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 May 2014

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: May 14, 2014
	By:	/s/ Jeffrey David McGhie
	Name:	Jeffrey David McGhie
	Title:	Group General Counsel & Chief Corporate Affairs Officer

VIMPELCOM REPORTS 1Q14 RESULTS

KEY RESULTS AND DEVELOPMENTS IN 1Q14

• Revenue declined organically¹ by 5% YoY to USD 5.0 billion

• EBITDA² declined organically¹ by 6% YoY to USD 2.1 billion

• Strong EBITDA margin² of 41.6%

• Net income attributable to VimpelCom shareholders of USD 39 million

• Total mobile customer base increased 3% YoY to 218 million

• Continued investments in high speed data networks with CAPEX up 24% YoY

• USD 4.0 billion Algeria resolution proceeds intended for debt repayment; annual interest savings of ~USD 0.3 billion

• Completed refinancing of Italy’s most expensive debt, saving ~USD 0.3 billion in annual interest expense

• Secured credit facilities of USD 2.7 billion

• Revised annual targets for 2014

Amsterdam (May 14, 2014)—“VimpelCom Ltd” (“VimpelCom”, “Company” or “Group”) (NASDAQ: VIP), a leading global provider of telecommunications services, today announces financial and operating results for the quarter ended March 31, 2014.

JO LUNDER, CHIEF EXECUTIVE OFFICER, COMMENTS:

“We previously indicated our expectation that 2014 would be a challenging year and the Q1 results reflect the more difficult trading environment. Group organic revenues declined by 5%, however due to our continuing focus on cost control the Group’s EBITDA margin remains strong at 41.6%. All of our Business Units have reported double-digit data revenue increases and we continue to invest in high-speed networks to drive future growth. In Russia, we continued the roll out of our 3G and 4G/LTE networks and we are also improving many aspects of our customer value proposition. I am confident that we are taking the right measures in Russia but we expect continued pressure on results through 2014. In Italy, we have endured a period of intense price competition and although Wind has continued to outperform its competition, we expect continuing market contraction in 2014. In the Africa & Asia Business Unit there were small declines in organic revenue and EBITDA, although Bangladesh saw strong revenue growth. In Ukraine, our transformation program is going according to plan with early signs of positive results. Our CIS markets again delivered a solid set of results. Recently we also agreed a favorable resolution of our discussions in Algeria and we completed the refinancing of our most expensive debt, related to Italy. Together, we estimate that these achievements will deliver approximately USD 600 million in annual interest savings. Despite these successes, due to the challenging environment in many of our operations, we have revised our targets for 2014.”

CONSOLIDATED FINANCIAL AND OPERATING HIGHLIGHTS

USD mln	1Q14			1Q13			Reported YoY			Organic YoY
Total operating revenue		5,024			5,591			(10	%)		(5	%)
Service revenue		4,810			5,322			(10	%)		(4	%)
EBITDA		2,088			2,348			(11	%)		(6	%)
EBITDA margin		41.6	%		42.0	%		(0.4	pp)
EBIT		925			1,107			(16	%)
Net income attributable to VimpelCom shareholders		39			408			(90	%)
EPS, basic (USD)		0.02			0.25			(91	%)
Capital expenditures3		736			595			24	%
Operating cash flow (EBITDA less CAPEX)		1,352			1,753			(23	%)
Net debt / LTM EBITDA4		2.4			2.3
Total mobile customers (millions)5		218			212			3	%

¹⁾ Revenue and EBITDA organic growth are non-GAAP financial measures that exclude the effect of foreign currency movements and certain items such as liquidations and disposals

²⁾ EBITDA and EBITDA margin are non-GAAP financial measures. For reconciliation see Attachment C

³⁾ CAPEX in 1Q13 excludes EUR 136 million of non-cash increase in intangible assets related to the contract with Terna for the right of way of WIND’s backbone

⁴⁾ Normalized LTM EBITDA excluding one-off charges related to the Algeria resolution and fixed assets write off to operating expenses in Uzbekistan

⁵⁾  The customer numbers for 2013 have been adjusted to remove customers in operations that have been sold and to reflect revised customer numbers in Algeria, due to the reported technical issue, and Ukraine where the definition of customers has been aligned to the group definition

For all definitions please see Attachment F

VimpelCom Ltd. 1Q 2014 | 1

CONTENTS

Strategic update and main events	3
VimpelCom Group	5
Russia	9
Italy	11
Africa & Asia	12
Ukraine	15
CIS	16
Conference call information	18
Attachments	20

ORGANIC GROWTH REVENUE AND EBITDA

	1Q14 vs 1Q13
	Revenue									EBITDA
Business Units	Organic			FX and others			Reported			Organic			FX and others			Reported
Russia		(6	%)		(12	%)		(18	%)		(9	%)		(12	%)		(21	%)
Italy		(7	%)		4	%		(3	%)		(7	%)		4	%		(3	%)
Africa & Asia		(1	%)		(1	%)		(2	%)		(3	%)		0	%		(3	%)
Ukraine		(7	%)		(8	%)		(15	%)		(8	%)		(8	%)		(16	%)
CIS		3	%		(6	%)		(3	%)		4	%		(5	%)		(1	%)
Total		(5	%)		(5	%)		(10	%)		(6	%)		(5	%)		(11	%)

MOBILE CUSTOMERS

million	1Q14		1Q13		YoY
Russia		55.0		55.7		(1	%)
Italy		22.0		22.0		0	%
Algeria		17.6		16.6		6	%
Pakistan		38.2		36.3		5	%
Bangladesh		29.4		25.9		13	%
Ukraine		25.6		26.3		(3	%)
Kazakhstan		9.2		8.5		8	%
Uzbekistan		10.4		10.3		1	%
Other		11.0		10.2		8	%
Total		218.4		211.8		3	%

PRESENTATION OF FINANCIAL RESULTS

VimpelCom results presented in this earnings release are based on IFRS and have not been audited.

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

Certain unaudited financial information previously disclosed by the Company in its fourth quarter 2013 earnings release published on March 6, 2014 has been revised due to subsequent events. Reconciliation tables showing the changes to the information previously disclosed appear in Attachment E.

VimpelCom Ltd. 1Q 2014 | 2

STRATEGIC UPDATE AND MAIN EVENTS

• Revised annual targets for 2014

• Favorable resolution in Algeria with proceeds of USD 4.0 billion to be used for debt repayment

• Successful refinancing of WIND Italy’s most expensive debt

• Obtained credit facilities of USD 2.7 billion

• 3G license awarded in Pakistan for USD 0.3 billion

• Hamid Akhavan and Andrei Gusev appointed to the Supervisory Board

• Yogesh Malik appointed as Group CTO

• Vincenzo Nesci appointed as Head of Africa & Asia Business Unit and CEO of GTH

VimpelCom provides the following update of its annual targets¹ for 2014:

• Revenue decline of low to mid single digit YoY;

• EBITDA decline of low to mid single digit YoY;

• Net Debt to EBITDA of approximately 2.4x; and

• CAPEX (excluding licenses) to Revenue of approximately 21%.

In April, VimpelCom announced the sale by GTH of a 51% interest in Orascom Telecom Algérie SpA (“OTA” or “Djezzy”) to the Fonds National d’Investissement (the “FNI”), the Algerian National Investment Fund, for a purchase consideration of USD 2.6 billion. OTA will distribute a dividend of USD 1.9 billion to GTH immediately prior to the closing of the transaction (“Closing”), which is expected to occur by the end of 2014. GTH and the FNI will enter into a shareholders agreement (“the Shareholders Agreement”), effective as of Closing, which will govern their relationship as shareholders in OTA going forward. GTH will continue to exercise operational control over OTA and, as a result, both GTH and VimpelCom will continue to fully consolidate OTA. This partnership with the FNI provides OTA with a strong and stable shareholder structure on which to build and strengthen its operations in Algeria. As part of the agreement, the Company has agreed to settle its disputes with the Algerian authorities (Bank of Algeria fine and tax claim). Consequently, the Company has taken a one-off charge of USD 2.0 billion in its 2013 Financial Statements. The Company also agreed with the minority shareholder of OTA, Cevital, to purchase its 3% holding in OTA for a total consideration of USD 234 million. The Closing is subject to conditions precedent being satisfied and is expected by the end of 2014.

The total dividends and proceeds due to GTH at Closing are expected to amount to USD 4.0 billion net of all taxes and after the settlement of all outstanding disputes between the parties and the payment of associated fines. All proceeds will be used to pay down the outstanding shareholder loans provided by VimpelCom to GTH. VimpelCom intends to use the USD 4.0 billion proceeds to pay down existing debt, with estimated annual interest savings of approximately USD 0.3 billion.

In April, VimpelCom’s subsidiaries also successfully refinanced high yield bonds and, in combination with a EUR 0.5 billion cash injection by the Company, fully repaid the payment-in-kind notes through the issuance of EUR 3.8 billion of new senior notes, lowering annual interest payments by approximately USD 0.3 billion and improving the capital structure of the Group.

In April, Mobilink, the indirect wholly owned Pakistani subsidiary, was awarded 2x10 MHz spectrum in the 2100 MHz band. The total price for the spectrum was USD 0.3 billion and the license is valid for 15 years.

In April, VimpelCom announced the appointment of Hamid Akhavan and Andrei Gusev to the Supervisory Board in place of Sergei Tesliuk and Andrei Baranov, respectively. The appointment of Messrs. Akhavan and Gusev will be effective until the next Annual General Meeting of Shareholders of the Company or December 31, 2014.

In March, Yogesh Malik was appointed as Group Chief Technology Officer, succeeding Philip Tohme, who was appointed CEO of Djezzy. Mr. Malik has also been appointed to the Group Management Board.

1) The annual targets 2014 assume constant currency, no major regulatory changes, current asset portfolio mix and no major macro-economic changes.

VimpelCom Ltd. 1Q 2014 | 3

The Company announced today that Vincenzo Nesci, currently chairman of OTA, will succeed Ahmed Abou Doma as Head of the Africa & Asia Business Unit and will be appointed as CEO of GTH as of June 30, 2014, ensuring a smooth transition. Mr. Nesci will also be appointed to the Group Management Board. Mr. Nesci will continue in his role as OTA’s chairman.

As previously disclosed, the United States Securities and Exchange Commission (“SEC”), the United States Department of Justice (“DOJ”) and the Dutch public prosecutor’s office are conducting investigations related to the Company’s operations in Uzbekistan, including relations with Takilant Ltd. (“Takilant”). Takilant held a minority interest in VimpelCom’s business in Uzbekistan from 2007 until 2009 when such minority interest was purchased by the Company pursuant to the exercise by Takilant of a put option. In addition, we had agreements with Takilant in the past relating to the acquisition of frequency spectrum and channels in Uzbekistan.

As previously disclosed, VimpelCom has not filed its Annual Report on Form 20-F for the year ended December 31, 2013 and will do so as soon as possible.

VimpelCom Ltd. 1Q 2014 | 4

VIMPELCOM GROUP – FINANCIAL AND OPERATING RESULTS 1Q14

• Revenue of USD 5.0 billion, an organic decline of 5% YoY, mainly due to operational performance in Russia and continued market weakness in Italy

• EBITDA of USD 2.1 billion, an organic decline of 6% YoY, mainly due to declining revenue

• Strong EBITDA margin of 41.6%, supported by the focus on Operational Excellence, to drive cost efficiencies

• CAPEX¹ increased 24% YoY to USD 0.7 billion due to investments for future growth

• Net debt/EBITDA of 2.4x at the end of 1Q14; reduction in net debt offset by lower EBITDA

• Total mobile customer base up 3% YoY to 218 million

OPERATING FINANCIALS PER BUSINESS UNIT

USD mln	1Q14			1Q13			Reported YoY			Organic YoY
Total operating revenue		5,024			5,591			(10	%)		(5	%)
of which:
Russia		1,893			2,304			(18	%)		(6	%)
Italy		1,568			1,622			(3	%)		(7	%)
Africa & Asia		846			864			(2	%)		(1	%)
Ukraine		335			396			(15	%)		(7	%)
CIS		437			451			(3	%)		3	%
other		(55	)		(46	)
EBITDA		2,088			2,348			(11	%)		(6	%)
of which:
Russia		760			963			(21	%)		(9	%)
Italy		589			(608	)		(3	%)		(7	%)
Africa & Asia		399			412			(3	%)		(3	%)
Ukraine		162			194			(16	%)		(8	%)
CIS		217			220			(1	%)		4	%
other		(39	)		(49	)
EBITDA margin		41.6	%		42.0	%		(0.4	pp)
Capital expenditures1		736			595			24	%

¹⁾  CAPEX in 1Q13 excludes EUR 136 million of non-cash increase in intangible assets related to the contract with Terna for the right of way of WIND’s backbone

FINANCIAL AND OPERATING PERFORMANCE OVERVIEW 1Q14

Total revenue in 1Q14 was negatively impacted by the operational performance in Russia, the intense price competition in Italy particularly through the summer of 2013, regulatory and governmental actions in the Africa & Asia Business Unit, together with unstable macro-economic situations in Pakistan and Ukraine.

Total mobile customers increased by 3% YoY to 218 million at the end of the first quarter, with the largest absolute contribution coming from a substantial increase in customers in Africa & Asia.

EBITDA decreased organically 6% YoY to USD 2.1 billion, reflecting the aforementioned decline in revenue and higher infrastructure and distribution costs in Russia.

The Russian Business Unit continued to see pressure on its results as the Company executes its next phase of the transition focusing on Customer Excellence and implementing a cultural transformation to a customer-centric organization. Revenue was down 6% YoY to RUB 66.1 billion, while mobile service revenue declined 3% YoY to RUB 52.4 billion. Mobile data revenue increased 22% YoY to RUB 8.8 billion. Mobile broadband customers in Russia increased 16% YoY to 3.2 million. EBITDA declined organically 9% YoY to RUB 26.5 billion due to the revenue decrease and the costs related to investments in the mobile data network and in owned monobrand stores. EBITDA margin decreased to 40.1%. Although the improvements in customer perception are expected to become visible in the second half of this year, the Company expects the pressure on the results to continue for the remainder of 2014.

VimpelCom Ltd. 1Q 2014 | 5

In Italy, WIND continued to outperform the wider market in what remains a challenging environment characterized by further mobile market contraction mainly as a result of the heavy price competition, particularly in the summer of 2013. The competitive environment continued to stabilize during the first quarter of 2014 with certain operators removing their more aggressive promotions. Mobile service revenue in 1Q14 decreased 11% to EUR 729 million driven by 2013 price competition, the MTR reduction impact and a material contraction of SMS revenues, in line with the development witnessed in most mature markets. Mobile broadband revenue increased 24% YoY to EUR 132 million and fixed broadband revenue increased 2% YoY to EUR 138 million. EBITDA declined organically 7% YoY to EUR 430 million mainly due to the pressure on service revenue, as a result of intense price competition and the MTR reduction, partially compensated by cost savings. As a result, EBITDA margin remained stable YoY at 37.6%. The Company expects that the market will continue to be challenging for the remainder of the year mainly as a result of continued impact from the intense price competition in the summer of 2013.

The Africa & Asia Business Unit was impacted by regulatory and governmental actions in several countries. As a consequence, revenue declined organically 1% YoY to USD 846 million in 1Q14 and mobile service revenue declined organically 1% YoY to USD 830 million. EBITDA declined organically 3% YoY to USD 399 million mainly due to governmental and regulatory actions and the macro-economic slowdown in Pakistan. EBITDA margin declined slightly to 47.1%. The customer base in the Africa & Asia Business Unit increased 8% YoY to 90 million.

In Algeria, Djezzy maintained its leadership position, but revenue was down 2% YoY to DZD 33 billion as a result of increased competition in the country. In Pakistan, revenue declined 5% YoY to PKR 26 billion, due to the weak macro-economic situation, lower voice revenue following the

implementation of additional withholding tax, strong competition and lower interconnect revenue.

In Bangladesh, banglalink’s revenue increased 11% YoY, driven by growth in its mobile customer base, launch of 3G services, and an improved macro-economic environment that supported normal business activities following the general elections that took place in January 2014.

Total revenue of the Ukraine Business Unit decreased 7% YoY to UAH 2.9 billion. Mobile service revenue declined 6% YoY to UAH 2.7 billion, primarily due to lower mobile voice revenue, partly offset by solid mobile data revenue growth of 15% YoY. Fixed-line service revenue declined 2% YoY due to a planned reduction in low margin transit revenue, but was partly offset by a 19% YoY growth in fixed residential broadband (FTTB) revenue. EBITDA decreased 8% YoY to UAH 1.4 billion mainly due to lower mobile service revenue, but EBITDA margin remained robust at 48.6%, down 0.4 percentage points YoY. Kyivstar’s transformation program is delivering the first signs of improvement in performance and the Company expects a stable market position in 2014, but the environment is expected to remain challenging throughout 2014.

