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 August 2015

Commission File Number 1-34694

VimpelCom Ltd.

(Translation of registrant’s name into English)

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

(Address of principal executive offices)

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

Form 20-F  x             Form 40-F  ¨

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

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

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

Yes  ¨            No   x

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

SIGNATURES

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

	VIMPELCOM LTD.
	(Registrant)
Date: August 6, 2015
	By:	/s/ Scott Dresser
	Name:	Scott Dresser
	Title:	Group General Counsel

VIMPELCOM ANNOUNCES STRATEGY UPDATE AND

REPORTS CONTINUED OPERATIONAL IMPROVEMENTS IN 2Q15

KEY RESULTS AND DEVELOPMENTS IN 2Q15

• Strategy to generate sustainable annualized cash flow improvement of USD 750 million by year three

• Organic¹ results in line with management expectations

• On track to deliver on 2015 annual targets; Capex/revenue target improved to 18-20%

• Reported revenue and EBITDA² impacted by currency headwinds, down 26% YoY and 27% YoY respectively

• Revenue and EBITDA organically decreased 2% YoY and 3% YoY respectively

• Strengthening of the management team to deliver on the strategy

Amsterdam (August 6, 2015)—Netherlands based VimpelCom Ltd. (“VimpelCom”, “Company” or “Group”) (NASDAQ: VIP), a leading global provider of telecommunications services, today announces financial and operating results for the quarter ended June 30, 2015.

JEAN-YVES CHARLIER, CHIEF EXECUTIVE OFFICER, COMMENTS:

“VimpelCom closed 2Q15 with an improving set of financial results which put the company on track to meet the 2015 targets. At the same time, whilst reaffirming guidance for the year, we improved our Capex to revenue guidance as result of our focus on increasing free cash flow without impacting network quality, and service. Today also marks a very important milestone in the development of VimpelCom. In addition to our Q2 results, we provided an update on the company’s new strategy framework with an objective to deliver USD 750 million cash flow increase on an annual basis by year three.”

CONSOLIDATED FINANCIAL AND OPERATING HIGHLIGHTS

USD mln	2Q15			2Q14			Reported YoY			Organic1 YoY			1H15			1H14			Reported YoY			Organic1 YoY
Total revenue		3,759			5,067			(26	%)		(2	%)		7,274			10,091			(28	%)		(2	%)
Service revenue		3,610			4,861			(26	%)		(2	%)		6,968			9,671			(28	%)		(2	%)
Mobile data revenue		497			539			(8	%)		22	%		953			1,072			(11	%)		22	%
EBITDA2		1,511			2,076			(27	%)		(3	%)		2,907			4,164			(30	%)		(4	%)
EBITDA margin2		40.2	%		41.0	%		(0.8	pp)		(0.5	pp)		40.0	%		41.3	%		(1.3	pp)		(1.1	pp)
Net income attributable to VimpelCom shareholders		108			100			8	%					292			139			110	%
EPS, basic (USD)		0.06			0.06			8	%					0.17			0.08			110	%
Capital expenditures excl. licenses		675			1,017			(34	%)					1,082			1,743			(38	%)
Operating cash flow (EBITDA less Capex)		836			1,059			(21	%)					1,825			2,421			(25	%)
Net debt / LTM EBITDA4		2.6	x		2.6	x
Net debt / LTM EBITDA4 excl. Italy		1.3	x		1.4	x
Total mobile customers (millions)3		213.4			215.2			(1	%)
Total fixed-line broadband customers (millions)		5.6			5.6			0	%

¹⁾  Revenue and EBITDA organic growth are non-GAAP financial measures that reflect changes in Revenue and EBITDA excluding foreign currency movements and other factors, such as businesses under liquidation, disposals, mergers and acquisitions

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

³⁾  The customer numbers for 2014 have been adjusted to remove customers in operations that have been sold or held for sale and to reflect revised customer numbers in Algeria

⁴⁾  Normalized LTM EBITDA excluding one-off charges related to the Algeria closing transaction

For all definitions please see Attachment F

VimpelCom Ltd. 2Q 2015 | 1

CONTENTS

MAIN EVENTS	3
FINANCIAL AND OPERATING RESULTS 2Q15	4
RUSSIA	9
ITALY	11
ALGERIA	13
PAKISTAN	14
BANGLADESH	15
UKRAINE	16
KAZAKHSTAN	17
EURASIA	18
CONFERENCE CALL INFORMATION	20
CONTENT OF THE ATTACHMENTS	22

ORGANIC GROWTH REVENUE AND EBITDA

	2Q15 vs 2Q14
	Service revenue									EBITDA
Business Units	Organic			FX and others			Reported			Organic			FX and others			Reported
Russia		(2	%)		(33	%)		(35	%)		(3	%)		(33	%)		(36	%)
Italy		(4	%)		(19	%)		(23	%)		(9	%)		(17	%)		(26	%)
Algeria		(7	%)		(18	%)		(25	%)		(8	%)		(18	%)		(26	%)
Pakistan		(1	%)		(4	%)		(5	%)		6	%		(4	%)		2	%
Bangladesh		7	%		0	%		7	%		18	%		0	%		18	%
Ukraine		9	%		(50	%)		(41	%)		12	%		(51	%)		(39	%)
Kazakhstan		(7	%)		(2	%)		(9	%)		(8	%)		(1	%)		(9	%)
Eurasia		1	%		(12	%)		(11	%)		4	%		(13	%)		(9	%)
Total		(2	%)		(24	%)		(26	%)		(3	%)		(24	%)		(27	%)
	1H2015 vs 1H2014
	Service revenue									EBITDA
Business Units	Organic			FX and others			Reported			Organic			FX and others			Reported
Russia		(1	%)		(38	%)		(39	%)		(2	%)		(38	%)		(40	%)
Italy		(5	%)		(17	%)		(22	%)		(7	%)		(17	%)		(24	%)
Algeria		(9	%)		(16	%)		(25	%)		(13	%)		(16	%)		(29	%)
Pakistan		(3	%)		0	%		(3	%)		0	%		0	%		0	%
Bangladesh		9	%		(1	%)		8	%		19	%		0	%		19	%
Ukraine		7	%		(56	%)		(49	%)		0	%		(52	%)		(52	%)
Kazakhstan		(4	%)		(5	%)		(9	%)		(3	%)		(4	%)		(7	%)
Eurasia		3	%		(12	%)		(9	%)		3	%		(12	%)		(9	%)
Total		(2	%)		(26	%)		(28	%)		(4	%)		(26	%)		(30	%)

CUSTOMERS¹

	Mobile							Fixed-line broadband
million	2Q15		2Q14		YoY			2Q15		2Q14		YoY
Russia		57.2		56.3		2	%		2.2		2.2		(1	%)
Italy		21.4		21.9		(2	%)		2.2		2.2		1	%
Algeria		17.1		17.1		0	%
Pakistan		33.4		38.8		(14	%)
Bangladesh		32.0		29.8		8	%
Ukraine		26.1		25.4		3	%		0.8		0.8		3	%
Kazakhstan		9.7		9.6		1	%		0.2		0.2		13	%
Eurasia		16.3		16.2		1	%		0.2		0.2		(3	%)
Laos		0.2		0.3		(35	%)
Total		213.4		215.2		(1	%)		5.6		5.6		0	%

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

PRESENTATION OF FINANCIAL RESULTS

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

VimpelCom Ltd. 2Q 2015 | 2

MAIN EVENTS

• Strategy to generate sustainable annualized cash flow improvement of USD 750 million by year three

• New Group CEO and new Chief Performance Officer

• New CEO appointed in Algeria

• 3G launched in Ukraine

• Annual General Meeting elected new Supervisory Board

• Annual 2015 targets confirmed with improved Capex/revenue and leverage

STRATEGY UPDATE

The Company shared the conclusions of its Strategy update and the six priorities that VimpelCom will operate on going forward. In creating the six priority areas, the Company has reflected the major trends facing the telecoms industry including the cost and pricing pressures, the rapid migration to data, the need to capture and monetise new revenue streams and the requirement to be flexible and agile in an increasingly digital world. As the Company delivers against these over the next three years, it expects a sustainable increase in cash flow of USD 750 million per annum.

NEW GROUP CEO AND GROUP CPO

Jean-Yves Charlier started as the new Group CEO on April 13, succeeding Jo Lunder, who had been with the Company for 15 years. Mr Charlier has provided an update on the strategic direction of VimpelCom alongside the 2Q15 results and will update the market further on the Group’s strategy and medium term objectives at the Company’s annual Analyst and Investor Conference on October 8 and 9, 2015 in London.

In addition, Alexander Matuschka joined VimpelCom on July 1, 2015, as Group Chief Performance Officer. He will focus on driving the Company’s new transformational operating model.

NEW CEO APPOINTED IN ALGERIA

VimpelCom announced a new CEO of Optimum Telecom Algeria (“OTA”), a company operating under the Djezzy brand name on June 15, 2015. Ghada Gebara has joined as CEO in order to drive growth and improved performance and will work closely with Global Telecom Holding CEO and OTA Executive Chairman, Vincenzo Nesci. She was previously CEO of Iraqi mobile operator, Korek Telecom, from August 2011.

3G LAUNCHED IN UKRAINE

The Company successfully launched 3G in 2Q15 and is ahead of competition as it offers the widest coverage in more than 200 cities and towns including the main cities Kiev, Lviv and Odessa. Kyivstar also launched 3G services in the main holiday resorts, to serve its customers during the holiday season. Currently, more than 1 million customers are using 3G services of Kyivstar. The high 3G take up rate by Kyivstar customers has been helped by the high smartphone penetration of 24% in its customer base. The Company will continue to roll out the 3G network in 2015 and expects the strong trend in mobile data usage growth to continue throughout the year.

AGM ELECTED NEW SUPERVISORY BOARD

VimpelCom’s Annual General Meeting (AGM) was held on June 19, 2015, at which shareholders elected nine members: Mikhail Fridman, Gennady Gazin, Andrei Gusev, Gunnar Holt, Sir Julian Horn-Smith, Nils Katla, Alexey Reznikovich, Morten Karlsen Sørby and Trond Ø Westlie. The Board re-elected Mr. Reznikovich as Chairman. The AGM also resulted in the re-appointment of PricewaterhouseCoopers Accountants NV as the Company’s auditor.

ANNUAL 2015 TARGETS CONFIRMED

VimpelCom confirms its annual targets for 2015. The Capex/revenue target has been improved to 18-20% solely as a result of efficiencies from ongoing cost saving initiatives and will have no impact on VimpelCom’s high-speed data network rollout plans for 2015 and customer experience. As a result of the reduced Capex the Company’s net leverage target is reduced to ~3.1x.

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

• EBITDA margin flat to minus one percentage point organically¹ YoY

• EPS² of USD 0.35 - 0.40

• Capex excl. licenses/revenue of 18% to 20% (previously 20%)

• Net debt to EBITDA ratio for the Group of ~3.1x (previously 3.2x)

• Excluding Italy, the net debt to EBITDA ratio ~1.6x (previously ~1.7x)

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⁾  EPS at constant currency and stable fair value of derivatives, excluding exceptional charges such as impairment charges, restructuring charges, litigation and settlements, impact of M&A transactions, other one-off charges and constant number of shares

VimpelCom Ltd. 2Q 2015 | 3

FINANCIAL AND OPERATING RESULTS 2Q15

• Service revenue declined organically 2% YoY, in line with management expectations

• EBITDA declined organically 3% YoY, mainly due to revenue decline

• EBITDA margin of 40.2%, down 0.8 p.p. YoY; organically down 0.5 p.p. YoY, in line with guidance

• Net Income attributable to VimpelCom shareholders is USD 108 million

OPERATING FINANCIALS BY BUSINESS UNIT

USD mln	2Q15			2Q14			Reported YoY			Organic YoY			1H15			1H14			Reported YoY			Organic YoY
Service revenue		3,610			4,861			(26	%)		(2	%)		6,968			9,671			(28	%)		(2	%)
Russia		1,257			1,924			(35	%)		(2	%)		2,292			3,772			(39	%)		(1	%)
Italy		1,104			1,425			(23	%)		(4	%)		2,212			2,844			(22	%)		(5	%)
Algeria		326			434			(25	%)		(7	%)		645			863			(25	%)		(9	%)
Pakistan		244			256			(5	%)		(1	%)		481			498			(3	%)		(3	%)
Bangladesh		149			139			7	%		7	%		294			271			8	%		9	%
Ukraine		153			259			(41	%)		9	%		304			593			(49	%)		7	%
Kazakhstan		169			185			(9	%)		(7	%)		333			365			(9	%)		(4	%)
Eurasia		247			277			(11	%)		1	%		483			532			(9	%)		3	%
other		(39	)		(38	)								(76	)		(67	)
EBITDA		1,511			2,076			(27	%)		(3	%)		2,907			4,165			(30	%)		(4	%)
Russia		524			813			(36	%)		(3	%)		944			1,574			(40	%)		(2	%)
Italy		444			600			(26	%)		(9	%)		904			1,194			(24	%)		(7	%)
Algeria		175			238			(26	%)		(8	%)		344			485			(29	%)		(13	%)
Pakistan		106			104			2	%		6	%		202			203			(0	%)		0	%
Bangladesh		63			54			18	%		18	%		123			103			19	%		19	%
Ukraine		70			115			(39	%)		12	%		133			278			(52	%)		0	%
Kazakhstan		82			90			(9	%)		(8	%)		163			176			(7	%)		(3	%)
Eurasia		128			140			(9	%)		4	%		246			271			(9	%)		3	%
other		(81	)		(78	)								(152	)		(119	)
EBITDA margin		40.2	%		41.0	%		(0.8	pp)		(0.5	pp)		40.0	%		41.3	%		(1.3	pp)		(1.1	pp)

FINANCIAL AND OPERATING PERFORMANCE OVERVIEW

Total service revenue in 2Q15 declined organically 2% YoY to USD 3.6 billion, in line with management expectations, mainly due to continued market weakness in Italy and aggressive price competition in Algeria, partly offset by good service revenue growth in Bangladesh and Ukraine.

Total mobile customers decreased 1.8 million YoY to 213.4 million by the end of 2Q15, mainly due to the impact of regulation for the telecom industry in Pakistan, requiring operators to block unverified SIMs. Excluding this effect the Group customer base would have grown by 3.8 million YoY.

EBITDA decreased organically 3% YoY to USD 1.5 billion reflecting the decline in revenue. EBITDA margin was 40.2%, declined organically 0.5 pp YoY due to the Italian tower sale and declined 0.8 pp YoY on a reported basis.

In Russia, service revenue declined organically 2% YoY. Mobile service revenue was up slightly YoY, driven by growth in mobile data and interconnect revenue, partly offset by lower voice and roaming revenue driven by an

average price per minute reduction as existing customers migrated to the Company’s current price plans. Beeline has achieved consistent improvements in customer perception during the last six quarters and has surpassed a main competitor. The Company is leading in customer satisfaction for spam control, website and self-service, personal account and mobile app. As a result, the Company was able to improve churn and grow its customer base YoY. However, the macro-economic slowdown and weakened ruble maintained its negative impact on revenue growth and profitability. EBITDA decreased 3% YoY to RUB 27.5 billion and EBITDA margin decreased 0.9 percentage point YoY to 40.5%. The decrease was due to the negative impact of the year-on-year depreciation of the ruble on roaming and interconnect costs. Excluding the negative impact of the weakened ruble, EBITDA would have been stable YoY and EBITDA margin would have increased 1.5 percentage points YoY to 42.9%.

VimpelCom Ltd. 2Q 2015 | 4

In Italy, WIND continued to outperform in a challenging mobile market. WIND was recognized as the company with the best reputation in Italy amongst telecommunication companies, by the l’Italy RepTrack 2015 Reputation Institute. During the quarter, the market witnessed a further reduction in the overall number of customers, despite some visible signs of recovery. The Company expects that the market will continue to stabilize during the second half of the year. Mobile service revenue decreased 2% YoY, displaying a 1 percentage point sequential QoQ improvement. Mobile data grew by a strong 16% YoY, driven by a 14% YoY increase in mobile data customers to 11 million. The mobile customer base declined 2% YoY, in line with the market. Mobile ARPU grew 0.6% YoY with an 8% YoY increase in data ARPU more than offsetting a 4% YoY decline in voice ARPU. EBITDA decreased by 9% YoY due to the impact of the tower sale in 1Q15. Consequently, EBITDA margin was 36.7%, down 1.3 percentage points YoY. Excluding the tower transaction impact, EBITDA margin would have been stable YoY.

