UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

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

Securities Exchange Act of 1934

For the month of March 2012

Commission File Number 1-34694

VimpelCom Ltd.

(Translation of registrant’s name into English)

The Rock Building, Claude Debussylaan 88, 1082 MD, Amsterdam, the Netherlands

(Address of principal executive offices)

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

Form 20-F  x            Form 40-F  ¨

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

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

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

Yes  ¨             No  x

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

SIGNATURES

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

	VIMPELCOM LTD.
	(Registrant)
Date: March 13, 2012
	By:	/s/ Jeffrey David Mc Ghie
	Name:	Jeffrey David Mc Ghie
	Title:	General Counsel

VIMPELCOM DELIVERS SOLID ORGANIC REVENUE GROWTH

AND STRONG CASH FLOW

KEY RESULTS AND DEVELOPMENTS IN 2011*

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

Amsterdam (March 13, 2012) - “VimpelCom Ltd” (“VimpelCom”, “Company” or “Group”) (NYSE: VIP), a leading global provider of telecommunications services, today announced operating and financial results for the quarter ended December 31, 2011.

JO LUNDER, CHIEF EXECUTIVE OFFICER COMMENTS:

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

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

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

CONSOLIDATED FINANCIAL AND OPERATING HIGHLIGHTS (PRO FORMA)*

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

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

** Including licenses of USD 1.8 billion

VimpelCom Ltd. 4Q 2011  |    1

CONSOLIDATED FINANCIAL AND OPERATING HIGHLIGHTS (ACTUAL)

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

ORGANIC* GROWTH REVENUE AND EBITDA (PRO FORMA)

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

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

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

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

PRESENTATION OF FINANCIAL RESULTS

Actual twelve months 2011 results reflect the consolidation of Wind Telecom as of April 15, 2011. The Company believes pro forma comparisons provide the most meaningful comparison of financial performance and, unless otherwise stated, all comparisons in this press release are on a pro forma basis. For further details about the adjustments and assumptions of our pro forma results, please refer to VimpelCom’s press release issued on August 18, 2011 and available on our website. Pro forma 2010 results as reported on August 18, 2011 have been adjusted to reflect the impact of the updated Purchase Price Allocation of Wind Telecom and the change in the amortization model. For more details see page 7.

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

Certain amounts and percentages that appear in this earnings release have been subject to rounding adjustments. As a result, certain numerical figures shown as totals, including in tables, may not be exact arithmetic aggregations of the figures that precede or follow them.

The pro forma information presented in this press release reflects what the Company’s results of operations would have looked like had the Company’s transactions with Wind Telecom and Kyivstar occurred on January 1, 2010, and the 4Q11 figure exclude the Purchase Price Allocation catch-up, which is described in more detail on page 7.

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

VimpelCom Ltd. 4Q 2011  |    2

STRATEGIC UPDATE

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

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

• Integration of Wind Telecom completed

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

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

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

• Profitable growth,

• Operational excellence, and

• Capital efficiency

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

• Revenue and EBITDA CAGR of around mid single digits,

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

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

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

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

• Optimized structure of dealer commissions,

• Optimized cash collection, and

• Increasing productivity through organizational structure optimization.

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

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

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

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

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

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

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

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

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

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

VimpelCom Ltd. 4Q 2011  |    3

DIVIDEND

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

The record date for the Company’s shareholders entitled to receive the final dividend has been set for June 1, 2012. The ex-dividend date is May 30, 2012. The Company will make appropriate tax withholdings of up to 15% when the dividend is paid to the Company’s ADS depositary, The Bank of New York Mellon. The dividend will be paid by the Company before June 30, 2012.

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

VimpelCom Ltd. 4Q 2011  |    4

VIMPELCOM GROUP – FINANCIAL AND OPERATING RESULTS 4Q11

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

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

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

• Net cash from operating activities was USD 1.8 billion

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

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

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

OPERATING PERFORMANCE OVERVIEW

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

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

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

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

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

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

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

OPERATING FINANCIALS PER BUSINESS UNIT (PRO FORMA)

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

* See definitions in Attachment E.

VimpelCom Ltd. 4Q 2011  |    5

FINANCIAL PERFORMANCE OVERVIEW

PRO FORMA 4Q11

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

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

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

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

ACTUAL 4Q11

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

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

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

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

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

VimpelCom Ltd. 4Q 2011  |    6

STATEMENT OF FINANCIAL POSITION & CASH FLOW (ACTUAL)

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

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

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

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

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

NON-CASH ITEMS IN 4Q11 AND FY11

IMPAIRMENTS

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

PURCHASE PRICE ALLOCATION

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

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

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

IMPAIRMENT AND IMPACT OF PPA (ACTUAL)

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

VimpelCom Ltd. 4Q 2011  |    7

VIMPELCOM GROUP – FINANCIAL RESULTS FULL YEAR 2011

• Revenues up 7% YoY to USD 23.5 billion

• EBITDA increased 1% to USD 9.4 billion

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

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

• Net cash from operating activities was USD 5.9 billion

PRO FORMA FY 11

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

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

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

ACTUAL FY 11

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

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

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

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

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

VimpelCom Ltd. 4Q 2011  |    8

BUSINESS UNITS PERFORMANCE IN 4Q11

• Russia

• Europe and North America

• Africa & Asia

• Ukraine

• CIS

VimpelCom Ltd. 4Q 2011  |    9

BUSINESS UNIT RUSSIA – FINANCIAL AND OPERATING RESULTS

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

• Solid revenue growth of 10% YoY

• Double digit revenue increase in Mobile and fixed broadband

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

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

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

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

• Network sharing, like fiber and towers,

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

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

• Optimize cash collection, and

• Increasing productivity through organizational structure optimization.

