  | 4Q11 |  |  | 4Q10 |  |  | YoY |  |  | FY11 |  |  | FY10 |  |  | YoY |
Net operating revenues |  |  | 80 |  |  |  | 59 |  |  |  | 35 | % |  |  | 277 |  |  |  | 210 |  |  |  | 32 | %
EBITDA |  |  | 33 |  |  |  | 21 |  |  |  | 54 | % |  |  | 122 |  |  |  | 83 |  |  |  | 48 | %
EBITDA margin |  |  | 41.0 | % |  |  | 35.9 | % |  |  |  |  |  |  | 44.1 | % |  |  | 39.5 | % |  |  |  |
Capex (USD mln) |  |  | 85 |  |  |  | 78 |  |  |  | 9 | % |  |  | 219 |  |  |  | 147 |  |  |  | 49 | %
Capex / revenues (USD) |  |  | 107 | % |  |  | 133 | % |  |  |  |  |  |  | 79 | % |  |  | 70 | % |  |  |  |
Mobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subscribers (‘000) |  |  | 6,361 |  |  |  | 4,822 |  |  |  | 32 | % |  |  |  |  |  |  |  |  |  |  |  |
ARPU (USD) |  |  | 4 |  |  |  | 4 |  |  |  | 5 | % |  |  |  |  |  |  |  |  |  |  |  |
MOU |  |  | 458 |  |  |  | 403 |  |  |  | 14 | % |  |  |  |  |  |  |  |  |  |  |  |
TAJIKISTAN |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
USD mln |  | 4Q11 |  |  | 4Q10 |  |  | YoY |  |  | FY11 |  |  | FY10 |  |  | YoY |
Net operating revenues |  |  | 25 |  |  |  | 21 |  |  |  | 20 | % |  |  | 101 |  |  |  | 78 |  |  |  | 29 | %
EBITDA |  |  | 11 |  |  |  | 11 |  |  |  | 7 | % |  |  | 48 |  |  |  | 30 |  |  |  | 60 | %
EBITDA margin |  |  | 44.1 | % |  |  | 49.8 | % |  |  |  |  |  |  | 47.2 | % |  |  | 38.2 | % |  |  |  |
Capex (USD mln) |  |  | 14 |  |  |  | 10 |  |  |  | 38 | % |  |  | 29 |  |  |  | 16 |  |  |  | 80 | %
Capex / revenues (USD) |  |  | 54 | % |  |  | 47 | % |  |  |  |  |  |  | 29 | % |  |  | 21 | % |  |  |  |
Mobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subscribers (‘000) |  |  | 965 |  |  |  | 787 |  |  |  | 23 | % |  |  |  |  |  |  |  |  |  |  |  |
ARPU (USD) |  |  | 8 |  |  |  | 7 |  |  |  | 17 | % |  |  |  |  |  |  |  |  |  |  |  |
MOU |  |  | 229 |  |  |  | 197 |  |  |  | 16 | % |  |  |  |  |  |  |  |  |  |  |  |

VimpelCom Ltd. 4Q 2011 | 26

##### Table of Contents

GEORGIA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GEL mln |  | 4Q11 |  |  | 4Q10 |  |  | YoY |  |  | FY11 |  |  | FY10 |  |  | YoY |
Net operating revenues |  |  | 29.5 |  |  |  | 20.4 |  |  |  | 45 | % |  |  | 105.8 |  |  |  | 83.9 |  |  |  | 26 | %
EBITDA |  |  | 7 |  |  |  | 3 |  |  |  | 131 | % |  |  | 25 |  |  |  | 14 |  |  |  | 78 | %
EBITDA margin |  |  | 22.6 | % |  |  | 14.0 | % |  |  |  |  |  |  | 23.4 | % |  |  | 16.6 | % |  |  |  |
Capex (USD mln) |  |  | 14 |  |  |  | 18 |  |  |  | -22 | % |  |  | 39 |  |  |  | 37 |  |  |  | 5 | %
Capex / revenues (USD) |  |  | 80 | % |  |  | 157 | % |  |  |  |  |  |  | 63 | % |  |  | 80 | % |  |  |  |
Mobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subscribers (‘000) |  |  | 833 |  |  |  | 560 |  |  |  | 49 | % |  |  |  |  |  |  |  |  |  |  |  |
ARPU (GEL) |  |  | 11 |  |  |  | 12 |  |  |  | -6 | % |  |  |  |  |  |  |  |  |  |  |  |
MOU |  |  | 217 |  |  |  | 134 |  |  |  | 62 | % |  |  |  |  |  |  |  |  |  |  |  |
KYRGYZSTAN |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
KGS mln |  | 4Q11 |  |  | 4Q10 |  |  | YoY |  |  | FY11 |  |  | FY10 |  |  | YoY |
Net operating revenues |  |  | 1,753 |  |  |  | 1,431 |  |  |  | 23 | % |  |  | 6,531 |  |  |  | 5,198 |  |  |  | 26 | %
EBITDA |  |  | 954 |  |  |  | 712 |  |  |  | 34 | % |  |  | 3,567 |  |  |  | 2,129 |  |  |  | 68 | %
EBITDA margin |  |  | 54.4 | % |  |  | 49.8 | % |  |  |  |  |  |  | 54.6 | % |  |  | 41.0 | % |  |  |  |
Capex (USD mln) |  |  | 21 |  |  |  | 11 |  |  |  | 97 | % |  |  | 44 |  |  |  | 14 |  |  |  | 206 | %
Capex / revenues (USD) |  |  | 55 | % |  |  | 35 | % |  |  |  |  |  |  | 31 | % |  |  | 13 | % |  |  |  |
Mobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subscribers (‘000) |  |  | 2,371 |  |  |  | 1,904 |  |  |  | 24 | % |  |  |  |  |  |  |  |  |  |  |  |
ARPU (KGS) |  |  | 245 |  |  |  | 261 |  |  |  | -6 | % |  |  |  |  |  |  |  |  |  |  |  |
MOU |  |  | 292 |  |  |  | 313 |  |  |  | -7 | % |  |  |  |  |  |  |  |  |  |  |  |

VimpelCom Ltd. 4Q 2011 | 27

##### Table of Contents

ATTACHMENT C: RECONCILIATION TABLES

RECONCILIATION OF CONSOLIDATED EBITDA OF VIMPELCOM*(PRO FORMA)

USD mln |  | 4Q11 (unaudited) |  |  | 4Q10 (unaudited) |  |  | FY11 (unaudited) |  |  | FY10 (unaudited) |
EBITDA |  |  | 2,200 |  |  |  | 2,266 |  |  |  | 9,363 |  |  |  | 9,284 |
Adjustment for certain non-operating items |  |  | 7 |  |  |  | 4 |  |  |  | 22 |  |  |  | 29 |
Depreciation |  |  | (906 | ) |  |  | (905 | ) |  |  | (3,529 | ) |  |  | (3,084 | )
Amortization |  |  | (527 | ) |  |  | (558 | ) |  |  | (2,159 | ) |  |  | (2,285 | )
Impairment loss |  |  | (527 | ) |  |  | (112 | ) |  |  | (504 | ) |  |  | (136 | )
Operating income |  |  | 247 |  |  |  | 695 |  |  |  | 3,193 |  |  |  | 3,808 |
Adjustment for certain non-operating items |  |  | (7 | ) |  |  | (4 | ) |  |  | (22 | ) |  |  | (29 | )
EBIT |  |  | 240 |  |  |  | 691 |  |  |  | 3,171 |  |  |  | 3,779 |
Financial income and expenses |  |  | (480 | ) |  |  | (499 | ) |  |  | (1,993 | ) |  |  | (2,084 | )
- including interest income |  |  | 38 |  |  |  | 12 |  |  |  | 150 |  |  |  | 129 |
- including interest expense |  |  | (518 | ) |  |  | (511 | ) |  |  | (2,143 | ) |  |  | (2,213 | )
Net foreign exchange (loss)/gain and others |  |  | (321 | ) |  |  | (129 | ) |  |  | (497 | ) |  |  | (395 | )
- including net foreign exchange (loss)/gain |  |  | (133 | ) |  |  | (11 | ) |  |  | (123 | ) |  |  | (89 | )
- including equity in net (loss)/gain of associates |  |  | (22 | ) |  |  | (11 | ) |  |  | (25 | ) |  |  | (87 | )
- including other (expense)/income, net |  |  | (173 | ) |  |  | (111 | ) |  |  | (371 | ) |  |  | (248 | )
- including adjustment for certain non-operating items |  |  | 7 |  |  |  | 4 |  |  |  | 22 |  |  |  | 29 |
EBT |  |  | (561 | ) |  |  | 63 |  |  |  | 681 |  |  |  | 1,300 |
Income tax expense |  |  | (111 | ) |  |  | (253 | ) |  |  | (623 | ) |  |  | (836 | )
Profit (loss) from discontinued operations |  |  | 7 |  |  |  | — |  |  |  | 18 |  |  |  | — |
Net income |  |  | (665 | ) |  |  | (190 | ) |  |  | 76 |  |  |  | 464 |
Net (loss)/income attributable to the noncontrolling interest |  |  | (279 | ) |  |  | 17 |  |  |  | (248 | ) |  |  | 155 |
Net Income attributable to VimpelCom Ltd. |  |  | (386 | ) |  |  | (207 | ) |  |  | 324 |  |  |  | 309 |

* | See also the supplementary file FactbookQ42011.xls on our website at http://vimpelcom.com/ir/financials/results.wbp

VimpelCom Ltd. 4Q 2011 | 28

##### Table of Contents

ATTACHMENT C: RECONCILIATION TABLES

RECONCILIATION OF CONSOLIDATED EBITDA OF VIMPELCOM* (ACTUAL)

USD mln |  | 4Q11 |  |  | 4Q10 |  |  | FY11 |  |  | FY10 |
EBITDA |  |  | 2,200 |  |  |  | 1,247 |  |  |  | 8,127 |  |  |  | 4,906 |
Adjustment for certain non-operating items |  |  | 7 |  |  |  | 4 |  |  |  | 22 |  |  |  | 26 |
Depreciation |  |  | (906 | ) |  |  | (436 | ) |  |  | (3,118 | ) |  |  | (1,652 | )
Amortization |  |  | (527 | ) |  |  | (185 | ) |  |  | (1,628 | ) |  |  | (428 | )
Impairment loss |  |  | (527 | ) |  |  | — |  |  |  | (527 | ) |  |  | — |
Operating income |  |  | 247 |  |  |  | 630 |  |  |  | 2,876 |  |  |  | 2,852 |
Adjustment for certain non-operating items |  |  | (7 | ) |  |  | (4 | ) |  |  | (22 | ) |  |  | (26 | )
EBIT |  |  | 240 |  |  |  | 626 |  |  |  | 2,854 |  |  |  | 2,826 |
Financial income and expenses |  |  | (480 | ) |  |  | (126 | ) |  |  | (1,530 | ) |  |  | (484 | )
- including interest income |  |  | 38 |  |  |  | 14 |  |  |  | 110 |  |  |  | 56 |
- including interest expense |  |  | (518 | ) |  |  | (140 | ) |  |  | (1,640 | ) |  |  | (540 | )
Net foreign exchange (loss)/gain and others |  |  | (321 | ) |  |  | 14 |  |  |  | (574 | ) |  |  | (15 | )
- including net foreign exchange (loss)/gain |  |  | (133 | ) |  |  | (11 | ) |  |  | (219 | ) |  |  | (4 | )
- including equity in net (loss)/gain of associates |  |  | (22 | ) |  |  | 27 |  |  |  | 8 |  |  |  | 53 |
- including other (expense)/income, net |  |  | (173 | ) |  |  | (6 | ) |  |  | (385 | ) |  |  | (90 | )
- including adjustment for certain non-operating items |  |  | 7 |  |  |  | 4 |  |  |  | 22 |  |  |  | 26 |
EBT |  |  | (561 | ) |  |  | 514 |  |  |  | 750 |  |  |  | 2,327 |
Income tax expense |  |  | (111 | ) |  |  | (44 | ) |  |  | (578 | ) |  |  | (606 | )
Profit (loss) from discontinued operations |  |  | 7 |  |  |  | — |  |  |  | 22 |  |  |  | — |
Net income |  |  | (665 | ) |  |  | 470 |  |  |  | 194 |  |  |  | 1,721 |
Net (loss)/income attributable to the noncontrolling interest |  |  | (279 | ) |  |  | 9 |  |  |  | (295 | ) |  |  | 48 |
Net Income attributable to VimpelCom Ltd. |  |  | (386 | ) |  |  | 461 |  |  |  | 488 |  |  |  | 1,673 |

* | See also the supplementary file FactbookQ42011.xls on our website at http://vimpelcom.com/ir/financials/results.wbp

VimpelCom Ltd. 4Q 2011 | 29

##### Table of Contents

ATTACHMENT C: RECONCILIATION TABLES

RECONCILIATION OF VIMPELCOM CONSOLIDATED NET DEBT (ACTUAL)

Actual, USD mln |  | 4Q10 |  |  | 1Q11 |  |  | 2Q11 |  |  | 3Q11 |  |  | 4Q11 |
Net debt |  |  | 4,740 |  |  |  | 4,840 |  |  |  | 24,104 |  |  |  | 22,261 |  |  |  | 24,373 |
Cash and cash equivalents |  |  | 885 |  |  |  | 1,858 |  |  |  | 3,190 |  |  |  | 3,443 |  |  |  | 2,325 |
Long - term and short-term deposits |  |  | 36 |  |  |  | 592 |  |  |  | 99 |  |  |  | 153 |  |  |  | 178 |
Fair value hedge |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 147 |  |  |  | 161 |
Total debt, |  |  | 5,661 |  |  |  | 7,290 |  |  |  | 27,393 |  |  |  | 26,004 |  |  |  | 27,037 |
incl. Long - term debt |  |  | 4,499 |  |  |  | 6,047 |  |  |  | 25,756 |  |  |  | 24,404 |  |  |  | 24,388 |
incl. Short-term debt |  |  | 1,162 |  |  |  | 1,243 |  |  |  | 1,637 |  |  |  | 1,600 |  |  |  | 2,649 |