In Algeria, the market continued to be challenging with aggressive price competition. The transformation program started during 2Q15 and includes the appointment of a new CEO, Ghada Gebara. Djezzy is focused on continuing to invest in its 3G network and the modernization of its 2G sites. It remains the largest operator by customers and the NPS leader, with the gap versus the nearest competitor increasing during the quarter. As a result of the intense price competition, mobile service revenue decreased 7% YoY. However this was a sequential improvement of the YoY trend. EBITDA decreased 8% YoY due to the lower revenue which was partially offset by cost efficiencies. EBITDA margin remained strong at 53.4%, decreased 0.9 percentage points YoY.

In Pakistan, the government has put in place additional security measures, in particular biometric verifications for all mobile subscriptions, which required re-verification of all existing customers. During this re-verification, a restriction on SIM sales was enforced through retail channels. By the end of 2Q15, the Company had managed to verify 87% of customers, representing 99% of revenue, thereby outperforming the market. Mobile service revenue decreased 1% YoY mainly due to lower VAS revenue, resulting from management’s decision to introduce a simplified charging regime, and SIM re-verification activities partly offset by strong mobile data revenue growth of 75% YoY driven by attractive data bundles post 3G launch. Whilst pressure on revenue remains, cost efficiency initiatives have driven underlying EBITDA margin, excluding re-verification costs and a positive one-off in utility costs, to 40.2%, while reported EBITDA margin was 41.3% in 2Q15.

In Bangladesh, the political environment improved in 2Q15 compared to 1Q15 with significantly fewer days of strikes. Banglalink continued to strengthen its market position in 2Q15, demonstrating strong performance with 7% YoY

growth in service revenue driven by 8% YoY growth in the customer base to 32 million.

EBITDA increased 18% YoY to BDT 4.9 billion, with EBITDA margin increasing 3.7 p.p. YoY to 41.9% driven by the revenue increase and OPEX control initiatives, in particular optimization of maintenance and utility costs.

In Ukraine, Kyivstar remains the clear market leader in a volatile and challenging macro-economic environment. Mobile service revenue grew 12% YoY to UAH 3.1 billion as a result of the introduction of successful commercial activities, strong growth of mobile data revenue driven by the 3G launch and increased international incoming revenue positively impacted by FOREX. Mobile data revenue grew 26% YoY in 2Q15 due to a 1% YoY increase in mobile data users and a 25% YoY increase in mobile data ARPU. Fixed-line service revenue decreased 15% YoY due to lower transit traffic and the ongoing turbulence in Ukraine, although FTTB revenue increased 18% YoY driven by FTTB re-pricing. EBITDA increased 12% YoY driven by higher service revenue and lower service cost.

In Kazakhstan, Beeline maintained its strong market position during the quarter, as a result of the Company’s attractive value proposition, network and distribution, despite the increasing price competition in the market. The Company expects the competitive environment to remain challenging throughout 2015. Mobile service revenue decreased 8% YoY driven by a 29% YoY reduction in MTR to KZT 8.0 from KZT 11.2 and increased price competition. Beeline continued to increase its market share in mobile data during the quarter, with 34% YoY revenue growth. EBITDA decreased by 8% YoY to KZT 15.3 billion, due to the revenue decline but EBITDA margin remained broadly stable at 48.6%, -0.1 percentage point YoY, mainly due to the decrease in interconnect cost partly offset by increased taxes, technical maintenance and utilities.

In Eurasia, consisting of VimpelCom’s operations in Uzbekistan, Kyrgyzstan, Armenia, Tajikistan and Georgia, results were substantially impacted by currency headwinds, increased competition and pressure on international interconnect revenue due to the macro-economic slowdown in Russia. Mobile service revenue increased organically 1% YoY driven by strong results in Kyrgyzstan, while reported mobile service revenue decreased by 11% YoY to USD 228 million. Mobile data revenue grew 7% YoY to USD 41 million. The mobile customer base grew 1% YoY to 16.3 million with increases in Kyrgyzstan, Georgia and Armenia, while Uzbekistan’s and Tajikistan´s customer base declined YoY. The Company reported improvements in annualized churn in Uzbekistan, Armenia, Kyrgyzstan and Tajikistan. EBITDA increased organically by 4% YoY while reported EBITDA decreased 9% YoY to USD 128 million. EBITDA margin was strong at 51.6%, due to cost efficiencies.

VimpelCom Ltd. 2Q 2015 | 5

INCOME STATEMENT ELEMENTS & CAPITAL EXPENDITURES

USD mln	2Q15			2Q14			YoY			1H15			1H14			YoY
Total revenue		3,759			5,067			(26	%)		7,274			10,091			(28	%)
Mobile service revenue		3,091			4,097			(25	%)		5,947			8,121			(27	%)
EBITDA		1,511			2,076			(27	%)		2,907			4,164			(30	%)
EBITDA margin		40.2	%		41.0	%		(0.8	pp)		40.0	%		41.3	%		(1.3	pp)
Depreciation and amortization		(849	)		(1,121	)		(24	%)		(1,719	)		(2,273	)		(24	%)
Impairment loss		(13	)		(2	)		n.m			(111	)		(2	)		n.m
Gains/(losses) on disposal of assets		(3	)		(15	)		(78	%)		448			(26	)		n.m
EBIT		646			938			(31	%)		1,525			1,863			(18	%)
Financial income and expenses		(363	)		(533	)		(31	%)		(745	)		(1,046	)		(29	%)
Net foreign exchange (loss)/gain and others		(95	)		74			n.m			(149	)		(92	)		62	%
Profit before tax		188			479			(61	%)		631			725			(13	%)
Income tax expense		(42	)		(420	)		(90	%)		(312	)		(594	)		(47	%)
Profit for the period		146			59			148	%		319			131			143	%
Net income attributable to VimpelCom shareholders		108			100			8	%		292			139			110	%
	2Q15			2Q14			YoY			1H15			1H14			YoY
Capex expenditures		804			1,331			(40	%)		1,264			2,066			(39	%)
Capex expenditures excl licenses		675			1,017			(34	%)		1,082			1,743			(38	%)
Capex excl licenses/revenue		18	%		20	%					15	%		17	%

EBIT was down 31% YoY to USD 646 million in 2Q15, impacted by lower EBITDA and USD 13 million of impairments mainly related to assets in East Ukraine, partly offset by a decrease in depreciation and amortization. The decrease in depreciation was a result of depreciation in local currencies and the tower sale in Italy, while amortization costs decreased mainly due to the declining amortization applied to intangible assets associated with customer relationships in Italy.

Profit before tax decreased 61% YoY to USD 188 million as a result of lower EBIT, partially mitigated by significantly lower financial expenses due to refinancing in WIND Italy, recent debt repayment and the positive effect of the ruble and euro weakening against the US dollar. Net foreign exchange losses and other reflects the negative fair value adjustment on derivatives in 2Q15 compared with the 2Q14 positive one-off gains from Italian refinancing and withholding tax settlements in Italy.

Income tax expenses decreased significantly in 2Q15 to USD 42 million due to lower profits before tax and the positive effect of USD 75 million on deferred taxes as a result of legal entity restructuring. In addition, in 2Q14

there were higher non-deductible interest expenses in Italy.

Net income attributable to VimpelCom shareholders increased to USD 108 million YoY due to the higher profit for the period partly offset by higher non-controlling interest as a result of an increase in OTA’s minority share, due to the sale of 51% in OTA in Algeria and lower losses in GTH.

CAPEX decreased 40% YoY to USD 804 million in 2Q15 mainly due to the depreciation of the RUB, EUR and UAH against the USD as well as organic Capex savings. The Company will to maintain its strategy to invest in high-speed data networks to capture mobile data growth, including the continued rollout of 4G/LTE networks in Russia, Italy and Georgia, as well as 3G networks in Algeria, Pakistan, Bangladesh and Ukraine. The Capex/revenue target 2015 has been improved to 18-20% solely as a result of efficiencies from ongoing cost saving initiatives and the reduced spend has no impact on VimpelCom’s high-speed data network rollout plans for 2015 and customer experience.

VimpelCom Ltd. 2Q 2015 | 6

STATEMENT OF FINANCIAL POSITION & CASH FLOW

USD mln	2Q15			1Q15			QoQ
Total assets		36,687			38,393			(4	%)
Shareholders’ equity		5,899			5,494			7	%
Gross debt		22,349			24,225			(8	%)
Net debt		17,904			17,608			2	%
Gross debt / LTM EBITDA1		3.3	x		3.3	x
Net debt / LTM EBITDA1		2.6	x		2.4	x
Net debt / LTM EBITDA1 excl. Italy		1.3	x		1.2	x

USD mln	2Q15			2Q14			YoY			1H15			1H14			YoY
Net cash from operating activities		801			1,102			(27	%)		37			2,270			(98	%)
Net cash from / (used in) investing activities		(808	)		(1,060	)		(24	%)		(757	)		(2,271	)		(67	%)
Net cash from / (used in) financing activities		(2,276	)		960			n.m			(1,140	)		1,160			n.m

¹⁾ Normalized LTM EBITDA excluding one-off charges related to the Algeria closing transaction

Total assets decreased 4% QoQ in 2Q15 to USD 37 billion primarily as a result of the decrease in cash due to the settlement of the tender offer for PJSC VimpelCom and PJSC VimpelCom guaranteed US dollar bonds of USD 1.8 billion in April 2015.

Shareholder’s equity increased 7% QoQ due to recorded net income in 2Q15 and termination of put option over non-controlling interest that was accounted for directly in equity.

Gross debt decreased 8% QoQ due to the completion of the tender offer for PJSC VimpelCom and PJSC VimpelCom guaranteed US dollar bonds of USD 1.8 billion. In addition, during 2Q15 the Company repaid the Government loan in Italy of USD 0.2 billion and the Sberbank loan of USD 0.2 billion, which offsets the impact of QoQ RUB and EUR appreciation against USD on remaining debt. For a detailed debt composition at the end of June 2015, please see Appendix B “Debt Overview”.

Net debt increased 2% QoQ to USD 17.9 billion, mainly as a result of QoQ RUB and EUR appreciation against USD which affected gross debt. LTM EBITDA decreased by 8% QoQ, leading to a QoQ increase in the net debt to EBITDA ratio to 2.6x at the end of the second quarter. Excluding WIND Italy, the net debt to EBITDA ratio at the end of the second quarter was 1.3x.

Net cash from operating activities decreased YoY in 2Q15 due to the decline in EBITDA and lower changes in working capital which was only partially offset by the positive effect of significantly lower interest and tax payments.

Net cash used in investing activities decreased YoY in 2Q15 mainly due to the depreciation of the RUB, EUR and UAH against the USD, modernization projects completed in 2014. The Company plans to maintain its strategy to invest in high-speed data networks to capture mobile data growth, including the continued rollout of 4G/LTE networks in Russia, Italy and Georgia and 3G networks in Algeria, Pakistan, Bangladesh and Ukraine.

Net cash used in financing activities significantly increased YoY in 2Q15 due to the completion of the tender settlement mentioned above of USD 1.8 billion, the repayment of the Italian Government loan of USD 0.2 billion and the repayment of the Sberbank loan of USD 0.2 billion. In 2Q14 the increase in net cash from financing activities was primarily caused by the drawdowns under credit facilities.

VimpelCom Ltd. 2Q 2015 | 7

BUSINESS UNIT PERFORMANCE IN 2Q15

• Russia

• Italy

• Algeria

• Pakistan

• Bangladesh

• Ukraine

• Kazakhstan

• Eurasia

VimpelCom Ltd. 2Q 2015 | 8

RUSSIA – 2Q15

• Continued operational improvements, gap closed in NPS and five year low churn

• Mobile service revenue stable YoY, mobile data revenue increased 19% YoY to RUB 10.6 billion

• Mobile customer base expanded 2% YoY to 57.2 million

• EBITDA excluding FOREX stable YoY; reported EBITDA decreased 3% YoY to RUB 27.5 billion, mainly driven by currency headwinds

• EBITDA margin at 40.5%; excluding FOREX is 42.9%

Russia continued to execute on its plan in 2Q15, focusing on driving customer excellence and implementing a cultural shift to a customer-centric organization. As a result, the Company has reported continued operational improvements during the last several quarters in NPS and churn, leading to a growing customer base, although the macro-economic slowdown and weakened ruble continued to display a negative impact on revenue growth and profitability.

Total service revenue declined 2% YoY to RUB 66.2 billion, as a result of a 10% YoY decline in fixed-line service revenue, while mobile service revenue was slightly up YoY.

Beeline’s mobile customer base expanded by 0.9 million YoY, marking the third consecutive quarter of YoY growth, as churn continued its positive trend, improving 2 percentage points YoY to an annualized rate of 51%, the lowest level in five years.

Mobile service revenue was up slightly YoY to RUB 54.9 billion, driven by growth in mobile data and interconnect revenue, partly offset by lower voice and roaming revenue driven by an average price per minute reduction as existing customers migrated to the Company’s current price plans. Migrating customers to the all-inclusive bundled tariff plans remains the Company’s focus as it increases customer loyalty and supports ARPU. At the end of 2Q15, 22% of customers were on a bundled tariff plan. The decline in mobile voice revenue was partially offset by a 19% YoY increase in mobile data revenue to RUB 10.6 billion, which was driven by a growing mobile data customer base and a strong increase in mobile data traffic.

Fixed-line service revenue decreased by 10% YoY to RUB 11.2 billion as a result of a reduction in low margin traffic. The fixed-line broadband customer base declined

1% YoY to 2.2 million, while fixed-line broadband ARPU decreased 5% YoY to RUB 451.

EBITDA decreased 3% YoY to RUB 27.5 billion and EBITDA margin decreased 0.9 percentage point YoY to 40.5%. The decrease was primarily due to the negative impact of the depreciation of the ruble on roaming and interconnect costs. Excluding the negative impact of the weakened ruble, EBITDA would have been stable YoY and EBITDA margin would have increased 1.5 percentage points YoY to 42.9%.

Beeline has achieved consistent improvements in customer perception during the last six quarters and has surpassed a main competitor. The company is leading in customer satisfaction for spam control, website and self-service, personal account and mobile app. As a result, the Company was able to improve churn and grow its customer base YoY.

The Company is continuing its efforts to continuously improve the quality of its distribution channels. It is increasing the number of owned monobrand stores every month which enables it to better serve its customers, increase smartphone penetration, enhance the level of service and reduce churn. The Company is also expanding its distribution channels through the use of consumer electronic chains and the Russian Post office, while it has reduced the number of points of sales using low quality alternative retail.

The Company continued to invest in high-speed data networks during the quarter and is on track with its plans for the accelerated roll out of 4G/LTE, supported by the agreement with MTS for joint development and operation of 4G/LTE networks.

VimpelCom Ltd. 2Q 2015 | 9

RUSSIA KEY INDICATORS

RUB mln	2Q15			2Q14			YoY			1H15			1H14			YoY
Total revenue		68,035			68,722			(1	%)		134,311			134,870			0	%
Mobile service revenue		54,926			54,883			0	%		107,075			107,268			0	%
Fixed-line service revenue		11,235			12,444			(10	%)		23,435			24,619			(5	%)
EBITDA		27,536			28,468			(3	%)		53,666			55,015			(2	%)
EBITDA margin		40.5	%		41.4	%		(0.9	pp)		40.0	%		40.8	%		(0.8	pp)
Capex		11,396			13,706			(17	%)		16,822			25,193			(33	%)
Capex /revenue		17	%		20	%					13	%		19	%
Mobile
Total revenue		56,758			56,133			1	%		110,781			109,938			1	%
- of which mobile data		10,634			8,957			19	%		20,996			17,712			19	%
Customers (mln)		57.2			56.3			2	%
- of which data users (mln)		33.8			30.0			13	%
ARPU (RUB)		321			326			(2	%)
MOU (min)		320			310			3	%
MBOU		1,384			966			43	%
Fixed-line
Total revenue		11,278			12,589			(10	%)		23,530			24,932			(6	%)
Broadband revenue		3,060			3,251			(6	%)		6,228			6,438			(3	%)
Broadband customers (mln)		2.2			2.2			(1	%)
Broadband ARPU (RUB)		451			474			(5	%)

VimpelCom Ltd. 2Q 2015 | 10

ITALY – 2Q15

• Continued outperformance in mobile market

• Mobile ARPU growth in the quarter

• Double digit mobile data growth confirmed: revenue up 16% YoY and customers up 14% YoY

• Total revenue of EUR 1.1 billion; mobile service revenue down 2% YoY with trend improving versus previous quarters

• EBITDA at EUR 397 million, EBITDA margin net of towers transaction stable YoY

In 2Q15 WIND posted another solid performance in what remains a slightly shrinking market in terms of overall number of customers and revenue, but confirming signs of recovery. WIND expects the market will continue to stabilize during the second half of the year.