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

KEY DEVELOPMENTS 4Q11

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

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

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

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

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

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

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

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

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

VimpelCom Ltd. 4Q 2011  |    10

RUSSIA KEY INDICATORS

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

VimpelCom Ltd. 4Q 2011  |    11

BUSINESS UNIT EUROPE & NA - FINANCIAL AND OPERATING RESULTS ITALY

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

• Stable EBITDA, leading to margin expansion to 37.4%

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

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

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

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

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

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

KEY DEVELOPMENTS 4Q11

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

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

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

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

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

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

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

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

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

VimpelCom Ltd. 4Q 2011  |    12

ITALY KEY INDICATORS*

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

* IFRS

Financials Data WAHF Group excluding Canada figures

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

CANADA

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

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

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

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

CANADA KEY INDICATORS

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

VimpelCom Ltd. 4Q 2011  |    13

BUSINESS UNIT AFRICA & ASIA - FINANCIAL AND OPERATING RESULTS

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

• Organic revenue growth of 5% YoY

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

• EBITDA increased organically by 10% YoY

• EBITDA margin stood at 35%

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

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

ALGERIA (“DJEZZY”)

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

PAKISTAN (“MOBILINK”)

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

BANGLADESH (“BANGLALINK”)

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

SUB SAHARAN AFRICA (“TELECEL GLOBE”)

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

SOUTH EAST ASIA

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

VimpelCom Ltd. 4Q 2011  |    14

AFRICA & ASIA KEY INDICATORS

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

For details per country unit please see Attachment B

AFRICA & ASIA BUSINESS UNIT: COUNTRY DETAIL

ALGERIA

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

PAKISTAN

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

BANGLADESH

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

VimpelCom Ltd. 4Q 2011  |    15

BUSINESS UNIT UKRAINE – FINANCIAL AND OPERATING RESULTS

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

• Doubling of fixed residential broadband subscribers YoY

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

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

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

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

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

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

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

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

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

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

UKRAINE KEY INDICATORS

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

VimpelCom Ltd. 4Q 2011  |    16

BUSINESS UNIT CIS* – FINANCIAL AND OPERATING RESULTS

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

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

• EBITDA margin of 40.8%

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

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

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

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

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

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

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

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

KAZAKHSTAN

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

UZBEKISTAN

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

ARMENIA

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

KYRGYZSTAN

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

TAJIKISTAN

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

GEORGIA

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

VimpelCom Ltd. 4Q 2011  |    17

CIS KEY INDICATORS

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

* CIS operations include operations in Kazakhstan, Uzbekistan, Armenia, Kyrgyzstan (since the first quarter of 2010), Tajikistan, and Georgia. For details per country unit please see Attachment B

CIS BUSINESS UNIT: COUNTRY DETAIL

KAZAKHSTAN

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

UZBEKISTAN

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

VimpelCom Ltd. 4Q 2011  |    18

CONFERENCE CALL INFORMATION

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

2:00 pm CET investor and analyst conference call

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

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

2:00 pm CET investor and analyst call replay

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

CONTACT INFORMATION

INVESTOR RELATIONS

Gerbrand Nijman

Investor_Relations@vimpelcom.com

Tel: +31 20 79 77 200 (Amsterdam)

Stefano Songini

ir@mail.wind.it

Tel +39 06 83111 (Rome)

Noha Khalil

Investor_Relations@vimpelcom.com

otinvestorrelations@otelecom.com

Tel: +31 20 79 77 200 (Amsterdam)

Tel: +202 2461 5050 / 51 (Cairo)

MEDIA AND PUBLIC RELATIONS

Bobby Leach

Tel: +31 20 79 77 200 (Amsterdam)

VimpelCom Ltd. 4Q 2011  |    19

DISCLAIMER

This press release contains “forward-looking statements”, as the phrase is defined in Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements include those relating to the Company’s revenue and EBITDA objectives, the benefits and synergies from the Company’s transaction with Wind Telecom and the expected growth and development of the Company’s operations. These and other forward-looking statements are based on management’s best assessment of the Company’s strategic and financial position and of future market conditions and trends. These discussions involve risks and uncertainties. The actual outcome may differ materially from these statements as a result of continued volatility in the economies in our markets, unforeseen developments from competition, governmental regulation of the telecommunications industries, general political uncertainties in our markets and/or litigation with third parties. In addition, there are risks related to the combination with Wind Telecom, including the possibility that the anticipated benefits of the combination may not materialize as expected, that we are unable to realize the synergies anticipated from the transaction and other risks and uncertainties that are beyond the Company’s control. There can be no assurance that such risks and uncertainties will not have a material adverse effect on the Company. Certain factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risk factors described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2010 and other public filings made by the Company with the SEC, which risk factors are incorporated herein by reference. The Company disclaims any obligation to update developments of these risk factors or to announce publicly any revision to any of the forward-looking statements contained in this release, or to make corrections to reflect future events or developments.

ABOUT VIMPELCOM LTD

VimpelCom is one of the world’s largest integrated telecommunications services operators offering a wide range of wireless, fixed, and broadband services in Russia, Ukraine, Kazakhstan, Uzbekistan, Tajikistan, Armenia, Georgia, Kyrgyzstan, Vietnam, Cambodia, Laos, Algeria, Bangladesh, Pakistan, Burundi, Zimbabwe, Central African Republic, Italy and Canada. VimpelCom’s operations around the globe cover territory with a total population of approximately 864 million people. VimpelCom provides services under the “Beeline”, “Kyivstar”, “djuice”, “Wind”, “Infostrada” “Mobilink”, “Leo”, “banglalink”, “Telecel”, and “Djezzy” brands. As of December 31, 2011 VimpelCom had 205 million mobile subscribers on a combined basis. VimpelCom is traded on the New York Stock Exchange under the symbol (VIP). For more information visit: http://www.vimpelcom.com.