The CIS Business Unit delivered 3% YoY organic growth with revenue reaching USD 437 million. Results benefitted from strong mobile data growth in all markets and solid service revenue growth in Kazakhstan. However, the Company continued to face increasing competition in all CIS markets. In Kazakhstan, the Company is transitioning its customer base to bundled tariff plans and VimpelCom’s competitive position improved as a result of this new attractive value proposition. The mobile customer base increased 6% YoY to 25 million with a positive YoY trend in most countries. EBITDA increased organically 4% YoY to USD 217 million, with EBITDA margin increasing to 49.6%, driven primarily by a strong performance in Kazakhstan as a result of the Operational Excellence program.

INCOME STATEMENT ELEMENTS

USD mln	1Q14			1Q13			YoY
Total operating revenue		5,024			5,591			(10	%)
Mobile service revenue		4,024			4,492			(10	%)
EBITDA		2,088			2,348			(11	%)
EBITDA margin		41.6	%		42.0	%		(0.4	pp)
EBIT		925			1,107			(16	%)
Financial income and expenses		(513	)		(501	)		2	%
Net foreign exchange (loss)/gain and others		(166	)		(63	)		n.m.
Profit before tax		246			543			(55	%)
Income tax expense		(173	)		(213	)		(19	%)
Profit for the period		73			330			(78	%)
Net income attributable to VimpelCom shareholders		39			408			(90	%)
Capital expenditures1		736			595			24	%
Capex1/Revenue		15	%		11	%

¹⁾  CAPEX in 1Q13 excludes EUR 136 million of non-cash increase in intangible assets related to the contract with Terna for the right of way of WIND’s backbone

VimpelCom Ltd. 1Q 2014 | 6

EBIT in 1Q14 decreased 16% YoY to USD 925 million due to the decline in EBITDA, partly offset by the positive impact of declining amortization of intangible assets associated with the Wind Telecom acquisition.

Profit before tax decreased to USD 246 million, compared to profit before tax of USD 543 million in the same period a year ago. The decrease was primarily the result of the decline in operational performance, as well as foreign exchange losses of USD 92 million.

Net income attributable to VimpelCom shareholders was USD 39 million in 1Q14 compared to a net income of USD 408 million in 1Q13. The decrease was mainly the result of

lower profit before tax while tax expenses decreased only by 19% YoY. The high effective tax rate in 1Q14 is mainly due to non-deductible interest expenses and the change in geographical profit mix, with less profit from countries with a lower nominal tax rate.

CAPEX increased 24% YoY to USD 736 million in 1Q14, reflecting the continued investments in high-speed data networks to capture mobile data growth, including the roll out of 4G/LTE networks in Russia, 3G networks in Algeria and Bangladesh and continued investments in Italy in HSPA+ and 4G/LTE.

STATEMENT OF FINANCIAL POSITION & CASH FLOW 1Q14

USD mln	1Q14			4Q13 Revised1			QoQ
Total assets		47,478			49,747			(5	%)
Shareholders’ equity		8,424			9,733			(13	%)
Gross debt		27,393			27,453			(0	%)
Net debt		22,434			22,603			(1	%)
Gross debt / LTM EBITDA2		2.9			2.9
Net debt / LTM EBITDA2		2.4			2.3
USD mln	1Q14			1Q13			YoY
Net cash from operating activities		1,168			1,274			(8	%)
Net cash used in investing activities		(1,211	)		(1,054	)		15	%
Net cash from financing activities		200			498			(60	%)

¹⁾  4Q13 has been revised to reflect the write offs related to the successful resolution in Algeria, as disclosed in the Company’s release issued on April 18, 2014, and fixed assets write off to operating expenses in Uzbekistan. Please see the reconciliations set out in Exhibit E.

²⁾ Normalized LTM EBITDA excluding one-off charges related to the Algeria resolution and fixed assets write off to operating expenses in Uzbekistan

Total assets decreased 5% QoQ in 1Q14 to USD 47.5 billion, primarily due to the impact of foreign exchange translation, while depreciation and amortization charges were offset by investments in property and equipment. Gross debt remained almost unchanged at USD 27.4 billion in 1Q14. Net debt was slightly down QoQ to USD 22.4 billion due to FX movements, while LTM EBITDA decreased leading to a slight increase in the Net debt to EBITDA ratio to 2.4x at the end of the first quarter.

Net cash from operating activities was USD 1.2 billion in 1Q14, a decrease of 8% YoY, explained by lower EBITDA, partly offset by positive movements in working capital compared to the same period a year ago. Net cash used in investing activities increased to USD 1.2 billion in 1Q14 compared to USD 1.1 billion in 1Q13 mainly as a result of higher CAPEX due to investments in high-speed data networks. The decrease in net cash from financing activities in 1Q14 compared to 1Q13 was primarily caused by fewer proceeds from borrowings, since bonds totaling USD 2.0 billion were issued and dividends of USD 1.3 billion were paid in 1Q13.

VimpelCom Ltd. 1Q 2014 | 7

BUSINESS UNITS PERFORMANCE IN 1Q14

• Russia

• Italy

• Africa & Asia

• Ukraine

• CIS

VimpelCom Ltd. 1Q 2014 | 8

RUSSIA – 1Q14

• Mobile data revenue grew 22% YoY with a 25% YoY improvement in data revenue from small screens

• Mobile service revenue decreased 3.0 % YoY affected by measures taken to reduce unrequested services

• EBITDA decreased 9.4% YoY mainly due to continued investments in network and distribution, leading to an EBITDA margin of 40.1%

• Mobile customer base declined 1% to 55.0 million; mobile broadband customers grew 16% to 3.2 million

The Russian Business Unit continued to see pressure on its results as the Company executes the next phase of its transition focusing on Customer Excellence and implementing a cultural transformation to a customer-centric organization. Although the improvements in customer perception are expected to become visible in the second half of this year, the Company expects that the pressure on results will continue for the remainder of 2014.

Mobile service revenue declined 3% YoY to RUB 52.4 billion, negatively affected by the measures taken to reject unrequested services from content providers. The mobile customer base decreased 1% to 55.0 million due to a 2 percentage points YoY increase in quarterly churn to 17%. The Company reported lower gross additions as a result of an increased focus on the quality of its customer base. Mobile voice revenue was down YoY due to declining prices and the migration of customers to the Company’s new and more attractive price plans. ARPU declined 3% YoY to RUB 310 mainly as a result of the measures taken to reject spam and unrequested services from content providers. The mobile voice revenue decline was partially offset by increasing mobile data revenue from strong growth in mobile data traffic, which more than doubled YoY. Mobile data revenue increased 22% YoY to RUB 8.8 billion, while data revenue from small screens increased 25% YoY. Mobile financial services, marketed under the brand name RuRu, were also strong, with revenues increasing by 41% YoY to RUB 449 million.

Fixed-line service revenue increased 3% YoY to RUB 12.2 billion due to the growth in FTTB and voice revenue. The fixed-line broadband customer base declined 5% YoY to 2.3 million, while fixed-line broadband ARPU increased 4% YoY. The Company’s strategy in the fixed-line business continues to be centered on profitability in regions where it currently has significant market share, thereby focusing on CAPEX and OPEX efficiency and increasing ARPU in the FTTB segment.

EBITDA decreased 9% YoY to RUB 26.5 billion and EBITDA margin decreased 1.7 percentage points YoY to 40.1% due to lower revenue and the increased demand-driven network investments, as well as an increase in HR costs and customer acquisition costs due to the expansion of owned monobrand stores. In addition, the weakening of the ruble and inflation of utility costs had a negative impact on EBITDA margin.

Beeline continued its efforts to improve customer perception by introducing a new simplified tariff portfolio with competitive prices in combination with transparent services. This was supported by an attractive smartphone offering, underpinning the new customer value proposition. Beeline introduced the first smartphone on the market priced below RUB 500, in combination with the new bundle tariff plan “ALL!”. In addition, the Company continued with its new content and spam policy, filtering SMS spam from short numbers and offering free Beeline antivirus protection. In addition, Beeline introduced a new mobile self-service application for iOS and Android, allowing customers to manage all charged Beeline services. The Company will continue its Operational Excellence 2.0 program in 2014, focusing on simultaneously improving both customer service and efficiency.

Beeline continued to invest in high-speed data networks and is on track with its plans for the accelerated roll out of 4G/LTE. The Company launched 4G/LTE in Saint Petersburg and Leningradskaya Oblast during the first quarter. In 1Q14, CAPEX increased 71% YoY and Beeline expects CAPEX to revenue of 22% in Russia for FY14.

VimpelCom Ltd. 1Q 2014 | 9

RUSSIA KEY INDICATORS

RUB mln	1Q14			1Q13			YoY
Total operating revenue		66,148			70,080			(6	%)
Mobile service revenue		52,385			54,003			(3	%)
Fixed-line service revenue		12,175			11,774			3	%
EBITDA		26,548			29,292			(9	%)
EBITDA margin		40.1	%		41.8	%		(1.7	pp)
Capex		11,486			6,711			71	%
Capex/Revenue		17	%		10	%
Mobile
Total operating revenue		53,805			58,117			(7	%)
- of which mobile data		8,755			7,194			22	%
Customers (’000)		54,954			55,666			(1	%)
- of which broadband (’000)		3,159			2,717			16	%
ARPU (RUB)		310			321			(3	%)
MOU (min)		287			277			4	%
Fixed-line
Total operating revenue		12,343			11,963			3	%
Broadband revenue		3,187			3,187			0	%
Broadband customers (’000)		2,268			2,378			(5	%)
Broadband ARPU (RUB)		457			440			4	%

VimpelCom Ltd. 1Q 2014 | 10

ITALY – 1Q14

• Continued outperformance in a challenging environment

• Strong data revenue growth: mobile broadband up 24% YoY and fixed broadband up 2% YoY

• Mobile customer base stable YoY at 22.0 million

• Total revenue of EUR 1,144 million, down 7% YoY

• EBITDA at EUR 430 million with stable YoY margin of 37.6%

• In April, successfully completed refinancing of high coupon debt with ~USD 300 million in interest savings

In 1Q14, WIND continued to outperform its peers in what remains a challenging environment characterized by further mobile market contraction as a result of the intense price competition particularly in the summer of 2013. The competitive environment continued to stabilize during the first quarter of 2014 with certain operators removing their more aggressive promotions. As a result, gross additions in the market declined materially leading to a positive impact on churn. In this context, WIND maintained a stable customer market share despite the aggressive promotions of one competitor. The Company expects that the market will continue to be challenging for the remainder of the year.

Total revenue in 1Q14 decreased 7% YoY to EUR 1,144 million, driven by the 10% reduction in service revenues, primarily due to the aforementioned intense competition in the mobile segment coupled with the tail end impact of the MTR reductions. Net of the MTR reductions, total revenues declined by 5%.

Mobile service revenue in 1Q14 decreased 11% to EUR 729 million driven by price competition, MTR reductions and a material contraction of SMS revenues, in line with the development witnessed in most mature markets. However, these headwinds were partially mitigated by solid results in WIND’s mobile data offerings with mobile broadband revenue up 24% YoY to EUR 132 million driven by a 40% YoY growth in mobile broadband customers to 9.3 million.

In the first quarter of 2014, WIND’s mobile customer base remained stable YoY at 22.0 million, a result of the renewed ‘All-Inclusive’ bundle portfolio characterized by simplicity and transparency. WIND’s solid performance is the result of its market-leading customer satisfaction.

Mobile ARPU declined 12% to EUR 11 driven by the decline in voice ARPU caused by the 2013 competitive pressure coupled with the increased number of “data only” SIM cards. Mobile data ARPU increased 2% YoY and now generates 38% of total mobile ARPU.

In fixed-line, service revenue decreased 8% YoY to EUR 306 million mainly due to the decline in the fixed-line customer base, primarily in the less profitable indirect segment, as a result of the focus on higher margin LLU customers, and due to the ongoing decline in voice volumes and revenue. Fixed broadband revenue increased 2% YoY to EUR 138 million with broadband LLU customers and dual play customers growing 1% YoY. Fixed EBITDA margin increased driven by the focus on the LLU segment and the use of more efficient pull distribution channels.

WIND’s EBITDA in 1Q14 declined 7% YoY, to EUR 430 million, due to the decline in revenues partially offset by cost savings. EBITDA margin remained stable YoY at 37.6%.

During the first quarter, WIND continued to invest in increasing the capacity and coverage of its existing HSPA+ network, as well as expanding its 4G/LTE services in the main cities and the main Italian airports. As a result, 1Q14 CAPEX was EUR 137 million.

In April, WIND’s subsidiary Wind Acquisition Finance S.A. successfully issued EUR 3.8 billion senior notes due in 2021 in the 7% coupon range through which it refinanced its EUR 2.7 billion 11.75% senior notes and, together with a cash contribution from VimpelCom, repaid in full the outstanding EUR 1.3 billion 12.25% PIK notes issued by Wind Acquisition Holdings Finance S.A. and guaranteed by WIND’s direct parent. The transaction will provide significant annual interest savings of up to USD 300 million and a more stable capital structure.

VimpelCom Ltd. 1Q 2014 | 11

ITALY KEY INDICATORS

EUR mln	1Q14			1Q13			YoY
Total operating revenue		1,144			1,229			(7	%)
Mobile service revenue		729			815			(11	%)
Fixed-line service revenue		306			332			(8	%)
EBITDA		430			461			(7	%)
EBITDA margin		37.6	%		37.5	%		0.1	pp
Capex1		137			162			(16	%)
Capex1/Revenue		12	%		13	%
Mobile
Total revenue		827			888			(7	%)
Customers (’000)		22,037			22,013			0	%
- of which broadband (’000) 2		9,349			6,680			40	%
ARPU (€)		10.9			12.4			(12	%)
MOU (min)		254			216			18	%
Fixed
Total revenue		316			341			(7	%)
Total voice customers (’000)		2,952			3,096			(5	%)
ARPU (€)		29.8			31.3			(5	%)
Broadband customers (’000)		2,207			2,228			(1	%)
Broadband ARPU (€)		20.8			20.2			3	%
Dual-play customers (’000)		1,889			1,871			1	%

¹⁾ CAPEX in 1Q13 excludes EUR 136 million of non-cash increase in intangible assets related to the contract with Terna for the right of way of WIND’s backbone

²⁾ Mobile broadband include customers that have performed at least one mobile Internet event in the previous month

VimpelCom Ltd. 1Q 2014 | 12

AFRICA & ASIA¹ – 1Q14

• Revenue decreased organically 1% YoY to USD 846 million

• EBITDA decreased organically 3% YoY to USD 399 million, with an EBITDA margin of 47.1%

• Customer base grew 8% YoY to 90 million, mainly driven by strong additions in Bangladesh

• Awarded 3G license in Pakistan, 3G launch expected in 2Q14

Revenue in the Africa & Asia Business Unit decreased organically 1% YoY to USD 846 million and the customer base increased 8% to 89.8 million, supported by strong additions in Bangladesh and steady growth in Algeria, Pakistan and Sub-Saharan Africa.

EBITDA decreased organically 3% YoY to USD 399 million. Reported results in US dollars continued to be adversely impacted by local currency depreciations, mainly in Pakistan, which resulted in a reported revenue decline of 2% YoY and an EBITDA decline of 3% YoY.

CAPEX in 1Q14 increased 377% YoY to USD 143 million due to investments in 3G in Algeria and Bangladesh, coupled with network modernization in Pakistan.

The following analysis of the performance of the operating units is in local currencies.

ALGERIA (“DJEZZY”)

Djezzy’s revenue decreased 2% YoY, as a result of the strong competition following the launch of 3G services by other operators, lower outgoing traffic, and lower interconnect revenue due to the new interconnect pricing which included lower local rates. Djezzy grew its mobile customer base 6% YoY to 17.6 million. Djezzy’s customer market share decreased to 51%, due to the discovery of non-counted customers of competition, and hence customers of competitors were under-estimated by 592 thousand. ARPU declined 7% YoY to DZD 628, as a result of the strong competition following the launch of 3G services by competitors and the impact of the new, lower interconnect rates and the increase in multi SIM cards.

EBITDA decreased 5% YoY, negatively impacted by higher network and IT costs. 3G network rollout remains on track with targeted launch of services during 2Q14. The regulator has approved Djezzy’s commercial initiatives including its 3G launch offers.