Total revenue in 2Q15 decreased 6% YoY to EUR 1.1 billion mainly due to a 53% decrease in other revenue related to certain one-off items recorded in 2Q14. Service revenue declined 4%, confirming the improvement in trend versus previous quarters, driven by the better performance in the mobile segment. The service revenue decrease was mainly driven by the fixed-line business due to the decline in voice usage coupled with the reduction in the indirect customer base.

Mobile service revenue decreased 2% YoY in 2Q15 to EUR 720 million, confirming a further sequential QoQ improvement. WIND’s mobile data revenue saw double digit growth, up 16% YoY to EUR 159 million, driven by a 14% YoY growth in mobile data users to 11 million, outperforming its main competitors.

In 2Q15, mobile ARPU increased 0.6% YoY to EUR 11.2, following more than 5 years of decline. Data ARPU, now accounting 41% of total mobile ARPU, increased 8% more than offsetting the 4% decline in voice ARPU. This increase in ARPU confirms our expectation of a weak market recovery.

In 2Q15, WIND posted a solid commercial performance with a mobile customer base of 21.4 million, a 2% decline YoY, that enabled it to maintain a stable market share.

In fixed-line, service revenue decreased 8% YoY to EUR 277 million mostly due to the decline in voice volumes, resulting from fixed to mobile substitution, coupled with the decrease in its indirect customer base as a result of its focus on the LLU segment. In 2Q15 the trend of customers increasingly choosing fixed bundles with unlimited DSL connection and pay per use voice, continued. Fixed broadband revenue remained stable YoY at EUR 141 million with LLU component increasing 1%. Broadband customers increased 1% with dual-play customers up 4% YoY.

WIND’s EBITDA in 2Q15 decreased 9% YoY to EUR 397 million, with margin down 1.3 p.p. at 36.7%. The EBITDA margin decline was due to the towers transaction impact on the full quarter net of which it would have been stable YoY. EBITDA on an underlying basis, excluding the towers transaction impact, declined 6% with a trend in line with 1Q 2015 and with total revenue decline.

In 2Q15, WIND invested EUR 186 million continuing to deploy 4G/LTE network, now covering 43% of the population, as well as in increasing the capacity and coverage of the existing HSPA+ network.

On April 29, WIND prepaid the final two instalments of the 4G/LTE debt to the Italian State for a total amount of EUR 162 million from existing cash resources, delivering a further reduction in interest cost in 2015.

In the second quarter of 2015, WIND signed a letter of intent with Metroweb in order to utilize its network in the cities where Metroweb is enlarging its fiber infrastructure. The project is open to other operators and investors sharing the same purpose of building a national fiber infrastructure based on the NGN development plans approved by the Italian Government.

VimpelCom Ltd. 2Q 2015 | 11

ITALY KEY INDICATORS

EUR mln	2Q15			2Q14			YoY			1H15			IH14			YoY
Total revenue		1,082			1,147			(6	%)		2,160			2,290			(6	%)
Mobile service revenue		720			737			(2	%)		1,425			1,465			(3	%)
Fixed-line service revenue		277			303			(8	%)		556			609			(9	%)
EBITDA		397			435			(9	%)		804			865			(7	%)
EBITDA margin		36.7	%		38.0	%		(1.3	pp)		37.2	%		37.8	%		(0.6	pp)
Capex excl licenses		186			173			7	%		358			309			16	%
Capex excl licenses/revenue		17	%		15	%					17	%		14	%
Mobile
Total revenue		800			832			(4	%)		1,580			1,660			(5	%)
Customers (mln)		21.4			21.9			(2	%)
- of which data (mln)		11.0			9.7			14	%
ARPU (EUR)		11.2			11.1			1	%
MOU (min)		268			261			3	%
MBOU		1,436			1,195			20	%
Fixed-line
Total revenue		283			314			(10	%)		580			631			(8	%)
Total voice customers (mln)		2.8			2.9			(3	%)
ARPU (EUR)		27.9			29.9			(6	%)
Broadband customers (mln)		2.2			2.2			1	%
Broadband ARPU (EUR)		21.2			21.3			(1	%)
Dual-play customers (mln)		2.0			1.9			4	%

VimpelCom Ltd. 2Q 2015 | 12

ALGERIA – 2Q15

• Service revenue and EBITDA decreased by 7% and 8% YoY respectively, due to gap in 3G rollout and strong price competition. However, YoY trend shows improvement

• Continued NPS leadership

• Strong EBITDA margin of 53.4% and operating cash flow margin of 39.3%

Djezzy remains the market leader in Algeria. The Company believes that the partnership with the FNI strengthened Djezzy’s position with enhanced opportunities to build and improve its operations. In 2Q15, as anticipated, the Company has started a 12 to 18 month transformation.

With a new leadership team on board, including CEO Ghada Gebara, the initial step in the transformation has been restructuring to create a lean and more efficient company.

The market continues to be challenging in 2Q15 with aggressive price competition and device promotions. As a result of price competition and a gap to the competition in terms of scope of 3G rollout, both total revenue and mobile service revenue declined 7% YoY to DZD 32 billion and DZD 32 billion respectively. However, the YoY trend in 2Q15 has improved sequentially compared to 1Q15.

Customer base in 2Q15 was stable YoY at 17.1 million. As part of the transformation program, the 2Q14 customer base was revised down to 17.1 million in order to ensure compliance with the three month active definition. Djezzy maintained NPS leadership as a result of 3G rollout

supported by marketing campaigns and the rebranding of Djezzy.

Mobile ARPU decreased 4% YoY due to the churn of high-value customers as a result of the delayed 3G services and migration of customers to the new and more attractive Djezzy offers and bundles. In 2Q15, Djezzy launched Ramadan promotions on “Go” and “Good” offers. In order to stimulate data consumption, Djezzy introduced a “Double 3G data” promotion and continues with handset promotions, such as sale of the Samsung Galaxy S6 and the Galaxy S6 EDGE. In addition, Djezzy 3G services are now available in the Algiers metro. As a result of the new initiatives, mobile data revenue grew 50% QoQ and increased six times YoY.

EBITDA decreased 8% YoY to DZD 17 billion due to the revenue decline, which was partially offset by savings in structural OPEX. The EBITDA margin remained strong at 53.4%.

Djezzy continued its investments in high-speed 3G network and 2G network modernization. In 2Q15, Capex was DZD 4.5 billion and Capex to revenue ratio was 14%.

ALGERIA KEY INDICATORS

DZD bln	2Q15			2Q14			YoY			1H15			1H14			YoY
Total revenue		32.2			34.6			(7	%)		62.2			68.1			(9	%)
Mobile service revenue		32.0			34.3			(7	%)		61.8			67.7			(9	%)
EBITDA		17.2			18.8			(8	%)		32.9			38.0			(13	%)
EBITDA margin		53.4	%		54.3	%		(0.9	pp)		52.9	%		55.8	%		(2.9	pp)
Capex excl licenses		4.5			12.8			(65	%)		8.8			17.5			(50	%)
Capex excl licenses/revenue		14	%		37	%					14	%		26	%
Mobile
Customers (mln)		17.1			17.1			0	%
- of which mobile data customers (mln)1		1.9			0.4			n.m
ARPU (DZD)		620			657			(4	%)
MOU (min)		200			205			(2	%)
MBOU		398			10			n.m

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

VimpelCom Ltd. 2Q 2015 | 13

PAKISTAN – 2Q15

• Customer and revenue market shares QoQ gain in 2Q15

• Service revenue decreased 1% YoY due to simplified charging regime of VAS and SIM re-verification activities

• Notable increase in data revenue of 75% YoY and significant increase in MFS revenue

• Underlying EBITDA margin improved 1.3pp to 40.2%, excluding SIM re-verification and one-off utility costs

Mobilink’s revenue decreased 0.4% YoY and mobile service revenue decreased 1.3% YoY mainly due to lower VAS revenue, resulting from management’s decision to introduce a simplified charging regime, and SIM re-verification activities. Mobile data revenue increased by 75% YoY due to attractive data bundles post 3G launch, although the YoY trend is lower than in 1Q15 due to two weeks of Ramadan falling in the quarter. MFS revenue doubled due to successful retail promotions along with increased active agent base and footprint, and now represents 3% of service revenue.

As mentioned in the 1Q15 results announcement, SIM re-verification remained the main priority in 2Q15 for all operators. During this re-verification, a restriction on SIM sales was enforced through retail channels. The Company expects that the SIM verification activity will continue to have negative effect on Mobilink’s customer base for the rest of the year. However, by the end of 2Q15, the Company had managed to verify 87% of customers and secure 99% of revenue, the best result in the market. As a result, QoQ Mobilink gained both customer and revenue market shares during the quarter.

The customer base decreased 14% YoY to 33.4 million, due to blocking of unverified SIMs as a result of the SIM re-verification. Excluding the SIM re-verification impact of 5.6 million the customer base would have increased 1%.

Whilst pressure on revenue remains, cost efficiency initiatives have driven underlying EBITDA margin, excluding re-verification costs and a positive one-off in utility costs, to 40.2%, while reported EBITDA margin was 41.3% in 2Q15.

The new management team is now complete with the new CTO and CCO appointed and they continue to focus the Company on demand-driven investment in high-speed networks, greater customer centricity and improved transparency to deliver new data services, to grow MFS and to improve customer experience, which have all contributed to a continued improvement in NPS results.

Capex in 2Q15 decreased to PKR 8.1 billion as the 2G network modernization completed in 2014. However, the Company continues to invest in its high-speed 3G network rollout and is the first operator in Pakistan to launch the 3G network to 200 cities.

PAKISTAN KEY INDICATORS

PKR bln	2Q15			2Q14			YoY			1H15			1H14			YoY
Total revenue		26.2			26.3			(0	%)		51			52			(2	%)
Mobile service revenue		24.9			25.2			(1	%)		49			50			(3	%)
EBITDA		10.8			10.2			6	%		21			20			0	%
EBITDA margin		41.3	%		38.9	%		2.4	pp		39.9	%		39.2	%		0.7	pp
Capex excl licenses		8.1			9.9			(19	%)		11			15			(31	%)
Capex excl licenses/revenue		31	%		38	%					21	%		30	%
Mobile
Customers (mln)		33.4			38.8			(14	%)
- of which mobile data customers (mln)		14.8			12.6			17	%
ARPU (PKR)		225			214			5	%
MOU (min)		355			230			55	%
MBOU		298			68			n.m

VimpelCom Ltd. 2Q 2015 | 14

BANGLADESH – 2Q15

• Continued strong growth in service revenue of 7% YoY, despite intense competition

• Strong growth in EBITDA of 18% YoY

• Customer base expanded 8% YoY to 32 million due to strong NPS leadership

• Mobile data revenue growth of 86% YoY

The political environment in the country improved in 2Q15 compared to 1Q15 with significantly fewer days of strikes. There were several regulatory changes in the quarter. The SIM tax was reduced from BDT 300 to BDT 100 in June 2015 and a 3% supplementary duty on mobile usage was introduced, also in June.

Banglalink continues to successfully execute on its strategy. Firstly, the Company focused on customer acquisition through attractive simple offers that enhanced price perception. Secondly, Banglalink focused on customer re-activation promotions that stimulated data usage.

In 2Q15, Banglalink’s total revenue increased 7% YoY to BDT 11.8 billion and mobile service revenue also increased 7% YoY driven by 8% YoY growth in customer base which reached 32 million. ARPU slightly decreased by 0.5% YoY as a result of aggressive price competition and impact of Ramadan, offset by higher data usage, which was 134% higher YoY.

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

In 2Q15, the Company’s EBITDA increased 18% YoY to BDT 4.9 billion, with EBITDA margin increasing 3.7 p.p. YoY to 41.9% driven by the revenue increase and OPEX control initiatives, in particular optimization of maintenance and utility costs.

Capex was down to BDT 2.5 billion in 2Q15 and Capex to revenue ratio stood at 21%, as the 2G coverage and modernization projects were completed in 2014. The Company continued to actively invest in high-speed data networks during the quarter after the 3G rollout was delayed by the 48 days of national strikes in 1Q15.

BANGLADESH KEY INDICATORS

BDT bln	2Q15			2Q14			YoY			1H15			1H14			YoY
Total revenue		11.8			10.9			7	%		23.2			21.3			9	%
Mobile service revenue		11.6			10.8			7	%		22.9			21.1			9	%
EBITDA		4.9			4.2			18	%		9.6			8.0			19	%
EBITDA margin		41.9	%		38.2	%		3.7	pp		41.2	%		37.6	%		3.6	pp
Capex excl licenses		2.5			3.3			(25	%)		3.4			5.3			(36	%)
Capex excl licenses/revenue		21	%		30	%					15	%		25	%
Mobile
Customers (mln)		32.0			29.8			8	%
- of which mobile data customers (mln)		13.7			11.1			24	%
ARPU (BDT)		120			121			(0	%)
MOU (min)		203			201			1	%
MBOU		60			26			134	%

VimpelCom Ltd. 2Q 2015 | 15

UKRAINE – 2Q15

• Successful 3G launch with the widest coverage

• Kyivstar is the clear market leader in a challenging and volatile environment

• Mobile service revenue increased 12% YoY; mobile data revenue grew 26% YoY

• Annualized churn improved 5pp YoY to 20%; mobile customer base increased 3% YoY to 26.1 million

• EBITDA increased 12% YoY to UAH 1.5 billion, with an EBITDA margin of 45.6%

Kyivstar remains the clear market leader in a volatile and challenging macro-economic environment. The Company successfully launched 3G in 2Q15 and is ahead of competition as it offers the widest coverage in more than 200 cities and towns including the main cities Kiev, Lviv and Odessa. Kyivstar also launched 3G services in the main holiday resorts, to serve its customers during the holiday season. Currently, more than 1 million customers are using Kyivstar’s 3G services. The strong 3G take up rate by Kyivstar customers has been helped by the high smartphone penetration in the customer base at 24%. The Company will continue to roll out its 3G network in 2015 and expects the strong trend in mobile data usage growth to continue throughout the year.

Total revenue increased 9% YoY to UAH 3.3 billion, despite the negative impact from switching off the network in Crimea in August 2014 and the ongoing turbulence in East Ukraine. Mobile service revenue grew 12% YoY to UAH 3.1 billion as a result of increased international incoming revenue positively impacted by FOREX, strong growth of mobile data revenue driven by the 3G launch, and the introduction of successful commercial activities. Mobile data revenue grew 26% YoY in 2Q15 due to a 1% YoY increase in mobile data users and a 25% YoY increase in mobile data ARPU. Mobile voice revenue declined due to more conservative customer spending behavior.

Kyivstar’s mobile customer base increased 3% YoY to 26.1 million, driven by YoY churn improvement and good customer acquisition primarily due to the successful 3G launch and the Company’s high quality and stable mobile network. The Company has now reported 5 consecutive quarters of churn improvement, showing a decline of 5 percentage points YoY to a healthy annualized level of 20%. Mobile ARPU increased 8% YoY to UAH 39.

Fixed-line service revenue decreased 15% YoY to UAH 238 million due to a decline in termination transit traffic and the ongoing turbulence in East Ukraine, partly offset by the growth in fixed residential broadband (FTTB) revenue, which continued to outgrow the market, increasing 18% YoY to UAH 132 million, driven by FTTB re-pricing. The fixed broadband customer base grew 3% YoY to 817 thousand and fixed broadband ARPU increased 13% YoY to UAH 53.

EBITDA increased 12% YoY to UAH 1.5 billion and EBITDA margin increased 1.1 percentage points YoY to 45.6%, driven by higher revenue and lower service costs, partly offset by the negative FOREX effect, higher frequency fees related to the 3G license and higher utility and rental costs.

2Q15 Capex more than tripled YoY to UAH 1.2 billion, mainly due to investments in the 3G network and 2Q15 LTM Capex to revenue ratio stood at 23%.

