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 2013

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-              .

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 6, 2013

By:	/s/ Jeffrey David Mc Ghie
Name:	Jeffrey David Mc Ghie
Title:	General Counsel

VIMPELCOM DELIVERS PROFITABLE GROWTH AND STRONG INCREASE IN CASH FLOW IN 4Q12 AND FY12

KEY RESULTS AND DEVELOPMENTS IN 2012*
Q4	—     Revenues of USD 6.0 billion; organic1) growth of 3% YoY —    EBITDA of USD 2.4 billion, up 13% YoY organically —    EBITDA margin increased 3.3 p.p. YoY to 41.1% —    Total mobile subscriber base grew 5% YoY to 214 million —    Net income increased to USD 801 million —    Net Cash from Operating Activities up 24% YoY to USD 2.3 billion
FY	—     Revenues of USD 23.1 billion; organic growth of 4% YoY —     EBITDA of USD 9.8 billion, up 8% YoY organically —     EBITDA margin increased 1.8 p.p. YoY to 42.4% —     Net income increased to USD 2.1 billion —     Net Cash from Operating Activities up 19% YoY to USD 7.3 billion

Amsterdam (March 6, 2013) - “VimpelCom Ltd” (“VimpelCom”, “Company” or “Group”) (NYSE: VIP), a leading global provider of telecommunications services, today announced operating and financial results for the quarter and full year ended December 31, 2012.

JO LUNDER, CHIEF EXECUTIVE OFFICER COMMENTS:

“I am very pleased to report strong performances from all of our Business Units in the fourth quarter of 2012. Russia delivered a 4% increase in revenue year-on-year with mobile ARPU up 5%, stimulated by usage and Value Added Services growth with mobile data revenues up 37%. EBITDA in Russia increased 15% as a result of the revenue improvement and strong execution on our operational excellence programs. In Italy, we have again outperformed the market, strengthening our market position in both the mobile and fixed-line segments. Excluding the impact of mobile termination rate cuts, mobile service revenues were up 2% year-on-year, with mobile internet revenues growing 37%. In Africa & Asia, we experienced strong increases in subscribers leading to organic revenue growth of 11%. We have made good progress on the transition to bundled tariff plans in Ukraine, resulting in a return to growth, while at the same time increased our subscriber numbers by 5%. Finally, our CIS business continued to deliver double digit revenue and EBITDA growth. The Group EBITDA margin in 4Q12 rose to 41.1%. Our 2012 results, with clear operational improvements, demonstrate our ability to deliver on our strategy and objectives. In 2013 we expect to deliver results in line with our enhanced Value Agenda objectives for 2013-2015.”

CONSOLIDATED FINANCIAL AND OPERATING HIGHLIGHTS (FY11 IS PRO FORMA)*

USD mln
	4Q12		4Q11		Reported YoY		Organic YoY		FY12		FY11		Reported YoY		Organic YoY
Net operating revenues		5,950		5,889		1%		+3%		23,061		23,477		-2%		+4%
EBITDA		2,446		2,227		10%		+13%		9,768		9,525		3%		+8%
EBITDA margin		41.1%		37.8%		-				42.4%		40.6%		-
EBIT		709		214		241%				4,171		3,175		31%
Net income		801		(381)		n.m.				2,145		525		309%
Capital expenditures**		1,631		3,734		-56%				4,120		6,683		-38%
Net cash from operating activities		2,301		1,858		24%				7,257		-		-
Net debt / LTM EBITDA		2.2		2.6		-				2.2		2.6		-
Total mobile subscribers (millions)***		214		204		5%				214		204		5%

* Comparative FY11 figures are Pro forma - for pro forma definition see next page.

** Including licenses of USD 1.8 billion in 4Q11 & FY11 and USD 0.1 billion in FY12

*** Following the sale of Vietnam the subscriber numbers for 4Q12 exclude the Vietnam subscriber numbers while 4Q11 included 2 million subs in Vietnam For all other definitions see Attachment E.

1) Organic revenue and EBITDA growth are non-GAAP financial measures that exclude the effect of foreign currency movements and certain items like liquidations and disposals. A reconciliation of organic to reported Revenue and EBITDA growth can be found on page 2. For more information please see the definition of Organic growth Revenue and EBITDA in Attachment E.

VimpelCom Ltd. 4Q 2012 1

CONSOLIDATED FINANCIAL AND OPERATING HIGHLIGHTS (ACTUAL REPORTED)

USD mln
	FY12		FY11		Reported YoY
Net operating revenues		23,061		20,262		14%
EBITDA		9,768		8,256		18%
EBITDA margin		42.4%		40.7%		-
EBIT		4,171		2,854		46%
Net income attributable to VimpelCom Ltd.		2,145		543		295%
Capital expenditures		4,120		6,349		-35%
Net cash from operating activities		7,257		6,106		19%
Net debt / LTM EBITDA		2.2		2.6		-
Total mobile subscribers (millions)		214		204		5%

ORGANIC GROWTH REVENUE AND EBITDA (FY11 IS PRO FORMA)

USD mln	4Q12 versus 4Q11								FY12 versus FY11
	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		4%	0%	4%		15%	1%	16%		7%	-6%	1%		13%	-6%	7%
Europe & NA		-4%	-4%	-8%		-4%	-2%	-6%		-3%	-7%	-10%		-3%	-7%	-10%
Africa & Asia		11%	-9%	2%		36%	-3%	33%		9%	-9%	0%		15%	-4%	11%
Ukraine		4%	0%	4%		9%	0%	9%		2%	0%	2%		-1%	-1%	-2%
CIS		21%	-5%	16%		45%	-8%	37%		15%	-5%	10%		22%	-6%	16%
Total		3%	-2%	1%		13%	-3%	10%		4%	-6%	-2%		8%	-5%	3%

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 of FY11 results versus FY12 actual reported results provide the most meaningful comparison of financial performance. For further details about the presentation of the adjustments and assumptions of our pro forma results, please refer to VimpelCom’s press release issued on August 18, 2011 and May 14, 2012 both which are available on the Company’s website.

The pro forma full year 2011 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 occurred on January 1, 2011.

VimpelCom Ltd. consolidated results presented in this earnings release are based on IFRS and have not been audited. The full year 2012 audited financial results under IFRS will be published when the Company files its annual report on Form 20-F for the year ended December 31, 2012.

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.

VimpelCom Ltd. 4Q 2012 2

STRATEGIC UPDATE

—    Enhanced Value Agenda for 2013-2015 announced highlighting medium-term objectives

—     Successful issuance of USD 2.0 billion Eurobonds for debt refinancing

—     AGM elected new Supervisory Board

—     Acquisition of 0.1% in Euroset, increasing total stake to 50.0%

—     Paid final dividend 2011 and interim dividend 2012 of in total USD 1.3 billion

In January, VimpelCom hosted its second annual Analyst & Investor Day in London, where the Company presented its enhanced business strategy, the Value Agenda 2013-2015. This Value Agenda, which is focused on increasing Net Cash from Operating Activities, has four main pillars: Profitable Growth, Customer Excellence, Operational Excellence and Capital Efficiency.

VimpelCom’s objectives* for the period 2013 - 2015 are:

· Revenue and EBITDA CAGR of around mid-single digit;

· Net Debt/EBITDA below 2x in 2015; and

· CAPEX/Revenues, excl. licenses, below 15% in 2015.

As a result of the execution of the Value Agenda the Company indicated its intention to have annual cash flow improvements of USD 2 billion from operations and of between USD 0.6 billion and USD 0.9 billion from finance optimization by the end of 2015.

In December 2012, Altimo delivered a notice to VimpelCom that it intends to convert 128,532,000 Convertible Preferred Shares into Common Shares at a ratio of one Convertible Preferred Share for one Common Share. Altimo set the conversion date for April 16, 2013 and the conversion premium to be paid by Altimo to the Company upon conversion is USD 10.835 per Convertible Preferred Share. Based on this conversion premium, the Company will receive approximately USD 1.4 billion from Altimo for the conversion. Altimo’s voting percentage will remain 47.9%, while its economic interest in the Company will increase from 52.7% to 56.2%.

VimpelCom held its Annual General Meeting of Shareholders (AGM) in Amsterdam in December 2012. The AGM approved that the Supervisory Board will continue to consist of nine directors, four nominated by Altimo, three nominated by Telenor and two independent directors. In addition, the Supervisory Board unanimously elected Alexey Reznikovich as its Chairman. As announced yesterday, the Company will have its AGM 2013 on April 24, 2013.

In December 2012, VimpelCom increased its stake in Russian mobile retailer Euroset to 50.0% by acquiring 0.1% of the shares of Euroset. As a result, VimpelCom and Lefbord, a company owned by Megafon and Garsdale Services Investment, have equal economic and governance rights in Euroset. VimpelCom will continue to account for Euroset using the equity method.

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

Also in December 2012, VimpelCom signed a USD 500 million bilateral credit facility with China Development Bank for financing equipment and services from Huawei. The Facility has a tenor of 8 years and is to date undrawn. In February 2013, VimpelCom completed approximately USD 2 billion in debt refinancing, by issuing 6-year USD 600 million 5.20% guaranteed notes, 10-year USD 1.0 billion 5.95% guaranteed notes and 5-year RUB 12.0 billion 9.0% guaranteed notes. The proceeds will be used for the repayment of maturing debt in VimpelCom and general corporate purposes. The coupon on the USD notes was the lowest coupon in VimpelCom’s history. Additionally, the RUB denominated Eurobonds represent the first such issuance by a non-financial services or non-state-owned company. Following the recent debt refinancing, VimpelCom has secured its refinancing requirements into 2014.

The Company announced a final dividend 2011 of USD 0.35 per common share and an interim dividend 2012 of USD 0.45 per common share in December 2012, which has been paid in January 2013 for a total amount of USD 1.3 billion. The dividend guideline of USD 0.80 per common share, assuming 1,628 million common shares are issued and outstanding, is currently under review following the aforementioned intended conversion of Convertible Preferred Shares by Altimo. The Company expects a decision on the dividend policy by the Supervisory Board in 2Q13. The Company also expects to announce the final dividend 2012 and a possible extra-ordinary dividend related to proceeds of a conversion in 2Q13.

The Company recently announced the appointment of Ziad Shatara to the position of CEO of banglalink in Bangladesh and of Taras Parkhomenko as CEO of VimpelCom’s operating company in Kazakhstan.

VimpelCom’s 51.9%-owned subsidiary Orascom Telecom Holding (“OTH”) took steps to increase its stake in WIND Mobile in Canada to 100%, subject to Canadian regulatory approvals.

Finally, negotiations with the Algerian Government are still progressing and the Company aims to reach a mutually beneficial resolution.

VimpelCom Ltd. 4Q 2012 3

VIMPELCOM GROUP – FINANCIAL AND OPERATING RESULTS 4Q12

—      Organic revenue growth of 3% YoY; revenues of USD 6.0 billion

—      EBITDA growth of 13% YoY on an organic basis, reaching USD 2.4 billion

—      Total mobile subscriber base grew by 5% YoY to 214 million

—      Net cash from operating activities increased 24% YoY to USD 2.3 billion

—      CAPEX of USD 1.6 billion

—      Net debt / LTM EBITDA was 2.2 at end 4Q12

OPERATING PERFORMANCE OVERVIEW 4Q12

4Q12 results were strong on an organic basis, but in USD terms the results were significantly impacted by the YoY appreciation of the USD against the local currencies in most of VimpelCom´s operating businesses. The organic development is highlighted below.

The total mobile subscriber base increased 5% YoY to 214 million by the end of the fourth quarter. The largest absolute contribution came from accelerated growth in subscribers in the Africa & Asia Business Unit and a large increase in subscribers in the CIS Business Unit from growth in Uzbekistan. The Company also achieved solid growth in fixed and mobile broadband subscribers in Russia, Italy and Ukraine.

In Russia, the Company continued the positive trend of the first nine months of the year, delivering organic revenue growth of 4% YoY. Mobile broadband subscribers in Russia increased 5% YoY to 2.7 million and fixed broadband subscribers grew 15% YoY to 2.4 million.

In Italy, the Company continued to outperform the broader Italian, highly competitive telecom market in the fourth quarter, in a highly competitive environment. VimpelCom strengthened its market position in Italy in both mobile and

fixed-line, increasing its market share in both segments. The fixed broadband subscriber base increased 4% YoY to more than 2.2 million. Mobile broadband consumer subscribers grew 24% YoY.

In the Africa & Asia Business Unit, the Company exceeded the 85 million subscribers mark, an increase of 8% YoY, through strong subscriber growth in most of its operations. Solid performance across the main operations, Algeria, Pakistan and Bangladesh, led to organic revenue growth of 11% YoY.

The Ukraine Business Unit continued to solidify its market position in the mobile segment through the ongoing transition to bundled tariff plans. The transition is showing good results with mobile total operating revenues returning to growth. Mobile subscribers increased by 5% YoY to 26.0 million.

The CIS Business Unit delivered double digit organic revenue growth, mainly resulting from a temporary decrease in competition in Uzbekistan. The Company continues to face particularly strong competition in Kazakhstan, but also in Armenia and Tajikistan.

OPERATING FINANCIALS PER BUSINESS UNIT (FY11 IS PRO FORMA )

  USD mln

		4Q12	4Q11	Reported YoY	Organic YoY	FY12	FY11	Reported YoY	Organic YoY
Net operating revenues		5,950	5,889	1%	3%	23,061	23,477	-2%	4%
	of which:
	BU Russia	2,371	2,274	4%	4%	9,190	9,064	1%	7%
	BU Europe & North America	1,778	1,924	-8%	-4%	6,982	7,771	-10%	-3%
	BU Africa & Asia	937	922	2%	11%	3,721	3,719	0%	9%
	BU Ukraine	432	417	4%	4%	1,676	1,641	2%	2%
	BU CIS	488	419	16%	21%	1,755	1,589	10%	15%
	Other	(56)	(67)	-	-	(263)	(307)	-	-
EBITDA		2,446	2,227	10%	13%	9,768	9,525	3%	8%
	of which:
	BU Russia	978	844	16%	15%	3,878	3,641	7%	13%
	BU Europe & North America	674	718	-6%	-4%	2,658	2,952	-10%	-3%
	BU Africa & Asia	426	321	33%	36%	1,741	1,566	11%	15%
	BU Ukraine	227	209	9%	9%	859	873	-2%	-1%
	BU CIS	235	171	37%	45%	813	703	16%	22%
	Other	(94)	(36)	-	-	(181)	(210)	-	-
EBITDA margin		41.1%	37.8%	-	-	42.4%	40.6%	-	-
CAPEX		1,631	3,734	-56%	-	4,120	6,683	-38%	-

VimpelCom Ltd. 4Q 2012 4

FINANCIAL PERFORMANCE OVERVIEW 4Q12

Total operating revenues in the fourth quarter of 2012 increased by 1% YoY impacted by unfavorable currency movements. Organic revenue growth was 3%, with solid performance across most Business Units.

EBITDA increased 10% YoY, also impacted by unfavorable currency movements. Excluding these forex effects, EBITDA increased 13% compared to 4Q11. In addition to the focus on operational excellence throughout the businesses, EBITDA in 4Q11 included certain one-off charges, including provisions for HR costs in Russia, Africa & Asia and Ukraine and inventory write-offs in Russia. In addition, 4Q11 included a provision in Africa & Asia for a corporate contingent liability and costs associated with the demerger of OTMT. These combined effects resulted in a more favorable comparison for 4Q12.

