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 November 2015

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: November 6, 2015
	By:	/s/ Scott Dresser
	Name:	Scott Dresser
	Title:	Group General Counsel

VIMPELCOM REPORTS NET LOSS,

GOOD OPERATIONAL MOMENTUM

KEY RESULTS AND DEVELOPMENTS IN 3Q15

• Reported net loss USD 1,005 million, including exceptional items of USD 1,196 million. Provision of USD 900 million for investigations by the SEC/DOJ/OM

• Underlying¹ net profit USD 191 million

• Revenue back to organic² growth, increasing 2% YoY, demonstrating operational improvements in most OpCos

• Underlying¹ EBITDA organically decreased 1%

• 2015 key targets confirmed

Amsterdam (November 6, 2015)—Netherlands based VimpelCom Ltd. (“VimpelCom”, “Company” or “Group”) (NASDAQ: VIP), a leading global provider of telecommunications services, today announces financial and operating results for the quarter ended September 30, 2015. These results and the prior year numbers reflect the reclassification of Italy as an asset held for sale.

JEAN-YVES CHARLIER, CHIEF EXECUTIVE OFFICER, COMMENTS:

“The improving operating momentum that we have seen in 2015 has continued into 3Q15 with the company generating an organic YoY increase in service revenue for the quarter of 0.7%, while underlying EBITDA was broadly stable. At the same time however, our reported revenue and EBITDA continue to be impacted by adverse currency movements and the Group also recorded a net loss of approximately USD 1 billion which reflects exceptional costs of USD 1,196 million, the principal component of which is a provision of USD 900 million in connection with the investigations by the SEC, DOJ and OM relating to our business in Uzbekistan. Our new transformation program is already demonstrating progress and continues to move forward with focus and I am pleased to confirm our key targets for 2015. I look forward to providing an update to the market at our FY15 results on the progress we are making on the Strategic Update provided earlier this year. “

CONSOLIDATED FINANCIAL AND OPERATING HIGHLIGHTS (ITALY RECLASSIFIED AS AN ASSET HELD FOR SALE)

USD mln	3Q15			3Q14			Reported YoY			Organic2 YoY			9M15			9M14			Reported YoY			Organic2 YoY
Total revenue, of which		2,442			3,544			(31	%)		2	%		7,324			10,516			(30	%)		1	%
mobile and fixed service revenue		2,364			3,462			(32	%)		1	%		7,139			10,308			(31	%)		0	%
EBITDA3		58			1,520			(96	%)		(65	%)		2,064			4,485			(54	%)		(24	%)
EBITDA underlying1		1,018			1,520			(33	%)		(1	%)		3,024			4,485			(33	%)		(2	%)
EBITDA margin3 underlying1		41.7	%		42.9	%		(1.2	p.p.)		(1.1	p.p.)		41.3	%		42.6	%		(1.3	p.p.)		(1.2	p.p.)
Net income/(loss) from continued operations		(847	)		230			n.m						(661	)		744			n.m
Net income/(loss) from discontinued operations		(123	)		(207	)		(40	%)					10			(590	)		n.m
Net income/(loss) for the period attr. to VIP shareholders		(1,005	)		105			n.m						(713	)		244			n.m
EPS basic (USD)		(0.57	)		0.06			n.m						(0.41	)		0.14			n.m
Capital expenditures excl. licenses		457			744			(39	%)					1,137			2,044			(44	%)
Operating cash flow (EBITDA underlying less Capex)		561			776			(28	%)					1,887			2,441			(23	%)
Net debt / underlying LTM EBITDA		1.3			1.3
Total mobile customers (millions)4		195.3			196.8			(1	%)
Total fixed-line broadband customers (millions)		3.6			3.6			0	%

¹⁾  Underlying EBITDA excludes USD 916 million of provisions for investigations and other legal costs, as well as transformation costs of USD 44 million; underlying net profit also excludes USD 236 million write off of goodwill and tax reversal on Italy tower transaction

²⁾  Revenue and EBITDA organic growth are non-GAAP financial measures that reflect changes in Revenue and EBITDA excluding foreign currency movements and other factors, such as businesses under liquidation, disposals, mergers and acquisitions

³⁾  EBITDA and EBITDA margin are non-GAAP financial measures. For reconciliation see Attachment E

⁴⁾  The customer numbers for 2015 and 2014 have been adjusted to remove customers in operations that have been sold or held for sale and to reflect revised customer numbers in Algeria

⁵⁾  Normalized LTM EBITDA excluding one-off charges related to the Algeria closing transaction

For all definitions please see Attachment G

VimpelCom Ltd. 3Q 2015 | 1

CONTENTS

MAIN EVENTS	3
GROUP PERFORMANCE	4
COUNTRY PERFORMANCE	7
ITALY	15
CONFERENCE CALL INFORMATION	16
CONTENT OF THE ATTACHMENTS	18

PRESENTATION OF FINANCIAL RESULTS

VimpelCom results presented in this earnings release are based on IFRS and have not been audited. 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 an exact arithmetic aggregation of the figures that precede or follow them.

VimpelCom Ltd. 3Q 2015 | 2

MAIN EVENTS

• Provision for investigations by the SEC/DOJ/OM

• Italy joint venture announced and regulatory review process under way

• New regional structure adopted

• Telenor announced intention to divest its shares in VimpelCom

• Dividend of US 3.5 cents per ADS announced

• 2015 key targets confirmed

INVESTIGATIONS BY SEC/DOJ/OM

As previously disclosed, the U.S. Securities and Exchange Commission (“SEC”), the U.S. Department of Justice (“DOJ”), and the Dutch Public Prosecution Service (Openbaar Ministerie) (“OM”) are conducting investigations relating primarily to VimpelCom Ltd.’s (the “Company” or “VimpelCom”) business in Uzbekistan and prior dealings with Takilant Ltd.

As announced in February 2015, the Company has been exploring resolution of the Company’s potential liabilities. The Company continues to cooperate with the authorities. Based on its ongoing assessment of the investigation during the third quarter of 2015, the Company has made a provision in the amount of USD 900 million in its third quarter financial statements.

The discussions with the authorities are ongoing and, until concluded, there can be no certainty as to the final cost to the Company of any such resolution or the nature, likelihood or timing of a definitive resolution.

ITALY JOINT VENTURE ANNOUNCED AND PREPARATION FOR THE FORMAL REGULATORY REVIEW PROCESS UNDER WAY

On August 6, 2015, VimpelCom announced it had signed an agreement to enter into a 50-50 JV in Italy with CK Hutchison. Under the agreement, VimpelCom will merge WIND with 3 Italia to create a leading convergent operator in Europe’s fourth largest market. The combined business is expected to generate cost synergies in excess of NPV EUR 5.0 billion. Preparation for the formal regulatory review process is under way and VimpelCom expects that the transaction will complete within 12 months from the signing of the agreement.

NEW REGIONAL STRUCTURE

VimpelCom has adopted a new regional structure. The updated Company structure consists of four strategic regions, including two newly formed groupings: Russia; Emerging Markets, which includes Algeria, Bangladesh and Pakistan; Eurasia, includes the Eurasian operations as well as Kazakhstan and Ukraine; and Italy, which is accounted for in discontinued operations after the Italian

joint venture announcement on August 6, 2015. Mikhail Slobodin and Maximo Ibarra will continue to lead Russia and Italy, respectively, and Mikhail Gerchuk has been appointed head of Eurasia. Mr. Gerchuk brings significant strategic experience as well as in-depth knowledge of the Eurasia region, which will be instrumental to executing a strategic transformation of country operations. VimpelCom will announce the appointment of a head for the newly created Emerging Markets group in the near future.

TELENOR DIVESTURE ANNOUNCEMENT

Telenor announced its intention to sell all of its shares in VimpelCom and does not intend to convert its preferred shares into common shares. Telenor has been a long-standing and highly supportive shareholder for many years, helping to build VimpelCom’s business. As VimpelCom moves forward with its recently announced new business strategy, it will work with Telenor to ensure a successful divestiture of its stake.

DIVIDEND ANNOUNCEMENT

The Company announces today that the Supervisory Board has authorized the payment of a dividend of US 3.5 cents per American Depositary Share (“ADS”). The record date for the Company’s shareholders entitled to receive the dividend payment has been set for November 23, 2015. It is expected that the dividend will be paid by December 7, 2015. The Company will make appropriate tax withholdings of up to 15% when the dividend is paid to the Company’s ADS depositary, The Bank of New York Mellon.

KEY TARGETS FOR 2015 CONFIRMED

VimpelCom confirmed its key targets¹ for 2015:

• Service revenue of flat to low single digit YoY organic² decline

• Underlying EBITDA margin flat to minus one percentage point organically² YoY

• Capex excl. licenses/revenue of 18%-20%

• Net debt to underlying LTM EBITDA ratio ~1.6x

¹  Targets adjusted for Italy classified as asset held for sale and discontinued operations

²  Organic assumes constant currency, no major regulatory changes, no change to the asset portfolio and no major macro-economic changes

VimpelCom Ltd. 3Q 2015 | 3

GROUP PERFORMANCE

• Revenue back to organic¹ growth, increasing 2% YoY, demonstrating operational improvements in most OpCos Underlying EBITDA organically decreased 1%

• Reported net loss USD 1,005 million, including exceptional items of USD 1,196 million. Provision of USD 900 million booked for investigations by the SEC/DOJ/OM

• Underlying² net profit USD 191 million

• CAPEX to revenue LTM at 19%

• Stable net debt to underlying LTM EBITDA ratio at 1.3x

FINANCIALS BY BUSINESS UNIT³

USD mln	3Q15			3Q14			Reported YoY		Organic YoY		9M15			9M14			Reported YoY		Organic YoY
Total revenue		2,442			3,544			(31%)		2%		7,324			10,516			(30%)		1%
Russia		1,154			2,021			(43%)		(1%)		3,513			5,879			(40%)		(1%)
Emerging markets		734			819			(10%)		2%		2,199			2,496			(12%)		(2%)
Eurasia		578			748			(23%)		2%		1,699			2,242			(24%)		3%
HQ and eliminations		(24	)		(44	)		n.a.		n.a.		(87	)		(101	)		n.a.		n.a.
EBITDA		58			1,520			(96%)		(65%)		2,064			4,485			(54%)		(24%)
EBITDA underlying		1,018			1,520			(33%)		(1%)		3,024			4,485			(33%)		(2%)
Russia		455			827			(45%)		(5%)		1,399			2,401			(42%)		(3%)
Emerging markets		351			367			(5%)		10%		1,023			1,164			(12%)		(1%)
Eurasia		268			371			(28%)		(3%)		816			1,103			(26%)		(0%)
HQ and eliminations		(1,016	)		(45	)		n.a.		n.a.		(1,174	)		(183	)		n.a.		n.a.
EBITDA margin underlying		41.7	%		42.9	%		(1.2p.p.)		(1.1p.p.)		41.3	%		42.6	%		(1.3p.p.)		(1.2p.p.)

Total Group revenue is back to growth in 3Q15, increasing organically 2% YoY to USD 2.4 billion, driven by positive performance in Pakistan, Bangladesh, Ukraine, Kyrgyzstan and Uzbekistan. The revenue growth was mainly driven by the 22% YoY organic growth in mobile data revenue. Total mobile customers decreased 1.3 million YoY to 196 million by the end of 3Q15, mainly due to the impact of regulation for the telecom industry in Pakistan, requiring operators to block unverified SIMs in 2Q15. Excluding this effect the Group customer base would have grown by 4.3 million YoY.

In Russia, total revenue organically declined 1% YoY as a result of a reduction in fixed-line service revenue, partly offset by growth in mobile service revenue. Fixed-line service revenue decreased by 14% YoY, as a result of a reduction in low-margin traffic. Mobile service revenue increased 1% YoY, driven by 16% YoY growth in mobile data revenue and growing interconnect revenue. Beeline’s mobile customer base expanded 3% YoY mainly as a result of sales through the Svyaznoy retail channel and improved churn rate.

Emerging markets showed organic recovery in 3Q15 with 2% YoY increase in revenue. The business unit continues to see strong customer growth, with 3.5 million added in the quarter, excluding the impact of unverified SIMs blocking in Pakistan in 2Q15 of 5.6 million customers. Data usage continues to increase significantly up 94% YoY led by the adoption of 3G.

Total revenue in Eurasia increased organically 2% YoY, mainly driven by service revenue growth of 14% YoY in Ukraine and 7% YoY in Uzbekistan, partly offset by a decline of 9% in Kazakhstan. Mobile data revenue in the unit showed robust growth of 23%, mainly driven by the successful launch of 3G in Ukraine.

In the third quarter, VimpelCom has recognized exceptional items totaling USD 1,196 million. These comprise USD 916 million of provisions for investigations and other legal costs (of which USD 900 million is the provision for future costs related investigations by SEC/DOJ/OM), as well as transformation costs of USD 44 million related to the Group wide transformation program and USD 236 million related to the change of accounting estimates for the tower transaction in Italy. The first two of these items impact reported EBITDA for the quarter by USD 960 million while the last item impacts the reported loss from discontinued operations.

Reported Group EBITDA in 3Q15 declined to USD 58 million due to the exceptional items mentioned above, excluding which, underlying EBITDA was USD 1,018 million, an organic decrease of 1.1% YoY.

In Russia, EBITDA decreased 5% YoY and EBITDA margin decreased 1.6 percentage points YoY to 39.3%. Excluding the negative impact of the weaker ruble, EBITDA would have been stable YoY and EBITDA margin would have increased 1.6 percentage points YoY to 42.5%.

¹ Organic assumes constant currency, no major regulatory changes, no change to the asset portfolio and no major macro-economic changes

²  Underlying net profit excludes USD 916 million of provisions for investigations and other legal costs, as well as transformation costs of USD 44 million and excludes USD 236 million write off of goodwill and tax reversal on Italy tower transaction

³  Business unit Emerging Markets includes operations in Algeria, Pakistan and Bangladesh. Business unit Eurasia includes Ukraine, Kazakhstan, Uzbekistan, Kyrgyzstan, Armenia, Tajikistan and Georgia

VimpelCom Ltd. 3Q 2015 | 4

Emerging markets showed strong organic EBITDA growth of 10% YoY due to increase in revenue, continued cost efficiency initiatives and decrease in utility costs as a result of the lower oil price.

Eurasia reported a 3% YoY organic decline in EBITDA in 3Q15, mainly as a result of a YoY decrease in Kazakhstan due to the intensified competition, one-offs and devaluation of the Kazakh tenge and a YoY decrease in Uzbekistan as a result of a provision related to a court case.

INCOME STATEMENT ELEMENTS & CAPITAL EXPENDITURES

USD mln	3Q15			3Q14			YoY			9M15			9M14			YoY
Total revenue		2,442			3,544			(31	%)		7,324			10,516			(30	%)
EBITDA		58			1,520			(96	%)		2,064			4,485			(54	%)
Depreciation and amortization and other		(538	)		(647	)		(17	%)		(1,706	)		(2,076	)		(18	%)
EBIT		(480	)		873			n.m			358			2,409			(85	%)
Financial income and expenses		(188	)		(272	)		(31	%)		(592	)		(804	)		(26	%)
Net foreign exchange (loss)/gain and others		(166	)		(174	)		(5	%)		(279	)		(297	)		(6	%)
Profit/(loss) before tax		(834	)		427			n.m			(513	)		1,308			n.m
Income tax expense		(13	)		(197	)		(93	%)		(148	)		(564	)		(74	%)
Profit/(loss) from continued operations		(847	)		230			n.m			(661	)		744			n.m
Profit/(loss) from discontinued operations		(123	)		(207	)		(40	%)		10			(590	)		n.m
Net income/(loss) attributable to VimpelCom shareholders		(1,005	)		105			n.m			(713	)		244			n.m
	3Q15			3Q14			YoY			9M15			9M14			YoY
Capex expenditures		464			758			(39	%)		1,326			2,382			(44	%)
Capex expenditures excl licenses		457			744			(39	%)		1,137			2,044			(44	%)
LTM Capex excl licenses/revenue		19	%		23	%					19	%		23	%

EBIT was down YoY to a USD 480 million loss in 3Q15, impacted by lower EBITDA. The decrease in depreciation and amortization was a result of local currencies depreciation offset by higher depreciation in Pakistan, due to the equipment swap.

Profit before tax decreased YoY to a USD 834 million loss as a result of lower EBIT. The significantly lower financial expenses were due to the debt repayment in 1H15 of USD 2.9 billion, and the positive effect of the ruble weakening against the US dollar.

Income tax expenses decreased significantly YoY in 3Q15 to USD 13 million due to lower taxable profits and higher tax expense in 3Q14, driven by non-tax deductible items and non-cash tax charges of USD 110 million as a direct result of the Algerian transaction, which became due upon closing of the deal.

Loss from discontinued operations was USD 123 million in 3Q15, improving YoY compared to the loss of USD 208

million in 3Q14, mainly due to significantly lower financial expenses due to the refinancing of WIND Italy, offset by a USD 236 million charge arising from the treatment of the Italian towers transaction as a sale of business which requires the Group to expense a proportionate amount of both goodwill and cumulative foreign exchange translation adjustments.

Net loss attributable to VimpelCom shareholders was USD 1,005 million, largely as a result of the exceptional items aggregating to USD 1,196 million.

CAPEX decreased 39% YoY to USD 464 million in 3Q15, mainly due to the depreciation of the RUB, EUR and UAH against the USD as well as organic Capex savings. The Company will maintain its strategy to invest in high-speed data networks to capture mobile data growth, including the continued roll-out of 4G/LTE networks in Russia, Italy and Georgia, as well as 3G networks in Algeria, Pakistan, Bangladesh and Ukraine.

VimpelCom Ltd. 3Q 2015 | 5

FINANCIAL POSITION & CASH FLOW

USD mln	3Q15		2Q15		QoQ
Total assets		34,928		36,687		(5	%)
Shareholders’ equity		4,262		5,899		(28	%)
Gross debt		9,742		22,349		(56	%)
Net debt		5,437		17,904		(70	%)
Net debt / underlying LTM EBITDA1		1.3		1.3

USD mln	3Q15			3Q14			YoY			9M15			9M14			YoY
Net cash from operating activities		1,089			1,610			(521	)		1,126			3,880			(2,754	)
from continued operations		806			1,254			(448	)		619			3,696			(3,077	)
from discontinued operations		283			356			(73	)		507			184			323
Net cash from / (used in) investing activities		(928	)		(801	)		(127	)		(1,685	)		(3,072	)		1,387
from continued operations		(739	)		(567	)		(172	)		(1,821	)		(2,414	)		593
from discontinued operations		(189	)		(234	)		45			136			(658	)		794
Net cash from / (used in) financing activities		(199	)		(90	)		(109	)		(1,339	)		1,070			(2,409	)
from continued operations		(186	)		392			(578	)		(634	)		1,640			(2,274	)
from discontinued operations		(13	)		(482	)		469			(705	)		(570	)		(135	)

¹⁾  Normalized LTM EBITDA excluding one-off charges related to the Algeria closing transaction in 4Q14 and excludes USD 916 million of provisions for investigations and other legal costs, as well as transformation costs of USD 44 million, in 3Q15

Gross debt decreased 56% QoQ to USD 9.7 billion, mainly due to the reclassification of Italy as an asset held for sale in 3Q15 as a result of the joint venture announcement on August 6, 2015. Pro-forma, gross debt decreased by 4% mainly due to RUB depreciation.

Net debt decreased 70% QoQ in 3Q15 to USD 5.4 billion mainly due to the reclassification of Italy as an asset held for sale. Pro-forma net debt decreased 9% QoQ and LTM EBITDA decreased by 11% QoQ, leading to the stable Net debt to EBITDA ratio at 1.3x at the end of the third quarter.

Net cash from operating activities decreased YoY in 3Q15 due to the decline in EBITDA mainly due to negative currency headwinds which was only slightly offset by the positive effect of lower interest and tax payments.

Net cash flow used in investing activities increased YoY as a combined effect of a decrease in cash Capex of 35% YoY to USD 537 million, offset by deposits outflows. In 3Q14 the same cash flow line was positively impacted by the sale of the company’s interest in Wind Canada, for approximately USD 110 million, and deposits inflows.

Net cash used in financing activities increased YoY. In 3Q15 the outflow is mainly explained by dividend payments to non-controlling interests in Kazakhstan and Kyrgyzstan. 3Q14 was mainly influenced by the second part of WIND refinancing, including fees paid for new borrowings and call premium, drawdown under VimpelCom of a revolving credit facility and repayment of bond in Russia (PJSC VimpelCom).