UKRAINE KEY INDICATORS

UAH mln	2Q15			2Q14			YoY			1H15			1H14			YoY
Total revenue		3,315			3,034			9	%		6,407			5,976			7	%
Mobile service revenue		3,069			2,750			12	%		5,921			5,427			9	%
Fixed-line service revenue		238			279			(15	%)		471			538			(12	%)
EBITDA		1,512			1,349			12	%		2,790			2,779			0	%
EBITDA margin		45.6	%		44.5	%		1.1	pp		43.5	%		46.5	%		(3.0	pp)
Capex excl licenses		1,176			354			232	%		1,919			659			191	%
Capex excl licenses/revenue		35	%		12	%					30	%		11	%
Mobile
Total operating revenue		3,077			2,754			12	%		5,936			5,436			9	%
Customers (mln)		26.1			25.4			3	%
ARPU (UAH)		39			36			8	%
MOU (min)		530			506			5	%
Fixed-line
Total operating revenue		238			280			(15	%)		471			540			(13	%)
Broadband revenue		132			111			18	%		249			226			11	%
Broadband customers (mln)		0.8			0.8			3	%
Broadband ARPU (UAH)		53			47			13	%

VimpelCom Ltd. 2Q 2015 | 16

KAZAKHSTAN – 2Q15

• Mobile service revenue declined 8% YoY, mainly driven by the MTR reduction and increased competition; Excluding MTR reduction mobile service revenue decreased 3% YoY

• Fixed-line service revenue grew 1% YoY to KZT 3.8 billion

• Mobile data revenue grew 34% YoY to KZT 5.3 billion

• Customer base expanded 1% YoY to 9.7 million

• EBITDA decreased 8% YoY to KZT 15.3 billion; EBITDA margin stable YoY at 48.6%

Beeline maintained its strong market position during the quarter, as a result of the Company’s attractive value proposition, network and distribution, despite the increasing price competition in the market. The Company expects the competitive environment to remain challenging in 2015.

Total revenue decreased 7% YoY to KZT 31.4 billion, due to an 8% YoY decline in mobile service revenue, partly offset by a 1% YoY growth in fixed-line service revenue.

The decrease in mobile service revenue to KZT 27.6 billion was driven by a 29% YoY reduction in MTR to KZT 8.0 from KZT 11.2 and increased competition. Excluding this MTR reduction, mobile service revenue would have decreased 3% YoY. The mobile customer base grew 1% YoY to 9.7 million whilst the bundle penetration in the customer base was 52%, helping stimulate mobile data usage. Beeline continued to increase its market share in mobile data during the quarter, with 34% YoY revenue growth to KZT 5.3 billion which was supported by strong small screen mobile data revenue growth of 42%.

Additional initiatives to stimulate mobile data usage are centered around the attractive offerings of 3G devices and OTT partnerships.

ARPU decreased 12% YoY to KZT 934, mainly due to the MTR reduction and declining voice revenue reflecting the competitive market particularly in bundled tariff plans. This was partly compensated by 31% YoY growth in mobile data ARPU. Annualized churn stood at 48%, up 4 percentage points YoY, as a result of high gross additions in previous quarters.

The growth in fixed-line service revenue was due to the 9% YoY growth in FTTB revenue, mainly driven by the strong growth in the customer base.

EBITDA decreased by 8% YoY to KZT 15.3 billion, due to the revenue decline but EBITDA margin remained stable at 48.6%, mainly due to the decrease in interconnect cost partly offset by increased taxes, technical maintenance and utilities.

Capex was KZT 4.1 billion in 2Q15, and 2Q15 LTM Capex to revenue ratio stood at 15%.

KAZAKHSTAN KEY INDICATORS

KZT mln	2Q15			2Q14			YoY			1H15			1H14			YoY
Total revenue		31,408			33,920			(7	%)		61,692			64,374			(4	%)
Mobile service revenue		27,571			30,131			(8	%)		54,108			57,108			(5	%)
Fixed-line service revenue		3,779			3,748			1	%		7,486			7,160			5	%
EBITDA		15,265			16,530			(8	%)		30,246			31,087			(3	%)
EBITDA margin		48.6	%		48.7	%		(0.1	pp)		49.0	%		48.3	%		0.7	pp
Capex excl licenses		4,066			3,170			28	%		5,305			4,807			10	%
Capex excl licenses/revenue		13	%		9	%					9	%		7	%
Mobile
Total revenue		27,617			30,168			(8	%)		54,181			57,177			(5	%)
Mobile customers (mln)		9.7			9.6			1	%
- of which mobile data customers (mln)		5.1			5.3			(3	%)
Mobile ARPU (KZT)		934			1,058			(12	%)
MOU (min)		292			326			(10	%)
MBOU		416			231			80	%
Fixed-line
Total revenue		3,791			3,753			1	%		7,511			7,197			4	%
Broadband revenues		1,638			1,502			9	%		3,826			3,016			27	%
Broadband customers (mln)		0.2			0.2			11	%
Broadband ARPU (KZT)		2,597			2,632			(1	%)

VimpelCom Ltd. 2Q 2015 | 17

EURASIA¹ – 2Q15

• Mobile service revenue increased organically by 1% YoY

• Mobile data revenue organic growth of 7% YoY

• EBITDA reached USD 128 million, an organic increase of 4% YoY; Strong EBITDA margin of 51.6%

• Continued strong cash flow generation

• Mobile customer base expanded 1% YoY to 16.3 million

The Company’s results in Eurasia are substantially impacted by currency headwinds, increasing competition and pressure on international interconnect revenue due to the macro-economic slowdown in Russia. However, revenue and EBITDA still grew organically in 2Q15, while EBITDA margins and cash flows were also robust as a result of efficiencies achieved through the Company´s operational excellence and capital efficiency programs.

Total revenue increased organically 1% YoY, while total reported revenue declined 11% YoY to USD 248 million, due to currency devaluation in all countries. Mobile service revenue increased organically 1% YoY driven by strong results in Kyrgyzstan, while reported mobile service revenue decreased by 11% YoY to USD 228 million. Mobile data revenue grew 7% YoY to USD 41 million. The mobile customer base grew 1% YoY to 16.3 million with increases in Kyrgyzstan, Georgia and Armenia, while Uzbekistan’s and Tajikistan´s customer base declined YoY.

The Company reported improvements in annualized churn in Uzbekistan, Armenia, Kyrgyzstan and Tajikistan.

EBITDA increased organically by 4% YoY while reported EBITDA decreased 9% YoY to USD 128 million. EBITDA margin was strong at 51.6%, due to cost efficiencies.

The following analysis of the performance in the operating units is in local currencies except when stated otherwise.

UZBEKISTAN

The Company’s market position remained strong, despite the entrance of a third operator in December 2014 and a fourth operator in April 2015, due to its attractive value proposition. Mobile service revenue increased by 9% YoY to UZS 439 billion as a result of a 10% YoY increase in ARPU, driven by 19% YoY growth in mobile data revenue.

The Company is increasing smartphone penetration through attractive offerings to stimulate mobile data revenue growth. Annualized churn improved 2 percentage points YoY to 44%, supported by the Company’s customer retention program. EBITDA in 2Q15 grew 8% YoY to UZS 284 billion, resulting in a strong EBITDA margin of 64.3%. Although competition is still rational, 2H15 results are expected to be impacted by the entrance of the third and fourth mobile operator in the market. Beeline aims to maintain its leading market position in Uzbekistan by focusing on customer retention and high value customers.

KYRGYZSTAN

Mobile service revenue in Kyrgyzstan increased 10% YoY to KGS 2.6 billion driven by strong growth in mobile data revenue of 28% YoY and 6% YoY growth in customer base to 2.8 million, due to Beeline´s attractive on-net and data offerings. Annualized churn improved 6 percentage points YoY as a result of the leading position in NPS, supported by the high quality network and attractive pricing. Mobile service revenue was further supported by increasing interconnect revenue as a result of increased traffic and currency fluctuations. However, this was partially offset by declining voice revenue due to the competitive environment and the migration of customers to the Company’s current price plans, as the macro-economic slowdown is impacting consumer behavior. EBITDA increased 17% and EBITDA margin increased by 3.1 percentage points to 56.1% due to the growth in interconnect revenue, continuing effective OPEX and commercial cost control, decreased interconnect costs due to reduced outbound traffic and optimized international interconnect costs.

¹⁾ Eurasia consists of VimpelCom’s operations in Uzbekistan, Kyrgyzstan, Armenia, Tajikistan and Georgia

VimpelCom Ltd. 2Q 2015 | 18

ARMENIA

Mobile service revenue in Armenia decreased 2% YoY to AMD 5.9 billion in 2Q15 as a result of declining mobile voice revenue, impacted by the challenging macro-economic situation. Mobile data revenue grew 15% YoY, while the Company’s mobile customer base increased 13% YoY to 0.8 million, driven by 11 percentage points YoY improvement in annualized churn to 34%. Fixed-line service revenue decreased 11% YoY, mainly due to a decline in voice revenue and the reduction in the fixed-line customer base, as a result of increasing competition. EBITDA increased 3% YoY and EBITDA margin increased by 3.4 percentage points to 40.5%, due to efficiencies in structural OPEX.

TAJIKISTAN

The environment in Tajikistan remains challenging with increasing competition and currency headwinds. Mobile service revenue decreased 19% YoY to USD 30 million in 2Q15 as a result of lower incoming international traffic due to less migrants living abroad as a result of the economic slowdown in the region. Although the customer base declined by 4% YoY to 1.2 million, the Company outperformed the market. EBITDA margin was negatively impacted by an increase in excise tax to 5% from 3% in 2Q15, but stood at a healthy 61.0% as a result of cost efficiencies and a significant reduction in interconnect costs.

GEORGIA

The Company’s total service revenue increased 10% YoY, driven by strong growth in fixed-line service revenue, partly offset by YoY declining mobile service revenue. Mobile service revenue decreased by 6% YoY to GEL 28 million mainly as a result of increased competition and the cancellation of the asymmetrical MTR from GEL 0.08 to GEL 0.035, reducing interconnect revenue. However, the Company grew its mobile customer base 13% YoY to 1.3 million due to its attractive customer value proposition. Mobile data revenue grew 12% YoY driven by the 4G/LTE launch in February 2015. EBITDA decreased 6% YoY to GEL 7 million and EBITDA margin decreased 3.6 percentage points YoY to 21.6%, mainly due to the cancellation of the asymmetrical MTR.

EURASIA KEY INDICATORS

USD mln	2Q15			2Q14			YoY			1H15			1H14			YoY
Total revenue		248			279			(11	%)		486			536			(9	%)
Mobile service revenue		228			256			(11	%)		447			491			(9	%)
Fixed-line service revenue		19			21			(12	%)		36			41			(13	%)
EBITDA		128			140			(9	%)		246			271			(9	%)
EBITDA margin		51.6	%		50.4	%		1.2	pp		50.7	%		50.6	%		0.1	pp
Capex excl licenses		17			25			(32	%)		62			53			17	%
Capex excl licenses/revenue		7	%		9	%					13	%		10	%
Mobile
Customers (mln)		16.3			16.2			1	%
- of which mobile data customers (mln)		7.8			8.1			(4	%)
Fixed-line
Broadband customers (mln)		0.2			0.2			(3	%)
Broadband revenue		4			6			(20	%)		9			11			(21	%)

VimpelCom Ltd. 2Q 2015 | 19

CONFERENCE CALL INFORMATION

On August 6, 2015, the Company will host an analyst & investor presentation in London on its 2Q15 results at 2:00 pm CEST (1:00 pm BST), which can be followed via Internet or conference call.

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

2:00 pm CEST investor and analyst conference call

US call-in number: +1 (877) 616-4476

Confirmation Code: 89992101

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

Confirmation Code: 89992101

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

Investor and analyst call replay

US Replay Number: +1 (855) 859-2056

Confirmation Code: 89992101

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

Confirmation Code: 89992101

CONTACT INFORMATION

INVESTOR RELATIONS	MEDIA AND PUBLIC RELATIONS
Gerbrand Nijman / Remco Vergeer	Rozzyn Boy / Artem Minaev
ir@vimpelcom.com	pr@vimpelcom.com
Tel: +31 20 79 77 200 (Amsterdam)	Tel: +31 20 79 77 200 (Amsterdam)

VimpelCom Ltd. 2Q 2015 | 20

DISCLAIMER

This release contains “forward-looking statements”, as the phrase is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to, among other things, the Company’s anticipated performance, future market developments and trends, the Company’s strategy to generate sustainable annualized cash flow improvement over the next three years, anticipated interest cost savings, the execution of proposed amendments to the Sberbank Facilities, operational and network development and network investment, expectations regarding its 4G/LTE agreement with MTS, anticipated benefits from 3G services in Ukraine and 4G/LTE services in Georgia, and the Company’s ability to realize its targets and strategic initiatives in the various countries of operation. The forward-looking statements included in this 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, government investigations and/or litigation with third parties. 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, 2014 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. Among these risks described in our prior filings are the potential results of the pending investigations principally related to operations in Uzbekistan. In regard to those investigations, on June 29, 2015 the U.S. Department of Justice (the “DoJ”) filed a civil complaint in the Southern District Court of New York, seeking the forfeiture of property, currently held by others, located in Belgium, Ireland and Luxembourg that it claims was derived in violation of U.S. law. The Company is not a defendant in this action. Such a forfeiture action indicates, however, the DOJ’s position that certain conduct by the Company in or relating to Uzbekistan constituted a violation of the U.S. Foreign Corrupt Practices Act. On July 10, 2015, a federal judge signed warrant orders allowing the DOJ to proceed with forfeiture actions as described in the complaint. The Company will continue to monitor this proceeding. The forward-looking statements speak only as of the date hereof, and the Company disclaims any obligation to update them or to announce publicly any revision to any of the forward-looking statements contained in this release, or to make corrections to reflect future events or developments.

ABOUT VIMPELCOM LTD

VimpelCom, headquartered in Amsterdam, is one of the world’s largest integrated telecommunications services operators providing voice and data services through a range of traditional and broadband mobile and fixed technologies in Russia, Italy, Ukraine, Kazakhstan, Uzbekistan, Tajikistan, Armenia, Georgia, Kyrgyzstan, Laos, Algeria, Bangladesh, Pakistan and Zimbabwe. VimpelCom’s operations around the globe cover territory with a total population of approximately 740 million people. VimpelCom provides services under the “Beeline”, “Kyivstar”, “WIND”, “Infostrada” “Mobilink”, “banglalink”, “Telecel”, and “Djezzy” brands. As of June 30, 2015 VimpelCom had 213 million mobile customers and 6 million fixed-line broadband customers on a combined basis. VimpelCom is traded on the NASDAQ Global Select Market under the symbol (VIP). For more information visit: http://www.vimpelcom.com.