VimpelCom Ltd. 4Q 2011  |    20

CONTENT OF THE ATTACHMENT TABLES

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

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

VimpelCom Ltd. 4Q 2011  |    21

ATTACHMENT A: VIMPELCOM LTD FINANCIAL STATEMENTS

VIMPELCOM LTD UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

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

* Adjusted for the impact through changes in redeemable noncontrolling interest

VimpelCom Ltd. 4Q 2011  |    22

ATTACHMENT A: VIMPELCOM LTD FINANCIAL STATEMENTS

VIMPELCOM LTD UNAUDITED CONSOLIDATED BALANCE SHEET

USD (000)	Actual December  31, 2011			Actual December  31, 2010
Assets
Current assets:
Cash and cash equivalents		2,325,084			885,125
Trade accounts receivable, net of allowance for doubtful accounts		2,527,588			506,322
Inventory		226,857			137,413
Deferred income taxes		148,098			117,236
Input value added tax		161,837			137,958
Due from related parties		86,626			87,151
Short-term bank deposits		176,132			34,305
Other current assets		2,471,946			383,964
Assets held for sale		—			—
Total current assets		8,124,166			2,289,474
Property and equipment, net		14,870,883			6,935,287
Telecommunications licenses, net		4,614,156			562,931
Goodwill		17,027,569			7,003,714
Other intangible assets, net		6,209,439			1,481,800
Software, net		946,259			627,330
Investments in associates		1,274,773			446,130
Due from related party		11,250			4,905
Other non-current assets		1,397,513			576,324
Total assets		54,476,007			19,927,895
Liabilities, redeemable non-controlling interest and equity
Current liabilities:
Accounts payable	$	4,367,582		$	963,450
Due to employees		262,811			108,050
Due to related parties		25,212			5,634
Accrued liabilities		1,543,719			212,323
Taxes payable		1,104,737			233,848
Customer advances, net of VAT		874,169			452,055
Customer deposits		97,129			33,835
Deferred income taxes		55,693			50,313
Short-term debt		2,648,845			1,162,444
Liabilities associated to assets held for sale		—			—
Total current liabilities		10,979,897			3,221,952
Deferred income taxes		1,769,209			688,206
Long-term debt		24,387,629			4,498,861
Other non-current liabilities		1,892,613			184,133
Total liabilities		39,029,348			8,593,152
Redeemable noncontrolling interest		540,063			522,076
Equity
Convertible voting preferred stock (0.001 USD nominal value per share), 433,532,000 shares authorized; 433,532,000 shares issued and outstanding		434			129
Common stock (0.001 USD nominal value per share), 2,630,639,827 shares authorized; 1,628,199,135 shares issued (December 31, 2010: 1,302,559,308); 1,618,120,527 shares outstanding (December 31, 2010: 1,292,050,700 )		1,628			1,303
Ordinary stock (0.001 USD nominal value per share), 50,000,000 shares authorized; nil shares issued and outstanding		—			—
Additional paid-in capital		11,248,199			6,292,269
Retained earnings		4,426,260			5,153,819
Accumulated other comprehensive loss		(1,331,013	)		(561,154	)
Treasury stock, at cost, 10,078,608 shares of common stock (December 31, 2010: 10,508,608)		(212,242	)		(215,763	)
Total VimpelCom shareholders’ equity		14,041,985			10,670,603
Noncontrolling interest		864,609			142,064
Total equity		14,906,596			10,812,667
Total liabilities, redeemable noncontrolling interest and equity		54,476,007			19,927,895

VimpelCom Ltd. 4Q 2011  |    23

ATTACHMENT A: VIMPELCOM LTD FINANCIAL STATEMENTS

VIMPELCOM LTD UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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

VimpelCom Ltd. 4Q 2011  |    24

ATTACHMENT B: COUNTRY UNITS KEY INDICATORS

AFRICA & ASIA BUSINESS UNIT: COUNTRY DETAIL

ALGERIA

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

VimpelCom Ltd. 4Q 2011  |    25

CIS BUSINESS UNIT: COUNTRY DETAIL

KAZAKHSTAN

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

VimpelCom Ltd. 4Q 2011  |    26

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

VimpelCom Ltd. 4Q 2011  |    27

ATTACHMENT C: RECONCILIATION TABLES

RECONCILIATION OF CONSOLIDATED EBITDA OF VIMPELCOM*(PRO FORMA)

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

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

VimpelCom Ltd. 4Q 2011  |    28

ATTACHMENT C: RECONCILIATION TABLES

RECONCILIATION OF CONSOLIDATED EBITDA OF VIMPELCOM* (ACTUAL)

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

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

VimpelCom Ltd. 4Q 2011  |    29

ATTACHMENT C: RECONCILIATION TABLES

RECONCILIATION OF VIMPELCOM CONSOLIDATED NET DEBT (ACTUAL)

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

AVERAGE RATES OF FUNCTIONAL CURRENCIES TO USD*

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

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

ATTACHMENT D: WIND TELECOMUNICAZIONI GROUP CONDENSED STATEMENTS OF INCOME

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

VimpelCom Ltd. 4Q 2011  |    30

ATTACHMENT E: DEFINITIONS

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

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

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

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

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

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

VimpelCom Ltd. 4Q 2011  |    31

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

Capital expenditures (Capex), purchases of new equipment, new construction, upgrades, software, other long lived assets and related reasonable costs incurred prior to intended use of the non current asset, accounted at the earliest event of advance payment or delivery. Long-lived assets acquired in business combinations are not included in capital expenditures.

Households passed are households located within buildings, in which indoor installation of all the FTTB equipment necessary to install terminal residential equipment has been completed.

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

MOU (Monthly Average Minutes of Use per User) is calculated by dividing the total number of minutes of usage for incoming and outgoing calls during the relevant period (excluding guest roamers) by the average number of mobile subscribers during the period and dividing by the number of months in that period.

Net debt is a non-U.S. GAAP financial measure and is calculated as the sum of interest bearing long-term debt and short-term debt minus cash and cash equivalents, long-term and short-term deposits and fair value hedge. The Company believes that net debt provides useful information to investors because it shows the amount of debt outstanding to be paid after using available cash and cash equivalent and long-term and short-term deposits. Net debt should not be considered in isolation as an alternative to long-term debt and short-term debt, or any other measure of the company financial position. Reconciliation of net debt to long-term debt and short-term debt, the most directly comparable U.S. GAAP financial measures, is presented below in the reconciliation tables section.

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

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

VimpelCom Ltd. 4Q 2011  |    32

1

4Q 2011

Presentation

Jo Lunder

CEO VimpelCom Ltd.