CAPEX increased 610% YoY mainly due to the investments in the high-speed 3G network, following the lifting of the ban on 3G equipment in December 2013.

PAKISTAN (“MOBILINK”)

Mobilink’s revenue decreased 5% YoY, adversely affected by a macro-economic slowdown, lower voice revenue following the implementation of additional withholding taxes and strong competition coupled with lower interconnect revenue. Mobilink’s mobile customer base increased 5% YoY to 38.2 million, supported by attractive on-net offerings, reactivation campaigns, and attractive bonus on recharge offers as well as new tariff plans. ARPU declined 12% YoY to PKR 216, negatively impacted by the implementation of the additional withholding taxes and lower interconnect revenue.

EBITDA decreased 11% YoY, with the revenue decline being partly mitigated by cost efficiencies, particularly in content costs and interconnect costs.

CAPEX increased 509% YoY due to the network modernization project, which is expected to be completed by the end of 2Q14.

On April 23, 2014, Mobilink was awarded 2x10 MHz spectrum in the 2100 MHz band for a price of USD 301 million. The license shall be valid for 15 years. This milestone paves the way to launch 3G services in Pakistan during 2014 and solidifies the Group’s commitment to the Pakistani market and to maintaining Mobilink’s market leadership position.

BANGLADESH (“BANGLALINK”)

banglalink’s revenue increased 11% YoY, driven by growth in its mobile customer base, the launch of 3G services, and an improved macro-economic environment that supported normal business activities, following the general elections that took place in January 2014. The mobile customer base grew 13% YoY to 29.4 million, following the launch of 3G services, reactivation offers, and handset on recharge offers. ARPU declined 2% YoY to BDT 117, due to the impact from political turmoil in early January 2014, more competitive pricing and a change in the mix of on-net and off-net traffic. After launching 3G services in October 2013 with various 3G packs together with handsets and a content portal, banglalink continued to promote mobile data by incorporating it in its start-up offers as a bonus and also as a tool for reactivation. banglalink also launched “Peer SIM” which is a pack of one pair SIM making them default Friends & Family for each other. During the quarter, banglalink also launched the “best value for money” campaign with added bonuses on both outgoing and incoming offers to facilitate both customer acquisition and retention.

¹⁾  Africa & Asia operations include operations in Algeria, Pakistan, Bangladesh, Sub-Saharan Africa and Laos

VimpelCom Ltd. 1Q 2014 | 13

EBITDA decreased 0.4% YoY, due to the reversal of a bad debt provision in 1Q13, coupled with higher dealer commission on gross additions and higher Network, IT, and HR costs.

CAPEX in 1Q14 increased to USD 27 million due to the roll out of 3G and 2G network modernization.

LAOS

In Laos, total service revenues increased 10% YoY in local currency, due to an increase of low margin international terminating traffic, impacting EBITDA. Total mobile customers increased by 5%.

AFRICA & ASIA KEY INDICATORS

USD mln	1Q14			1Q13			YoY
Total operating revenue		846			864			(2	%)
Mobile service revenue		830			848			(2	%)
EBITDA		399			412			(3	%)
EBITDA margin		47.1	%		47.7	%		(0.6	pp)
Capex		143			30			377	%
Capex/Revenue		17	%		3	%
Mobile customers (’000)2		89,825			83,261			8	%

AFRICA & ASIA BUSINESS UNIT: COUNTRY DETAIL

ALGERIA

DZD bln	1Q14			1Q13			YoY
Total operating revenue		34			34			(2	%)
Mobile service revenue		33			34			(2	%)
EBITDA		19			20			(5	%)
EBITDA margin		57.4	%		59.2	%		(1.8	pp)
CAPEX (USD mln)1		60			9			n.m.
CAPEX/Revenue		14	%		2	%

PAKISTAN

PKR bln	1Q14			1Q13			YoY
Total operating revenue		26			27			(5	%)
Mobile service revenue		25			26			(5	%)
EBITDA		10			11			(11	%)
EBITDA margin		39.5	%		42.2	%		(2.7	pp)
CAPEX (USD mln)1		55			9			n.m.
CAPEX/Revenue		22	%		3	%

BANGLADESH

BDT bln	1Q14			1Q13			YoY
Total operating revenue		10			9			11	%
Mobile service revenue		10			9			10	%
EBITDA		4			4			(0	%)
EBITDA margin		36.9	%		41.3	%		(4.4	pp)
CAPEX (USD mln)1		27			12			129	%
CAPEX/Revenue		20	%		10	%

¹⁾ CAPEX excl. licenses

²⁾ The customer numbers for 1Q13 have been adjusted to remove customers in operations that have been sold and to reflect revised customer numbers in Algeria, due to the reported technical issue

VimpelCom Ltd. 1Q 2014 | 14

UKRAINE – 1Q14

• Transformation program on track, delivering first signs of improvement

• Mobile customer base¹ decreased 3% YoY to 25.6 million

• Mobile service revenue decreased 6% YoY to UAH 2.7 billion, primarily due to the transition to lower priced bundled tariff plans

• EBITDA declined 8% YoY to UAH 1.4 billion; EBITDA margin of 48.6%

The Ukraine Business Unit delivered strong EBITDA and operating cash flow margins in 1Q14 despite the challenging macro-economic and political environment. Kyivstar’s operations in the first quarter have not been materially impacted by the turbulence. The transformation program, which was presented at VimpelCom’s recent Analyst and Investor Conference, aims to improve customer excellence and operational performance. The program is on track and is showing initial positive results, with improving QoQ performance. The Company expects stabilization of its revenue market share in 2014, but the environment is expected to remain challenging for the remainder of this year.

Total revenue decreased 7% YoY to UAH 2.9 billion due to the decline in mobile revenue. Mobile service revenue decreased 6% YoY to UAH 2.7 billion primarily due to lower mobile voice revenue following the reconnection of existing customers to bundled tariff plans. This negative performance was partly offset by solid mobile data revenue growth of 15% YoY to UAH 242 million, driven by the introduction of a new tariff plan based on

the principle of “per day of usage” charging instead of “per megabyte” charging. Kyivstar’s mobile customer base decreased 3%¹ YoY to 25.6 million and mobile ARPU declined 5% YoY to UAH 35.

Fixed-line service revenue declined 2% YoY to UAH 259 million due to a planned reduction in low margin transit revenue, which was partly offset by a strong growth in fixed residential broadband (FTTB) revenue. FTTB revenue continued to outgrow the market, increasing 19% YoY to UAH 114 million. The increase was driven by growth in the fixed broadband customer base of 19% YoY to 787 thousand while fixed broadband ARPU declined by 2% YoY to UAH 49.1.

EBITDA decreased 8% YoY to UAH 1.4 billion mainly due to lower mobile voice revenue, while EBITDA margin remained at a solid level of 48.6%, down 0.4 percentage points YoY.

Kyivstar continued modernizing its network to prepare for future mobile data growth. CAPEX totaled UAH 305 million in 1Q14 and LTM 1Q14 CAPEX to revenue was at an efficient level of 13%. Operating cash flow declined by 7% YoY to UAH 1.1 billion leading to a strong OCF margin of 38%.

UKRAINE KEY INDICATORS

UAH mln	1Q14			1Q13			YoY
Total operating revenue		2,942			3,162			(7	%)
Mobile service revenue		2,677			2,836			(6	%)
Fixed-line service revenue		259			265			(2	%)
EBITDA		1,430			1,550			(8	%)
EBITDA margin		48.6	%		49.0	%		(0.4	pp)
Capex		305			336			(9	%)
Capex/Revenue		10	%		11	%
Mobile
Total operating revenue		2,682			2,896			(7	%)
Customers (’000)1		25,563			26,323			(3	%)
ARPU (UAH)		34.6			36.5			(5	%)
MOU (min)		498			484			3	%
Fixed-line
Total operating revenue		260			265			(2	%)
Broadband revenue		114			96			19	%
Broadband customers (’000)		787			663			19	%
Broadband ARPU (UAH)		49.1			50.0			(2	%)

¹⁾  The customer numbers for 2013 have been adjusted to reflect the alignment of the definition with the Group

VimpelCom Ltd. 1Q 2014 | 15

CIS¹ – 1Q14

• Mobile service revenue increased organically by 2% YoY

• EBITDA reached USD 217 million with organic growth of 4% YoY

• EBITDA margin increased marginally YoY to 49.6%

• Mobile customers increased 6% YoY to 25 million

• Mobile data customer base grew 7% YoY; mobile data revenue growth of 29% YoY

Competition in the CIS countries increased in 1Q14, however, mobile data revenue growth was strong in all CIS markets while EBITDA margins and cash flows were solid as a result of efficiencies implemented through the Company’s Operational Excellence and Capital Efficiency programs.

Total revenue increased organically by 3% YoY while total reported revenue declined by 3% YoY to USD 437 million, mainly due to currency devaluation in particular in Kazakhstan. Mobile service revenue increased organically 2% YoY to USD 394 million driven by strong mobile data revenue growth of 29%. The CIS Business Unit grew its mobile customer base 6% YoY to 25 million, primarily driven by an 8% YoY growth in Kazakhstan.

EBITDA grew organically 4% YoY mainly due to strong mobile revenue growth in Kazakhstan, but declined 1% on a reported basis to USD 217 million mainly due to the devaluation of local currencies against the US dollar in Kazakhstan.

1Q14 CAPEX decreased to USD 38 million, primarily related to temporary delays in equipment delivery and network roll out in Kazakhstan and Uzbekistan.

The following analysis of the performance in the operating units is in local currencies.

KAZAKHSTAN

In Kazakhstan Beeline improved its market position against its main competitors despite the highly competitive market. Customers continued to be attracted to Beeline’s value proposition as a result of the ongoing transition to bundled tariff plans, as well as the introduction of regional offers in major cities with attractive on-net tariffs during 1Q14. In line with the agreed glide path of Mobile Termination Rates, the MTR was reduced by 15% at the beginning of 2014.

Total service revenue in Kazakhstan increased 6% YoY in 1Q14 to KZT 30 billion driven by 3% YoY growth in mobile service revenue and a 39% YoY increase in fixed-line service revenue. The mobile customer base increased 8% YoY to 9.2 million and mobile ARPU decreased 4% YoY to KZT 975 due to declining voice revenue, partly offset by strong mobile data revenue growth. Mobile data revenue increased 22% YoY as a result of both an increase in data users and data ARPU. Annualized churn improved to 52%

due to the customer base quality management and retention initiatives. The strong growth in fixed-line service revenue was supported by the increasing traffic termination charge and FTTB revenue.

EBITDA grew 9% YoY and EBITDA margin increased 1.1 percentage points to 47.8% as a result of efficiencies realized as part of the Operational Excellence program.

CAPEX decreased 62% YoY to USD 9 million, due to a temporary delay in equipment delivery.

UZBEKISTAN

As the market leader, Beeline’s primary focus was to maintain the quality of service and further improve its network capacity, although 1Q14 results were negatively affected by electricity outages in the most important regions. Mobile service revenue increased 4% YoY to USD 161 million driven by a 1% YoY growth in the customer base to 10.4 million and a 2% YoY improvement in ARPU to USD 5.1. The ARPU increase was mainly driven by a 50% YoY increase in mobile data revenue to USD 30 million, as Beeline launched a data campaign for mobile Internet usage. EBITDA grew 3% YoY to USD 105 million leading to a strong EBITDA margin of 64.4%.

CAPEX decreased 64% YoY to USD 21 million, due to a temporary delay in equipment roll out.

Beeline aims to maintain its leading market position in 2014 by focusing on high value customers, while it is expected that a third mobile operator will enter the market in 4Q14.

KYRGYZSTAN

Mobile service revenue decreased 5% YoY to KGS 2.0 billion, due to strong competition and declining prices. This was partly compensated by strong growth in mobile data revenue of 45% YoY to KGS 221 million as a result of initiatives aimed at stimulating data usage for small screens. The mobile customer base increased 16% YoY due to Beeline’s attractive on-net and data offering. ARPU decreased 16% YoY to KGS 248, as a result of declining voice revenue. EBITDA decreased 16% and EBITDA margin declined by 6 percentage points to 45.2% due to the increase in international interconnect costs, increase of customer acquisition costs and commercial OPEX caused by the strong competitive pressure.

¹⁾  CIS operations include operations in Kazakhstan, Uzbekistan, Armenia, Kyrgyzstan, Tajikistan, and Georgia

VimpelCom Ltd. 1Q 2014 | 16

ARMENIA

Mobile service revenue in Armenia decreased 4% YoY to AMD 5.5 billion in 1Q14, as a result of an 8% YoY decline in its mobile customer base to 0.7 million, due to strong competition. Mobile ARPU increased 6% YoY to AMD 2,589 as a result of the value for money proposition. Fixed service revenue declined 4% due to decline in voice revenue and a 3% YoY loss of customers. EBITDA declined 10% YoY and EBITDA margin decreased 2.5 percentage points to 36.6% mainly due to the decrease in mobile voice revenue. Competition is expected to remain strong following the introduction of MNP in April 2014.

TAJIKISTAN

In Tajikistan, mobile service revenue increased 7% YoY to USD 31 million in 1Q14 as a result of increased international interconnect revenue and 11% YoY growth

in the mobile customer base to 1.3 million. Mobile ARPU decreased 5% to USD 8 mainly due to decreasing prices and declining international calls. EBITDA increased 15% YoY while EBITDA margin increased 4.1 percentage points to 46.6%.

GEORGIA

The market in Georgia remained highly competitive in 1Q14 with mobile service revenue to declining by 2% YoY to GEL 30 million and ARPU declining by 16% YoY to GEL 9. Despite the lack of a 3G license, which was partly responsible for the decline in revenue, the Company grew its mobile customer base by 15% YoY to 1.1 million as a result of its attractive tariff offerings. EBITDA decreased 8% YoY to GEL 9 million and EBITDA margin decreased 1.7 percentage points YoY to 26.2%.

CIS KEY INDICATORS

USD mln	1Q14			1Q13			YoY
Total operating revenue		437			451			(3	%)
Mobile service revenue		394			409			(4	%)
Fixed-line service revenue		40			38			5	%
EBITDA		217			220			(1	%)
EBITDA margin		49.6	%		48.8	%		0.8	pp
Capex		38			90			(58	%)
Capex/Revenue		9	%		20	%
Mobile
Customers (’000)		25,293			23,949			6	%
- of which broadband (’000)		13,450			12,592			7	%
Fixed
Broadband customers (’000)		361			343			5	%
Broadband revenue		15			15			(2	%)

For details per country unit please see Attachment B

CIS BUSINESS UNIT: COUNTRY DETAIL

KAZAKHSTAN

KZT mln	1Q14			1Q13			YoY
Total operating revenue		30,453			28,650			6	%
Mobile service revenue		26,976			26,129			3	%
Fixed-line service revenue		3,440			2,480			39	%
EBITDA		14,558			13,373			9	%
EBITDA margin		47.8	%		46.7	%		1.1	pp
Capex (USD mln)		9			25			(62	%)
Capex / Revenue		5	%		13	%

UZBEKISTAN

USD mln	1Q14			1Q13			YoY
Total operating revenue		163			157			4	%
Mobile service revenue		161			154			4	%
Fixed-line service revenue		2			2			(4	%)
EBITDA		105			102			3	%
EBITDA margin		64.4	%		65.2	%		(0.8	pp)
Capex (USD mln)		21			59			(64	%)
Capex / Revenue		13	%		37	%

VimpelCom Ltd. 1Q 2014 | 17

CONFERENCE CALL INFORMATION

On May 14, 2014, the Company will host an analyst & investor conference call on its fourth quarter results at 2:00 pm CET. 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

Confirmation Code: 33247951

International call-in number: + 1 (402) 875-4763

Confirmation Code: 33247951

The conference call replay and the slide presentations webcast will be available until May 21, 2014. The slide presentation will also be available for download on the Company’s website.