VimpelCom Ltd. 2Q 2015 | 21

CONTENT OF THE ATTACHMENTS

Attachment A	VimpelCom Ltd Interim Financial Schedules	23
Attachment B	Debt Overview	26
Attachment C	Country units key indicators Eurasia	28
Attachment D	Reconciliation Tables	29
	Average Rates of Functional Currencies to USD
Attachment E	WIND Telecomunicazioni group condensed financial statement of income	31
Attachment F	Definitions	32

For more information on financial and operating data for specific countries, please refer to the supplementary file Factbook2Q2015.xls on VimpelCom’s website at http://vimpelcom.com/ir/financials/results.wbp

VimpelCom Ltd. 2Q 2015 | 22

ATTACHMENT A: VIMPELCOM LTD INTERIM FINANCIAL SCHEDULES

VIMPELCOM LTD UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF INCOME

USD mln	2Q15			2Q14			1H15			1H14
Total operating revenue		3,759			5,067			7,274			10,091
of which other revenue		40			74			99			179
Operating expenses
Service costs, equipment and accessories		909			1,286			1,760			2,514
Selling, general and administrative expenses		1,339			1,705			2,607			3,413
Depreciation		559			742			1,143			1,500
Amortization		290			379			576			773
Impairment loss		13			2			111			2
Loss on disposals of non-current assets		3			15			18			26
Gain from sale of towers in Italy		-			-			(466	)		-
Total operating expenses		3,113			4,129			5,749			8,228
Operating profit		646			938			1,525			1,863
Finance costs		375			554			769			1,081
Finance income		(12	)		(21	)		(24	)		(35	)
Other non-operating losses/(gains)		139			(59	)		67			(22	)
Shares of loss of associates and joint ventures accounted for using the equity method		6			6			9			43
Net foreign exchange (gain)/ loss		(50	)		(21	)		73			71
Profit before tax		188			479			631			725
Income tax expense		42			421			312			594
Profit for the period		146			58			319			131
Non-controlling interest		38			(42	)		27			(8	)
Net income attributable to VimpelCom shareholders		108			100			292			139

VimpelCom Ltd. 2Q 2015 | 23

ATTACHMENT A: VIMPELCOM LTD INTERIM FINANCIAL SCHEDULES

VIMPELCOM LTD UNAUDITED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION

USD mln	30 June 2015		31 March 2015
Assets
Non-current assets
Property and equipment		10,785		10,461
Intangible assets		7,007		6,786
Goodwill		9,573		9,307
Investments in associates and joint ventures		344		333
Deferred tax asset		492		462
Income Tax advances, non-current		69		75
Financial assets		1,108		1,350
Other non-financial assets		23		26
Total non-current assets		29,401		28,800
Current assets
Inventories		141		129
Trade and other receivables		1,850		1,778
Other non-financial assets		622		635
Current income tax asset		242		248
Other financial assets		208		301
Cash and cash equivalents		4,220		6,499
Total current assets		7,283		9,590
Assets classified as held for sale		3		3
Total assets		36,687		38,393
Equity and liabilities
Equity
Equity attributable to equity owners of the parent		5,899		5,494
Non-controlling interests		406		243
Total equity		6,305		5,737
Non-current liabilities
Debt		19,548		20,673
Other financial liabilities		46		335
Provisions		654		627
Other non-financial liabilities		364		362
Deferred tax liability		1,050		1,196
Total non-current liabilities		21,662		23,193
Current liabilities
Trade and other payables		3,435		3,451
Debt		2,801		3,552
Other financial liabilities		409		389
Other non-financial liabilities		1,699		1,759
Current income tax payable		152		103
Provisions		224		209
Total current liabilities		8,720		9,463
Liabilities associated with assets held for sale		-		-
Total equity and liabilities		36,687		38,393

VimpelCom Ltd. 2Q 2015 | 24

ATTACHMENT A: VIMPELCOM LTD INTERIM FINANCIAL SCHEDULES

VIMPELCOM LTD UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

USD mln	2Q15			2Q14			1H15			1H14
Operating activities
Profit after tax		146			58			319			131
Income tax expenses		42			421			312			594
Profit before tax		188			479			631			725
Non-cash adjustment to reconcile profit before tax to net operating cash flows:
Depreciation		559			742			1,143			1,500
Amortization		290			379			576			773
Impairment loss		13			2			111			2
Loss/(Gain) From disposal of non current assets		3			15			(447	)		26
Finance income		(12	)		(21	)		(25	)		(35	)
Finance cost		375			554			769			1,081
Other non operating losses / (Gains)		139			(58	)		67			(22	)
Net foreign exchange loss / (gain)		(50	)		(21	)		73			71
Share of loss of associates and joint ventures		6			6			9			43
Movements in provisions and pensions		36			10			(1,101	)		39
Changes in working capital		(281	)		(171	)		(532	)		(233	)
Net interest paid		(368	)		(560	)		(807	)		(1,227	)
Net interest received		12			11			23			26
Income tax paid		(109	)		(265	)		(453	)		(499	)
Net cash from operating activities		801			1,102			37			2,270
Proceeds from sale of property and equipment		2			6			731			6
Proceeds from sale of intangible assets		-			(2	)		1			-
Purchase of property, plant and equipment		(540	)		(759	)		(1,040	)		(1,782	)
Purchase of licenses		(135	)		(366	)		(163	)		(381	)
Purchase of other intangible assets		(136	)		(92	)		(249	)		(228	)
Outflow for loan granted		-			17			(101	)		(22	)
Inflow from loan granted		100			-			102			-
Inflows/(outflows) from financial assets		13			2			74			-
Inflows/(outflows) from deposits		(112	)		134			(112	)		134
Receipt of dividends		-			-			-			2
Net cash used in investing activities		(808	)		(1,060	)		(757	)		(2,271	)
Gross proceeds from borrowings		349			8,613			2,219			9,608
Fees paid for the borrowings		(5	)		(423	)		(21	)		(434	)
Repayment of borrowings		(2,605	)		(7,230	)		(5,591	)		(8,004	)
Dividends paid to equity holders		-			-			-			(10	)
Dividends paid to non-controlling interests		-			-			(57	)		-
Proceeds from sale of non-controlling interests		(18	)		-			2,307			-
Other		3			-			3			-
Net cash from/(used in) financing activities		(2,276	)		960			(1,140	)		1,160
Net increase in cash and cash equivalents		(2,283	)		1,002			(1,860	)		1,159
Cash and cash equivalent at beginning of period		6,499			4,540			6,342			4,454
Net foreign exchange difference		4			(37	)		(262	)		(108	)
Cash and cash equivalent at end of period		4,220			5,505			4,220			5,505

VimpelCom Ltd. 2Q 2015 | 25

ATTACHMENT B: DEBT OVERVIEW

AS AT JUNE 30, 2015

Type of debt	Interest rate	Debt currency		Outstanding debt (mln)		Outstanding debt (USD mln)		Maturity date	Guarantor
VimpelCom Holdings B.V.
Notes	6.2546%		USD		349		349	01.03.2017	PJSC VimpelCom
Notes	7.5043%		USD		1,280		1,280	01.03.2022	PJSC VimpelCom
Notes	9.0000%		RUB		12,000		216	13.02.2018	PJSC VimpelCom
Notes	5.2000%		USD		571		571	13.02.2019	PJSC VimpelCom
Notes	5.9500%		USD		983		983	13.02.2023	PJSC VimpelCom
VimpelCom Amsterdam B.V.
Loan from OJSC Alfa Bank	1 month LIBOR plus 3.25%		USD		500		500	17.04.2017	None
Loan from OJSC Alfa Bank	1 month LIBOR plus 3.25%		USD		500		500	03.05.2017	None
Loan from China Development Bank Corporation	6 month LIBOR plus 3.3%		USD		457		457	21.12.2020	PJSC VimpelCom
Loan from HSBC Bank plc	1.7200%		USD		238		238	31.07.2022	EKN, PJSC VimpelCom
PJSC VimpelCom
Loan from VIP Finance Ireland (funded by the issuance of loan participation notes by VIP Finance Ireland)	9.1250%		USD		499		499	30.04.2018	None
Loan from VIP Finance Ireland (funded by the issuance of loan participation notes by VIP Finance Ireland)	6.4930%		USD		264		264	02.02.2016	None
Loan from VIP Finance Ireland (funded by the issuance of loan participation notes by VIP Finance Ireland)	7.7480%		USD		651		651	02.02.2021	None
Loan from UBS (Luxembourg) S.A. (funded by the issuance of loan participation notes by UBS (Luxembourg) S.A.)	8.2500%		USD		266		266	23.05.2016	None
Loan from VC-Invest (funded by the RUB denominated bonds by VC-Invest)	8.3000%		RUB		20,000		360	13.10.2015	PJSC VimpelCom
Loan from Sberbank	14.5000%		RUB		2,560		46	16.12.2015	None
Loan from Sberbank	14.5000%		RUB		52,714		949	11.04.2018 (1)	None
Loan from Sberbank	14.5000%		RUB		22,222		400	29.05.2017 (1)	None
Loan from HSBC Bank plc	3 month MOSPRIME plus 1.05%		RUB		2,062		37	30.11.2017	EKN
Loans from Unicredit Bank AG	AB SEK Rate plus 0.75%		USD		19		19	15.06.2016	EKN
Loan from HSBC Bank PLC and Nordea Bank AB (publ)	3 month MOSPRIME plus 1.0%		RUB		3,645		66	30.04.2019	EKN
Wind Telecomunicazioini S.p.A.
Senior facilities									All tranches:
Deutsche Bank A.G., Credit Suisse A.G., Banca IMI S.p.A, BNP Paribas, the Royal Bank of Scotland, Citigroup, Crédit Agricole Corporate and Investment Bank, Goldman Sachs International, J.P. Morgan plc, Morgan Stanley Bank International Limited, Natixis, S.A. and UniCredit S.p.A. With Banca Nazionale del Lavora S.p.A., Gruppo BNP Paribas, Crédit Agricole Corporate and Investment Bank, Milan Branch, and The Royal Bank of Scotland plc, Milan Branch, as Original Lenders	6 month EURIBOR + 4.25% (2)		EUR		700		780	26.11.2019	Wind Telecomunicazioini S.p.A.
Terna debt	10.0516%		EUR		130		145	31.12.2035	[None]

VimpelCom Ltd. 2Q 2015 | 26

ATTACHMENT B: DEBT OVERVIEW (CONTINUED)

AS AT JUNE 30, 2015

Type of debt	Interest rate	Debt currency		Outstanding debt (mln)		Outstanding debt (USD mln)		Maturity date	Guarantor
Wind Acquisition Finance S.A.
Senior Secured Notes	6.5000%		USD		550		550	30.04.2020	Wind Telecomunicazioini S.p.A.
Senior Secured Notes	3m EURIBOR + 5.25%		EUR		150		167	30.04.2019	Wind Telecomunicazioini S.p.A.
Senior Notes	7.0000%		EUR		1,750		1,949	23.04.2021	Wind Telecomunicazioini S.p.A
Senior Notes	7.3750%		USD		2,800		2,800	23.04.2021	Wind Telecomunicazioini S.p.A
Senior Secured Notes	4.0000%		EUR		2,475		2,756	15.07.2020	Wind Telecomunicazioini S.p.A
Senior Secured Notes	4.7500%		USD		1,900		1,900	15.07.2020	Wind Telecomunicazioini S.p.A
Senior Secured Notes	3m EURIBOR + 4.00%		EUR		575		640	15.07.2020	Wind Telecomunicazioini S.p.A
Senior Secured Notes	3m EURIBOR + 4.13%		EUR		400		445	15.07.2020	Wind Telecomunicazioini S.p.A
Pakistan Mobile Communications Limited (“PMCL”)
Loan from Habib Bank Limited	6 months KIBOR + 1.15%		PKR		4,500		44	16.05.2019	None
Syndicated loan via MCB Bank Limited	6 months KIBOR + 1.25%		PKR		5,000		49	28.11.2017	None
Syndicated loan via MCB Bank Limited	6 months KIBOR + 1.25%		PKR		7,000		69	16.05.2019	None
Loan from United Bank Limited	6 months KIBOR + 1.10%		PKR		4,000		39	16.05.2021	None
Banglalink Digital Communications Ltd. (“BDC”)
Senior Notes	8.6250%		USD		300		300	06.05.2019	None
Facility Standard Chartered Bank	7.95%-8.25%		BDT		3,600		46	28.07.2016	None
Omnium Telecom Algeria SpA
Loan from Credit Agricole and Investment Bank Algerie	6.0000%		DZD		2,200		22	30.09.2016	None
Loan from BNP Paribas and Natixis	6.0000%		DZD		2,800		28	29.09.2016	None
Syndicated Loan Facility	Bank of Algeria Re- Discount Rate + 2.0%		DZD		50,000		504	30.09.2019	None
Other loans, equipment financing and capital lease obligations							462

⁽¹⁾  USD 833 million portion of the amounts outstanding under the Sberbank Facilities has been re-classified as short-term liabilities in the Balance Sheet as of 30 June 2015, as a preliminary calculation of the total assets covenant in accordance with IFRS resulted in the minimum total asset threshold not being met as of 30 June 2015. It is expected that the amendments to the Sberbank Facilities will be signed in 3Q 2015 and that any potential breach of the total assets covenant as of 30 June 2015 will be avoided by the signing of such amendments.

⁽²⁾ Interest on the all tranches of the senior facility is based on EURIBOR for loans in Euros and LIBOR for loans in any other currency. Also interest rate margins may be reduced based on specified improvement in leverage ratios.

VimpelCom Ltd. 2Q 2015 | 27

ATTACHMENT C: EURASIA COUNTRY UNITS KEY INDICATORS

UZBEKISTAN

UZS bln	2Q15			2Q14			YoY			1H15			1H14			YoY
Total revenue		442			409			8	%		851			771			10	%
Mobile service revenue		439			404			9	%		844			762			11	%
Fixed-line service revenue		3			4			(12	%)		7			8			(14	%)
EBITDA		284			262			8	%		541			496			9	%
EBITDA margin		64.3	%		64.2	%		0.1	pp		63.5	%		64.3	%		(0.8	pp)
Capex excl licenses		3			23			(87	%)		3			69			(96	%)
Capex excl licenses/revenue		1	%		6	%					0	%		9	%
Mobile
Customers (mln)		10.3			10.4			(2	%)
ARPU (UZS)		14,092			12,805			10	%
MOU (min)		553			531			4	%

ARMENIA

AMD mln	2Q15			2Q14			YoY			1H15			1H14			YoY
Total revenue		13,307			14,136			(6	%)		25,835			27,808			(7	%)
Mobile service revenue		5,918			6,033			(2	%)		11,272			11,551			(2	%)
Fixed-line service revenue		6,988			7,811			(11	%)		13,931			15,577			(11	%)
EBITDA		5,388			5,239			3	%		9,803			10,236			(4	%)
EBITDA margin		40.5	%		37.1	%		3.4	pp		37.9	%		36.8	%		1.1	pp
Capex excl licenses		1183			1025			15	%		2158			1527			41	%
Capex excl licenses/revenue		9	%		7	%					8	%		5	%
Mobile
Customers (mln)		0.8			0.7			13	%
ARPU (AMD)		2,404			2,752			(13	%)
MOU (min)		366			382			(4	%)

TAJIKISTAN

USD mln	2Q15			2Q14			YoY			1H15			1H14			YoY
Total revenue		30			37			(20	%)		56			68			(17	%)
Mobile service revenue		30			37			(19	%)		56			68			(17	%)
EBITDA		18			14			27	%		32			29			12	%
EBITDA margin		61.0	%		38.5	%		22.5	pp		57.1	%		42.2	%		14.9	pp
Capex excl licenses		4			3			15	%		4			5			(11	%)
Capex excl licenses/revenue		13	%		9	%					8	%		7	%
Mobile
Customers (mln)		1.2			1.3			(4	%)
ARPU (USD)		8			10			(17	%)
MOU (min)		289			283			2	%

GEORGIA

GEL mln	2Q15			2Q14			YoY			1H15			1H14			YoY
Total revenue		34			31			10	%		65			64			1	%
Mobile service revenue		28			30			(6	%)		54			59			(8	%)
Fixed-line service revenue		6			1			744	%		9			2			301	%
EBITDA		7			8			(6	%)		12			16			(29	%)
EBITDA margin		21.6	%		25.2	%		(3.6	pp)		18.2	%		25.7	%		(7.5	pp)
Capex excl licenses		12			5			149	%		95			8			n.m.
Capex excl licenses/revenue		36	%		16	%					147	%		13	%
Mobile
Customers (mln)		1.3			1.1			13	%
ARPU (GEL)		7			9			(19	%)
MOU (min)		241			226			6	%

VimpelCom Ltd. 2Q 2015 | 28

KYRGYZSTAN

KGZ mln	2Q15			2Q14			YoY			1H15			1H14			YoY
Total revenue		2,577			2,330			11	%		4,917			4,318			14	%
Mobile service revenue		2,556			2,322			10	%		4,874			4,297			13	%
EBITDA		1,445			1,234			17	%		2,698			2,134			26	%
EBITDA margin		56.1	%		53.0	%		3.1	pp		54.9	%		49.4	%		5.5	pp
Capex excl licenses		194			305			(37	%)		362			464			(22	%)
Capex excl licenses/revenue		8	%		13	%					7	%		11	%
Mobile
Customers (mln)		2.8			2.6			6	%
ARPU (KGZ)		309			297			4	%
MOU (min)		294			294			(0	%)

ATTACHMENT D: RECONCILIATION TABLES

RECONCILIATION OF CONSOLIDATED EBITDA OF VIMPELCOM

USD mln	2Q15			2Q14			1H15			1H14
Unaudited
EBITDA		1,511			2,076			2,907			4,164
Depreciation		(559	)		(742	)		(1,143	)		(1,450	)
Amortization		(290	)		(379	)		(576	)		(773	)
Impairment loss		(13	)		(2	)		(111	)		-
Loss on disposals of non-current assets		(3	)		(15	)		(18	)		(26	)
Gain from sale of towers in Italy		-			-			466			-
EBIT		646			938			1,525			1,863
Financial Income and Expenses		(363	)		(533	)		(745	)		(1,046	)
- including finance income		12			21			24			35
- including finance costs		(375	)		(554	)		(769	)		(1,081	)
Net foreign exchange gain / (loss) and others		(95	)		74			(149	)		(92	)
- including Other non-operating gains / (losses)		(139	)		59			(67	)		22
- including Shares of loss of associates and joint ventures accounted for using the equity method		(6	)		(6	)		(9	)		(43	)
- including Net foreign exchange gain / (losses)		50			21			(73	)		(71	)
EBT		188			479			631			725
Income tax expense		42			421			312			594
Profit for the year		146			58			319			131
Profit/(loss) for the year attributable to non-controlling interest		38			(42	)		27			(8	)
Profit for the year attributable to the owners of the parent		108			100			292			139