Amsterdam, March 13  , 2012

th

2

Disclaimer

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

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

the Company's financial performance objectives, development plans and anticipated performance. The

forward-looking statements are based on management's best assessment of the Company's strategic and

financial position, and future market conditions and trends. These discussions involve risks and

uncertainties. The actual outcome may differ materially from these statements as a result of continued

volatility in the economies in our markets, unforeseen developments from competition, governmental

regulation of the telecommunications industries and general political uncertainties in our markets and/or

litigation with third parties. There can be no assurance that these risks and uncertainties will not have a

material adverse effect on the Company, that the Company will be able to grow or that it will be successful

in executing its strategy and development plans. Certain factors that could cause actual results to differ

materially from those discussed in any forward-looking statements include the risk factors described in the

Company’s annual report on Form 20-F for the year ended December 31, 2010 filed with the U.S.

Securities and Exchange Commission (the “SEC”) and other public filings made by the Company with the

SEC, which risk factors are incorporated herein by reference. VimpelCom disclaims any obligation to

update developments of these risk factors or to announce publicly any revision to any of the forward-

looking statements contained herein, or to make corrections to reflect future events or developments.

3

Key messages

•

Robust mobile subscriber growth

•

Solid organic revenue growth

•

Stable EBITDA excluding forex impact

•

Strong cash flow generation

•

Net income impacted by non-cash items

4

Progress

Selective M&A

Algeria

Governance

Wind Telecom transaction

Dividend

Euroset option not exercised

Discussions ongoing

Arbitration withdrawn

Integration completed and spin-off OTH

assets completed

Final dividend for 2011 announced

Portfolio review

Impairment Vietnam and Cambodia

Objectives 2012 –

2014

Announced

5

Key results 4Q11

•

Mobile subscribers increased 13%

*

to 205 million

•

Total fixed-line subscribers of ~5 million

•

Organic revenue growth of 5% YoY

*

,

revenues of USD 5.9 billion

•

EBITDA excl. FX stable YoY

*

,

EBITDA of USD 2.2 billion

•

EBITDA margin of 37%

•

Net

cash

from

operating

activities

of

USD

1.8

billion

•

Actual

Net

income

FY11

of

USD

488

million,

impacted

by

non-

cash

items

*  Pro Forma

6

Business Units Performance

7

-2% YoY ARPU

+14% YoY MOU

Mobile subscribers

(million)

ARPU and MOU

(RUR)        (min)

+10% YoY

+7% YoY Fixed

-2% YoY Mobile

+46% YoY Fixed

+32% YoY Mobile

BU Russia: Operating Highlights

Broadband subscribers

(million)

Broadband ARPU

(RUR)

52.0

53.0

55.3

56.8

57.2

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

333

308

327

334

327

228

218

244

251

259

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

1.4

1.6

1.7

1.8

2.1

1.9

2.3

2.4

2.4

2.5

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

403

409

413

410

432

238

227

209

219

234

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Fixed broadband subs

Mobile broadband subs

Fixed broadband ARPU

Mobile broadband

ARPU

ARPU

MOU

8

Highlights:

•

Mobile subscribers reaching 57.2 million, up 10% YoY, including 2.5 

million Mobile BB subscribers, up 32% YoY

•

Fixed BB subscribers 2.1 million, up 46% YoY

•

IPTV in 34 cities; 570K active subscribers

•

Revenues RUR 71.0 billion, up 10% YoY with double digit revenue

growth Mobile and Fixed Broadband

•

Gross

margin

in

absolute

terms

improved

YoY

although

declined

in

% due to prices rebalancing

•

FY11

EBITDA

margin

of

40.1%

-

in

line

with

earlier

communicated

outlook FY11

•

Operational excellence program of at least RUR 5 billion launched

Revenues

(RUR billion)

EBITDA

and EBITDA Margin

(RUR billion)

EBITDA

EBITDA Margin

CAPEX

(RUR billion)

CAPEX

CAPEX / Revenue

BU Russia: Financial Highlights

71.0

69.6

65.2

60.4

64.5

+26% YoY

-6% YoY

+10% YoY

Mobile

Fixed-line

9

ARPU   -8% YoY

MOU +8% YoY

BU Europe & NA: Operating Highlights Italy

ARPU

MOU

+5% YoY

Fixed broadband subs

Mobile broadband subs

Broadband subscribers*

(thousands)

Broadband ARPU

(EUR)

+7% YoY

+12% YoY Fixed

+13% YoY Mobile

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

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

Mobile subscribers

(million)

ARPU and MOU

(EUR)        (min)

Fixed broadband ARPU

10

Highlights:

•

Continued outperformance of the Italian market

•

Mobile subscribers grow 5% to 21.0 million

•

Fixed BB subscribers increased by 12% to 2.1 million

•

Revenues of EUR 1.4 billion, down 1.5% YoY due to MTR decline and

worsened economic conditions

•

Total revenues excluding mobile incoming up 0.5% YoY

•

Solid growth of Fixed BB revenues (+21%) coupled with increase in

Fixed BB ARPU

•

Strong growth of mobile internet and data revenues, up 20%

•

Stable EBITDA of EUR 533 million, leading to margin expansion to

37.4%

EBITDA

EBITDA Margin

CAPEX*

(EUR billion)

1.1

LTE

BU Europe & NA: Financial Highlights Italy

CAPEX excl. license

CAPEX excl. license / Revenue

License

* IFRS

** Excluding licenses

Revenues*

(EUR million)

EBITDA*

and EBITDA Margin

(EUR million)

Stable YoY

Stable YoY**

Total Revenues -1% YoY

Revenue excl. Mobile incoming +0.5% YoY

Mobile Revenues

(excl. Incoming)

Mobile Incoming

Revenues

Fixed-line

EBITDA

EBITDA Margin

CAPEX*

(USD million)

BU Africa & Asia: Financial and Operating Highlights

Revenues*

(USD million)

EBITDA*

and EBITDA Margin

(USD million)

11

-5% YoY

+3% YoY

+34% YoY**

CAPEX excl. license

CAPEX excl. license / Revenue

License

* IFRS

** Excluding licenses

Highlights:

•

Subscriber base surpassed 82 million, a 18% increase YoY

•

Organic

revenue

growth

of

5%

YoY

–

growth

across

all

main

operations

•

Net operating revenues increased 3% YoY to USD 922 million

•

EBITDA increased organically by 10% YoY

•

EBITDA margin stood at 35%

•

Algeria:

Revenues increased 3% in local currency, while EBITDA

increased 18%, leading to an improvement in EBITDA margin by

almost 7 p.p.