Investor and analyst call replay

US Replay Number: +1 (855) 859-2056

Confirmation Code: 33247951

International Replay Number: +1 (404) 537-3406

Confirmation Code: 33247951

CONTACT INFORMATION

INVESTOR RELATIONS

Gerbrand Nijman

ir@vimpelcom.com

Tel: +31 20 79 77 200 (Amsterdam)

Remco Vergeer

ir@vimpelcom.com

Tel: +31 20 79 77 200 (Amsterdam)

Stefano Songini

ir@mail.wind.it

Tel +39 06 83111 (Rome)

Mamdouh Abdel Wahab

IR@gtelecom.com

Tel: +202 2461 5050 / 51 (Cairo)

MEDIA AND PUBLIC RELATIONS

Bobby Leach / Artem Minaev

pr@vimpelcom.com

Tel: +31 20 79 77 200 (Amsterdam)

VimpelCom Ltd. 1Q 2014 | 18

DISCLAIMER

This press release 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, among other things, the Company’s anticipated performance, its expectation to close and derive benefits from the Algeria transaction, its revised expected capital expenditures, 2014 annual targets, operational and network development in Russia, refinancing plans, potential future dividend payments and the Company’s ability to realize its strategic initiatives in the various countries of operation. The forward-looking statements included in this presentation are based on management’s best assessment of the Company’s strategic and financial position and of future market conditions and trends. These discussions involve risks and uncertainties. The actual outcome may differ materially from these statements as a result of continued volatility in the economies in our markets, unforeseen developments from competition, governmental regulation of the telecommunications industries, general political uncertainties in our markets and/or litigation with third parties. There can be no assurance that such risks and uncertainties will not have a material adverse effect on the Company. Certain factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risk factors described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2012 filed with the U.S. Securities and Exchange Commission (the “SEC”) and other public filings made by the Company with the SEC, which risk factors are incorporated herein by reference. The Company disclaims any obligation to update developments of these risk factors or to announce publicly any revision to any of the forward-looking statements contained in this release, or to make corrections to reflect future events or developments.

ABOUT VIMPELCOM LTD

VimpelCom is one of the world’s largest integrated telecommunications services operators providing voice and data services through a range of traditional and broadband mobile and fixed technologies in Russia, Italy, Ukraine, Kazakhstan, Uzbekistan, Tajikistan, Armenia, Georgia, Kyrgyzstan, Laos, Algeria, Bangladesh, Pakistan, Burundi, Zimbabwe, Central African Republic and Canada. VimpelCom’s operations around the globe cover territory with a total population of approximately 754 million people. VimpelCom provides services under the “Beeline”, “Kyivstar”, “WIND”, “Infostrada” “Mobilink”, “Leo”, “banglalink”, “Telecel”, and “Djezzy” brands. As of March 31, 2014 VimpelCom had 218 million mobile customers on a combined basis. VimpelCom is traded on the NASDAQ Global Stock Market under the symbol (VIP). For more information visit: http://www.vimpelcom.com.

VimpelCom Ltd. 1Q 2014 | 19

CONTENT OF THE ATTACHMENTS

Attachment A	VimpelCom Ltd Interim Financial Statements	21
Attachment B	Country units key indicators CIS and Africa & Asia	24
Attachment C	Reconciliation Tables Average Rates of Functional Currencies to USD	27
Attachment D	WIND Telecomunicazioni group condensed financial statement of income	28
Attachment E	Reconciliation tables of revised Financial Statements 4Q13	29
Attachment F	Definitions	30

For more information on financial and operating data for specific countries, please refer to the supplementary file Factbook1Q2014.xls on VimpelCom’s website at http://vimpelcom.com/ir/financials/results.wbp

VimpelCom Ltd. 1Q 2014 | 20

ATTACHMENT A: VIMPELCOM LTD INTERIM FINANCIAL STATEMENTS

VIMPELCOM LTD UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF INCOME

USD mln	1Q14			1Q13
Total operating revenue		5,024			5,591
of which other revenue		105			39
Operating expenses
Service costs		1,244			1,485
Selling, general and administrative expenses		1,692			1,758
Depreciation		758			766
Amortization		394			454
Impairment loss		—			18
Loss on disposals of non-current assets		11			3
Total operating expenses		4,099			4,484
Operating profit		925			1,107
Finance costs		527			523
Finance income		(14	)		(22	)
Other non-operating losses		37			26
Shares of loss of associates and joint ventures accounted for using the equity method		37			65
Net foreign exchange loss/(gain)		92			(28	)
Profit before tax		246			543
Income tax expense		173			213
Profit for the period		73			330
Non-controlling interest		34			(78	)
Net income attributable to VimpelCom shareholders		39			408

VimpelCom Ltd. 1Q 2014 | 21

ATTACHMENT A: VIMPELCOM LTD INTERIM FINANCIAL STATEMENTS

VIMPELCOM LTD UNAUDITED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION

USD mln	31 March 2014			31 December 2013 Revised1
Assets
Non-current assets
Property and equipment		14,537			15,493
Intangible assets		9,296			9,837
Goodwill		13,937			14,709
Investments in associates and joint ventures		400			449
Deferred tax asset		321			294
Income Tax advances, non-current		34			52
Financial assets		241			262
Other non-financial assets		16			18
Total non-current assets		38,782			41,114
Current assets
Inventories		172			192
Trade and other receivables		2,302			2,280
Other non-financial assets		816			790
Current income tax asset		259			335
Other financial assets		460			440
Cash and cash equivalents		4,540			4,454
Total current assets		8,549			8,491
Assets classified as held for sale		147			142
Total assets		47,478			49,747
Equity and liabilities
Equity
Equity attributable to equity owners of the parent		8,424			9,733
Non-controlling interests		(644	)		(655	)
Total equity		7,780			9,078
Non-current liabilities
Debt		24,581			25,556
Other financial liabilities		1,150			1,246
Provisions		418			417
Other non-financial liabilities		432			433
Deferred tax liability		1,537			1,641
Total non-current liabilities		28,118			29,293
Current liabilities
Trade and other payables		4,205			4,733
Debt		2,812			1,897
Other non-financial liabilities		2,062			2,101
Other financial liabilities		435			529
Current income tax payable		136			166
Provisions		1,865			1,880
Total current liabilities		11,515			11,306
Liabilities associated with assets held for sale		65			70
Total equity and liabilities		47,478			49,747

¹⁾  The 2013 statement of financial position has been revised to reflect the resolution in Algeria and fixed assets write off to operating expenses in Uzbekistan

VimpelCom Ltd. 1Q 2014 | 22

ATTACHMENT A: VIMPELCOM LTD INTERIM FINANCIAL STATEMENTS

VIMPELCOM LTD UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

USD mln	1Q14			1Q13
Operating activities
Profit after tax		73			330
Income Tax Expenses		173			213
Profit before tax		246			543
Non-cash adjustment to reconcile profit before tax to net operating cash flows:
Depreciation		758			766
Amortization		394			454
Impairment loss		—			18
Loss From Disposal Of Non Current Assets		11			3
Finance income		(14	)		(22	)
Finance cost		527			523
Other Non Operating Losses		37			26
Net Foreign Exchange Loss / (Gain)		92			(28	)
Share Of Loss Of Associates And Joint Ventures		37			65
Movements in provisions and pensions		28			27
Changes in working capital		(62	)		(294	)
Net interest paid		(652	)		(581	)
Income tax paid		(234	)		(226	)
Net cash from operating activities		1,168			1,274
Proceeds from sale of property, plant and equipment and intangible assets		2			26
Purchase of property, plant and equipment and intangible assets		(1,174	)		(890	)
Payments on deposits and loans granted		(41	)		(184	)
Other		2			(6	)
Net cash used in investing activities		(1,211	)		(1,054	)
Gross proceeds from borrowings		995			2,012
Repayment of borrowings		(785	)		(234	)
Dividends paid to equity holders		(10	)		(1,280	)
Net cash from financing activities		200			498
Net increase in cash and cash equivalents		157			718
Net foreign exchange difference		(71	)		(103	)
Cash and cash equivalent at beginning of period		4,454			4,949
Cash and cash equivalent at end of period		4,540			5,564

VimpelCom Ltd. 1Q 2014 | 23

ATTACHMENT B: COUNTRY UNITS KEY INDICATORS

AFRICA & ASIA BUSINESS UNIT: COUNTRY DETAIL

ALGERIA

DZD bln	1Q14			1Q13			YoY
Total operating revenue		34			34			(2	%)
Mobile service revenue		33			34			(2	%)
EBITDA		19			20			(5	%)
EBITDA margin		57.4	%		59.2	%		(1.8	pp)
Capex1 (USD mln)		60			9			n.m.
Capex / Revenue		14	%		2	%
Mobile
Customers (’000)2		17,557			16,604			6	%
ARPU (DZD)		629			677			(7	%)
MOU (min)		201			263			(23	%)

PAKISTAN

PKR bln	1Q14			1Q13			YoY
Total operating revenue		26			27			(5	%)
Mobile service revenue		25			26			(5	%)
EBITDA		10			11			(11	%)
EBITDA margin		39.5	%		42.2	%		(2.7	pp)
Capex (USD mln)		55			9			n.m.
Capex / Revenue		22	%		3	%
Mobile
Customers (’000)		38,155			36,316			5	%
ARPU (PKR)		216			244			(12	%)
MOU (min)		213			228			(7	%)

BANGLADESH

BDT bln	1Q14			1Q13			YoY
Total operating revenue		10			9			11	%
Mobile service revenue		10			9			10	%
EBITDA		4			4			(0	%)
EBITDA margin		36.9	%		41.3	%		(4.4	pp)
Capex1 (USD mln)		27			12			129	%
Capex / Revenue		20	%		10	%
Mobile
Customers (’000)		29,366			25,921			13	%
ARPU (BDT)		117			119			(2	%)
MOU (min)		188			175			7	%

SUB SAHARAN AFRICA (TELECEL GLOBE)

USD mln	1Q14			1Q13			YoY
Total operating revenue		22			20			10	%
EBITDA		9			6			51	%
EBITDA margin		41.3	%		29.9	%		11.4	pp
Mobile
Customers (’000)		4,417			4,106			8	%

SEA (CONSOLIDATED)

USD mln	1Q14			1Q13			YoY
Total operating revenue		8			12			(31	%)
EBITDA		2			(1	)		n.m
EBITDA margin		28.4	%		n.m
Mobile
Customers (’000)2		329			313			5	%

¹⁾  CAPEX excluding licenses

²⁾  The customer numbers for 1Q13 have been adjusted to remove customers in operations that have been sold and to reflect revised customer numbers in Algeria, due to the reported technical issue

VimpelCom Ltd. 1Q 2014 | 24

CIS BUSINESS UNIT: COUNTRY DETAIL

KAZAKHSTAN

KZT mln	1Q14			1Q13			YoY
Total operating revenue		30,453			28,650			6	%
Mobile service revenue		26,976			26,129			3	%
Fixed-line service revenue		3,440			2,480			39	%
EBITDA		14,558			13,373			9	%
EBITDA margin		47.8	%		46.7	%		1.1	pp
Capex (USD mln)		9			25			(62	%)
Capex / Revenue		5	%		13	%
Mobile
Customers (’000)		9,160			8,512			8	%
ARPU (KZT)		975			1,012			(4	%)
MOU (min)		293			254			16	%

ARMENIA

AMD mln	1Q14			1Q13			YoY
Total operating revenue		13,672			14,179			(4	%)
Mobile service revenue		5,519			5,739			(4	%)
Fixed-line service revenue		7,766			8,122			(4	%)
EBITDA		4,997			5,551			(10	%)
EBITDA margin		36.6	%		39.1	%		(2.5	pp)
Capex (USD mln)		1			1			(5	%)
Capex / Revenue		4	%		4	%
Mobile
Customers (’000)		699			756			(8	%)
ARPU (AMD)		2,589			2,446			6	%
MOU (min)		365			295			24	%

UZBEKISTAN

USD mln	1Q14			1Q13			YoY
Total operating revenue		163			157			4	%
Mobile service revenue		161			154			4	%
Fixed-line service revenue		2			2			(4	%)
EBITDA		105			102			3	%
EBITDA margin		64.4	%		65.2	%		(0.8	pp)
Capex (USD mln)		21			59			(64	%)
Capex / Revenue		13	%		37	%
Mobile
Customers (’000)		10,422			10,303			1	%
ARPU (USD)		5			5			2	%
MOU (min)		465			425			9	%

TAJIKISTAN

USD mln	1Q14			1Q13			YoY
Total operating revenue		31			29			5	%
Mobile service revenue		31			29			7	%
EBITDA		14			12			15	%
EBITDA margin		46.6	%		42.5	%		4.1	pp
Capex		2			4			(56	%)
Capex / Revenue		5	%		12	%
Mobile
Customers (’000)		1,295			1,161			11	%
ARPU (USD)		8			8			(5	%)
MOU (min)		278			235			18	%

VimpelCom Ltd. 1Q 2014 | 25

GEORGIA

GEL mln	1Q14			1Q13			YoY
Total operating revenue		33			33			(2	%)
Mobile service revenue		30			30			(2	%)
Fixed-line service revenue		2			2			(11	%)
EBITDA		9			9			(8	%)
EBITDA margin		26.2	%		27.9	%		(1.7	pp)
Capex (USD mln)		2			1			219	%
Capex / Revenue		10	%		3	%
Mobile
Customers (’000)		1,112			971			15	%
ARPU (GEL)		9			10			(16	%)
MOU (min)		214			253			(15	%)

KYRGYZSTAN

KGZ mln	1Q14			1Q13			YoY
Total operating revenue		1,988			2,093			(5	%)
Mobile service revenue		1,975			2,077			(5	%)
EBITDA		899			1,069			(16	%)
EBITDA margin		45.2	%		51.1	%		(5.9	pp)
Capex (USD mln)		3			1			160	%
Capex / Revenue		8	%		3	%
Mobile
Customers (’000)		2,605			2,245			16	%
ARPU (KGZ)		248			294			(16	%)
MOU (min)		294			228			29	%

CANADA: COUNTRY DETAIL

Mobile	1Q14		1Q13		YoY
Customers (’000)		702		602		17	%
ARPU (CAD)		31.0		27.6		12	%

VimpelCom Ltd. 1Q 2014 | 26

ATTACHMENT C: RECONCILIATION TABLES

RECONCILIATION OF CONSOLIDATED EBITDA OF VIMPELCOM

USD mln	1Q14			1Q13
Unaudited
EBITDA		2,088			2,348
Depreciation		(758	)		(766	)
Amortization		(394	)		(454	)
Impairment loss		—			(18	)
Loss on disposals of non-current assets		(11	)		(3	)
EBIT		925			1,107
Financial Income and Expenses		(513	)		(501	)
- including finance income		14			22
- including finance costs		(527	)		(523	)
Net foreign exchange loss and others		(166	)		(63	)
- including Other non-operating losses		(37	)		(26	)
- including Shares of loss of associates and joint ventures accounted for using the equity method		(37	)		(65	)
- including Net foreign exchange (loss) / gain		(92	)		28
EBT		246			543
Income tax expense		(173	)		(213	)
Profit for the year		73			330
Profit/(loss) for the year attributable to non-controlling interest		34			(78	)
Profit for the year attributable to the owners of the parent		39			408

VimpelCom Ltd. 1Q 2014 | 27

ATTACHMENT C: RECONCILIATION TABLES

RECONCILIATION OF VIMPELCOM CONSOLIDATED NET DEBT

USD mln	1Q13		4Q13		1Q14
Net debt		22,861		22,603		22,434
Cash and cash equivalents		5,564		4,454		4,540
Long-term and short-term deposits		190		396		419
Gross debt		28,615		27,453		27,393
Interest accrued related to financial liabilities		448		606		434
Unamortised fair value adjustment under acquisition method of accounting		62		665		625
Other unamortised adjustments to financial liabilities (fees, discounts etc.)		749		29		17
Derivatives not designated as hedges		466		204		238
Derivatives designated as hedges		131		271		271
Total other financial liabilities		30,471		29,228		28,978

RATES OF FUNCTIONAL CURRENCIES TO USD¹

	Average rates							Closing rates
	1Q14		1Q13		YoY			1Q14		4Q13		YoY
Russian Ruble		34.96		30.41		(13.0	%)		35.69		32.73		(8.3	%)
Euro		0.73		0.76		3.8	%		0.73		0.73		0.2	%
Algerian Dinar		78.01		78.65		0.8	%		78.54		78.38		(0.2	%)
Pakistan Rupee		103.55		97.89		(5.5	%)		98.19		105.33		7.3	%
Bangladeshi Taka		77.67		79.06		1.8	%		77.60		77.67		0.1	%
Ukrainian Hryvnia		8.86		7.99		(9.8	%)		10.95		7.99		(27.0	%)
Kazakh Tenge		169.77		150.67		(11.3	%)		182.04		153.61		(15.6	%)
Armenian Dram		410.87		409.15		(0.4	%)		413.31		405.64		(1.9	%)
Kyrgyz Som		51.92		47.71		(8.1	%)		54.48		49.25		(9.6	%)