AVERAGE RATES OF FUNCTIONAL CURRENCIES TO USD*

|  | Average rates |  |  | Closing rates |
|  | FY11 |  |  | FY10 |  |  | YoY |  |  | FY11 |  |  | FY10 |  |  | Delta |
Russian Ruble |  |  | 29.39 |  |  |  | 30.37 |  |  |  | 3.3 | % |  |  | 32.20 |  |  |  | 30.48 |  |  |  | -5.3 | %
Euro |  |  | 0.72 |  |  |  | 0.75 |  |  |  | 4.9 | % |  |  | 0.77 |  |  |  | 0.76 |  |  |  | -2.2 | %
Algerian Dinar |  |  | 72.93 |  |  |  | 73.99 |  |  |  | 1.5 | % |  |  | 75.33 |  |  |  | 74.29 |  |  |  | -1.4 | %
Pakistan Rupee |  |  | 86.33 |  |  |  | 85.18 |  |  |  | -1.3 | % |  |  | 89.95 |  |  |  | 85.67 |  |  |  | -4.8 | %
Bangladeshi Taka |  |  | 74.07 |  |  |  | 69.63 |  |  |  | -6.0 | % |  |  | 81.83 |  |  |  | 70.60 |  |  |  | -13.7 | %
Vietnamese Dong |  |  | 20,685 |  |  |  | — |  |  |  | n/a |  |  |  | 20,813 |  |  |  | — |  |  |  | n/a |
Lao Kip |  |  | 8,005 |  |  |  | — |  |  |  | n/a |  |  |  | 8,006 |  |  |  | — |  |  |  | n/a |
Ukrainian Hryvnia |  |  | 7.97 |  |  |  | 7.94 |  |  |  | -0.4 | % |  |  | 7.99 |  |  |  | 7.96 |  |  |  | -0.4 | %
Kazakh Tenge |  |  | 146.62 |  |  |  | 147.34 |  |  |  | 0.5 | % |  |  | 148.40 |  |  |  | 147.40 |  |  |  | -0.7 | %
Armenian Dram |  |  | 372.44 |  |  |  | 373.73 |  |  |  | 0.3 | % |  |  | 385.77 |  |  |  | 363.44 |  |  |  | -5.8 | %
Georgian Lari |  |  | 1.69 |  |  |  | 1.78 |  |  |  | 5.3 | % |  |  | 1.67 |  |  |  | 1.77 |  |  |  | 6.0 | %
Kyrgyz Som |  |  | 46.14 |  |  |  | 45.96 |  |  |  | -0.4 | % |  |  | 46.48 |  |  |  | 47.10 |  |  |  | 1.3 | %

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

ATTACHMENT D: WIND TELECOMUNICAZIONI GROUP CONDENSED STATEMENTS OF INCOME

EUR mln |  | FY 11 |  | FY 10
Revenue |  |  | 5,431 |  |  | 5,384
Other revenue |  |  | 139 |  |  | 130
Total Revenue |  |  | 5,570 |  |  | 5,514
EBITDA |  |  | 2,120 |  |  | 2,130
D&A |  |  | (1,068 | ) |  | (1,019)
EBIT |  |  | 1,052 |  |  | 1,111
Financial Income and expenses |  |  | (934 | ) |  | (1,265)
EBT |  |  | 118 |  |  | (153)
Income Tax |  |  | (278 | ) |  | (131)
Profit/(Loss) from discontinued operations |  |  | 6 |  |  | 32
Net income |  |  | (154 | ) |  | (252)

VimpelCom Ltd. 4Q 2011 | 30

##### Table of Contents

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. VimpelCom’s 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 & 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. Italian subsidiary measures broadband subscribers based on the number of active contracts signed. Russian business unit includes IPTV activities.

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 & 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, long-term and short-term deposits and fair value hedge. 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 & 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.

Organic growth Revenue and EBITDA are non-U.S. GAAP financial measures that reflect changes in Revenue and EBITDA excluding foreign currency movements and other factors, such as business under liquidation, disposals, mergers and acquisitions. We believe investors should consider these measures as they are more indicative of our ongoing performance and management uses these measures to evaluate the Company’s operational results and trends.

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1 4Q 2011 Presentation Jo Lunder CEO VimpelCom Ltd. Amsterdam, March 13 , 2012 th

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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 financial performance objectives, 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 our markets, unforeseen developments from competition, governmental regulation of the telecommunications industries and general political uncertainties in our markets and/or litigation with third parties. 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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3 Key messages • Robust mobile subscriber growth • Solid organic revenue growth • Stable EBITDA excluding forex impact • Strong cash flow generation • Net income impacted by non-cash items

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4 Progress Selective M&A Algeria Governance Wind Telecom transaction Dividend Euroset option not exercised Discussions ongoing Arbitration withdrawn Integration completed and spin-off OTH assets completed Final dividend for 2011 announced Portfolio review Impairment Vietnam and Cambodia Objectives 2012 – 2014 Announced

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5 Key results 4Q11 • Mobile subscribers increased 13% * to 205 million • Total fixed-line subscribers of ~5 million • Organic revenue growth of 5% YoY * , revenues of USD 5.9 billion • EBITDA excl. FX stable YoY * , EBITDA of USD 2.2 billion • EBITDA margin of 37% • Net cash from operating activities of USD 1.8 billion • Actual Net income FY11 of USD 488 million, impacted by non- cash items * Pro Forma

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6 Business Units Performance

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7 -2% YoY ARPU +14% YoY MOU Mobile subscribers (million) ARPU and MOU (RUR) (min) +10% YoY +7% YoY Fixed -2% YoY Mobile +46% YoY Fixed +32% YoY Mobile BU Russia: Operating Highlights Broadband subscribers (million) Broadband ARPU (RUR) 52.0 53.0 55.3 56.8 57.2 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 333 308 327 334 327 228 218 244 251 259 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 1.4 1.6 1.7 1.8 2.1 1.9 2.3 2.4 2.4 2.5 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 403 409 413 410 432 238 227 209 219 234 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Fixed broadband subs Mobile broadband subs Fixed broadband ARPU Mobile broadband ARPU ARPU MOU

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8 Highlights: • Mobile subscribers reaching 57.2 million, up 10% YoY, including 2.5 million Mobile BB subscribers, up 32% YoY • Fixed BB subscribers 2.1 million, up 46% YoY • IPTV in 34 cities; 570K active subscribers • Revenues RUR 71.0 billion, up 10% YoY with double digit revenue growth Mobile and Fixed Broadband • Gross margin in absolute terms improved YoY although declined in % due to prices rebalancing • FY11 EBITDA margin of 40.1% - in line with earlier communicated outlook FY11 • Operational excellence program of at least RUR 5 billion launched Revenues (RUR billion) EBITDA and EBITDA Margin (RUR billion) EBITDA EBITDA Margin CAPEX (RUR billion) CAPEX CAPEX / Revenue BU Russia: Financial Highlights 71.0 69.6 65.2 60.4 64.5 +26% YoY -6% YoY +10% YoY Mobile Fixed-line

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9 ARPU -8% YoY MOU +8% YoY BU Europe & NA: Operating Highlights Italy ARPU MOU +5% YoY Fixed broadband subs Mobile broadband subs Broadband subscribers* (thousands) Broadband ARPU (EUR) +7% YoY +12% YoY Fixed +13% YoY Mobile * Mobile broadband includes consumer customers that have performed at least one mobile Internet event in the previous month on 2.5G/3G/3.5G network technology Mobile subscribers (million) ARPU and MOU (EUR) (min) Fixed broadband ARPU

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10 Highlights: • Continued outperformance of the Italian market • Mobile subscribers grow 5% to 21.0 million • Fixed BB subscribers increased by 12% to 2.1 million • Revenues of EUR 1.4 billion, down 1.5% YoY due to MTR decline and worsened economic conditions • Total revenues excluding mobile incoming up 0.5% YoY • Solid growth of Fixed BB revenues (+21%) coupled with increase in Fixed BB ARPU • Strong growth of mobile internet and data revenues, up 20% • Stable EBITDA of EUR 533 million, leading to margin expansion to 37.4% EBITDA EBITDA Margin CAPEX* (EUR billion) 1.1 LTE BU Europe & NA: Financial Highlights Italy CAPEX excl. license CAPEX excl. license / Revenue License * IFRS ** Excluding licenses Revenues* (EUR million) EBITDA* and EBITDA Margin (EUR million) Stable YoY Stable YoY** Total Revenues -1% YoY Revenue excl. Mobile incoming +0.5% YoY Mobile Revenues (excl. Incoming) Mobile Incoming Revenues Fixed-line

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EBITDA EBITDA Margin CAPEX* (USD million) BU Africa & Asia: Financial and Operating Highlights Revenues* (USD million) EBITDA* and EBITDA Margin (USD million) 11 -5% YoY +3% YoY +34% YoY** CAPEX excl. license CAPEX excl. license / Revenue License * IFRS ** Excluding licenses Highlights: • Subscriber base surpassed 82 million, a 18% increase YoY • Organic revenue growth of 5% YoY – growth across all main operations • Net operating revenues increased 3% YoY to USD 922 million • EBITDA increased organically by 10% YoY • EBITDA margin stood at 35% • Algeria: Revenues increased 3% in local currency, while EBITDA increased 18%, leading to an improvement in EBITDA margin by almost 7 p.p. • Pakistan: Revenues in local currency up 4%, while EBITDA grew 10%, leading to an EBITDA margin of 41.7% • Bangladesh: Revenues increased 17% in local currency as a result of a 23% increase in banglalink’s subscriber base

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Highlights: • Continued healthy top line growth and maintained leading market position • Revenue UAH 3.3 billion, up 4% YoY, driven by both mobile and fixed segments • Strong growth of mobile data revenue, up 11% YoY to UAH 218million • Doubling of fixed broadband subscribers • Fixed line revenues up 36% YoY, reflecting 54% increase in FBB revenue and 79% increase of wholesale • Stable FY11 EBITDA margin of 53.2%; 4Q11 declined to 50.3% CAPEX (UAH billion) BU Ukraine: Financial and Operating Highlights Revenues (UAH billion) EBITDA and EBITDA Margin (UAH billion) 12 -3% YoY +4% YoY +13% YoY 1.7 1.6 1.8 1.9 1.7 53.8% 54.0% 54.8% 53.7% 50.3% Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 3.2 3.0 3.3 3.5 3.3 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 2.0 2.3 16% 17% FY 10 FY 11 CAPEX CAPEX / Revenue EBITDA EBITDA Margin Mobile Fixed-line

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Highlights: • Double digit revenue growth in almost all markets • Revenues USD 419 million, up 16% YoY • Mobile data revenues doubled YoY to USD 25 million • EBITDA up 11% YoY to USD 171 million • EBITDA margin of 41% • Continued investments in network roll out to support data and voice traffic • Kazakhstan: Revenue up 11%, EBITDA remained strong • Uzbekistan: Improved market position with strong growth in revenue and EBITDA supported by 3G roll out CAPEX (USD million) BU CIS * : Financial and Operating Highlights 419 430 389 351 362 Revenues (USD million) EBITDA and EBITDA Margin (USD million) 13 +11% YoY +16% YoY * This segment includes our operations in Kazakhstan, Uzbekistan, Armenia, Kyrgyzstan, Tajikistan and Georgia. +43% YoY 321.0 310.0 348.0 386.0 380.0 41 41 41 44 39 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 155 159 175 198 171 42.7% 45.3% 45.0% 46.0% 40.8% Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 437 626 32% 39% FY 10 FY 11 CAPEX CAPEX / Revenue EBITDA EBITDA Margin Mobile Fixed-line

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14 Financial Highlights Henk van Dalen CFO VimpelCom Ltd.

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15 BUSINESS UNITS Revenue EBITDA Organic FX and others Reported Organic FX and others Reported Russia 9% -1% 8% -5% -3% -8% Europe & NA -1% -2% -3% -1% -1% -2% Ukraine 4% -1% 3% -3% -1% -4% Africa & Asia 5% -2% 3% 10% -15%* -5% CIS 16% 0% 16% 11% 0% 11% Total 5% -1% 4% 1% -4% -3% 4Q11 Pro Forma Financial Performance • Revenues increased by 4% YoY, with strong performance across most business units. Overall organic revenue growth was 5%. • EBITDA declined due to unfavorable currency movements • EBITDA, at constant FX, stable YoY GROUP (USD million) 4Q11 4Q10 YoY Revenues 5,878 5,633 4% EBITDA 2,200 2,266 -3% Depreciation/ Amortization/ Other -1,960 -1,575 24% EBIT 240 691 -65% Tax -111 -253 -56% Financial income / expenses -480 -499 -4% FX and Other -321 -129 149% Net income attributable to VimpelCom Ltd -386 -207 86% ”Forex and others” effect of -15% consists of -4% due to unfavorable currency movements, -13% related to OTH’s headquarters, primarily a corporate contingent liability provision in Q411 and 2% attributable to disposals, mergers and acquisitions. *

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16 FY11 Pro Forma Financial Performance 1.8 CAPEX (Pro forma) (USD billion) CAPEX excl. license CAPEX excl. license/Revenue License • Revenues increased by 7% YoY Strong performance across most business units. Overall organic revenue growth was 4%. • EBITDA increased by 1% demonstrating good performance in most Business Units. BUSINESS UNITS Revenue EBITDA Organic FX and others Reported Organic FX and others Reported Russia 7% 4% 11% -7% 3% -4% Europe & NA 1% 4% 5% -3% 5% 2% Ukraine 5% -1% 4% 5% -1% 4% Africa & Asia 6% -1% 5% 12% -6%* 6% CIS 16% 1% 17% 14% 0% 14% Total 4% 3% 7% -1% 2% 1% GROUP (USD million) FY11 FY10 YoY Revenues 23,464 21,828 7% EBITDA 9,363 9,284 1% Depreciation/ Amortization/ Other (6,192) (5,505) 12% EBIT 3,171 3,779 -16% Tax (623) (836) -25% Financial income / expenses (1,993) (2,084) -4% FX and Other (497) (395) 26% Net income attributable to VimpelCom Ltd 324 309 5% *”Forex and others” effect of -6% mainly consists of -3% effect related to OTH’s headquarters, primarily a corporate contingent liability provision in Q411 and -3% attributable to disposals, mergers and acquisitions. 4.0 5.0 18% 21% FY 10 FY 11