VimpelCom Ltd. 2Q 2015 | 29

RECONCILIATION OF VIMPELCOM CONSOLIDATED NET DEBT

USD mln	2Q15			1Q15			4Q14
Net debt		17,904			17,608			19,992
Cash and cash equivalents		4,220			6,499			6,342
Long-term and short-term deposits		225			118			109
Gross debt		22,349			24,225			26,443
Interest accrued related to financial liabilities		346			371			410
Fair Value adjustment		31			49			29
Other unamortised adjustments to financial liabilities (fees, discounts etc.)		(78	)		(75	)		(106	)
Other liabilities at amortized costs		-			271			259
Derivatives		156			108			89
Total debt and other financial liabilities		22,804			24,949			27,124

RECONCILIATION OF CONSOLIDATED LTM EBITDA ADJUSTED

USD mln	2Q15 LTM		2Q14 LTM
Unaudited
EBITDA		6,712		7,651
Add back provisions related to the 51% sale in Algeria		50		1,266
LTM EBITDA adjusted		6,762		8,917

OPERATING CASH FLOW (EBITDA - CAPEX EXCL. LICENSES) RECONCILIATION

USD mln	2Q15			2Q14			1H15			1H14
Unaudited
Operating cash flow (EBITDA - CAPEX)		836			1,059			1,825			2,421
CAPEX excl licenses		675			1,017			1,082			1,743
EBITDA		1,511			2,076			2,907			4,164
Changes in working capital and other		(245	)		(160	)		(1,633	)		(194	)
Net interest paid		(356	)		(549	)		(784	)		(1,201	)
Income tax paid		(109	)		(265	)		(453	)		(499	)
Net cash from operating activities		801			1,102			37			2,270

RATES OF FUNCTIONAL CURRENCIES TO USD¹

	Average rates							Closing rates
	2Q15		2Q14		YoY			2Q15		1Q15		QoQ
Russian Ruble		52.65		35.00		50.4	%		55.52		58.46		(5.0	%)
Euro		0.90		0.73		24.0	%		0.90		0.93		(3.6	%)
Algerian Dinar		98.27		78.95		24.5	%		99.13		97.70		1.5	%
Pakistan Rupee		101.83		98.29		3.6	%		101.78		101.93		(0.2	%)
Bangladeshi Taka		77.79		77.57		0.3	%		77.78		77.81		(0.0	%)
Ukrainian Hryvnia		21.61		11.70		84.8	%		21.02		23.44		(10.4	%)
Kazakh Tenge		185.86		182.63		1.8	%		186.20		185.65		0.3	%
Uzbekistan Som		2,522.6		2,288.2		10.2	%		2,555.6		2,490.2		2.6	%
Armenian Dram		476.32		412.87		15.4	%		472.53		471.13		0.3	%
Kyrgyz Som		60.52		53.07		14.0	%		62.08		63.87		(2.8	%)
Georgian Lari		2.28		1.76		29.5	%		2.25		2.23		0.9	%

¹⁾  Functional currency in Tajikistan is USD

VimpelCom Ltd. 2Q 2015 | 30

ATTACHMENT E: WIND TELECOMUNICAZIONI GROUP CONDENSED STATEMENTS OF INCOME

EUR mln	1H15			1H14			YoY
Total Revenue		2,103			2,186			(4	%)
EBITDA		804			865			(7	%)
D&A		(104	)		(612	)		n.m.
EBIT		700			253			n.m.
Financial Income and expenses		(276	)		(695	)		n.m.
EBT		424			(442	)		n.m.
Income Tax		(57	)		39			n.m.
Net profit/(loss)		367			(403	)		n.m.

VimpelCom Ltd. 2Q 2015 | 31

ATTACHMENT F: DEFINITIONS

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

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

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

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

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

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

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

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

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

VimpelCom Ltd. 2Q 2015 | 32

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

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

Mobile customers are SIM-cards registered in the system as of a measurement date, users of which generated revenue at any time during the three months prior to the measurement date. This includes revenue coming from any incoming and outgoing calls, subscription fee accruals, debits related to service, outgoing SMS, Multimedia Messaging Service (referred to as MMS), data transmission and receipt sessions, but does not include incoming SMS and MMS sent by VimpelCom or abandoned calls. VimpelCom’s total number of mobile customers also includes SIM-cards for use of mobile Internet service via USB modems and customers for WiFi. The number for Italy is based on SIM-cards, users of which generated revenue at any time during the twelve months prior to the measurement date.

MOU (Monthly Average Minutes of Use per User) is generally calculated by dividing the total number of minutes of usage for incoming and outgoing calls during the relevant period (excluding guest roamers) by the average number of mobile customers during the period and dividing by the number of months in that period. Algeria, Pakistan and Bangladesh units measure MOU based on billed minutes

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

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

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

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

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

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

Reportable segments: the Company identified Russia, Italy, Algeria, Pakistan, Bangladesh, Ukraine and Eurasia based on the business activities in different geographical areas. Intersegment revenue is eliminated in consolidation.

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

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

VimpelCom Ltd. 2Q 2015 | 33

Transformative transaction in Italy

Strategy update

2Q15 earnings

London – August 6, 2015

Jean-Yves Charlier – CEO Andrew Davies – CFO

© VimpelCom Ltd 2015

1

Disclaimer

This document contains “forward-looking statements”, as the phrase is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to, among other things, the Company’s anticipated performance, future market developments and trends, anticipated benefits from the Italy transaction, the ability to complete the Italy transaction the Company’s strategy to generate sustainable annualized cashflow improvement over the next three years, anticipated interest cost savings, operational and network development and network investment, expectations regarding its 4G/LTE agreement with MTS, anticipated benefits from 3G services in Ukraine and 4G/LTE services in Georgia, and the Company’s ability to realize its targets and strategic initiatives in the various countries of operation. The forward-looking statements included in this 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, government investigations and/or litigation with third parties. 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, 2014 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. Among these risks described in our prior filings are the potential results of the pending investigations principally related to operations in Uzbekistan. In regard to those investigations, on June 29, 2015 the U.S. Department of Justice (the “DoJ”) filed a civil complaint in the Southern District Court of New York, seeking the forfeiture of property, currently held by others, located in Belgium, Ireland and Luxembourg that it claims was derived in violation of U.S. law. The Company is not a defendant in this action. Such a forfeiture action indicates, however, the DOJ’s position that certain conduct by the Company in or relating to Uzbekistan constituted a violation of the U.S. Foreign Corrupt Practices Act. On July 10, 2015, a federal judge signed warrant orders allowing the DOJ to proceed with forfeiture actions as described in the complaint. The Company will continue to monitor this proceeding. The forward-looking statements speak only as of the date hereof, and the Company disclaims any obligation to update them or to announce publicly any revision to any of the forward-looking statements contained in this release, or to make corrections to reflect future events or developments.

© VimpelCom Ltd 2015

2

Program of today

Transformative transaction for Italy and VimpelCom

Strategy update

2Q15 earnings

Q&A

© VimpelCom Ltd 2015

3

Creating a leading operator in Italian telecoms

A transformative transaction for VimpelCom and the Italian market

© VimpelCom Ltd 2015

4

WIND and 3 Italia to merge, creating a leading operator in Italy

New era for Italian telecoms

A leading convergent operator in Europe’s fourth largest telecom market Delivering innovative, integrated fixed and mobile services to consumer, SME and corporate customers Large combined footprint and customer base A superior customer experience through best-in-class service quality and focus on digital innovation

Investment and innovation

Enlarged and improved network with over 21k sites

Provide best in class quality to customers with high density and superior indoor coverage Accelerated roll-out of 4G/LTE services with 90% population coverage by 2017 Expansion of LLU footprint and fibre offerings Over 1,000 mono-brand points of sales, comparable to main competitors

Clear corporate governance

Substantive shareholder agreement to ensure successful JV Strong empowered and independent management team led by Maximo Ibarra (CEO of WIND) Board consisting of 6 directors (3 nominated by VIP, 3 by CKHH) Chairman rotating every 18 months, with casting vote to ensure no

“gridlock”

“One company” approach with clear decision-making matrix After three years post-completion each shareholder can invoke a buy/sell mechanism at any time

Value creation

EUR 700 million annual run-rate cost synergies, 90% expected by third year post-closing; in excess of EUR 5 billion NPV cost synergies expected, net of integration costs Distribution of dividend from JV projected within the first three years post-closing Improved leverage: 4.9x Net debt/EBITDA at signing, rapid deleverage expected over the first 3 years post-closing Pro forma revenue and EBITDA margin of EUR 6.4 billion and above 40% respectively

© VimpelCom Ltd 2015

5

Transaction rationale

1

A leading converged operator in Italian telecoms

2

Superior customer experience

3

Significant cost synergies

4

Enhanced profitability and cash generation

5

Transformative transaction for Italy & VimpelCom

Clear corporate governance to ensure successful JV

© VimpelCom Ltd 2015

6

Creating a leading converged operator in Italian telecoms

1

Market share position

Commercial excellence

A leading mobile operator

(Mobile customer market share1)

33% 34% 33%

36% 35%

29%

A leading alternative fixed broadband operator

(Fixed BB customer market share1)

50%

16% 15% 13% 6%

WIND + 3 Italia Telecom Italia Vodafone Telecom WIND + Fastweb Vodafone Tiscali Italia 3 Italia

Mobile service revenue market share

Strong momentum in customer growth

(Mobile customer market share1)

34%

35% 34%

32%

29%

2010 2011 2012 2013 2014 1Q 2015

WIND + 3 Italia Telecom Italia Vodafone

36%

Wide 4G/LTE coverage target2

(2017) (2017)

90% 90% 95%

88% 47% 80%

38%

WIND + Vodafone Telecom Italia 3 Italia WIND

3 Italia (Mar-15) (Mar-15) (Mar-15) (Mar-15) (‘17 Target)

© VimpelCom Ltd 2015

Notes:

1. Company information, as of March 2015. Market share excluding MVNO’s

2. Company releases

7

Superior customer experience

2

Best quality network

Focus on data

Reinforce converged product offering

Boost “digital first” strategy

Expand presence in business segment

Developing a leading distribution network

An enlarged and improved network to provide best in class quality to customers Over 21,000 sites delivering high density and superior indoor coverage A leading alternative fixed-line broadband operator

Leverage best in class network to secure leadership in mobile data

Significant acceleration in 4G/LTE deployment with over 90% population coverage by 2017 Continued focus on fixed-line BB (unbundling, wholesale fiber) and convergent data opportunity

Enhanced household-centric value proposition addressing demand for fixed-mobile convergence Cross-selling and bundling opportunities for the combined mobile B2C and B2B customer base

Driving growth through digital channels by leveraging the WIND Digital experience Increased investments in new consumer digital products and services

Stronger market position and product offering, coupled with best in class quality, to increase presence in SME-SOHO and large Corporate segment

Customer focused distribution network with over 1,000 mono-brand points of sale, with a footprint comparable to main competitors

© VimpelCom Ltd 2015

8

Identified cost synergies—total run-rate of EUR 700 million

3

Market facing & customer operations

Network & IT

SG&A

Operating model alignment to best practices New integrated customer service More efficient channel and distribution model

Network consolidation

Unified and internalized operating model Acceleration of 4G/LTE deployment and mutual roaming

Location optimization relying on two centers, one in Milan and one in Rome, each with separate functions, and integration of regional offices

NPV1

(EUR billion)

1.3+

3.1+

0.6+ Total: 5.0+

Synergies run rate2

(EUR million)

700

Capex c. 30%

OPEX c. 70%

EUR 700 million annual run-rate cost synergies, 90% expected by third year post-closing

© VimpelCom Ltd 2015

Notes:

1 Post taxes, net of integration costs

2 Pre tax

9

Enhanced profitability and cash generation

4

An operator with EUR 6.4bn revenues and… …EBITDA margin of 40%…

(EUR bn, 2014) (EUR bn, 2014 and % margin)

1.73 6.36

4.63

WIND 3 Italia pro forma

8pp 40%

32% 2.5

2.1

WIND + 3 Italia pro forma 1

Revenue and EBITDA

OpFCF2 and leverage

WIND 3 Italia

…cash conversion of over 60%…

(% cash conversion3)

63%

43% 1.6

0.9

WIND + 3 Italia pro forma 4

Run-rate synergies

…and significant deleveraging profile

5.6x 4.9x

3.0x

WIND WIND + 3 Italia Target Q1 15 Q1 15

Notes:

1 Including run-rate Opex synergies only 3 Defined as OpFCF/EBITDA

2 Defined as EBITDA – Capex (excl. licenses) 4 Including run-rate Opex and Capex synergies

© VimpelCom Ltd 2015

10

Transformative transaction for Italy and VimpelCom

5

Joint ownership of a leading convergent operator in Europe’s fourth largest market

Significant value creation through projected annual run-rate cost synergies of c. EUR 700 million, 90% expected within the third year post-closing and strong deleveraging profile

Distribution of dividend from JV projected within the first three years post-closing

Diversified emerging market focused portfolio

Enhances VimpelCom’s earnings and cash flow metrics

Significantly stronger balance sheet for VimpelCom with net leverage of 1.6x1

1 Target 2015 Net debt/EBITDA excluding Italy

© VimpelCom Ltd 2015

11

Enhanced earnings and cash flow metrics

5

VimpelCom incl. Italy

Total operating revenue organic change YoY (1.6%) EBITDA organic change YoY (4.3%) EBITDA margin 40.0% Capex/revenue 14.9% OpFCF1/revenue 25.1% Net debt/LTM EBITDA2 3.2x

pro forma VimpelCom excl. Italy

(0.9%) (3.2%) 41.1%

13.9% 27.2% 1.6x

Note:

1 Defined as EBITDA – Capex (excl. licenses)

2 Target 2015 Net debt/EBITDA

© VimpelCom Ltd 2015

12

Improved leverage profile

5

Net leverage ratio of 1.6x1

Weighted average cost of debt: 7.7%

Group debt maturity schedule pro forma for Italy held for sale1

Russia GTH HQ

3.1

1.6 2.2

1.0 1.2 1.2

2015 2016 2017 2018 2019 >2020

Deleveraging completed post-closing

1 Target 2015 Net debt/EBITDA excluding Italy

© VimpelCom Ltd 2015

13

Transaction summary and structure

Key terms and structure

Target leverage & dividend policy

Management team

Key dates

50-50 JV of VimpelCom (VIP) and CK Hutchison Holdings (CKHH)

VIP to contribute WIND with existing net debt (EUR 10.1 billion as 2Q15) CKHH to contribute 3 Italia debt free plus EUR 200m cash No further cash contributions expected from VIP or CKHH

Transaction conditional on parties being satisfied with regulatory approvals, no break up fees Neither party may reduce its aggregate indirect shareholding in the JV below 50% for one year post-completion After three years post-completion each shareholder can invoke a buy/sell mechanism at any time

Pro forma Net debt/EBITDA at signing expected to be 4.9x Long-term leverage target of 3.0x EBITDA

40% of FCF1 returned to shareholders as long as leverage <4.0x, 60% of FCF as long as leverage <3.5x, 80% of FCF as long as leverage <3.0x

Company to be led by best management: Maximo Ibarra, current CEO of WIND, with an experienced combined management team, with Dina Ravera as Merger Integration Officer, currently COO of 3 Italia, and Stefano Invernizzi as CFO, currently CFO of 3 Italia

Expected closing within next 12 months subject to receiving clearance from relevant authorities Filing with European and Italian authorities

VIP CKHH

50% 50%

HoldCo

WIND 3 Italia

Note:

1. FCF: EBITDA – Capex + ?WC – Cash Tax – Cash Interest

© VimpelCom Ltd 2015

14

Strategy update

© VimpelCom Ltd 2015

15

The telecom industry is at a crossroads

Traditional mobile growth model is under pressure

Rapid migration to data

Complex business model in an agile internet age

Slowing penetration growth even in emerging markets Commoditizing voice model Pricing pressure linked to mature market structure

Difficulty to identify new addressable markets and profit pools

Exploding data growth requiring another capital expenditure cycle, but monetization yet to be proven Emerging digital and OTT models potentially reducing the industry to providing commodity services