¹⁾  Functional currencies in Tajikistan and Uzbekistan are USD

ATTACHMENT D: WIND TELECOMUNICAZIONI GROUP CONDENSED STATEMENTS OF INCOME

EUR mln	1Q14			1Q13			YoY
Total Revenue		1,144			1,229			(7	%)
EBITDA		430			461			(7	%)
D&A		(307	)		(312	)		(2	%)
EBIT		122			149			(18	%)
Financial Income and expenses		(230	)		(207	)		11	%
EBT		(108	)		(58	)		n.m.
Income Tax		(11	)		(21	)		(46	%)
Net loss		(119	)		(79	)		51	%

VimpelCom Ltd. 1Q 2014 | 28

ATTACHMENT E: RECONCILIATION OF REVISED FINANCIAL STATEMENTS 4Q13

REVISED STATEMENT OF FINANCIAL POSITION

USD mln	4Q13 As reported on March 6, 2014		Algeria			Uzbekistan			Other			4Q13 Revised
Assets
Non-current assets
Total non-current assets		41,232		(45	)		(72	)		(1	)		41,114
Current assets
Total current assets		9,045		(551	)					(3	)		8,491
Assets classified as held for sale		142											142
Total assets		50,419		(596	)		(72	)		(4	)		49,747
Equity and liabilities
Equity attributable to equity owners of the parent		10,935		(1,123	)		(72	)		(7	)		9,733
Non-controlling interests		373		(1,028	)								(655	)
Total equity		11,308		(2,151	)		(72	)		(7	)		9,078
Non-current liabilities
Total non-current liabilities		29,048		244									29,293
Current liabilities
Total current liabilities		9,993		1,310						3			11,306
Liabilities associated with assets held for sale		70											70
Total equity and liabilities		50,419		(596	)		(72	)		(4	)		49,747

REVISED STATEMENTS OF INCOME

USD mln	FY13 As reported on March 6, 2014			Algeria			Uzbekistan			Other			FY13 Revised
Total operating revenues		22,548									(2	)		22,546
Operating expenses
Total operating expenses		20,857			1,266			72			5			22,200
Operating profit		1,691			(1,266	)		(72	)		(7	)		346
Profit before tax		(679	)		(1,266	)		(72	)		(7	)		(2,024	)
Income tax expense		1,179			885									2,064
Profit for the period		(1,858	)		(2,151	)		(72	)		(7	)		(4,088	)
Attributable to:
Non-controlling interest		(434	)		(1,028	)								(1,463	)
Net income attributable to VimpelCom shareholders		(1,424	)		(1,123	)		(72	)		(7	)		(2,625	)

VimpelCom Ltd. 1Q 2014 | 29

ATTACHMENT F: DEFINITIONS

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

Broadband customers are the customer contracts that served as a basis for revenue generating activity in the three months prior to the measurement date, as a result of activities including monthly Internet access using FTTB and xDSL technologies as well as mobile Internet access via WiFi and USB modems using 2.5G/3G/4G/HSPA+ technologies. Italian Business Unit measure fixed broadband customers based on the number of active contracts signed, mobile broadband include customers that have performed at least one mobile Internet event in the previous month. Russian Business Unit includes IPTV activities. For CIS subsidiaries mobile broadband customers are those who have performed at least one mobile Internet event in the three-month period prior to the measurement date.

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

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

EBITDA is a non-GAAP financial measure. EBITDA is defined as earnings before interest, tax, depreciation and amortization. VimpelCom calculates EBITDA as operating income before depreciation, amortization, loss from disposal of non-current assets and impairment loss and includes certain non-operating losses and gains mainly represented by litigation provisions for all of its Business Units except for its Russia Business Unit. The Russia Business Unit’s EBITDA is calculated as operating income before depreciation, amortization, loss from disposal of non-current assets and impairment loss. EBITDA should not be considered in isolation or as a substitute for analyses of the results as reported under IFRS. 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 revenue or the need to replace capital equipment over time. Reconciliation of EBITDA to net income attributable to VimpelCom Ltd., the most directly comparable IFRS financial measure, is presented above.

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

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

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

VimpelCom Ltd. 1Q 2014 | 30

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

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

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

MOU (Monthly Average Minutes of Use per User) is generally calculated by dividing the total number of minutes of usage for incoming and outgoing calls during the relevant period (excluding guest roamers) by the average number of mobile customers during the period and dividing by the number of months in that period. Africa & Asia Business Unit measures MOU based on billed minutes

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

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

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

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

Underlying growth Revenue and EBITDA also excludes MTR reductions and one-offs. We believe investors should consider these measures as they are more indicative of our ongoing performance and management uses these measures to evaluate the Company’s operational results and trends.

Reportable segments: the Company identified Russia, Italy, Africa & Asia, Ukraine and CIS 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 revenue is eliminated in consolidation.

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

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

VimpelCom Ltd. 1Q 2014 | 31

1Q 2014 Presentation Amsterdam, May 14, 2014 Jo Lunder - CEO Andrew Davies - CFO

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, among other things, the Company's anticipated performance, its expectation to close and derive benefits from the Algeria transaction and subsequent development plans in Algeria, its revised 2014 annual targets, operational and network development in Russia, and the Company's ability to realize its strategic initiatives in the various countries of operation. The forward- looking statements included in this presentation are based on management's best assessment of the Company's strategic and financial position and of future market conditions and trends. These discussions involve risks and uncertainties. The actual outcome may differ materially from these statements as a result of continued volatility in the economies in our markets, unforeseen developments from competition, governmental regulation of the telecommunications industries, general political uncertainties in our markets and/or litigation with third parties. There can be no assurance that such risks and uncertainties will not have a material adverse effect on the Company. Certain factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risk factors described in the Company's Annual Report on Form 20-F for the year ended December 31, 2012 filed with the U.S. Securities and Exchange Commission (the "SEC") and other public filings made by the Company with the SEC, which risk factors are incorporated herein by reference. The Company disclaims any obligation to update developments of these risk factors or to announce publicly any revision to any of the forward-looking statements contained in this release, or to make corrections to reflect future events or developments.

VimpelCom reports 1Q14 results EBITDA margin is EBITDA divided by total revenue; EBITDA and EBITDA margin are non-GAAP financial measures Service revenue (USD billion) 4.8 Mobile customers (million) 218 EBITDA (USD billion) 2.1 EBITDA margin1 (%) 41.6 Service revenue organic decline 4% YoY Mobile customers increased 3% YoY EBITDA organic decline 6% YoY Strong EBITDA margin, down 0.4 pp YoY

Key recent developments Favorable resolution in Algeria with proceeds of ~USD 4.0 billion intended for debt repayment with annual interest savings of ~USD 0.3 billion Successful refinancing of WIND Italy's most expensive debt, saving ~USD 0.3 billion in annual interest expense Obtained credit facilities of USD 2.7 billion 3G license awarded in Pakistan for USD 0.3 billion Hamid Akhavan and Andrei Gusev appointed to the Supervisory Board Yogesh Malik appointed as Group CTO Vincenzo Nesci appointed Head of Africa & Asia Business Unit and CEO of GTH Revised annual targets for 2014

Business Units Performance

(CHART) RUB BILLION, UNLESS STATED OTHERWISE Service revenue Mobile Fixed-line -2% YoY EBITDA and EBITDA margin CAPEX and CAPEX/revenue -9% YoY Russia 1Q14: Pressure on results while investing in the network Mobile data revenue grew 22% YoY Service revenue decreased 2% YoY, mainly affected by measures taken to reduce unrequested mobile services from content providers Fixed-line service revenue increased 3% YoY due to the growth in FTTB and voice revenue EBITDA margin decreased 1.7 pp due to lower revenue and investments in network and owned monobrand stores CAPEX increased due to investments in 3G and 4G/LTE networks Pressure on results expected to continue for remainder of 2014 +71% YoY Mobile customers (million) -1% YoY (CHART) 65.8 68.7 64.6 (CHART) (CHART) Total Total Mobile

+ 40% in 3G base stations YoY + 64% in 4G/LTE base stations QoQ 91% of 3G base stations connected via IP vs 86% in 4Q13 Transformation Phase 2 in Russia: Continued investments in high speed data network Beeline #1 in 40% of the cities for data speed1 Moscow: #1 in voice quality, #2 in data speed1 Avg. download speed Moscow and Moscow Oblast of 3.4 Mb/s1 Avg. download speed Russia of 2.7 Mb/s1 Improved network performance 4G/LTE launched in 8 cities Including Moscow Oblast, St. Petersburg and Leningradskaya Oblast 4G/LTE launched in 20 regions by end of summer 2014 Only operator offering 4G/LTE in dual band in Moscow (800MHz and 2600MHz) Continued roll out of 3G and 4G/LTE Company estimates

Free antivirus for Beeline customers: Free virus database updates Free traffic for database update Dedicated support line for Beeline customers Beeline branded interface Free anti virus protection for Android Filtering external SMS traffic, with spam detection methods Administrative sanctions to spammers Average spam SMS per customer substantially reduced from 12 in October 2013 to 3 in March 2014; aim to reduce further Transformation Phase 2 in Russia: Enhanced customer experience with new content and spam policy Filter SMS spam Clear SMS notification of price of content beforehand Monthly reminder of content subscription Content subscription is limited to 90 days Measures taken to improve service quality from content providers Cleaning up revenue base Transparency of content subscription costs and no undesired subscription

Most affordable smartphone in the market In combination with newly launched bundled tariff plans Transformation Phase 2 in Russia: Improved customer value proposition Beeline smartphone RUB 490 (< USD 15) Simplified tariff plans Unlimited on-net included Larger mobile data packages included Lowered roaming tariffs New range of bundles and new roaming tariffs 300 1200 600 2700 Launched TV campaign to communicate new value proposition Brand proposition

Self service upgrade (app) User friendly online cost overview: Costs details visualized in clear charts "My Beeline" account details in one click Transformation Phase 2 in Russia: Improving customer service Reduced waiting time in service centers

1. CAPEX in 1Q13 excludes €136 million of non-cash increase in intangible assets related to the contract with Terna for the Right of Way of WIND's backbone 2. Mobile broadband includes customers that have performed at least one mobile Internet event in the previous month Italy 1Q14: Continued market outperformance EUR MILLION, UNLESS STATED OTHERWISE Continued market outperformance in a competitive environment Mobile broadband customers2 up 40% YoY to 9.3 million Strong mobile data revenue growth of 24% YoY Mobile service revenues declined 11% YoY due to intense price competition in 2013, MTR reduction and SMS contraction CAPEX investments in HSPA+ and 4G/LTE networks Market expected to be challenging for remainder of 2014 (CHART) Service revenue EBITDA and EBITDA margin CAPEX1 and CAPEX/revenue -16% YoY Mobile customers (million) (CHART) 1,147 1,120 1,035 (CHART) (CHART) -10% YoY 0% YoY -7% YoY Mobile Fixed-line Total Total Mobile

Africa & Asia1 1Q14: Good recovery in Bangladesh, solid performance in Pakistan, resolution in Algeria USD MILLION, UNLESS STATED OTHERWISE Revenue and EBITDA organically declined 1% YoY and 3% YoY Mobile customer growth supported by strong additions in Bangladesh Reported results negatively affected by local currency depreciation, mainly in Pakistan CAPEX increase due to 3G roll-out in Algeria and Bangladesh and network modernization in Pakistan 1. This segment includes our operations in Algeria, Pakistan, Bangladesh, Sub-Saharan Africa and Laos (CHART) Service revenue EBITDA and EBITDA margin CAPEX and CAPEX/revenue +377% YoY Mobile customers (million) (CHART) 848 830 830 (CHART) (CHART) -2% YoY +8% YoY -3% YoY

Algeria plans post settlement Closing of the transaction is expected by the end of 2014 Agreement will facilitate the procurement procedures, the deployment of the 3G network and the revamping of the existing network Agreement enables modernization of the existing network and fulfilment of coverage gaps Djezzy maintained a high customer loyalty with the lowest churn in the market Continued focus on customer excellence Launch of 3G is expected in 2Q14 The roll-out of 3G is progressing according to plan Offer innovative customer focused solutions Djezzy to benefit from the Group contracts for technology and services National 3G coverage expected to be reached by end of 2015

Ukraine 1Q14: Transformation program on track, delivering first signs of improvements UAH BILLION, UNLESS STATED OTHERWISE Kyivstar's operations in 1Q14 not materially impacted despite challenging macro- economic and political environment Fixed broadband customers increased 19% YoY Strong operating cash flow margin of 38% The transformation program is on track and showing initial positive results CAPEX: network modernization for 3G readiness Environment expected to remain challenging in 2014 (CHART) Service revenue EBITDA and EBITDA margin CAPEX and CAPEX/revenue -9% YoY Mobile customers (million) (CHART) 3.1 3.1 3.0 (CHART) (CHART) -5% YoY -3% YoY -8% YoY Mobile Fixed-line Total Total Mobile

CIS1 1Q14: Solid results USD MILLION, UNLESS STATED OTHERWISE Mobile service revenue increased organically 2% YoY Mobile data revenue growth of 29% YoY Mobile customers increased 6% YoY, primarily due to 8% growth in Kazakhstan EBITDA increased 4% organically YoY EBITDA margin increased 0.8 pp to a strong 49.6% CAPEX decline due to temporary delays in equipment delivery and roll-out in Kazakhstan and Uzbekistan 1. This segment includes our operations in Kazakhstan, Uzbekistan, Armenia, Kyrgyzstan, Tajikistan and Georgia (CHART) Service revenue EBITDA and EBITDA margin CAPEX and CAPEX/revenue -58% YoY Mobile customers (million) (CHART) 447 500 434 (CHART) (CHART) -3% YoY +6% YoY -1% YoY Mobile Fixed-line Total Total Mobile

Financial Highlights

Financial performance 1Q14 USD million 1Q14 1Q13 YoY Revenue 5,024 5,591 (10%) of which service revenue 4,810 5,322 (10%) EBITDA 2,088 2,348 (11%) EBITDA Margin 41.6% 42.0% (0.4 p.p.) D&A/Other (1,163) (1,241) (6%) EBIT 925 1,107 (16%) Financial expenses (513) (501) 2% FOREX and Other (166) (63) n.m. Profit before tax 246 543 n.m. Tax (173) (213) n.m. Non-controlling interest (34) 78 n.m. Net income1 39 408 Net income attributable to VimpelCom shareholders EBITDA declined organically 6% YoY Revenue declined organically 5% YoY, mainly due to operational performance in Russia and continued market weakness in Italy Declining amortization of intangible assets associated with the Wind Telecom acquisition GTH profit in 1Q14 and GTH loss in 1Q13 High effective tax rate mainly due to non-deductible interest expenses and the change in geographical profit mix FOREX loss mainly due to devaluation of local currencies in Russia, Ukraine, Kazakhstan and Pakistan Strong EBITDA margin, supported by continued focus on operational excellence

Cash flow USD million 1Q14 1Q13 YoY EBITDA 2,088 2,348 (260) Changes in working capital and other (34) (267) 233 Net interest paid (652) (581) (71) Income tax paid (234) (226) (8) Net cash from operating acitivities 1,168 1,274 (106) Net cash used in investing activities (1,211) (1,054) (157) Net proceeds from borrowings 210 1,778 (1,568) Dividends paid to equity holders (10) (1,280) 1,270 Net cash from financing acitivities 200 498 (298) Net increase in cash and cash equivalents 157 718 (561) Mainly due to improvements in trade working capital Investments in high-speed data networks Bonds totaling USD 2.0 billion were issued in 1Q13 No final dividend for 2013 Due to bonds issued in 1Q13 with semi-annual interest payment

(CHART) Improved maturity profile Pro Forma1 group debt maturity schedule as at 31 March 2014 Net Debt/ EBITDA3 Gross Debt/ EBITDA3 EBITDA / Financial income and expenses 4.1 Average Cost of Debt 8.2% 2.9 2.4 Debt composition by currency2 USD 27.4 bln 1. Pro Forma for group debt maturity schedule as at 31 March 2014 reflects recent WIND refinancing 2. After effect of cross currency swaps 3. Normalized LTM EBITDA excluding one-off charges related to the Algeria resolution and fixed assets write off to operating expenses in Uzbekistan USD billion (CHART) WIND refinancing

Revised targets1 2014 Previous targets1 2014 Revised annual targets for 2014 Revenue Stable YoY Low to mid single digit decline YoY CAPEX excl. licenses / Revenue ~21% ~21% Leverage (Net Debt / EBITDA) ~2.3x ~2.4x 1. The annual targets for 2014 assume constant currency, no major regulatory changes, no change to the asset portfolio and no major macro-economic changes EBITDA Stable YoY Low to mid single digit decline YoY

Conclusion Jo Lunder CEO

Challenging 2014 Favorable resolution in Algeria & successful refinancing of WIND Results impacted by operational performance in Russia and market weakness in Italy Transformation Phase 2 in Russia on track Continued outperformance in the competitive Italian market Transformation process in Ukraine progressing well Solid performance in CIS and Africa & Asia High EBITDA margin Solid cash flow generation despite high investments Targets adjusted to reflect ongoing challenges

Q&A

Further information Investor Relations Claude Debussylaan 88 1082 MD Amsterdam The Netherlands T: +31 20 79 77 234 E: ir@vimpelcom.com Install VimpelCom's App iPad App Visit our awards winning website www.vimpelcom.com

Thank you!