VimpelCom Ltd. 3Q 2015 | 6

COUNTRY PERFORMANCE - 3Q15

•    Russia
•    Algeria
•    Pakistan	Emerging markets
•    Bangladesh
•    Ukraine
•    Kazakhstan	Eurasia
•    Other

OPERATING FINANCIALS BY COUNTRY

USD mln	3Q15			3Q14			Reported YoY			Organic YoY			9M15			9M14			Reported YoY			Organic YoY
Service revenue		2,364			3,462			(32	%)		1	%		7,139			10,308			(31	%)		0	%
Russia		1,111			1,965			(43	%)		(2	%)		3,403			5,737			(41	%)		(1	%)
Algeria		321			422			(24	%)		(2	%)		967			1,285			(25	%)		(7	%)
Pakistan		238			230			3	%		6	%		718			728			(1	%)		0	%
Bangladesh		151			140			8	%		8	%		445			412			8	%		9	%
Ukraine		165			251			(34	%)		14	%		469			844			(44	%)		9	%
Kazakhstan		154			197			(22	%)		(9	%)		487			562			(13	%)		(6	%)
Uzbekistan		185			190			(3	%)		7	%		527			531			(1	%)		9	%
Kyrgyzstan		45			51			(12	%)		8	%		125			132			(6	%)		11	%
Armenia		29			38			(24	%)		(11	%)		82			104			(21	%)		(8	%)
Tajikistan		35			41			(16	%)		(16	%)		91			109			(17	%)		(17	%)
Georgia		15			21			(29	%)		(5	%)		44			56			(21	%)		0	%
HQ and eliminations		(85	)		(84	)		n.a.			n.a.			(219	)		(192	)		n.a.			n.a.
EBITDA reported		58			1,520			(96	%)		(65	%)		2,064			4,485			(54	%)		(24	%)
EBITDA underlying		1,018			1,520			(33	%)		(1	%)		3,024			4,485			(33	%)		(2	%)
Russia		455			827			(45	%)		(5	%)		1,399			2,401			(42	%)		(3	%)
Algeria		178			225			(21	%)		1	%		522			710			(26	%)		(9	%)
Pakistan		103			84			23	%		26	%		305			287			6	%		8	%
Bangladesh		69			56			22	%		22	%		192			160			20	%		20	%
Ukraine		84			114			(26	%)		28	%		218			392			(45	%)		10	%
Kazakhstan		66			95			(30	%)		(19	%)		230			272			(15	%)		(8	%)
Uzbekistan		99			127			(22	%)		(14	%)		316			346			(9	%)		0	%
Kyrgyzstan		26			27			(4	%)		17	%		70			67			4	%		23	%
Armenia		12			15			(16	%)		(1	%)		33			39			(17	%)		(3	%)
Tajikistan		25			20			23	%		23	%		57			49			16	%		16	%
Georgia		3			6			(50	%)		(34	%)		8			15			(46	%)		(31	%)
HQ and eliminations		(1,062	)		(76	)		n.a.			n.a.			(1,286	)		(253	)		n.a.			n.a.

VimpelCom Ltd. 3Q 2015 | 7

RUSSIA

In 3Q15 Russia continued to execute on its plan, focusing on driving customer excellence and creating a more customer-centric organization. As a result, the Company has now reported continued operational improvements in churn during the last several quarters, leading to a growing customer base. The macro-economic slowdown and weakened ruble continued to negatively impact revenue growth and profitability.

Total service revenue declined 2% YoY to RUB 69.6 billion, as a result of a 14% YoY decline in fixed-line service revenue, while mobile service revenue grew 1% YoY.

Beeline’s mobile customer base expanded 3% YoY mainly as a result of sales through the Svyaznoy retail channel and improved churn, which declined 4 percentage points YoY to an annualized rate of 54%. The Company continues to focus on improving brand loyalty across all customer segments.

Mobile service revenue increased 1% YoY to RUB 58.3 billion, driven by 16% YoY growth in mobile data revenue to RUB 11.4 billion and growing interconnect revenue. This growth was partly offset by lower voice and roaming revenue attributed to an average price per minute reduction as existing customers migrated to the Company’s current price plans.

Fixed-line service revenue decreased by 14% YoY to RUB 11.3 billion as a result of a reduction in low-margin traffic. The fixed-line broadband customer base declined 1% YoY to 2.2 million, while fixed-line broadband ARPU decreased 6% YoY to RUB 428.

EBITDA decreased 5% YoY to RUB 28.5 billion and EBITDA margin decreased 1.5 percentage points YoY to 39.3%. The decrease was primarily due to the negative impact of the depreciation of the ruble on roaming and interconnect costs. Excluding the negative impact of the weaker ruble, EBITDA would have been stable YoY and EBITDA margin would have increased 1.6 percentage points YoY to 42.5%.

The Company is continuing its efforts to improve the quality of its distribution channels. Beeline is increasing the number of owned monobrand stores every month which is allowing the Company to enhance the level of customer service, increase smartphone penetration and reduce churn.

The Company continued to invest in high-speed data networks during the quarter and is on track with its plans for the accelerated roll out of 4G/LTE, supported by the agreement with MTS for joint development and operations of 4G/LTE networks. 3Q15 LTM Capex to revenue stood at 18%.

RUSSIA KEY INDICATORS

RUB mln	3Q15			3Q14			YoY		9M15			9M14			YoY
Total revenue		72,369			73,082			(1%)		206,680			207,952			(1%)
Mobile service revenue		58,307			57,810			1%		165,382			165,078			0%
Fixed-line service revenue		11,327			13,228			(14%)		34,761			37,847			(8%)
EBITDA		28,466			29,878			(5%)		82,132			84,894			(3%)
EBITDA margin		39.3	%		40.9	%		(1.5p.p.)		39.7	%		40.8	%		(1.1p.p.)
Capex excl licenses		12,358			14,631			(16%)		28,702			38,995			(26%)
Capex excl licenses LTM/revenue		18	%		24	%				—			—			—
Mobile
Total revenue		61,005			59,691			2%		171,786			169,629			1%
- of which mobile data		11,442			9,829			16%		32,438			27,541			18%
Customers (mln)		59.0			57.3			3%		—			—			—
- of which data users (mln)		36			32			14%		—			—			—
ARPU (RUB)		330			335			(2%)		—			—			—
MOU (min)		319			311			2%		—			—			—
Data usage (MB)		1,467			1,104			33%		—			—			—
Fixed-line										—			—			—
Total revenue		11,364			13,391			(15%)		—			—			—
Broadband revenue		2,869			3,103			(8%)		9,096			9,541			(5%)
Broadband customers (mln)		2.2			2.2			(1%)		—			—			—
Broadband ARPU (RUB)		428			454			(6%)		—			—			—

VimpelCom Ltd. 3Q 2015 | 8

ALGERIA

Djezzy’s performance in 3Q15 showed continued YoY trend improvements in revenue, EBITDA and NPS. In addition, the company continued to implement its transformation program which is expected to take another 9 to 12 months to complete.

The main transformation activities during the quarter included the launching of a new bundle offer “Play” in 3G regions, the commissioning of a new scheme for the channels, and further improvements in the organizational structure. In addition, the Algerian telecom regulator approved the 2015-2016 interconnection rates for mobile operators, which is favorable for Djezzy as it partially reduced the asymmetry on the rates. The national incoming interconnect rate increased from DZD 0.96 to DZD 1.1 and outgoing interconnect rate decreased from DZD 2.2 to DZD 1.8-1.9. As a result, Djezzy recorded additional revenue of approximately DZD 0.6 billion and reduced service costs by DZD 0.3 billion.

Notwithstanding the transformation activities and the positive effect of the changed interconnection rates, the market continued to be challenging with aggressive price competition and device promotions. However, Djezzy’s service revenue declined only 2% YoY mainly due to the

positive change in interconnection rates. The underlying revenue decrease, excluding the above-mentioned positive effect, was 4% YoY, a sequential improvement compared to a 7% YoY decline in 2Q15. Data revenue continued strong growth, increasing by 20% QoQ and doubling in absolute terms versus the previous year.

The customer base in 3Q15 declined 4% YoY to 16.9 million as a result of price competition and a gap versus competitors in 3G roll-out.

Mobile ARPU decreased 1% YoY due to the churn of high-value customers and as a result of the migration of customers to the new offers and bundles.

EBITDA increased 1% YoY to DZD 18.3 billion due to the favorable change in interconnect rates along with savings in structural OPEX. EBITDA margin remained strong at 54.8%.

Djezzy continued its investments in its high-speed 3G network and 2G network modernization. In 3Q15, Capex was DZD 3.4 billion with the LTM Capex to revenue ratio at 15%.

ALGERIA KEY INDICATORS

DZD bln	3Q15			3Q14			YoY		9M15			9M14			YoY
Total revenue		33.4			34.4			(3%)		95.7			102.5			(7%)
Mobile service revenue		33.1			33.9			(2%)		94.9			101.6			(7%)
EBITDA		18.3			18.1			1%		51.3			56.1			(9%)
EBITDA margin		54.8	%		52.5	%		2.3 p.p.		53.6	%		54.7	%		1.1 p.p.
Capex excl licenses		3.4			6.8			(50%)		12.2			24.3			(50%)
Capex excl licenses LTM/revenue		15%			20%					—			—			—
Mobile
Customers (mln)		16.9			17.6			(4%)		—			—			—
- of which mobile data customers (mln)1		2.3			0.6			n.m		—			—			—
ARPU (DZD)		642			648			(1%)		—			—			—
MOU (min)		221			213			4%		—			—			—
Data usage (MB)		376			116			n.m		—			—			—

¹⁾  Data customers include customers that have performed at least one mobile data event on 3G network in the previous four months

VimpelCom Ltd. 3Q 2015 | 9

PAKISTAN

In 3Q15, Mobilink recorded YoY revenue growth of 7%, the first positive growth in two years. The increase was driven by data revenue growth of 78% YoY and higher MFS revenue, a 61% YoY increase, which more than offset voice declines. The growth in MFS revenue is a result of successful retail promotions along with an increased active agent footprint. By the end of 3Q15, MFS revenue represented 2.7% of service revenue.

Mobilink maintained its leading market position during the quarter, following QoQ gains in both customer and revenue market shares achieved in 2Q15. This growth follows Mobilink’s successful completion of the SIM re-verification process in 1H15, in which the Company managed to verify 87% of customers and secure 99% of revenue.

As a result of the blocking of unverified SIMs due to the SIM re-verification process, the customer base decreased 9% YoY to 35.2 million in 3Q15, as 5.6 million customers were blocked in 2Q15. However, Mobilink’s customer

base increased 5% QoQ in 3Q15 driven by stronger segment focused approach to its customer base, a revised channel commission structure underpinned by a continued focus on price simplicity and transparency for its customers and on delivering superior network performance.

In order to stimulate smartphone penetration growth, Mobilink launched one of Pakistan’s most affordable 3G smartphones during the quarter and also became the exclusive operator for Samsung’s Galaxy Note 5 and Galaxy S6 Edge Plus.

The EBITDA margin increased 6 percentage points YoY to 41%, as a result of the revenue growth and cost efficiency initiatives, mainly in procurement and utilities.

Capex in 3Q15 decreased to PKR 6.7 billion as the 2G network modernization was completed in 2014. The Company continues to invest in its high-speed 3G network roll-out and is the first operator in Pakistan to launch a 3G network in 200 cities.

PAKISTAN KEY INDICATORS

PKR bln	3Q15			3Q14			YoY		9M15			9M14			YoY
Total revenue		25.9			24.2			6.9%		77.3			76.5			1%
Mobile service revenue		24.5			23.1			5.9%		73.3			73.2			0%
EBITDA		10.6			8.5			26%		31.2			28.9			8%
EBITDA margin		41.0	%		34.9	%		6.1 p.p.		40.3	%		37.8	%		2.5 p.p.
Capex excl licenses		6.7			9.9			(33%)		17.3			26.0			(34%)
Capex excl licenses LTM/revenue		26	%		35	%				—			—			—
Mobile
Customers (mln)		35.2			38.7			(9%)		—			—			—
- of which mobile data customers (mln)		16			14			12%		—			—			—
ARPU (PKR)		230			195			18%		—			—			—
MOU (min)		369			236			56%		—			—			—
Data usage (MB)		350			74			n.m		—			—			—

VimpelCom Ltd. 3Q 2015 | 10

BANGLADESH

Banglalink continues to successfully execute on its strategy. Firstly, the Company is focused on customer acquisition through attractive, simple offers that enhance price perception. Secondly, Banglalink is focused on promotions in order to stimulate data usage. Thirdly, on the digital side, Banglalink has been the first in the country to launch the WhatsApp application in Bangla.

In 3Q15, Banglalink’s total revenue increased 9% YoY to BDT 11.9 billion and mobile service revenue also increased 8% YoY driven by a 7% YoY growth in the customer base to 32 million. Despite intensified price competition and the negative impact of an increase in the rate of supplementary duty in 3Q15 to 3%, ARPU increased by 1% YoY as a result of higher data usage, which was 157% higher YoY.

Banglalink maintained its leading position in NPS in the market. The superior customer experience is a result of the strengthened network and attractive data offers.

In 3Q15, the Company’s EBITDA increased 22% YoY to BDT 5.3 billion, with EBITDA margin increasing 5.0 percentage points YoY to 44.7%. EBITDA margin, excluding one-offs which were mainly related to reversal of certain provisions on the handsets and utility costs, increased 3.8 percentage points to 43.5% driven by the revenue increase and OPEX control initiatives.

Capex was slightly down YoY to BDT 3.8 billion in 3Q15, while LTM Capex to revenue ratio stood at 25%, as the Company continued to actively invest in high-speed data networks during the quarter.

BANGLADESH KEY INDICATORS

BDT bln	3Q15			3Q14			YoY		9M15			9M14			YoY
Total revenue		11.9			11.0			9%		35.1			32.3			9%
Mobile service revenue		11.8			10.9			8%		34.6			31.9			9%
EBITDA		5.3			4.4			22%		14.9			12.4			20%
EBITDA margin		44.7	%		39.7	%		5.0 p.p.		42.4	%		38.3	%		4.1 p.p.
Capex excl licenses		3.8			3.9			(2%)		7.2			9.2			(22%)
Capex excl licenses LTM/revenue		25	%		39	%				—			—			—
Mobile
Customers (mln)		32.3			30.2			7%		—			—			—
- of which mobile data customers (mln)		14.8			11.7			26.2%		—			—			—
ARPU (BDT)		121			120			1%		—			—			—
MOU (min)		151			200			(25%)		—			—			—
Data usage (MB)		104			41			157%		—			—			—

VimpelCom Ltd. 3Q 2015 | 11

UKRAINE

Kyivstar remains the clear market leader in a challenging macro-economic environment. Kyivstar successfully launched 3G in 2Q15 and currently offers the best population coverage available across 350 cities and towns, including the main cities of Kiev, Lviv and Odessa. Currently, more than one million customers are using Kyivstar’s 3G services and smartphone penetration is at 24%. The Company will continue to roll out its 3G network through the remainder of 2015 and expects the strong growth trend in mobile data usage to continue. Kyivstar has also been strengthening its leading position in customer satisfaction, as measured by the Net Promoter Score.

Service revenue increased 14% YoY to UAH 3.6 billion, despite the ongoing turbulence and the closure of the network in parts of East Ukraine. Mobile service revenue grew 15% YoY to UAH 3.3 billion as a result of increased international incoming revenue positively impacted by currency, strong growth of mobile data revenue driven by the 3G launch, and new commercial activities. Mobile data revenue grew 67% YoY in 3Q15 as a result of active promotions of smartphones and data-oriented tariff plans as well as effective pricing initiatives targeting mobile data during the quarter. Mobile ARPU increased 14% YoY to UAH 42.

Kyivstar’s mobile customer base decreased 2% to 25.7 million, mainly due to higher churn as a result of disconnections in parts of East Ukraine.

Fixed-line service revenue decreased 6% YoY to UAH 238 million due to a decline in termination transit traffic and the ongoing turbulence in East Ukraine, partly offset by the growth in fixed residential broadband (FTTB) revenue, which continued to outgrow the market, increasing 23% YoY to UAH 132 million, driven by FTTB re-pricing. The fixed broadband customer base decreased 1% YoY to 804 thousand and fixed broadband ARPU increased 22% YoY to UAH 54.

EBITDA increased 28% YoY to UAH 1.8 billion and EBITDA margin increased 5.5 percentage points YoY to 51.0%, driven by higher revenue and lower service costs, partly offset by the negative currency impact, higher frequency fees related to the 3G license and higher utility and rental costs.

3Q15 Capex increased 75% YoY to UAH 778 million in the quarter, mainly due to investments in the 3G network. The LTM Capex to revenue ratio was 25% with operating cash flow margin, defined as EBITDA less Capex, at 29% for the quarter.

UKRAINE KEY INDICATORS

UAH mln	3Q15			3Q14			YoY		9M15			9M14			YoY
Total revenue		3,595			3,160			14%		10,003			9,136			9%
Mobile service revenue		3,348			2,899			15%		9,269			8,326			11%
Fixed-line service revenue		238			254			(6%)		709			792			(10%)
EBITDA		1,835			1,436			28%		4,625			4,215			10%
EBITDA margin		51.0	%		45.5	%		5.5 p.p.		46.2	%		46.1	%		0.1 p.p.
Capex excl licenses		778			445			75%		2,697			1,098			146%
Capex excl licenses LTM/revenue		25	%		13	%		—		—			—			—
Mobile
Total operating revenue		3,357			2,906			16%		9,293			8,342			11%
Customers (mln)		25.7			26.3			(2%)		—			—			—
ARPU (UAH)		42			37			14%		—			—			—
MOU (min)		537			517			4%		—			—			—
Fixed-line										—			—			—
Total operating revenue		238			255			(6%)		709			795			(11%)
Broadband revenue		132			107			23%		381			333			14%
Broadband customers (mln)		0.8			0.8			(1%)		—			—			—
Broadband ARPU (UAH)		54			45			22%		—			—			—

VimpelCom Ltd. 3Q 2015 | 12

KAZAKHSTAN

Beeline maintained its strong market position during the quarter and continues to gain market share as a result of its attractive value proposition, network and distribution. However competition continues to intensify in the market, but the Company remains commercially rational in its pricing strategy. The competitive environment is expected to remain challenging throughout 2015.

Total service revenue decreased 9% YoY to KZT 32.8 billion, due to an 11% YoY decline in mobile service revenue, partly offset by an 11% YoY growth in fixed-line service revenue.

The decrease in mobile service revenue to KZT 28.8 billion was driven by a 29% YoY reduction in MTRs (mobile termination rates) to KZT 8.0 from KZT 11.2 and increased competition. Excluding the MTR reduction, mobile service revenue would have decreased by 5% YoY. Mobile data revenue grew 12% YoY to KZT 5.5 billion thanks to a 9% growth in mobile data ARPU.

ARPU decreased 13% YoY to KZT 954, mainly due to the MTR reduction and declining voice revenue. This reflects the competitive market particularly in bundled tariff plans.

Mobile customers declined 1% YoY to 9.8 million while annualized churn increased 2 percentage points to 53% also reflecting the increased competitive intensity.

The growth in fixed-line service revenue was due to the 16% YoY growth in FTTB revenue, mainly driven by a strong growth in the customer base and 29% YoY growth in traffic network revenue due to the devaluation of the Kazakh tenge.

EBITDA decreased by 19% YoY to KZT 14.1 billion, as a result of the decline in revenue, the negative impact on costs of the devaluation of the Kazakh tenge and certain one-offs costs.

Capex was KZT 4.0 billion in 3Q15, and 3Q15 LTM Capex to revenue stood at 15%.

KAZAKHSTAN KEY INDICATORS

KZT mln	3Q15			3Q14			YoY		9M15			9M14			YoY
Total revenue		33,232			35,928			(7.5%)		94,924			100,301			(5%)
Mobile service revenue		28,789			32,257			(11%)		82,898			89,364			(7%)
Fixed-line service revenue		4,057			3,608			12%		11,543			10,768			7%
EBITDA		14,108			17,343			(19%)		44,354			48,430			(8%)
EBITDA margin		42.5	%		48.3	%		(5.8 p.p.)		46.7	%		48.3	%		(1.6 p.p.)
Capex excl licenses		4,033			4,805			(16%)		9,337			9,612			(3%)
Capex excl licenses LTM/revenue		15	%		14	%		—		—			—			—
Mobile
Total revenue		29,166			32,284			(10%)		83,347			89,460			(7%)
Mobile customers (mln)		9.8			9.8			(1%)		—			—			—
- of which mobile data customers (mln)		5			5			(4%)		—			—			—
Mobile ARPU (KZT)		954			1,098			(13%)		—			—			—
MOU (min)		292			317			(8%)		—			—			—
Data usage (MB)		612			262			134%		—			—			—
Fixed-line										—			—			—
Total revenue		4,067			3,644			12%		11,578			10,841			7%
Broadband revenues		2,130			1,836			16%		6,548			5,564			18%
Broadband customers (mln)		0.4			0.2			119%		—			—			—
Broadband ARPU (KZT)		2,575			2,784			(7%)		—			—			—

VimpelCom Ltd. 3Q 2015 | 13

UZBEKISTAN

Mobile service revenue increased 8% YoY to UZS 475 billion as a result of solid growth in mobile data and VAS revenue, and an indexation impact due to Beeline´s price plans being denominated in USD. Mobile data revenue increased 8% YoY, mainly as a result of commercial activities and increased bundle penetration in the customer base. Mobile ARPU increased 10% YoY while annualized churn improved 2 percentage points YoY to 47%, supported by the customer retention program. However, the customer base decreased 3% YoY due to the launch of two new mobile operators in the market in 2015. EBITDA decreased 14% YoY to UZS 255 billion, leading to an EBITDA margin decline of 13.3 percentage points YoY to 53.1% as a result of a provision of UZS 42.4 billion related to a court case. Adjusted for this provision, EBITDA margin would have been 62.0%. Going forward, results are expected to be impacted by increased competition and Beeline aims to maintain its leading market position in Uzbekistan by focusing on customer retention and high value customers.

KYRGYZSTAN

Results were strong in Kyrgyzstan as mobile service revenue increased 8% YoY to KGS 2.9 billion, mainly driven by increasing interconnect revenue as a result of increased traffic and currency fluctuations. This growth was further supported by strong growth in mobile data revenue of 32% YoY to KGS 350 million. However, results were partially offset by declining voice revenue due to the competitive environment and the migration of customers to the Company’s current price plans, as the macro-economic slowdown impacts consumer behavior. The customer base increased 2% YoY to 2.7 million as a result of Beeline´s attractive on-net and data offerings. The Company remains the clear leader in NPS, due to its high quality network and attractive pricing. EBITDA increased by 17% and EBITDA margin increased by 4 percentage points to 56.9% driven by the growth in interconnect revenue and ongoing network cost optimization efforts.