Strong EBITDA organic growth YoY was seen in the Russia, Africa & Asia, Ukraine and CIS Business Units, up 15%, 36%, 9% and 45%, respectively. The strong increase in Africa & Asia is also driven by the doubling of the EBITDA in Bangladesh as a result of significantly lower commercial opex in 4Q12, while in 4Q11 banglalink recorded very high customer acquisition costs. Italy showed an EBITDA decline of 4% YoY in local currency, mainly due to the MTR cut in July 2012. Net of the MTR cut, EBITDA would have increased by 2% YoY, supported by cost efficiency measures.

EBIT in 4Q12 grew by 231% compared to 4Q11. The 4Q11 results were negatively impacted by impairments for a total of USD 527 million and the impact of the Purchase-Price Allocation related to the acquisition of Wind Telecom in addition to the one-offs mentioned above. EBIT in 4Q12 was positively affected by the declining amortization schedule applied to intangible assets as part of the Wind Telecom acquisition. EBIT in 4Q12 was also impacted by negative forex and an impairment of OTH’s shareholder loan to WIND Mobile Canada of USD 328 million, following a detailed business plan review.

Excluding these combined effects for 4Q11 and 4Q12, EBIT would have grown by 24%.

Profit before tax increased to USD 764 million, compared to a loss of USD 559 million in the same period a year ago. This increase was primarily the result of a substantially higher EBIT and a Euroset fair value adjustment of USD 606 million, due to IFRS requirements, as a result of the acquisition of the additional 0.1%. Net foreign exchange loss was USD 30 million in 4Q12, while in 4Q11 there was a loss of USD 119 million.

Net income increased to USD 801 million compared to a net loss in 4Q11 of USD 381 million. The increase is mainly the result of the aforementioned increase in Profit before tax.

CAPEX was USD 1,631 million with investments in the further roll out of the mobile networks in Russia, Bangladesh and the CIS. In Italy, Wind continued to invest in the roll-out of HSPA+ and in backbone capacity to support the growth in data.

USD mln	Actual
	4Q12	4Q11	YoY
Total operating revenues	5,950	5,889	1%
EBITDA	2,446	2,227	10%
EBITDA margin	41.1%	37.8%	-
EBIT	709	214	231%
Financial income and expenses	(484)	(467)	4%
Net foreign exchange (loss)/gain and others	539	(306)	n.m
Profit before tax	764	(559)	n.m
Income tax expense	(195)	(101)	93%
Profit for the period	569	(660)	n.m
Net income	801	(381)	n.m
Capital expenditures	1,631	3,734	-56%

VimpelCom Ltd. 4Q 2012 5

STATEMENT OF FINANCIAL POSITION & CASH FLOW (ACTUAL)

USD mln
	4Q12	3Q12	QoQ	FY12	FY11	YoY
Total assets	55,360	53,490	3%	55,360	54,039	2%
Shareholders’ equity	14,869	14,779	1%	14,869	14,037	6%
Gross debt	26,987	26,637	1%	26,987	26,733	1%
Net debt	21,971	22,681	-3%	21,971	24,230	-9%
	4Q12	4Q11	YoY	FY12	FY11	YoY
Net cash from operating activities	2,301	1,858	24%	7,257	6,106	19%
Net cash used (in)/from investing activities	(515)	(3,363)	-85%	(4,008)	(6,945)	-42%
Net cash used (in)/provided financing activities	(125)	691	n.m.	(587)	2,583	n.m.

Total assets in the quarter increased by 3% to USD 55.4 billion, primarily as a result of cash generation, investments in fixed assets and the positive impact of currency translation YoY. Gross debt increased marginally in the quarter to USD 27.0 billion, mainly due to foreign exchange movements. Net debt decreased to USD 22.0 billion, leading to a net debt to LTM EBITDA of 2.2x at the end of the fourth quarter.

Net cash from operating activities increased 24% YoY to USD 2.3 billion positively impacted by the increase in EBITDA and

improvement in working capital, partially offset by higher tax payments compared to the same period last year. The decrease in net cash used in investing activities compared to 3Q12 was mainly impacted by lower cash out for investments in property, equipment and intangible assets in 2012. The decrease in net cash used in financing activities in 4Q12 compared to 4Q11 was mainly the result of the net repayment of debt. Net cash from operating activities in FY12 is USD 7.3 billion, or 19% higher than in FY11.

NON-CASH ITEMS IN 4Q12 AND FY12

IMPAIRMENTS

On a regular basis the Company performs an impairment test per cash generating unit. Following a detailed business plan review of Wind Mobile in Canada, the Company has recorded an impairment of USD 328 million.

REVALUATIONS

As a result of the acquisition of the additional 0.1% in Euroset, the Company had to adjust the fair value of the previously held interest in Euroset by USD 606 million due to IFRS requirements.

VimpelCom Ltd. 4Q 2012 6

VIMPELCOM GROUP – FINANCIAL RESULTS FULL YEAR 2012

—     Revenues reached USD 23.1 billion; organic growth of 4% YoY

—     EBITDA of USD 9.8 billion, up 8% YoY organically

—     EBITDA margin increased 1.8 p.p. YoY to 42.4%

—     Net Income increased to USD 2.1 billion

—     CAPEX excl. licenses of USD 4.0 billion leading to CAPEX/LTM Revenues of 17%

—    Net cash from operating activities increased by 19% to USD 7.3 billion

FULL YEAR 2012

On a pro forma basis, total operating revenues in 2012 decreased by 2% YoY. Overall organic revenue growth was 4%, with strong performance across all Business Units. In Russia, revenues increased by 1% in USD terms and 7% in local currency. In Italy, revenues in USD decreased by 10% and decreased in local currency by 3%, as a result of the sharp MTR cuts. Excluding MTR effect, net operating revenues improved by 5%. The Africa & Asia Business Unit reported organic revenue growth of 9% and had stable revenues in USD terms, while the Ukraine Business Unit delivered growth of 2% in both USD and in local currency. Lastly, the CIS Business Unit continued to achieve strong performance with a revenue increase of 15% organically, primarily as a result of the network closure of a competitor by the Uzbek authorities.

On a pro forma basis, EBITDA increased by 3% YoY. Strong organic EBITDA growth of 13% was seen in the Russia Business Unit, while EBITDA growth in the Africa & Asia and CIS Business Units were up 15% and 22%, respectively. In the Europe & North America Business Unit, EBITDA decreased 10% in USD terms and declined by 3% in local currency, mainly due to the impact of the MTR cuts. The Ukraine Business Unit EBITDA decreased by 1% in local currency and by 2% in USD terms.

CAPEX excluding licenses stood at USD 4.0 billion, with investments in the further roll out of the mobile networks in Russia, Bangladesh, Pakistan and the CIS. The CAPEX/LTM Revenues excluding licenses for FY12 is 17%. The Company expects FY13 CAPEX, excluding licenses, to be approximately 21% of revenue.

USD mln		Pro-forma						Actual
	FY12		FY11		YoY		FY12		FY11		YoY
Total operating revenues		23,061		23,477		-2%		23,061		20,262		14%
EBITDA		9,768		9,525		3%		9,768		8,256		18%
EBITDA margin		42.4%		40.6%		-		42.4%		40.7%		-
EBIT		4,171		3,175		31%		4,171		2,854		46%
Financial income and expenses		(1,875)		(1,850)		1%		(1,875)		(1,467)		28%
Net foreign exchange (loss)/gain and others		592		(486)		n.m.		592		(533)		n.m
Profit before tax		2,888		839		244%		2,888		854		238%
Income tax expense		(906)		(650)		39%		(906)		(585)		55%
Profit for the period		1,982		189		949%		1,982		269		637%
Net income		2,145		525		309%		2,145		543		295%
Capital expenditures*		4,120		6,683		-38%		4,120		6,349		-35%
* Including licenses of USD 1.8 billion in 4Q11 & FY11 and USD 0.1 billion in FY12
ORGANIC REVENUE AND EBITDA GROWTH FY12 VERSUS FY11 (FY 11 IS PRO FORMA)
USD mln	Revenue						EBITDA
Business Units	Organic		FX and others		Reported		Organic		FX and others		Reported
Russia		7%		-6%		1%		13%		-6%		7%
Europe & NA		-3%		-7%		-10%		-3%		-7%		-10%
Africa & Asia		9%		-9%		0%		15%		-4%		11%
Ukraine		2%		0%		2%		-1%		-1%		-2%
CIS		15%		-5%		10%		22%		-6%		16%
Total		4%		-6%		-2%		8%		-5%		3%

VimpelCom Ltd. 4Q 2012 7

BUSINESS UNITS PERFORMANCE IN 4Q12

—    Russia

—   Europe & North America

—   Africa & Asia

—   Ukraine

—   CIS

VimpelCom Ltd. 4Q 2012 8

BUSINESS UNIT RUSSIA – FINANCIAL AND OPERATING RESULTS

—     Positive operational trend of previous quarters continued in 4Q12

—     Revenue growth of 4% YoY, supported by 37% increase YoY in mobile data revenues

—     EBITDA increase of 15% YoY leading to EBITDA margin growth of 4.2 p.p. YoY to 41.3%

—    Operational Excellence program delivered more than double of targeted RUB 5 billion annualized savings

The Russian Business Unit continued the positive trend of the previous quarters, delivering profitable growth with a revenue increase of 4% YoY and EBITDA growing double digit YoY in 4Q12. The strong EBITDA YoY performance was partly the result of a relatively low comparable EBITDA in 4Q11, which was impacted by relatively high commercial and technical costs and one-offs of RUB 800 million in total, including a provision for HR costs and an inventory write-down. During 4Q12, VimpelCom continued its strong execution of its operational excellence program and realized more than double its initial target of RUB 5 billion in annualized savings in 2012.

The mobile subscriber base in Russia declined by 2% YoY to 56.1 million, but the impact on revenue was offset by an increase in ARPU of 5% YoY due to strong increase of mobile data revenues.

Mobile revenues grew by 4% YoY, driven by an increase in ARPU and strong equipment sales. Mobile data revenues increased by 37% YoY with revenues for small screens up by 52%.

Fixed-line revenue growth slowed to 0.4% YoY, mainly due to a decline in wholesale fixed-line voice revenues, while FTTB revenue recorded a strong growth of 24% YoY.

EBITDA margin in 4Q12 was 41.3%, an increase of 4.2 p.p. YoY. This includes the negative effect of forex changes in 4Q12, which impacted EBITDA margin by 0.2 p.p. Savings in commercial costs were among the biggest contributors to the EBITDA margin improvement, primarily driven by the shift to a revenue share model with distributors as part of the Operational Excellence program.

VimpelCom remains on track to deliver continued improvement in network quality to support the growth of mobile data. In 2012, VimpelCom significantly increased IP-zation to 48% from 11% at the start of the year and grew the number of node-Bs by 22%. Improving network quality continues to be the Company’s focus with the aim to be on par with its peers in the key regions at the end of 2013. As a result of these efforts, the Company expects CAPEX/Revenues to increase to 22% in 2013.

KEY DEVELOPMENTS 4Q12

· Total revenue in Russia grew by 4% YoY to RUB 73.6 billion driven by the increase in mobile revenues.

· Mobile revenues increased 4% YoY mainly as a result of growth in data revenue by 37% YoY, as well as in equipment revenues. Mobile ARPU increased by 5% YoY to RUB 343.

· Fixed-line revenue increased 0.4% YoY with continuing growth in fixed broadband revenues, up 23% YoY, offset by a 9% decline YoY in wholesale voice revenues.

· EBITDA increased by 15% YoY and EBITDA margin was 41.3%, an increase of 4.2 p.p. compared to 4Q11, mainly driven by the strong execution of the Operational Excellence program.

· Mobile subscriber base decreased by 2% YoY to 56.1 million; mobile broadband subscribers increased 5% YoY to 2.7 million. The fixed broadband subscriber base grew 15% YoY to 2.4 million.

· CAPEX/Revenues was 34% in 4Q12, in line with the network construction schedule. CAPEX/Revenues for FY12 stood at 18%.

VimpelCom Ltd. 4Q 2012 9

RUSSIA KEY INDICATORS

RUB mln
	4Q12		4Q11		YoY		FY12		FY11		YoY
Total operating revenues		73,637		71,022		4%		285,375		266,087		7%
Total operating expenditures		43,259		44,664		-3%		164,897		159,407		3%
EBITDA		30,378		26,358		15%		120,478		106,681		13%
EBITDA margin		41.3%		37.1%				42.2%		40.1%
CAPEX		25,076		25,318		-1%		50,699		59,795		-15%
CAPEX / Revenues		34%		36%				18%		22%
Mobile
Mobile total operating revenues		61,579		59,012		4%		236,922		221,534		7%
- of which mobile data		7,036		5,118		37%		24,330		17,604		38%
Mobile subscribers (‘000)		56,110		57,224		-2%
- of which mobile broadband (‘000)		2,654		2,538		5%
Mobile ARPU (RUB)		343		327		5%
MOU (min)		290		259		12%
Fixed
Fixed-line total operating revenues		12,058		12,009		0%		48,453		44,554		9%
Fixed Broadband revenues		3,148		2,564		23%		11,719		8,676		35%
Fixed Broadband subscribers (‘000)		2,378		2,073		15%
Fixed Broadband ARPU (RUB)		445		432		3%

VimpelCom Ltd. 4Q 2012 10

BUSINESS UNIT EUROPE & NA – FINANCIAL AND OPERATING RESULTS ITALY

—    Continued relative outperformance of the market

—    Total Revenues, excluding MTR impact, increasing 2% YoY

—    EBITDA margin increased 0.1 p.p. YoY to 37.5%; MTR cut partially offset by cost efficiency

—     EBITDA-CAPEX increased YoY in 4Q12 and FY12

—     Strong Data revenue growth: Mobile Internet up 37%, messaging up 6%, fixed broadband up 5%

—     55% share of mobile net additions driven by positive MNP inflow balance

WIND posted a solid performance in 4Q12 with the strong commercial success of WIND’s offerings offsetting the regulatory and macroeconomic challenges in the market. Despite the challenging context and the intense competitive environment, WIND was able to further strengthen its competitive position in the market.

Total revenues in 4Q12 declined 4% YoY mainly as a result of the 6% reduction in service revenues arising from the 53% cut in the mobile termination rate (MTR), which occurred in July, partially offset by a strong increase in handset sales driven by the success of WIND’s “All Inclusive” mobile offerings and certain settlements with third parties. Excluding the impact from the MTR cut, total revenues grew 2% YoY with total service revenues up 1% YoY.

Mobile service revenues declined by 7% YoY due to the aforementioned MTR cut, net of which growth would have been 2% YoY. WIND’s mobile subscriber base increased by 3% YoY due to strong net additions in the quarter, securing over 55% share of mobile network operator (MNO) net additions. The quarter was, however, characterized by a high churn rate due to an acceleration of MNP, but WIND managed to maintain a positive inflow balance.

In fixed-line, the results of the new strategy based on LLU focus and profitability, resulted in a slight decline in total subscribers. The decline in the overall customer base, coupled with a lower pay per use price and traffic driven by competitive pressure and economic slowdown, resulted in a 3% decline in fixed line service revenues, while the new strategy delivered a solid improvement in marginality.

In 4Q12, WIND continued to deliver strong performance in Data with Mobile Internet revenues growing 37%, messaging revenues up 6%, and fixed BB revenues increasing by 5%. The success of WIND’s offerings in both fixed and mobile, under the “All Inclusive” umbrella proposition, was clearly demonstrated by the solid increase in mobile broadband subscribers, up 24% YoY, driven by the 23% increase in consumer small screen users which account for 66% of total consumer mobile internet revenues in 2012. Fixed broadband customers grow by 4%, mainly driven by the 6% increase in the more profitable LLU BB subscriber base.