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17 Non-Cash Items in 4Q11 Purchase Price Allocation • Refinement of final PPA model for Wind Telecom acquisition • Adjustment retroactive; shown as catch-up for 2Q11 and 3Q11 • Change from linear amortization model to value contribution for customer relationships • Better matching of benefits and costs • Results in higher amortization in earlier years and lower amortization in later years Impairments • Regular monitoring of performance of businesses; reassessment of all business plans in 4Q11 • Detailed business plan review of Vietnam and Cambodia led to significant downward growth perspectives for these businesses => impairments Forex and Other Expenses • Unrealized FX loss due to depreciation of RUR, EUR and BDT against USD (in total USD 110 million) • Others – mainly fair value adjustments of USD 147 million Impact on Net Income 4Q11 USD 125 mln USD 527 mln USD 257 mln

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18 Impact Non-Cash Items 4Q11 Actual FY11 Actual Reported PPA impact Impairment Reported PPA Impact* Impairment Net operating revenues 5,878 5,878 20,250 - 20,250 EBITDA 2,200 2,200 8,127 - 8,127 Depreciation/Amortization/Other -1,960 286 527 -1,147 -5,273 859 527 -3,887 EBIT 240 286 527 1,053 2,854 859 527 4,240 Tax -111 -69 -180 -578 -207 -785 Financial income / expenses -480 -33 -513 -1,530 -98 -1,628 FX and Other -321 -59 -380 -574 -177 -751 Net income from continuing operations -672 125 527 -20 172 377 527 1,076 Net income attributable to VimpelCom Ltd. -386 79 358 51 488 240 358 1,087 Impairment and impact from the PPA of Wind Telecom (USD million) * 9 months 4Q11 Pro forma FY11 Pro forma Reported PPA impact Impairment Reported PPA Impact* Impairment Net income from continuing operations -672 125 527 -20 58 503 527 1,088 Net income attributable to VimpelCom Ltd. -386 79 358 51 324 320 358 1,002 Excluding non-cash Items Excluding non-cash Items Excluding non-cash Items Excluding non-cash Items

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19 Actual FY11 FY10 YoY Net operating revenues 20,250 10,513 93% EBITDA 8,127 4,906 66% EBITDA margin 40.1% 46.7% EBIT 2,854 2,826 1% Financial income and expenses (1,530) (484) 216% FX and Other (574) (15) 3,727% Income tax expense (578) (606) -5% Net income from continuing operations 172 1,721 -90% Net income attributable to VimpelCom Ltd. 488 1,673 -71% Net cash from operating activities (NCFOA) 5,883 3,670 60% NCFOA per share (USD) 3.6 3.0 20% FY11 Actual Financial Highlights Consolidated financial highlights (Actual) (USD million) • Net Income was impacted by non-cash items: Impact from the PPA of USD 377 million Impairments in Vietnam and Cambodia of USD 527 million

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20 Key Components * See definition of EBITDA in earnings release. LTM stands for “last twelve months” to reporting date. Net Cash Flow From Operating Activities, Actual (USD million) *** Forex effect on cash, non-cash changes debt, Wind deposits and finance raising costs Debt, Cash and Ratios (USD million) December 31, 2011 Cash and Cash Equivalents 2,325 Total Assets 54,476 Gross Debt 27,037 -Short-term 2,649 -Long-term 24,388 Shareholders' equity 14,042 Gross Debt/Assets 0.5 Net Debt** 24,373 Pro forma annual EBITDA* 9,363 - Pro forma annual Operating income 3,193 Pro forma annual Financial Income and Expenses 1,993 Pro forma ratios FY 2011 December 31, 2011 Net Debt/ EBITDA 2.6 EBITDA/ Financial Income 4.7 and Expenses Gross Debt/ EBITDA 2.9 Consolidated Cash and Net Debt Development Actual 4Q 2011 (USD million) Opening gross debt 4Q11 Opening cash, deposits and fair value hedge Opening net debt Net Cash from Operating activities Cash Capex Dividends paid Other*** Closing net debt Closing cash, deposits and fair value hedge Closing gross debt 4Q11 ** See definition of net debt in earnings release

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21 USD 2.7 bn shareholder loan Simplified legal / financing structure - per 31 December 2011 VimpelCom Ltd. VimpelCom Amsterdam B.V. VimpelCom Holdings B.V. VimpelCom Amsterdam Finance B.V. OJSC VimpelCom VimpelCom Finance (Bermuda) Ltd. EUR 0.4bn USD 2.7bn WIND Telecom S.p.A. Wind Acquisition Holdings Finance S.p.A. WIND Acquisition Finance SA WIND Telecomuni cazioni S.p.A. WIND Acquisition Holdings Finance SA Orascom Telecom Holding S.A.E. Ring fenced Legal structure External debt Significant intercompany financing Note: rounded figures * including bank deposits and MTM of derivatives at VIP VIP NL USD 2.4 bn PJSC Kyivstar Total OJSC Group USD 9.0 bn Total OTH Group USD 1.2 bn Weather Capital Special Purpose I S.A. Weather Capital S.a.r.l. Total Wind group USD 14.4 bn PIK notes USD 1.3 bn HY notes 2017 USD 3.6 bn SSN 2018 USD 3.6 bn Bridge loan USD 0.6 bn Senior bank loan USD 4.4 bn Debt to Gov USD 0.5 bn Annuity USD 0.3 bn Total gross debt VimpelCom Group VIP USD 2.4 bn OJSC Group USD 9.0 bn WIND Group USD 14.4 bn OTH Group USD 1.2 bn USD 27.0 bn Total cash* USD 2.3 bn I II III

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22 Group Debt Maturity Schedule as of 31 December 2011 Debt Composition by Currency Actual Q3 11 Q2 11 Debt Composition and Maturity Profile Q4 11 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Other Wind Vimpelcom / OJSC 2.0 2.2 1.6 2.3 9.1 4.8 1.0 2.5 1.6 EURO US Dollars Russian Ruble Other

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23 • The record date for the Company’s shareholders entitled to receive the final dividend has been set for June 1, 2012 • The ex-dividend date is May 30, 2012 • The dividend will be paid by the Company before June 30, 2012 Final Dividend 2011 Announced Aim to pay at least USD 0.80 per common share 2011-2014 Final dividend 2011 of USD 570 million, USD 0.35 per share Total dividend for 2011 USD 1.3 billion, USD 0.80 per share 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 * For a full dividend guideline please refer to www.vimpelcom.com ** Operating free cash flow = net cash from operating activities minus capital expenditures

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24 Conclusion Jo Lunder CEO VimpelCom Ltd.

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25 Financial Performance Objectives 2012 – 2014 Key Indicators Revenue CAGR of around mid single digit EBITDA CAGR of around mid single digit Capex / Revenue (excl. licenses) Below 15% By end of 2014 Leverage Net Debt / EBITDA < 2 By end of 2014 The above objectives assume: • constant currency movements, • no major regulatory changes, • current asset portfolio mix and • a stable macro economic environment.

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26 Q&A

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27 Thank you!

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28 www.vimpelcom.com For further information please contact Investor Relations Claude Debussylaan 88 1082 MD Amsterdam The Netherlands T: +31 20 797 7200 E: Investor_Relations@vimpelcom.com

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29 Appendices

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30 Impact Purchase Price Allocation Wind Telecom (1) (Expense) / Income 2011* 2012 2013 2014 Incremental EBITDA impact - - - - Total depreciation 111 275 297 227 Total amortization (970) (1,012) (663) (459) Incremental EBIT impact (859) (736) (366) (231) Total financial expense 275 330 237 242 Incremental pre-tax income impact (584) (406) (128) 11 Incremental tax impact (207) (155) (49) 8 Incremental net income impact (377) (251) (79) 3 VimpelCom (240) (103) 6 64 Non-controlling interest (137) (148) (85) (61) Current estimated incremental impact from the PPA of Wind Telecom (USD million) * 9 months Above schedule is based on current view and expectations. However the PPA is still subject to further revisions.

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31 Impact Purchase Price Allocation Wind Telecom (2) 4Q11 pro forma PPA impact 4Q10 pro forma PPA impact Reported PPA impact Impair- ment Excluding non-cash items Reported PPA impact Impair- ment Excluding non-cash items Net operating revenues 5,878 5,878 5,633 5,633 EBITDA 2,200 2,200 2,266 2,266 Depreciation/Amortization/Other -1,960 286 527 -1,147 -1,575 286 112 -1,177 EBIT 240 286 527 1,053 691 286 112 1,089 Tax -111 -69 -180 -253 -69 -322 Financial income / expenses -480 -33 -513 -499 -33 -532 FX and Other -321 -59 -380 -129 -59 -188 Net income from continuing operations -672 125 527 -20 -190 125 112 47 Net income attributable to VimpelCom Ltd. -386 79 358 51 -207 79 58 -70 Impairment and impact from the PPA of Wind Telecom (USD million) FY11 pro forma - PPA and impairment impact FY10 pro forma impact Reported PPA impact Impair- ment Excluding non-cash Items Reported PPA impact Impair- ment Excluding non-cash Items Net operating revenues 23,464 23,464 21,828 21,828 EBITDA 9,363 9,363 9,284 9,284 Depreciation/Amortization/Other -6,192 1,145 527 -4,520 -5,505 1,145 136 -4,224 EBIT 3,171 1,145 527 4,844 3,779 1,145 136 5,060 Tax -623 -276 - -899 -836 -276 -1,112 Financial income / expenses -1,993 -131 - -2,124 -2,084 -131 -2,215 FX and Other -497 -236 - -733 -395 -236 -631 Net income from continuing operations 58 503 527 1,088 464 503 136 1,103 Net income attributable to VimpelCom Ltd. 324 320 358 1,002 309 320 70 699 Impairment and impact from the PPA of Wind Telecom (USD million)

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32 Catch up effect PPA Q2 AND Q3 2Q11 catch up 3Q11 catch up 2Q reported Catch up 2Q adjusted 3Q reported Catch up 3Q adjusted EBITDA 2,184 - 2,184 2,535 - 2,535 Depreciation/Amortization/Other (1,121) (157) (1,278) (1,269) (188) (1,457) EBIT 1,070 (157) 913 1,271 (188) 1,083 Tax (207) 37 (170) (250) 47 (203) Financial income / expenses (449) (449) (482) (482) FX and Other (134) 75 (59) (444) 59 (385) Net income from continuing operations 273 (45) 228 91 (82) 9 Net income attributable to VimpelCom Ltd. 239 (20) 219 104 (37) 67 Catch up effect PPA of Wind Telecom (USD million)

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33 Average rates Closing rates Currency FY11 FY10 YoY FY11 FY10 Delta RUR 29.39 30.37 3.3% 32.20 30.48 -5.3% EUR 0.72 0.75 4.9% 0.77 0.76 -2.2% DZD 72.93 73.99 1.5% 75.33 74.29 -1.4% PKR 86.33 85.18 -1.3% 89.95 85.67 -4.8% BDT 74.07 69.63 -6.0% 81.83 70.60 -13.7% VND 20,685 - n/a 20,813 - n/a LAK 8,005 - n/a 8,006 - n/a UAH 7.97 7.94 -0.4% 7.99 7.96 -0.4% KZT 146.62 147.34 0.5% 148.40 147.40 -0.7% AMD 372.44 373.73 0.3% 385.77 363.44 -5.8% GEL 1.69 1.78 5.3% 1.67 1.77 6.0% KGS 46.14 45.96 -0.4% 46.48 47.10 1.3% Source: National Banks of the respective countries, Company calculations FOREX Development

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34 Reconciliation of consolidated EBITDA of VimpelCom Reconciliation Tables USD mln Pro forma 4Q11 4Q 10 FY11 FY10 Unaudited pro forma EBITDA 2,200 2,266 9,363 9,284 Adjustment for certain non-operating items 7 4 22 29 Depreciation (906) (905) (3,529) (3,084) Amortization (527) (558) (2,159) (2,285) Impairment loss (527) (112) (504) (136) - Operating income 247 695 3,193 3,808 - Adjustment for certain non-operating items (7) (4) (22) (29) - EBIT 240 691 3,171 3,779 - Financial income and expenses (480) (499) (1,993) (2,084) - including interest income 38 12 150 129 - including interest expense (321) (511) (2,143) (2,213) Net foreign exchange (loss)/gain and others (351) (129) (497) (395) - including net foreign exchange (loss)/gain (133) (11) (123) (89) - including equity in net (loss)/gain of associates (22) (11) (25) (87) - including other (expense)/income, net (173) (111) (371) (248) - Including adjustment for certain non-operating items 7 4 22 29 - EBT (561) 63 681 1,300 - Income tax expense (111) (253) (623) (836) - Profit (loss) from discontinued operations 7 - 18 - - Net income (665) (190) 76 464 - Net (loss)/income attributable to the noncontrolling interest (279) 17 (248) 155 - Net Income attributable to VimpelCom Ltd. (386) (207) 324 309

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35 Reconciliation of consolidated EBITDA of VimpelCom Reconciliation Tables USD mln Actual 4Q11 4Q 10 FY11 FY10 Unaudited pro forma EBITDA 2,200 1,247 8,127 4,906 Adjustment for certain non-operating items 7 4 22 26 Depreciation (906) (436) (3,118) (1,652) Amortization (527) (185) (1,628) (428) Impairment loss (527) - (527) - Operating income 247 630 2,876 2,852 Adjustment for certain non-operating items (7) (4) (22) (26) EBIT 240 626 2,854 2,826 Financial income and expenses (480) (126) (1,530) (484) - including interest income 38 14 110 56 - including interest expense (518) (140) (1,640) (540) Net foreign exchange (loss)/gain and others (321) 14 (574) (15) - including net foreign exchange (loss)/gain (133) (11) (219) (4) - including equity in net (loss)/gain of associates (22) 27 8 53 - including other (expense)/income, net (173) (6) (385) (90) - Including adjustment for certain non-operating items 7 4 22 26 EBT (561) 514 750 2,327 Income tax expense (111) (44) (578) (606) Profit (loss) from discontinued operations 7 - 22 - Net income (665) 470 194 1,721 Net (loss)/income attributable to the noncontrolling interest (279) 9 (295) 48 Net Income attributable to VimpelCom Ltd. (386) 461 488 1,673

##### Table of Contents

36 Reconciliation of consolidated net debt of VimpelCom USD mln 4Q10 1Q11 2Q11 3Q11 4Q11 Net debt 4,740 4,840 24,104 22,261 24,373 Cash and cash equivalents 885 1,858 3,190 3,443 2,325 Long - term and short-term deposits 36 592 99 153 178 Fair value hedge - - - 147 161 Total debt, 5,661 7,290 27,393 26,004 27,037 incl. Long - term debt 4,499 6,047 25,756 24,404 24,388 incl. Short-term debt 1,162 1,243 1,637 1,600 2,649 Reconciliation Tables

##### Table of Contents

VimpelCom Ltd.