ARMENIA

The Company has been able to strengthen its market position in a challenging macro-economic situation. Service revenue decreased 9% YoY, driven by declining mobile and fixed-line service revenue. Mobile service revenue decreased 3% YoY to AMD 6.7 billion, as a result of declining voice revenue. Mobile data revenue grew 21% YoY driven by the promotion of data bundles, further supported by the mobile customer base increasing 13% YoY to 0.8 million. Churn improved 4 percentage points YoY to an annualized rate of 39%. Fixed-line service revenue decreased 17% YoY to AMD 7.2 billion, mainly due to a decline in voice and traffic termination revenue, and the reduction in the fixed-line customer base. EBITDA decreased 1% YoY to AMD 5.9 billion, while EBITDA margin increased by 3 percentage points to 40.7%, driven by a shift to a higher margin revenue mix and efficiencies in structural OPEX.

TAJIKISTAN

The environment in Tajikistan remains challenging with increasing competition and currency headwinds. Mobile service revenue decreased 16% YoY to USD 35 million in 3Q15 as a result of lower incoming international traffic due to fewer migrants living abroad because of the macro-economic environment in Russia. Although the customer base declined by 8% YoY to 1.2 million, the Company outperformed the market and improved its network quality during the quarter. EBITDA margin increased 23 percentage points YoY to 72.7%, as a result of cost efficiencies and a significant reduction in interconnect costs, partially offset by a 2 percentage point increase in excise tax to 5% in 2Q15.

GEORGIA

The Company’s total service revenue decreased by 4% YoY, as a result of a decline in mobile, partly offset by an increase in fixed-line revenue. Mobile service revenue decreased by 11% YoY to GEL 31 million, mainly due to increased competition and the reduction of the asymmetrical MTR from GEL 0.08 to GEL 0.035 which reduced interconnect revenue by GEL 1 million. However, the Company grew its mobile customer base 10% YoY to 1.4 million helped by its attractive customer value proposition. Mobile data revenue grew 15% YoY driven by the 4G/LTE launch in February 2015. The Company now covers 50% of the population with 4G/LTE. EBITDA decreased 34% YoY to GEL 7 million and EBITDA margin decreased 8.5 percentage points YoY to 19.2%, mainly due to the decline in voice revenue.

VimpelCom Ltd. 3Q 2015 | 14

ITALY (RECLASSIFIED AS AN ASSET HELD FOR SALE)

Total revenue in 3Q15 decreased 11% YoY to EUR 1.1 billion, mainly due to certain settlements accounted for in 3Q14. On an underlying basis, excluding these settlements, revenue declined 7% YoY. Service revenue declined by 3% YoY with an improving trend versus previous quarters, driven by improved performance in both the mobile and fixed segments.

In 3Q15 mobile service revenue decreased 1.5% YoY to EUR 752 million, further sequential improvement compared to the 2.2% and 3.3% YoY declines that the company experienced in 2Q15 and 1Q15 respectively. Mobile data continued to exhibit strong performance with double digit revenue growth, up 13% YoY to EUR 172 million, driven by a solid 12% YoY increase in data users to 11.3 million. In 3Q15 WIND’s mobile customer base was 21.3 million.

Mobile ARPU in the quarter remained stable YoY at EUR 11.6; in particular, data ARPU increased 7% YoY in value, completely offsetting the decline in voice component, and now accounting 42% of total mobile ARPU.

In fixed-line, service revenue decreased 6% YoY to EUR 272 million mostly due to the decline in voice volumes, coupled with a decrease in the indirect customer base. In the quarter customers continued to choose fixed bundles with unlimited DSL connection and pay per use voice. Fixed broadband revenue in 3Q15 increased 2% YoY to EUR 141 million driven by growth in the LLU component, which generated a 2% YoY increase. The quarter witnessed a strong performance in fixed broadband with customers increasing 5% YoY and dual-play customers up 8% YoY.

WIND’s reported EBITDA in 3Q15 decreased 18% YoY and stood at EUR 427 million, as a result of the above mentioned settlements recorded in 3Q14 and the full impact of the tower transaction in 3Q15. Excluding these items, on a like for like basis, EBITDA declined by 7%, in line with the underlying revenue decline, with a stable EBITDA margin driven by cost efficiency measures undertaken in the quarter.

In 3Q15, WIND invested EUR 170 million in continuing to deploy the 4G/LTE network, now covering 48% of the population, as well as in increasing the capacity and coverage of the existing HSPA+ network.

ITALY KEY INDICATORS

EUR mln	3Q15			3Q14			YoY		9M15			9M14			YoY
Total revenue		1,090			1,220			(11%)		3,250			3,511			(7%)
Mobile service revenue		752			763			(2%)		2,177			2,229			(2%)
Fixed-line service revenue		272			291			(6%)		828			900			(8%)
EBITDA		427			521			(18%)		1,230			1,386			(11%)
EBITDA margin		39.1	%		42.7	%		(3.6 p.p.)		37.8	%		39.5	%		(1.7 p.p.)
Capex excl licenses		170			187			(9%)		528			496			6%
Capex excl licenses LTM/revenue		18	%		17	%		—		—			—			—
Mobile
Total revenue		818			848			(4%)		2,398			2,508			(4%)
Customers (mln)		21.3			21.8			(2%)		—			—			—
- of which data (mln)		11.3			10.2			12%		—			—			—
ARPU (EUR)		11.6			11.6			0%		—			—			—
MOU (min)		263			262			0%		—			—			—
Data usage (MB)		1,635			1,272			29%		—			—			—
Fixed-line
Total revenue		272			372			(27%)		852			1,003			(15%)
Total voice customers (mln)		2.8			2.9			(3%)		—			—			—
ARPU (EUR)		28			29			(4%)		—			—			—
Broadband customers (mln)		2.2			2.1			5%		—			—			—
Broadband ARPU (EUR)		21			21			(1%)		—			—			—
Dual-play customers (mln)		2.0			1.9			8%		—			—			—

VimpelCom Ltd. 3Q 2015 | 15

CONFERENCE CALL INFORMATION

On November 6, 2015, the Company will host an analyst & investor conference call on its 3Q15 results at 2:00 pm CET (1:00 pm GMT).

The call and slide presentation may be accessed at http://www.vimpelcom.com

2:00 pm CET investor and analyst conference call

US call-in number: +1 (877) 280 2342

Confirmation Code: 9715424

International call-in number: + 1 (212) 444 0896

Confirmation Code: 9715424

The conference call replay and the slide presentations webcast will be available until November 13, 2015. The slide presentation will also be available for download on the Company’s website.

Investor and analyst call replay

US Replay Number: +1 (866) 932 5017

Confirmation Code: 9715424

UK Replay Number: 0 800 358 7735

Confirmation Code: 9715424

CONTACT INFORMATION

INVESTOR RELATIONS   Bart Morselt / Remco Vergeer ir@vimpelcom.com Tel: +31 20 79 77 200 (Amsterdam) MEDIA AND PUBLIC RELATIONS   Neil Moorhouse / Artem Minaev pr@vimpelcom.com Tel: +31 20 79 77 200 (Amsterdam)

VimpelCom Ltd. 3Q 2015 | 16

DISCLAIMER

This press release contains “forward-looking statements”, as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts, and include statements relating to, among other things, the Company’s anticipated performance for 2015, future market developments and trends, expected timing of payment of the announced dividend, expected cost synergies and timing of completion of the Italy joint venture, operational and network development and network investment, including expectations regarding the roll out of 4G/LTE in Russia, Italy and Georgia, anticipated timing of roll out and benefits from 3G services in Algeria, Pakistan, Bangladesh and Ukraine, and the Company’s ability to realize its targets and strategic initiatives in the various countries of operation. The forward-looking statements included in this release are based on management’s best assessment of the Company’s strategic and financial position and of future market conditions, trends and other potential developments. 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, government investigations and/or litigation with third parties (including with respect to investigations by the U.S. and Dutch authorities relating primarily to VimpelCom’s business in Uzbekistan and prior dealings with Takilant), failure to satisfy or waive the conditions to completion of the Italy joint venture, failure to obtain the requisite regulatory approvals or the receipt of approvals on terms not acceptable to the parties to the Italy joint venture, failure of the expected benefits of the Italy joint venture to materialize as expected or at all due to, among other things, the parties’ inability to successfully implement integration strategies or otherwise realize the anticipated synergies, and other risks beyond the parties’ control. Certain other 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, 2014 filed with the U.S. Securities and Exchange Commission (the “SEC”) and other public filings made by the Company with the SEC. The forward- looking statements speak only as of the date hereof, and the Company disclaims any obligation to update them 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, headquartered in Amsterdam, 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, Laos, Algeria, Bangladesh, Pakistan and Zimbabwe. VimpelCom’s operations around the globe cover territory with a total population of approximately 740 million people. VimpelCom provides services under the “Beeline”, “Kyivstar”, “WIND “ “Mobilink”, “banglalink”, “Telecel”, and “Djezzy” brands. As of September 30, 2015, VimpelCom had 217 million mobile customers on a combined basis. VimpelCom is traded on the NASDAQ Global Select Market under the symbol (VIP). For more information visit: http://www.vimpelcom.com.

VimpelCom Ltd. 3Q 2015 | 17

CONTENT OF THE ATTACHMENTS

Attachment A	VimpelCom Ltd Interim Financial Schedules	19
Attachment B	Debt Overview	22
Attachment C	Country details	23
Attachment D	Reconciliation Tables	25
	Average Rates of Functional Currencies to USD
Attachment E	WIND Telecomunicazioni group condensed financial statement of income	26
Attachment F	Definitions	27

For more information on financial and operating data for specific countries, please refer to the supplementary file Factbook3Q2015.xls on VimpelCom’s website at http://vimpelcom.com/ir/financials/results.wbp

VimpelCom Ltd. 3Q 2015 | 18

ATTACHMENT A: VIMPELCOM LTD INTERIM FINANCIAL SCHEDULES

VIMPELCOM LTD UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF INCOME

USD mln	3Q15			3Q14			9M15			9M14
Total operating revenues		2,442			3,544			7,324			10,516
of which other revenues		27			21			64			60
Operating expenses
Service costs, equipment and accessories		558			851			1,636			2,471
Selling, general and administrative expenses		1,826			1,173			3,624			3,560
Depreciation		402			508			1,186			1,574
Amortization		127			177			388			517
Impairment loss		(3	)		(58	)		109			(61	)
Loss on disposals of non-current assets		12			20			23			46
Total operating expenses		2,922			2,671			6,966			8,107
Operating profit/ (loss)		(480	)		873			358			2,409
Finance costs		199			296			627			852
Finance income		(11	)		(24	)		(35	)		(48	)
Other non-operating losses/(gains)		(45	)		3			31			24
Shares of loss/(profit) of associates and joint ventures accounted for using the equity method		(2	)		(1	)		(13	)		42
Net foreign exchange (gain)/ loss		213			172			261			231
Profit/(loss) before tax		(834	)		427			(513	)		1,308
Income tax expense		13			197			148			564
Profit/(loss) from continued operations		(847	)		230			(661	)		744
Profit/(loss) from discontinued operations		(123	)		(207	)		10			(590	)
Profit/(loss) for the period		(970	)		23			(651	)		154
Non-controlling interest		35			(82	)		62			(90	)
The owners of the parent		(1,005	)		105			(713	)		244

VimpelCom Ltd. 3Q 2015 | 19

ATTACHMENT A: VIMPELCOM LTD INTERIM FINANCIAL SCHEDULES

VIMPELCOM LTD UNAUDITED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION

USD mln	30 September 2015		30 June 2015
Assets
Non-current assets
Property and equipment		6,665		10,785
Intangible assets		2,285		7,007
Goodwill		4,500		9,573
Investments in associates and joint ventures		223		344
Deferred tax asset		175		492
Income Tax advances, non-current		46		69
Financial assets		151		1,108
Other non-financial assets		16		23
Total non-current assets		14,061		29,401
Current assets
Inventories		102		141
Trade and other receivables		712		1,850
Other non-financial assets		449		622
Current income tax asset		208		242
Other financial assets		343		208
Cash and cash equivalents		3,930		4,220
Total current assets		5,744		7,283
Assets classified as held for sale		15,123		3
Total assets		34,928		36,687
Equity and liabilities
Equity
Equity attributable to equity owners of the parent		4,262		5,899
Non-controlling interests		157		406
Total equity		4,419		6,305
Non-current liabilities
Debt		7,800		19,548
Other financial liabilities		87		46
Provisions		288		654
Other non-financial liabilities		118		364
Deferred tax liability		370		1,050
Total non-current liabilities		8,663		21,662
Current liabilities
Trade and other payables		1,814		3,435
Debt		1,942		2,801
Other financial liabilities		103		409
Other non-financial liabilities		1,107		1,699
Current income tax payable		74		152
Provisions		1,117		224
Total current liabilities		6,157		8,720
Liabilities associated with assets held for sale		15,689		—
Total equity and liabilities		34,928		36,687

VimpelCom Ltd. 3Q 2015 | 20

ATTACHMENT A: VIMPELCOM LTD INTERIM FINANCIAL SCHEDULES

VIMPELCOM LTD UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

USD mln	3Q15			3Q14			9M15			9M14
Operating activities
Profit after tax		(847	)		230			(661	)		744
Income tax expenses		13			197			148			564
Profit before tax		(834	)		427			(513	)		1,308
Non-cash adjustment to reconcile profit before tax to net operating cash flows:
Depreciation		402			508			1,186			1,574
Amortization		127			177			388			517
Impairment loss		(3	)		(58	)		109			(61	)
Loss/(Gain) From disposal of non current assets		12			20			23			46
Finance income		(11	)		(24	)		(35	)		(48	)
Finance cost		198			296			627			852
Other non operating losses / (Gains)		(44	)		3			31			24
Net foreign exchange loss / (gain)		213			172			261			231
Share of loss of associates and joint ventures		(2	)		(1	)		(13	)		42
Movements in provisions and pensions		914			33			(220	)		67
Changes in working capital		139			145			(41	)		261
Net interest paid		(217	)		(316	)		(672	)		(820	)
Net interest received		11			11			34			37
Income tax paid		(99	)		(139	)		(546	)		(334	)
Changes due to discontinued operations from operating activity		283			356			507			184
Net cash from operating activities		1,089			1,610			1,126			3,880
Proceeds from sale of property and equipment		2			6			10			12
Proceeds from sale of intangible assets		—			2			1			2
Purchase of property, plant and equipment		(494	)		(736	)		(1,250	)		(2,213	)
Purchase of licenses		(11	)		(5	)		(174	)		(398	)
Purchase of other intangible assets		(32	)		(84	)		(169	)		(181	)
Outflow for loan granted		(1	)		(1	)		(101	)		(22	)
Inflow from loan granted		—			110			102			110
Inflows/(outflows) from financial assets		(27	)		—			48			—
Inflows/(outflows) from deposits		(176	)		141			(288	)		275
Receipt of dividends		—			—			—			2
Discontinued operations in investing activity		(189	)		(234	)		136			(658	)
Net cash used in investing activities		(928	)		(801	)		(1,685	)		(3,072	)
Net proceeds from exercise of share options		—			2			2			2
Gross proceeds from borrowings		208			1,305			1,322			5,025
Fees paid for the borrowings		—			(4	)		—			(36	)
Repayment of borrowings		(263	)		(911	)		(4,077	)		(3,341	)
Dividends paid to equity holders		—			—			—			(10	)
Dividends paid to non-controlling interests		(131	)		—			(188	)		—
Proceeds from sale of non-controlling interests		—			—			2,307			—
Discontinued operations in financing activity		(13	)		(482	)		(705	)		(570	)
Net cash from/(used in) financing activities		(199	)		(90	)		(1,339	)		1,070
Net increase in cash and cash equivalents		(38	)		719			(1,898	)		1,878
Cash and cash equivalent at beginning of period		4,220			5,505			6,342			4,454
Net foreign exchange difference		(79	)		(343	)		(341	)		(451	)
Cash and cash equivalent reclassified as Held for Sale		(173	)		(29	)		(173	)		(29	)
Cash and cash equivalent at end of period		3,930			5,852			3,930			5,852

VimpelCom Ltd. 3Q 2015 | 21

ATTACHMENT B: DEBT OVERVIEW

AS AT SEPTEMBER 30, 2015

Type of debt	Interest rate	Debt currency		Outstanding debt (mln)		Outstanding debt (USD mln)		Maturity date		Guarantor
VimpelCom Holdings B.V.
Notes	6.2546%		USD		349		349		01.03.2017	PJSC VimpelCom
Notes	7.5043%		USD		1,280		1,280		01.03.2022	PJSC VimpelCom
Notes	9.0000%		RUB		12,000		181		13.02.2018	PJSC VimpelCom
Notes	5.2000%		USD		571		571		13.02.2019	PJSC VimpelCom
Notes	5.9500%		USD		983		983		13.02.2023	PJSC VimpelCom
VimpelCom Amsterdam B.V.
Loan from AO Alfa Bank	1 month LIBOR plus 3.25%		USD		500		500		17.04.2017	None
Loan from AO Alfa Bank	1 month LIBOR plus 3.25%		USD		500		500		03.05.2017	None
Loan from China Development Bank Corporation	6 month LIBOR plus 3.3%		USD		457		457		21.12.2020	PJSC VimpelCom
Loan from HSBC Bank plc	1.7200%		USD		222		222		31.07.2022	EKN, PJSC VimpelCom
PJSC VimpelCom
Loan from VIP Finance Ireland (funded by the issuance of loan participation notes by VIP Finance Ireland)	9.1250%		USD		499		499		30.04.2018	None
Loan from VIP Finance Ireland (funded by the issuance of loan participation notes by VIP Finance Ireland)	6.4930%		USD		264		264		02.02.2016	None
Loan from VIP Finance Ireland (funded by the issuance of loan participation notes by VIP Finance Ireland)	7.7480%		USD		651		651		02.02.2021	None
Loan from UBS (Luxembourg) S.A. (funded by the issuance of loan participation notes by UBS (Luxembourg) S.A.)	8.2500%		USD		266		266		23.05.2016	None
Loan from VC-Invest (funded by the RUB denominated bonds by VC-Invest)	8.3000%		RUB		20,000		302		13.10.2015	PJSC VimpelCom
Loan from Sberbank	12.7500%		RUB		2,560		39		16.12.2015	None
Loan from Sberbank	12.7500%		RUB		52,714		796		11.04.2018	None
Loan from Sberbank	12.7500%		RUB		19,444		294		29.05.2017	None
Loan from HSBC Bank plc, Nordea Bank AB (publ)	3 month MOSPRIME plus 1.0%		RUB		3,417		52		30.04.2019	EKN
Pakistan Mobile Communications Limited (“PMCL”)
Loan from Habib Bank Limited	6 months KIBOR + 1.15%		PKR		4,500		43		16.05.2019	None
Syndicated loan via MCB Bank Limited	3 months KIBOR + 1.25%		PKR		4,500		43		28.11.2017	None
Syndicated loan via MCB Bank Limited	6 months KIBOR + 1.25%		PKR		7,000		67		16.05.2019	None
Loan from United Bank Limited	6 months KIBOR + 1.10%		PKR		4,000		38		16.05.2021	None
Sukuk Certificates	3 months KIBOR + 0.88%		PKR		6,900		66		22.12.2019	None
Syndicated loan via Allied Bank Limited	6 months KIBOR + 1.00%		PKR		4,222		40		26.05.2018	None
Banglalink Digital Communications Ltd. (“BDC”)
Senior Notes	8.6250%		USD		300		300		06.05.2019	None
Facility Standard Chartered Bank	8.10%-8.20%		BDT		3,650		47		27.12.2015	None
Facility BRAC Bank Limited	8.5000%		BDT		2,350		30		16.12.2015	None
Omnium Telecom Algeria SpA
Syndicated Loan Facility	Bank of Algeria Re-Discount Rate + 2.0%		DZD		50,000		471		30.09.2019	None
Other loans, equipment financing and capital lease obligations							392

VimpelCom Ltd. 3Q 2015 | 22

ATTACHMENT C: COUNTRY DETAILS

CUSTOMERS¹

	Mobile							Fixed-line broadband
million	3Q15		3Q14		YoY			3Q15		3Q14		YoY
Russia		59.0		57.3		3	%		2.2		2.2		(1	%)
Algeria		16.9		17.6		(4	%)		—		—		—
Pakistan		35.2		38.7		(9	%)		—		—		—
Bangladesh		32.3		30.2		7	%		—		—		—
Emerging markets		84.4		86.5		(2	%)		—		—		—
Ukraine		25.7		26.3		(2	%)		0.8		0.8		2	%
Kazakhstan		9.8		9.8		(1	%)		0.4		0.2		119	%
Uzbekistan		10.2		10.5		(3	%)		—		—		—
Armenia		0.8		0.8		12	%		—		—		—
Tajikistan		1.2		1.3		(8	%)		—		—		—
Georgia		1.4		1.3		10	%		—		—		—
Kyrgystan		2.7		2.7		2	%		—		—		—
Eurasia		51.8		52.7		(1	%)		1.2		1.0		20	%
Laos		0.2		0.3		(36	%)		0.2		0.4
Total		195.3		196.8		(1	%)		3.6		3.6		(0	%)
Italy		21.3		21.8		(2	%)		2.2		2.1		5	%

¹  The mobile customer numbers for 2014 have been adjusted to remove customers in operations that have been sold or held for sale and to reflect revised customer numbers in Algeria