EBITDA in 4Q12 declined by approximately 4% driven by the reduction in top-line, due to the MTR cut, partially offset by

structural cost saving initiatives implemented in the period. The EBITDA margin increased by 0.1 percentage point YoY. Excluding the impact from MTRs, underlying EBITDA grew 2% YoY. MTR reductions will also impact 2013 with a first cut having taken place in January 2013 and a final cut scheduled for July 2013. As part of the overall Cost Efficiency Project WIND launched its Network Transformation Project aimed at achieving OPEX savings of approximately EUR 40-45mln per annum starting in 2013.

KEY DEVELOPMENTS 4Q12

· Total revenues declined 4% YoY to EUR 1,369 million with an underlying increase, excluding MTR impact, of 2%.

· EBITDA in 4Q12 declined 4% to EUR 514 million, with a margin increase of 0.1 percentage points to 37.5%.

· CAPEX in 4Q12, excluding LTE spectrum, was EUR 326 million bringing FY 2012 total CAPEX to EUR 905 million.

· Mobile subscriber base increased 3% to over 21.6 million. Mobile broadband consumer subscribers grew 24% YoY.

· Mobile data ARPU increased by 8% to EUR 4.1 accounting for 30% of the total ARPU of EUR 13.7 declining 10% vs. 4Q11; the voice ARPU decline was due to the July MTR cut and competitive intensity, coupled with the ongoing success of WIND’s data only SIM card offerings for tablets, PCs and dongles, which do not generate voice revenues.

· In fixed-line, WIND continued to focus on the direct market, achieving a 4% growth in voice LLU subscribers which reached 2.45 million. LLU customers now account for 79% of the overall fixed voice customer base of 3.11 million. In fixed broadband, the momentum remained strong, with subscribers growing by 4% to 2.21 million, driven by a 6% increase in LLU Broadband customers. Dual-play subscribers grew by 6% YoY reaching 1.85 million.

· Fixed-line ARPU decreased by 8% to EUR 30.7 in 4Q12 driven by the reduction of pay per use traffic and price decline resulting from competitive pressure. Broadband ARPU was stable YoY at EUR 19.1.

VimpelCom Ltd. 4Q 2012 11

ITALY KEY INDICATORS

Euro mln
	4Q12		4Q11		YoY		FY12		FY11		YoY
Total operating revenues		1,369		1,424		-3.9%		5,427		5,570		-3%
Total operating expenditures		856		892		-4%		3,365		3,451		-2%
EBITDA		514		533		-4%		2,062		2,120		-3%
EBITDA margin		37.5%		37.4%				38.0%		38.1%
CAPEX		342		1,533		-78%		1,000		2,139		-53%
CAPEX / Revenues		25%		108%				18%		38%
Mobile
Total revenues		1,001		1,037		-4%		3,958		4,073		-3%
Subscribers (‘000)		21,650		21,014		3%		21,650		21,014		3%
- of which mobile broadband (‘000) (1)		5,541		4,479		24%		5,541		4,479		24%
ARPU (€)		13.7		15.2		-10%		14.4		15.6		-8%
MOU (min)		212		205		3%		207		197		5%
Fixed
Total revenues		369		387		-5%		1,469		1,497		-2%
Total voice subscribers (‘000)		3,110		3,142		-1%		3,110		3,142		-1%
Total fixed-line ARPU (€)		30.7		33.2		-8%		31.2		33.2		-6%
Broadband subscribers (‘000)		2,210		2,135		4%		2,210		2,135		4%
Broadband ARPU (€)		19.1		19.1		0%		18.8		19.3		-2%
Dual-play subscribers (‘000)		1,848		1,743		6%		1,848		1,743		6%

(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

In 4Q12 Wind Mobile continued to strongly deliver on its “Value Plus” strategy, adding primarily postpaid subscribers, while carefully managing prepaid economics for both voice and mobile broadband customers. Wind Mobile became the fastest growing new entrant wireless operator in the Canadian market. The Company added over 80 thousand subscribers during the quarter, increasing its active subscriber base to 590 thousand, with over 70% of the net additions during the quarter being postpaid subscribers. On the commercial side, Wind Mobile enjoyed

a strong holiday season supported by a new media campaign and the launch of promotional offers. The Company continued to grow its distribution footprint and branded points of sale increased to 335 at the end of 2012. Wind Mobile also continued to expand its network and launched in Peterborough and Windsor in 4Q12, increasing its population coverage to over 14 million. The Company continues to focus on improving network quality and increased sites on air to 1,300 sites.

CANADA KEY INDICATORS

Mobile
	4Q12		4Q11		YoY		FY12		FY11		YoY
Subscribers (‘000)		590		403		47%		590		403		47%
ARPU (CAD)		28.1		26.4		6%		27.8		27.0		3%

VimpelCom Ltd. 4Q 2012 12

BUSINESS UNIT AFRICA & ASIA – FINANCIAL AND OPERATING RESULTS

—     Revenues reached USD 937 million, with organic growth of 11% YoY

—     EBITDA increased to USD 426 million, with organic growth of 36% YoY

—     EBITDA margin of 45.5%, supported by operational excellence and cost saving initiatives

—     Subscriber base increased by 8% to more than 85 million

Revenues in the Africa & Asia Business Unit reached USD 937 million, with organic growth of 11% YoY. However, actual results in US dollar terms were adversely affected by local currency devaluation against the US dollar, mainly in Algeria and Pakistan. Revenue growth was driven by strong subscriber growth, an increase in APPM in Pakistan and Bangladesh, and further supported by growth in mobile data and Value-Added Services (VAS). EBITDA increased to USD 426 million, achieving an organic growth of 36% YoY, partially as a result of the ongoing operational excellence initiatives. The strong increase in Africa & Asia is also driven by the doubling of the EBITDA in Bangladesh as a result of significantly lower commercial opex (SIM tax subsidy) in 4Q12, while in 4Q11 banglalink recorded very high customer acquisition costs. In addition, EBITDA for 4Q11 was adversely affected by provisions for corporate contingent liabilities and costs associated with the demerger of OTMT.

ALGERIA (“DJEZZY”)

During 4Q12, Djezzy was able to maintain its leadership position with a market share of 55%, growing its subscriber base by 8% YoY to 17.8 million customers. Revenues increased by 9% YoY in local currency terms, mainly due to the growth in the number of subscribers. Mobile data revenues grew by 12% YoY. EBITDA increased by 8% YoY in local currency terms. During the quarter, Djezzy celebrated its 10^th anniversary.

PAKISTAN (“MOBILINK”)

In 4Q12, Mobilink focused on voice, data and VAS offerings, as well as churn management, leading to a 6% increase YoY in the subscriber base to 36.1 million customers. New regulatory restrictions on retail channel sales led to a decline in gross additions for the quarter. Revenues increased by 9% YoY in local currency terms, driven by the increase in data and VAS uptake. Mobile data revenues achieved a growth of 44% YoY. During the quarter, all cellular networks in major cities were shut down upon government request for security reasons on several occasions, resulting in revenue loss for all cellular operators. Despite these issues, EBITDA increased by 13% YoY in local currency terms, mostly on the back of strong measures of the operational excellence initiative. On November 29^th 2012, Mobile Financial Services (MFS) were launched in collaboration with Waseela Microfinance Bank Limited. Initial services offered include domestic money remittance and bill payment.

BANGLADESH (“BANGLALINK”)

banglalink increased its subscriber base by 9% YoY, reaching 25.9 million customers at the end of 4Q12. Revenues grew 13% YoY in local currency terms, driven by a higher level of VAS and data adoption, which led to mobile data revenues increasing by 130% YoY, and targeted start-up and reactivation promotions. The new self-regulations set by the local regulator, BTRC, regarding VoIP usage forced banglalink to disconnect suspected VoIP users with high ARPU. This negatively affected revenues and is expected to have significant negative impact during 2013. EBITDA in 4Q12 doubled YoY in local currency terms due to savings on commercial opex resulting from lower gross additions. EBITDA in 4Q11 was adversely affected by the aggressive acquisition strategy that followed the reduction in SIM tax in June 2011, which led to an adjustment in SIM tax subsidy allocation.

SUB SAHARAN AFRICA (“TELECEL GLOBE”)

Telecel Globe subscribers increased by 42% YoY to approximately 4.5 million, with the number of subscribers in Zimbabwe increasing by 70% YoY. Despite the political situation and armed rebellion that erupted in CAR during December 2012, the network continues to function normally. Nevertheless, revenues decreased by 6% YoY in local currency terms due to lower revenues achieved during December compared to the same period last year, as a result of the security situation in the country. In Burundi, revenues grew by 21% YoY in local currency terms, mainly driven by 21% growth in subscribers to 1.4 million customers. During the quarter, Mobile Financial Services (“Leo Manoti”) were launched in Burundi. Telecel Globe EBITDA showed a significant improvement YoY due to cost optimization initiatives, reversing the loss seen in 4Q11.

SOUTH EAST ASIA

Revenues for South East Asia decreased by 45% YoY, mainly due to the sale of Vietnam. EBITDA recovered due to the sale of Vietnam and savings on dealer commissions and lower interconnect costs. In Laos, Beeline continued to offer SMS, voice, and data bundles, which were launched in November, and introduced VAS for the first time.

VimpelCom Ltd. 4Q 2012 13

AFRICA & ASIA KEY INDICATORS

USD mln
	4Q12		4Q11		YoY		FY12		FY11		YoY
Revenues		937		922		2%		3,721		3,719		0%
Total operating expenditures		511		601		-15%		1,981		2,153		-8%
EBITDA		426		321		33%		1,741		1,566		11%
EBITDA margin		45.5%		34.8%				46.8%		42.1%
CAPEX		193		646		-70%		400		976		-59%
CAPEX / revenues		21%		70%				11%		26%

For details per country unit please see Attachment B

AFRICA & ASIA BUSINESS UNIT: COUNTRY DETAIL

ALGERIA

DZD bln
	4Q12		4Q11		YoY		FY12		FY11		YoY
Total operating revenues		37		34		9%		143		136		6%
EBITDA		22		20		8%		85		80		6%
EBITDA margin		58.9%		59.5%				59.4%		59.3%
PAKISTAN
PKR bln
	4Q12		4Q11		YoY		FY12		FY11		YoY
Total operating revenues		27.2		25.0		9%		105.8		97.9		8%
EBITDA		11.7		10.4		12%		45.6		40.0		14%
EBITDA margin		43.0%		41.7%				43.1%		40.9%
BANGLADESH
BDT bln
	4Q12		4Q11		YoY		FY12		FY11		YoY
Total operating revenues		11.2		9.9		13%		45.4		37.9		20%
EBITDA		4.2		2.1		104%		15.7		12.5		26%
EBITDA margin		37.4%		20.8%				34.7%		33.0%

VimpelCom Ltd. 4Q 2012 14

BUSINESS UNIT UKRAINE – FINANCIAL AND OPERATING RESULTS

—     Revenues increased 4% YoY to UAH 3.5 billion

—     Successful transition to mobile bundled tariff plans, leading to recovery in mobile revenues growth

—    EBITDA increased by 9% YoY to UAH 1.8 billion; EBITDA margin up 2.2 p.p. to 52.5%

—     Mobile subscriber base grew 5% YoY to 26.0 million; Fixed BB subscribers up 54% YoY to 613 thousand

During the fourth quarter, VimpelCom continued to solidify its market position in the mobile segment. The Company showed a solid YoY improvement in revenues and EBITDA, driven by a successful migration of its customers to bundled tariff plans and by strong dynamics in fixed broadband revenues. VimpelCom recorded an EBITDA margin of 52.5% in 4Q12 driven by growth of mobile revenues and cost measures as part of the operational excellence program.

· Total revenues grew 4% to UAH 3.5 billion. The mobile service revenues trend was inverted and returned to a growth of 3% in 4Q12 versus 4Q11, driven by successful transition to bundled tariff plans and a 5% YoY growth of the mobile subscriber base to 26.0 million. The Company transitioned 75% of subscribers to bundled tariffs as of YE 2012 and the transition is expected to be finalized in 2013. Strong YoY growth of handset sales added to the YoY revenue growth of 4%. Fixed-line revenues were up 3% YoY as a result of strong FTTB revenue growth. Fixed residential broadband revenue continued to outgrow the market,

increasing by 77% YoY, driven by a growth in the fixed broadband (FBB) subscriber base of 54% YoY to 613 thousand and an 8% YoY growth of fixed broadband ARPU to UAH 47.2.

· EBITDA increased 9% YoY to UAH 1.8 billion and EBITDA margin was up 2.2 p.p. YoY to 52.5% in 4Q12, mainly due to the growth in mobile service revenue and residential broadband margin, but the YoY comparison was also positively impacted by a one-off provision for HR costs in 4Q11. EBITDA margin was also positively affected by the improved revenue mix in fixed-line with less wholesale voice and a larger share of interconnect revenues.

· CAPEX was UAH 602 million in 4Q12 resulting in a CAPEX/Revenues of 14% for FY12. CAPEX FY12 was 18% below FY11 as a result of reduced investments in the FTTB network following the completion of the rollout.

UKRAINE KEY INDICATORS
UAH mln
	4Q12		4Q11		YoY		FY12		FY11		YoY
Net operating revenues		3,453		3,326		4%		13,392		13,078		2%
Total operating expenditures		1,639		1,654		-1%		6,525		6,125		7%
EBITDA		1,814		1,672		9%		6,867		6,953		-1%
EBITDA margin		52.5%		50.3%				51.3%		53.2%
CAPEX		602		788		-24%		1,848		2,264		-18%
CAPEX / revenues		17%		24%				14%		17%
Mobile
Mobile net operating revenues		3,190		3,070		4%		12,326		12,106		2%
Mobile subscribers (‘000)		25,960		24,776		5%
Mobile ARPU (UAH)		40.7		41.1		-1%
MOU (min)		497.7		482.8		3%
Fixed-line
Fixed-line net operating revenues		264		256		3%		1,066		972		10%
Fixed-line broadband revenues		82		47		77%		275		158		74%
Fixed-line broadband subscribers (‘000)		613		397		54%
Fixed-line broadband ARPU (UAH)		47.2		43.7		8%

VimpelCom Ltd. 4Q 2012 15

BUSINESS UNIT CIS^* – FINANCIAL AND OPERATING RESULTS

—  Organic growth of revenues of 21% YoY, with strong positive impact from Uzbekistan

—  EBITDA of USD 235 million, with organic growth of 45% YoY

—  EBITDA margin of 48.1%

—  Mobile subscribers up 23% YoY to 24 million

—  Mobile broadband subscribers up 29% YoY to 12 million; Fixed BB subscriber base up 54% to 326 thousand

The CIS Business Unit continued to perform strongly, delivering profitable double digit growth in 4Q12. However, since 3Q12 the results were substantially positively impacted by the situation in Uzbekistan, following the network closure of a competitor by the Uzbek authorities.

VimpelCom increased its mobile subscriber base in the CIS by 23% YoY, mainly driven by a 60% YoY growth in subscribers in Uzbekistan. The Company continued to face particularly strong competition in Kazakhstan, but also in Armenia and Tajikistan.

· In 4Q12, total revenues grew organically by 21% YoY, with the main contribution coming from Uzbekistan. Reported revenues grew 16% to USD 488 million, impacted by negative forex movements. If Uzbekistan would have been adjusted to the growth level of 1H12, the revenue organic growth in 4Q12 would have been 9% YoY.

· Total mobile revenues increased organically by 23% YoY in 4Q12 supported by 71% YoY mobile data revenue growth, primarily resulting from small screen subscribers, which more than offset the slowdown in voice growth and decline in revenue from sales of devices.

· Fixed-line revenues increased organically by 3% YoY, due to strong growth in Kazakhstan, partially offset by voice and wholesale revenue decline in Armenia and Tajikistan.

· EBITDA grew organically 45%, or 37% on a reported basis, mainly due to strong mobile revenue growth in Uzbekistan. If Uzbekistan would have been adjusted to the growth level of 1H12, EBITDA organic growth would have been 17% YoY.