•

Pakistan:

Revenues

in

local

currency

up

4%,

while

EBITDA

grew

10%, leading to an EBITDA margin of 41.7%

•

Bangladesh:

Revenues

increased

17%

in

local

currency

as

a

result

of

a 23% increase in banglalink’s subscriber base

Highlights:

•

Continued healthy top line growth and maintained leading market

position

•

Revenue UAH 3.3 billion, up 4% YoY, driven by both mobile and

fixed segments

•

Strong growth of mobile data revenue, up 11% YoY to

UAH 218million

•

Doubling of fixed broadband subscribers

•

Fixed line revenues up 36% YoY, reflecting 54% increase in FBB

revenue and 79% increase of wholesale

•

Stable FY11 EBITDA margin of 53.2%; 4Q11 declined to 50.3%

CAPEX

(UAH billion)

BU Ukraine: Financial and Operating Highlights

Revenues

(UAH billion)

EBITDA

and EBITDA Margin

(UAH billion)

12

-3% YoY

+4% YoY

+13% YoY

1.7

1.6

1.8

1.9

1.7

53.8%

54.0%

54.8%

53.7%

50.3%

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

3.2

3.0

3.3

3.5

3.3

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

2.0

2.3

16%

17%

FY 10

FY 11

CAPEX

CAPEX / Revenue

EBITDA

EBITDA Margin

Mobile

Fixed-line

Highlights:

•

Double digit revenue growth in almost all markets

•

Revenues USD 419 million, up 16% YoY

•

Mobile data revenues doubled YoY to USD 25 million

•

EBITDA up 11% YoY to USD 171 million

•

EBITDA margin of 41%

•

Continued investments in network roll out to support data and voice

traffic

•

Kazakhstan:

Revenue up 11%, EBITDA remained strong

•

Uzbekistan:

Improved market position with strong growth in

revenue and EBITDA supported by 3G roll out

CAPEX

(USD million)

BU CIS

*

: Financial and Operating Highlights

419

430

389

351

362

Revenues

(USD million)

EBITDA

and EBITDA Margin

(USD million)

13

+11% YoY

+16% YoY

*

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

+43% YoY

321.0

310.0

348.0

386.0

380.0

41

41

41

44

39

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

155

159

175

198

171

42.7%

45.3%

45.0%

46.0%

40.8%

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

437

626

32%

39%

FY 10

FY 11

CAPEX

CAPEX / Revenue

EBITDA

EBITDA Margin

Mobile

Fixed-line

14

Financial Highlights

Henk van Dalen

CFO VimpelCom Ltd.

15

BUSINESS UNITS

Revenue

EBITDA

Organic

FX and

others

Reported

Organic

FX and

others

Reported

Russia

9%

-1%

8%

-5%

-3%

-8%

Europe &

NA

-1%

-2%

-3%

-1%

-1%

-2%

Ukraine

4%

-1%

3%

-3%

-1%

-4%

Africa &

Asia

5%

-2%

3%

10%

-15%*

-5%

CIS

16%

0%

16%

11%

0%

11%

Total

5%

-1%

4%

1%

-4%

-3%

4Q11 Pro Forma Financial Performance

•

Revenues

increased by 4% YoY, with strong performance across most business units. Overall organic revenue growth was 5%.

•

EBITDA

declined due to unfavorable currency movements

•

EBITDA,

at constant FX, stable YoY

GROUP

(USD million)

4Q11

4Q10

YoY

Revenues

5,878

5,633

4%

EBITDA

2,200

2,266

-3%

Depreciation/

Amortization/

Other

-1,960

-1,575

24%

EBIT

240

691

-65%

Tax

-111

-253

-56%

Financial income /

expenses

-480

-499

-4%

FX and Other

-321

-129

149%

Net income

attributable to

VimpelCom Ltd

-386

-207

86%

”Forex and others” effect of -15% consists of -4% due to unfavorable currency movements, -13% related to OTH’s

headquarters, primarily a corporate contingent liability provision in Q411 and 2% attributable to disposals, mergers and

acquisitions.

*

16

FY11 Pro Forma Financial Performance

1.8

CAPEX (Pro forma)

(USD billion)

CAPEX excl. license

CAPEX excl. license/Revenue

License

•

Revenues

increased by 7% YoY

Strong performance across most business units.

Overall organic revenue growth was 4%.

•

EBITDA

increased by 1% demonstrating good performance in most

Business Units.

BUSINESS UNITS

Revenue

EBITDA

Organic

FX and

others

Reported

Organic

FX and

others

Reported

Russia

7%

4%

11%

-7%

3%

-4%

Europe & NA

1%

4%

5%

-3%

5%

2%

Ukraine

5%

-1%

4%

5%

-1%

4%

Africa & Asia

6%

-1%

5%

12%

-6%*

6%

CIS

16%

1%

17%

14%

0%

14%

Total

4%

3%

7%

-1%

2%

1%

GROUP

(USD million)

FY11

FY10

YoY

Revenues

23,464

21,828

7%

EBITDA

9,363

9,284

1%

Depreciation/

Amortization/

Other

(6,192)

(5,505)

12%

EBIT

3,171

3,779

-16%

Tax

(623)

(836)

-25%

Financial income /

expenses

(1,993)

(2,084)

-4%

FX and Other

(497)

(395)

26%

Net income

attributable to

VimpelCom Ltd

324

309

5%

*”Forex and others”

effect of -6% mainly consists of -3% effect related

to OTH’s headquarters, primarily a corporate contingent liability

provision in Q411 and -3% attributable to disposals, mergers and

acquisitions.