UZBEKISTAN

UZS bln	3Q15			3Q14			YoY		9M15			9M14			YoY
Total revenue		480			446			8%		1,331			1,217			9%
Mobile service revenue		475			441			8%		1,319			1,203			10%
Fixed-line service revenue		3			4			(14%)		10			12			(14%)
EBITDA		255			296			(14%)		796			792			0%
EBITDA margin		53.1	%		66.5	%		(13.4 p.p)		59.8	%		65.1	%		(5.3 p.p)
Capex excl licenses		87			47			84%		90			117			(23%)
Capex excl licenses LTM/revenue		9.0	%		5.0	%		—		—			—			—
Mobile
Customers (mln)		10.2			10.5			(3%)		10.2			10.5			(3%)
ARPU (UZS)		15,393			13,955			10%		—			—			—
MOU (min)		540			568			(5%)		—			—			—

ARMENIA

AMD mln	3Q15			3Q14			YoY		9M15			9M14			YoY
Total revenue		14,431			15,812			(9%)		40,266			43,620			(8%)
Mobile service revenue		6,718			6,935			(3%)		17,990			18,486			(3%)
Fixed-line service revenue		7,182			8,638			(17%)		21,112			24,215			(13%)
EBITDA		5,870			5,956			(1%)		15,673			16,192			(3%)
EBITDA margin		40.7	%		37.7	%		3.0 pp		38.9	%		37.1	%		1.8 pp
Capex excl licenses		2,240			1,977			13%		4,398			3,504			26%
Capex excl licenses LTM/revenue		13	%		9	%		—		—			—			—
Mobile
Customers (mln)		0.8			0.8			13%		0.8			0.8			13%
ARPU (AMD)		2,618			3,020			(13%)		—			—			—
MOU (min)		354			377			(6%)		—			—			—

VimpelCom Ltd. 3Q 2015 | 23

TAJIKISTAN

USD mln	3Q15			3Q14			YoY		9M15			9M14			YoY
Total revenue		35			41			(16%)		91			109			(17%)
Mobile service revenue		35			41			(16%)		91			109			(17%)
EBITDA		25			20			23%		57			49			16%
EBITDA margin		72.7	%		49.9	%		22.8 pp		63.1	%		45.1	%		18.0 pp
Capex excl licenses		2			1			22%		6			6			(4%)
Capex excl licenses LTM/revenue		14	%		8	%				—			—			—
Mobile
Customers (mln)		1.2			1.3			(8%)		—			—			—
ARPU (USD)		9.7			10.7			(10%)		—			—			—
MOU (min)		308			297			4%		—			—			—

GEORGIA

GEL mln	3Q15			3Q14			YoY		9M15			9M14			YoY
Total revenue		36			37			(4%)		100			101			(1%)
Mobile service revenue		31			35			(11%)		85			94			(9%)
Fixed-line service revenue		4			2			81%		13			5			195%
EBITDA		7			10			(34%)		19			27			(31%)
EBITDA margin		19.2	%		27.7	%		(8.5 pp)		18.5	%		26.5	%		(8.0 pp)
Capex excl licenses		11			10			13%		106			18			494%
Capex excl licenses LTM/revenue		32	%		17	%				—			—			—
Mobile
Customers (mln)		1.4			1.3			10%		1.4			1.3			10%
ARPU (GEL)		7			9			(22%)		—			—			—
MOU (min)		245			239			2%		—			—			—

KYRGYZSTAN

KGZ mln	3Q15			3Q14			YoY		9M15			9M14			YoY
Total revenue		2,892			2,666			8%		7,809			6,984			12%
Mobile service revenue		2,865			2,658			8%		7,738			6,955			11%
EBITDA		1,647			1,410			17%		4,346			3,544			23%
EBITDA margin		56.9	%		52.9	%		4.0 pp		55.6	%		50.7	%		4.9 pp
Capex excl licenses		666			412			62%		1,028			876			17%
Capex excl licenses LTM/revenue		12	%		14	%				—			—			—
Mobile
Customers (mln)		2.7			2.7			2%		2.7			2.7			2%
ARPU (KGZ)		343			330			4%		—			—			—
MOU (min)		293			298			(2%)		—			—			—

VimpelCom Ltd. 3Q 2015 | 24

ATTACHMENT D: RECONCILIATION TABLES

RECONCILIATION OF CONSOLIDATED EBITDA OF VIMPELCOM

USD mln	3Q15			3Q14			9M15			9M14
Unaudited
EBITDA		58			1,520			2,064			4,485
Depreciation		(402	)		(508	)		(1,186	)		(1,574	)
Amortization		(127	)		(177	)		(388	)		(517	)
Impairment loss		3			58			(109	)		61
Loss on disposals of non-current assets		(12	)		(20	)		(23	)		(46	)
EBIT		(480	)		873			358			2,409
Financial Income and Expenses		(188	)		(272	)		(592	)		(804	)
- including finance income		11			24			35			48
- including finance costs		(199	)		(296	)		(627	)		(852	)
Net foreign exchange (loss)/gain and others		(166	)		(174	)		(279	)		(297	)
- including Other non-operating (losses)/gains		45			(3	)		(31	)		(24	)
- including Shares of loss of associates and joint ventures accounted for using the equity method		2			1			13			(42	)
- including Net foreign exchange gain		(213	)		(172	)		(261	)		(231	)
EBT		(834	)		427			(513	)		1,308
Income tax expense		13			197			148			564
Profit/ (loss) from discontinued operations		(123	)		(207	)		10			(590	)
Profit/(loss) for the year		(970	)		23			(651	)		154
Profit/(loss) for the year attributable to non-controlling interest		35			(82	)		62			(90	)
Profit for the year attributable to the owners of the parent		(1,005	)		105			(713	)		244

VimpelCom Ltd. 3Q 2015 | 25

RECONCILIATION OF VIMPELCOM CONSOLIDATED NET DEBT

USD mln	30 September 2015		30 June 2015			31 December 2014
Net debt		5,437		17,904			19,992
Cash and cash equivalents		3,930		4,220			6,342
Long - term and short-term deposits		375		225			109
Gross debt		9,742		22,349			26,443
Interest accrued related to financial liabilities		127		346			410
Fair value adjustment		—		31			29
Unamortised fair value adjustment under acquisition method of accounting		—		—			—
Other unamortised adjustments to financial liabilities (fees, discounts etc.)		58		(78	)		(106	)
Derivatives not designated as hedges		3		72			259
Derivatives designated as hedges		2		84			89
Total other financial liabilities		9,932		22,804			27,124

RATES OF FUNCTIONAL CURRENCIES TO USD¹

	Average rates							Average rates							Closing rates
	3Q15		3Q14		YoY			9M15		9M14		YoY			3Q15		2Q15		QoQ
Russian Ruble		62.98		36.19		74.0	%		59.28		35.39		67.5	%		66.24		55.52		19.3	%
Euro		0.90		0.76		19.1	%		0.90		0.74		21.6	%		0.89		0.90		-0.4	%
Algerian Dinar		102.93		80.27		28.2	%		98.19		79.09		24.2	%		106.21		99.13		7.1	%
Pakistan Rupee		102.85		100.46		2.4	%		102.03		100.75		1.3	%		104.46		101.78		2.6	%
Bangladeshi Taka		77.78		77.46		0.4	%		77.80		77.56		0.3	%		77.78		77.78		0.0	%
Ukrainian Hryvnia		21.72		12.58		72.7	%		21.49		11.06		94.3	%		21.53		21.02		2.4	%
Kazakh Tenge		216.92		182.52		18.8	%		195.90		178.35		9.8	%		270.40		186.20		45.2	%
Uzbekistan Som		2,586.5		2,340.2		10.5	%		2,520.4		2,283.9		10.4	%		2,621.0		2,555.6		2.6	%
Armenian Dram		479.30		408.48		17.3	%		477.59		410.73		16.3	%		473.71		472.53		0.2	%
Kyrgyz Som		64.20		52.63		22.0	%		61.86		52.54		17.7	%		68.84		62.08		10.9	%
Georgian Lari		2.32		1.75		33.2	%		2.23		1.75		27.1	%		2.38		2.25		5.9	%

¹⁾  Functional currency in Tajikistan is USD

ATTACHMENT E: WIND TELECOMUNICAZIONI GROUP CONDENSED STATEMENTS OF INCOME

EUR mln	9M15			9M14			YoY
Total Revenue		3,250			3,511			(7%)
EBITDA		1,230			1,386			(11%)
D&A		(391	)		(914	)		(4%)
EBIT		839			472			(26%)
Financial Income and expenses		(405	)		(1,252	)		n.m.
EBT		434			(780	)		n.m.
Income Tax		(69	)		119			n.m.
Net profit/(loss)		365			(661	)		n.m.

VimpelCom Ltd. 3Q 2015 | 26

ATTACHMENT F: DEFINITIONS

ARPU (Average Revenue per User) is calculated by dividing service revenue for the relevant period, including revenue from voice-, roaming-, interconnect-, and value added services (including mobile data, SMS, MMS), but excluding revenue from visitors roaming, connection fees, sales of handsets and accessories and other non-service revenue, by the average number of customers during the period and dividing by the number of months in that period. For Business Unit Italy visitors roaming revenue is included into service revenue for ARPU calculation.

Data customers 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 2.5G/3G/4G/HSPA+ technologies. Italian Business Unit measure fixed data customers based on the number of active contracts signed, mobile data include customers that have performed at least one mobile Internet event in the previous month. Russian Business Unit includes IPTV activities. For Kazakhstan and Eurasia subsidiaries mobile data customers are those who have performed at least one mobile Internet event in the three-month period prior to the measurement date. For Algeria data customers are 3G customers who have performed at least one mobile data event on 3G network in the previous four months.

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-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 IFRS financial measure, is presented above.

EBITDA is a non-GAAP financial measure. EBITDA is defined as earnings before interest, tax, depreciation and amortization. VimpelCom calculates EBITDA as operating income before depreciation, amortization, loss from disposal of non-current assets 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, amortization, loss from disposal of non-current assets and impairment loss. EBITDA should not be considered in isolation or as a substitute for analyses of the results as reported under IFRS. 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 revenue or the need to replace capital equipment over time. Reconciliation of EBITDA to net income attributable to VimpelCom Ltd., the most directly comparable IFRS financial measure, is presented above.

EBITDA margin is calculated as EBITDA divided by total revenue, 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.

MBOU (Megabyte of use) is calculated by dividing the total data traffic by the average mobile data customers during the period

VimpelCom Ltd. 3Q 2015 | 27

MFS (Mobile financial services): is a variety of innovative services, such as mobile commerce or m-commerce, that use a mobile phone as the primary payment user interface and allow mobile customers to conduct money transfers to pay for goods at an online store, make utility payments, pay fines and state fees, loan repayments, domestic and international remittances, pay mobile insurance and purchase tickets for air and rail travel, all via their mobile phone.

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

Mobile customers 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 customers also includes SIM-cards for use of mobile Internet service via USB modems and customers 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.

MOU (Monthly Average Minutes of Use per User) is generally 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 customers during the period and dividing by the number of months in that period. Algeria, Pakistan and Bangladesh units measure MOU based on billed minutes

Net debt is a non-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 hedges. 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 IFRS financial measures, is presented above 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.

NPS (Net Promoter Score) is the methodology VimpelCom uses to measure customer satisfaction.

OPEX, operational expenses, represents service costs and selling, general and administrative expenses.

Organic growth in revenue and EBITDA are non-GAAP financial measures that reflect changes in Revenue and EBITDA excluding foreign currency movements and other factors, such as businesses under liquidation, disposals, mergers and acquisitions.

Underlying growth Revenue and EBITDA also excludes MTR reductions and one-offs. 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, Italy, Algeria, Pakistan, Bangladesh, Ukraine and Eurasia based on the business activities in different geographical areas. Intersegment revenue is eliminated in consolidation.

Service costs represent costs directly associated with revenue generating activity such as traffic related expenses, cost of content and sim-cards as well as cost of handsets, telephone equipment and accessories sold.

Selling, general and administrative expenses represent expenses associated with customer acquisition and retention activities, network and IT maintenance, regular frequency payment, professional and consulting support, rent of premises, utilities, personnel and outsourcing as well as other general and administrative expenses. These expenses do not include personnel costs that have been capitalized as part of long-lived assets.

VimpelCom Ltd. 3Q 2015 | 28

3Q15 Results Presentation Amsterdam – November 6, 2015 Jean-Yves Charlier – CEO Andrew Davies – CFO

Disclaimer This presentation contains “forward-looking statements”, as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts, and include statements relating to, among other things, the Company's anticipated performance for 2015, future market developments and trends. 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, trends and other potential developments. 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 government investigations and/or litigation with third parties (including with respect to the investigations by the U.S. and Dutch authorities relating primarily to VimpelCom’s business in Uzbekistan and prior dealings with Takilant). Certain other 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, 2014 filed with the U.S. Securities and Exchange Commission (the “SEC”) and other public filings made by the Company with the SEC. The forward-looking statements speak only as of the date hereof, and the Company disclaims any obligation to update them or to announce publicly any revision to any of the forward-looking statements contained in this presentation, or to make corrections to reflect future events or developments.

3Q15 agenda Highlights Jean-Yves Charlier Performance by country Andrew Davies Group results and targets Andrew Davies Q&A All

Investigations by SEC/DOJ/OM As previously disclosed, the U.S. Securities and Exchange Commission (“SEC”), the U.S. Department of Justice (“DOJ”), and the Dutch Public Prosecution Service (Openbaar Ministerie) (“OM”) are conducting investigations relating primarily to VimpelCom Ltd.’s business in Uzbekistan and prior dealings with Takilant Ltd.   As announced in February of 2015, the Company has been exploring resolution of the Company’s potential liabilities. The Company continues to cooperate with the authorities Based on its ongoing assessment of the investigation during the third quarter of 2015, the Company has made a provision in the amount of USD 900 million in its third quarter financial statements The discussions with the authorities are ongoing and, until concluded, there can be no certainty as to the final cost to the Company of any such resolution or the nature, likelihood or timing of a definitive resolution At this time, the Company will make no further comments on the ongoing discussions

3Q15 highlights Reported net loss of USD 1,005 million, including exceptional items of USD 1,196 million: USD 916 million charges for investigations (USD 900 million) and other legal costs (USD 16 million) USD 236 million goodwill write off and tax reversal on Italy tower transaction USD 44 million transformation costs Underlying net income USD 191 million Service revenue back to growth (+1% YoY) with 22% mobile data revenue growth Good operational performance with continued improvements in most OpCo’s Dividend of 3.5 US cents per ADS, expected to be paid by December 7, 20151 Italy joint venture announced and preparation for the formal regulatory review process under way 2015 key targets confirmed 1 The record date for the Company’s shareholders entitled to receive the dividends has been set for November 23, 2015

3Q15 financial highlights 1 Revenue and EBITDA organic growth are non-GAAP financial measures that exclude the effect of foreign currency translation and certain items such as liquidations and disposals 2 Underlying EBITDA and net result exclude the provisions for investigations (related to SEC/DOJ/OM) and other legal costs of USD 916 million, as well as transformation costs of USD 44 million; net income also excludes USD 236 million write off of goodwill and tax reversal on Italy tower transaction Service revenue (USD billion) 2.4 Net debt/ underlying2 LTM EBITDA Net income underlying2 (USD millions) EBITDA margin, underlying2 (%) Revenue in 3Q15 back to organic growth Results in line with management expectations 22% YoY mobile data revenue organic growth Underlying EBITDA margin decreased organically 1.1 p.p. YoY due mainly to currency headwinds in Russia 191 41.7 + 1% organic1 YoY - 32% reported YoY - - 1.1 p.p. organic YoY 1.2 p.p. reported YoY 1.3x + 83% YoY

Performance by country 3Q15

RUB BILLION, UNLESS STATED OTHERWISE Service revenue Mobile Fixed-line -2% YoY EBITDA and EBITDA margin CAPEX excl. licenses and LTM CAPEX/revenue Russia: continued operational improvements -16% YoY 71.0 69.6 +3% YoY 66.2 Mobile customers (million) Improving churn and customer growth YoY Mobile service revenue growth of 1% YoY Excluding currency headwinds, EBITDA would have been stable YoY with improved YoY EBITDA margin of 42.5% -5% YoY

Algeria: transformation program starting to deliver -4% YoY Service revenue positively impacted in 3Q15 by change in interconnect rates (+2%); underlying decline was 4% EBITDA Margin increased YoY mainly due to favorable change in interconnect rates Data revenue doubled YoY, with QoQ growth at 20% CAPEX decreased YoY because of the higher spending in 2014 due to start of the 3G roll out DZD BILLION, UNLESS STATED OTHERWISE Service revenue Mobile customers (million) EBITDA and EBITDA margin CAPEX excl. licenses and LTM CAPEX/revenue -2% YoY -50% YoY +1% YoY

Pakistan: revenue and EBITDA YoY growth -33% YoY -9% YoY +26% YoY Mobilink has retained its market position in 3Q15 Strong YoY data revenue increase of 78% and MFS revenue increase of 61%. MFS represents 2.7% of service revenue Successfully growing EBITDA margin through performance transformation initiatives Widest 3G coverage and first operator to launch in 200 cities CAPEX decreased YoY due to the completion of modernization program finished at the end of 2014 PKR BILLION, UNLESS STATED OTHERWISE Service revenue Mobile customers1 (million) EBITDA and EBITDA margin CAPEX excl. licenses and LTM CAPEX/revenue 1 In 1H2015 as a result of SIM re-verification 5.6 million customers blocked +6% YoY

Continued lead in NPS Sustained strong growth in data revenue of 82% YoY Continued improvement in underlying EBITDA margin to 43.5%; one-offs were mainly related to reversal of certain provisions on handsets and utility costs Expanding 3G coverage (currently at 31% of population) Bangladesh: continued strong performance -2% YoY +7% YoY BDT BILLION, UNLESS STATED OTHERWISE Service revenue EBITDA and EBITDA margin CAPEX excl. licenses and LTM CAPEX/revenue Mobile customers (million) +8% YoY +22% YoY

+14% YoY Ukraine: robust results supported by successful 3G launch +75% YoY -2% YoY 3.2 3.3 3.6 Market leadership continues to strengthen, notwithstanding the macro environment Successful 3G launch, ahead of competition and offering widest coverage Strong YoY growth in mobile data revenues Robust mobile service revenue growth driven by higher interconnect revenue and 3G launch Significant EBITDA growth driven by revenue growth and cost efficiencies UAH BILLION, UNLESS STATED OTHERWISE Service revenue EBITDA and EBITDA margin CAPEX excl. licenses and LTM CAPEX/revenue Mobile customers (million) Mobile Fixed-line +28% YoY

Mobile Fixed-line Kazakhstan: heightened competitive pressure -1% YoY 35.9 31.4 32.8 -16% YoY Mobile service revenue decreased by 5% YoY, excluding MTR reductions Excluding currency headwinds, EBITDA would have declined 8% YoY Beeline continues to gain market share, despite intensifying competition Continued competitive environment expected KZT BILLION, UNLESS STATED OTHERWISE Service revenue EBITDA and EBITDA margin CAPEX excl. licenses and LTM CAPEX/revenue Mobile customers (million) -9% YoY -19% YoY

Mobile Fixed-line Italy: solid performance driven by mobile data -9% YoY -18% YoY (reported) -7% YoY (underlying)1 -2% YoY 1,054 998 1,024 Mobile service revenue trend shows further sequential improvement: -1.5% YoY (2Q15 -2.2%, 1Q15 -3.3%) Double digit growth in mobile internet revenue, +13% YoY, driven by a 12% data user increase to over 11 mln Fixed broadband customer base +5% YoY with dual-play customers +8% YoY 1 Excluding settlements from 3Q14 and tower transaction impact from 3Q15 the underlying EBITDA decreased 7% YoY -3% YoY Service revenue EBITDA and EBITDA margin CAPEX excl. licenses and LTM CAPEX/revenue Mobile customers (million) EUR MILLION, UNLESS STATED OTHERWISE

Group results 3Q15

Group results 3Q15 - overview Service revenue YoY organic1 development Capex/revenue (LTM) development OCF Margin = (EBITDA – CAPEX)/revenue Underlying2 EBITDA Margin development 1 Revenue organic growth are non-GAAP financial measures that exclude the effect of foreign currency translation and certain items such as liquidations and disposals 2 Underlying EBITDA Margin excludes nonrecurring costs of USD 50 million due to Algeria transaction in 4Q14 and the provisions for investigations (related to SEC/DOJ/OM) and other legal costs of USD 916 million, as well as transformation costs of USD 44 million

3Q15 revenue composition and dynamics …organic revenue growth 1 Organic growth excludes CAR and Burundi contribution in Service revenue 3Q14, due to disposal in 4Q14 -31.7% Reported revenue decline… +0.7% 1 1

…underlying2 EBITDA broadly stable organically 3Q15 EBITDA composition and dynamics 1 Organic growth excludes CAR and Burundi contribution in Service revenue 3Q14, due to disposal in 4Q14 2 Exceptionals of USD 960 million in 3Q15 consist of the provisions for investigations (related to SEC/DOJ/OM) and other legal costs of USD 916 million, as well as transformation costs of USD 44 million -1,462 Reported EBITDA decline… 2 EBITDA 3Q15 FOREX Other & HQ Eurasia Emerging markets Russia EBITDA 3Q14 1,520 (3) 37 (11) (39) -1.1% Underlying organic EBITDA 3Q15 1,495 Exceptionals2 (960) 58 (477) 1,520 58 (7) EBITDA 3Q14 excl. disposals 1,513 Disposals1 1,513 1 (7)