Complex business model inducing significant and inefficient cost structure Capital investments remain high to support data growth ROI model more challenging than in the past

© VimpelCom Ltd 2015

16

VimpelCom’s opportunities and challenges

Solid portfolio of businesses

Diversified emerging market focused portfolio (following WIND/3 announcement) Strong positions in markets:

#1 in 5 markets #2 in 2 markets #3 in 4 markets

213 million mobile customers 6 million fixed-line broadband customers Balance sheet leverage addressed

Macro & business model challenges

Adverse macro-economic trends in a number of markets Mobile business model needs to be adjusted to new challenges Past execution gaps hampered business turnaround

Opportunities with current portfolio

Transformation of the cost base More asset-light model:

Network sharing

Tower monetization Consolidation within current footprint Data growth monetization and adjacent revenue opportunities Digital customer engagement and services Note: Position based on mobile revenue share, #1 position in Algeria, Ukraine, Pakistan, Uzbekistan and Kyrgyzstan, #2 position in Kazakhstan and Armenia, #3 in Russia, Italy, Bangladesh and Georgia

© VimpelCom Ltd 2015

17

We have defined six strategic priorities

6

5

4

Structural improvements

World class operations

Portfolio rationalization and consolidation

Reinventing VimpelCom

New revenue streams

Digital leadership

Performance transformation

1

2

3

© VimpelCom Ltd 2015

18

1. New revenue streams 2. Digital leadership

Data growth and monetization

Data revenue of ~USD 2 billion in 2014 with >20%

YoY growth at constant currency

99 million data customers on base of 213 million mobile customers

Fixed mobile convergence

Significant broadband infrastructure in 5 key markets ~6 million fixed-line broadband customers

B2B focus

B2B mobile and fixed revenue of ~USD 2 billion in 2014, with growth potential Initial focus on core connectivity services Significant SME opportunity, particularly in emerging markets

Opportunities & initiatives

Reinventing complex traditional Telco model to simplified digital customer experience

Accelerating new service opportunities such as MFS to leverage existing positions and extensive customer base:

MFS already a ~USD 100 million revenue business in 2014 growing at double digit growth rates

Evaluating new business models in new addressable markets such as mobile advertising, OTT services and content Applying big data and data mining platforms to drive customer engagement and market non-core services

© VimpelCom Ltd 2015

19

3. Performance 4. Portfolio rationalization transformation and consolidation

Opportunities

Best-in-class operating costs for each OpCo through significant transformation of cost base Increased Capex efficiency investments through improved prioritization and fully leveraging group scale Opportunity to reduce working capital

Initiatives

Significant simplification and digitalization of business models Selective network sharing opportunities Global procurement

Transition to shared service centers

Dedicated management team led by Alexander Matuschka, to transform the cost base

Markets

Many markets still fragmented and likely to undergo a wave of consolidation Focus on existing footprint, with selective in-country consolidation Disposal of non-core assets in Laos and Zimbabwe

Network

Selective moves to more asset-light network model with strategic network sharing partnerships Acceleration of monetization of tower portfolio following the successful tower transaction in Italy

© VimpelCom Ltd 2015

20

5. World class operations 6. Structural improvements

Accelerating building world class operations in all

OpCo’s

Market leading customer experience, building on existing program

NPS1 leader in 5 markets

NPS1 co-leader in 2 markets

Developing long-term #1 and #2 positions in each market Building management team and new organization to deliver on strategy

Further optimize capital and tax structure Deleveraging completed post closing Acceleration of Algeria turnaround with appointment of new CEO, Ghada Gebara

Note:

1 2014

© VimpelCom Ltd 2015

21

Reinventing VimpelCom: focus on cash flow growth

6

Structural improvements

World class 5 operations

Portfolio rationalization and consolidation

4

Expected sustainable increase in cash flow of

USD 750 million1 per annum by year 3

1

New revenue streams

2

Digital leadership

Performance transformation

3

Clear strategic framework to reinvent VimpelCom

Additional detail to follow at October A&I Day

Note:

1 Excluding Italy

© VimpelCom Ltd 2015

22

2Q15 financial and operational results

© VimpelCom Ltd 2015

23

2Q15 highlights

Transformative transaction in Italy

Material value creation within Italy

Significantly enhances VimpelCom’s earnings and cash flow profile Completes deleveraging

Strategy update to deliver sustainable increase in cash flow of USD 750 million p.a. Good operational performance with continued improvements in most OpCo’s Successful 3G launch in Ukraine Strengthened management team

Chief Executive Officer: Jean-Yves Charlier Chief Performance Officer: Alexander Matuschka Algeria CEO: Ghada Gebara

Annual 2015 targets confirmed with reduced Capex and leverage, demonstrating new strategy to deliver cash flow growth

© VimpelCom Ltd 2015

24

2Q15 financial highlights

Service revenue Net debt/LTM EBITDA

(USD billion)

3.6 2.6 1.3

- 2% organic2 YoY Inc. Italy Excl. Italy

- 26% reported YoY

EBITDA margin1 EPS

(%) (US cents)

40.2 17

- 0.5 p.p. organic2 YoY 1H15

- 0.8 p.p. reported YoY 110% YoY

Improving organic YoY trend Results in line with management expectations Organic decline of 2% YoY in service revenue:

Delayed 3G launch in Algeria

Continued market weakness in Italy

22% YoY mobile data revenue organic growth EBITDA margin decreased organically 0.5 pp YoY due to additional network costs in Italy as a result of tower sale Reported results continue to be impacted by currency headwinds 1 EBITDA margin is EBITDA divided by total revenue; EBITDA and EBITDA margin are non-GAAP financial measures – reconciliations are included in the Appendix 2 Revenue and EBITDA organic growth are non-GAAP financial measures that exclude the effect of foreign currency translation and certain items such as liquidations and disposals

© VimpelCom Ltd 2015

25

Russia: continued operational improvements

RUB BILLION, UNLESS STATED OTHERWISE

Service revenue Mobile customers

(million)

-2% YoY +2% YoY

67.3 64.3 66.2 56.3 57.2

2Q14 1Q15 2Q15 2Q14 2Q15

Mobile Fixed-line

EBITDA and Capex and EBITDA margin Capex/revenue

-3% YoY -17% YoY

13.7

28.5 26.1 27.5 11.4

41.4% 39.4% 40.5% 20%

17%

2Q14 1Q15 2Q15 2Q14 2Q15

Continued improvements in NPS, surpassing main competitor Churn improved to best level in five years Third consecutive quarter of YoY customer growth 19% YoY mobile data revenue growth Excluding currency headwinds, EBITDA would have been stable YoY

© VimpelCom Ltd 2015

26

Italy: sequential improvement in mobile performance

EUR MILLION, UNLESS STATED OTHERWISE

Service revenue Mobile customers

(million)

-4% YoY -2% YoY

1,040 983 998 21.9 21.4

2Q14 1Q15 2Q15 2Q14 2Q15

Mobile Fixed-line

EBITDA and Capex and EBITDA margin Capex/revenue

-9% YoY 7% YoY

186

435 173 406 397

38.0% 37.7% 36.7% 17% 15%

2Q14 1Q15 2Q15 2Q14 2Q15

2Q15 mobile service revenue trend shows further sequential improvement: -2% YoY

Mobile ARPU increased to EUR 11.2 with data ARPU accounting for 41% of total ARPU

16% YoY mobile data revenue growth, 14% mobile data users increase to 11 million EBITDA decreased due to impact of tower transaction Stable EBITDA margin excluding tower impact

© VimpelCom Ltd 2015

27

Algeria: transformation underway

DZD BILLION, UNLESS STATED OTHERWISE

Service revenue Mobile customers1

(million)

-7% YoY 0% YoY

34.3 32.0 17.1

29.8 17.1

2Q14 1Q15 2Q15 2Q14 2Q15

EBITDA and Capex and EBITDA margin Capex/revenue

–8% YoY -65% YoY

18.8 17.2 37% 15.7

54.3% 52.7% 53.4% 12.8

14%

4.5

2Q14 1Q15 2Q15 2Q14 2Q15

Transformation program started with organizational restructuring, new CEO on board Clear leader in NPS

EBITDA margin still strong at 53% Continued investments in 3G network roll out and modernization of 2G sites 50% QoQ mobile data revenue growth and increased six-fold YoY

Results expected to remain under pressure in 2015. Transformation will take another 9-15 months

1 As part of transformation program the 2Q14 customer base was revised down to 17.1 million in order to ensure compliance with the three month active definition

© VimpelCom Ltd 2015

28

Pakistan: strong operational improvements

PKR BILLION, UNLESS STATED OTHERWISE

Service revenue Mobile customers

(million)

–1% YoY -14% YoY +1% YoY underlying1

38.8

25.2 24.0 24.9 5.6

33.4

2Q14 1Q15 2Q15 2Q14 2Q15

? 2Q15 Customer base ? Blocked customers

EBITDA and Capex and EBITDA margin2 Capex/revenue

+6% YoY -19% YoY

10.2 9.7 10.8

9.9

8.1

38% 31%

41.3%

38.9% 38.5%

2Q14 1Q15 2Q15 2Q14 2Q15

Successfully completed SIM re-verification resulted in market share gains:

87% customers verified

99% of revenue secured

Mobilink gained both customer and revenue market shares QoQ 75% YoY mobile data revenue growth FS revenue doubled YoY

Underlying EBITDA margin3 of 40.2%, benefiting from power cost savings First operator to launch 3G in 200 cities

1 Excluding the SIM re-verification impact of 5.6 million, the customer base in 2Q15 would have increased 1% YoY

2 In 1Q15 underlying EBITDA and EBITDA margin, excl SIM-verification (PKR 0.7 bn) costs were PKR 10.4 bn and 41.5% respectively

3 Underlying EBITDA margin adjusted for SIM verification costs of PKR 0.6 bn and positive one-off in utility costs of PKR 0.9 bn

© VimpelCom Ltd 2015

29

Bangladesh: continued robust growth

BDT BILLION, UNLESS STATED OTHERWISE

Service revenue Mobile customers

(million)

+7% YoY +8% YoY

11.3 11.6 32.0

10.8 29.8

2Q14 1Q15 2Q15 2Q14 2Q15

EBITDA and Capex and EBITDA margin Capex/revenue

+18% YoY -25% YoY

3.3

4.6 4.9

4.2 2.5

40.6% 41.9% 30%

38.2% 21%

2Q14 1Q15 2Q15 2Q14 2Q15

Continued revenue market share gains Strong YoY revenue growth despite aggressive competitive environment Solid EBITDA margin of 41.9% due to revenue growth and OPEX control 86% YoY mobile data revenue growth, driven by significant increase in usage Continued investments in high-speed data networks

© VimpelCom Ltd 2015

30

Ukraine: successful 3G launch

UAH BILLION, UNLESS STATED OTHERWISE

Service revenue Mobile customers

(million)

+9% YoY +3% YoY

3.0 3.1 3.3 25.4 26.1

2Q14 1Q15 2Q15 2Q14 2Q15

Mobile Fixed-line

EBITDA and Capex1 and EBITDA margin Capex/revenue

+12% YoY 232% YoY

1.5 1.2

1.3 1.3

45.6% 35%

44.5%

41.3%

0.3

12%

2Q14 1Q15 2Q15 2Q14 2Q15

Successful 3G launch ahead of competition, offering widest coverage 26% YoY mobile data revenue growth Improvement in annualized churn of 5 p.p. YoY

Strong mobile service revenue growth as a result of higher interconnect revenue and commercial activities Robust EBITDA recovery driven by revenue growth and cost efficiencies Capex increase driven by 3G network roll-out

1 Capex excluding licenses

© VimpelCom Ltd 2015

31

Kazakhstan: heightened competitive pressure

KZT BILLION, UNLESS STATED OTHERWISE

Service revenue Mobile customers

(million) -7% YoY

+1% YoY

33.9

30.2 31.3

9.6 9.7

2Q14 1Q15 2Q15 2Q14 2Q15

? Mobile ? Fixed-line

EBITDA and Capex and EBITDA margin Capex/revenue

-8% YoY 28% YoY

16.5 15.3 15.0

4.1

48.7% 49.5% 48.6% 3.2

13%

9%

2Q14 1Q15 2Q15 2Q14 2Q15

Mobile service revenue decreased 3% YoY, excluding MTR reductions 34% YoY mobile data revenue growth Fixed-line service revenue grew 1% YoY Stable EBITDA margin aided by MTR reductions Increased competitive environment expected to remain in 2015

© VimpelCom Ltd 2015

32

Eurasia1: strong cash flow

USD MILLION, UNLESS STATED OTHERWISE

Service revenue Mobile customers

(million)

Reported -11% YoY

Organic +1% YoY +1% YoY

277 248 16.2 16.3 242

21

18 19 256 224 228

2Q14 1Q15 2Q15 2Q14 2Q15

? Mobile ? Fixed-line

EBITDA and Capex and EBITDA margin Capex/revenue

Reported -9% YoY -32% YoY

Organic +4% YoY

140 128 25.0 120

17.0

50.4% 51.6% 49.5%

9%

7%

2Q14 1Q15 2Q15 2Q14 2Q15

Mobile service revenue increased organically 1% YoY due to solid results in Kyrgyzstan Mobile data revenue growth of 7% YoY Churn improved YoY in Uzbekistan, Armenia, Kyrgyzstan and Tajikistan Competition increasing in Uzbekistan due to third and fourth operator entering the market Strong operating cash flow2

1 Eurasia consists of our operations in Uzbekistan, Armenia, Kyrgyzstan, Tajikistan, Georgia

2 Operating cash flow defined as EBITDA less Capex

© VimpelCom Ltd 2015

33

2Q15 income statement

USD million 2Q15 2Q14 YoY

Revenue 3,759 5,067 (26%)

of which service revenue 3,610 4,861 (26%)

EBITDA 1,511 2,076 (27%)

EBITDA Margin 40.2% 41.0% (0.8pp)

D&A and other (865) (1,138) (24%)

EBIT 646 939 (31%)

Financial expenses (363) (533) (32%)

FOREX and Other (95) 74 n.m.

Profit before tax 188 479 (61%)

Tax (42) (421) (90%)

Profit for the period 146 58 152%

Non-controlling interest (38) 42 n.m.

Net income1 108 100 8%

Organic decline of 2% due to the delayed 3G launch in Algeria, continued market weakness in Italy, partly offset by growth in Ukraine and Bangladesh

Organic decline of 3% mainly driven by revenue decline

Decrease due to local currency depreciation, lower depreciation in Italy due to tower sale and decrease in amortization costs due to reduction in the charge on customer relationships in Italy

Significant YoY reduction from refinancing of WIND Italy in 2014, debt repayment in 1H15 and weakening of ruble and euro Negative effect in 2Q 15 from fair value adjustment on derivatives. 2Q14 reflects one-off gains from Italian refinancing and withholding tax settlements in Italy

In 2Q15, positive effect of USD 75 million on deferred taxes as a result of legal restructuring In 2Q14, non-cash charges related to the refinancing of WIND and non-deductible interest expenses in Italy

Sale of 51% in OTA in Algeria and lower losses in GTH

1 Net income attributable to VimpelCom shareholders

© VimpelCom Ltd 2015

34

2Q15 cash flow statement

USD million 2Q15 2Q14 YoY

EBITDA 1,511 2,076 (565)

Changes in working capital and other (245) (160) (85)

Net interest paid (356) (549) 193

Income tax paid (109) (265) 156

Net cash from operating activities 801 1,102 (301)

Net cash used in investing activities (808) (1,060) 252

Net cash flow from financing activities (2,276) 960 (3,236)

Net (decrease)/increase in cash and cash (2,283) 1,002 (3,285)

equivalents

Significant YoY reduction from refinancing of Wind Italy and debt repayment and weakening of RUB and EUR

Decreased due to lower profits and local currency depreciation

Decrease YoY due to depreciation of the RUB, EUR and UAH against the USD and modernization projects completed in 2014

In 2Q15 buy back of USD 1.8 billion bonds

© VimpelCom Ltd 2015

35

Annual targets 2015

Original targets Actual Updated3 targets

20151 1H15 20151

Service revenue Flat to low single -2% YoY unchanged

digit decline YoY

EBITDA margin Flat to minus one -1.1 p.p. YoY unchanged

p.p. YoY

EPS2 USD 0.35 – 0.40 USD 0.17 unchanged

Capex/revenue ~20% 15% Improved to

18-20%

Leverage (net debt/EBITDA) ~3.2x ~2.6x n.a.