Index sheet
Consolidated VIP Ltd.
Consolidated
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

##### Table of Contents

VimpelCom Ltd.

index page

(in USD millions, unless stated otherwise, unaudited)

Consolidated |  | Q1 2010 |  |  | Q2 2010 |  |  | Q3 2010 |  |  | Q4 2010 |  |  | Q1 2011 |  |  | Q2 2011 |  |  | Q3 2011 |  |  | Q4 2011 |
ACTUAL |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net operating revenues |  |  | 2,231 |  |  |  | 2,642 |  |  |  | 2,824 |  |  |  | 2,816 |  |  |  | 2,743 |  |  |  | 5,536 |  |  |  | 6,093 |  |  |  | 5,878 |
Gross margin |  |  | 1,703 |  |  |  | 2,041 |  |  |  | 2,185 |  |  |  | 2,115 |  |  |  | 2,035 |  |  |  | 4,009 |  |  |  | 4,392 |  |  |  | 4,182 |
Gross margin, % |  |  | 76.3 | % |  |  | 77.3 | % |  |  | 77.4 | % |  |  | 75.1 | % |  |  | 74.2 | % |  |  | 72.4 | % |  |  | 72.1 | % |  |  | 71.1 | %
EBITDA |  |  | 1,041 |  |  |  | 1,260 |  |  |  | 1,358 |  |  |  | 1,247 |  |  |  | 1,208 |  |  |  | 2,187 |  |  |  | 2,532 |  |  |  | 2,200 |
EBITDA margin |  |  | 46.7 | % |  |  | 47.7 | % |  |  | 48.1 | % |  |  | 44.3 | % |  |  | 44.0 | % |  |  | 39.5 | % |  |  | 41.6 | % |  |  | 37.4 | %
Net income attributable to VimpelCom Ltd. reported |  |  | 382 |  |  |  | 335 |  |  |  | 496 |  |  |  | 461 |  |  |  | 590 |  |  |  | 239 |  |  |  | 104 |  |  |  | n.a. |
Adjustment due to new PPA |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |  |  |  | -20 |  |  |  | -37 |  |  |  | n.a. |
Net income attributable to VimpelCom Ltd. |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |  |  |  | 219 |  |  |  | 67 |  |  |  | -386 |
Capital expenditures (Capex) |  |  | 179 |  |  |  | 382 |  |  |  | 520 |  |  |  | 1,143 |  |  |  | 456 |  |  |  | 966 |  |  |  | 1,193 |  |  |  | 3,862 |
Capex / revenues |  |  | 8 | % |  |  | 14 | % |  |  | 18 | % |  |  | 41 | % |  |  | 17 | % |  |  | 17 | % |  |  | 20 | % |  |  | 66 | %
Mobile subscribers (millions) |  |  | 67 |  |  |  | 89 |  |  |  | 92 |  |  |  | 93 |  |  |  | 95 |  |  |  | 193 |  |  |  | 199 |  |  |  | 205 |
PRO FORMA |  | Q1 2010 |  |  | Q2 2010 |  |  | Q3 2010 |  |  | Q4 2010 |  |  | Q1 2011 |  |  | Q2 2011 |  |  | Q3 2011 |  |  | Q4 2011 |
Net operating revenues |  |  | 5,189 |  |  |  | 5,488 |  |  |  | 5,519 |  |  |  | 5,633 |  |  |  | 5,481.0 |  |  |  | 6,012.0 |  |  |  | 6,093.0 |  |  |  | 5,878.0 |
EBITDA |  |  | 2,215 |  |  |  | 2,368 |  |  |  | 2,435 |  |  |  | 2,266 |  |  |  | 2,257.0 |  |  |  | 2,374.1 |  |  |  | 2,532.4 |  |  |  | 2,200.0 |
EBITDA margin |  |  | 42.7 | % |  |  | 43.1 | % |  |  | 44.1 | % |  |  | 40.2 | % |  |  | 41.2 | % |  |  | 39.5 | % |  |  | 41.6 | % |  |  | 37.4 | %
Net income attributable to VimpelCom Ltd. reported |  |  | 283 |  |  |  | 219 |  |  |  | 460 |  |  |  | -52 |  |  |  | 564 |  |  |  | 312 |  |  |  | 104 |  |  |  | n.a. |
Adjustment due to new PPA |  |  | -157 |  |  |  | -138 |  |  |  | -151 |  |  |  | -154 |  |  |  | -173 |  |  |  | -61 |  |  |  | -37 |  |  |  | n.a. |
Net income attributable to VimpelCom Ltd. |  |  | 126 |  |  |  | 81 |  |  |  | 309 |  |  |  | -206 |  |  |  | 391 |  |  |  | 251 |  |  |  | 67 |  |  |  | -386 |
Capital expenditures (Capex) |  |  | 491 |  |  |  | 728 |  |  |  | 906 |  |  |  | 1,844 |  |  |  | 729 |  |  |  | 1,027 |  |  |  | 1,193 |  |  |  | 3,862 |
Capex / revenues |  |  | 9 | % |  |  | 13 | % |  |  | 16 | % |  |  | 33 | % |  |  | 13 | % |  |  | 17 | % |  |  | 20 | % |  |  | 66 | %
Mobile subscribers (millions) |  |  | 148 |  |  |  | 174 |  |  |  | 179 |  |  |  | 182 |  |  |  | 186 |  |  |  | 193 |  |  |  | 199 |  |  |  | 205 |

##### Table of Contents

Russia

index page

(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED |  | Q1 2010 |  |  | Q2 2010 |  |  | Q3 2010 |  |  | Q4 2010 |  |  | Q1 2011 |  |  | Q2 2011 |  |  | Q3 2011 |  |  | Q4 2011 |
Net operating revenues |  |  | 1,919 |  |  |  | 2,042 |  |  |  | 2,099 |  |  |  | 2,102 |  |  |  | 2,064 |  |  |  | 2,329 |  |  |  | 2,397 |  |  |  | 2,274 |
Gross margin |  |  | 1,450 |  |  |  | 1,530 |  |  |  | 1,560 |  |  |  | 1,503 |  |  |  | 1,458 |  |  |  | 1,630 |  |  |  | 1,654 |  |  |  | 1,526 |
Gross margin, % |  |  | 75.6 | % |  |  | 74.9 | % |  |  | 74.3 | % |  |  | 71.5 | % |  |  | 70.6 | % |  |  | 70.0 | % |  |  | 69.0 | % |  |  | 67.1 | %
Adjusted OIBDA |  |  | 911 |  |  |  | 964 |  |  |  | 988 |  |  |  | 913 |  |  |  | 868 |  |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |
Adjusted OIBDA, % |  |  | 47.5 | % |  |  | 47.2 | % |  |  | 47.1 | % |  |  | 43.4 | % |  |  | 42.1 | % |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |
EBITDA |  |  | 911 |  |  |  | 964 |  |  |  | 988 |  |  |  | 913 |  |  |  | 868 |  |  |  | 968 |  |  |  | 961 |  |  |  | 844 |
EBITDA margin |  |  | 47.5 | % |  |  | 47.2 | % |  |  | 47.1 | % |  |  | 43.4 | % |  |  | 42.1 | % |  |  | 41.5 | % |  |  | 40.1 | % |  |  | 37.1 | %
SG&A |  |  | 524 |  |  |  | 558 |  |  |  | 564 |  |  |  | 584 |  |  |  | 579 |  |  |  | 655 |  |  |  | 683 |  |  |  | 675 |
including Sales & Marketing Expenses |  |  | 166 |  |  |  | 185 |  |  |  | 198 |  |  |  | 215 |  |  |  | 184 |  |  |  | 239 |  |  |  | 245 |  |  |  | 232 |
Capital expenditures |  |  | 124 |  |  |  | 244 |  |  |  | 383 |  |  |  | 807 |  |  |  | 334 |  |  |  | 407 |  |  |  | 457 |  |  |  | 809 |
MOBILE |  | Q1 2010 |  |  | Q2 2010 |  |  | Q3 2010 |  |  | Q4 2010 |  |  | Q1 2011 |  |  | Q2 2011 |  |  | Q3 2011 |  |  | Q4 2011 |
Net operating revenues |  |  | 1,602 |  |  |  | 1,714 |  |  |  | 1,757 |  |  |  | 1,753 |  |  |  | 1,713 |  |  |  | 1,943 |  |  |  | 2,003 |  |  |  | 1,892 |
Adjusted OIBDA |  |  | 820 |  |  |  | 875 |  |  |  | 886 |  |  |  | 814 |  |  |  | 778 |  |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |
Adjusted OIBDA, % |  |  | 51.2 | % |  |  | 51.1 | % |  |  | 50.4 | % |  |  | 46.5 | % |  |  | 45.4 | % |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |
EBITDA |  |  | 820 |  |  |  | 875 |  |  |  | 886 |  |  |  | 814 |  |  |  | 778 |  |  |  | 859 |  |  |  | 850 |  |  |  | 746 |
EBITDA margin |  |  | 51.2 | % |  |  | 51.1 | % |  |  | 50.4 | % |  |  | 46.5 | % |  |  | 45.4 | % |  |  | 44.2 | % |  |  | 42.5 | % |  |  | 39.4 | %
Subscribers (‘000) |  |  | 51,254 |  |  |  | 50,912 |  |  |  | 51,615 |  |  |  | 52,020 |  |  |  | 52,991 |  |  |  | 55,251 |  |  |  | 56,824 |  |  |  | 57,224 |
Mobile ARPU (US$) |  |  | 10.3 |  |  |  | 10.9 |  |  |  | 11.2 |  |  |  | 10.8 |  |  |  | 10.5 |  |  |  | 11.7 |  |  |  | 11.5 |  |  |  | 10.5 |
Mobile broadband subscribers using USB modems (‘000) |  |  | 1,169 |  |  |  | 1,300 |  |  |  | 1,500 |  |  |  | 1,927 |  |  |  | 2,313 |  |  |  | 2,362 |  |  |  | 2,387 |  |  |  | 2,538 |
Mobile broadband ARPU (US$) |  |  | 9.2 |  |  |  | 8.3 |  |  |  | 8.0 |  |  |  | 7.7 |  |  |  | 7.8 |  |  |  | 7.5 |  |  |  | 7.5 |  |  |  | 7.5 |
MOU, min |  |  | 204 |  |  |  | 219 |  |  |  | 222 |  |  |  | 228 |  |  |  | 218 |  |  |  | 243 |  |  |  | 251 |  |  |  | 259 |
Churn 3 months active base (quarterly), % |  |  | 10.6 | % |  |  | 12.8 | % |  |  | 12.3 | % |  |  | 15.2 | % |  |  | 14.6 | % |  |  | 14.9 | % |  |  | 16.3 | % |  |  | 17.0 | %
FIXED-LINE |  | Q1 2010 |  |  | Q2 2010 |  |  | Q3 2010 |  |  | Q4 2010 |  |  | Q1 2011 |  |  | Q2 2011 |  |  | Q3 2011 |  |  | Q4 2011 |
Net operating revenues |  |  | 317 |  |  |  | 328 |  |  |  | 342 |  |  |  | 349 |  |  |  | 351 |  |  |  | 387 |  |  |  | 394 |  |  |  | 382 |
Adjusted OIBDA |  |  | 91 |  |  |  | 89 |  |  |  | 102 |  |  |  | 99 |  |  |  | 90 |  |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |
Adjusted OIBDA, % |  |  | 28.6 | % |  |  | 27.1 | % |  |  | 29.7 | % |  |  | 28.2 | % |  |  | 25.6 | % |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |
EBITDA |  |  | 91 |  |  |  | 89 |  |  |  | 102 |  |  |  | 99 |  |  |  | 90 |  |  |  | 107 |  |  |  | 111 |  |  |  | 99 |
EBITDA margin |  |  | 28.6 | % |  |  | 27.1 | % |  |  | 29.7 | % |  |  | 28.2 | % |  |  | 25.6 | % |  |  | 27.6 | % |  |  | 28.1 | % |  |  | 25.8 | %
Fixed-line broadband revenues |  |  | 46 |  |  |  | 45 |  |  |  | 46 |  |  |  | 53 |  |  |  | 65 |  |  |  | 73 |  |  |  | 75 |  |  |  | 82 |
Fixed-line broadband subscribers (‘000) |  |  | 1,167 |  |  |  | 1,199 |  |  |  | 1,257 |  |  |  | 1,421 |  |  |  | 1,569 |  |  |  | 1,671 |  |  |  | 1,833 |  |  |  | 2,073 |
Fixed-line broadband ARPU, US$ |  |  | 13.8 |  |  |  | 12.2 |  |  |  | 12.1 |  |  |  | 13.3 |  |  |  | 14.0 |  |  |  | 14.8 |  |  |  | 14.1 |  |  |  | 13.8 |
FTTB revenues |  |  | 40 |  |  |  | 42 |  |  |  | 44 |  |  |  | 51 |  |  |  | 62 |  |  |  | 71 |  |  |  | 72 |  |  |  | 80 |
FTTB subscribers (‘000) |  |  | 1,088 |  |  |  | 1,131 |  |  |  | 1,193 |  |  |  | 1,358 |  |  |  | 1,510 |  |  |  | 1,635 |  |  |  | 1,791 |  |  |  | 2,017 |
FTTB ARPU, US$ |  |  | 12.4 |  |  |  | 12.2 |  |  |  | 12.2 |  |  |  | 13.0 |  |  |  | 13.9 |  |  |  | 14.6 |  |  |  | 14.0 |  |  |  | 13.8 |