· EBITDA margin reached 48.1% in 4Q12 up 7.3 p.p. over 4Q11, due to strong performance in Uzbekistan and cost measures undertaken as part of the ongoing Operational Excellence programs in all CIS countries.

· In 4Q12 CAPEX was USD 128 million, bringing FY 2012 CAPEX/Revenues to 22%. The Company’s main investment projects, focused on data development, are on schedule and network expansion continues to support both traffic and revenue growth.

KAZAKHSTAN

The market in Kazakhstan remained highly competitive and VimpelCom is transitioning its subscriber base to bundled tariff plans, causing a temporary negative impact on revenues. This negative impact is expected to continue in the coming quarters, but improvements in revenue dynamics are expected to be visible after the transition is completed, as a result of upselling of the subscriber base. Revenues in Kazakhstan increased by 2% YoY organically in 4Q12, driven by a 2% YoY growth of mobile service revenues and a 54% YoY increase in fixed-line revenues. Mobile data revenues showed strong growth of 40% YoY in 4Q12, as a result of the Company´s focus on increasing data usage for small screens, causing data revenue growth for smartphones to grow by 50% YoY. EBITDA grew 8% YoY and EBITDA margin improved 2.6 p.p. to 46.2%, supported by cost control measures as part of the Operational Excellence program.

* CIS operations include operations in Kazakhstan, Uzbekistan, Armenia, Kyrgyzstan, Tajikistan, and Georgia.

UZBEKISTAN

In Uzbekistan, VimpelCom continued to strengthen its market position substantially in 4Q12 after the closure of a competitor´s network. Revenue was up 99% YoY in local currency, supported by a 60% YoY increase of the subscriber base as well as 26% YoY ARPU increase as a result of the growth of high value subscribers and increasing mobile data revenues. EBITDA grew 192% YoY and EBITDA margin was 60.3%, a sharp increase from 41.0% in 4Q11. These results were supported by exceptional revenue growth, positively driven by the competitor’s network closure, and control of structural OPEX. The main focus of management in Uzbekistan is to sustain quality of service and further improve network capacity.

ARMENIA

Revenues in Armenia declined organically by 10% YoY in 4Q12, primarily due to stagnating fixed voice as a result of fixed to mobile convergence and a lower level of terminated traffic revenues in the fixed-line segment.

VimpelCom Ltd. 4Q 2012 16

The mobile segment faces strong competition and revenues were impacted by a slowdown in mobile interconnect, while at the same time mobile data revenues showed an increase of 29% YoY. EBITDA declined 13% YoY and EBITDA margin declined 1.1 p.p. to 39.5%.

KYRGYZSTAN

Kyrgyzstan continued to show positive dynamics in revenue and EBITDA growth. In local currency, revenues grew 15% YoY, supported by subscriber base growth of 5% YoY and ARPU growth of 10% YoY. EBITDA grew organically by 23% YoY due to structural OPEX decline, resulting in an increased EBITDA margin in local currency of 58.3%. Mobile broadband subscriber growth of 16% YoY coupled with the increase in mobile data usage resulted in significant mobile data revenue growth, up 63% YoY.

TAJIKISTAN

In Tajikistan, revenues increased organically by 14% YoY in 4Q12, while EBITDA increased by 19% YoY, leading to a 1.8 p.p. increase in EBITDA margin to 45.9%. VimpelCom maintained its market position by growing its subscriber base by 17% YoY in 4Q12. Data revenue grew strongly by 63% supported by an 11% increase in mobile broadband subscribers, in line with increasing usage of mobile data services.

GEORGIA

Georgia continued to deliver strong results in 4Q12, with subscriber base growth of 16%, revenue growth of 19% and a 52% increase in EBITDA YoY in local currency. EBITDA margin increased 6.3 p.p. YoY to 28.9% due to structural OPEX control measures and focus on efficiency improvement. The Company was able to further strengthen its market position in 4Q12.

CIS* KEY INDICATORS
USD mln
	4Q12		4Q11		YoY		FY12		FY11		YoY
Total operating revenues		488		419		16%		1,755		1,589		10%
Total operating expenditures		253		248		2%		943		886		6%
EBITDA		235		171		37%		813		703		16%
EBITDA margin		48.1%		40.8%				46.3%		44.3%
CAPEX		128		241		-47%		384		626		-39%
CAPEX / revenues		26%		58%				22%		39%
Mobile
Mobile subscribers (‘000)		24,167		19,703		23%
- of which mobile broadband (‘000)		11,967		9,287		29%
Fixed-line
Fixed-line broadband subscribers (‘000)		326		212		54%
Fixed-line broadband revenues		13		9		46%		34		30		15%

* CIS operations include operations in Kazakhstan, Uzbekistan, Armenia, Kyrgyzstan, Tajikistan, and Georgia.

For details per country unit please see Attachment B

CIS BUSINESS UNIT: COUNTRY DETAIL

KAZAKHSTAN

KZT mln
	4Q12		4Q11		YoY		FY12		FY11		YoY
Total operating revenues		32,055		31,566		2%		123,665		120,672		2%
EBITDA		14,822		13,749		8%		58,811		57,708		2%
EBITDA margin		46.2%		43.6%				47.6%		47.8%
UZBEKISTAN
USD mln
	4Q12		4Q11		YoY		FY12		FY11		YoY
Total operating revenues		158		80		99%		463		277		67%
EBITDA		95		33		193%		253		122		107%
EBITDA margin		60.3%		41.0%				54.6%		44.1%

VimpelCom Ltd. 4Q 2012 17

CONFERENCE CALL INFORMATION

On March 6, 2013, the Company will host an analyst & investor conference call on its fourth quarter 2012 results. The call and slide presentation may be accessed at http://www.vimpelcom.com

2:30 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 call replay and the slide presentations webcast will be available until March 13, 2013. The slide presentation will also be available for download on the Company’s website.

Investor and analyst call replay
US Replay number:	+1 855 859-2056
Confirmation code :	11312009
International replay:	+1 404 537-3406
Confirmation code :	11312009

CONTACT INFORMATION

INVESTOR RELATIONS Gerbrand Nijman Investor_Relations@vimpelcom.com Tel: +31 20 79 77 200 (Amsterdam)   Remco Vergeer Investor_Relations@vimpelcom.com Tel: +31 20 79 77 200 (Amsterdam)   Stefano Songini ir@mail.wind.it Tel +39 06 83111 (Rome)   Mamdouh Abd Elwahab otinvestorrelations@otelecom.com Tel: +202 2461 5050 / 51 (Cairo) MEDIA AND PUBLIC RELATIONS Bobby Leach pr@vimpelcom.com Tel: +31 20 79 77 200 (Amsterdam)

VimpelCom Ltd. 4Q 2012 18

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 strategy, development plans and anticipated performance, including the Company’s Value Agenda objectives, CAPEX projections, cost optimization plans, expected cash flow improvements, intentions regarding its interest in WIND Mobile in Canada, expectations regarding negotiations with the Algerian Government and anticipated dividends. 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. Future dividend payments are subject to Supervisory Board approval and there can be no assurance as to the timing and amount of such payments. 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, 2011 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 providing voice and data services through a range of traditional and broadband mobile and fixed technologies in Russia, Italy, Ukraine, Kazakhstan, Uzbekistan, Tajikistan, Armenia, Georgia, Kyrgyzstan, Cambodia, Laos, Algeria, Bangladesh, Pakistan, Burundi, Zimbabwe, Central African Republic and Canada. VimpelCom’s operations around the globe cover territory with a total population of approximately 780 million people. VimpelCom provides services under the “Beeline”, “Kyivstar”, “djuice”, “Wind”, “Infostrada” “Mobilink”, “Leo”, “banglalink”, “Telecel”, and “Djezzy” brands. As of December 31, 2012 VimpelCom had 214 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 2012 19

CONTENT OF THE ATTACHMENT TABLES

Attachment A	VimpelCom Ltd Financial Statements	21
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 Factbook4Q2012.xls on our website at http://vimpelcom.com/ir/financials/results.wbp

VimpelCom Ltd. 4Q 2012 20

ATTACHMENT A: VIMPELCOM LTD FINANCIAL STATEMENTS

VIMPELCOM LTD UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (ACTUAL)

	USD (millions)	Actual Three months ended December 31				Actual Full Year
		2012		2011		2012		2011
Operating revenues
	Service revenues		5,605		5,594		22,122		19,579
	Sales of equipment and accessories		234		190		677		516
	Other revenues		111		105		262		167
	Total operating revenues		5,950		5,889		23,061		20,262
Operating expenses
	Service costs		1,762		1,440		5,439		4,962
	Cost of equipment and accessories		241		254		693		663
	Selling, general and administrative expenses		1,501		1,968		7,161		6,381
	Depreciation		758		790		2,926		2,726
	Amortization		519		664		2,080		2,059
	Impairment of GWMC*		328		-		328		-
	Impairment loss		58		527		58		527
	Loss on disposals of non-current assets		74		32		205		90
	Total operating expenses		5,241		5,675		18,890		17,408
	Operating profit		709		214		4,171		2,854
	Finance costs		522		501		2,029		1,587
	Finance income		(38)		(34)		(154)		(120)
	Revaluation of previously held interest in Euroset		(606)		-		(606)		-
	Other non-operating losses		44		152		75		308
	Shares of loss/(profit) of associates and joint ventures accounted for using the equity method		(7)		35		9		35
	Net foreign exchange loss/(gain)		30		119		(70)		190
	Profit/(loss) before tax		764		(559)		2,888		854
	Income tax expense		195		101		906		585
	Profit/(loss) for the year from continuing operations		569		(660)		1,982		269
	Profit/(loss) for the period		569		(660)		1,982		269
Attributable to:
	The owners of the parent		801		(381)		2,145		543
	Non-controlling interest		(232)		(279)		(163)		(274)
			569		(660)		1,982		269
Earnings/loss per share
	Basic, profit for the year attributable to ordinary equity holders of the parent		$0.49		-$0.24		$1.33		$0.36
	Diluted, profit for the year attributable to ordinary equity holders of the parent		$0.49		-$0.24		$1.32		$0.36

* Globalive Wireless Management Company

VimpelCom Ltd. 4Q 2012 21

ATTACHMENT A: VIMPELCOM LTD FINANCIAL STATEMENTS

VIMPELCOM LTD UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (PRO-FORMA)

	USD (millions)	Pro-forma Three months ended December 31				Pro-forma Full Year
		2012		2011		2012		2011
Operating revenues
	Service revenues		5,605		5,594		22,122		22,794
	Sales of equipment and accessories		234		190		677		516
	Other revenues		111		105		262		167
	Total operating revenues		5,950		5,889		23,061		23,477
Operating expenses
	Service costs		1,762		1,440		5,439		5,693
	Cost of equipment and accessories		241		254		693		771
	Selling, general and administrative expenses		1,501		1,968		7,161		7,488
	Depreciation		758		790		2,926		3,094
	Amortization		519		664		2,080		2,663
	Impairment of GWMC*		328		-		328		-
	Impairment loss		58		527		58		504
	Loss on disposals of non-current assets		74		32		205		89
	Total operating expenses		5,241		5,675		18,890		20,302
	Operating profit		709		214		4,171		3,175
	Finance costs		522		501		2,029		2,010
	Finance income		(38)		(34)		(154)		(160)
	Revaluation of previously held interest in Euroset		(606)		-		(606)		-
	Other non-operating losses		44		152		75		323
	Shares of loss/(profit) of associates and joint ventures accounted for using the equity method		(7)		35		9		69
	Net foreign exchange loss/(gain)		30		119		(70)		94
	Profit/(loss) before tax		764		(559)		2,888		839
	Income tax expense		195		101		906		650
	Profit/(loss) for the year from continuing operations		569		(660)		1,982		189
	Profit/(loss) for the period		569		(660)		1,982		189
Attributable to:
	The owners of the parent		801		(381)		2,145		525
	Non-controlling interest		(232)		(279)		(163)		(336)
			569		(660)		1,982		189
Earnings/loss per share
	Basic, profit for the year attributable to ordinary equity holders of the parent		$0.49		-$0.24		$1.33		$0.32
	Diluted, profit for the year attributable to ordinary equity holders of the parent		$0.49		-$0.24		$1.32		$0.32

* Globalive Wireless Management Company

VimpelCom Ltd. 4Q 2012 22

ATTACHMENT A: VIMPELCOM LTD INTERIM FINANCIAL STATEMENTS

VIMPELCOM LTD UNAUDITED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION

	USD (millions)	31 December 2012, audited		31 December   2011,   audited
Assets
	Non-current assets
	Property and equipment		15,666		15,165
	Intangible assets		10,601		11,825
	Goodwill		16,964		16,776
	Investments in associates and joint ventures		1,168		388
	Deferred tax asset		312		386
	Financial assets		1,091		1,536
	Other non-financial assets		18		92
	Total non-current assets		45,820		46,168
	Current assets
	Inventories		167		227
	Trade and other receivables		2,495		2,711
	Other non-financial assets		1,290		1,320
	Current income tax asset		292		293
	Other financial assets		270		345
	Cash and cash equivalents		4,949		2,325
	Total current assets		9,463		7,221
	Assets classified as held for sale		77		650
	Total assets		55,360		54,039
Equity and liabilities
	Equity
	Equity attributable to equity owners of the parent		14,869		14,037
	Non-controlling interests		503		865
	Total equity		15,372		14,902
	Non-current liabilities
	Financial liabilities		25,955		25,724
	Provisions		548		402
	Other non-financial liabilities		410		442
	Deferred tax liability		1,416		1,624
	Total non-current liabilities		28,329		28,192
	Current liabilities
	Trade and other payables		4,585		4,566
	Dividend payables		1,274		-
	Other non-financial liabilities		2,243		2,030
	Other financial liabilities		3,126		3,118
	Current income tax payable		202		399
	Provisions		192		182
	Total current liabilities		11,622		10,295
	Liabilities associated with assets held for sale		37		650
	Total equity and liabilities		55,360		54,039

VimpelCom Ltd. 4Q 2012 23

ATTACHMENT A: VIMPELCOM LTD FINANCIAL STATEMENTS

VIMPELCOM LTD UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	USD (millions)	2012		2011
Operating activities
	Profit after tax		2,093		269
	Tax expense		866		585
	Profit before tax		2,959		854
	Non-cash adjustment to reconcile profit before tax to net cash flows:
	Depreciation		2,926		2,726
	Amortization		2,080		2,059
	Impairment of GWMC		328		-
	Impairment loss		37		527
	Loss on disposals of non-current assets		205		90
	Finance income		(154)		(120)
	Finance costs		2,029		1,587
	Revaluation of previously held interest in Euroset		(658)		-
	Other non-operating losses/(gains)		77		308
	Net foreign exchange (gain)/ loss		(70)		190
	Shares of loss/(profit) of associates and joint ventures accounted for using the equity method		9		35
	Movements in provisions and pensions		36		(25)
	Cash from operations		9,804		8,231
	Working capital adjustments:
	Change in trade and other receivables and prepayments		10		(176)
	Change in inventories		14		(69)
	Change in trade and other payables		421		332
	Interest paid		(2,144)		(1,528)
	Interest received		383		106
	Income tax paid		(1,231)		(790)
	Net cash flows from operating activities		7,257		6,106
Investing activities
	Proceeds from sale of property, plant and equipment and intangible assets		42		34
	Purchase of property, plant and equipment and intangible assets		(3,886)		(6,260)
	Payments of loans granted		(189)		(118)
	Receipts/(payments) from deposits		107		212
	Receipts from/(investments in) associates		(2)		25
	Divested cash net of proceeds from sale of shares in subsidiaries		(75)		-
	Receipt of dividends		8		-
	Acquisition of subsidiaries, net of cash acquired		(13)		(838)
	Net cash flows used in investing activities		(4,008)		(6,945)
Financing activities
	Net proceeds from exercise of share options		-		5
	Acquisition of non-controlling interest		(9)		-
	Proceeds from borrowings net of fees paid		3,094		10,389
	Repayment of borrowings		(3,650)		(6,581)
	Purchase of treasury shares		-		(1)
	Proceeds from sale of treasury stock		3		-
	Dividends paid to equity holders of the parent		-		(1,216)
	Dividends paid to non-controlling interests		(25)		(13)
	Net cash flows used in financing activities		(587)		2,583
	Net increase in cash and cash equivalents		2,662		1,744
	Net foreign exchange difference		(38)		(304)
	Cash and cash equivalents at beginning of period		2,325		885
	Cash and cash equivalents at end of period		4,949		2,325