4.0

5.0

18%

21%

FY 10

FY 11

17

Non-Cash Items in 4Q11

Purchase Price Allocation

•

Refinement of final PPA model for Wind Telecom acquisition

•

Adjustment retroactive; shown as catch-up for 2Q11 and 3Q11

•

Change from linear amortization model to value contribution for customer

relationships

•

Better matching of benefits and costs

•

Results in higher amortization in earlier years and lower amortization in

later years

Impairments

•

Regular

monitoring

of

performance

of

businesses;

reassessment

of

all

business plans in 4Q11

•

Detailed business plan review of Vietnam and Cambodia led to significant

downward growth perspectives for these businesses => impairments

Forex and Other Expenses

•

Unrealized FX loss due to depreciation of RUR, EUR and BDT against USD

(in total USD 110 million)

•

Others –

mainly fair value adjustments of USD 147 million

Impact on

Net Income

4Q11

USD 125 mln

USD 527 mln

USD 257 mln

18

Impact Non-Cash Items

4Q11 Actual

FY11 Actual

Reported

PPA

impact

Impairment

Reported

PPA

Impact*

Impairment

Net operating revenues

5,878

5,878

20,250

-

20,250

EBITDA

2,200

2,200

8,127

-

8,127

Depreciation/Amortization/Other

-1,960

286

527

-1,147

-5,273

859

527

-3,887

EBIT

240

286

527

1,053

2,854

859

527

4,240

Tax

-111

-69

-180

-578

-207

-785

Financial income / expenses

-480

-33

-513

-1,530

-98

-1,628

FX and Other

-321

-59

-380

-574

-177

-751

Net income from continuing operations

-672

125

527

-20

172

377

527

1,076

Net income attributable to VimpelCom Ltd.

-386

79

358

51

488

240

358

1,087

Impairment and impact from the PPA of Wind Telecom

(USD million)

* 9 months

4Q11 Pro forma

FY11 Pro forma

Reported

PPA

impact

Impairment

Reported

PPA

Impact*

Impairment

Net income from continuing operations

-672

125

527

-20

58

503

527

1,088

Net income attributable to VimpelCom Ltd.

-386

79

358

51

324

320

358

1,002

Excluding

non-cash

Items

Excluding

non-cash

Items

Excluding

non-cash

Items

Excluding

non-cash

Items

19

Actual

FY11

FY10

YoY

Net operating revenues

20,250

10,513

93%

EBITDA

8,127

4,906

66%

EBITDA margin

40.1%

46.7%

EBIT

2,854

2,826

1%

Financial income and expenses

(1,530)

(484)

216%

FX and Other

(574)

(15)

3,727%

Income tax expense

(578)

(606)

-5%

Net income from continuing operations

172

1,721

-90%

Net income attributable to VimpelCom Ltd.

488

1,673

-71%

Net cash from operating activities (NCFOA)

5,883

3,670

60%

NCFOA per share

(USD)

3.6

3.0

20%

FY11 Actual Financial Highlights

Consolidated financial highlights (Actual)

(USD million)

•

Net Income was impacted by non-cash items:

Impact from the PPA of USD 377 million

Impairments in Vietnam and Cambodia of USD 527 million

20

Key Components

*

See definition of EBITDA in earnings release. LTM stands for “last twelve

months”

to reporting date.

Net Cash Flow From Operating Activities, Actual

(USD million)

*** Forex effect on cash, non-cash changes debt,

Wind deposits and finance raising costs

Debt, Cash and Ratios

(USD million)

December 31,

2011

Cash and Cash Equivalents

2,325

Total Assets

54,476

Gross Debt

27,037

-Short-term

2,649

-Long-term

24,388

Shareholders' equity

14,042

Gross Debt/Assets

0.5

Net Debt**

24,373

Pro forma annual EBITDA*

9,363

-

Pro forma annual Operating

income

3,193

Pro forma annual Financial

Income and Expenses

1,993

Pro forma ratios FY 2011

December 31,

2011

Net Debt/ EBITDA

2.6

EBITDA/ Financial Income

4.7

and Expenses

Gross Debt/ EBITDA

2.9

Consolidated Cash and Net Debt Development

Actual 4Q 2011 (USD million)

Opening

gross debt

4Q11

Opening

cash,

deposits

and fair

value

hedge

Opening

net debt

Net Cash

from

Operating

activities

Cash

Capex

Dividends

paid

Other***

Closing

net debt

Closing

cash, 

deposits

and fair

value

hedge

Closing

gross debt

4Q11

** See definition of net debt in earnings release

21

USD 2.7 bn

shareholder

loan

Simplified legal / financing structure -

per 31 December 2011

VimpelCom Ltd.

VimpelCom

Amsterdam B.V.

VimpelCom

Holdings B.V.

VimpelCom

Amsterdam Finance

B.V.

OJSC VimpelCom

VimpelCom

Finance

(Bermuda) Ltd.

EUR

0.4bn

USD 2.7bn

WIND Telecom

S.p.A.

Wind Acquisition

Holdings Finance

S.p.A.

WIND

Acquisition

Finance

SA

WIND

Telecomuni

cazioni

S.p.A.

WIND Acquisition

Holdings Finance

SA

Orascom

Telecom

Holding

S.A.E.

Ring fenced

Legal structure

External debt

Significant intercompany financing

Note: rounded figures

* including bank deposits and MTM of derivatives

at VIP

VIP NL

USD 2.4 bn

PJSC Kyivstar

Total OJSC Group

USD 9.0 bn

Total OTH Group

USD 1.2 bn

Weather Capital

Special Purpose I

S.A.

Weather Capital

S.a.r.l.