##### Table of Contents

Italy

index page

(in EUR millions, unless stated otherwise, unaudited)

CONSOLIDATED |  | Q1 2010 |  |  | Q2 2010 |  |  | Q3 2010 |  |  | Q4 2010 |  |  | Q1 2011 |  |  | Q2 2011 |  |  | Q3 2011 |  |  | Q4 2011 |
Total revenues |  |  | 1,295 |  |  |  | 1,411 |  |  |  | 1,363 |  |  |  | 1,446 |  |  |  | 1,351 |  |  |  | 1,399 |  |  |  | 1,397 |  |  |  | 1,424 |
of which TLC Service Revenues |  |  | 1,243 |  |  |  | 1,338 |  |  |  | 1,317 |  |  |  | 1,340 |  |  |  | 1,289 |  |  |  | 1,347 |  |  |  | 1,325 |  |  |  | 1,315 |
EBITDA |  |  | 483 |  |  |  | 556 |  |  |  | 557 |  |  |  | 534 |  |  |  | 496 |  |  |  | 526 |  |  |  | 565 |  |  |  | 533 |
EBITDA margin |  |  | 37.3 | % |  |  | 39.4 | % |  |  | 40.9 | % |  |  | 37.0 | % |  |  | 36.8 | % |  |  | 37.6 | % |  |  | 40.5 | % |  |  | 37.4 | %
Capital expenditures* |  |  | 128 |  |  |  | 203 |  |  |  | 214 |  |  |  | 398 |  |  |  | 146 |  |  |  | 234 |  |  |  | 226 |  |  |  | 1,533 |
MOBILE |  | Q1 2010 |  |  | Q2 2010 |  |  | Q3 2010 |  |  | Q4 2010 |  |  | Q1 2011 |  |  | Q2 2011 |  |  | Q3 2011 |  |  | Q4 2011 |
Total revenues |  |  | 937 |  |  |  | 1,046 |  |  |  | 1,021 |  |  |  | 1,038 |  |  |  | 982 |  |  |  | 1,029 |  |  |  | 1,026 |  |  |  | 1,037 |
of which TLC Service Revenues |  |  | 901 |  |  |  | 984 |  |  |  | 984 |  |  |  | 977 |  |  |  | 934 |  |  |  | 984 |  |  |  | 975 |  |  |  | 955 |
EBITDA |  |  | 417 |  |  |  | 477 |  |  |  | 487 |  |  |  | 453 |  |  |  | 432 |  |  |  | 455 |  |  |  | 479 |  |  |  | 452 |
EBITDA margin |  |  | 44.5 | % |  |  | 45.6 | % |  |  | 47.6 | % |  |  | 43.7 | % |  |  | 44.0 | % |  |  | 44.2 | % |  |  | 46.7 | % |  |  | 43.6 | %
Subscribers (‘000) |  |  | 18,836 |  |  |  | 19,263 |  |  |  | 19,622 |  |  |  | 19,933 |  |  |  | 20,279 |  |  |  | 20,559 |  |  |  | 20,802 |  |  |  | 21,014 |
Mobile broadband subscriptions using USB modems (‘000) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mobile broadband ARPU, € |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mobile ARPU, € |  |  | 16.1 |  |  |  | 17.2 |  |  |  | 16.8 |  |  |  | 16.5 |  |  |  | 15.4 |  |  |  | 16.0 |  |  |  | 15.7 |  |  |  | 15.2 |
of which : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ARPU voice, € |  |  | 13.2 |  |  |  | 13.8 |  |  |  | 13.5 |  |  |  | 13.1 |  |  |  | 12.1 |  |  |  | 12.7 |  |  |  | 12.0 |  |  |  | 11.4 |
ARPU data, € |  |  | 2.9 |  |  |  | 3.3 |  |  |  | 3.3 |  |  |  | 3.3 |  |  |  | 3.3 |  |  |  | 3.3 |  |  |  | 3.6 |  |  |  | 3.8 |
MOU**, min |  |  | 177 |  |  |  | 185 |  |  |  | 183 |  |  |  | 191 |  |  |  | 187 |  |  |  | 198 |  |  |  | 196 |  |  |  | 205 |
Total traffic**, mln. min. |  |  | 9,883 |  |  |  | 10,530 |  |  |  | 10,600 |  |  |  | 11,263 |  |  |  | 11,260 |  |  |  | 12,106 |  |  |  | 12,070 |  |  |  | 12,796 |
Churn, annualised rate (%) |  |  | 22.9 | % |  |  | 24.2 | % |  |  | 27.3 | % |  |  | 28.0 | % |  |  | 26.4 | % |  |  | 26.6 | % |  |  | 29.3 | % |  |  | 30.7 | %
FIXED-LINE |  | Q1 2010 |  |  | Q2 2010 |  |  | Q3 2010 |  |  | Q4 2010 |  |  | Q1 2011 |  |  | Q2 2011 |  |  | Q3 2011 |  |  | Q4 2011 |
Total revenues |  |  | 357 |  |  |  | 366 |  |  |  | 341 |  |  |  | 408 |  |  |  | 369 |  |  |  | 370 |  |  |  | 371 |  |  |  | 387 |
of which TLC Service Revenues |  |  | 342 |  |  |  | 354 |  |  |  | 332 |  |  |  | 363 |  |  |  | 355 |  |  |  | 363 |  |  |  | 350 |  |  |  | 360 |
EBITDA |  |  | 66 |  |  |  | 79 |  |  |  | 70 |  |  |  | 81 |  |  |  | 65 |  |  |  | 71 |  |  |  | 86 |  |  |  | 81 |
EBITDA margin |  |  | 18.4 | % |  |  | 21.6 | % |  |  | 20.6 | % |  |  | 19.9 | % |  |  | 17.6 | % |  |  | 19.2 | % |  |  | 23.3 | % |  |  | 20.9 | %
Total voice subscribers (‘000) |  |  | 2,875 |  |  |  | 2,904 |  |  |  | 2,910 |  |  |  | 3,003 |  |  |  | 3,085 |  |  |  | 3,128 |  |  |  | 3,094 |  |  |  | 3,142 |
of which : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total DIRECT voice subscribers (‘000) |  |  | 2,066 |  |  |  | 2,108 |  |  |  | 2,136 |  |  |  | 2,226 |  |  |  | 2,312 |  |  |  | 2,357 |  |  |  | 2,349 |  |  |  | 2,398 |
Total INDIRECT voice subscribers (‘000) |  |  | 809 |  |  |  | 797 |  |  |  | 774 |  |  |  | 777 |  |  |  | 773 |  |  |  | 771 |  |  |  | 745 |  |  |  | 744 |
Total fixed-line ARPU, € |  |  | 34.7 |  |  |  | 34.8 |  |  |  | 33.3 |  |  |  | 33.3 |  |  |  | 33.6 |  |  |  | 33.4 |  |  |  | 32.6 |  |  |  | 33.2 |
Total Traffic, mln. min. |  |  | 5,147 |  |  |  | 5,011 |  |  |  | 4,139 |  |  |  | 5,204 |  |  |  | 5,018 |  |  |  | 4,764 |  |  |  | 3,843 |  |  |  | 4,876 |
Total Internet subscribers (‘000) |  |  | 1,944 |  |  |  | 1,956 |  |  |  | 1,973 |  |  |  | 2,056 |  |  |  | 2,158 |  |  |  | 2,196 |  |  |  | 2,175 |  |  |  | 2,225 |
of which : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Broadband (‘000) |  |  | 1,713 |  |  |  | 1,765 |  |  |  | 1,805 |  |  |  | 1,912 |  |  |  | 2,030 |  |  |  | 2,082 |  |  |  | 2,073 |  |  |  | 2,135 |
Broadband ARPU, € |  |  | 18.5 |  |  |  | 18.4 |  |  |  | 18.5 |  |  |  | 17.9 |  |  |  | 19.3 |  |  |  | 19.2 |  |  |  | 19.5 |  |  |  | 19.1 |
Dual-play subscribers (‘000) |  |  | 1,403 |  |  |  | 1,450 |  |  |  | 1,485 |  |  |  | 1,579 |  |  |  | 1,662 |  |  |  | 1,689 |  |  |  | 1,696 |  |  |  | 1,743 |

* | 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.

##### Table of Contents

Algeria

index page

(in USD millions, unless stated otherwise, unaudited)

MOBILE |  | Q1 2010 |  |  | Q2 2010 |  |  | Q3 2010 |  |  | Q4 2010 |  |  | Q1 2011 |  |  | Q2 2011 |  |  | Q3 2011 |  |  | Q4 2011 |
Net operating revenues |  |  | 413 |  |  |  | 437 |  |  |  | 445 |  |  |  | 453 |  |  |  | 439 |  |  |  | 478 |  |  |  | 487 |  |  |  | 457 |
EBITDA |  |  | 229 |  |  |  | 246 |  |  |  | 267 |  |  |  | 241 |  |  |  | 261 |  |  |  | 283 |  |  |  | 288 |  |  |  | 272 |
EBITDA margin |  |  | 55.4 | % |  |  | 56.3 | % |  |  | 60.0 | % |  |  | 53.3 | % |  |  | 59.4 | % |  |  | 59.2 | % |  |  | 59.1 | % |  |  | 59.5 | %
Capital expenditures |  |  | 48 |  |  |  | -3 |  |  |  | 10 |  |  |  | 35 |  |  |  | 4 |  |  |  | 10 |  |  |  | 5 |  |  |  | 21 |
Subscribers (‘000) |  |  | 14,790 |  |  |  | 15,142 |  |  |  | 14,919 |  |  |  | 15,087 |  |  |  | 15,509 |  |  |  | 15,964 |  |  |  | 16,289 |  |  |  | 16,595 |
Mobile ARPU (US$) |  |  | 9.2 |  |  |  | 9.5 |  |  |  | 9.6 |  |  |  | 9.7 |  |  |  | 9.4 |  |  |  | 9.9 |  |  |  | 9.9 |  |  |  | 9.0 |
MOU, min |  |  | 267 |  |  |  | 280 |  |  |  | 287 |  |  |  | 288 |  |  |  | 284 |  |  |  | 296 |  |  |  | 286 |  |  |  | 278 |
Churn 3 months active base (quarterly), % |  |  | 6.4 | % |  |  | 6.2 | % |  |  | 7.3 | % |  |  | 5.7 | % |  |  | 4.7 | % |  |  | 5.2 | % |  |  | 5.5 | % |  |  | 5.5 | %

##### Table of Contents

Pakistan

index page

(in USD millions, unless stated otherwise, unaudited)

MOBILE |  | Q1 2010 |  |  | Q2 2010 |  |  | Q3 2010 |  |  | Q4 2010 |  |  | Q1 2011 |  |  | Q2 2011 |  |  | Q3 2011 |  |  | Q4 2011 |
Net operating revenues |  |  | 272 |  |  |  | 287 |  |  |  | 267 |  |  |  | 281 |  |  |  | 275 |  |  |  | 292 |  |  |  | 281 |  |  |  | 286 |
EBITDA |  |  | 106 |  |  |  | 116 |  |  |  | 105 |  |  |  | 111 |  |  |  | 111 |  |  |  | 118 |  |  |  | 116 |  |  |  | 119 |
EBITDA margin |  |  | 39.0 | % |  |  | 40.4 | % |  |  | 39.3 | % |  |  | 39.6 | % |  |  | 40.3 | % |  |  | 40.4 | % |  |  | 41.3 | % |  |  | 41.5 | %
Capital expenditures |  |  | 25 |  |  |  | 37 |  |  |  | 33 |  |  |  | 48 |  |  |  | 45 |  |  |  | 52 |  |  |  | 55 |  |  |  | 109 |
Subscribers (‘000) |  |  | 31,572 |  |  |  | 32,203 |  |  |  | 31,444 |  |  |  | 31,794 |  |  |  | 32,707 |  |  |  | 33,378 |  |  |  | 33,416 |  |  |  | 34,214 |
Mobile ARPU (US$) |  |  | 2.8 |  |  |  | 2.9 |  |  |  | 2.7 |  |  |  | 2.9 |  |  |  | 2.8 |  |  |  | 2.8 |  |  |  | 2.7 |  |  |  | 2.7 |
MOU, min |  |  | 203 |  |  |  | 210 |  |  |  | 192 |  |  |  | 221 |  |  |  | 206 |  |  |  | 213 |  |  |  | 197 |  |  |  | 209 |
Churn 3 months active base (quarterly), % |  |  | 5.2 | % |  |  | 5.9 | % |  |  | 9.3 | % |  |  | 8.2 | % |  |  | 6.4 | % |  |  | 7.1 | % |  |  | 8.8 | % |  |  | 7.2 | %

##### Table of Contents

Bangladesh

index page

(in USD millions, unless stated otherwise, unaudited)