Appendices

Net cash flow from operating activities (USD billion) Debt and cash (CHART) During 1Q14: Draw downs under existing Vendor Financing facilities for USD 280 million Available headroom under committed revolving credit facilities as at the end of March 2014: VimpelCom1: USD 507 million OJSC: RUB 15 billion (USD 420 million) Wind: EUR 250 million (USD 344 million) 1 In April 2014 replaced by new facilities USD 2.7 billion Consolidated cash and net debt development Actual 1Q14 (USD million) (CHART)

Currency FX rates versus USD Algeria DZD 81 Armenia AMD 420 Bangladesh BDT 80 Canada CAD 1.05 Egypt EGP 8.0 Georgia GEL 1.7 Italy EUR 0.80 Kazakhstan KZT 155 Kyrgyzstan KGS 47 Laos LAK 8,000 Pakistan PKR 110 Russia RUB 32 Ukraine UAH 9.5 Zimbabwe ZWD 325 FOREX rates used in annual targets for 2014

Russia Italy Africa & Asia Ukraine CIS Consolidated Revenue YoY Revenue YoY EBITDA YoY EBITDA YoY Organic Reported Organic Reported (6%) (18%) (9%) (21%) (7%) (3%) (7%) (3%) (1%) (2%) (3%) (3%) (7%) (15%) (8%) (16%) 3% (3%) 4% (1%) (5%) (10%) (6%) (11%) Revenue and EBITDA development in 1Q14 1Q14

Source: National Banks of the respective countries, Company calculations FOREX development RATES OF FUNCTIONAL CURRENCY TO USD

Reconciliation of EBITDA

Reconciliation of consolidated net debt

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

Average and closing rates of functional currencies to USD

		Average rates							Closing rates
		1Q14		1Q13		YoY			1Q14		4Q13		Delta
Russian Ruble	RUB		34.96		30.41		(13.0	%)		35.69		32.73		(8.3	%)
Euro	EUR		0.73		0.76		3.8	%		0.73		0.73		0.2	%
Algerian Dinar	DZD		78.01		78.65		0.8	%		78.54		78.38		(0.2	%)
Pakistan Rupee	PKR		103.55		97.89		(5.5	%)		98.19		105.33		7.3	%
Bangladeshi Taka	BDT		77.67		79.06		1.8	%		77.60		77.67		0.1	%
Ukrainian Hryvnia	UAH		8.86		7.99		(9.8	%)		10.95		7.99		(27.0	%)
Kazakh Tenge	KZT		169.77		150.67		(11.3	%)		182.04		153.61		(15.6	%)
Armenian Dram	AMD		410.87		409.15		(0.4	%)		413.31		405.64		(1.9	%)
Kyrgyz Som	KGZ		51.92		47.71		(8.1	%)		54.48		49.25		(9.6	%)
Georgian Lari	GEL		1.75		1.66		(5.1	%)		1.75		1.74		(0.6	%)

VimpelCom Ltd.

index page

(in USD millions, unless stated otherwise, unaudited)

Consolidated	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13*			1Q14			FY12			FY13*
Total operating revenue		5,619			5,745			5,747			5,950			5,591			5,718			5,685			5,552			5,024			23,061			22,546
Service revenue		5,436			5,534			5,547			5,605			5,313			5,449			5,477			5,290			4,810			22,122			21,531
EBITDA		2,311			2,481			2,530			2,446			2,348			2,425			2,474			1,013			2,088			9,768			8,260
EBITDA margin (%)		41.1	%		43.2	%		44.0	%		41.1	%		42.0	%		42.4	%		43.5	%		18.2	%		41.6	%		42.4	%		36.6	%
EBIT		1,015			1,192			1,255			709			1,107			1,224			1,233			(3,218	)		925			4,171			346
Profit/(Loss) before tax**		593			729			802			158			543			762			665			(3,994	)		246			2,282			(2,024	)
Net income/(loss)**		318			488			538			195			408			573			255			(3,861	)		39			1,539			(2,625	)
Capital expenditures (CAPEX)		632			1,028			829			1,631			755			791			1,040			1,720			736			4,120			4,306
CAPEX / revenue		11	%		18	%		14	%		27	%		14	%		14	%		18	%		31	%		15	%		18	%		19	%
Mobile customers*** (millions)		208			206			211			212			212			215			219			220			218			211			220
Operating cash flow (EBITDA-CAPEX)****		1,679			1,453			1,701			815			1,753			1,634			1,434			(707	)		1,352			5,648			4,114

* As a result of the resolution in Algeria, the following revisions were made to: (1) EBITDA, EBITDA margin, EBIT and Loss before tax of USD 1.3 bln to reflect BofA claim (2) Net loss also to reflect the settlement of BofA claim and tax claims. In addition, EBITDA and CAPEX were affected by USD 0.7 bln as a result of fixed assets write off and accounted as operating expenses in Uzbekistan

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

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

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

Customers (’000)	1Q12		2Q12		3Q12		4Q12		1Q13		2Q13		3Q13		4Q13		1Q14		FY12		FY13
Russia		55,622		55,739		56,181		56,110		55,666		57,098		58,103		56,512		54,954		56,110		56,512
Italy		21,132		21,225		21,455		21,650		22,013		22,312		22,394		22,292		22,037		21,650		22,292
Algeria		17,135		17,007		16,750		16,712		16,604		16,828		17,038		17,574		17,557		16,712		17,574
Pakistan		35,788		35,953		36,074		36,141		36,316		37,122		37,365		37,638		38,155		36,141		37,638
Bangladesh		24,742		25,491		26,776		25,883		25,921		27,076		28,101		28,838		29,366		25,883		28,838
Ukraine		23,821		24,122		24,532		25,056		26,323		25,622		25,905		25,756		25,563		25,056		25,756
Kazakhstan		8,364		8,497		8,596		8,589		8,512		8,796		9,040		9,158		9,160		8,589		9,158
Uzbekistan		7,344		7,031		9,229		10,194		10,303		10,202		10,328		10,518		10,422		10,194		10,518
Armenia		753		771		803		800		756		690		690		694		699		800		694
Tajikistan		1,008		957		947		1,132		1,161		1,206		1,225		1,284		1,295		1,132		1,284
Georgia		875		899		991		969		971		1,010		1,104		1,091		1,112		969		1,091
Kyrgystan		2,373		2,368		2,419		2,482		2,245		2,305		2,531		2,662		2,605		2,482		2,662
SSA		3,499		3,736		4,231		4,464		4,106		4,240		4,423		4,571		4,417		4,464		4,571
SEA		4,554		1,504		1,357		915		846		320		286		325		329		915		325
Canada		602		457		510		590		602		620		637		676		702		590		676
Total		207,611		205,757		210,852		211,687		212,346		215,446		219,170		219,589		218,373		211,687		219,589

Russia

index page

(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		2,225			2,267			2,326			2,371			2,304			2,334			2,298			2,173			1,893			9,190			9,109
EBITDA		918			977			1,005			978			963			997			980			876			760			3,878			3,815
EBITDA margin (%)		41.3	%		43.1	%		43.2	%		41.2	%		41.8	%		42.7	%		42.6	%		40.3	%		40.1	%		42.2	%		41.9	%
Capital expenditures		204			294			321			811			220			355			395			852			325			1,630			1,822
Operating cash flow (EBITDA-CAPEX)		714			683			684			167			743			642			585			24			435			2,248			1,994
MOBILE	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		1,845			1,870			1,932			1,983			1,911			1,937			1,902			1,786			1,540			7,630			7,536
Service revenue		1,768			1,805			1,853			1,852			1,776			1,833			1,854			1,730			1,500			7,278			7,193
Data Revenue		183			180			194			226			236			242			246			270			251			783			994
Customers (’000)		55,622			55,739			56,181			56,110			55,666			57,098			58,103			56,512			54,954			56,110			56,512
ARPU (USD)		10.5			10.8			11.0			11.0			10.6			10.8			10.6			10.1			8.9			n.a.			n.a.
Broadband customers using USB modems (’000)		2,579			2,472			2,507			2,654			2,717			2,726			3,012			3,135			3,159			2,654			3,135
Broadband ARPU (USD)		7.8			7.1			7.0			8.0			7.7			7.4			7.3			7.1			6.7			n.a.			n.a.
MOU (min)		254			279			282			290			277			294			290			293			287			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		17	%		15	%		15	%		16	%		15	%		14	%		15	%		18	%		17	%		n.a.			n.a.
FIXED-LINE	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		380			398			394			388			393			397			395			387			353			1,560			1,572
Service revenue		375			393			390			381			387			392			392			381			348			1,539			1,552
Broadband revenue		93			93			90			101			105			100			95			97			91			377			397
Broadband customers (’000)		2,224			2,255			2,294			2,378			2,378			2,349			2,302			2,300			2,268			2,378			2,300
Broadband ARPU (USD)		13.9			13.8			13.2			14.3			14.5			14.0			13.5			13.9			13.1			n.a.			n.a.
FTTB revenue		91			91			88			99			101			98			92			94			88			369			385
FTTB customers (’000)		2,148			2,196			2,235			2,317			2,318			2,289			2,260			2,261			2,231			2,317			2,261
FTTB ARPU (USD)		14.3			13.8			13.2			14.4			14.6			14.1			13.5			13.9			13.1			n.a.			n.a.
(in RUB millions, unless stated otherwise, unaudited)
CONSOLIDATED	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		67,022			70,258			74,458			73,637			70,080			73,816			75,354			70,660			66,148			285,375			289,910
EBITDA		27,654			30,266			32,180			30,378			29,292			31,519			32,131			28,479			26,548			120,478			121,421
EBITDA margin (%)		41.3	%		43.1	%		43.2	%		41.3	%		41.8	%		42.7	%		42.6	%		40.3	%		40.1	%		42.2	%		41.9	%
Capital expenditures		6,140			9,195			10,288			25,076			6,711			11,264			12,946			27,871			11,486			50,699			58,792
Operating cash flow (EBITDA-CAPEX)		21,514			21,071			21,892			5,302			22,581			20,255			19,185			608			15,062			69,779			62,629
MOBILE	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		55,576			57,925			61,842			61,579			58,117			61,254			62,395			58,087			53,805			236,922			239,852
Service revenue		53,238			55,923			59,311			57,516			54,003			57,959			60,804			56,253			52,385			225,988			229,020
Data Revenue		5,510			5,574			6,210			7,036			7,194			7,649			8,054			8,792			8,755			24,330			31,689
Customers (’000)		55,622			55,739			56,181			56,110			55,666			57,098			58,103			56,512			54,954			56,110			56,512
ARPU (RUB)		314			336			352			343			321			341			349			327			310			n.a.			n.a.
Broadband customers using USB modems (’000)		2,579			2,472			2,507			2,654			2,717			2,726			3,012			3,135			3,159			2,654			3,135
Broadband ARPU (RUB)		235			220			224			248			234			234			239			231			232			n.a.			n.a.
MOU (min)		254			279			282			290			277			294			290			293			287			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		17	%		15	%		15	%		16	%		15	%		14	%		15	%		18	%		17	%		n.a.			n.a.
FIXED-LINE	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		11,445			12,333			12,617			12,058			11,963			12,561			12,960			12,574			12,343			48,453			50,058
Service revenue		11,308			12,188			12,482			11,836			11,774			12,396			12,841			12,402			12,175			47,814			49,413
Broadband revenue		2,795			2,885			2,891			3,148			3,187			3,173			3,119			3,152			3,187			11,719			12,632
Broadband customers (’000)		2,224			2,255			2,294			2,378			2,378			2,349			2,302			2,300			2,268			2,378			2,300
Broadband ARPU (RUB)		426			427			421			445			440			443			443			451			457			n.a.			n.a.
FTTB revenue		2,724			2,817			2,823			3,082			3,086			3,084			3,024			3,056			3,078			11,446			12,250
FTTB customers (’000)		2,148			2,196			2,235			2,317			2,318			2,289			2,260			2,261			2,231			2,317			2,261
FTTB ARPU (RUB)		431			427			422			447			443			446			443			450			457			n.a.			n.a.

Italy

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(in EUR millions, unless stated otherwise, unaudited)

CONSOLIDATED	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		1,346			1,383			1,329			1,369			1,229			1,266			1,250			1,237			1,144			5,427			4,983
EBITDA		487			524			537			514			461			475			507			500			430			2,062			1,943
EBITDA margin (%)		36.2	%		37.9	%		40.4	%		37.5	%		37.5	%		37.5	%		40.6	%		40.4	%		37.6	%		38.0	%		39.0	%
Capital expenditures*		193			243			222			342			298			183			153			291			137			1,000			924
Operating cash flow (EBITDA-CAPEX)**		294			281			315			172			299			292			354			209			293			1,062			1,154
MOBILE	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		983			1,015			959			1,001			888			927			926			907			827			3,958			3,648
Service revenue		934			954			899			890			815			828			839			800			729			3,677			3,282
Data Revenue		82			85			93			101			106			116			134			131			132			361			488
Customers (’000)		21,132			21,225			21,455			21,650			22,013			22,312			22,394			22,292			22,037			21,650			22,292
Broadband customers (’000)***		4,729			4,675			4,980			5,813			6,680			7,604			8,219			8,776			9,349			5,813			8,776
ARPU (€)		14.7			15.0			14.0			13.7			12.4			12.4			12.5			11.9			10.9			n.a.			n.a.
of which:
ARPU voice (€)		10.9			11.2			10.0			9.6			8.3			8.2			7.8			7.5			6.7			n.a.			n.a.
ARPU data (€)		3.8			3.8			4.0			4.1			4.1			4.2			4.7			4.4			4.2			n.a.			n.a.
MOU (min.)		205			209			202			212			216			233			240			256			254			n.a.			n.a.
Total traffic (mln. min.)		12,954			13,240			12,919			13,690			14,166			15,512			16,093			17,142			16,895			n.a.			n.a.
Churn, annualised rate (%)		31.7	%		33.6	%		36.5	%		39.1	%		35.5	%		37.5	%		39.7	%		33.5	%		32.2	%		n.a.			n.a.
FIXED-LINE	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		363			368			370			369			341			339			325			330			316			1,470			1,335
Service revenue		348			344			336			348			332			330			312			320			306			1,376			1,295
Total voice customers (’000)		3,182			3,189			3,138			3,110			3,096			3,040			3,002			2,963			2,952			3,110			2,963
of which:
Total DIRECT voice customers (’000)		2,446			2,509			2,477			2,466			2,473			2,450			2,432			2,415			2,439			2,466			2,415
Total INDIRECT voice customers (’000)		736			680			660			645			623			591			570			548			513			645			548
Total fixed-line ARPU (€)		32.3			31.2			30.7			30.7			31.3			31.2			30.0			30.3			29.8			n.a.			n.a.
Total Traffic (mln. min.)		4,960			4,674			3,807			4,637			4,449			4,036			3,209			3,888			3,627			n.a.			n.a.
Total Internet customers (’000)		2,282			2,296			2,266			2,253			2,264			2,238			2,213			2,210			2,222			2,253			2,210
of which:
Broadband (’000)		2,211			2,236			2,216			2,210			2,228			2,211			2,191			2,191			2,207			2,210			2,191
Broadband ARPU (€)		18.9			18.5			18.7			19.1			20.2			20.2			20.4			20.5			20.8			n.a.			n.a.
Dual-play customers (’000)		1,809			1,862			1,854			1,848			1,871			1,863			1,853			1,866			1,889			1,848			1,866

* Excluding impact of FOC CAPEX and including LTE

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

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

Algeria

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(in USD millions, unless stated otherwise, unaudited)

MOBILE	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13*			1Q14			FY12			FY13
Total operating revenue		457			471			447			466			434			464			450			448			429			1,841			1,796
Service revenue		457			471			447			466			432			463			449			447			428			1,841			1,791
EBITDA		274			284			262			274			256			279			258			261			247			1,094			1,054
EBITDA margin (%)		60.0	%		60.3	%		58.6	%		58.9	%		59.1	%		60.1	%		57.2	%		58.3	%		57.6	%		59.5	%		58.7	%
Capital expenditures		3			9			5			30			9			17			7			89			60			47			122
Data Revenue		1.4			1.3			1.7			1.4			1.8			2.0			2.5			2.1			2.6			5.8			8.4
Customers (’000)**		17,135			17,007			16,750			16,712			16,604			16,828			17,038			17,574			17,557			16,712			17,574
ARPU (USD)		8.9			9.2			8.8			9.2			8.6			9.2			8.4			8.6			8.1			n.a.			n.a.
MOU (min)		277			277			271			270			263			278			216			211			201			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		6.3	%		7.0	%		8.3	%		7.9	%		7.6	%		6.9	%		13.7	%		6.1	%		6.0	%		n.a.			n.a.
Operating cash flow (EBITDA-CAPEX)		264			274			256			244			248			262			251			172			187			1,038			933
(in DZD billions, unless stated otherwise, unaudited)
MOBILE	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		34.3			35.8			36.0			37.0			34.1			36.7			36.0			35.9			33.5			143.1			142.7
Service revenue		34.3			35.8			36.1			37.0			34.0			36.6			36.2			36.0			33.4			143.2			142.8
EBITDA*		19.0			21.6			21.0			21.8			20.2			22.0			21.0			21.0			19.0			84.0			84.0
EBITDA margin (%)		59.4	%		60.3	%		58.6	%		58.9	%		59.2	%		60.1	%		57.2	%		58.3	%		57.6	%		59.5	%		58.7	%
Data Revenue		0.1			0.1			0.1			0.1			0.1			0.2			0.2			0.2			0.2			0.5			0.7
Customers (’000)**		17,135			17,007			16,750			16,712			16,604			16,828			17,038			17,574			17,557			16,712			17,574
ARPU (DZD)		690			694			710			733			677			727			680			689			628			n.a.			n.a.
MOU (min)		277			277			271			270			263			278			216			211			201			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		6.3	%		7.0	%		8.3	%		7.9	%		7.6	%		6.9	%		13.7	%		6.1	%		6.0	%		n.a.			n.a.