VimpelCom Ltd. 4Q 2012 24

ATTACHMENT B: COUNTRY UNITS KEY INDICATORS

AFRICA & ASIA BUSINESS UNIT: COUNTRY DETAIL

ALGERIA

DZD bln
	4Q12		4Q11		YoY		FY12		FY11		YoY
Revenues		37.0		33.9		9%		143.3		135.6		6%
EBITDA		21.8		20.1		8%		85.2		80.4		6%
EBITDA margin		58.9%		59.5%				59.4%		59.3%
CAPEX (USD mln)		30		21		45%		47		40		18%
CAPEX / revenues (USD)		5%		5%				2%		2%
Mobile
Subscribers (‘000)		17,846		16,595		8%
ARPU (DZD)		674		673		0%
MOU (min)		254		278		-9%
PAKISTAN
PKR bln
	4Q12		4Q11		YoY		FY12		FY11		YoY
Revenues		27.2		25.0		9%		105.8		97.9		8%
EBITDA		11.7		10.4		13%		45.6		40.0		14%
EBITDA margin		43.0%		41.7%				43.1%		40.9%
CAPEX (USD mln)		89.2		109.7		-19%		172.7		261.2		-34%
CAPEX / revenues (USD)		32%		38%				15%		23%
Mobile
Subscribers (‘000)		36,141		34,214		6%
ARPU (PKR)		243		235		3%
MOU (min)		215		209		3%
BANGLADESH
BDT bln
	4Q12		4Q11		YoY		FY12		FY11		YoY
Revenues		11.2		9.9		13%		45.4		37.9		20%
EBITDA		4.2		2.1		104%		15.7		12.5		26%
EBITDA margin		37.4%		20.8%				34.7%		33.0%
CAPEX (USD mln)		43.2		336.8		-87%		116.4		428.2		-73%
CAPEX / revenues (USD)		31%		261%				21%		84%
Mobile
Subscribers (‘000)		25,883		23,754		9%
ARPU (BDT)		138		140		-1%
MOU (min)		191		207		-8%
SUB SAHARAN AFRICA (TELECEL GLOBE)
USD mln
	4Q12		4Q11		YoY		FY12		FY11		YoY
Revenues		23		24		-3%		91		94		-3%
EBITDA		7.0		(5.1)		n.m.		33.3		7.9		322%
EBITDA margin		27%		n.a				34%		8%
Mobile
Subscribers (‘000)		4,464		3,140		42%
SEA (CONSOLIDATED)
USD mln
	4Q12		4Q11		YoY		FY12		FY11		YoY
Revenues		13		23.5		-45%		60.8		68.7		-12%
EBITDA		0		(19.7)		n.m.		(9.7)		(75.5)		n.m.
EBITDA margin		2%		n.a.				n.a.		n.a.
Mobile
Subscribers (‘000)		915		1,418		-35%

VimpelCom Ltd. 4Q 2012 25

CIS BUSINESS UNIT: COUNTRY DETAIL

KAZAKHSTAN   KZT mln
	4Q12		4Q11		YoY		YTD12		YTD11		YoY
Net operating revenues		32,055		31,566		2%		123,665		120,672		2%
EBITDA		14,822		13,749		8%		58,814		57,708		2%
EBITDA margin		46.2%		43.6%				47.6%		47.8%
CAPEX (USD mln)		57		99		-42%		166		264		-37%
CAPEX / revenues (USD)		27%		47%				20%		32%
Mobile
Subscribers (‘000)		8,589		8,409		2%
ARPU (KZT)		1,156		1,161		-0.4%
MOU (min)		237		165		44%
ARMENIA   AMD mln
	4Q12		4Q11		YoY		YTD12		YTD11		YoY
Net operating revenues		15,706		17,498		-10%		63,441		70,541		-10%
EBITDA		6,202		7,108		-13%		25,257		27,038		-7%
EBITDA margin		39.5%		40.6%				39.8%		38.3%
CAPEX (USD mln)		3		7		-50%		15		30		-50%
CAPEX / revenues (USD)		9%		14%				10%		16%
Mobile
Subscribers (‘000)		800		765		5%
ARPU (AMD)		2,678		2,887		-7%
MOU (min)		273		261		5%
UZBEKISTAN   USD mln
	4Q12		4Q11		YoY		YTD12		YTD11		YoY
Net operating revenues		158		80		99%		463		277		67%
EBITDA		95		33		193%		253		122		107%
EBITDA margin		60.3%		41.0%				54.6%		44.1%
CAPEX (USD mln)		43		85		-50%		137		219		-37%
CAPEX / revenues (USD)		27%		107%				30%		79%
Mobile
Subscribers (‘000)		10,194		6,361		60%
ARPU (USD)		5.3		4		26%
MOU (min)		516		458		13%
TAJIKISTAN   USD mln
	4Q12		4Q11		YoY		YTD12		YTD11		YoY
Net operating revenues		29		25		14%		107		101		6%
EBITDA		13		11		19%		51		48		8%
EBITDA margin		45.9%		44.1%				47.9%		47.2%
CAPEX (USD mln)		6		14		-58%		20		29		-29%
CAPEX / revenues (USD)		20%		54%				19%		29%
Mobile
Subscribers (‘000)		1,132		965		17%
ARPU (USD)		8.9		8		7%
MOU (min)		256		229		12%

VimpelCom Ltd. 4Q 2012 26

GEORGIA   GEL mln
	4Q12		4Q11		YoY		YTD12		YTD11		YoY
Net operating revenues		35		29		19%		129		106		22%
EBITDA		10		7		52%		35		25		42%
EBITDA margin		28.9%		22.6%				27.3%		23.4%
CAPEX (USD mln)		3		14		-76%		13		39		-68%
CAPEX / revenues (USD)		16%		80%				16%		63%
Mobile
Subscribers (‘000)		969		833		16%
ARPU (GEL)		10.9		11		-1%
MOU (min)		244		217		12%
KYRGYZSTAN
KGS mln
	4Q12		4Q11		YoY		YTD12		YTD11		YoY
Net operating revenues		2,009		1,753		15%		7,582		6,531		16%
EBITDA		1,171		954		23%		4,266		3,567		20%
EBITDA margin		58.3%		54.4%				56.3%		54.6%
CAPEX (USD mln)		15		21		-29%		31		44		-29%
CAPEX / revenues (USD)		35%		55%				19%		31%
Mobile
Subscribers (‘000)		2,482		2,371		5%
ARPU (KGS)		269.9		245		10%
MOU (min)		253		292		-14%

VimpelCom Ltd. 4Q 2012 27

ATTACHMENT C: RECONCILIATION TABLES

RECONCILIATION OF CONSOLIDATED EBITDA OF VIMPELCOM*(PRO FORMA)

USD mln
	4Q12 (unaudited)		4Q11 (unaudited)		YTD12 (audited)		YTD11 (unaudited)
EBITDA		2,446		2,227		9,768		9,525
Depreciation		(758)		(790)		(2,926)		(3,094)
Amortization		(519)		(664)		(2,080)		(2,663)
Impaiment of GWMC**		(328)		-		(328)		-
Impairment loss		(37)		(527)		(58)		(504)
Loss on disposals of non-current assets		(74)		(32)		(205)		(89)
EBIT		709		214		4,171		3,175
Financial Income and Expenses		(484)		(467)		(1,875)		(1,850)
- including finance income		38		34		154		160
- including finance costs		(522)		(501)		(2,029)		(2,010)
Net foreign exchange (loss)/gain and others		589		(306)		592		(486)
- including revaluation of previously held interest in Euroset		606		-		606		-
- including Other non-operating (losses)/gains		(44)		(152)		(75)		(323)
- including Shares of (loss)/profit of associates and joint ventures accounted for using the equity method		7		(35)		(9)		(69)
- including Net foreign exchange (loss)/gain		(30)		(119)		70		(94)
Profit before tax		764		(559)		2,888		839
Income tax expense		(195)		(101)		(906)		(650)
Profit for the period		569		(660)		1,982		189
Profit for the period attributable to non-controlling interest		(232)		(279)		(163)		(336)
Net income		801		(381)		2,145		525

*See also the supplementary file FactbookQ42012.xls on our website at

http://vimpelcom.com/ir/financials/results.wbp

**Globalive Wireless Management Company

VimpelCom Ltd. 4Q 2012 28

ATTACHMENT C: RECONCILIATION TABLES

RECONCILIATION OF CONSOLIDATED EBITDA OF VIMPELCOM* (ACTUAL)

USD mln
	4Q12 (unaudited)		4Q11 (unaudited)		YTD12 (audited)		YTD11 (audited)
EBITDA		2,446		2,227		9,768		8,256
Depreciation		(758)		(790)		(2,926)		(2,726)
Amortization		(519)		(664)		(2,080)		(2,059)
Impaiment of GWMC**		(328)		-		(328)		-
Impairment loss		(37)		(527)		(58)		(527)
Loss on disposals of non-current assets		(74)		(32)		(205)		(90)
EBIT		709		214		4,171		2,854
Financial Income and Expenses		(484)		(467)		(1,875)		(1,467)
- including finance income		38		34		154		120
- including finance costs		(522)		(501)		(2,029)		(1,587)
Net foreign exchange (loss)/gain and others		539		(306)		592		(533)
- including revaluation of previously held interest in Euroset		606		-		606		-
- including Other non-operating (losses)/gains		(44)		(152)		(75)		(308)
- including Shares of (loss)/profit of associates and joint ventures accounted for using the equity method		7		(35)		(9)		(35)
- including Net foreign exchange (loss)/gain		(30)		(119)		70		(190)
EBT		764		(559)		2,888		854
Income tax expense		(195)		(101)		(906)		(585)
Profit/(loss) for the year		569		(660)		1,982		269
(Profit)/loss for the year attributable to non-controlling interest		(232)		(279)		(163)		274
Profit for the year attributable to the owners of the parent		801		(381)		2,145		543

* See also the supplementary file FactbookQ42012.xls on our website at

http://vimpelcom.com/ir/financials/results.wbp

**Globalive Wireless Management Company

VimpelCom Ltd. 4Q 2012 29

ATTACHMENT C: RECONCILIATION TABLES

RECONCILIATION OF VIMPELCOM CONSOLIDATED NET DEBT (ACTUAL)

USD mln	1Q12		2Q12		3Q12		4Q12
Net debt		24,339		23,067		22,681		21,971
Cash and cash equivalents		4,033		2,883		3,241		4,949
Long - term and short-term deposits		219		609		715		67
Gross debt		28,591		26,559		26,637		26,987
Interest accrued related to financial liabilities		450		558		451		536
Fair value adjustment		148		228		28		-
Unamortised fair value adjustment under acquisition method of accounting		909		841		817		794
Other unamortised adjustments to financial liabilities (fees, discounts etc.)		(103)		(147)		69		73
Derivatives not designated as hedges		403		415		429		453
Derivatives designated as hedges		173		157		178		237
Total other financial liabilities		30,570		28,611		28,609		29,080

AVERAGE AND CLOSING RATES OF FUNCTIONAL CURRENCIES TO USD*

	Average rates						Closing rates
	FY12		FY11		YoY		FY12		FY11		Delta
Russian Ruble		31.09		29.39		-5.5%		30.37		32.20		6.0%
Euro		0.78		0.72		-7.5%		0.76		0.77		1.6%
Algerian Dinar		77.84		72.93		-6.3%		78.94		75.33		-4.6%
Pakistan Rupee		93.40		86.33		-7.6%		97.14		89.95		-7.4%
Bangladeshi Taka		81.84		74.07		-9.5%		79.78		81.83		2.6%
Ukrainian Hryvnia		7.99		7.97		-0.3%		7.99		7.99		0.0%
Kazakh Tenge		149.11		146.62		-1.7%		150.74		148.40		-1.6%
Armenian Dram		401.76		372.44		-7.3%		403.58		385.77		-4.4%
Kyrgyz Som		47.01		46.14		-1.9%		47.40		46.48		-1.9%

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

ATTACHMENT D: WIND TELECOMUNICAZIONI GROUP CONDENSED STATEMENTS OF INCOME

EUR mln	FY 12		FY 11
Revenues		5,262		5,431
Other revenues		165		139
Total Revenues		5,427		5,570
EBITDA		2,063		2,120
D&A		(1,147)		(1,068)
EBIT		916		1,052
Financial Income and expenses		(875)		(934)
EBT		40		118
Income Tax		(164)		(278)
Profit/(Loss) from discontinued operations		-		6
Net income		(124)		(154)

VimpelCom Ltd. 4Q 2012 30

ATTACHMENT E: DEFINITIONS

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.

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.

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.

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.

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.

LLU (local loop unbundling), in Italy, this is the regulatory process of allowing multiple telecommunications operators to use connections from Telecom Italia’s local exchanges to the customer’s premises.

MNP (Mobile number portability) is a facility provided by telecommunications operators which enables customers to keep their telephone numbers when they change operators.

VimpelCom Ltd. 4Q 2012 31

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.

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.

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.

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.

VimpelCom Ltd. 4Q 2012 32

1

4Q 2012

Presentation

Amsterdam, March 6, 2013

Jo Lunder -

CEO

Henk

van

Dalen

-

CFO

2

Disclaimer

This presentation contains “forward-looking statements”, as the phrase is defined in Section 27A of the

Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements relate

to the Company's strategy, development plans and anticipated performance, including the Company’s

Value Agenda objectives, CAPEX projections, cost optimization plans, intentions regarding its interest in

WIND Mobile in Canada and expectations regarding negotiations with the Algerian Government. The

forward-looking statements included in this presentation 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. 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, 2011 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. 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.

3

Continued delivery on strategy

Profitable growth and strong cash flows in 4Q12

*   Comparisons with 4Q11

** Excl. MTR reduction in Italy approx. 5% organic revenue growth and EBITDA approx. 14%

Revenues

*

(USD billion)

6.0

(+3% organic)

**

EBITDA

*

(USD billion)

2.4

(+13% organic)

**

EBITDA margin

*

(%)

41.1

(+3.3 p.p.)

Net income

*

(USD million)

801

(-381 in 4Q11)

Total mobile subscriber

Base

*

(million)

214

(+5%)

Net cash from operating

activities

2.3

(+24%)

•

Solid performance in all Business Units

•

Double digit organic EBITDA growth in Russia, Africa & Asia

and CIS

•

Positive operational developments continued in Russia

•

Continued market outperformance in Italy

•

Successful transition to bundled offerings in Ukraine

•

Strong subscriber growth in Africa & Asia

•

Net Income increased substantially

Highlights:

(USD billion)

4

Successful execution of the Value Agenda in 2012

*   Comparisons with FY11 Pro Forma

** Excl. MTR reduction in Italy approx. 6% organic revenue growth and EBITDA approx. 10%

Revenues

*

(USD billion)

23.1

(+4% organic)

**

EBITDA

*

(USD billion)

9.8

(+8% organic)

**

EBITDA margin

*

(%)

42.4

(+1.8 p.p.)