MOBILE |  | Q1 2010 |  |  | Q2 2010 |  |  | Q3 2010 |  |  | Q4 2010 |  |  | Q1 2011 |  |  | Q2 2011 |  |  | Q3 2011 |  |  | Q4 2011 |
Net operating revenues |  |  | 100 |  |  |  | 114 |  |  |  | 121 |  |  |  | 122 |  |  |  | 126 |  |  |  | 128 |  |  |  | 129 |  |  |  | 129 |
EBITDA |  |  | 42 |  |  |  | 31 |  |  |  | 23 |  |  |  | 31 |  |  |  | 45 |  |  |  | 55 |  |  |  | 43 |  |  |  | 26 |
EBITDA margin |  |  | 42.0 | % |  |  | 27.2 | % |  |  | 19.0 | % |  |  | 25.2 | % |  |  | 35.7 | % |  |  | 42.7 | % |  |  | 33.3 | % |  |  | 20.3 | %
Capital expenditures |  |  | 58 |  |  |  | 44 |  |  |  | 51 |  |  |  | 82 |  |  |  | 13 |  |  |  | 14 |  |  |  | 64 |  |  |  | 337 |
Subscribers (‘000) |  |  | 14,219 |  |  |  | 16,097 |  |  |  | 18,107 |  |  |  | 19,327 |  |  |  | 20,127 |  |  |  | 20,203 |  |  |  | 22,140 |  |  |  | 23,754 |
Mobile ARPU (US$) |  |  | 2.3 |  |  |  | 2.5 |  |  |  | 2.3 |  |  |  | 2.1 |  |  |  | 2.0 |  |  |  | 2.0 |  |  |  | 1.9 |  |  |  | 1.8 |
MOU, min |  |  | 233 |  |  |  | 237 |  |  |  | 227 |  |  |  | 221 |  |  |  | 205 |  |  |  | 211 |  |  |  | 214 |  |  |  | 207 |
Churn 3 months active base (quarterly), % |  |  | 2.3 | % |  |  | 2.1 | % |  |  | 5.2 | % |  |  | 4.6 | % |  |  | 3.8 | % |  |  | 5.1 | % |  |  | 4.2 | % |  |  | 5.4 | %

##### Table of Contents

Ukraine

index page

(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED |  | Q1 2010 |  |  | Q2 2010 |  |  | Q3 2010 |  |  | Q4 2010 |  |  | Q1 2011 |  |  | Q2 2011 |  |  | Q3 2011 |  |  | Q4 2011 |
Net operating revenues |  |  | 45 |  |  |  | 311 |  |  |  | 426 |  |  |  | 404 |  |  |  | 375 |  |  |  | 412 |  |  |  | 437 |  |  |  | 417 |
Gross margin |  |  | 29 |  |  |  | 254 |  |  |  | 351 |  |  |  | 336 |  |  |  | 312 |  |  |  | 345 |  |  |  | 357 |  |  |  | 337 |
Gross margin, % |  |  | 63.5 | % |  |  | 81.7 | % |  |  | 82.4 | % |  |  | 83.2 | % |  |  | 83.2 | % |  |  | 83.7 | % |  |  | 81.6 | % |  |  | 80.9 | %
Adjusted OIBDA |  |  | 10 |  |  |  | 165 |  |  |  | 242 |  |  |  | 216 |  |  |  | 204 |  |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |
Adjusted OIBDA, % |  |  | 22.5 | % |  |  | 53.0 | % |  |  | 56.9 | % |  |  | 53.5 | % |  |  | 54.4 | % |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |
EBITDA |  |  | 10 |  |  |  | 163 |  |  |  | 239 |  |  |  | 217 |  |  |  | 202 |  |  |  | 226 |  |  |  | 235 |  |  |  | 209 |
EBITDA margin |  |  | 22.1 | % |  |  | 52.6 | % |  |  | 56.0 | % |  |  | 53.7 | % |  |  | 54.0 | % |  |  | 54.8 | % |  |  | 53.7 | % |  |  | 50.3 | %
Adjusted SG&A*** |  |  | 18 |  |  |  | 89 |  |  |  | 114 |  |  |  | 117 |  |  |  | 110 |  |  |  | 120 |  |  |  | 122 |  |  |  | 128 |
including Sales & Marketing Expenses |  |  | 3 |  |  |  | 17 |  |  |  | 21 |  |  |  | 22 |  |  |  | 15 |  |  |  | 17 |  |  |  | 18 |  |  |  | 21 |
Capital expenditures |  |  | 6 |  |  |  | 59 |  |  |  | 51 |  |  |  | 74 |  |  |  | 46 |  |  |  | 58 |  |  |  | 81 |  |  |  | 99 |
MOBILE |  | Q1 2010 |  |  | Q2 2010 |  |  | Q3 2010 |  |  | Q4 2010 |  |  | Q1 2011 |  |  | Q2 2011 |  |  | Q3 2011 |  |  | Q4 2011 |
Net operating revenues* |  |  | 23 |  |  |  | 286 |  |  |  | 402 |  |  |  | 380 |  |  |  | 348 |  |  |  | 382 |  |  |  | 405 |  |  |  | 385 |
Subscribers (‘000) |  |  | 1,951 |  |  |  | 24,059 |  |  |  | 25,057 |  |  |  | 24,390 |  |  |  | 24,398 |  |  |  | 24,695 |  |  |  | 24,747 |  |  |  | 24,776 |
ARPU, US$ |  |  | 3.8 |  |  |  | 5.0 |  |  |  | 5.4 |  |  |  | 5.1 |  |  |  | 4.7 |  |  |  | 5.1 |  |  |  | 5.4 |  |  |  | 5.1 |
MOU, min |  |  | 197 |  |  |  | 427 |  |  |  | 433 |  |  |  | 457 |  |  |  | 466 |  |  |  | 474 |  |  |  | 467 |  |  |  | 483 |
Churn 3 months active base (quarterly), % |  |  | 18.5 | % |  |  | 6.3 | % |  |  | 5.3 | % |  |  | 9.6 | % |  |  | 5.3 | % |  |  | 4.3 | % |  |  | 6.2 | % |  |  | 6.5 | %
FIXED-LINE |  | Q1 2010 |  |  | Q2 2010 |  |  | Q3 2010 |  |  | Q4 2010 |  |  | Q1 2011 |  |  | Q2 2011 |  |  | Q3 2011 |  |  | Q4 2011 |
Net operating revenues* |  |  | 22 |  |  |  | 25 |  |  |  | 24 |  |  |  | 24 |  |  |  | 27 |  |  |  | 31 |  |  |  | 32 |  |  |  | 32 |
Fixed-line broadband revenue |  |  | 2 |  |  |  | 2 |  |  |  | 3 |  |  |  | 4 |  |  |  | 4 |  |  |  | 5 |  |  |  | 5 |  |  |  | 6 |
Fixed-line broadband subscribers (‘000)** |  |  | 92 |  |  |  | 107 |  |  |  | 149 |  |  |  | 200 |  |  |  | 235 |  |  |  | 293 |  |  |  | 324 |  |  |  | 397 |
Fixed-line broadband ARPU, US$ |  |  | 8.6 |  |  |  | 8.3 |  |  |  | 7.5 |  |  |  | 7.0 |  |  |  | 6.2 |  |  |  | 5.8 |  |  |  | 5.8 |  |  |  | 5.5 |
FTTB revenues |  |  | 2 |  |  |  | 2 |  |  |  | 3 |  |  |  | 4 |  |  |  | 4 |  |  |  | 4 |  |  |  | 5 |  |  |  | 6 |
FTTB subscribers (‘000) |  |  | 86 |  |  |  | 101 |  |  |  | 144 |  |  |  | 196 |  |  |  | 231 |  |  |  | 290 |  |  |  | 320 |  |  |  | 394 |
FTTB ARPU, US$ |  |  | 8.2 |  |  |  | 8.3 |  |  |  | 7.5 |  |  |  | 7.0 |  |  |  | 6.2 |  |  |  | 5.8 |  |  |  | 5.8 |  |  |  | 6.1 |

* | 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 subscribers to reflect a 3-months active base

*** | Adjusted SG&A expenses are SG&A expenses adjusted for certain non-operating losses and gains mainly represented by litigation provisions

##### Table of Contents

Kazakhstan

index page

(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED |  | Q1 2010 |  |  | Q2 2010 |  |  | Q3 2010 |  |  | Q4 2010 |  |  | Q1 2011 |  |  | Q2 2011 |  |  | Q3 2011 |  |  | Q4 2011 |
Net operating revenues |  |  | 160 |  |  |  | 184 |  |  |  | 197 |  |  |  | 194 |  |  |  | 183 |  |  |  | 203 |  |  |  | 223 |  |  |  | 213 |
Gross margin |  |  | 123 |  |  |  | 145 |  |  |  | 156 |  |  |  | 152 |  |  |  | 139 |  |  |  | 150 |  |  |  | 159 |  |  |  | 148 |
Gross margin, % |  |  | 77.2 | % |  |  | 78.8 | % |  |  | 79.1 | % |  |  | 78.5 | % |  |  | 75.7 | % |  |  | 73.9 | % |  |  | 71.1 | % |  |  | 69.4 | %
Adjusted OIBDA |  |  | 89 |  |  |  | 106 |  |  |  | 112 |  |  |  | 99 |  |  |  | 93 |  |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |
Adjusted OIBDA, % |  |  | 55.5 | % |  |  | 57.4 | % |  |  | 56.6 | % |  |  | 51.2 | % |  |  | 50.9 | % |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |
EBITDA |  |  | 88 |  |  |  | 105 |  |  |  | 100 |  |  |  | 95 |  |  |  | 93 |  |  |  | 99 |  |  |  | 109 |  |  |  | 93 |
EBITDA margin |  |  | 55.3 | % |  |  | 57.1 | % |  |  | 50.5 | % |  |  | 48.8 | % |  |  | 50.7 | % |  |  | 48.8 | % |  |  | 48.7 | % |  |  | 43.6 | %
Adjusted SG&A* |  |  | 35 |  |  |  | 40 |  |  |  | 56 |  |  |  | 57 |  |  |  | 45 |  |  |  | 51 |  |  |  | 50 |  |  |  | 55 |
including Sales & Marketing Expenses |  |  | 9 |  |  |  | 13 |  |  |  | 16 |  |  |  | 19 |  |  |  | 13 |  |  |  | 18 |  |  |  | 16 |  |  |  | 17 |
Capital expenditures |  |  | 6 |  |  |  | 26 |  |  |  | 39 |  |  |  | 122 |  |  |  | 10 |  |  |  | 68 |  |  |  | 85 |  |  |  | 99 |
MOBILE |  | Q1 2010 |  |  | Q2 2010 |  |  | Q3 2010 |  |  | Q4 2010 |  |  | Q1 2011 |  |  | Q2 2011 |  |  | Q3 2011 |  |  | Q4 2011 |
Net operating revenues |  |  | 156 |  |  |  | 181 |  |  |  | 193 |  |  |  | 188 |  |  |  | 174 |  |  |  | 194 |  |  |  | 212 |  |  |  | 203 |
Subscribers (‘000) |  |  | 6,062 |  |  |  | 6,339 |  |  |  | 6,736 |  |  |  | 6,867 |  |  |  | 6,987 |  |  |  | 7,831 |  |  |  | 8,252 |  |  |  | 8,409 |
ARPU, US$ |  |  | 8.4 |  |  |  | 9.6 |  |  |  | 9.6 |  |  |  | 9.2 |  |  |  | 8.0 |  |  |  | 8.6 |  |  |  | 8.6 |  |  |  | 7.8 |
Mobile broadband subscribers using USB modems (‘000) |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |  |  |  | 47.6 |  |  |  | 51.6 |  |  |  | 193.4 |
MOU, min |  |  | 102 |  |  |  | 125 |  |  |  | 130 |  |  |  | 124 |  |  |  | 113 |  |  |  | 144 |  |  |  | 162 |  |  |  | 165 |
Churn 3 months active base (quarterly), % |  |  | 11.4 | % |  |  | 8.9 | % |  |  | 8.8 | % |  |  | 11.2 | % |  |  | 11.4 | % |  |  | 9.4 | % |  |  | 13.1 | % |  |  | 13.5 | %
FIXED-LINE |  | Q1 2010 |  |  | Q2 2010 |  |  | Q3 2010 |  |  | Q4 2010 |  |  | Q1 2011 |  |  | Q2 2011 |  |  | Q3 2011 |  |  | Q4 2011 |
Net operating revenues |  |  | 3 |  |  |  | 4 |  |  |  | 5 |  |  |  | 5 |  |  |  | 10 |  |  |  | 9 |  |  |  | 11 |  |  |  | 10 |
Fixed-line broadband revenues |  |  | 0.1 |  |  |  | 0.2 |  |  |  | 0.2 |  |  |  | 0.4 |  |  |  | 0.7 |  |  |  | 1.0 |  |  |  | 1.2 |  |  |  | 2.2 |
Fixed-line broadband subscribers (‘000) |  |  | 3 |  |  |  | 4 |  |  |  | 6 |  |  |  | 12 |  |  |  | 15 |  |  |  | 15 |  |  |  | 34 |  |  |  | 60 |
Fixed-line broadband ARPU, US$ |  |  | 20.5 |  |  |  | 15.2 |  |  |  | 13.9 |  |  |  | 13.3 |  |  |  | 18.2 |  |  |  | 20.7 |  |  |  | 18.8 |  |  |  | 16.9 |

* | Adjusted SG&A expenses are SG&A expenses adjusted for certain non-operating losses and gains mainly represented by litigation provisions