* 4Q13 EBITDA excludes USD 1.3 bln (DZD 99 bln) one-off write off of BofA claim

** Subscriber base has been adjusted by 1.4 million customers in 1Q13 because of a technical issue.

This event does not impact historical reported revenue or EBITDA, but positively affects MOU and ARPU.

Pakistan

index page

(in USD millions, unless stated otherwise, unaudited)

MOBILE	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		286			295			269			282			278			289			259			240			251			1,132			1,066
Service revenue		282			293			267			281			268			280			250			231			241			1,123			1,029
EBITDA		121			130			116			121			117			125			111			89			99			488			442
EBITDA margin (%)		42.3	%		44.1	%		43.0	%		43.0	%		42.3	%		43.0	%		43.0	%		37.2	%		39.5	%		43.1	%		41.5	%
Capital expenditures		24			31			29			89			9			39			52			90			55			173			190
Data Revenue		5.8			6.2			6.1			6.4			6.8			7.8			8.7			8.6			9.8			24.5			31.9
Customers (’000)		35,788			35,953			36,074			36,141			36,316			37,122			37,365			37,638			38,155			36,141			37,638
ARPU (USD)		2.6			2.7			2.4			2.5			2.5			2.5			2.2			2.0			2.0			n.a.			n.a.
MOU (min)		215			214			212			215			228			233			222			222			213			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		5.8	%		7.1	%		7.1	%		5.2	%		3.9	%		5.3	%		6.5	%		7.3	%		5.7	%		n.a.			n.a.
Operating cash flow (EBITDA-CAPEX)		97			99			87			32			108			86			59			(1	)		44			316			252
(in PKR billions, unless stated otherwise, unaudited)
MOBILE	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		25.9			27.2			26.0			27.2			27.0			28.5			26.7			25.7			26.0			106.3			108.0
Service revenue		25.5			27.0			25.3			27.0			26.3			27.6			25.7			24.5			24.9			104.8			104.1
EBITDA		10.9			12.0			11.0			11.7			11.5			12.3			11.5			9.6			10.0			45.6			44.5
EBITDA margin (%)		42.2	%		44.1	%		43.0	%		43.0	%		42.3	%		43.0	%		43.1	%		37.2	%		39.5	%		43.1	%		41.5	%
Data Revenue		0.5			0.6			0.6			0.6			0.7			0.8			0.9			0.9			1.0			2.3			3.3
Customers (’000)		35,788			35,953			36,074			36,141			36,316			37,122			37,365			37,638			38,155			36,141			37,638
ARPU (PKR)		239			246			231			243			244			249			229			219			216			n.a.			n.a.
MOU (min)		215			214			212			215			228			233			222			222			213			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		5.8	%		7.1	%		7.1	%		5.2	%		3.9	%		5.3	%		6.5	%		7.3	%		5.7	%		n.a.			n.a.

Bangladesh

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(in USD millions, unless stated otherwise, unaudited)

MOBILE	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		130			142			144			138			118			129			129			128			134			554			504
Service revenue		130			142			144			138			118			129			129			122			132			554			498
EBITDA		44			54			42			52			49			48			47			43			49			192			187
EBITDA margin (%)		33.8	%		38.0	%		29.3	%		37.4	%		41.4	%		37.2	%		36.3	%		33.7	%		37.4	%		34.7	%		37.1	%
Capital expenditures		29			35			20			43			12			13			127			131			27			126			282
Data Revenue		1.0			1.5			2.2			2.1			2.5			2.8			3.8			4.0			4.4			6.8			13.1
Customers (’000)		24,742			25,491			26,776			25,883			25,921			27,076			28,101			28,838			29,366			25,883			28,838
ARPU (USD)		1.8			1.9			1.8			1.7			1.5			1.6			1.5			1.4			1.5			n.a.			n.a.
MOU (min)		217			231			225			191			175			198			189			183			188			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		6.1	%		5.1	%		6.6	%		7.4	%		6.6	%		3.9	%		5.1	%		6.9	%		6.3	%		n.a.			n.a.
Operating cash flow (EBITDA-CAPEX)		15			20			23			8			37			36			(80	)		(88	)		23			66			(95	)
(in BDT billions, unless stated otherwise, unaudited)
MOBILE	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		10.7			11.7			12.0			11.2			9.3			10.1			10.0			10.0			10.0			45.0			39.4
Service revenue		11.0			12.0			12.0			11.0			9.0			10.0			10.0			9.5			10.2			45.0			38.5
EBITDA		3.7			4.5			3.0			4.2			3.8			3.7			3.6			3.4			4.0			16.0			14.6
EBITDA margin (%)		34.0	%		38.0	%		29.3	%		37.4	%		41.3	%		37.2	%		36.3	%		33.7	%		37.4	%		34.7	%		37.1	%
Data Revenue		0.08			0.12			0.18			0.17			0.20			0.22			0.29			0.31			0.30			0.55			1.02
Customers (’000)		24,742			25,491			26,776			25,883			25,921			27,076			28,101			28,838			29,366			25,883			28,838
ARPU (BDT)		145			151			149			138			119			126			121			110			117			n.a.			n.a.
MOU (min)		217			231			225			191			175			198			189			183			188			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		6.1	%		5.1	%		6.6	%		7.4	%		6.6	%		3.9	%		5.1	%		6.9	%		6.3	%		n.a.			n.a.

Ukraine

index page

(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		385			406			452			432			396			401			420			394			335			1,676			1,611
EBITDA		197			204			231			227			194			192			208			186			162			859			781
EBITDA margin (%)		51.1	%		50.2	%		51.2	%		52.5	%		49.0	%		48.0	%		49.6	%		47.2	%		48.6	%		51.3	%		48.5	%
Capital expenditures		45			58			54			75			42			48			66			56			35			231			212
Operating cash flow (EBITDA-CAPEX)		152			146			178			152			152			144			143			130			127			628			569
MOBILE	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		356			375			419			401			362			367			384			359			305			1,551			1,473
Service revenue		354			371			404			393			355			360			376			357			305			1,522			1,448
Data Revenue		24.4			24.6			26.4			26.6			26.4			27.0			29.3			29.9			27.6			102.0			112.6
Customers (’000)*		23,821			24,122			24,532			25,056			26,323			25,622			25,905			25,756			25,563			25,056			25,756
ARPU (USD)		5.0			5.1			5.4			5.2			4.6			4.6			4.8			4.6			3.9			n.a.			n.a.
MOU (min)		509			515			514			512			484			486			497			504			498			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		6.1	%		7.9	%		7.7	%		8.0	%		6.9	%		11.4	%		8.0	%		8.4	%		7.3	%		n.a.			n.a.
FIXED-LINE	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		29			31			33			31			33			33			36			35			30			125			137
Service revenue		29			31			33			31			33			33			36			35			29			124			137
Broadband revenue		7			8			9			10			12			13			13			13			13			34			51
Broadband customers (’000)		461			501			551			613			663			693			723			762			787			613			762
Broadband ARPU (USD)		5.6			5.7			5.5			5.9			6.3			6.2			6.1			6.0			5.6			n.a.			n.a.
(in UAH millions, unless stated otherwise, unaudited)
CONSOLIDATED	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		3,079			3,247			3,613			3,453			3,162			3,201			3,359			3,149			2,942			13,392			12,871
EBITDA		1,574			1,630			1,849			1,814			1,550			1,536			1,666			1,487			1,430			6,867			6,239
EBITDA margin (%)		51.1	%		50.2	%		51.2	%		52.5	%		49.0	%		48.0	%		49.6	%		47.2	%		48.6	%		51.3	%		48.5	%
Capital expenditures		356			462			428			602			336			383			525			447			305			1,848			1,690
Operating cash flow (EBITDA-CAPEX)		1,218			1,168			1,421			1,212			1,215			1,153			1,141			1,040			1,125			5,019			4,549
MOBILE	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Net operating revenue		2,844			2,999			3,346			3,207			2,897			2,936			3,069			2,866			2,682			12,397			11,768
Service revenue		2,825			2,963			3,226			3,139			2,836			2,879			3,008			2,856			2,677			12,152			11,579
Data Revenue		195.2			196.9			211.2			212.9			210.7			216.0			234.0			239.0			242.3			816			900
Customers (’000)*		23,821			24,122			24,532			25,056			26,323			25,622			25,905			25,756			25,563			25,056			25,756
ARPU (UAH)		39.5			40.5			43.4			41.7			36.5			36.5			38.2			36.5			34.6			n.a.			n.a.
MOU (min)		509			515			514			512			484			486			497			504			498			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		6.1	%		7.9	%		7.7	%		8.0	%		6.9	%		11.4	%		8.0	%		8.4	%		7.3	%		n.a.			n.a.
FIXED-LINE	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Net operating revenue		235			247			267			247			265			265			290			283			260			996			1,103
Service revenue		235			247			267			246			265			265			290			282			259			995			1,102
Broadband revenue		58			65			69			82			96			101			104			107			114			275			408
Broadband customers (’000)		461			501			551			613			663			693			723			762			787			613			762
Broadband ARPU (UAH)		45.2			45.2			43.8			47.2			50.0			49.7			48.8			48.1			49.1			n.a.			n.a.

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

Kazakhstan

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(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		191			208			218			213			190			207			223			219			180			829			840
EBITDA		86			98			113			99			89			99			98			105			86			394			391
EBITDA margin (%)		45.0	%		47.0	%		51.6	%		46.2	%		46.7	%		47.9	%		43.9	%		47.7	%		47.8	%		47.6	%		46.5	%
Capital expenditures		13			45			52			57			25			37			39			58			9			166			159
Operating cash flow (EBITDA-CAPEX)		73			53			61			41			64			62			59			47			77			228			232
MOBILE	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		179			194			204			198			174			188			202			198			160			775			761
Service revenue		179			194			204			198			173			188			202			198			159			775			761
Data Revenue		15.8			14.0			16.4			20.6			21.5			21.3			22.6			25.7			23.4			66.8			91.1
Customers (’000)		8,364			8,497			8,596			8,589			8,512			8,796			9,040			9,158			9,160			8,589			9,158
Broadband customers using USB modems (’000) *		4,582			4,438			4,570			4,692			4,801			4,906			5,133			5,177			5,186			4,692			5,177
ARPU (USD)		7			8			8			8			7			7			7			7			6			n.a.			n.a.
MOU (min)		180			211			222			237			254			300			311			301			293			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		14.2	%		12.9	%		14.2	%		14.5	%		13.2	%		10.8	%		12.0	%		12.9	%		12.9	%		n.a.			n.a.
FIXED-LINE	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		12			14			14			15			17			19			21			21			20			55			78
Service revenue		12			13			14			15			16			19			21			21			20			54			77
Broadband revenue		4			5			5			7			9			9			8			9			9			20			34
Broadband customers (’000)		89			99			108			151			166			171			171			184			190			151			184
Broadband ARPU (USD)		16			16			16			17			18			17			17			18			16			n.a.			n.a.
(in KZT millions, unless stated otherwise, unaudited)
CONSOLIDATED	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		28,237			30,746			32,626			32,055			28,650			31,300			34,068			33,730			30,453			123,665			127,748
EBITDA		12,706			14,456			16,828			14,822			13,373			14,991			14,966			16,105			14,558			58,814			59,435
EBITDA margin (%)		45.0	%		47.0	%		51.6	%		46.2	%		46.7	%		47.9	%		43.9	%		47.7	%		47.8	%		47.6	%		46.5	%
Capital expenditures		1,826			6,617			7,724			8,639			3,698			5,626			6,017			8,900			1,637			24,806			24,241
Operating cash flow (EBITDA-CAPEX)		10,880			7,839			9,104			6,183			9,676			9,364			8,949			7,205			12,921			34,006			35,194
MOBILE	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		26,459			28,748			30,566			29,770			26,149			28,383			30,911			30,513			27,009			115,543			115,956
Service revenue		26,453			28,733			30,488			29,763			26,129			28,343			30,882			30,482			26,976			115,438			115,835
Data Revenue		2,348			2,079			2,448			3,100			3,232			3,219			3,463			3,956			3,947			9,975			13,870
Customers (’000)		8,364			8,497			8,596			8,589			8,512			8,796			9,040			9,158			9,160			8,589			9,158
Broadband customers using USB modems (’000) *		4,582			4,438			4,570			4,692			4,801			4,906			5,133			5,177			5,186			4,692			5,177
ARPU (KZT)		1,049			1,137			1,187			1,156			1,012			1,101			1,141			1,110			975			n.a.			n.a.
MOU (min)		180			211			222			237			254			300			311			301			293			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		14.2	%		12.9	%		14.2	%		14.5	%		13.2	%		10.8	%		12.0	%		12.9	%		12.9	%		n.a.			n.a.
FIXED-LINE	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		1,778			2,000			2,065			2,286			2,500			2,917			3,208			3,217			3,444			8,129			11,842
Service revenue		1,763			1,982			2,040			2,265			2,480			2,940			3,147			3,214			3,440			8,050			11,781
Broadband revenue		533			667			733			1,008			1,280			1,315			1,289			1,439			1,514			2,941			5,323
Broadband customers (’000)		89			99			108			151			166			171			171			184			190			151			184
Broadband ARPU (KZT)		2,296			2,341			2,395			2,617			2,651			2,600			2,597			2,707			2,685			n.a.			n.a.

* Broadband customers are the customer contracts that served as a basis for revenue generating activity in the three months prior to the measurement date, as a result of activities including monthly internet access using FTTB and xDSL technologies as well as mobile internet access using 2.5G/3G/HSPA+ technologies.

Uzbekistan

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(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13*			1Q14			FY12			FY13
Total operating revenue		79			89			137			158			157			167			176			173			163			463			672
EBITDA		35			45			77			95			102			108			116			21			105			253			347
EBITDA margin (%)		44.6	%		50.6	%		56.2	%		60.3	%		65.2	%		64.7	%		66.0	%		11.9	%		64.4	%		54.6	%		51.5	%
Capital expenditures		38			36			20			43			59			35			65			-17			21			137			142
Operating cash flow (EBITDA-CAPEX)		(3	)		9			57			53			44			73			51			38			84			116			205
MOBILE	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		77			87			135			156			155			165			174			171			161			455			665
Service revenue		75			86			134			155			154			164			174			171			161			451			663
Data Revenue		8.1			8.5			13.5			16.9			20.2			21.5			25.7			27.3			30.4			47.1			94.8
Customers (’000)		7,344			7,031			9,229			10,194			10,303			10,202			10,328			10,518			10,422			10,194			10,518
Broadband customers using USB modems (’000) **		2,907			2,911			4,195			4,813			5,047			5,044			5,292			5,446			5,434			4,813			5,446
ARPU (USD)		3.5			4.1			5.3			5.3			5.0			5.3			5.6			5.0			5.1			n.a.			n.a.
MOU (min)		376			433			543			516			425			472			504			493			465			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		6.1	%		23.4	%		15.5	%		10.9	%		12.7	%		14.5	%		13.9	%		12.6	%		12.2	%		n.a.			n.a.
FIXED-LINE	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		2.1			2.2			2.0			2.0			1.9			1.9			2.0			2.0			2.0			8.3			7.8
Service revenue		2.1			2.2			2.0			2.0			1.9			1.9			1.9			1.8			1.8			8.3			7.5
Broadband revenue		0.8			0.8			0.7			0.7			0.7			0.7			0.7			0.7			0.7			3.0			2.8
Broadband customers (’000)		19			19			21			22			18			19			19			11			11			22			11
Broadband ARPU (USD)		15.2			13.6			11.0			11.3			13.3			12.8			12.3			13.0			21.0			n.a.			n.a.