Net income

*

(USD billion)

2.1

(0.5 for FY11)

Net cash from operating

activities

7.3

(+19%)

•

Revenue and EBITDA organic growth in line with the Value

Agenda medium-term objectives

•

Solid operational performance in all Business Units

•

Turn-around in Russia with operational excellence program

delivering more than double of targeted RUB 5 billion in

annualized savings

•

Substantial increase in Net Income

•

Net cash from operating activities increased 19% YoY

Highlights:

(USD billion)

5

Key Developments

•

Enhanced Value Agenda 2013-2015 announced; medium-term

objectives:

Revenue and EBITDA CAGR around mid-single digit

Net Debt/EBITDA below 2x in 2015

CAPEX

*

/Revenues below 15% in 2015

•

Successful issuance of USD 2.0 billion Eurobonds for debt

refinancing

•

AGM elected new Supervisory Board

•

Acquisition of 0.1% in Euroset, increasing total stake to 50.0%

•

Paid final dividend 2011 and interim dividend 2012 of in total USD

1.3 billion

•

Negotiations progressing with the Algerian Government

*

CAPEX excluding licenses

6

Business Units Performance

7

Revenues

(RUB billion)

+4% YoY

+15% YoY

CAPEX

CAPEX / Revenue

CAPEX

*

(RUB billion)

Highlights:

•

Positive operational trend of previous quarters continued in 4Q12

•

Revenue growth of 4% YoY, supported by 37% increase YoY in mobile data revenues

•

EBITDA increase of 15% YoY leading to EBITDA margin growth of 4.2 p.p. YoY to 41.3%

Comparison over 4Q11 favorably impacted by one-off charges including provision for HR costs and inventory

write-offs

•

Operational Excellence program delivered more than double of targeted RUB 5 billion annualized savings

*

CAPEX excluding licenses

EBITDA

EBITDA Margin

EBITDA

and EBITDA Margin

(RUB billion)

Mobile

Fixed-line

Russia Performance 4Q12: Positive operational development continued

8

Italy Performance 4Q12: Continued relative outperformance

Revenues

(EUR million)

-4% YoY

Excluding MTR +2%YoY

EBITDA

and EBITDA Margin

(EUR million)

-4% YoY

Excluding MTR +2%YoY

CAPEX

*

(EUR billion)

Highlights:

•

Continued relative outperformance of the market

•

Total revenues, excluding MTR impact, increasing 2% YoY

•

EBITDA

margin

increased

0.1

p.p.

YoY

to

37.5%;

MTR

cut

partially

offset

by

cost

efficiency

measures

•

EBITDA-CAPEX increased YoY in 4Q12 and FY12 

•

Strong

Data

revenue

growth:

Mobile

Internet

up

37%,

messaging

up

6%,

fixed

broadband

up

5%

•

55% share of mobile net additions driven by positive MNP inflow balance

*  

CAPEX excluding licenses

Mobile revenues    

(excluding Incoming)

Mobile Incoming

revenues

Fixed-line

EBITDA

EBITDA Margin

CAPEX

CAPEX / Revenue

9

Africa & Asia

*

Performance 4Q12: Strong subscriber growth

Revenues

(USD million)

+2% YoY

Organic +11% YoY

EBITDA

and EBITDA Margin

(USD million)

EBITDA

EBITDA Margin

+33% YoY

Organic +36%

YoY

CAPEX

**

(USD million)

Highlights:

•

Revenues reached USD 937 million with an organic growth of 11% YoY

•

EBITDA increased to USD 426 million with an organic growth of 36% YoY

Comparison over 4Q11 favorably impacted by the doubling of the EBITDA in Bangladesh and one-off charges including

provision for corporate contingent liabilities and costs associated with the demerger of OTMT

•

EBITDA margin of 45.5%, supported by operational excellence and cost saving initiatives

•

Subscriber base increased by 8% to more than 85 million

•

New regulation in Bangladesh regarding VoIP usage to impact revenues also in 2013

*  

This segment includes our operations in Algeria, Pakistan, Bangladesh, Sub-Saharan Africa and South East Asia

**

CAPEX excluding licenses

CAPEX

CAPEX / Revenue

10

Ukraine Performance 4Q12: Successful migration to bundled offerings

Revenues

(UAH billion)

+4% YoY

EBITDA

and EBITDA Margin

(UAH billion)

+9% YoY

CAPEX

*

(UAH billion)

Highlights:

•

Revenues increased 4% YoY to UAH 3.5 billion

•

Successful

transition

to

mobile

bundled

tariff

plans,

leading

to

recovery

in

mobile

revenues growth

•

EBITDA increased by 9% YoY to UAH 1.8 billion; EBITDA margin up 2.2 p.p. to 52.5%

•

Mobile subscriber base grew 5% YoY to 26.0 million; Fixed Broadband subscribers up 54% YoY to 613 thousand

*

CAPEX excluding licenses

75%

of

subscribers

on

bundled

plans

EoY12

11

CIS

*

Performance 4Q12: Profitable growth

Revenues

(USD million)

EBITDA

and EBITDA Margin

(USD million)

CAPEX

**

(USD million)

Highlights:

•

Revenues and EBITDA organic growth of 21% and 45% YoY respectively

•

EBITDA of USD 235 million, with organic growth of 45% YoY

•

EBITDA margin of 48.1%

•

Mobile subscribers up 23% YoY to 24 million

•

Mobile broadband subscribers up 29% YoY to 12 million; Fixed Broadband subscriber base up 54% to 326 thousand

*

This segment includes our operations in Kazakhstan, Uzbekistan, Armenia, Kyrgyzstan, Tajikistan and Georgia

**

CAPEX excluding licenses

***  Adjusting the growth in Uzbekistan to the level of 1H12

Underlying

***

revenue

and

EBITDA

organic

growth

in

4Q12

would

have

been

9%

and

17%

YoY

respectively

12

Financial Highlights

Henk van Dalen

CFO

13

BUSINESS UNITS

Revenue

EBITDA

Organic

FX and

others

Reported

Organic

FX and

others

Reported

Russia

4%

0%

4%

15%

1%

16%

Europe &

NA

-4%

-4%

-8%

-4%

-2%

-6%

Africa &

Asia

11%

-9%

2%

36%

-3%

33%

Ukraine

4%

0%

4%

9%

0%

9%

CIS

21%

-5%

16%

45%

-8%

37%

Total

3%

-2%

1%

13%

-3%

10%

4Q12 Financial Performance: Strong profitable growth

GROUP

(USD million)

4Q12

4Q11

YoY

Revenues

5,950

5,889

1%

EBITDA

2,446

2,227

10%

Depreciation/

Amortization/

Other

(1,737)

(2,013)

-14%

EBIT

709

214

231%

Financial income /

expenses

(484)

(467)

4%

FX and Other

539

(306)

n.m.

Profit before tax

764

(559)

n.m.

Tax

(195)

(101)

93%

Net income

801

(381)

n.m.

•

Overall revenue growth on an organic basis was 3% YoY, with strong performance across most business units

•

Reported

revenues

increased

by

1%

YoY,

mainly

due

to

significant

depreciation

of

local

currencies

against

the

USD

•

EBITDA

increased

13%

YoY

organically;

reported

EBITDA

increased

by

10%

YoY

supported

by

operational

excellence

initiatives

•

EBIT

up 231% YoY, positively affected by declining amortization pattern applied to intangible assets, partly offset by

impairment

of

USD

328

mln

related

to

Wind

Mobile

Canada,

and

low

comparable

base

in

4Q11

which

was

negatively

impacted by

impairments of Vietnam and Cambodia

•

Profit before tax

increased substantially as a result of EBIT and fair value adjustment of USD 606 million related to Euroset

•

Net foreign exchange loss was USD 30 million

•

Net

income

increased

due

to

higher

Profit

before

tax

14

FY12 Financial Performance in line with Value Agenda

CAPEX (Pro forma)

(USD billion)

CAPEX excl. license

CAPEX excl. license/Revenue

•

Revenues

increased by 4% YoY organically

Strong performance across most business units

Reported revenue decreased 2% due to unfavorable FX

movements

•

EBITDA

increased by 8% YoY organically

Reported EBITDA growth was 3% impacted by unfavorable

FX movements

•

Net

Income

increased

substantially

due

to

EBITDA

growth,

positive impact from fair value adjustment of Euroset, lower

impairment and lower amortization of intangible assets

BUSINESS UNITS

Revenue

EBITDA

Organic

FX and

others

Reported

Organic

FX and

others

Reported

Russia

7%

-6%

1%

13%

-6%

7%

Europe &

NA

-3%

-7%

-10%

-3%

-7%

-10%

Africa & Asia

9%

-9%

0%

15%

-4%

11%

Ukraine

2%

0%

2%

-1%

-1%

-2%

CIS

15%

-5%

10%

22%

-6%

16%

Total

4%

-6%

-2%

8%

-5%

3%

GROUP

(USD million)

FY12

FY11*

YoY

Revenues

23,061

23,477

-2%

EBITDA

9,768

9,525

3%

Depreciation/

Amortization/

Other

(5,597)

(6,350)

-12%

EBIT

4,171

3,175

31%

Financial income /

expenses

(1,875)

(1,850)

1%

FX and Other

592

(486)

n.m.

Profit before tax

2,888

854

238%.

Tax

(906)

(650)

39%

Net income

2,145

525

309%

*  FY11 is Pro forma

5.0

4.0

21%

17%

FY 11

FY 12

15

Main Non-Cash Items in EBIT and Net Income

(USD million)

4Q12

4Q11

FY 12

FY 11

EBIT

Impairment Canada

(328)

-

(328)

-

Impairment Vietnam and Cambodia

-

(527)

-

(527)

HR provision and write-off in Russia

-

(30)

-

(30)

Declining amortization schedule applied to intangible

assets as part of the Wind Telecom amortization

(228)

(332)

(912)

(1,328)

Net Income

Euroset fair value adjustment

606

-

606

-

Fair value adjustment of embedded derivatives and

other fair value adjustments

-

(139)

-

(332)

16

Key Components

LTM

stands

for

“last

twelve

months”

to

reporting

date.

Net Cash Flow From Operating Activities, Actual

(USD billion)

Debt, Cash and Ratios: Solid financial position

(USD million)

Dec 31,

2012

Cash, Cash Equivalents and

deposits

5,016

Total Assets

55,360

Gross Debt

26,987

-Short-term

2,639

-Long-term

24,348

Shareholders' equity

14,869

Gross Debt/Assets

0.5

Net Debt

21,971

Pro-forma annual EBITDA

9,768

Pro-forma

ratios

LTM

4Q12

*

Dec 31,

2012

Net Debt/ EBITDA

2.2

EBITDA/ Financial Income

5.2

and Expenses

Gross Debt/ EBITDA

2.8

Consolidated Cash and Net Debt Development

Actual 4Q 2012 (USD million)

Opening

gross debt

Opening

cash

& deposits

Opening

net debt

Net FX

effect

(Cash +

Debt)

Net

Interest

Other

Cash tax

paid

Cash

CAPEX

Change in

working

capital

Cash flow

from

operations

Closing

net debt

Closing

cash

& deposits

Closing

gross debt

26,637  

3,956  

22,681  

339  

447  

92  

324  

1,139   (605)

(2,446)

21,971  

5,016

26,987  

1.9

1.6

1.35

2.0

2.3

6.1

7.3

4Q11

1Q12

2Q12

3Q12

4Q12

FY11

FY12

17

Well Balanced Debt Composition and Maturity Profile

Group Debt Maturity Schedule per December 2012

Debt Composition by Currency

*

Other information

*After effect of cross currency swaps

4Q12

3Q12

28%

49%

21%

3%

27%

49%

22%

3%

USD

EUR

RUB

Other

During 4Q12

Russia fully drew down the EKN facility of RUB 6.15 billion (USD 200 million) of  October 2012

Bilateral credit facility with China Development Bank USD 0.5 billion (undrawn)

Available

headroom

under

committed

revolving

credit

facilities

per

December

2012:

New Eurobonds of USD 2.0 billion

Wind

OTH

Vimpelcom / OJSC

2023

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

3.2

2.6

1.8

2.4

8.9

5.6

1.0

1.5

1.0

0.6

6.0

0.4

Proceeds Eurobonds used for repayment

EUR 300 million (USD 396 million) for Wind

RUB 15 billion (USD 494 million) for Russia

EUR 205 million (USD 270 million) and USD 225 million for VIP HQ

Issuance of USD 2 billion Eurobonds to refinance 2013/2014 maturities of OJSC “VimpelCom”

and general corporate purposes

2013

18

Conclusion

Jo Lunder

CEO

19

Delivering on the Value Agenda in 2012

•

Strong profitable organic growth YoY :

•

Solid operational performance across our operations

•

EBITDA margin expansion to 42.4%

•

Plans and resources in place to deliver on the Value Agenda in 2013

1Q12

2Q12

3Q12

4Q12

FY12

Revenues

+6%

+4%

+3%

+3%

+4%

Revenues (excl. MTR cut in Italy)

+7%

+6%

+5%

+5%

+6%

EBITDA

+5%

+8%

+8%

+13%

+8%

EBITDA (excl. MTR cut in Italy)

+6%

+9%

+9%

+14 %

+10%

EBITDA margin

-0.6 pp

+2.6 pp

+1.8 pp

+3.3 pp

+1.8 pp

20

Q&A

21

Thank you!

22

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

23

Appendices

24

+5%

YoY ARPU

+12%

YoY MOU

Mobile subscribers

(million)

ARPU and MOU

(RUB)        (min)

ARPU

MOU

-2%

YoY

Fixed broadband ARPU

Mobile broadband ARPU

Operating Highlights Russia

Broadband subscribers

(million)

Broadband ARPU

(RUB)

+3%

YoY Fixed

+6%

YoY Mobile

+15%

YoY Fixed

+5%

YoY Mobile

Fixed broadband subs

Mobile broadband subs

352

327

314

336

343

259

254

279

282

290

4Q11

1Q12

2Q12

3Q12

4Q12

57.2

55.6

55.7

56.2

56.1

4Q11

1Q12

2Q12

3Q12

4Q12

2.1

2.2

2.3

2.3

2.4

2.5

2.6

2.5

2.5

2.7

4Q11

1Q12

2Q12

3Q12

4Q12

432

426

427

421

445

234

235

221

225

248

4Q11

1Q12

2Q12

3Q12

4Q12

25

ARPU  -10%

YoY

MOU +3%

YoY

Operating Highlights Italy

+3%

YoY

Fixed broadband subs

Mobile broadband subs

Broadband subscribers*

(thousands)

Broadband ARPU

(EUR)

flat

YoY

+4%

YoY Fixed

+24%

YoY Mobile

* 

Internet event in the previous month on 2.5G/3G/3.5G network technology

Mobile subscribers

(million)

ARPU and MOU

(EUR)        (min)

ARPU

MOU

Fixed broadband ARPU

Mobile broadband includes consumer customers that have performed at least one mobile

USD 2.7 bn

shareholder

loan (PIK)

Simplified legal / financing structure per 31-Dec-12

VimpelCom Ltd.

VimpelCom

Amsterdam B.V.

VimpelCom

Holdings B.V.

VimpelCom

Amsterdam Finance

B.V.

OJSC VimpelCom

USD 2.7 bn

WIND Telecom

S.p.A.

Wind Acquisition

Holdings Finance

S.p.A.

WIND Acquisition

Finance SA

WIND

Telecomunicazioni

S.p.A.

WIND Acquisition

Holdings Finance

SA

Orascom Telecom

Holding S.A.E.

Ring fenced

Legal structure

Third party debt

Significant intercompany financing

Note: rounded figures and nominal values

VIP NL

USD 2.2 bn

PJSC Kyivstar

Total OJSC Group

USD 9.8 bn

OTH subsidiaries

USD 1.0 bn

Weather Capital

Special Purpose I

S.A.