3Q15 income statement In 3Q15 local currencies depreciation offset by higher depreciation in Pakistan, due to the equipment swap. In 3Q14 gain of USD 110 million booked from the sale of Wind Canada Significantly lower due to refinancing activities and the positive effect of the ruble weakening against the US dollar Lower profits before tax, also in 3Q14 the tax expense was effected by non-tax deductible items and non-cash tax charges of USD 110 million as a direct result of the Algerian transaction, which became due upon closing of the deal Significantly lower financial expenses due to the refinancing of WIND Italy, offset by a USD 236 million charge arising from the treatment of the Italian towers transaction as a sale of business which requires the Group to expense a proportionate amount of both goodwill and cumulative foreign exchange translation adjustments USD million 3Q15 3Q14 YoY Revenue 2,442 3,544 (31%) EBITDA reported 58 1,520 n.m. D&A and other (538) (647) (17%) EBIT (480) 873 n.m. Net financial expenses (188) (272) (31%) FOREX and Other (166) (174) (5%) Profit before tax (834) 427 n.m. Tax (13) (197) (94%) Profit for the period (847) 230 n.m. Profit / (loss) from discontinued operations (123) (207) n.m. Non-controlling interest (35) 82 n.m. Net income (1,005) 105 n.m. Underlying1 net income 191 105 83% 1 Underlying net income excludes provisions for investigations (related to SEC/DOJ/OM) and other legal costs of USD 916 million, as well as transformation costs of USD 44 million and USD 236 million write off of goodwill and tax reversal on Italy tower transaction

3Q15 cash flow statement USD million 3Q15 3Q14 YoY EBITDA 58 1,520 (1,462) Changes in working capital and other 1,053 178 875 Net interest paid (206) (305) 99 Income tax paid (99) (139) 40 Net operating cash flow from discontinued operations 283 356 (73) Net cash from operating activities 1,089 1,610 (521) Net investing cash flow from continued operations (739) (567) (172) Net investing cash flow from discontinued operations (189) (234) 45 Net cash used in investing activities (928) (801) (127) Net financing cash flow from continued operations (186) 392 (578) Net financing cash flow from discontinued operations (13) (482) 469 Net cash flow from financing activities (199) (90) (109) Net (decrease)/increase in cash and cash equivalents (38) 719 (757) Decrease in Capex offset by deposit outflows. 3Q14 benefitted from deposit inflows and sale of WIND Canada Result of refinancing activity Decrease due to lower profit Mainly due to FOREX and exceptionals 3Q15 increase is mainly explained by dividend payments to non-controlling interests. 3Q14 explained by WIND refinancing, the drawdown of VimpelCom RCF and bond repayment in Russia 3Q14 influenced by WIND refinancing fees and costs Impact of provisions

3Q15 net debt evolution 1 Normalized LTM EBITDA excluding one-off charges related to the Algeria closing transaction in 4Q14 and provisions for investigations (related to SEC/DOJ/OM) and other legal costs of USD 916 million, as well as transformation costs of USD 44 million in 3Q15 Net Debt LTM EBITDA1 2.6x 1.3x 1.3x

2015 key targets confirmed Service Revenue EBITDA Margin2 Targets 20151 Flat to low single digit decline YoY Flat to minus one p.p. YoY CAPEX / Revenue 18-20% Leverage (Net Debt / EBITDA) ~1.6x 1 Key targets for 2015 assume constant currency, no major regulatory changes, no change to the asset portfolio and no major macro-economic changes; targets are also adjusted for Italy classified as asset held for sale 2 EBITDA Margin at constant currency and stable fair value of derivatives, excluding exceptional charges such as impairment charges, restructuring charges, litigation and settlements, impact of M&A transactions and related accounting, other one-off charges and constant number of shares

Conclusion Continued improvements in operational performance Exceptional items caused net loss in 3Q15 2015 key targets confirmed

Q&A

Further information Investor Relations Claude Debussylaan 88 1082 MD Amsterdam The Netherlands T: +31 20 79 77 234 E: ir@vimpelcom.com Visit our awards winning website www.vimpelcom.com No.1 CORPORATE WEBSITE 2014 -2015 in the Netherlands

Appendix

Mobile Fixed-line Uzbekistan: solid results +84% YoY -3% YoY 445 442 478 +0.5% YoY Healthy growth in mobile service revenue of 8% YoY Annualized churn improved 2 percentage points to 47% Rational competition from 3rd and 4th entrant UZS BILLION, UNLESS STATED OTHERWISE Service revenue EBITDA and EBITDA margin CAPEX excl. licenses and LTM CAPEX/revenue Mobile customers (million) +7% YoY 1 1 3Q15 EBITDA and EBITDA adjusted for a provision of UZS 42 billion (USD 16 million), which relates to a court case

Mobile Fixed-line Armenia: strengthened market position +13% YoY +13% YoY 15.6 12.9 13.9 -1% YoY Growing customer and revenue market share Mobile data revenue growth of 21% YoY driven by promotion of data bundles -12% YoY AMD BILLION, UNLESS STATED OTHERWISE Service revenue EBITDA and EBITDA margin CAPEX excl. licenses and LTM CAPEX/revenue Mobile customers (million)

Mobile Kyrgyzstan: clear market leader +62% YoY +2% YoY 2.7 2.6 2.9 +17% YoY Clear market leader, #1 in NPS as a result of network quality and value proposition Mobile data revenue growth of 32% YoY +8% YoY KGS BILLION, UNLESS STATED OTHERWISE Service revenue EBITDA and EBITDA margin CAPEX and LTM CAPEX/revenue Mobile customers (million)

Mobile Tajikistan: challenging environment +22% YoY -8% YoY 41 30 35 +23% YoY Network quality improved Lower incoming international traffic due to less migrants living abroad -16% YoY Service revenue EBITDA and EBITDA margin CAPEX and LTM CAPEX/revenue Mobile customers (million) USD MILLION, UNLESS STATED OTHERWISE

Mobile Fixed-line Georgia: continued pressure on results +13% YoY +10% YoY 37 34 35 -34% YoY Service revenue pressure mainly due to cancellation of the asymmetrical MTR Mobile data revenue growth of 15% YoY driven by 4G/LTE launch -5% YoY Service revenue EBITDA and EBITDA margin CAPEX excl. licenses and LTM CAPEX/revenue Mobile customers (million) GEL MILLION, UNLESS STATED OTHERWISE

Italy: debt   As at 30 September 2015, EUR million (unless otherwise stated) Outstanding debt (millions) Type of debt/lender Entity Bonds Loans RCF Vendor Financing Other Total WIND Telecomunicazioni S.p.A. - 830 - - 19 849 WIND Acquisition Finance S.A. 10,047 - - - - 10,047 Gross Debt 10,047 830 - - 19 10,896 Net Debt           10,740 Gross debt (USD)           12,179 Net Debt (USD)           12,004

Reduced net debt offset by FOREX impact on EBITDA September 30, 2015 June 30, 2015 Net debt / underlying LTM EBITDA

Credit facilities Available RCF headroom at the end 3Q15: VimpelCom USD 1.8 billion PJSC VimpelCom USD 0.2 billion (RUB 15 billion) Available VF/CF headroom at the end 3Q15: VimpelCom – CDB/BoC USD 1.0 billion Algeria - syndicate USD 0.3 billion (DZD 32 billion)

Debt maturity profile Group debt maturity schedule by currency1 As at 30 September 2015, in USD billion Group debt maturity schedule by Business Units 1 After effect of cross currency swaps   2015 2016 2017 2018 2019 2020 2021 2022 >2022   USD 0.1 0.7 1.5 0.6 1.0 0.1 0.7 1.3 1.0 71% RUB 0.5 0.5 0.4 0.3 0.0 0.0 0.0 0.0 0.0 18% Other 0.2 0.3 0.2 0.2 0.2 0.0 0.0 0.0 0.0 11%

  Debt by entity As at 30 September 2015, USD million Outstanding debt (millions) Type of debt/lender Entity Bonds Loans RCF Vendor Financing Other Total VimpelCom Holdings B.V. 3,364 - - - - 3,364 VimpelCom Amsterdam B.V. - 1,000 - 679 - 1,679 PJSC VimpelCom 1,985 1,128 - 133 38 3,284 Pakistan Mobile Communications Limited 79 316 - - 2 397 Banglalink Digital Communications Ltd. 300  124 -  - 15 439 Omnium Telecom Algeria S.p.A. - 518 - - 0 518 KaR-Tel LLP - 23 - - - 23 Others - 19 - 9 10 38 Total 5,727 3,122 - 821 72 9,742

Currency FX rates versus USD Algeria DZD 92.0 Armenia AMD 415.0 Bangladesh BDT 79.0 Egypt EGP 7.5 Georgia GEL 1.8 Italy EUR 0.91 Kazakhstan KZT 190.0 Kyrgyzstan KGS 55.0 Pakistan PKR 105.0 Russia RUB 70.0 Ukraine UAH 25.0 FOREX rates used in annual targets for 2015

Source: National Banks of the respective countries, Company calculations FOREX development Rates of functional currency to USD Average rates Average rates Closing rates 3Q15 3Q14 YoY 9M15 9M14 YoY 3Q15 2Q15 QoQ Russian Ruble 62.978400000000001 36.190899999999999 0.74017225324598179 59.277700000000003 35.387799999999999 0.67508858985300035 66.236699999999999 55.524000000000001 0.19293818889129022 Euro 0.89910000000000001 0.755 0.19086092715231784 0.8972 0.73809999999999998 0.21555344804227072 0.89470000000000005 0.89790000000000003 -0.4% Algerian Dinar 102.9344 80.267600000000002 0.28239040409829119 98.188599999999994 79.087299999999999 0.2415217108182981 106.206 99.131200000000007 7.1% Pakistan Rupee 102.8501 100.4559 2.4% 102.0341 100.749 1.3% 104.46 101.77500000000001 2.6% Bangladeshi Taka 77.775599999999997 77.459400000000002 .4% 77.804299999999998 77.564400000000006 .3% 77.775000000000006 77.775000000000006 0.0% Ukrainian Hryvnia 21.721900000000002 12.577199999999999 0.72708551982953296 21.485199999999999 11.0589 0.94279720406188683 21.5275 21.0154 2.4% Kazakh Tenge 216.91630000000001 182.5162 0.18847696807187542 195.90369999999999 178.35130000000001 9.8% 270.39999999999998 186.2 0.45220193340494097 Uzbekistan Som 2,586.4960999999998 2,340.2332999999999 0.10523002129744929 2,520.4038 2,283.8618000000001 0.10357106546464401 2,621 2,555.6 2.6% Armenian Dram 479.30470000000003 408.48239999999998 0.17337907337011349 477.58620000000002 410.7321 0.16276814010884477 473.71 472.53 .2% Kyrgyz Som 64.202200000000005 52.631999999999998 0.2198320413436694 61.8598 52.542200000000001 0.17733555123310407 68.835899999999995 62.078800000000001 0.10884714266383999 Georgian Lari 2.3241000000000001 1.7452000000000001 0.33170983268393295 2.2271000000000001 1.7524 0.27088564254736358 2.3816000000000002 2.2483 5.9% Average rates Average rates Closing rates 3Q15 3Q14 YoY 9M15 9M14 YoY 3Q15 2Q15 QoQ Russian Ruble 62.978400000000001 36.190899999999999 0.74017225324598179 59.277700000000003 35.387799999999999 0.67508858985300035 66.236699999999999 55.524000000000001 0.19293818889129022 Euro 0.89910000000000001 0.755 0.19086092715231784 0.8972 0.73809999999999998 0.21555344804227072 0.89470000000000005 0.89790000000000003 -0.4% Algerian Dinar 102.9344 80.267600000000002 0.28239040409829119 98.188599999999994 79.087299999999999 0.2415217108182981 106.206 99.131200000000007 7.1% Pakistan Rupee 102.8501 100.4559 2.4% 102.0341 100.749 1.3% 104.46 101.77500000000001 2.6% Bangladeshi Taka 77.775599999999997 77.459400000000002 .4% 77.804299999999998 77.564400000000006 .3% 77.775000000000006 77.775000000000006 0.0% Ukrainian Hryvnia 21.721900000000002 12.577199999999999 0.72708551982953296 21.485199999999999 11.0589 0.94279720406188683 21.5275 21.0154 2.4% Kazakh Tenge 216.91630000000001 182.5162 0.18847696807187542 195.90369999999999 178.35130000000001 9.8% 270.39999999999998 186.2 0.45220193340494097 Uzbekistan Som 2,586.4960999999998 2,340.2332999999999 0.10523002129744929 2,520.4038 2,283.8618000000001 0.10357106546464401 2,621 2,555.6 2.6% Armenian Dram 479.30470000000003 408.48239999999998 0.17337907337011349 477.58620000000002 410.7321 0.16276814010884477 473.71 472.53 .2% Kyrgyz Som 64.202200000000005 52.631999999999998 0.2198320413436694 61.8598 52.542200000000001 0.17733555123310407 68.835899999999995 62.078800000000001 0.10884714266383999 Georgian Lari 2.3241000000000001 1.7452000000000001 0.33170983268393295 2.2271000000000001 1.7524 0.27088564254736358 2.3816000000000002 2.2483 5.9%

Reconciliation of EBITDA USD mln 3Q15 3Q14 9M15 9M14 Unaudited EBITDA 57.996670282294303 1,519.8906104176199 2,064.1631904711999 4,485.575528507297 Depreciation -,402.14264444787597 -,507.62401501029802 -1,186.1855473912399 -1,574.21998062749 Amortization -,126.747913464768 -,176.67460385842298 -,388.7955411352702 -,516.50695788461303 Impairment loss 2.5384073695219898 58.100874599636803 -,109.150290076647 60.972607053610105 Loss on disposals of non-current assets -12.492663490366699 -19.680870608954002 -22.7324943941844 -46.2987800743376 EBIT -,479.84814375119799 873.01199553955701 358.01530449559698 2,409.44413178703 Financial Income and Expenses -,188 -,272 -,592 -,804 - including finance income 10.762353137698101 23.811108136839898 35.238582147692597 47.719996723729601 - including finance costs -,198.647373547359 -,296 -,627.48836787914593 -,852 Net foreign exchange (loss)/gain and others -,166 -,174 -,279 -,297 - including Other non-operating (losses)/gains 45.369353922751628 -3 -30.544625003072603 -24 - including Shares of loss of associates and joint ventures accounted for using the equity method 2.4769075509801 1.1567895575881531 13.3101009519889 -42.4845870721743 - including Net foreign exchange gain -,212.607766730158 -,171.96735387400599 -,260.63594474042401 -,230.88904404883002 EBT -,834.49466941727997 427.13225409750498 -,513.10495002736297 1,308.1865374735798 Income tax expense 13.084268830134 197.240066538674 147.87770947110201 564.370428688424 Profit/ (loss) from discontinued operations -,123.40161752819601 -,207 10.192766137604199 -,589.64237100014998 Profit/(loss) for the year -,969.98055577561297 23 -,650.7898933608609 154.173737785009 Profit/(loss) for the year attributable to non-controlling interest 35.214804913355898 -81.934588476692198 62.1144916256602 -89.647195502984303 Profit for the year attributable to the owners of the parent -1,005.1953606889699 105 -,712.90438498652099 243.820933287994 USD mln 3Q15 3Q14 9M15 9M14 Unaudited EBITDA 57.996670282294303 1,519.8906104176199 2,064.1631904711999 4,485.575528507297 Depreciation -,402.14264444787597 -,507.62401501029802 -1,186.1855473912399 -1,574.21998062749 Amortization -,126.747913464768 -,176.67460385842298 -,388.7955411352702 -,516.50695788461303 Impairment loss 2.5384073695219898 58.100874599636803 -,109.150290076647 60.972607053610105 Loss on disposals of non-current assets -12.492663490366699 -19.680870608954002 -22.7324943941844 -46.2987800743376 EBIT -,479.84814375119799 873.01199553955701 358.01530449559698 2,409.44413178703 Financial Income and Expenses -,188 -,272 -,592 -,804 - including finance income 10.762353137698101 23.811108136839898 35.238582147692597 47.719996723729601 - including finance costs -,198.647373547359 -,296 -,627.48836787914593 -,852 Net foreign exchange (loss)/gain and others -,166 -,174 -,279 -,297 - including Other non-operating (losses)/gains 45.369353922751628 -3 -30.544625003072603 -24 - including Shares of loss of associates and joint ventures accounted for using the equity method 2.4769075509801 1.1567895575881531 13.3101009519889 -42.4845870721743 - including Net foreign exchange gain -,212.607766730158 -,171.96735387400599 -,260.63594474042401 -,230.88904404883002 EBT -,834.49466941727997 427.13225409750498 -,513.10495002736297 1,308.1865374735798 Income tax expense 13.084268830134 197.240066538674 147.87770947110201 564.370428688424 Profit/ (loss) from discontinued operations -,123.40161752819601 -,207 10.192766137604199 -,589.64237100014998 Profit/(loss) for the year -,969.98055577561297 23 -,650.7898933608609 154.173737785009 Profit/(loss) for the year attributable to non-controlling interest 35.214804913355898 -81.934588476692198 62.1144916256602 -89.647195502984303 Profit for the year attributable to the owners of the parent -1,005.1953606889699 105 -,712.90438498652099 243.820933287994

Reconciliation of consolidated net debt USD mln 30 September 2015 30 June 2015 31 December 2014 Net debt 5,437 17,904 19,992 Cash and cash equivalents 3,930 4,220 6,342 Long - term and short-term deposits 375 225 109 Gross debt 9,742 22,349 26,443 Interest accrued related to financial liabilities 127 346 410 Fair value adjustment - 31 29 Unamortised fair value adjustment under acquisition method of accounting - - - Other unamortised adjustments to financial liabilities (fees, discounts etc.) 58 (78) (106) Derivatives not designated as hedges 3 72   259 Derivatives designated as hedges 2 84   89 Total other financial liabilities 9,932 22,804 27,124 Reconciliation of consolidated net debt

VimpelCom Ltd.

Index sheet

Consolidated VIP Ltd.

Consolidated

Customers

BU Russia

Russia

BU Italy

Italy

BU Algaria

Algeria

BU Pakistan

Pakistan

BU Bangladesh

Bangladesh

BU Ukraine

Ukraine

BU Kazakhstan

Kazakhstan

BU Eurasia

Uzbekistan

Armenia

Tajikistan

Georgia

Kyrgyzstan

Laos

Average and closing rates of functional currencies to USD

		Average rates							Average rates							Closing rates
		3Q15		3Q14		YoY			9M15		9M14		YoY			3Q15		2Q15		Delta
Russian Ruble	RUB		62.98		36.19		74.0	%		59.28		35.39		67.5	%		66.24		55.52		19.3	%
Euro	EUR		0.90		0.76		19.1	%		0.90		0.74		21.6	%		0.89		0.90		(0.4	%)
Algerian Dinar	DZD		102.93		80.27		28.2	%		98.19		79.09		24.2	%		106.21		99.13		7.1	%
Pakistan Rupee	PKR		102.85		100.46		2.4	%		102.03		100.75		1.3	%		104.46		101.78		2.6	%
Bangladeshi Taka	BDT		77.78		77.46		0.4	%		77.80		77.56		0.3	%		77.78		77.78		0.0	%
Ukrainian Hryvnia	UAH		21.72		12.58		72.7	%		21.49		11.06		94.3	%		21.53		21.02		2.4	%
Kazakh Tenge	KZT		216.92		182.52		18.8	%		195.90		178.35		9.8	%		270.40		186.20		45.2	%
Uzbekistan Som	UZS		2,586		2,340		10.5	%		2,520		2,284		10.4	%		2,621		2,556		2.6	%
Armenian Dram	AMD		479.30		408.48		17.3	%		477.59		410.73		16.3	%		473.71		472.53		0.2	%
Kyrgyz Som	KGS		64.20		52.63		22.0	%		61.86		52.54		17.7	%		68.84		62.08		10.9	%
Georgian Lari	GEL		2.32		1.75		33.2	%		2.23		1.75		27.1	%		2.38		2.25		5.9	%

VimpelCom Ltd. with Italy classified as held for sale from 3Q15

index page

(in USD millions, unless stated otherwise, unaudited)

Consolidated*	1Q14 Pro Forma			2Q14 Pro Forma			3Q14 Pro Forma			4Q14 Pro Forma			1Q15 Pro Forma			2Q15 Pro Forma			3Q15			FY14
Total operating revenue		3,465			3,507			3,544			3,000			2,312			2,570			2,442			13,517
Service revenue		3,399			3,447			3,462			2,922			2,260			2,515			2,364			13,231
EBITDA		1,496			1,470			1,520			1,074			938			1,069			58			5,560
EBITDA margin (%)		43.2	%		41.9	%		42.9	%		35.8	%		40.6	%		41.6	%		41.7	%		41.1	%
EBIT		770			766			873			(536	)		308			530			(480	)		1,873
Profit/(Loss) before tax		378			503			427			(933	)		(8	)		329			(834	)		375
Net income/(loss)		38			102			105			(890	)		184			108			(1,005	)		(645	)
Capital expenditures (CAPEX)		542			1,082			758			848			266			597			464			3,230
CAPEX excluding licenses		532			768			744			838			212			468			457			2,882
CAPEX excluding licenses / revenue		15	%		22	%		21	%		28	%		9	%		18	%		19	%		21	%
Operating cash flow (EBITDA(6)-CAPEX excluding licenses)		963			702			776			237			725			601			561			2,677
OCF margin (%)		28	%		20	%		22	%		8	%		31	%		23	%		23	%		20	%

VimpelCom Ltd. before Italy was classified as held for sale

(in USD millions, unless stated otherwise, unaudited)

Consolidated*	1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15	FY12			FY13*			FY14
Total operating revenue		5,024			5,067			5,145			4,391			3,515			3,759				23,061			22,546			19,627
Service revenue		4,810			4,861			4,847			4,207			3,358			3,610				22,122			21,531			18,725
EBITDA		2,088			2,076			2,205			1,600			1,396			1,511				9,768			8,260			7,970
EBITDA margin (%)		41.6	%		41.0	%		42.9	%		36.4	%		39.7	%		40.2	%			42.4	%		36.6	%		40.6	%
EBIT		924			938			1,143			(421	)		879			646				4,171			346			2,586
Profit/(Loss) before tax		246			479			110			(1,016	)		444			188				2,282			(2,024	)		(181	)
Net income/(loss)		38			100			104			(935	)		184			108				1,539			(2,625	)		(691	)
Capital expenditures (CAPEX)		735			1,331			978			1,211			460			804				4,120			4,306			4,256
CAPEX excluding licenses		725			1,017			964			1,201			407			675				4,120			3,998			3,908
CAPEX excluding licenses / revenue		14	%		20	%		19	%		27	%		12	%		18	%			18	%		18	%		20	%
Operating cash flow (EBITDA-CAPEX excluding licenses)		1,363			1,059			1,241			399			989			836				5,648			4,262			4,062
OCF margin (%)		27	%		21	%		24	%		9	%		28	%		22	%			24	%		19	%		21	%

* Notes:

(1) As a result of the succesful resolution in Algeria, adjustments to the following items were made:

(a) 4Q13 EBITDA, EBITDA margin, EBIT and Loss before tax of USD 1.3 bln to reflect BofA claim

(b) 4Q14 EBITDA, EBITDA margin, EBIT and Loss before tax of USD 50 mln to reflect Cevital settlement

(2) 4Q13 EBITDA and CAPEX were affected by USD 72 mln as a result of fixed assets write off and accounted as operating expenses in Uzbekistan

(3) The FY12 Financial Statements have been restated for the Euroset fair value adjustment of USD 606 million

(4) The customer numbers for 2012, 2013 and 2014 have been adjusted to remove customers in operations that have been sold and to reflect revised customer numbers in Algeria, due to the reported technical issue, and Ukraine where the definition of customers has been aligned to the group definition

(5) 1Q13 and FY13 CAPEX excludes EUR 136 million of non-cash increase in Intangible Assets related to the contract with Terna in relation to the Right of Way of WIND’s backbone.