##### Table of Contents

Uzbekistan

index page

(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED |  | Q1 2010 |  |  | Q2 2010 |  |  | Q3 2010 |  |  | Q4 2010 |  |  | Q1 2011 |  |  | Q2 2011 |  |  | Q3 2011 |  |  | Q4 2011 |
Net operating revenues |  |  | 45 |  |  |  | 51 |  |  |  | 54 |  |  |  | 59 |  |  |  | 59 |  |  |  | 66 |  |  |  | 73 |  |  |  | 80 |
Gross margin |  |  | 34 |  |  |  | 39 |  |  |  | 39 |  |  |  | 43 |  |  |  | 45 |  |  |  | 49 |  |  |  | 55 |  |  |  | 60 |
Gross margin, % |  |  | 75.7 | % |  |  | 76.3 | % |  |  | 72.9 | % |  |  | 72.7 | % |  |  | 76.1 | % |  |  | 74.2 | % |  |  | 75.2 | % |  |  | 75.1 | %
Adjusted OIBDA |  |  | 20 |  |  |  | 20 |  |  |  | 22 |  |  |  | 21 |  |  |  | 27 |  |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |
Adjusted OIBDA, % |  |  | 43.3 | % |  |  | 38.9 | % |  |  | 40.7 | % |  |  | 35.9 | % |  |  | 45.7 | % |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |
EBITDA |  |  | 20 |  |  |  | 20 |  |  |  | 22 |  |  |  | 21 |  |  |  | 27 |  |  |  | 28 |  |  |  | 35 |  |  |  | 33 |
EBITDA margin |  |  | 43.3 | % |  |  | 38.9 | % |  |  | 40.7 | % |  |  | 35.9 | % |  |  | 45.7 | % |  |  | 42.9 | % |  |  | 47.3 | % |  |  | 40.9 | %
Adjusted SG&A* |  |  | 14 |  |  |  | 19 |  |  |  | 17 |  |  |  | 21 |  |  |  | 17 |  |  |  | 20 |  |  |  | 19 |  |  |  | 26 |
including Sales & Marketing Expenses |  |  | 3 |  |  |  | 4 |  |  |  | 4 |  |  |  | 6 |  |  |  | 3 |  |  |  | 4 |  |  |  | 6 |  |  |  | 8 |
Capital expenditures |  |  | 18 |  |  |  | 29 |  |  |  | 22 |  |  |  | 78 |  |  |  | 40 |  |  |  | 27 |  |  |  | 68 |  |  |  | 85 |
MOBILE |  | Q1 2010 |  |  | Q2 2010 |  |  | Q3 2010 |  |  | Q4 2010 |  |  | Q1 2011 |  |  | Q2 2011 |  |  | Q3 2011 |  |  | Q4 2011 |
Net operating revenues |  |  | 43 |  |  |  | 49 |  |  |  | 51 |  |  |  | 56 |  |  |  | 56 |  |  |  | 63 |  |  |  | 71 |  |  |  | 78 |
Subscribers (‘000) |  |  | 3,489 |  |  |  | 3,997 |  |  |  | 4,398 |  |  |  | 4,822 |  |  |  | 5,102 |  |  |  | 5,347 |  |  |  | 5,688 |  |  |  | 6,361 |
ARPU, US$ |  |  | 4.2 |  |  |  | 4.1 |  |  |  | 4.1 |  |  |  | 4.0 |  |  |  | 3.8 |  |  |  | 4.0 |  |  |  | 4.2 |  |  |  | 4.2 |
Mobile broadband subscribers using USB modems (‘000) |  |  | 7.7 |  |  |  | 10.5 |  |  |  | 12.9 |  |  |  | 25.5 |  |  |  | 29.7 |  |  |  | 42.5 |  |  |  | 48.7 |  |  |  | 169.0 |
MOU, min |  |  | 369 |  |  |  | 383 |  |  |  | 388 |  |  |  | 403 |  |  |  | 391 |  |  |  | 413 |  |  |  | 431 |  |  |  | 458 |
Churn 3 months active base (quarterly), % |  |  | 14.7 | % |  |  | 3.7 | % |  |  | 11.7 | % |  |  | 14.2 | % |  |  | 15.1 | % |  |  | 15.1 | % |  |  | 16.4 | % |  |  | 13.2 | %
FIXED |  | Q1 2010 |  |  | Q2 2010 |  |  | Q3 2010 |  |  | Q4 2010 |  |  | Q1 2011 |  |  | Q2 2011 |  |  | Q3 2011 |  |  | Q4 2011 |
Net operating revenues |  |  | 2 |  |  |  | 3 |  |  |  | 2 |  |  |  | 3 |  |  |  | 3 |  |  |  | 3 |  |  |  | 2 |  |  |  | 2 |
Fixed-line broadband revenues |  |  | 0.4 |  |  |  | 0.4 |  |  |  | 0.4 |  |  |  | 0.5 |  |  |  | 0.6 |  |  |  | 1.4 |  |  |  | 1.3 |  |  |  | 1.2 |
Fixed-line broadband subscribers (‘000) |  |  | 10 |  |  |  | 11 |  |  |  | 10 |  |  |  | 12 |  |  |  | 13 |  |  |  | 16 |  |  |  | 17 |  |  |  | 18 |
Fixed-line broadband ARPU, US$ |  |  | 14.8 |  |  |  | 14.4 |  |  |  | 13.7 |  |  |  | 14.4 |  |  |  | 15.5 |  |  |  | 31.4 |  |  |  | 26.5 |  |  |  | 23.8 |

* | Adjusted SG&A expenses are SG&A expenses adjusted for certain non-operating losses and gains mainly represented by litigation provisions

##### Table of Contents

Armenia

index page

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

CONSOLIDATED |  | Q1 2010 |  |  | Q2 2010 |  |  | Q3 2010 |  |  | Q4 2010 |  |  | Q1 2011 |  |  | Q2 2011 |  |  | Q3 2011 |  |  | Q4 2011 |
Net operating revenues |  |  | 42 |  |  |  | 45 |  |  |  | 49 |  |  |  | 48 |  |  |  | 46 |  |  |  | 47 |  |  |  | 51 |  |  |  | 46 |
Gross margin |  |  | 31 |  |  |  | 32 |  |  |  | 35 |  |  |  | 33 |  |  |  | 29 |  |  |  | 31 |  |  |  | 34 |  |  |  | 32 |
Gross margin, % |  |  | 73.9 | % |  |  | 71.2 | % |  |  | 71.9 | % |  |  | 69.3 | % |  |  | 63.1 | % |  |  | 67.0 | % |  |  | 67.0 | % |  |  | 69.9 | %
Adjusted OIBDA |  |  | 19 |  |  |  | 19 |  |  |  | 22 |  |  |  | 18 |  |  |  | 16 |  |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |
Adjusted OIBDA, % |  |  | 45.8 | % |  |  | 42.9 | % |  |  | 45.4 | % |  |  | 37.7 | % |  |  | 34.0 | % |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |
EBITDA |  |  | 19 |  |  |  | 19 |  |  |  | 23 |  |  |  | 17 |  |  |  | 16 |  |  |  | 18 |  |  |  | 20 |  |  |  | 19 |
EBITDA margin |  |  | 45.8 | % |  |  | 42.0 | % |  |  | 46.4 | % |  |  | 36.4 | % |  |  | 33.8 | % |  |  | 38.3 | % |  |  | 40.3 | % |  |  | 40.7 | %
Adjusted SG&A* |  |  | 11 |  |  |  | 13 |  |  |  | 12 |  |  |  | 15 |  |  |  | 13 |  |  |  | 13 |  |  |  | 13 |  |  |  | 13 |
including Sales & Marketing Expenses |  |  | 1 |  |  |  | 2 |  |  |  | 2 |  |  |  | 3 |  |  |  | 2 |  |  |  | 2 |  |  |  | 2 |  |  |  | 2 |
Capital expenditures |  |  | 3 |  |  |  | 4 |  |  |  | 7 |  |  |  | 16 |  |  |  | 9 |  |  |  | 6 |  |  |  | 9 |  |  |  | 7 |
MOBILE |  | Q1 2010 |  |  | Q2 2010 |  |  | Q3 2010 |  |  | Q4 2010 |  |  | Q1 2011 |  |  | Q2 2011 |  |  | Q3 2011 |  |  | Q4 2011 |
Net operating revenues |  |  | 15 |  |  |  | 18 |  |  |  | 21 |  |  |  | 20 |  |  |  | 20 |  |  |  | 20 |  |  |  | 22 |  |  |  | 20 |
Subscribers (‘000) |  |  | 549 |  |  |  | 567 |  |  |  | 581 |  |  |  | 672 |  |  |  | 699 |  |  |  | 733 |  |  |  | 761 |  |  |  | 765 |
ARPU, US$ |  |  | 9.0 |  |  |  | 10.3 |  |  |  | 11.4 |  |  |  | 10.0 |  |  |  | 7.8 |  |  |  | 8.3 |  |  |  | 8.9 |  |  |  | 7.6 |
Mobile broadband subscribers using USB modems (‘000) |  |  | 7 |  |  |  | 7 |  |  |  | 7 |  |  |  | 7 |  |  |  | 8 |  |  |  | 10 |  |  |  | 11 |  |  |  | 24 |
MOU, min |  |  | 346 |  |  |  | 270 |  |  |  | 287 |  |  |  | 275 |  |  |  | 238 |  |  |  | 262 |  |  |  | 264 |  |  |  | 261 |
Churn 3 months active base (quarterly), % |  |  | 13.6 | % |  |  | 16.0 | % |  |  | 16.4 | % |  |  | 14.1 | % |  |  | 20.2 | % |  |  | 20.4 | % |  |  | 22.7 | % |  |  | 24.0 | %
FIXED |  | Q1 2010 |  |  | Q2 2010 |  |  | Q3 2010 |  |  | Q4 2010 |  |  | Q1 2011 |  |  | Q2 2011 |  |  | Q3 2011 |  |  | Q4 2011 |
Net operating revenues |  |  | 27 |  |  |  | 27 |  |  |  | 28 |  |  |  | 28 |  |  |  | 26 |  |  |  | 27 |  |  |  | 29 |  |  |  | 26 |
Fixed-line broadband revenues |  |  | 1.7 |  |  |  | 2.2 |  |  |  | 2.7 |  |  |  | 3.2 |  |  |  | 3.7 |  |  |  | 4.7 |  |  |  | 5.2 |  |  |  | 5.6 |
Fixed-line broadband subscribers (‘000) |  |  | 31 |  |  |  | 50 |  |  |  | 58 |  |  |  | 68 |  |  |  | 84 |  |  |  | 100 |  |  |  | 115 |  |  |  | 134 |
Fixed-line broadband ARPU, US$ |  |  | 19.7 |  |  |  | 17.7 |  |  |  | 17.7 |  |  |  | 17.1 |  |  |  | 15.4 |  |  |  | 16.2 |  |  |  | 15.8 |  |  |  | 14.8 |

* | Adjusted SG&A expenses are SG&A expenses adjusted for certain non-operating losses and gains mainly represented by litigation provisions

##### Table of Contents

Tajikistan

index page

(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED |  | Q1 2010 |  |  | Q2 2010 |  |  | Q3 2010 |  |  | Q4 2010 |  |  | Q1 2011 |  |  | Q2 2011 |  |  | Q3 2011 |  |  | Q4 2011 |
Net operating revenues |  |  | 15 |  |  |  | 20 |  |  |  | 22 |  |  |  | 21 |  |  |  | 21 |  |  |  | 26 |  |  |  | 29 |  |  |  | 25 |
Gross margin |  |  | 11 |  |  |  | 13 |  |  |  | 14 |  |  |  | 14 |  |  |  | 15 |  |  |  | 20 |  |  |  | 22 |  |  |  | 19 |
Gross margin, % |  |  | 73.0 | % |  |  | 64.7 | % |  |  | 64.0 | % |  |  | 67.3 | % |  |  | 71.2 | % |  |  | 75.0 | % |  |  | 75.0 | % |  |  | 74.2 | %
Adjusted OIBDA |  |  | 4 |  |  |  | 7 |  |  |  | 9 |  |  |  | 11 |  |  |  | 9 |  |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |
Adjusted OIBDA, % |  |  | 29.7 | % |  |  | 33.3 | % |  |  | 39.6 | % |  |  | 50.7 | % |  |  | 44.9 | % |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |
EBITDA |  |  | 4 |  |  |  | 7 |  |  |  | 8 |  |  |  | 11 |  |  |  | 9 |  |  |  | 14 |  |  |  | 14 |  |  |  | 11 |
EBITDA margin |  |  | 29.7 | % |  |  | 33.3 | % |  |  | 37.4 | % |  |  | 49.8 | % |  |  | 44.9 | % |  |  | 51.9 | % |  |  | 47.3 | % |  |  | 44.1 | %
Adjusted SG&A* |  |  | 6 |  |  |  | 5 |  |  |  | 6 |  |  |  | 4 |  |  |  | 5 |  |  |  | 6 |  |  |  | 8 |  |  |  | 7 |
including Sales & Marketing Expenses |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |
Capital expenditures |  |  | 0 |  |  |  | 4 |  |  |  | 2 |  |  |  | 10 |  |  |  | 3 |  |  |  | 7 |  |  |  | 4 |  |  |  | 14 |
MOBILE |  | Q1 2010 |  |  | Q2 2010 |  |  | Q3 2010 |  |  | Q4 2010 |  |  | Q1 2011 |  |  | Q2 2011 |  |  | Q3 2011 |  |  | Q4 2011 |
Net operating revenues |  |  | 13 |  |  |  | 15 |  |  |  | 17 |  |  |  | 17 |  |  |  | 18 |  |  |  | 23 |  |  |  | 27 |  |  |  | 24 |
Subscribers (‘000) |  |  | 820 |  |  |  | 784 |  |  |  | 772 |  |  |  | 787 |  |  |  | 804 |  |  |  | 870 |  |  |  | 937 |  |  |  | 965 |
ARPU, US$ |  |  | 5.6 |  |  |  | 6.1 |  |  |  | 7.1 |  |  |  | 7.1 |  |  |  | 7.6 |  |  |  | 9.4 |  |  |  | 9.8 |  |  |  | 8.3 |
Mobile broadband subscribers using USB modems (‘000) |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |  |  |  | 1.0 |  |  |  | 0.9 |  |  |  | 20.8 |
MOU, min |  |  | 158 |  |  |  | 168 |  |  |  | 191 |  |  |  | 197 |  |  |  | 203 |  |  |  | 234 |  |  |  | 246 |  |  |  | 229 |
Churn 3 months active base (quarterly), % |  |  | 13.6 | % |  |  | 22.9 | % |  |  | 22.8 | % |  |  | 19.6 | % |  |  | 18.6 | % |  |  | 15.0 | % |  |  | 15.1 | % |  |  | 18.7 | %
FIXED |  | Q1 2010 |  |  | Q2 2010 |  |  | Q3 2010 |  |  | Q4 2010 |  |  | Q1 2011 |  |  | Q2 2011 |  |  | Q3 2011 |  |  | Q4 2011 |
Net operating revenues |  |  | 2 |  |  |  | 5 |  |  |  | 6 |  |  |  | 5 |  |  |  | 3 |  |  |  | 3 |  |  |  | 2 |  |  |  | 1 |