Total Wind group

USD 14.4 bn

PIK notes

USD 1.3 bn

HY notes 2017

USD 3.6 bn

SSN 2018

USD 3.6 bn

Bridge loan

USD 0.6 bn

Senior

bank

loan

USD

4.4

bn

Debt

to

Gov

USD

0.5

bn

Annuity

USD

0.3

bn

Total

gross

debt

VimpelCom

Group

VIP

USD

2.4

bn

OJSC

Group

USD

9.0

bn

WIND

Group

USD

14.4

bn

OTH

Group

USD

1.2

bn

USD

27.0

bn

Total cash*

USD 2.3 bn

I

II

III

22

Group Debt Maturity Schedule as of 31 December 2011

Debt Composition by Currency Actual

Q3 11

Q2 11

Debt Composition and Maturity Profile

Q4 11

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

Other

Wind

Vimpelcom /

OJSC

2.0

2.2

1.6

2.3

9.1

4.8

1.0

2.5

1.6

EURO

US Dollars

Russian Ruble

Other

23

•

The record date for the Company’s shareholders entitled to receive the final dividend

has been set for June 1, 2012

•

The ex-dividend date is May 30, 2012

•

The dividend will be paid by the Company before June 30, 2012

Final Dividend 2011 Announced

Aim to pay at least USD 0.80 per common share 2011-2014

Final dividend 2011 of USD 570 million, USD 0.35 per share

Total dividend for 2011 USD 1.3 billion, USD 0.80 per share

Dividend guideline*

•

Aim to pay at least USD 0.80 per common share, assuming not more

than 1,628 million common shares issued and outstanding

•

Intention to pay a dividend that develops substantially in line with the development of operational performance

•

Barring unforeseen circumstances, the Company aims to pay out a significant part of its annual operating free cash flow** to its

shareholders in the form of dividends

•

Precise amount and timing of dividends for a particular year will be approved by the Supervisory Board, subject to certain

constraints and guidelines

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

** Operating free cash flow = net cash from operating activities minus capital expenditures

24

Conclusion

Jo Lunder

CEO VimpelCom Ltd.

25

Financial Performance Objectives 2012 –

2014

Key Indicators

Revenue

CAGR of around mid single digit

EBITDA

CAGR of around mid single digit

Capex / Revenue (excl. licenses)

Below 15%

By end of 2014

Leverage

Net Debt / EBITDA < 2

By end of 2014

The above objectives assume:

•

constant currency movements,

•

no major regulatory changes,

•

current asset portfolio mix and

•

a stable macro economic environment.

26

Q&A

27

Thank you!

28

www.vimpelcom.com

For further information

please contact Investor Relations

Claude Debussylaan 88

1082 MD Amsterdam

The Netherlands

T: +31 20 797 7200

E: Investor_Relations@vimpelcom.com

29

Appendices

30

Impact Purchase Price Allocation Wind Telecom (1)

(Expense) / Income

2011*

2012

2013

2014

Incremental EBITDA impact

-

-

-

-

Total depreciation

111

275

297

227

Total amortization

(970)

(1,012)

(663)

(459)

Incremental EBIT impact

(859)

(736)

(366)

(231)

Total financial expense

275

330

237

242

Incremental pre-tax income impact

(584)

(406)

(128)

11

Incremental tax impact

(207)

(155)

(49)

8

Incremental net income impact

(377)

(251)

(79)

3

VimpelCom

(240)

(103)

6

64

Non-controlling interest

(137)

(148)

(85)

(61)

Current estimated incremental impact from the PPA of Wind Telecom

(USD million)

* 9 months

Above schedule is based on current view and expectations.

However the PPA is still subject to further revisions.

31

Impact Purchase Price Allocation Wind Telecom (2)

4Q11 pro forma PPA impact

4Q10 pro forma PPA impact

Reported

PPA

impact

Impair-

ment

Excluding

non-cash

items

Reported

PPA

impact

Impair-

ment

Excluding

non-cash

items

Net operating revenues

5,878

5,878

5,633

5,633

EBITDA

2,200

2,200

2,266

2,266

Depreciation/Amortization/Other

-1,960

286

527

-1,147

-1,575

286

112

-1,177

EBIT

240

286

527         

1,053

691

286

112      

1,089

Tax

-111

-69

-180

-253

-69

-322

Financial income / expenses

-480

-33

-513

-499

-33

-532

FX and Other

-321

-59

-380

-129

-59

-188

Net income from continuing operations

-672

125

527

-20

-190

125

112

47

Net income attributable to VimpelCom Ltd.

-386

79

358

51

-207

79

58

-70

Impairment and impact from the PPA of Wind Telecom

(USD million)

FY11

pro

forma

-

PPA

and

impairment

impact

FY10 pro forma impact

Reported

PPA

impact

Impair-

ment

Excluding

non-cash

Items

Reported

PPA

impact

Impair-

ment

Excluding

non-cash

Items

Net operating revenues

23,464

23,464

21,828

21,828

EBITDA

9,363

9,363

9,284

9,284

Depreciation/Amortization/Other

-6,192

1,145

527

-4,520

-5,505

1,145

136

-4,224

EBIT

3,171

1,145

527

4,844

3,779

1,145

136

5,060

Tax

-623

-276

-

-899

-836

-276

-1,112

Financial income / expenses

-1,993

-131

-

-2,124

-2,084

-131

-2,215

FX and Other

-497

-236

-

-733

-395

-236

-631

Net income from continuing operations

58

503

527

1,088

464

503

136

1,103

Net income attributable to VimpelCom Ltd.

324

320

358

1,002

309

320

70

699

Impairment and impact from the PPA of Wind Telecom

(USD million)

32

Catch up effect PPA Q2 AND Q3

2Q11 catch up

3Q11 catch up

2Q

reported

Catch up

2Q

adjusted

3Q

reported

Catch up

3Q

adjusted

EBITDA

2,184

-

2,184

2,535

-

2,535

Depreciation/Amortization/Other

(1,121)

(157)

(1,278)

(1,269)

(188)

(1,457)

EBIT

1,070

(157)

913

1,271

(188)

1,083

Tax

(207)

37

(170)

(250)

47

(203)

Financial income / expenses

(449)

(449)

(482)

(482)

FX and Other

(134)

75

(59)

(444)

59

(385)

Net income from continuing operations

273

(45)

228

91

(82)

9

Net income attributable to VimpelCom Ltd.