(6) In 3Q15 the Company recorded the following exceptional items that effected EBITDA and net result:

EBITDA includes USD 916 million of provisions for investigations and other legal costs, as well as transformation costs of USD 44 million;

underlying net profit also includes USD 236 million write off of goodwill and tax reversal on Italy tower transaction

VimpelCom Ltd.

index page

(in millions)

Customers*	1Q14		2Q14		3Q14		4Q14		1Q15		2Q15		3Q15		FY12		FY13		FY14
Russia		55.0		56.3		57.3		57.2		55.7		57.2		59.0		56.1		56.5		57.2
Algeria		17.4		17.1		17.6		17.7		17.1		17.1		16.9		16.7		17.6		17.7
Pakistan		38.2		38.8		38.7		38.5		38.2		33.4		35.2		36.1		37.6		38.5
Bangladesh		29.4		29.8		30.2		30.8		31.8		32.0		32.3		25.9		28.8		30.8
Ukraine		25.6		25.4		26.3		26.2		26.1		26.1		25.7		25.1		25.8		26.2
Kazakhstan		9.2		9.6		9.8		9.8		9.6		9.7		9.8		8.6		9.2		9.8
Uzbekistan		10.4		10.4		10.5		10.6		10.4		10.3		10.2		10.2		10.5		10.6
Armenia		0.7		0.7		0.8		0.8		0.8		0.8		0.8		0.8		0.7		0.8
Tajikistan		1.3		1.3		1.3		1.3		1.3		1.2		1.2		1.1		1.3		1.3
Georgia		1.1		1.1		1.3		1.3		1.3		1.3		1.4		1.0		1.1		1.3
Kyrgystan		2.6		2.6		2.7		2.7		2.7		2.8		2.7		2.5		2.7		2.7
Laos		0.3		0.3		0.3		0.2		0.2		0.2		0.2		0.3		0.3		0.2
Total without Italy**														195.3
Italy		22.0		21.9		21.8		21.6		21.4		21.4		21.3		21.7		22.3		21.6
Total on combined basis		213.1		215.2		218.5		218.7		216.5		213.4		216.6		206.0		214.3		218.7

* The numbers exclude customers of Wind Canada, CAR, Burundi and Zimbabwe, customers for Algeria have been restated

** Starting from 3Q15 Italian business is classified as held for sale

Russia

index page

(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		2,304			2,334			2,298			2,173			1,893			1,964			2,021			1,580			1,067			1,292			1,154			9,190			9,109			7,458
EBITDA		963			997			980			876			760			813			827			580			421			524			455			3,878			3,815			2,980
EBITDA margin (%)		41.8	%		42.7	%		42.6	%		40.3	%		40.1	%		41.4	%		40.9	%		36.6	%		39.4	%		40.5	%		39.3	%		42.2	%		41.9	%		40.0	%
Capital expenditures (CAPEX)		220			355			395			852			325			392			419			423			84			216			202			1,630			1,822			1,559
CAPEX excluding licenses		220			355			395			852			315			378			405			416			80			212			198			1,630			1,822			1,514
Operating cash flow (EBITDA-CAPEX excluding licenses)		743			642			585			24			445			435			422			164			341			312			257			2,248			1,993			1,466
OCF margin (%)		32	%		27	%		25	%		1	%		23	%		22	%		21	%		10	%		32	%		24	%		22	%		24	%		22	%		20	%
MOBILE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenues		1,911			1,937			1,902			1,786			1,540			1,604			1,651			1,275			870			1,078			973			7,630			7,536			6,070
Service Revenue (Mobile)		1,776			1,833			1,854			1,730			1,500			1,569			1,600			1,208			839			1,043			930			7,278			7,193			5,877
Data Revenue (Mobile)		236			242			246			270			251			256			272			224			167			202			182			783			994			1,003
Customers (mln)		55.7			57.1			58.1			56.5			55.0			56.3			57.3			57.2			55.7			57.2			59.0			56.1			56.5			57.2
Mobile data customers (mln)		n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			32.0			33.8			31.8			n.a.			n.a.			n.a.
ARPU (USD)		10.6			10.8			10.6			10.1			8.9			9.3			9.3			7.0			4.9			6.1			5.3			n.a.			n.a.			n.a.
MOU, min		277			294			290			293			287			310			311			316			303			320			319			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly), %		15	%		14	%		15	%		18	%		17.1	%		13.4	%		14.5	%		15.7	%		15.8	%		12.8	%		13.4	%		n.a.			n.a.			n.a.
MBOU		n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			1,434			1,384			1,467			n.a.			n.a.			n.a.
FIXED-LINE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		393			397			395			387			353			360			370			305			197			214			181			1,560			1,572			1,388
Service revenue		387			392			392			381			348			355			366			303			196			213			181			1,539			1,552			1,372
Broadband revenue		105			100			95			97			91			93			86			69			51			58			46			377			397			339
Broadband customers (mln)		2.4			2.3			2.3			2.3			2.3			2.2			2.2			2.3			2.3			2.2			2.2			2.4			2.3			2.3
Broadband ARPU (USD)		14.5			14.0			13.5			13.9			13.1			13.5			12.5			10.2			7.4			8.6			6.8			n.a.			n.a.			n.a.
FTTB revenue		101			98			92			94			88			90			83			69			50			57			45			369			385			330
FTTB customers (mln)		2.3			2.3			2.3			2.3			2.2			2.2			2.2			2.3			2.2			2.2			2.2			2.3			2.3			2.3
FTTB ARPU (USD)		14.6			14.1			13.5			13.9			13.1			13.5			12.5			10.3			7.4			8.6			6.8			n.a.			n.a.			n.a.
(in RUB millions, unless stated otherwise, unaudited)
CONSOLIDATED	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		70,080			73,816			75,354			70,660			66,148			68,722			73,082			73,947			66,276			68,035			72,369			285,375			289,910			281,899
EBITDA		29,292			31,519			32,131			28,479			26,548			28,468			29,878			27,042			26,130			27,536			28,466			120,478			121,421			111,936
EBITDA margin (%)		41.8	%		42.7	%		42.6	%		40.3	%		40.1	%		41.4	%		40.9	%		36.6	%		39.4	%		40.5	%		39.3	%		42.2	%		41.9	%		39.7	%
Capital expenditures (CAPEX)		6,711			11,264			12,946			27,871			11,486			13,706			15,147			20,970			5,425			11,396			12,645			50,699			58,792			61,309
CAPEX excluding licenses		6,711			11,264			12,946			27,871			11,145			13,218			14,631			20,494			5,165			11,164			12,358			50,699			58,792			59,488
Operating cash flow (EBITDA-CAPEX excluding licenses)		22,581			20,255			19,185			608			15,403			15,250			15,247			6,548			20,964			16,372			16,108			69,779			62,629			52,448
OCF margin (%)		32	%		27	%		25	%		1	%		23	%		22	%		21	%		9	%		32	%		24	%		22	%		24	%		22	%		18	%
MOBILE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		58,117			61,254			62,395			58,087			53,805			56,133			59,691			59,637			54,024			56,758			61,005			236,922			239,852			229,266
Service revenue		54,003			57,959			60,804			56,253			52,385			54,883			57,810			56,360			52,148			54,926			58,307			225,988			229,020			221,438
Data Revenue		7,194			7,649			8,054			8,792			8,755			8,957			9,829			10,523			10,362			10,634			11,442			24,330			31,689			38,064
Customers (mln)		55.7			57.1			58.1			56.5			55.0			56.3			57.3			57.2			55.7			57.2			59.0			56.1			56.5			57.2
Mobile data customers (mln)		n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			32.0			33.8			31.8			n.a.			n.a.			n.a.
ARPU (RUB)		321			341			349			327			310			326			336			325			305			321			330			n.a.			n.a.			n.a.
MOU (min)		277			294			290			293			287			310			311			316			303			320			319			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		15	%		14	%		15	%		18	%		17	%		13	%		15	%		16	%		16	%		13	%		13	%		n.a.			n.a.			n.a.
MBOU		n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			1,434			1,384			1,467			n.a.			n.a.			n.a.
FIXED-LINE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		11,963			12,561			12,960			12,574			12,343			12,589			13,391			14,309			12,252			11,278			11,364			48,453			50,058			52,632
Service revenue		11,774			12,396			12,841			12,402			12,175			12,444			13,228			14,217			12,200			11,235			11,327			47,814			49,413			52,064
Broadband revenue		3,187			3,173			3,119			3,152			3,187			3,251			3,103			3,230			3,168			3,060			2,869			11,719			12,632			12,771
Broadband customers (mln)		2.4			2.3			2.3			2.3			2.3			2.2			2.2			2.3			2.3			2.2			2.2			2.4			2.3			2.3
Broadband ARPU (RUB)		440			443			443			451			457			474			454			477			459			451			428			n.a.			n.a.			n.a.
FTTB revenue		3,086			3,084			3,024			3,056			3,078			3,156			3,004			3,196			3,095			3,005			2,820			11,446			12,250			12,434
FTTB customers (mln)		2.3			2.3			2.3			2.3			2.2			2.2			2.2			2.3			2.2			2.2			2.2			2.3			2.3			2.3
FTTB ARPU (RUB)		443			446			443			450			457			473			454			477			459			451			428			n.a.			n.a.			n.a.

Italy

index page

(in EUR millions, unless stated otherwise, unaudited)

CONSOLIDATED	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		1,229			1,266			1,250			1,237			1,144			1,147			1,220			1,123			1,078			1,082			1,090			5,427			4,983			4,634
EBITDA		461			475			507			500			430			435			521			418			406			397			427			2,062			1,943			1,804
EBITDA margin (%)		37.5	%		37.5	%		40.6	%		40.4	%		37.6	%		38.0	%		42.7	%		37.2	%		37.7	%		36.7	%		39.1	%		38.0	%		39.0	%		38.9	%
Capital expenditures (CAPEX)*		298			183			153			291			137			173			187			261			172			186			170			1,000			924			758
CAPEX excluding licenses**		298			183			153			291			137			173			187			261			172			186			170			905			924			758
Operating cash flow (EBITDA-CAPEX excluding licenses)***		299			292			354			209			293			262			334			157			234			212			256			1,157			1,154			1,046
OCF margin (%)		24	%		23	%		28	%		17	%		26	%		23	%		27	%		14	%		22	%		20	%		24	%		21	%		23	%		23	%
MOBILE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		888			927			926			907			827			832			848			820			781			800			818			3,958			3,648			3,327
Service revenue		815			828			839			800			729			737			763			746			705			720			752			3,677			3,282			2,975
Data Revenue		106			116			134			131			132			137			152			152			154			159			172			361			488			573
Customers (mln)		22.0			22.3			22.4			22.3			22.0			21.9			21.8			21.6			21.4			21.4			21.3			21.7			22.3			21.6
Data customers (mln)****		6.7			7.6			8.2			8.8			9.3			9.7			10.2			10.2			10.9			11.0			11.3			5.8			8.8			10.2
ARPU (€)		12.4			12.4			12.5			11.9			10.9			11.1			11.6			11.4			10.9			11.2			11.6			n.a.			n.a.			n.a.
of which :
ARPU voice (€)		8.3			8.2			7.8			7.5			6.7			6.8			7.0			6.9			6.3			6.6			6.7			n.a.			n.a.			n.a.
ARPU data (€)		4.1			4.2			4.7			4.4			4.2			4.3			4.6			4.5			4.5			4.6			4.9			n.a.			n.a.			n.a.
MOU (min.)		216			233			240			256			254			261			262			274			267			268			263			n.a.			n.a.			n.a.
Total traffic (mln. min.)		14,166			15,512			16,093			17,142			16,895			17,486			17,150			17,819			17,188			17,538			16,853			n.a.			n.a.			n.a.
Churn, annualised rate (%)		35.5	%		37.5	%		39.7	%		33.5	%		32.2	%		29.9	%		32.0	%		31.6	%		35.1	%		25.2	%		27.9	%		n.a.			n.a.			n.a.
MBOU		n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			1,392			1,436			1,635			n.a.			n.a.			n.a.
FIXED-LINE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		341			339			325			330			316			314			372			302			297			283			272			1,470			1,335			1,304
Service revenue		332			330			312			320			306			303			291			292			278			277			272			1,376			1,295			1,192
Total voice customers (mln)		3.1			3.0			3.0			3.0			3.0			2.9			2.9			2.8			2.8			2.8			2.8			3.1			3.0			2.8
of which :
Total DIRECT voice customers (mln)		2.5			2.5			2.4			2.4			2.4			2.4			2.4			2.4			2.4			2.4			2.4			2.5			2.4			2.4
Total INDIRECT voice customers (mln)		0.6			0.6			0.6			0.5			0.5			0.5			0.5			0.4			0.4			0.4			0.4			0.6			0.5			0.4
Total fixed-line ARPU (€)		31.3			31.2			30.0			30.3			29.8			29.9			29.0			28.7			27.9			27.9			27.8			n.a.			n.a.			n.a.
Total Traffic (mln. min.)		4,449			4,036			3,209			3,888			3,627			3,410			2,616			3,292			3,137			2,819			2,357			n.a.			n.a.			n.a.
Total Internet customers (mln)		2.3			2.2			2.2			2.2			2.2			2.2			2.2			2.2			2.2			2.2			2.3			2.3			2.2			2.2
of which :
Broadband (mln)		2.2			2.2			2.2			2.2			2.2			2.2			2.1			2.2			2.2			2.2			2.2			2.2			2.2			2.2
Broadband ARPU (€)		20.2			20.2			20.4			20.5			20.8			21.3			21.4			21.6			21.1			21.2			21.1			n.a.			n.a.			n.a.
Dual-play customers (mln)		1.9			1.9			1.9			1.9			1.9			1.9			1.9			1.9			2.0			2.0			2.0			1.8			1.9			1.9

* Excluding impact of FOC CAPEX and including LTE

** Excluding impact of FOC and excluding LTE

*** 1Q13 and FY13 CAPEX excludes EUR 136 million of non-cash increase in Intangible Assets related to the contract with Terna in relation to the Right of Way of WIND’s backbone

**** Mobile data include customers that have performed at least one mobile Internet event in the previous month

Italy (continued)

(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

FY12

FY13

FY14

Total operating revenue

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

1,213

1,198

1,212

n.a.

n.a.

n.a.

EBITDA

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

459

444

478

n.a.

n.a.

n.a.

EBITDA margin (%)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

37.7

%

36.7

%

39.1

%

n.a.

n.a.

n.a.

Capital expenditures (CAPEX)*

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

194

208

192

n.a.

n.a.

n.a.

CAPEX excluding licenses**

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

194

208

192

n.a.

n.a.

n.a.

Operating cash flow (EBITDA-CAPEX excluding licenses)***

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

265

237

286

n.a.

n.a.

n.a.

OCF margin (%)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

22

%

20

%

24

%

n.a.

n.a.

n.a.

MOBILE

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

FY12

FY13

FY14

Total operating revenue

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

794

797

910

n.a.

n.a.

n.a.

Service revenue

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

794

797

836

n.a.

n.a.

n.a.

Data Revenue

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

167

178

67

n.a.

n.a.

n.a.

Customers (mln)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

19.2

19.1

21.3

n.a.

n.a.

n.a.

Data customers (mln)****

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

10.9

11.0

11.3

n.a.

n.a.

n.a.

ARPU (USD)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

11.8

12.6

13.0

n.a.

n.a.

n.a.

of which :

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

ARPU voice (USD)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

6.9

7.4

7.5

n.a.

n.a.

n.a.

ARPU data (USD)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

4.9

5.2

5.5

n.a.

n.a.

n.a.

MOU (min.)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

267

275

263

n.a.

n.a.

n.a.

Total traffic (mln. min.)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

17,188

17,538

16,853

n.a.

n.a.

n.a.

Churn, annualised rate (%)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

35.1

%

25.2

%

27.9

%

n.a.

n.a.

n.a.

MBOU

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

1,392

1,436

1,635

n.a.

n.a.

n.a.

FIXED-LINE

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

FY12

FY13

FY14

Total operating revenue

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

334

313

302

n.a.

n.a.

n.a.

Service revenue

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

313

307

303

n.a.

n.a.

n.a.

Total voice customers (mln)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

2.8

2.8

2.8

n.a.

n.a.

n.a.

of which :

Total DIRECT voice customers (mln)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

2.4

2.4

2.4

n.a.

n.a.

n.a.

Total INDIRECT voice customers (mln)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

0.4

0.4

0.4

n.a.

n.a.

n.a.

Total fixed-line ARPU (USD)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

30.2

31.4

31.3

n.a.

n.a.

n.a.

Total Traffic (mln. min.)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

3,137

2,819

2,357

n.a.

n.a.

n.a.

Total Internet customers (mln)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

2.2

2.2

2.3

n.a.

n.a.

n.a.

of which :

Broadband (mln)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

2.2

2.2

2.2

n.a.

n.a.

n.a.

Broadband ARPU (USD)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

22.8

23.8

23.8

n.a.

n.a.

n.a.

Dual-play customers (mln)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

2.0

2.0

2.0

n.a.

n.a.

n.a.

Algeria

index page

(in USD millions, unless stated otherwise, unaudited)

MOBILE	1Q13			2Q13			3Q13			4Q13*			1Q14			2Q14			3Q14			4Q14***			1Q15			2Q15			3Q15			FY12			FY13*			FY14***
Total operating revenue		434			464			450			448			429			437			429			396			323			328			325			1,841			1,796			1,690
Service revenue		432			463			449			447			428			434			422			393			320			326			321			1,841			1,791			1,678
EBITDA		256			279			258			261			247			238			225			198			169			175			178			1,094			1,054			907
EBITDA margin (%)		59.1	%		60.1	%		57.2	%		60.1	%		57.6	%		54.5	%		52.5	%		49.8	%		52.3	%		53.4	%		54.8	%		59.5	%		59.1	%		53.5	%
Capital expenditures (CAPEX)		9			17			7			89			60			162			84			109			45			46			33			47			122			415
CAPEX excluding licenses		9			17			7			51			60			162			84			109			45			46			33			47			84			415
Data Revenue		1.8			2.0			2.5			2.1			2.6			2.4			9.1			7.8			8.0			11.5			13.1			5.8			8.4			22
Customers (mln)**		16.6			16.8			17.0			17.6			17.4			17.1			17.6			17.7			17.1			17.1			17.0			16.7			17.6			17.7
ARPU (USD)		8.6			9.2			8.4			8.6			8.1			8.3			7.9			7.4			6.1			6.3			6.1			n.a.			n.a.			n.a.
MOU billed (min)		263			278			216			211			215			218			213			204			196			218			200			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		7.6	%		6.9	%		13.7	%		6.1	%		6.8	%		7.6	%		7.5	%		6.4	%		11.6	%		8.7	%		5.4	%		n.a.			n.a.			n.a.
MBOU		n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			320			398			376			n.a.			n.a.			n.a.
Operating cash flow (EBITDA-CAPEX excluding licenses)		248			262			251			210			187			76			141			116			124			129			145			1,047			971			520
OCF margin (%)		57	%		56	%		56	%		47	%		44	%		17	%		33	%		29	%		38	%		39	%		45	%		57	%		54	%		31	%
(in DZD billions, unless stated otherwise, unaudited)
MOBILE	1Q13			2Q13			3Q13			4Q13*			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		34.1			36.7			36.2			36.0			33.5			34.5			34.4			33.7			30.0			32.2			33			143.1			142.8			136
Service revenue		34.0			36.6			36.0			36.0			33.4			34.3			33.9			33.5			29.8			32.0			33			143.2			142.7			135
EBITDA		20.2			22.0			21.0			22.0			19.2			18.8			18.1			16.8			15.7			17.2			18			85.0			85.0			73
EBITDA margin (%)		59.2	%		60.1	%		57.2	%		60.1	%		57.4	%		54.3	%		52.5	%		49.8	%		52.3	%		53.4	%		54.8	%		59.4	%		59.1	%		53.5	%
Capital expenditures (CAPEX)		n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			4.2			4.5			3			n.a.			n.a.			n.a.
CAPEX excluding licenses		n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			4.2			4.5			3			n.a.			n.a.			n.a.
Data Revenue		0.1			0.2			0.2			0.2			0.2			0.2			0.5			0.7			0.7			1.1			1.4			0.5			0.7			1.6
Customers (mln)**		16.6			16.8			17.0			17.6			17.4			17.1			17.6			17.7			17.1			17.1			17.0			16.7			17.6			17.7
ARPU (DZD)		677			727			680			689			631			657			648			633			569			620			620.1			n.a.			n.a.			n.a.
MOU billed (min)		263			278			216			211			215			205			213			204			196			200			200			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		7.6	%		6.9	%		13.7	%		6.1	%		6.8	%		7.6	%		7.5	%		6.4	%		11.6	%		8.7	%		5.4	%		n.a.			n.a.			n.a.
MBOU		n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			320			398			376			n.a.			n.a.			n.a.