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

** Broadband customers are the customer contracts that served as a basis for revenue generating activity in the three months prior to the measurement date, as a result of activities including monthly internet access using FTTB and xDSL technologies as well as mobile internet access using 2.5G/3G/HSPA+ technologies.

Armenia

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(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		39			40			40			39			35			35			37			38			33			158			145
EBITDA		15			15			18			15			14			14			16			13			12			63			57
EBITDA margin (%)		38.0	%		37.5	%		43.5	%		39.5	%		39.1	%		40.7	%		42.4	%		35.2	%		36.6	%		39.8	%		39.4	%
Capital expenditures		3			4			4			3			1			2			4			4			1			15			11
Operating cash flow (EBITDA-CAPEX)		12			11			13			12			12			12			12			9			11			48			46
MOBILE	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		17			18			19			18			15			15			17			17			14			71			64
Service revenue		15			16			17			16			14			15			17			16			13			64			62
Data Revenue		1.02			0.94			1.08			1.22			1.29			1.24			1.29			1.36			1.39			4.3			5.1
Customers (’000)		753			771			803			800			756			690			690			694			699			800			694
Broadband customers using USB modems (’000) *		323			334			358			356			336			315			314			328			339			356			328
ARPU (USD)		6.5			6.8			7.3			6.6			6.0			6.7			6.9			7.7			6.3			n.a.			n.a.
MOU (min)		252			279			271			273			295			353			377			388			365			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		21.9	%		20.2	%		19.7	%		22.2	%		20.4	%		17.9	%		13.5	%		12.4	%		11.0	%		n.a.			n.a.
FIXED-LINE	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			Q4 2013			1Q14			FY12			FY13
Total operating revenue		22			22			21			21			20			20			20			21			19			87			81
Service revenue		22			22			21			21			20			20			19			21			19			86			80
Broadband revenue		5.7			5.7			5.5			5.7			5.6			5.4			5.4			5.4			5.1			22.6			21.8
Broadband customers (’000)		136			138			149			154			159			161			159			160			159			154			160
Broadband ARPU (USD)		14.9			13.8			12.9			12.6			11.9			11.3			11.2			11.0			10.6			n.a.			n.a.
(in AMD millions, unless stated otherwise, unaudited)
CONSOLIDATED	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		15,104			16,021			16,611			15,706			14,179			14,485			15,237			15,378			13,672			63,441			59,278
EBITDA		5,766			6,065			7,225			6,202			5,551			5,901			6,468			5,421			4,997			25,257			23,340
EBITDA margin (%)		38.2	%		37.9	%		43.5	%		39.5	%		39.1	%		40.7	%		42.4	%		35.2	%		36.6	%		39.8	%		39.4	%
Capital expenditures		1,275			1,762			1,730			1,333			525			776			1,576			1,759			501			6,100			4,636
Operating cash flow (EBITDA-CAPEX)		4,491			4,303			5,495			4,869			5,025			5,125			4,892			3,662			4,496			19,157			18,704
MOBILE	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		6,523			7,067			7,894			7,121			5,966			6,267			7,214			6,812			5,856			28,605			26,259
Service revenue		5,727			6,233			7,105			6,437			5,739			6,189			7,086			6,573			5,519			25,502			25,587
Data Revenue		396			379			443			497			527			514			528			553			572			1,715			2,122
Customers (’000)		753			771			803			800			756			690			690			694			699			800			694
Broadband customers using USB modems (’000) *		323			334			358			356			336			315			314			328			339			356			328
ARPU (AMD)		2508.0			2741.0			2994.0			2678.0			2446.2			2781.0			3292.1			3093.4			2589.4			n.m.			n.m.
MOU (min)		252			279			271			273			295			353			377			388			365			n.m.			n.m.
Churn 3 months active base (quarterly) (%)		21.9	%		20.2	%		19.7	%		22.2	%		20.4	%		17.9	%		13.5	%		12.4	%		11.0	%		n.m.			n.m.
FIXED	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		8,581			8,954			8,717			8,585			8,172			8,218			8,022			8,566			7,816			34,837			32,978
Service revenue		8,383			8,775			8,586			8,495			8,122			8,173			7,954			8,510			7,766			34,239			32,759
Broadband revenue		2,213			2,289			2,261			2,319			2,288			2,241			2,224			2,189			2,095			9,082			8,942
Broadband customers (’000)		136			138			149			154			159			161			159			160			159			154			160
Broadband ARPU (AMD)		5,785			5,541			5,304			5,127			4,863			4,690			4,612			4,461			4,369

* Broadband customers are the customer contracts that served as a basis for revenue generating activity in the three months prior to the measurement date, as a result of activities including monthly internet access using FTTB and xDSL technologies as well as mobile internet access using 2.5G/3G/HSPA+ technologies.

Tajikistan

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(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		21			26			31			29			29			38			44			37			31			107			148
EBITDA		9			13			16			13			12			20			24			18			14			51			74
EBITDA margin (%)		42.0	%		49.6	%		52.2	%		45.9	%		42.5	%		52.0	%		53.8	%		48.2	%		46.6	%		47.9	%		49.7	%
Capital expenditures		3			7			5			6			4			5			3			5			2			20			16
Operating cash flow (EBITDA-CAPEX)		6			6			12			8			9			15			21			13			13			31			57
MOBILE	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		21			25			29			28			28			37			43			36			31			103			144
Service revenue		20			25			28			28			29			37			43			36			31			102			145
Data Revenue		0.56			0.62			0.66			0.70			0.78			0.69			0.86			1.01			1.15			2.54			3.34
Customers (’000)		1,008			957			947			1,132			1,161			1,206			1,225			1,284			1,295			1,132			1,284
Broadband customers using USB modems (’000) *		392			356			351			422			457			438			474			510			632			422			510
ARPU (USD)		6.7			8.5			10.1			8.9			8.2			10.4			11.7			9.6			7.9			n.a.			n.a.
MOU (min)		219			246			242			256			235			263			277			307			278			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		13.6	%		22.9	%		19.3	%		17.1	%		20.4	%		19.8	%		20.7	%		17.4	%		18.0	%		n.a.			n.a.
FIXED-LINE	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		1.0			1.4			1.7			1.2			0.7			0.9			1.0			0.1			0.0			4.3			2.7

* Broadband customers are the customer contracts that served as a basis for revenue generating activity in the three months prior to the measurement date, as a result of activities including monthly internet access using FTTB and xDSL technologies as well as mobile internet access using 2.5G/3G/HSDPA technologies.

Georgia

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(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		16			18			23			21			20			22			24			22			19			78			88
EBITDA		4			5			7			6			6			7			8			6			5			21			27
EBITDA margin (%)		22.4	%		27.3	%		29.8	%		28.8	%		27.9	%		31.0	%		33.6	%		28.6	%		26.2	%		27.3	%		30.4	%
Capital expenditures		3			4			2			3			1			2			12			4			2			13			18
Operating cash flow (EBITDA-CAPEX)		1			1			5			3			5			5			(4	)		2			3			9			8
MOBILE	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		16			18			22			20			19			20			23			21			18			77			83
Service revenue		15			18			21			19			18			19			22			20			17			73			79
Data Revenue		0.5			0.6			0.7			0.7			0.6			0.6			0.7			0.7			0.6			2.3			2.6
Customers (’000)		875			899			991			969			971			1,010			1,104			1,091			1,112			969			1,091
Broadband customers using USB modems (’000) *		386			376			410			378			386			374			413			385			380			378			385
ARPU (USD)		5.9			6.6			7.4			6.6			6.3			6.4			6.4			5.9			5.0			n.a.			n.a.
MOU (min)		216			234			251			244			253			251			250			226			214			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		17.9	%		20.1	%		17.8	%		23.0	%		19.4	%		16.5	%		16.7	%		21.4	%		16.1	%		n.a.			n.a.
FIXED	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		0.0			0.0			0.5			1.0			1.1			1.3			1.2			1.0			1.0			1.6			4.6
Service revenue		0.0			0.0			0.5			1.0			1.1			1.3			1.2			1.2			0.9			1.5			4.8
(in GEL millions, unless stated otherwise, unaudited)
CONSOLIDATED	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		27			30			38			35			33			36			40			38			33			129			147
EBITDA		6			8			11			10			9			11			14			11			9			35			45
EBITDA margin (%)		22.1	%		27.1	%		29.8	%		28.9	%		27.9	%		31.0	%		33.6	%		28.6	%		26.2	%		27.3	%		30.4	%
Capital expenditures		4			7			4			6			1			3			19			6			3			21			29
Operating cash flow (EBITDA-CAPEX)		2			1			7			4			8			8			(5	)		5			6			14			16
MOBILE	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		27			30			37			33			31			33			38			36			31			127			138
Service revenue		25			29			35			32			30			32			37			33			30			121			132
Data Revenue		0.8			0.9			1.1			1.1			1.0			0.9			1.1			1.1			1.1			3.9			4.2
Customers (’000)		875			899			991			969			971			1,010			1,104			1,091			1,112			969			1,091
Broadband customers using USB modems (’000) *		386			376			410			378			386			374			413			385			380			378			385
ARPU (GEL)		10			11			12			11			10			11			11			10			9			n.a.			n.a.
MOU (min)		216			234			251			244			253			251			250			226			214			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		17.9	%		20.1	%		17.8	%		23.0	%		19.4	%		16.5	%		16.7	%		21.4	%		16.1	%		n.a.			n.a.
FIXED	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		0.1			0.0			0.8			1.7			1.8			2.2			2.0			2.1			2.0			2.6			8.1
Service revenue		0.0			0.0			0.8			1.7			1.8			2.2			2.0			2.1			1.6			2.5			8.1

* Broadband customers are the customer contracts that served as a basis for revenue generating activity in the three months prior to the measurement date, as a result of activities including monthly internet access using FTTB and xDSL technologies as well as mobile internet access using 2.5G/3G/HSDPA technologies.

Kyrgyzstan

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(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		34			40			44			43			44			51			53			44			38			161			192
EBITDA		19			22			25			25			22			29			27			19			17			91			97
EBITDA margin (%)		55.4	%		55.0	%		55.7	%		58.3	%		51.1	%		56.1	%		51.0	%		42.8	%		45.2	%		56.3	%		50.5	%
Capital expenditures		2			8			7			15			1			8			6			8			3			31			23
Operating cash flow (EBITDA-CAPEX)		17			14			18			10			21			21			21			11			14			60			74
MOBILE	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		34			40			44			43			44			51			53			44			38			161			192
Service revenue		34			40			44			42			44			51			53			44			38			160			192
Data Revenue		2.4			2.4			2.7			3.1			3.2			3.2			3.6			4.1			4.3			10.6			14.2
Customers (’000)		2,373			2,368			2,419			2,482			2,245			2,305			2,531			2,662			2,605			2,482			2,662
Broadband customers using USB modems (’000) *		1,212			1,261			1,289			1,306			1,564			1,284			1,387			1,470			1,479			1,306			1,470
ARPU (USD)		4.8			5.6			6.1			5.7			6.2			7.4			7.0			5.6			4.7			n.a.			n.a.
MOU (min)		272			289			273			253			228			280			310			311			294			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		14.5	%		16.4	%		17.4	%		13.9	%		23.5	%		15.2	%		14.1	%		17.2	%		19.1	%		n.a.			n.a.
(in KGS millions, unless stated otherwise, unaudited)
CONSOLIDATED	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		1,602			1,896			2,076			2,009			2,093			2,458			2,599			2,165			1,988			7,582			9,316
EBITDA		889			1,050			1,156			1,171			1,069			1,380			1,326			927			899			4,266			4,702
EBITDA margin (%)		55.5	%		55.4	%		55.7	%		58.3	%		51.1	%		56.1	%		51.0	%		42.8	%		45.2	%		56.3	%		50.5	%
Capital expenditures		77			355			328			701			55			403			284			395			159			1,461			1,137
Operating cash flow (EBITDA-CAPEX)		812			695			828			470			1,014			977			1,042			532			740			2,805			3,565
MOBILE	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		1,602			1,896			2,076			2,009			2,093			2,458			2,599			2,165			1,988			7,583			9,315
Service revenue		1,585			1,882			2,062			1,988			2,077			2,443			2,583			2,151			1,975			7,517			9,254
Data Revenue		114			111			127			147			153			155			178			200			221			499			686
Customers (’000)		2,373			2,368			2,419			2,482			2,245			2,305			2,531			2,662			2,605			2,482			2,662
Broadband customers using USB modems (’000) *		1,212			1,261			1,289			1,306			1,564			1,284			1,387			1,470			1,479			1,306			1,470
ARPU, (KGS)		223			264			285			270			294			355			353			274			248			n.a.			n.a.
MOU (min)		272			289			273			253			228			280			310			311			294			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		14.5	%		16.4	%		17.4	%		13.9	%		23.5	%		15.2	%		14.1	%		17.2	%		19.1	%		n.a.			n.a.

* Broadband customers are the customer contracts that served as a basis for revenue generating activity in the three months prior to the measurement date, as a result of activities including monthly internet access using FTTB and xDSL technologies as well as mobile internet access using 2.5G/3G/HSDPA technologies.

Sub Saharan Africa (Telecel Globe)

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(in USD millions, unless stated otherwise, unaudited)

MOBILE	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		22			23			26			23			20			21			23			23			22			94			88
EBITDA		6			9			11			7			6			4			(3	)		7			9			33			14
EBITDA margin (%)		28.1	%		40.7	%		41.2	%		27.0	%		29.9	%		19.6	%		n.m.			30.6	%		41.4	%		33	%		16	%
Customers (’000)		3,499			3,736			4,231			4,464			4,106			4,240			4,423			4,571			4,417			4,464			4,571
- CAR		439			428			414			442			435			427			449			408			394			442			408
- Burundi		1,227			1,305			1,426			1,440			1,241			1,364			1,430			1,594			1,564			1,440			1,594
- Zimbabwe*		1,833			2,003			2,391			2,582			2,430			2,449			2,544			2,570			2,459			2,582			2,570
ARPU (USD):
- CAR		7			6			7			5			5			5			5			6			6			n.a.			n.a.
- Burundi		3			3			3			3			3			4			3			3			3			n.a.			n.a.
- Zimbabwe*		6			5			6			5			5			5			6			5			4			n.a.			n.a.

* Zimbabwe is accounted for as investment at cost

SEA

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(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Total operating revenue		22.8			13.1			11.9			13.0			11.9			7.8			7.0			6.7			8.3			60.8			33.4
EBITDA		(6.0	)		(2.9	)		(1.2	)		0.2			(0.9	)		2.8			2.0			1.7			2.4			(9.9	)		5.6
EBITDA margin (%)		n.m.			n.m.			n.m.			1.5	%		n.m.			35.7	%		30.5	%		25.8	%		28.4	%		n.a.			16.9	%
MOBILE	1Q12			2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			FY12			FY13
Customers (’000)		4,554			1,504			1,357			915			846			320			286			325			329			915			325
-Cambodia*		1,078			1,126			1,020			597			533			n.a			n.a			n.a			n.a			597			n.a
-Laos		462			378			337			318			313			320			286			325			329			318			325
-Vietnam**		3,014			n.a			n.a			n.a			n.a			n.a			n.a			n.a			n.a			n.a			n.a
ARPU (USD):
- Cambodia		1.6			1.7			1.5			1.8			2.3			n.a			n.a			n.a			n.a			n.a.			n.a.
- Laos		4.1			5.4			6.8			7.3			7.0			7.1			6.1			6.1			5.4			n.a.			n.a.
- Vietnam		0.9			n.a			n.a			n.a			n.a			n.a			n.a			n.a			n.a			n.a.			n.a.

* Sold in April 2013

** Sold in April 2012