Weather Capital

S.a.r.l.

Total Wind Group

USD 14.0 bn

PIK notes

USD 1.4 bn

HY notes 2017

USD 3.7 bn

SSN 2018

USD 4.3 bn

Senior bank loan

USD 3.9 bn

Debt to Gov

USD 0.4 bn

Annuity      

USD 0.2 bn

RCF

USD 0.1 bn

I

II

USD 2.5 bn uncommitted

credit facility (PIK)

USD 0.6 bn drawn

III

USD    5.0

Total cash*

*

including short term deposits and cash equivalents

26

bn

bn

bn

bn

14.0

bn

2.2

VimpelComGroup

VIP

OJSC Group

Wind Group

OTH Group

Gross debt

USD

USD

USD

USD

USD

9.8

1.0

27.0

bn

27

Average rates

Closing rates

Currency

FY 12

FY 11

YoY

FY 12

FY 11

Delta

RUB

31.09

29.39

-5.5%

30.37

32.20

6.0%

EUR

0.78

0.72

-7.5%

0.76

0.77

1.6%

DZD

77.84

72.93

-6.3%

78.94

75.33

-4.6%

PKR

93.40

86.33

-7.6%

97.14

89.95

-7.4%

BDT

81.84

74.07

-9.5%

79.78

81.83

2.6%

UAH

7.99

7.97

-0.3%

7.99

7.99

0.0%

KZT

149.11

146.62

-1.7%

150.74

148.40

-1.6%

AMD

401.76

377.44

-7.3%

403.58

385.77

-4.4%

KGS

47.01

46.14

-1.9%

47.40

46.48

-1.9%

Source: National Banks of the respective countries, Company calculations

FOREX Development

28

Reconciliation of consolidated EBITDA of VimpelCom (pro-forma)

Reconciliation Tables

USD mln

4Q12

(unaudited)

4Q11

(unaudited)

YTD12

(audited)

YTD11

(unaudited)

EBITDA

2,446

2,227

9,768

9,525

Depreciation

(758)

(790)

(2,926)

(3,094)

Amortization

(519)

(664)

(2,080)

(2,663)

Impaiment

of

GWMC

*

(328)

-

(328)

-

Impairment loss

(58)

(527)

(58)

(504)

Loss on disposals of non-current assets

(74)

(32)

(205)

(89)

EBIT

709

214

4,171

3,175

Financial Income and Expenses

(484)

(467)

(1,875)

(1,850)

-

including  finance income

38

34

154

160

-

including finance costs

(522)

(501)

(2,029)

(2,010)

Net foreign exchange gain/(loss)and others

539

(306)

592

(486)

-

606

-

606

-

-

including Other non-operating (losses)

(44)

(152)

(75)

(323)

-

including Shares of profit/(loss) of associates and joint ventures accounted for using

the equity method

7

(35)

(9)

(69)

-

including Net foreign exchange (loss)/gain

(30)

(119)

70

(94)

Profit/(loss) before tax

764

(559)

2,888

839

Income tax expense

(195)

(101)

(906)

(650)

Profit/(loss) for the period

569

(660)

1,982

189

Loss for the period attributable to non-controlling interest

(232)

(279)

(163)

(336)

Net income

801

(381)

2,145

525

*  

A Globalive Wireless Management Company

including fair value adjustment of previously held interest in Euroset

29

Reconciliation of consolidated EBITDA of VimpelCom (Actual)

Reconciliation Tables

USD mln

4Q12

(unaudited)

4Q11

(unaudited)

YTD12

(audited)

YTD11

(unaudited)

EBITDA

2,446

2,227

9,768

8,256

Depreciation

(758)

(790)

(2,926)

(2,726)

Amortization

(519)

(664)

(2,080)

(2,059)

Impaiment

of

GWMC

*

(328)

-

(328)

-

Impairment loss

(58)

(527)

(58)

(527)

Loss on disposals of non-current assets

(74)

(32)

(205)

(90)

EBIT

709

214

4,171

2,854

Financial Income and Expenses

(484)

(467)

(1,875)

(1,467)

-

including  finance income

38

34

154

120

-

including finance costs

(522)

(501)

(2,029)

(1,587)

Net foreign exchange (loss)/gain and others

539

(306)

592

(533)

-

606

-

606

-

-

including Other non-operating (losses)/gains

(44)

(152)

(75)

(308)

-

including Shares of (loss)/profit of associates and joint ventures accounted for using

the equity method

7

(35)

(9)

(35)

-

including Net foreign exchange (loss)/gain

(30)

(119)

70

(190)

Profit/(loss) before tax

764

(559)

2,888

854

Income tax expense

(195)

(101)

(906)

(585)

Profit/(loss) for the period

569

(660)

1,982

269

Loss for the period attributable to non-controlling interest

(232)

(279)

(163)

(274)

Net income

801

(381)

2,145

543

* A Globalive Wireless Management Company

including fair value adjustment of previously held interest in Euroset

30

Reconciliation of consolidated net debt of VimpelCom

Reconciliation Tables

USD millions

4Q12

3Q12

Net debt

21,971

22,681

Cash and cash equivalents

4,949

3,241

Long -

term and short-term deposits

67

715

Gross debt

26,987

26,637

Interest accrued related to financial liabilities

536

451

Fair value adjustment

-

28

Unamortised fair value adjustment under acquisition method of accounting

794

817

Other unamortised adjustments to financial liabilities (fees, discounts etc.)

73

69

Derivatives not designated as hedges

453

429

Derivatives designated as hedges

237

178

Total other financial liabilities

29,080

28,609

VimpelCom Ltd.

Index sheet

Consolidated VIP Ltd.

BU Russia

BU Europe and North America

BU Africa and Asia

BU Ukraine

BU CIS

VimpelCom Ltd.

index page

(in USD millions, unless stated otherwise, unaudited)

Consolidated	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012	FY 2011	FY 2012
ACTUAL
Total operating revenues	2,740	5,537	6,096	5,889	5,619	5,745	5,747	5,950	20,262	23,061
EBITDA	1,203	2,254	2,572	2,227	2,311	2,481	2,530	2,446	8,256	9,768
EBITDA margin	43.9%	40.7%	42.2%	37.8%	41.1%	43.2%	44.0%	41.1%	40.7%	42.4%
Profit before tax	649	424	340	(559)	593	729	802	835	854	2,959
Net income	500	235	189	(381)	318	488	538	801	543	2,145
Capital expenditures (Capex)	456	966	1,193	3,734	632	1,028	829	1,631	6,349	4,120
Capex / revenues	17%	17%	20%	63%	11%	18%	14%	27%	31%	18%
Mobile subscribers (millions)	95	193	199	205	209	208	212	214	205	214
PRO FORMA	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012	FY 2011	FY 2012
Total operating revenues	5,481	6,011	6,096	5,889	5,619	5,745	5,747	5,950	23,477	23,061
EBITDA	2,285	2,441	2,572	2,227	2,311	2,481	2,530	2,446	9,525	9,768
EBITDA margin	41.7%	40.6%	42.2%	37.8%	41.1%	43.2%	44.0%	41.1%	40.6%	42.4%
Profit before tax	623	435	340	(559)	593	729	802	835	839	2,959
Net income	450	267	189	(381)	318	488	538	801	525	2,145
Capital expenditures (Capex)	729	1,027	1,193	3,734	632	1,028	829	1,631	6,683	4,120
Capex / revenues	13%	17%	20%	63%	11%	18%	14%	27%	28%	18%
Mobile subscribers (millions)	186	193	199	205	209	208	212	214	205	214

Russia

index page

(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012	FY 2011	FY 2012
Total operating revenues	2,064	2,329	2,397	2,274	2,225	2,267	2,326	2,371	9,064	9,189
EBITDA	868	968	961	844	918	977	1,005	978	3,641	3,879
EBITDA margin	42.1%	41.5%	40.1%	37.1%	41.3%	43.1%	43.2%	41.2%	40.2%	42.2%
SG&A	590	663	693	682	637	600	596	629	2,628	2,462
including Sales & Marketing Expenses	184	239	245	232	181	180	182	191	899	734
Capital expenditures	334	407	457	809	204	294	321	811	2,006	1,631
MOBILE	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012	FY 2011	FY 2012
Total operating revenues	1,713	1,943	2,003	1,892	1,845	1,870	1,932	1,983	7,550	7,630
Subscribers (‘000)	52,991	55,251	56,824	57,224	55,622	55,739	56,181	56,110	57,224	56,110
Mobile ARPU (US$)	10.5	11.7	11.5	10.5	10.5	10.8	11.0	11.0
Mobile broadband subscribers using USB modems (‘000)	2,313	2,362	2,387	2,538	2,579	2,472	2,507	2,654	2,538	2,654
Mobile broadband ARPU (US$)	7.8	7.5	7.5	7.5	7.8	7.1	7.0	8.0	n.a	n.a
MOU, min	218	243	251	259	254	279	282	290	n.a	n.a
Churn 3 months active base (quarterly), %	15%	15%	16%	17%	17%	15%	15%	16%	n.a	n.a
FIXED-LINE	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012	FY 2011	FY 2012
Total operating revenues	351	387	394	382	380	398	394	388	1,514	1,560
Fixed-line broadband revenues	65	73	75	82	93	93	90	101	295	378
Fixed-line broadband subscribers (‘000)	1,569	1,671	1,833	2,073	2,224	2,255	2,294	2,378	2,073	2,378
Fixed-line broadband ARPU, US$	14.0	14.8	14.1	13.8	13.9	13.8	13.2	14.3
FTTB revenues	62	71	72	80	91	91	88	99	285	369
FTTB subscribers (‘000)	1,510	1,635	1,791	2,017	2,148	2,196	2,235	2,317	2,017	2,317
FTTB ARPU, US$	13.9	14.6	14.0	13.8	14.3	13.8	13.2	14.4	n.a	n.a

Italy

index page

(in EUR millions, unless stated otherwise, unaudited)

CONSOLIDATED	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012	FY 2011	FY 2012
Total revenues	1,351	1,399	1,397	1,424	1,346	1,383	1,329	1,369	5,570	5,427
of which TLC Service Revenues	1,289	1,347	1,325	1,315	1,281	1,299	1,235	1,238	5,277	5,053
EBITDA	496	526	565	533	487	524	537	514	2,120	2,062
EBITDA margin	36.8%	37.6%	40.5%	37.4%	36.2%	37.9%	40.4%	37.5%	38.1%	38.0%
Capital expenditures*	146	234	226	1,533	193	243	222	342	2,139	1,000
MOBILE	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012	FY 2011	FY 2012
Total revenues	982	1,029	1,026	1,037	983	1,015	959	1,001	4,073	3,958
of which TLC Service Revenues	934	984	975	955	933	954	899	890	3,849	3,676
Subscribers (‘000)	20,279	20,559	20,802	21,014	21,132	21,225	21,455	21,650	21,014	21,650
Mobile broadband subscriptions using USB modems (‘000)
Mobile broadband ARPU, €
Mobile ARPU, €	15.4	16.0	15.7	15.2	14.7	15.0	14.0	13.7	n.a.	n.a.
of which :
ARPU voice, €	12.1	12.7	12.0	11.4	10.9	11.2	10.0	9.6	n.a.	n.a.
ARPU data, €	3.3	3.3	3.6	3.8	3.8	3.8	4.0	4.1	n.a.	n.a.
MOU**, min	187	198	196	205	205	209	202	212	n.a.	n.a.
Total traffic**, mln. min.	11,260	12,106	12,070	12,796	12,954	13,240	12,919	13,690	n.a.	n.a.
Churn, annualised rate (%)	26.4%	26.6%	29.3%	30.7%	31.7%	33.6%	36.5%	39.1%	n.a.	n.a.
FIXED-LINE	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012	FY 2011	FY 2012
Total revenues	369	370	371	387	363	368	370	369	1,497	1,470
of which TLC Service Revenues	355	363	350	360	348	344	336	348	1,428	1,376
Total voice subscribers (‘000)	3,085	3,128	3,094	3,142	3,182	3,189	3,138	3,110	3,142	3,110
of which :
Total DIRECT voice subscribers (‘000)	2,312	2,357	2,349	2,398	2,446	2,509	2,477	2,466	2,398	2,466
Total INDIRECT voice subscribers (‘000)	773	771	745	744	736	680	660	645	744	645
Total fixed-line ARPU, €	33.6	33.4	32.6	33.2	32.3	31.2	30.7	30.7	n.a.	n.a.
Total Traffic, mln. min.	5,018	4,764	3,843	4,876	4,960	4,674	3,807	4,637	n.a.	n.a.
Total Internet subscribers (‘000)	2,158	2,196	2,175	2,225	2,282	2,296	2,266	2,253	2,225	2,253
of which :
Broadband (‘000)	2,030	2,082	2,073	2,135	2,211	2,236	2,216	2,210	2,135	2,210
Broadband ARPU, €	19.3	19.2	19.5	19.1	18.9	18.5	18.7	19.1	n.a.	n.a.
Dual-play subscribers (‘000)	1,662	1,689	1,696	1,743	1,809	1,862	1,854	1,848	1,743	1,848

* Excluding impact of FOC capex and including LTE

** 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.

Algeria

index page

(in USD millions, unless stated otherwise, unaudited)

MOBILE	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012	FY 2011	FY 2012
Total operating revenues	439	478	487	457	457	471	447	466	1,860	1,841
EBITDA	261	283	288	272	274	284	262	274	1,103	1,094
EBITDA margin	59.4%	59.2%	59.1%	59.5%	60.0%	60.3%	58.6%	58.9%	59.3%	59.4%
Capital expenditures	4	10	5	21	10	10	6	30	40	57
Subscribers (‘000)	15,509	15,964	16,289	16,595	17,691	17,748	17,694	17,846	16,595	17,846
Mobile ARPU (US$)	9.4	9.9	9.9	9.0	8.8	8.7	8.3	8.5	n.a.	n.a.
MOU, min	284	296	286	278	269	267	212	254	n.a.	n.a.
Churn 3 months active base (quarterly), %	4.7%	5.2%	5.5%	5.5%	5.3%	5.7%	6.8%	6.4%	n.a.	n.a.

Pakistan

index page

(in USD millions, unless stated otherwise, unaudited)

MOBILE	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012	FY 2011	FY 2012
Total operating revenues	275	292	281	286	286	295	269	282	1,134	1,133
EBITDA	111	118	116	119	121	130	116	121	464	488
EBITDA margin	40.3%	40.4%	41.3%	41.5%	42.3%	44.1%	43.0%	43.0%	40.9%	43.1%
Capital expenditures	45	52	55	109	24	31	29	89	261	173
Subscribers (‘000)	32,707	33,378	33,416	34,214	35,788	35,953	36,074	36,141	34,214	36,141
Mobile ARPU (US$)	2.8	2.8	2.7	2.7	2.6	2.7	2.4	2.5	n.a.	n.a.
MOU, min	206	213	197	209	215	214	212	215	n.a.	n.a.
Churn 3 months active base (quarterly), %	6.4%	7.1%	8.8%	7.2%	5.8%	7.1%	7.1%	5.2%	n.a.	n.a.

Bangladesh

index page

(in USD millions, unless stated otherwise, unaudited)

MOBILE	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012	FY 2011	FY 2012
Total operating revenues	126	128	129	129	130	142	144	138	511	555
EBITDA	45	55	43	26	44	54	42	52	169	192
EBITDA margin	35.7%	42.7%	33.3%	20.3%	33.8%	38.0%	29.3%	37.3%	33.0%	34.6%
Capital expenditures	13	14	64	337	29	35	20	43	428	126
Subscribers (‘000)	20,127	20,203	22,140	23,754	24,742	25,491	26,776	25,883	23,754	25,883
Mobile ARPU (US$)	2.0	2.0	1.9	1.8	1.8	1.9	1.8	1.7	n.a.	n.a.
MOU, min	205	211	214	207	217	231	225	191	n.a.	n.a.
Churn 3 months active base (quarterly), %	3.8%	5.1%	4.2%	5.4%	6.1%	5.1%	6.6%	7.4%	n.a.	n.a.