239

(20)

219

104

(37)

67

Catch up effect PPA of Wind Telecom

(USD million)

33

Average rates

Closing rates

Currency

FY11

FY10

YoY

FY11

FY10

Delta

RUR

29.39

30.37

3.3%

32.20

30.48

-5.3%

EUR

0.72

0.75

4.9%

0.77

0.76

-2.2%

DZD

72.93

73.99

1.5%

75.33

74.29

-1.4%

PKR

86.33

85.18

-1.3%

89.95

85.67

-4.8%

BDT

74.07

69.63

-6.0%

81.83

70.60

-13.7%

VND

20,685

-

n/a

20,813

-

n/a

LAK

8,005

-

n/a

8,006

-

n/a

UAH

7.97

7.94

-0.4%

7.99

7.96

-0.4%

KZT

146.62

147.34

0.5%

148.40

147.40

-0.7%

AMD

372.44

373.73

0.3%

385.77

363.44

-5.8%

GEL

1.69

1.78

5.3%

1.67

1.77

6.0%

KGS

46.14

45.96

-0.4%

46.48

47.10

1.3%

Source: National Banks of the respective countries, Company calculations

FOREX Development

34

Reconciliation of consolidated EBITDA of VimpelCom

Reconciliation Tables

USD mln

Pro forma

4Q11

4Q 10

FY11

FY10

Unaudited pro forma

EBITDA

2,200

2,266

9,363

9,284

Adjustment for certain non-operating items

7

4

22

29

Depreciation

(906)

(905)

(3,529)

(3,084)

Amortization

(527)

(558)

(2,159)

(2,285)

Impairment loss

(527)

(112)

(504)

(136)

-

Operating income

247

695

3,193

3,808

-

Adjustment for certain non-operating items

(7)

(4)

(22)

(29)

-

EBIT

240

691

3,171

3,779

-

Financial income and expenses

(480)

(499)

(1,993)

(2,084)

-

including interest income

38

12

150

129

-

including interest expense

(321)

(511)

(2,143)

(2,213)

Net foreign exchange (loss)/gain and others

(351)

(129)

(497)

(395)

-

including net foreign exchange (loss)/gain

(133)

(11)

(123)

(89)

-

including equity in net (loss)/gain of associates

(22)

(11)

(25)

(87)

-

including other (expense)/income, net

(173)

(111)

(371)

(248)

-

Including adjustment for certain non-operating items

7

4

22

29

-

EBT

(561)

63

681

1,300

-

Income tax expense

(111)

(253)

(623)

(836)

-

Profit (loss) from discontinued operations

7

-

18

-

-

Net income

(665)

(190)

76

464

-

Net (loss)/income attributable to the noncontrolling interest

(279)

17

(248)

155

-

Net Income attributable to VimpelCom Ltd.

(386)

(207)

324

309

35

Reconciliation of consolidated EBITDA of VimpelCom

Reconciliation Tables

USD mln

Actual

4Q11

4Q 10

FY11

FY10

Unaudited pro forma

EBITDA

2,200

1,247

8,127

4,906

Adjustment for certain non-operating items

7

4

22

26

Depreciation

(906)

(436)

(3,118)

(1,652)

Amortization

(527)

(185)

(1,628)

(428)

Impairment loss

(527)

-

(527)

-

Operating income

247

630

2,876

2,852

Adjustment for certain non-operating items

(7)

(4)

(22)

(26)

EBIT

240

626

2,854

2,826

Financial income and expenses

(480)

(126)

(1,530)

(484)

-

including interest income

38

14

110

56

-

including interest expense

(518)

(140)

(1,640)

(540)

Net foreign exchange (loss)/gain and others

(321)

14

(574)

(15)

-

including net foreign exchange (loss)/gain

(133)

(11)

(219)

(4)

-

including equity in net (loss)/gain of associates

(22)

27

8

53

-

including other (expense)/income, net

(173)

(6)

(385)

(90)

-

Including adjustment for certain non-operating items

7

4

22

26

EBT

(561)

514

750

2,327

Income tax expense

(111)

(44)

(578)

(606)

Profit (loss) from discontinued operations

7

-

22

-

Net income

(665)

470

194

1,721

Net (loss)/income attributable to the noncontrolling interest

(279)

9

(295)

48

Net Income attributable to VimpelCom Ltd.

(386)

461

488

1,673

36

Reconciliation of consolidated net debt of VimpelCom

USD mln

4Q10

1Q11

2Q11

3Q11

4Q11

Net debt

4,740

4,840

24,104

22,261

24,373

Cash and cash equivalents

885

1,858

3,190

3,443

2,325

Long -

term and short-term deposits

36

592

99

153

178

Fair value hedge

-

-

-

147

161

Total debt,

5,661

7,290

27,393

26,004

27,037

incl. Long -

term debt

4,499

6,047

25,756

24,404

24,388

incl. Short-term debt

1,162

1,243

1,637

1,600

2,649

Reconciliation Tables

VimpelCom Ltd.

Index sheet

Consolidated VIP Ltd.

Consolidated

BU Russia

Russia

BU Europe and North America

Italy

BU Africa and Asia

Algeria

Pakistan

Bangladesh

Sub Saharan Africa

SEA

BU Ukraine

Ukraine

BU CIS

Kazakhstan

Uzbekistan

Armenia

Tajikistan

Georgia

Kyrgyzstan

VimpelCom Ltd.

index page

(in USD millions, unless stated otherwise, unaudited)

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

Russia

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(in USD millions, unless stated otherwise, unaudited)

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

Italy

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(in EUR millions, unless stated otherwise, unaudited)

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

* Excluding impact of FOC capex

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

Algeria

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(in USD millions, unless stated otherwise, unaudited)

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

Pakistan

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(in USD millions, unless stated otherwise, unaudited)

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

Bangladesh

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(in USD millions, unless stated otherwise, unaudited)

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

Ukraine

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(in USD millions, unless stated otherwise, unaudited)

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

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

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

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

Kazakhstan

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(in USD millions, unless stated otherwise, unaudited)

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

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

Uzbekistan

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(in USD millions, unless stated otherwise, unaudited)

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

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

Armenia

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

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

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

Tajikistan

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(in USD millions, unless stated otherwise, unaudited)

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

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

Georgia

index page

(in USD millions, unless stated otherwise, unaudited)

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

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

Kyrgyzstan

index page

(in USD millions, unless stated otherwise, unaudited)

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

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

Sub Saharan Africa (Telecel Globe)

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

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

* Zimbabwe is accounted for as investment at cost

SEA

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

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