* 4Q13 EBITDA excludes USD 1.3 bln (DZD 99 bln) one-off provisions related to the 51% sale in Algeria

** Customer base has been adjusted by 1.4 million customers in 1Q13 because of a technical issue and restated in 1Q14-1Q15 to align with three month active definition This event does not impact historical reported revenue or EBITDA, but positively affects MOU and ARPU.

*** 4Q14 EBITDA excludes USD 50 mln (DZD 4 bln) one-off provisions related to the 51% sale in Algeria

Pakistan

index page

(in USD millions, unless stated otherwise, unaudited)

MOBILE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		278			289			259			240			251			268			241			251			249			257			252			1,132			1,066			1,010
Service revenue		268			280			250			231			241			256			230			239			236			244			238			1,123			1,029			966
EBITDA		117			125			111			89			99			104			84			99			96			106			103			488			442			386
EBITDA margin (%)		42.3	%		43.0	%		43.0	%		37.2	%		39.5	%		38.9	%		34.9	%		39.5	%		38.5	%		41.3	%		41.0	%		43.1	%		41.5	%		38.2	%
Capital expenditures (CAPEX)		9			39			52			90			55			410			97			89			26			79			65			173			190			651
CAPEX excluding licenses		9			39			52			90			55			110			97			89			26			79			65			173			190			351
Data Revenue		6.8			7.8			8.7			8.6			9.8			12.2			12.5			14.2			18.7			20.6			21.6			24.5			31.9			49
Customers (mln)		36.3			37.1			37.4			37.6			38.2			38.8			38.7			38.5			38.2			33.4			35.2			36.1			37.6			38.5
ARPU (USD)		2.5			2.5			2.2			2.0			2.0			2.2			1.9			2.0			2.0			2.2			2.2			n.a.			n.a.			n.a.
MOU billed (min)		228			233			222			222			213			230			236			273			301			355			369			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		3.9	%		5.3	%		6.5	%		7.3	%		5.7	%		6.4	%		6.8	%		7.0	%		3.8	%		21.6	%		3.7	%		n.a.			n.a.			n.a.
MBOU		n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			297			298			350			n.a.			n.a.			n.a.
Operating cash flow (EBITDA-CAPEX excluding licenses)		108			86			59			(1	)		44			(6	)		(13	)		10			70			27			39			315			252			35
OCF margin (%)		39	%		30	%		23	%		0	%		18	%		(2	%)		(5	%)		4	%		28	%		11	%		15	%		28	%		24	%		3	%

(in PKR billions, unless stated otherwise, unaudited)

MOBILE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		27.0			28.5			26.7			25.7			26.0			26.3			24.2			25.5			25.3			26.2			25.9			106.3			108.0			102.1
Service revenue		26.3			27.6			25.7			24.5			24.9			25.2			23.1			24.3			24.0			24.9			24.5			104.8			104.1			97.5
EBITDA		11.5			12.3			11.5			9.6			10.0			10.2			8.5			10.1			9.7			10.8			10.6			45.6			44.5			38.8
EBITDA margin (%)		42.3	%		43.0	%		43.1	%		37.2	%		39.5	%		38.9	%		34.9	%		39.5	%		38.5	%		41.3	%		41.0	%		43.1	%		41.5	%		38.2	%
Capital expenditures (CAPEX)		n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			2.6			8.1			6.7			n.a.			n.a.			n.a.
CAPEX excluding licenses		n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			2.6			8.1			6.7			n.a.			n.a.			n.a.
Data Revenue		0.7			0.8			0.9			0.9			1.0			1.2			1.3			1.4			1.9			2.1			2.2			2.3			3.3			4.9
Customers (mln)		36.3			37.1			37.4			37.6			38.2			38.8			38.7			38.5			38.2			33.4			35.2			36.1			37.6			38.5
ARPU (PKR)		244			249			229			219			216			214			195			204			203			225			230			n.a.			n.a.			n.a.
MOU billed (min)		228			233			222			222			213			230			236			273			301			355			369			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		3.9	%		5.3	%		6.5	%		7.3	%		5.7	%		6.4	%		6.8	%		7.0	%		3.8	%		21.6	%		3.7	%		n.a.			n.a.			n.a.
MBOU		n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			297			298			350			n.a.			n.a.			n.a.

Bangladesh

index page

(in USD millions, unless stated otherwise, unaudited)

MOBILE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		118			129			129			128			134			141			142			146			147			151			154			554			504			563
Service revenue		118			129			129			122			132			139			140			144			145			149			151			554			498			556
EBITDA		49			48			47			43			49			54			56			60			60			63			69			192			187			219
EBITDA margin (%)		41.4	%		37.2	%		36.3	%		33.7	%		37.4	%		38.2	%		39.7	%		40.8	%		40.6	%		41.9	%		44.7	%		34.7	%		37.1	%		38.9	%
Capital expenditures (CAPEX)		12			13			127			131			27			43			50			59			12			32			49			126			282			178
CAPEX excluding licenses		12			13			17			131			27			43			50			59			12			32			49			126			172			178
Data Revenue		2.5			2.8			3.8			4.0			4.4			5.0			6.3			7.5			8.6			9.3			11.5			6.8			13.1			23.2
Customers (mln)		25.9			27.1			28.1			28.8			29.4			29.8			30.2			30.8			31.8			32.0			32.3			25.9			28.8			30.8
ARPU (USD)		1.5			1.6			1.5			1.4			1.5			1.6			1.5			1.6			1.5			1.5			1.6			n.a.			n.a.			n.a.
MOU billed (min)		175			198			189			183			188			201			200			186			199			203			151			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		6.6	%		3.9	%		5.1	%		6.9	%		6.3	%		5.2	%		5.3	%		5.1	%		4.5	%		5.7	%		5.7	%		n.a.			n.a.			n.a.
MBOU		n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			66			60			104			n.a.			n.a.			n.a.
Operating cash flow (EBITDA-CAPEX excluding licenses)		37			36			30			(88	)		23			11			7			1			48			31			20			65			15			41
OCF margin (%)		31	%		28	%		23	%		(69	%)		17	%		8	%		5	%		0	%		32	%		21	%		13	%		12	%		3	%		7	%
(in BDT billions, unless stated otherwise, unaudited)
MOBILE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		9.3			10.1			10.0			10.0			10.2			10.9			11.0			11.3			11.4			11.8			11.9			45.6			39.4			43.5
Service revenue		9.3			10.0			10.0			9.5			10.2			10.8			10.9			11.2			11.3			11.6			11.8			45.6			38.8			43.0
EBITDA		3.8			3.7			3.6			3.4			4.0			4.2			4.4			4.6			4.6			4.9			5.3			16.0			14.6			17.2
EBITDA margin (%)		41.3	%		37.2	%		36.3	%		33.7	%		37.4	%		38.2	%		39.7	%		40.8	%		40.6	%		41.9	%		44.7	%		34.7	%		37.1	%		38.9	%
Capital expenditures (CAPEX)		n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			0.9			2.5			3.8			n.a.			n.a.			n.a.
CAPEX excluding licenses		n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			0.9			2.5			3.8			n.a.			n.a.			n.a.
Data Revenue		0.20			0.22			0.29			0.31			0.30			0.39			0.49			0.58			0.67			0.73			0.89			0.55			1.02			2
Customers (mln)		25.9			27.1			28.1			28.8			29.4			29.8			30.2			30.8			31.8			32.0			32.3			25.9			28.8			30.8
ARPU (BDT)		119			126			121			110			117			121			120			122			119			120			121			n.a.			n.a.			n.a.
MOU billed (min)		175			198			189			183			188			201			200			186			199			203			151			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		6.6	%		3.9	%		5.1	%		6.9	%		6.3	%		5.2	%		5.3	%		5.1	%		4.5	%		5.7	%		5.7	%		n.a.			n.a.			n.a.
MBOU		n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			66			60			104			n.a.			n.a.			n.a.

Ukraine

index page

(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		396			401			420			394			335			259			252			216			151			154			166			1,676			1,611			1,062
EBITDA		194			192			208			186			162			115			114			92			63			70			84			859			781			483
EBITDA margin (%)		49.0	%		48.0	%		49.6	%		47.2	%		48.6	%		44.5	%		45.4	%		42.7	%		41.3	%		45.6	%		51.0	%		51.3	%		48.5	%		45.2	%
Capital expenditures (CAPEX)		42			48			66			56			35			30			35			37			45			178			38			231			212			137
CAPEX excluding licenses		42			48			66			56			35			30			35			37			32			54			36			231			212			137
Operating cash flow (EBITDA-CAPEX excluding licenses)		152			144			143			130			127			85			79			55			31			16			48			628			569			346
OCF margin (%)		38	%		36	%		34	%		33	%		38	%		33	%		31	%		24	%		20	%		10	%		29	%		37	%		35	%		32	%
MOBILE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		362			367			384			359			305			236			232			200			140			143			155			1,551			1,473			973
Service revenue		355			360			376			357			305			235			231			199			139			142			154			1,522			1,448			970
Data Revenue		26.4			27.0			29.3			29.9			27.6			20.5			19.5			17.8			14.0			14.0			19.0			102.0			112.6			85
Customers (mln)*		26.3			25.6			25.9			25.8			25.6			25.4			26.3			26.2			26.1			26.1			25.7			25.1			25.8			26.2
ARPU (USD)		4.6			4.6			4.8			4.6			3.9			3.1			3.0			2.5			1.8			1.8			1.9			n.a.			n.a.			n.a.
MOU (min)		484			486			497			504			498			506			517			524			536			530			537			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		6.9	%		11.4	%		8.0	%		8.4	%		7.3	%		6.4	%		4.8	%		6.7	%		5.4	%		5.0	%		6.6	%		n.a.			n.a.			n.a.
FIXED-LINE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		33			33			36			35			30			24			20			16			11			11			11			125			137			90
Service revenue		33			33			36			35			29			24			20			16			11			11			11			124			137			89
Broadband revenue		12			13			13			13			13			10			9			8			6			6			6			34			51			40
Broadband customers (mln)		0.7			0.7			0.7			0.8			0.8			0.8			0.8			0.8			0.8			0.8			0.8			0.6			0.8			0.8
Broadband ARPU (USD)		6.3			6.2			6.1			6.0			5.6			4.0			3.6			3.2			2.3			2.5			2.5			n.a.			n.a.			n.a.
(in UAH millions, unless stated otherwise, unaudited)
CONSOLIDATED	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		3,162			3,201			3,359			3,149			2,942			3,034			3,160			3,095			3,092			3,315			3,595			13,392			12,871			12,231
EBITDA		1,550			1,536			1,666			1,487			1,430			1,349			1,436			1,311			1,278			1,512			1,835			6,867			6,239			5,526
EBITDA margin (%)		49.0	%		48.0	%		49.6	%		47.2	%		48.6	%		44.5	%		45.5	%		42.3	%		41.3	%		45.6	%		51.0	%		51.3	%		48.5	%		45.2	%
Capital expenditures (CAPEX)		336			383			525			447			305			354			445			554			1,033			3,999			833			1,848			1,690			1,658
CAPEX excluding licenses		336			383			525			447			305			354			444			554			742			1,176			778			1,848			1,690			1,656
Operating cash flow (EBITDA-CAPEX excluding licenses)		1,215			1,153			1,141			1,040			1,125			995			991			757			535			336			1,057			5,019			4,549			3,870
OCF margin (%)		38	%		36	%		34	%		33	%		38	%		33	%		31	%		24	%		17	%		10	%		29	%		37	%		35	%		32	%
MOBILE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		2,897			2,936			3,069			2,866			2,682			2,754			2,906			2,870			2,859			3,077			3,357			12,397			11,768			11,212
Service revenue		2,836			2,879			3,008			2,856			2,677			2,750			2,899			2,863			2,851			3,069			3,348			12,152			11,579			11,189
Data Revenue		210.7			216.0			234.0			239.0			242.3			240.4			244.6			256.4			281.4			303.7			408.2			816			900			984
Customers (mln)*		26.3			25.6			25.9			25.8			25.6			25.4			26.3			26.2			26.1			26.1			25.7			25.1			25.8			26.2
ARPU (UAH)		36.5			36.5			38.2			36.5			34.6			35.7			37.0			36.1			36.0			38.7			42.2			n.a.			n.a.			n.a.
MOU (min)		484			486			497			504			498			506			517			524			536			530			537			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		6.9	%		11.4	%		8.0	%		8.4	%		7.3	%		6.4	%		4.8	%		6.7	%		5.4	%		5.0	%		6.6	%		n.a.			n.a.			n.a.
FIXED-LINE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		265			265			290			283			260			280			255			225			233			238			238			996			1,103			1,020
Service revenue		265			265			290			282			259			279			254			225			233			238			238			995			1,102			1,017
Broadband revenue		96			101			104			107			114			111			107			111			117			132			132			275			408			443
Broadband customers (mln)		0.7			0.7			0.7			0.8			0.8			0.8			0.8			0.8			0.8			0.8			0.8			0.6			0.8			0.8
Broadband ARPU (UAH)		50.0			49.7			48.8			48.1			49.1			47.1			44.6			45.5			47.7			53.4			54.2			n.a.			n.a.			n.a.

* The 2012 customer base has been adjusted for the alignment of the active customer base definition

Kazakhstan

index page

(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		190			207			223			219			180			186			197			193			164			169			156			829			840			756
EBITDA		89			99			98			105			86			90			95			78			81			82			66			394			391			349
EBITDA margin (%)		46.7	%		47.9	%		43.9	%		47.7	%		47.8	%		48.7	%		48.2	%		40.2	%		49.5	%		48.6	%		42.5	%		47.6	%		46.5	%		46.2	%
Capital expenditures (CAPEX)		25			37			39			58			9			17			26			57			7			22			18			166			159			109
CAPEX excluding licenses		25			37			39			58			9			17			26			57			7			22			18			166			159			109
Operating cash flow (EBITDA-CAPEX excluding licenses)		64			62			59			47			77			73			69			21			74			60			48			228			232			240
OCF margin (%)		34	%		30	%		26	%		21	%		42	%		39	%		35	%		11	%		45	%		36	%		31	%		27	%		28	%		32	%
MOBILE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		174			188			202			198			160			165			177			172			144			149			137			775			761			674
Service revenue		173			188			202			198			159			165			177			172			144			148			135			775			761			673
Data Revenue		21.5			21.3			22.6			25.7			23.4			21.5			26.8			30.9			30.0			28.0			26.0			66.8			91.1			103
Customers (mln)		8.5			8.8			9.0			9.2			9.2			9.6			9.8			9.8			9.6			9.7			9.8			8.6			9.2			9.8
Mobile data customers (mln)		4.8			4.9			5.1			5.2			5.2			5.3			5.4			5.4			5.2			5.1			5.2			4.7			5.2			5.4
ARPU (USD)		7			7			7			7			6			6			6			6			5			5			4			n.a.			n.a.			n.a.
MOU (min)		254			300			311			301			293			326			317			298			273			292			292			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		13	%		11	%		12	%		13	%		13	%		11	%		13	%		14	%		13	%		12	%		13	%		n.a.			n.a.			n.a.
MBOU		n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			414			416			612			n.a.			n.a.			n.a.
FIXED-LINE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		17			19			21			21			20			21			20			21			20			20			19			55			78			82
Service revenue		16			19			21			21			20			21			20			21			20			20			19			54			77			82
Broadband revenue		9			9			8			9			9			8			8			9			12			9			10			20			34			34
Broadband customers (mln)		0.2			0.2			0.2			0.2			0.2			0.2			0.2			0.2			0.2			0.2			0.4			0.2			0.2			0.2
Broadband ARPU (USD)		18			17			17			18			16			14			14			15			20			14			12			n.a.			n.a.			n.a.
(in KZT millions, unless stated otherwise, unaudited)
CONSOLIDATED	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		28,650			31,300			34,068			33,730			30,453			33,920			35,928			34,965			30,284			31,408			33,232			123,665			127,748			135,266
EBITDA		13,373			14,991			14,966			16,105			14,558			16,532			17,322			14,061			14,981			15,265			14,108			58,814			59,435			62,473
EBITDA margin (%)		46.7	%		47.9	%		43.9	%		47.7	%		47.8	%		48.7	%		48.2	%		40.2	%		49.5	%		48.6	%		42.5	%		47.6	%		46.5	%		46.2	%
Capital expenditures (CAPEX)		3,698			5,626			6,017			8,900			1,637			3,170			4,805			10,057			1,239			4,066			4,033			24,806			24,241			19,669
CAPEX excluding licenses		3,698			5,626			6,017			8,900			1,637			3,170			4,805			10,057			1,239			4,066			4,033			24,806			24,241			19,669
Operating cash flow (EBITDA-CAPEX excluding licenses)		9,676			9,364			8,949			7,205			12,921			13,362			12,517			4,004			13,742			11,200			10,075			34,006			35,194			42,804
OCF margin (%)		34	%		30	%		26	%		21	%		42	%		39	%		35	%		11	%		45	%		36	%		30	%		27	%		28	%		32	%
MOBILE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		26,149			28,383			30,911			30,513			27,009			30,167			32,284			31,183			26,564			27,617			29,166			115,543			115,956			120,643
Service revenue		26,129			28,343			30,882			30,482			26,976			30,131			32,257			31,148			26,537			27,571			28,789			115,438			115,835			120,512
Data Revenue		3,232			3,219			3,463			3,956			3,947			3,927			4,883			5,603			5,456			5,251			5,471			9,975			13,870			18,359
Customers (mln)		8.5			8.8			9.0			9.2			9.2			9.6			9.8			9.8			9.6			9.7			9.8			8.6			9.2			9.2
Mobile data customers (mln)		4.8			4.9			5.1			5.2			5.2			5.3			5.4			5.4			5.2			5.1			5.2			4.7			5.2			5.4
ARPU (KZT)		1,012			1,101			1,141			1,110			975			1,058			1,098			1,041			898			934			954			n.a.			n.a.			n.a.
MOU (min)		254			300			311			301			293			326			317			298			273			292			292			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		13	%		11	%		12	%		13	%		13	%		11	%		13	%		14	%		14	%		12	%		13	%		n.a.			n.a.			n.a.
MBOU		n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			414			416			612			n.a.			n.a.			n.a.
FIXED-LINE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		2,500			2,917			3,208			3,217			3,444			3,753			3,644			3,782			3,720			3,791			4,067			8,129			11,842			14,623
Service revenue		2,480			2,940			3,147			3,214			3,412			3,748			3,608			3,769			3,707			3,779			4,057			8,050			11,781			14,537
Broadband revenue		1,280			1,315			1,289			1,439			1,514			1,502			1,445			1,643			2,189			1,638			2,130			2,941			5,323			6,104
Broadband customers (mln)		0.2			0.2			0.2			0.2			0.2			0.2			0.2			0.2			0.2			0.2			0.4			0.2			0.2			0.2
Broadband ARPU (KZT)		2,651			2,600			2,597			2,707			2,685			2,632			2,581			2,740			3,726			2,597			2,575			n.a.			n.a.			n.a.