Ukraine

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(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012	FY 2011	FY 2012
Total operating revenues	375	412	437	417	385	406	452	433	1,641	1,676
EBITDA	202	226	235	209	197	204	231	227	873	859
EBITDA margin	54.0%	54.8%	53.7%	50.3%	51.1%	50.2%	51.2%	52.5%	53.2%	51.3%
Adjusted SG&A***	110	119	122	127	119	123	125	122	479	490
including Sales & Marketing Expenses	15	17	18	21	15	18	22	21	72	75
Capital expenditures	46	58	81	99	45	58	54	75	284	231
MOBILE	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012	FY 2011	FY 2012
Net operating revenues*	348	382	405	385	354	373	416	399	1,519	1,542
Subscribers (‘000)	24,398	24,695	24,747	24,776	24,890	25,132	25,221	25,960	24,776	25,960
ARPU, US$	4.7	5.1	5.4	5.1	4.7	4.9	5.3	5.1	n.a.	n.a.
MOU, min	466	474	467	483	484	493	497	498	n.a.	n.a.
Churn 3 months active base (quarterly), %	5.3%	4.3%	6.2%	6.5%	6.6%	6.6%	8.4%	7.2%	n.a.	n.a.
FIXED-LINE	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012	FY 2011	FY 2012
Net operating revenues*	27	31	32	32	31	34	36	33	122	133
Fixed-line broadband revenue	4	5	5	6	7	8	9	10	20	34
Fixed-line broadband subscribers (‘000)**	235	293	324	397	461	501	551	613	397	613
Fixed-line broadband ARPU, US$	6.2	5.8	5.8	5.5	5.7	5.6	5.5	5.9	n.a.	n.a.
FTTB revenues	4	4	5	6	7	8	9	10	19	34
FTTB subscribers (‘000)	231	290	320	394	458	497	548	611	394	611
FTTB ARPU, US$	6.2	5.8	5.8	6.1	5.7	5.7	5.5	5.9	n.a.	n.a.

* 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

*** For the period of 1q2010-4q2010, adjusted SG&A expenses are SG&A expenses adjusted for certain non-operating losses and gains mainly represented by litigation provisions

Kazakhstan

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(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012	FY 2011	FY 2012
Total operating revenues	183	203	223	213	191	208	218	213	823	829
EBITDA	93	99	109	93	86	98	113	99	394	394
EBITDA margin	50.7%	48.8%	48.7%	43.6%	45.0%	47.0%	51.6%	46.2%	47.8%	47.6%
Adjusted SG&A*	46	51	50	55	49	52	46	56	202	203
including Sales & Marketing Expenses	13	18	16	17	12	14	19	16	64	61
Capital expenditures	10	68	85	99	13	45	52	57	264	167
MOBILE	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012	FY 2011	FY 2012
Total operating revenues	174	194	212	203	179	194	204	198	783	775
Subscribers (‘000)	6,987	7,831	8,252	8,409	8,364	8,497	8,596	8,589	8,409	8,589
ARPU, US$	8.0	8.6	8.6	7.8	7.1	7.7	7.9	7.7
Mobile broadband subscribers using USB modems (‘000) **	3,482	3,871	4,160	4,305	4,582	4,438	4,570	4,692	4,305	4,692
MOU, min	113	144	162	165	180	211	222	237	n.a.	n.a.
Churn 3 months active base (quarterly), %	11.4%	9.4%	13.1%	13.5%	14.2%	12.9%	14.2%	14.5%	n.a.	n.a.
FIXED-LINE	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012	FY 2011	FY 2012
Total operating revenues	10	9	11	10	12	14	14	15	40	54
Fixed-line broadband revenues	0.7	1.0	1.2	2.2	3.6	4.5	4.9	6.7	5.0	19.7
Fixed-line broadband subscribers (‘000)	15	15	34	60	89	99	108	151	60	151
Fixed-line broadband ARPU, US$	18.2	20.7	18.8	16.9	15.5	15.8	16.0	17.4	n.a.	n.a.

* For the period of 1q2010-4q2010, adjusted SG&A expenses are SG&A expenses adjusted for certain non-operating losses and gains mainly represented by litigation provisions

** 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 using 2.5G/3G/HSDPA technologies.

Uzbekistan

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(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012	FY 2011	FY 2012
Total operating revenues	59	66	73	80	79	89	137	158	277	464
EBITDA	27	28	35	33	38	45	77	95	122	256
EBITDA margin	45.7%	42.9%	47.3%	40.9%	44.6%	50.6%	56.2%	60.3%	44.1%	55.2%
Adjusted SG&A*	18	21	20	27	27	28	38	44	86	136
including Sales & Marketing Expenses	3	4	6	8	4	4	11	6	21	26
Capital expenditures	40	27	68	85	38	36	20	43	219	137
MOBILE	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012	FY 2011	FY 2012
Total operating revenues	56	63	71	78	77	87	135	156	269	455
						0
Subscribers (‘000)	5,102	5,347	5,688	6,361	7,344	7,031	9,229	10,194	6,361	10,194
ARPU, US$	3.8	4.0	4.2	4.2	3.5	4.1	5.3	5.3	n.a.	n.a.
Mobile broadband subscribers using USB modems (‘000) **	1,747	1,903	2,201	2,802	2,907	2,911	4,195	4,813	2,802	4,813
MOU, min	391	413	431	458	376	433	543	516	n.a.	n.a.
Churn 3 months active base (quarterly), %	15.1%	15.1%	16.4%	13.2%	6.1%	23.4%	15.5%	10.9%	n.a.	n.a.
FIXED	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4  2012	FY 2011	FY 2012
Total operating revenues	3	3	2	2	2	2	2	2	9	8
Fixed-line broadband revenues	0.6	1.4	1.3	1.2	0.8	0.8	0.7	0.7	4.5	3.0
Fixed-line broadband subscribers (‘000)	13	16	17	18	19	19	21	22	18	22
Fixed-line broadband ARPU, US$	15.5	31.4	26.5	23.8	15.2	13.6	11.0	11.3	n.a.	n.a.

* For the period of 1q2010-4q2010, adjusted SG&A expenses are SG&A expenses adjusted for certain non-operating losses and gains mainly represented by litigation provisions

** 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 using 2.5G/3G/HSDPA technologies.

Armenia

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

CONSOLIDATED	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012	FY 2011	FY 2012
Total operating revenues	46	47	51	46	39	40	40	39	189	158
EBITDA	16	18	20	19	15	15	18	15	73	63
EBITDA margin	33.8%	38.3%	40.3%	40.7%	38.0%	37.5%	43.5%	39.5%	38.3%	39.8%
Adjusted SG&A*	14	13	13	13	13	13	12	13	54	52
including Sales & Marketing Expenses	2	2	2	2	2	2	2	2	8	6
Capital expenditures	9	6	9	7	3	4	4	3	30	15
MOBILE	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012	FY 2011	FY 2012
Total operating revenues	20	20	22	20	17	18	19	18	82	71
Subscribers (‘000)	699	733	761	765	753	771	803	800	765	800
ARPU, US$	7.8	8.3	8.9	7.6	6.5	6.8	7.3	6.6	n.a.	n.a.
Mobile broadband subscribers using USB modems (‘000) **	208	267	300	321	323	334	358	356	321	356
MOU, min	238	262	264	261	252	279	271	273	n.a.	n.a.
Churn 3 months active base (quarterly), %	20.2%	20.4%	22.7%	24.0%	21.9%	20.2%	19.7%	22.2%	n.a.	n.a.
FIXED	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012	FY 2011	FY 2012
Total operating revenues	26	27	29	26	22	22	21	21	108	87
						0.0
Fixed-line broadband revenues	3.7	4.7	5.2	5.6	5.7	5.7	5.5	5.7	19.2	22.7
Fixed-line broadband subscribers (‘000)	84	100	115	134	136	138	149	154	134	154
Fixed-line broadband ARPU, US$	15.4	16.2	15.8	14.8	14.9	13.8	12.9	12.6	n.a.	n.a.

* For the period of 1q2010-4q2010, adjusted SG&A expenses are SG&A expenses adjusted for certain non-operating losses and gains mainly represented by litigation provisions

** 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 using 2.5G/3G/HSDPA technologies.

Tajikistan

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(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012	FY 2011	FY 2012
Total operating revenues	21	26	29	25	21	26	31	29	101	107
EBITDA	9	14	14	11	9	13	16	13	48	51
EBITDA margin	44.9%	51.9%	47.3%	44.1%	42.0%	49.6%	52.2%	45.9%	47.2%	47.9%
Adjusted SG&A*	5	6	8	8	7	7	9	9	27	32
including Sales & Marketing Expenses	1	1	1	1	2	1	1	1	5	5
Capital expenditures	3	7	4	14	3	7	5	6	29	20
MOBILE	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012	FY 2011	FY 2012
Total operating revenues	18	23	27	24	21	25	29	28	92	103
Subscribers (‘000)	804	870	937	965	1,008	957	947	1,132	965	1,132
ARPU, US$	7.6	9.4	9.8	8.3	6.7	8.5	10.1	8.9	n.a.	n.a.
Mobile broadband subscribers using USB modems (‘000) **	264	267	308	379	392	356	351	422	379	422
MOU, min	203	234	246	229	219	246	242	256	n.a.	n.a.
Churn 3 months active base (quarterly), %	18.6%	15.0%	15.1%	18.7%	13.6%	22.9%	19.3%	17.1%	n.a.	n.a.
FIXED	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012	FY 2011	FY 2012
Total operating revenues	3	3	2	1	0.0	1.4	1.7	1.2	8.4	4.3

* For the period of 1q2010-4q2010, adjusted SG&A expenses are SG&A expenses adjusted for certain non-operating losses and gains mainly represented by litigation provisions

** 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 using 2.5G/3G/HSDPA technologies.

Georgia

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(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012	FY 2011	FY 2012
Total operating revenues	12	15	18	18	16	18	23	21	63	78
EBITDA	2	3	5	4	4	5	7	6	15	21
EBITDA margin	19.2%	21.9%	28.2%	22.6%	22.4%	27.3%	29.8%	28.8%	23.4%	27.4%
Adjusted SG&A*	6	6	7	8	7	8	8	8	27	31
including Sales & Marketing Expenses	1	2	2	2	2	2	2	2	7	7
Capital expenditures	7	9	10	14	3	4	2	3	39	13
MOBILE	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012	FY 2011	FY 2012
Total operating revenues	12	14	17	18	16	18	22	20	61	77
Subscribers (‘000)	611	712	793	833	875	899	991	969	833	969
ARPU, US$	6.1	6.9	7.4	6.6	5.9	6.6	7.4	6.6	n.a.	n.a.
Mobile broadband subscribers using USB modems (‘000) **	220	277	320	356	386	376	410	378	356	378
MOU, min	147	224	227	217	216	234	251	244	n.a.	n.a.
Churn 3 months active base (quarterly), %	17.2%	14.3%	16.8%	21.1%	17.9%	20.1%	17.8%	23.0%	n.a.	n.a.
FIXED	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012	FY 2011	FY 2012
Total operating revenues	0.4	0.8	0.5	0.0	0.0	0.0	0.5	1.0	1.7	1.6

* For the period of 1q2010-4q2010, adjusted SG&A expenses are SG&A expenses adjusted for certain non-operating losses and gains mainly represented by litigation provisions

** 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 using 2.5G/3G/HSDPA technologies.

Kyrgyzstan

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(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012	FY 2011	FY 2012
Total operating revenues	31	35	39	38	34	40	44	43	142	161
EBITDA	17	18	21	21	19	22	25	25	78	91
EBITDA margin	56.1%	53.0%	55.3%	54.3%	55.4%	55.0%	55.7%	58.3%	54.7%	56.2%
Adjusted SG&A*	6	8	8	8	7	7	9	7	31	30
including Sales & Marketing Expenses	1	2	2	2	1	1	2	2	6	6
Capital expenditures	4	15	4	21	2	8	7	15	44	31
MOBILE	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012	FY 2011	FY 2012
Total operating revenues	31	35	39	38	34	40	44	43	142	161
Subscribers (‘000)	1,965	2,102	2,281	2,371	2,373	2,368	2,419	2,482	2,371	2,482
ARPU, US$	5.1	5.6	5.8	5.3	4.8	5.6	6.1	5.7	n.a.	n.a.
Mobile broadband subscribers using USB modems (‘000) **	838	857	1,014	1,124	1,212	1,261	1,289	1,306	1,124	1,306
MOU, min	290	319	308	292	272	289	273	253	n.a.	n.a.
Churn 3 months active base (quarterly), %	14.9%	10.2%	12.6%	14.6%	14.5%	16.4%	17.4%	13.9%	n.a.	n.a.

* For the period of 1q2010-4q2010, adjusted SG&A expenses are SG&A expenses adjusted for certain non-operating losses and gains mainly represented by litigation provisions

** 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 using 2.5G/3G/HSDPA technologies.

Sub Saharan Africa (Telecel Globe)

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

MOBILE	Q1 2011		Q2 2011		Q3 2011		Q4 2011		Q1 2012		Q2 2012		Q3 2012		Q4 2012		FY 2011		FY 2012
Total operating revenues		25		24		21		24		22		23		26		23		94		91
EBITDA		4		2		7		-5		6		9		11		7		8		33
EBITDA margin		17.5%		7.5%		32.9%		n.m.		28.1%		40.5%		41.2%		27.0%		8%		33%
Subscribers (‘000)		2,584		2,789		2,825		3,140		3,499		3,736		4,231		4,464		3,140		4,464
- CAR		420		447		450		435		439		428		414		442		435		442
- Burundi		1,023		1,041		1,132		1,185		1,227		1,305		1,426		1,440		1,185		1,440
- Zimbabwe*		1,141		1,301		1,243		1,520		1,833		2,003		2,391		2,582		1,520		2,582
Mobile ARPU (US$):
- CAR		5		5		6		7		7		6		7		5		n.a.		n.a.
- Burundi		3		3		4		3		3		3		3		3		n.a.		n.a.
- Zimbabwe*		4		6		7		7		6		5		6		5		n.a.		n.a.

* Zimbabwe is accounted for as investment at cost

SEA

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

CONSOLIDATED	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012	FY 2011	FY 2012
Total operating revenues	10.0	17.8	17.4	23.5	22.8	13.1	11.9	13.0	68.7	60.8
EBITDA	-3.2	-37.4	-15.2	-19.7	-6.0	-2.9	-1.2	0.2	-75.5	-9.9
EBITDA margin	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.	1.5%	n.m.	n.m.
MOBILE	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012	Q4 2011	Q4 2012
Subscribers (‘000)	1,307	1,993	3,000	4,375	4,554	1,504	1,357	915	4,375	915
-Cambodia	757	818	800	1,013	1,078	1,126	1,020	597	1,013	597
-Laos	550	536	500	405	462	378	337	318	405	318
-Vietnam	n.a.	639	1,700	2,957	3,014	n.a	n.a	n.a	2,957	n.a
Mobile ARPU (US$):
- Cambodia	3.5	3.0	3.0	2.0	1.6	1.7	1.5	1.8	n.a.	n.a.
- Laos	n.m.	5.1	5.4	4.9	4.1	5.44	6.76	7.26	n.a.	n.a.
- Vietnam	n.a.	n.m.	0.7	0.9	0.9	n.a	n.a	n.a	n.a.	n.a.