* | Adjusted SG&A expenses are SG&A expenses adjusted for certain non-operating losses and gains mainly represented by litigation provisions

##### Table of Contents

Georgia

index page

(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED |  | Q1 2010 |  |  | Q2 2010 |  |  | Q3 2010 |  |  | Q4 2010 |  |  | Q1 2011 |  |  | Q2 2011 |  |  | Q3 2011 |  |  | Q4 2011 |
Net operating revenues |  |  | 11 |  |  |  | 12 |  |  |  | 13 |  |  |  | 12 |  |  |  | 12 |  |  |  | 15 |  |  |  | 18 |  |  |  | 18 |
Gross margin |  |  | 6 |  |  |  | 6 |  |  |  | 8 |  |  |  | 8 |  |  |  | 8 |  |  |  | 10 |  |  |  | 12 |  |  |  | 12 |
Gross margin, % |  |  | 52.3 | % |  |  | 53.0 | % |  |  | 64.6 | % |  |  | 66.1 | % |  |  | 66.7 | % |  |  | 64.2 | % |  |  | 68.5 | % |  |  | 65.5 | %
Adjusted OIBDA |  |  | 1 |  |  |  | 2 |  |  |  | 4 |  |  |  | 2 |  |  |  | 2 |  |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |
Adjusted OIBDA, % |  |  | 10.1 | % |  |  | 13.0 | % |  |  | 26.9 | % |  |  | 16.5 | % |  |  | 19.2 | % |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |
EBITDA |  |  | 1 |  |  |  | 2 |  |  |  | 4 |  |  |  | 2 |  |  |  | 2 |  |  |  | 3 |  |  |  | 5 |  |  |  | 4 |
EBITDA margin |  |  | 10.1 | % |  |  | 13.0 | % |  |  | 26.9 | % |  |  | 14.8 | % |  |  | 19.2 | % |  |  | 21.9 | % |  |  | 28.2 | % |  |  | 22.6 | %
Adjusted SG&A* |  |  | 5 |  |  |  | 5 |  |  |  | 5 |  |  |  | 6 |  |  |  | 6 |  |  |  | 6 |  |  |  | 7 |  |  |  | 7 |
including Sales & Marketing Expenses |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 2 |  |  |  | 2 |  |  |  | 2 |
Capital expenditures |  |  | 4 |  |  |  | 9 |  |  |  | 6 |  |  |  | 18 |  |  |  | 7 |  |  |  | 9 |  |  |  | 10 |  |  |  | 14 |
MOBILE |  | Q1 2010 |  |  | Q2 2010 |  |  | Q3 2010 |  |  | Q4 2010 |  |  | Q1 2011 |  |  | Q2 2011 |  |  | Q3 2011 |  |  | Q4 2011 |
Net operating revenues |  |  | 11 |  |  |  | 11 |  |  |  | 13 |  |  |  | 11 |  |  |  | 12 |  |  |  | 14 |  |  |  | 17 |  |  |  | 18 |
Subscribers (‘000) |  |  | 431 |  |  |  | 466 |  |  |  | 529 |  |  |  | 560 |  |  |  | 611 |  |  |  | 712 |  |  |  | 793 |  |  |  | 833 |
ARPU, US$ |  |  | 7.5 |  |  |  | 7.9 |  |  |  | 8.1 |  |  |  | 6.6 |  |  |  | 6.1 |  |  |  | 6.9 |  |  |  | 7.4 |  |  |  | 6.6 |
Mobile broadband subscribers using USB modems (‘000) |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |  |  |  | 8 |
MOU, min |  |  | 125 |  |  |  | 141 |  |  |  | 147 |  |  |  | 134 |  |  |  | 147 |  |  |  | 224 |  |  |  | 227 |  |  |  | 217 |
Churn 3 months active base (quarterly), % |  |  | 11.2 | % |  |  | 12.0 | % |  |  | 11.4 | % |  |  | 18.1 | % |  |  | 17.2 | % |  |  | 14.3 | % |  |  | 16.8 | % |  |  | 21.1 | %
FIXED |  | Q1 2010 |  |  | Q2 2010 |  |  | Q3 2010 |  |  | Q4 2010 |  |  | Q1 2011 |  |  | Q2 2011 |  |  | Q3 2011 |  |  | Q4 2011 |
Net operating revenues |  |  | 0.3 |  |  |  | 0.4 |  |  |  | 0.4 |  |  |  | 0.5 |  |  |  | 0.4 |  |  |  | 0.8 |  |  |  | 0.5 |  |  |  | 0.0 |

* | Adjusted SG&A expenses are SG&A expenses adjusted for certain non-operating losses and gains mainly represented by litigation provisions

##### Table of Contents

Kyrgyzstan

index page

(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED |  | Q1 2010 |  |  | Q2 2010 |  |  | Q3 2010 |  |  | Q4 2010 |  |  | Q1 2011 |  |  | Q2 2011 |  |  | Q3 2011 |  |  | Q4 2011 |
Net operating revenues |  |  | 26 |  |  |  | 28 |  |  |  | 29 |  |  |  | 31 |  |  |  | 31 |  |  |  | 35 |  |  |  | 39 |  |  |  | 38 |
Gross margin |  |  | 20 |  |  |  | 21 |  |  |  | 22 |  |  |  | 24 |  |  |  | 23 |  |  |  | 27 |  |  |  | 29 |  |  |  | 29 |
Gross margin, % |  |  | 78.4 | % |  |  | 77.8 | % |  |  | 74.4 | % |  |  | 76.8 | % |  |  | 76.4 | % |  |  | 76.7 | % |  |  | 76.4 | % |  |  | 75.9 | %
Adjusted OIBDA |  |  | 10 |  |  |  | 13 |  |  |  | 12 |  |  |  | 15 |  |  |  | 17 |  |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |
Adjusted OIBDA, % |  |  | 37.3 | % |  |  | 46.5 | % |  |  | 41.6 | % |  |  | 49.7 | % |  |  | 56.1 | % |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |
EBITDA |  |  | 10 |  |  |  | 13 |  |  |  | 9 |  |  |  | 15 |  |  |  | 17 |  |  |  | 18 |  |  |  | 21 |  |  |  | 21 |
EBITDA margin |  |  | 37.3 | % |  |  | 46.5 | % |  |  | 29.4 | % |  |  | 49.7 | % |  |  | 56.1 | % |  |  | 53.0 | % |  |  | 55.3 | % |  |  | 54.3 | %
Adjusted SG&A* |  |  | 8 |  |  |  | 9 |  |  |  | 13 |  |  |  | 8 |  |  |  | 6 |  |  |  | 8 |  |  |  | 8 |  |  |  | 8 |
including Sales & Marketing Expenses |  |  | 2 |  |  |  | 1 |  |  |  | 1 |  |  |  | 2 |  |  |  | 1 |  |  |  | 2 |  |  |  | 2 |  |  |  | 2 |
Capital expenditures |  |  | 1 |  |  |  | 0 |  |  |  | 3 |  |  |  | 11 |  |  |  | 4 |  |  |  | 15 |  |  |  | 4 |  |  |  | 21 |
MOBILE |  | Q1 2010 |  |  | Q2 2010 |  |  | Q3 2010 |  |  | Q4 2010 |  |  | Q1 2011 |  |  | Q2 2011 |  |  | Q3 2011 |  |  | Q4 2011 |
Net operating revenues |  |  | 26 |  |  |  | 28 |  |  |  | 29 |  |  |  | 31 |  |  |  | 31 |  |  |  | 35 |  |  |  | 39 |  |  |  | 38 |
Subscribers (‘000) |  |  | 1,774 |  |  |  | 1,722 |  |  |  | 1,766 |  |  |  | 1,904 |  |  |  | 1,965 |  |  |  | 2,102 |  |  |  | 2,281 |  |  |  | 2,371 |
ARPU, US$ |  |  | 4.7 |  |  |  | 5.3 |  |  |  | 5.6 |  |  |  | 5.6 |  |  |  | 5.1 |  |  |  | 5.6 |  |  |  | 5.8 |  |  |  | 5.3 |
Mobile broadband subscribers using USB modems (‘000) |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |  |  |  | 23.3 |  |  |  | 25.9 |  |  |  | 29.9 |
MOU, min |  |  | 194 |  |  |  | 236 |  |  |  | 288 |  |  |  | 313 |  |  |  | 290 |  |  |  | 319 |  |  |  | 308 |  |  |  | 292 |
Churn 3 months active base (quarterly), % |  |  | 17.2 | % |  |  | 17.3 | % |  |  | 15.4 | % |  |  | 13.1 | % |  |  | 14.9 | % |  |  | 10.2 | % |  |  | 12.6 | % |  |  | 14.6 | %

* | Adjusted SG&A expenses are SG&A expenses adjusted for certain non-operating losses and gains mainly represented by litigation provisions

##### Table of Contents

Sub Saharan Africa (Telecel Globe)

index page

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

MOBILE |  | Q1 2010 |  |  | Q2 2010 |  |  | Q3 2010 |  |  | Q4 2010 |  |  | Q1 2011 |  |  | Q2 2011 |  |  | Q3 2011 |  |  | Q4 2011 |
Net operating revenues |  |  | 24 |  |  |  | 25 |  |  |  | 28 |  |  |  | 25 |  |  |  | 25 |  |  |  | 24 |  |  |  | 21 |  |  |  | 24 |
EBITDA |  |  | 4 |  |  |  | 6 |  |  |  | 8 |  |  |  | 7 |  |  |  | 4 |  |  |  | 2 |  |  |  | 7 |  |  |  | -5 |
EBITDA margin |  |  | 16.7 | % |  |  | 24.0 | % |  |  | 28.6 | % |  |  | 26.6 | % |  |  | 17.5 | % |  |  | 7.5 | % |  |  | 32.9 | % |  |  | n.m. |
Subscribers (‘000) |  |  | 2,017 |  |  |  | 2,250 |  |  |  | 2,687 |  |  |  | 2,974 |  |  |  | 2,584 |  |  |  | 2,789 |  |  |  | 2,825 |  |  |  | 3,140 |
- CAR |  |  | 361 |  |  |  | 349 |  |  |  | 393 |  |  |  | 441 |  |  |  | 420 |  |  |  | 447 |  |  |  | 450 |  |  |  | 435 |
- Burundi |  |  | 736 |  |  |  | 807 |  |  |  | 938 |  |  |  | 1,007 |  |  |  | 1,023 |  |  |  | 1,041 |  |  |  | 1,132 |  |  |  | 1,185 |
- Zimbabwe* |  |  | 920 |  |  |  | 1,094 |  |  |  | 1,356 |  |  |  | 1,526 |  |  |  | 1,141 |  |  |  | 1,301 |  |  |  | 1,243 |  |  |  | 1,520 |
Mobile ARPU (US$): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- CAR |  |  | 7 |  |  |  | 6 |  |  |  | 6 |  |  |  | 6 |  |  |  | 5 |  |  |  | 5 |  |  |  | 6 |  |  |  | 7.4 |
- Burundi |  |  | 6 |  |  |  | 6 |  |  |  | 6 |  |  |  | 5 |  |  |  | 3 |  |  |  | 3 |  |  |  | 4 |  |  |  | 3.4 |
- Zimbabwe* |  |  | 8 |  |  |  | 6 |  |  |  | 7 |  |  |  | 5 |  |  |  | 4 |  |  |  | 6 |  |  |  | 7 |  |  |  | 7 |

* | Zimbabwe is accounted for as investment at cost

##### Table of Contents

SEA

index page

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

CONSOLIDATED |  | Q1 2010 |  |  | Q2 2010 |  |  | Q3 2010 |  |  | Q4 2010 |  |  | Q1 2011 |  |  | Q2 2011 |  |  | Q3 2011 |  |  | Q4 2011 |
Net operating revenues |  |  | 4.4 |  |  |  | 5.5 |  |  |  | 5.0 |  |  |  | 6.9 |  |  |  | 10.0 |  |  |  | 17.8 |  |  |  | 17.4 |  |  |  | 23.5 |
Adjusted OIBDA |  |  | -8.6 |  |  |  | -8.1 |  |  |  | -8.8 |  |  |  | -9.8 |  |  |  | -3.2 |  |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |
Adjusted OIBDA, % |  |  | n.m. |  |  |  | n.m. |  |  |  | n.m. |  |  |  | n.m. |  |  |  | n.m. |  |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |
EBITDA |  |  | -8.6 |  |  |  | -8.1 |  |  |  | -8.8 |  |  |  | -9.8 |  |  |  | -3.2 |  |  |  | -37.4 |  |  |  | -15.2 |  |  |  | -19.7 |
EBITDA margin |  |  | n.m. |  |  |  | n.m. |  |  |  | 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 |  |  | Q3 2011 |  |  | Q4 2011 |
Subscribers (‘000) |  |  | 491 |  |  |  | 525 |  |  |  | 505 |  |  |  | 651 |  |  |  | 1,307 |  |  |  | 1,993 |  |  |  | 3,000 |  |  |  | 4,375 |
-Cambodia |  |  | 491 |  |  |  | 525 |  |  |  | 505 |  |  |  | 651 |  |  |  | 757 |  |  |  | 818 |  |  |  | 800 |  |  |  | 1,013 |
-Laos |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |  |  |  | 550 |  |  |  | 536 |  |  |  | 500 |  |  |  | 405 |
-Vietnam |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |  |  |  | n.a. |  |  |  | 639 |  |  |  | 1,700 |  |  |  | 2,957 |
Mobile ARPU (US$): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Cambodia |  |  | 3.5 |  |  |  | 3.4 |  |  |  | 3.2 |  |  |  | 3.8 |  |  |  | 3.5 |  |  |  | 3.0 |  |  |  | 3.0 |  |  |  | 2.0 |
- Laos |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | n.m. |  |  |  | 5.1 |  |  |  | 5.4 |  |  |  | 4.9 |
- Vietnam |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | n.m. |  |  |  | 0.7 |  |  |  | 0.9 |