Uzbekistan

index page

(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED	1Q13			2Q13			3Q13			4Q13*			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13*			FY14
Total operating revenue		157			167			176			173			163			179			190			186			167			175			186			463			672			718
EBITDA		102			108			116			21			105			115			127			115			105			113			99			253			347			461
EBITDA margin (%)		65.2	%		64.7	%		66.0	%		11.9	%		64.4	%		64.2	%		66.5	%		61.6	%		62.7	%		64.3	%		53.2	%		54.6	%		51.5	%		64.2	%
Capital expenditures (CAPEX)		59			35			65			-17			21			10			20			28			0			1			34			137			142			79
CAPEX excluding licenses		59			35			65			-17			21			10			20			28			0			1			34			137			142			79
Operating cash flow (EBITDA-CAPEX excluding licenses)		44			73			51			38			84			104			106			87			105			111			65			116			205			381
OCF margin (%)		28	%		44	%		29	%		22	%		52	%		58	%		56	%		47	%		63	%		64	%		35	%		25	%		31	%		53	%
MOBILE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		155			165			174			171			161			177			189			184			166			174			184			455			665			711
Service revenue		154			164			174			171			161			176			189			184			165			174			183			451			663			710
Data Revenue		20.2			21.5			25.7			27.3			30.4			31.3			34.9			35.7			34.3			33.8			34.2			47.1			94.8			132.3
Customers (mln)		10.3			10.2			10.3			10.5			10.4			10.4			10.5			10.6			10.4			10.3			10.2			10.2			10.5			10.6
Mobile data customers (mln)		5.0			5.0			5.3			5.4			5.4			5.3			5.4			5.5			5.2			5.0			4.8			4.8			5.4			5.5
ARPU (USD)		5.0			5.3			5.6			5.0			5.1			5.6			6.0			5.8			5.2			5.6			6.0			n.a.			n.a.			n.a.
MOU (min)		425			472			504			493			465			531			568			528			491			553			540			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		13	%		15	%		14	%		13	%		12	%		12	%		12	%		12	%		12	%		11	%		12	%		n.a.			n.a.			n.a.
FIXED-LINE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		1.9			1.9			2.0			2.0			2.0			2.0			2.0			2.0			1.0			1.4			1.3			8.3			7.8			8.0
Service revenue		1.9			1.9			1.9			1.8			1.8			2.0			2.0			2.0			1.0			1.3			1.3			8.3			7.5			7.8
Broadband revenue		0.7			0.7			0.7			0.7			0.7			0.7			0.7			0.6			0.6			0.5			0.5			3.0			2.8			2.7
Broadband customers (mln)		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Broadband ARPU (USD)		13.3			12.8			12.3			13.0			21.0			19.0			14.0			16.9			16.7			16.8			16.8			n.a.			n.a.			n.a.
(in UZS billions, unless stated otherwise, unaudited)
CONSOLIDATED	1Q13			2Q13			3Q13			4Q13*			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13*			FY14
Total operating revenue		316			345			373			378			363			409			446			445			409			442			480			883			1,412			1,662
EBITDA		206			223			246			43			234			262			296			274			257			284			255			483			719			1,066
EBITDA margin (%)		65.2	%		64.7	%		66.0	%		11.9	%		64.4	%		64.2	%		66.5	%		61.6	%		62.7	%		64.3	%		53.1	%		54.6	%		51.5	%		64.2	%
Capital expenditures (CAPEX)		118			72			138			-39			46			23			47			67			0			3			87			260			289			184
CAPEX excluding licenses		118			72			138			-39			46			23			47			67			0			3			87			260			289			184
Operating cash flow (EBITDA-CAPEX excluding licenses)		88			151			108			82			188			239			249			207			257			281			168			224			429			882
OCF margin (%)		28	%		44	%		29	%		22	%		52	%		58	%		56	%		46	%		63	%		64	%		35	%		25	%		30	%		53	%
MOBILE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		312			341			369			374			359			405			442			441			406			439			476			867			1,396			1,646
Service revenue		310			340			368			373			358			404			441			441			405			439			475			859			1,392			1,643
Data Revenue		40.7			44.6			54.5			59.5			67.7			71.7			81.7			85.4			84.1			85.3			88.5			89.8			199.3			306.4
Customers (mln)		10.3			10.2			10.3			10.5			10.4			10.4			10.5			10.6			10.4			10.3			10.2			10.2			10.5			10.6
Mobile data customers (mln)		5.0			5.0			5.3			5.4			5.4			5.3			5.4			5.5			5.2			5.0			4.8			4.8			5.4			5.5
ARPU (UZS)		9,986			10,983			11,854			11,821			11,293			12,805			13,955			13,804			12,819			14,092			15,393			n.a.			n.a.			n.a.
MOU (min)		425			472			504			493			465			531			568			528			491			553			540			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		13	%		15	%		14	%		13	%		12	%		12	%		12	%		12	%		12	%		11	%		12	%		n.a.			n.a.			n.a.
FIXED-LINE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		3.8			4.0			4.1			3.9			4.0			3.9			4.0			3.9			3.5			3.5			3.4			15.7			15.8			15.8
Service revenue		3.7			4.0			4.1			3.9			4.0			3.9			3.9			3.8			3.4			3.4			3.4			15.5			15.7			15.6
Broadband revenue		1.5			1.5			1.5			1.5			1.5			1.5			1.6			1.5			1.4			1.3			1.3			5.6			5.9			6.1
Broadband customers (mln)		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Broadband ARPU (UZS)		26,737			26,460			26,144			28,293			46,631			43,076			43,970			40,462			45,518			42,404			40,215			n.a.			n.a.			n.a.

* EBITDA and CAPEX were restated as fixed assets that should not have been capitalized in 2012 and 2011 were written off and accounted for as operating expenses

Armenia

index page

(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		35			35			37			38			33			34			39			32			26			28			30			158			145			138
EBITDA		14			14			16			13			12			13			15			6			9			11			12			63			57			46
EBITDA margin (%)		39.1	%		40.7	%		42.4	%		35.2	%		36.6	%		37.1	%		37.7	%		19.3	%		35.2	%		40.5	%		40.7	%		39.8	%		39.4	%		32.5	%
Capital expenditures (CAPEX)		1			2			4			4			1			2			5			6			2			2			5			15			11			14
CAPEX excluding licenses		1			2			4			4			1			2			5			6			2			2			5			15			11			14
Operating cash flow (EBITDA-CAPEX excluding licenses)		12			12			12			9			11			11			10			—			7			9			7			48			46			32
OCF margin (%)		35	%		35	%		32	%		24	%		33	%		30	%		26	%		0	%		27	%		32	%		23	%		30	%		32	%		22	%
MOBILE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		15			15			17			17			14			15			18			15			12			13			15			71			64			62
Service revenue		14			15			17			16			13			15			17			14			11			12			14			64			62			59
Data Revenue		1.29			1.24			1.29			1.36			1.39			1.38			1.50			1.47			1.33			1.38			1.54			4.3			5.1			6
Customers (mln)		0.8			0.7			0.7			0.7			0.7			0.7			0.8			0.8			0.8			0.8			0.8			0.8			0.7			0.8
Mobile data customers (mln)		0.3			0.3			0.3			0.3			0.3			0.3			0.4			0.4			0.4			0.4			0.4			0.4			0.3			0.4
ARPU (USD)		6.0			6.7			6.9			7.7			6.3			6.7			7.4			6.0			4.7			5.0			5.5			n.a.			n.a.			n.a.
MOU (min)		295			353			377			388			365			382			377			371			341			366			354			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		20.4	%		17.9	%		13.5	%		12.4	%		11.0	%		11.2	%		10.8	%		10.9	%		9.6	%		8.5	%		9.7	%		n.a.			n.a.			n.a.
FIXED-LINE	1Q13			2Q13			3Q13			Q4 2013			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		20			20			20			21			19			19			21			17			15			15			15			87			81			76
Service revenue		20			20			19			21			19			19			21			17			15			15			15			86			80			76
Broadband revenue		5.6			5.4			5.4			5.4			5.1			4.9			4.7			4.4			3.9			3.9			3.9			22.6			21.8			19
Broadband customers (mln)		0.2			0.2			0.2			0.2			0.2			0.2			0.2			0.2			0.2			0.2			0.2			0.2			0.2			0.2
Broadband ARPU (USD)		11.9			11.3			11.2			11.0			10.6			10.3			10.3			9.7			8.7			8.7			8.4			n.a.			n.a.			n.a.
(in AMD millions, unless stated otherwise, unaudited)
CONSOLIDATED	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		14,179			14,485			15,237			15,378			13,672			14,136			15,812			13,859			12,528			13,307			14,431			63,441			59,278			57,479
EBITDA		5,551			5,901			6,468			5,421			4,997			5,239			5,956			2,478			4,415			5,388			5,870			25,257			23,340			18,670
EBITDA margin (%)		39.1	%		40.7	%		42.4	%		35.2	%		36.6	%		37.1	%		37.7	%		17.9	%		35.2	%		40.5	%		40.7	%		39.8	%		39.4	%		32.5	%
Capital expenditures (CAPEX)		525			776			1,576			1,759			501			1,025			1,977			2,605			975			1,183			2,240			6,100			4,636			6,108
CAPEX excluding licenses		525			776			1,576			1,759			501			1,025			1,977			2,605			975			1,183			2,240			6,100			4,636			6,108
Operating cash flow (EBITDA-CAPEX excluding licenses)		5,025			5,125			4,892			3,662			4,496			4,214			3,979			(127	)		3,440			4,205			3,630			19,157			18,704			12,562
OCF margin (%)		35	%		35	%		32	%		24	%		33	%		30	%		25	%		-1	%		27	%		32	%		25	%		30	%		32	%		22	%
MOBILE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		5,966			6,267			7,214			6,812			5,856			6,297			7,158			6,429			5,568			6,298			7,227			28,605			26,259			25,740
Service revenue		5,739			6,189			7,086			6,573			5,519			6,033			6,935			6,155			5,355			5,918			6,718			25,502			25,587			24,642
Data Revenue		527			514			528			553			572			570			614			634			633			656			740			1,715			2,122			2,389
Customers (mln)		0.8			0.7			0.7			0.7			0.7			0.7			0.8			0.8			0.8			0.8			0.8			0.8			0.7			0.8
Mobile data customers (mln)		0.3			0.3			0.3			0.3			0.3			0.3			0.4			0.4			0.4			0.4			0.4			0.4			0.3			0.4
ARPU (AMD)		2,446			2,781			3,292			3,093			2,589			2,752			3,020			2,588			2,229			2,404			2,618			n.a.			n.a.			n.a.
MOU (min)		295			353			377			388			365			382			377			371			341			366			354			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		20.4	%		17.9	%		13.5	%		12.4	%		11.0	%		11.2	%		10.8	%		10.9	%		9.6	%		8.5	%		9.7	%		n.a.			n.a.			n.a.
FIXED	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		8,172			8,218			8,022			8,566			7,816			7,840			8,654			7,430			6,960			7,009			7,204			34,837			32,978			31,740
Service revenue		8,122			8,173			7,954			8,510			7,766			7,811			8,638			7,407			6,943			6,988			7,182			34,239			32,759			31,622
Broadband revenue		2,288			2,241			2,224			2,189			2,095			2,011			1,934			1,899			1,876			1,865			1,865			9,082			8,942			7,938
Broadband customers (mln)		0.2			0.2			0.2			0.2			0.2			0.2			0.2			0.2			0.2			0.2			0.2			0.2			0.2			0.2
Broadband ARPU (AMD)		4,863			4,690			4,612			4,461			4,369			4,260			4,189			4,174			4,136			4,150			4,038			n.a.			n.a.			n.a.

Tajikistan

index page

(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		29			38			44			37			31			37			41			33			26			30			35			107			148			142
EBITDA		12			20			24			18			14			14			20			13			14			18			25			51			74			61
EBITDA margin (%)		42.5	%		52.0	%		53.8	%		48.2	%		46.6	%		38.5	%		49.9	%		38.5	%		52.8	%		61.0	%		72.7	%		47.9	%		49.7	%		43.5	%
Capital expenditures (CAPEX)		4			5			3			5			2			4			1			11			0			4			2			20			16			18
CAPEX excluding licenses		4			5			3			5			2			4			1			11			0			4			2			20			16			18
Operating cash flow (EBITDA-CAPEX excluding licenses)		9			15			21			13			13			11			19			2			13			14			23			31			57			44
OCF margin (%)		30	%		40	%		48	%		34	%		41	%		29	%		47	%		5	%		53	%		47	%		67	%		29	%		39	%		31	%
MOBILE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		28			37			43			36			31			37			41			33			26			30			35			103			144			142
Service revenue		29			37			43			36			31			37			41			33			26			30			35			102			145			142
Data Revenue		0.78			0.69			0.86			1.01			1.15			1.04			0.92			0.90			0.82			0.63			0.64			2.54			3.34			4.01
Customers (mln)		1.2			1.2			1.2			1.3			1.3			1.3			1.3			1.3			1.3			1.2			1.2			1.1			1.3			1.3
Mobile data customers (mln)		0.5			0.4			0.5			0.5			0.6			0.6			0.6			0.5			0.5			0.5			0.4			0.4			0.5			0.5
ARPU (USD)		8.2			10.4			11.7			9.6			7.9			9.6			10.7			8.6			6.8			8.0			9.7			n.a.			n.a.			n.a.
MOU (min)		235			263			277			307			278			283			297			287			263			289			308			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		20.4	%		19.8	%		20.7	%		17.4	%		18.0	%		20.5	%		20.5	%		18.2	%		19.6	%		19.5	%		20.6	%		n.a.			n.a.			n.a.
FIXED-LINE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		0.7			0.9			1.0			0.1			0.0			0.2			0.1			0.0			0.0			0.0			0.0			4.3			2.7			0.3

Georgia

index page

(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		20			22			24			22			19			18			21			21			15			15			15			78			88			79
EBITDA		6			7			8			6			5			4			6			5			2			3			3			21			27			20
EBITDA margin (%)		27.9	%		31.0	%		33.6	%		28.6	%		26.2	%		25.2	%		27.7	%		21.4	%		14.3	%		21.6	%		19.2	%		27.3	%		30.4	%		25.1	%
Capital expenditures (CAPEX)		1			2			12			4			2			3			6			10			40			5			5			13			18			21
CAPEX excluding licenses		1			2			12			4			2			3			6			8			4			5			5			13			18			18
Operating cash flow (EBITDA-CAPEX excluding licenses)		5			5			(4	)		2			3			1			0			(3	)		(1	)		(2	)		(2	)		9			8			1
OCF margin (%)		24	%		22	%		(13	%)		13	%		18	%		10	%		2	%		(15	%)		(9	%)		(13	%)		(11	%)		11	%		11	%		2	%
MOBILE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		19			20			23			21			18			17			20			19			13			12			14			77			83			74
Service revenue		18			19			22			20			17			17			20			19			13			12			13			73			79			73
Data Revenue		0.6			0.6			0.7			0.7			0.6			0.6			0.7			0.6			0.5			0.5			0.6			2.3			2.6			2.5
Customers (mln)		1.0			1.0			1.1			1.1			1.1			1.1			1.3			1.3			1.3			1.3			1.4			1.0			1.1			1.3
Mobile data customers (mln)		0.4			0.4			0.4			0.4			0.4			0.4			0.4			0.4			0.5			0.5			0.5			0.4			0.4			0.4
ARPU (USD)		6.3			6.4			6.4			5.9			5.0			4.9			5.3			4.5			3.2			3.0			3.1			n.a.			n.a.			n.a.
MOU (min)		253			251			250			226			214			226			239			230			226			241			245			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		19.4	%		16.5	%		16.7	%		21.4	%		16.1	%		16.4	%		15.9	%		21.3	%		16.7	%		16.1	%		15.8	%		n.a.			n.a.			n.a.
FIXED	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		1.1			1.3			1.2			1.0			1.0			0.4			1.2			1.8			1.6			2.7			1.7			1.6			4.6			4.4
Service revenue		1.1			1.3			1.2			1.2			0.9			0.4			1.2			1.8			1.6			2.7			1.7			1.5			4.8			4.3
(in GEL millions, unless stated otherwise, unaudited)
CONSOLIDATED	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		33			36			40			38			33			31			37			39			30			34			36			129			147			140
EBITDA		9			11			14			11			9			8			10			8			4			7			7			35			45			35
EBITDA margin (%)		27.9	%		31.0	%		33.6	%		28.6	%		26.2	%		25.2	%		27.7	%		21.4	%		14.2	%		21.6	%		19.2	%		27.3	%		30.4	%		25.1	%
Capital expenditures (CAPEX)		1			3			19			6			3			5			10			19			83			12			11			21			29			37
CAPEX excluding licenses		1			3			19			6			3			5			10			14			7			12			11			21			29			32
Operating cash flow (EBITDA-CAPEX excluding licenses)		8			8			(5	)		5			6			3			0			(6	)		(3	)		(5	)		(4	)		14			16			3
OCF margin (%)		24	%		22	%		(13	%)		13	%		18	%		10	%		0	%		(15	%)		(10	%)		(15	%)		(11	%)		11	%		11	%		2	%
MOBILE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		31			33			38			36			31			31			35			35			27			28			32			127			138			132
Service revenue		30			32			37			33			30			30			35			35			26			28			31			121			132			130
Data Revenue		1.0			0.9			1.1			1.1			1.1			1.1			1.3			1.0			1.1			1.2			1.5			3.9			4.2			4.5
Customers (mln)		0.97			1.01			1.10			1.09			1.11			1.15			1.25			1.25			1.28			1.30			1.37			1.0			1.1			1.3
Mobile data customers (mln)		0.4			0.4			0.4			0.4			0.4			0.4			0.4			0.4			0.5			0.5			0.5			0.4			0.4			0.4
ARPU (GEL)		10.4			11.0			11.0			10.0			8.7			8.5			9.2			8.2			6.7			6.9			7.2			n.a.			n.a.			n.a.
MOU (min)		253			251			250			226			214			226			239			230			226			241			245			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		19.4	%		16.5	%		16.7	%		21.4	%		16.1	%		16.4	%		15.9	%		21.3	%		16.7	%		16.1	%		15.8	%		n.a.			n.a.			n.a.
FIXED	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		1.8			2.2			2.0			2.1			2.0			0.7			2.2			3.3			3.3			6.2			4.0			2.6			8.1			8.2
Service revenue		1.8			2.2			2.0			2.1			1.6			0.7			2.2			3.3			3.3			6.2			4.0			2.5			8.1			7.8

Kyrgyzstan

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(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		44			51			53			44			38			44			51			45			38			43			45			161			192			178
EBITDA		22			29			27			19			17			23			27			23			21			24			26			91			97			90
EBITDA margin (%)		51.1	%		56.1	%		51.0	%		42.8	%		45.2	%		53.0	%		52.9	%		52.0	%		53.5	%		56.0	%		57.0	%		56.3	%		50.5	%		51.1	%
Capital expenditures (CAPEX)		1			8			6			8			3			6			8			10			3			3			10			31			23			27
CAPEX excluding licenses		1			8			6			8			3			6			8			10			3			3			6			31			23			27
Operating cash flow (EBITDA-CAPEX excluding licenses)		21			21			21			11			14			17			19			14			18			21			20			60			74			64
OCF margin (%)		48	%		40	%		40	%		25	%		37	%		40	%		37	%		30	%		46	%		48	%		44	%		37	%		38	%		36	%
MOBILE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		44			51			53			44			38			44			51			45			38			43			45			161			192			178
Service revenue		44			51			53			44			38			44			51			45			38			42			45			160			192			178
Data Revenue		3.2			3.2			3.6			4.1			4.3			4.3			5.1			4.8			4.6			4.8			5.5			10.6			14.2			18.5
Customers (mln)		2.2			2.3			2.5			2.7			2.6			2.6			2.7			2.7			2.7			2.8			2.7			2.5			2.7			2.7
Mobile data customers (mln)		1.6			1.3			1.4			1.5			1.5			1.5			1.5			1.6			1.6			1.5			1.6			1.3			1.5			1.6
ARPU (USD)		6.2			7.4			7.0			5.6			4.7			5.6			6.3			5.4			4.6			5.1			5.3			n.a.			n.a.			n.a.
MOU (min)		228			280			310			311			294			294			298			285			261			294			293			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		24	%		15	%		14	%		17	%		19	%		16	%		15	%		16	%		15	%		14	%		19	%		n.a.			n.a.			n.a.
(in KGS millions, unless stated otherwise, unaudited)
CONSOLIDATED	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		2,093			2,458			2,599			2,165			1,988			2,330			2,666			2,563			2,340			2,577			2,892			7,582			9,316			9,547
EBITDA		1,069			1,380			1,326			927			899			1,234			1,410			1,333			1,253			1,445			1,647			4,266			4,702			4,876
EBITDA margin (%)		51.1	%		56.1	%		51.0	%		42.8	%		45.2	%		53.0	%		52.9	%		52.0	%		53.6	%		56.1	%		56.9	%		56.3	%		50.5	%		51.1	%
Capital expenditures (CAPEX)		55			403			284			395			159			305			412			562			168			194			666			1,461			1,137			1,438
CAPEX excluding licenses		55			403			284			395			159			305			412			562			168			194			368			1,461			1,137			1,438
Operating cash flow (EBITDA-CAPEX excluding licenses)		1,014			977			1,042			532			740			929			998			771			1,085			1,251			1,279			2,805			3,565			3,438
OCF margin (%)		48	%		40	%		40	%		25	%		37	%		40	%		37	%		30	%		46	%		49	%		44	%		37	%		38	%		36	%
MOBILE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue		2,093			2,458			2,599			2,165			1,988			2,330			2,666			2,563			2,340			2,577			2,892			7,583			9,315			9,547
Service revenue		2,077			2,443			2,583			2,151			1,975			2,322			2,658			2,549			2,318			2,556			2,865			7,517			9,254			9,504
Data Revenue		153			155			178			200			221			229			266			272			282			293			350			499			686			988
Customers (mln)		2.2			2.3			2.5			2.7			2.6			2.6			2.7			2.7			2.7			2.8			2.7			2.5			2.7			2.7
Mobile data customers (mln)		1.6			1.3			1.4			1.5			1.5			1.5			1.5			1.6			1.6			1.5			1.6			1.3			1.5			1.6
ARPU, (KGS)		294			355			353			274			248			297			330			310			282			309			343			n.a.			n.a.			n.a.
MOU (min)		228			280			310			311			294			294			298			285			261			294			293			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		24	%		15	%		14	%		17	%		19	%		16	%		15	%		16	%		15	%		14	%		19	%		n.a.			n.a.			n.a.

Asia (Laos)

index page

(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Total operating revenue*		11.9			7.8			7.0			6.7			8.3			8.0			7.0			5.5			5.1			4.7			4.3			60.8			33.4			28.5
EBITDA*		(0.9	)		2.8			2.0			1.7			2.4			3.0			2.0			2.3			2.0			1.5			0.9			(9.9	)		5.6			9.6
EBITDA margin (%)*		n.m.			35.7	%		30.5	%		25.8	%		28.4	%		37.7	%		28.0	%		42.7	%		38.5	%		31.2	%		21.2	%		n.a.			16.9	%		33.6	%
MOBILE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			3Q15			FY12			FY13			FY14
Customers (mln)		0.3			0.3			0.3			0.3			0.3			0.3			0.3			0.2			0.2			0.2			0.2			0.3			0.3			0.2
ARPU (USD)		7.0			7.1			6.1			6.1			5.4			5.6			5.7			5.0			5.1			6.0			5.3			n.a.			n.a.			n.a.

* Vietnam operations were sold in April 2012, Cambodia operations were sold in April 2013