Excl. Italy ~1.7x ~1.3x Lowered to ~1.6x

1 The annual targets for 2015 assume constant currency, no major regulatory changes, no change to the asset portfolio and no major macro-economic changes

2 EPS at constant currency and stable fair value of derivatives, excluding exceptional charges such as impairment charges, restructuring charges, litigation and settlements, impact of M&A transactions, other one-off charges and constant number of shares

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

© VimpelCom Ltd 2015

36

Conclusion

Transformative transaction in Italy

Improves VimpelCom’s earnings, cash flow and leverage profile Annualized Opex & Capex net synergies of EUR 700 million

In excess of EUR 5 billion NPV in cost synergies, net of integration costs

New strategic framework to improve cash flow by USD 750 million p.a. Continued improvements in operational performance, despite challenging macro economic environments

On track to deliver 2015 targets

© VimpelCom Ltd 2015

37

VimpelCom’s analyst & investor conference

October 8 & 9, 2015 London, United Kingdom

Presentations by Group Management

© VimpelCom Ltd 2015

38

Q&A

© VimpelCom Ltd 2015

39

Further information

Investor Relations

Claude Debussylaan 88 1082 MD Amsterdam The Netherlands T: +31 20 79 77 234 E: ir@vimpelcom.com

Visit our award winning website www.vimpelcom.com

Install VimpelCom’s App iPadApp No.1

CORPORATE WEBSITE

2014 -2015 in the Netherlands

© VimpelCom Ltd 2015

40

Appendix

© VimpelCom Ltd 2015

41

Accounting implications of JV in Italy

Upon signing

The Italian operations will be classified as ‘held for sale’ and reported as a ‘discontinued operation’:

The results from Italy will be presented as one line ‘discontinued operations’ in the income statement and cash flow statement. Consolidated net income & FCF will not be impacted All assets and liabilities of Italy, including debt, will be reported on the balance sheet as current assets/liabilities and presented in separate line items

Upon closing

The investment will be accounted for by using the equity method

The 50% shareholding in JV will initially be recorded at fair value as an investment in non-current assets

The difference between the ‘fair value of the investment’ and the ‘assets and liabilities held for sale’1 will be an entry in the profit and loss at the EBIT level

Note:

1 Including attributable goodwill and any attributable foreign currency translation adjustments from equity

© VimpelCom Ltd 2015

42

VimpelCom’s 1H15 performance pro forma Italy held for sale

VimpelCom incl. Italy pro forma (VimpelCom excl. Italy)

USD m, 1H15

Total operating revenue 7,274 4,882

% organic YoY (1.6%) (0.9%)

EBITDA 2,907 2,006

% organic YoY (4.3%) (3.2%)

% of revenue 40.0% 41.1%

Capex (excl. licenses) 1,082 680

% of revenue 14.9% 13.9%

OpFCF1 1,825 1,326

% of revenue 25.1% 27.2%

Net debt 17,904 5,830

x of LTM EBITDA 2.6x 1.3x

Note:

1 Defined as EBITDA – Capex (excl. licenses)

© VimpelCom Ltd 2015

43

Credit facilities

USD 0.05 bn credit facilities arranged in 2Q15:

Financing

Algeria USD 0.05 billion (DZD 5 billion)

Available RCF headroom at the end 2Q15:

VimpelCom USD 1.8 billion

PJSC VimpelCom USD 0.3 billion (RUB 15 billion)

Available VF/CF headroom at the end 2Q15:

VimpelCom –

CDB/BoC USD 1.0 billion

Algeria—syndicate USD 0.3 billion (DZD 32 billion)

© VimpelCom Ltd 2015

44

Debt by entity

As at June 30, 2015

Outstanding debt (USD millions) Type of debt/lender

Vendor

Entity Bonds Loans RCF Other Total

Financing

VimpelCom Holdings B.V. 3,399 ——— — 3,399

VimpelCom Amsterdam B.V. — 1,000 — 695 — 1,695

PJSC VimpelCom 2,044 1,396 — 169 45 3,654

Pakistan Mobile Communications Limited 46 318 —— 3 367

Banglalink Digital Communications Ltd. 300 132 —— 0 433

Omnium Telecom Algeria S.p.A. — 550 —— 0 550

KaR-Tel LLP — 45 —— — 45

Others — 19 — 9 11 40

Total 5,788 3,460 — 873 60 10,182

© VimpelCom Ltd 2015

45

FOREX rates used in annual targets for 2015

Currency FX rates versus USD

Algeria DZD 92.0

Armenia AMD 415.0

Bangladesh BDT 79.0

Egypt EGP 7.5

Georgia GEL 1.8

Italy EUR 0.91

Kazakhstan KZT 190.0

Kyrgyzstan KGS 55.0

Pakistan PKR 105.0

Russia RUB 70.0

Ukraine UAH 25.0

© VimpelCom Ltd 2015

46

Service revenue and EBITDA development in 2Q15 and 1H15

Reported Organic Reported Organic

USD mln 2Q15 2Q14 1H15 1H14

YoY YoY YoY YoY

Service revenues 3,610 4,861 (26%) (2%) 6,968 9,671 (28%) (2%)

Russia 1,257 1,924 (35%) (2%) 2,292 3,772 (39%) (1%)

Italy 1,104 1,425 (23%) (4%) 2,212 2,844 (22%) (5%)

Algeria 326 434 (25%) (7%) 645 863 (25%) (9%)

Pakistan 244 256 (5%) (1%) 481 498 (3%) (3%)

Bangladesh 149 139 7% 7% 294 271 8% 9%

Ukraine 153 259 (41%) 9% 304 593 (49%) 7%

Kazakhstan 169 185 (9%) (7%) 333 365 (9%) (4%)

Eurasia 247 277 (11%) 1% 483 532 (9%) 3%

other (39) (38) (76) (67)

EBITDA 1,511 2,076 (27%) (3%) 2,907 4,165 (30%) (5%)

Russia 524 813 (36%) (3%) 944 1,574 (40%) (2%)

Italy 444 600 (26%) (9%) 904 1,194 (24%) (7%)

Algeria 175 238 (26%) (8%) 344 485 (29%) (13%)

Pakistan 106 104 2% 6% 202 203 (0%) 0%

Bangladesh 63 54 18% 18% 123 103 19% 19%

Ukraine 70 115 (39%) 12% 133 278 (52%) 0%

Kazakhstan 82 90 (9%) (8%) 163 176 (7%) (3%)

Eurasia 128 140 (9%) 4% 246 271 (9%) 3%

other (81) (78) (152) (119)

EBITDA margin 40.2% 41.0% (0.8pp) (0.5pp) 40.0% 41.3% (1.3pp) (1.1pp)

© VimpelCom Ltd 2015

47

Reconciliation of EBITDA

USD mln 2Q15 2Q14

Unaudited

EBITDA 1,511 2,076

Depreciation (559) (742)

Amortization (290) (379)

Impairment loss (13) (2)

Loss on disposals of non-current assets (3) (15)

EBIT 646 938

Financial Income and Expenses (363) (533)

- including finance income 12 21

- including finance costs (375) (554)

Net foreign exchange gain / (loss) and others (95) 74

- including Other non-operating gains / (losses) (139) 59

- including Shares of loss of associates and joint ventures accounted for using the equity method (6) (6)

- including Net foreign exchange gain / (losses) 50 21

EBT 188 479

Income tax expense 42 421

Profit for the year 146 58

Profit/(loss) for the year attributable to non-controlling interest 38 (42)

Profit for the year attributable to the owners of the parent 108 100

USD mln 2Q15 LTM 2Q14 LTM

Unaudited

EBITDA 6,712 7,651

Add back provisions related to the 51% sale in Algeria 50 1,266

LTM EBITDA adjusted 6,762 8,917

© VimpelCom Ltd 2015

48

Reconciliation of consolidated net debt

Reconciliation of consolidated net debt

USD mln 2Q15 1Q15 4Q14

Net debt 17,904 17,608 19,992

Cash and cash equivalents 4,220 6,499 6,342

Long-term and short-term deposits 225 118 109

Gross debt 22,348 24,225 26,443

Interest accrued related to financial liabilities 346 371 410

Fair Value adjustment 31 49 29

Other unamortised adjustments to financial liabilities (fees, discounts etc.) (78) (75) (106)

Other liabilities at amortized costs 72 271 259

Derivatives designated as hedges 84 108 89

Total debt and other financial liabilities 22,804 24,949 27,124

© VimpelCom Ltd 2015

49

VimpelCom Ltd.

Index sheet

Consolidated VIP Ltd.

Consolidated

BU Russia

Russia

BU Italy

Italy

BU Algaria

Algeria

BU Pakistan

Pakistan

BU Bangladesh

Bangladesh

BU Ukraine

Ukraine

BU Kazakhstan

Kazakhstan

BU Eurasia

Uzbekistan

Armenia

Tajikistan

Georgia

Kyrgyzstan

Laos

Average and closing rates of functional currencies to USD

		Average rates							Closing rates
		2Q15		2Q14		YoY			2Q15		1Q15		Delta
Russian Ruble	RUB		52.65		35.00		50.4	%		55.52		58.46		(5.0	%)
Euro	EUR		0.90		0.73		24.0	%		0.90		0.93		(3.6	%)
Algerian Dinar	DZD		98.27		78.95		24.5	%		99.13		97.70		1.5	%
Pakistan Rupee	PKR		101.83		98.29		3.6	%		101.78		101.93		(0.2	%)
Bangladeshi Taka	BDT		77.79		77.57		0.3	%		77.78		77.81		(0.0	%)
Ukrainian Hryvnia	UAH		21.61		11.70		84.8	%		21.02		23.44		(10.4	%)
Kazakh Tenge	KZT		185.86		182.63		1.8	%		186.20		185.65		0.3	%
Uzbekistan Som	UZS		2,523		2,288		10.2	%		2,556		2,490		2.6	%
Armenian Dram	AMD		476.32		412.87		15.4	%		472.53		471.13		0.3	%
Kyrgyz Som	KGS		60.52		53.07		14.0	%		62.08		63.87		(2.8	%)
Georgian Lari	GEL		2.28		1.76		29.5	%		2.25		2.23		0.9	%

VimpelCom Ltd.

index page

(in USD millions, unless stated otherwise, unaudited)

Consolidated	1Q13			2Q13			3Q13			4Q13*			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			FY12			FY13*			FY14
Total operating revenue		5,591			5,718			5,685			5,552			5,024			5,067			5,145			4,391			3,515			3,759			23,061			22,546			19,627
Service revenue		5,313			5,449			5,477			5,290			4,810			4,861			4,847			4,207			3,358			3,610			22,122			21,531			18,725
EBITDA		2,348			2,425			2,474			1,013			2,088			2,076			2,205			1,600			1,396			1,511			9,768			8,260			7,970
EBITDA margin (%)		42.0	%		42.4	%		43.5	%		18.2	%		41.6	%		41.0	%		42.9	%		36.4	%		39.7	%		40.2	%		42.4	%		36.6	%		40.6	%
EBIT		1,107			1,224			1,233			(3,218	)		924			938			1,143			(421	)		879			646			4,171			346			2,586
Profit/(Loss) before tax		543			762			665			(3,994	)		246			479			110			(1,016	)		444			188			2,282			(2,024	)		(181	)
Net income/(loss)		408			573			255			(3,861	)		38			100			104			(935	)		184			108			1,539			(2,625	)		(691	)
Capital expenditures (CAPEX)		755			791			1,040			1,720			735			1,331			978			1,211			460			804			4,120			4,306			4,256
CAPEX excluding licenses		595			791			930			1,682			725			1,017			964			1,201			407			675			4,120			3,998			3,908
CAPEX excluding licenses / revenue		11	%		14	%		16	%		30	%		14	%		20	%		19	%		27	%		12	%		18	%		18	%		18	%		20	%
Operating cash flow (EBITDA-CAPEX excluding licenses)		1,753			1,634			1,544			(669	)		1,363			1,059			1,241			399			989			836			5,648			4,262			4,062
OCF margin (%)		31	%		29	%		27	%		(12	%)		27	%		21	%		24	%		9	%		28	%		22	%		24	%		19	%		21	%

* Notes:

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

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

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

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

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

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

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

Customers* (mln)	1Q13		2Q13		3Q13		4Q13		1Q14		2Q14		3Q14		4Q14		1Q15		2Q15		FY12		FY13		FY14
Russia		55.7		57.1		58.1		56.5		55.0		56.3		57.3		57.2		55.7		57.2		56.1		56.5		57.2
Italy		22.0		22.3		22.4		22.3		22.0		21.9		21.8		21.6		21.4		21.4		21.7		22.3		21.6
Algeria		16.6		16.8		17.0		17.6		17.4		17.1		17.6		17.7		17.1		17.1		16.7		17.6		17.7
Pakistan		36.3		37.1		37.4		37.6		38.2		38.8		38.7		38.5		38.2		33.4		36.1		37.6		38.5
Bangladesh		25.9		27.1		28.1		28.8		29.4		29.8		30.2		30.8		31.8		32.0		25.9		28.8		30.8
Ukraine		26.3		25.6		25.9		25.8		25.6		25.4		26.3		26.2		26.1		26.1		25.1		25.8		26.2
Kazakhstan		8.5		8.8		9.0		9.2		9.2		9.6		9.8		9.8		9.6		9.7		8.6		9.2		9.8
Uzbekistan		10.3		10.2		10.3		10.5		10.4		10.4		10.5		10.6		10.4		10.3		10.2		10.5		10.6
Armenia		0.8		0.7		0.7		0.7		0.7		0.7		0.8		0.8		0.8		0.8		0.8		0.7		0.8
Tajikistan		1.2		1.2		1.2		1.3		1.3		1.3		1.3		1.3		1.3		1.2		1.1		1.3		1.3
Georgia		1.0		1.0		1.1		1.1		1.1		1.1		1.3		1.3		1.3		1.3		1.0		1.1		1.3
Kyrgystan		2.2		2.3		2.5		2.7		2.6		2.6		2.7		2.7		2.7		2.8		2.5		2.7		2.7
Laos		0.3		0.3		0.3		0.3		0.3		0.3		0.3		0.2		0.2		0.2		0.3		0.3		0.2
Total		207.1		210.6		214.1		214.3		213.1		215.2		218.5		218.7		216.5		213.4		206.0		214.3		218.7

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

Russia

index page

(in USD millions, unless stated otherwise, unaudited)

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

Italy

index page

(in EUR millions, unless stated otherwise, unaudited)

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

* Excluding impact of FOC CAPEX and including LTE

** Excluding impact of FOC and excluding LTE

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

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

Italy (continued)

(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

FY12

FY13

FY14

Total operating revenue

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

1,213

1,198

n.a.

n.a.

n.a.

EBITDA

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

459

444

n.a.

n.a.

n.a.

EBITDA margin (%)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

37.7

%

36.7

%

n.a.

n.a.

n.a.

Capital expenditures (CAPEX)*

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

194

208

n.a.

n.a.

n.a.

CAPEX excluding licenses**

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

194

208

n.a.

n.a.

n.a.

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

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

265

237

n.a.

n.a.

n.a.

OCF margin (%)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

22

%

20

%

n.a.

n.a.

n.a.

MOBILE

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

FY12

FY13

FY14

Total operating revenue

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

794

797

n.a.

n.a.

n.a.

Service revenue

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

794

797

n.a.

n.a.

n.a.

Data Revenue

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

167

178

n.a.

n.a.

n.a.

Customers (mln)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

19.2

19.1

n.a.

n.a.

n.a.

Data customers (mln)****

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

10.9

11.0

n.a.

n.a.

n.a.

ARPU (USD)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

11.8

12.6

n.a.

n.a.

n.a.

of which :

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

ARPU voice (USD)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

6.9

7.4

n.a.

n.a.

n.a.

ARPU data (USD)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

4.9

5.2

n.a.

n.a.

n.a.

MOU (min.)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

267

275

n.a.

n.a.

n.a.

Total traffic (mln. min.)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

17,188

17,538

n.a.

n.a.

n.a.

Churn, annualised rate (%)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

35.1

%

25.2

%

n.a.

n.a.

n.a.

MBOU

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

1,392

1,436

n.a.

n.a.

n.a.

FIXED-LINE

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

FY12

FY13

FY14

Total operating revenue

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

334

313

n.a.

n.a.

n.a.

Service revenue

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

313

307

n.a.

n.a.

n.a.

Total voice customers (mln)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

2.8

2.8

n.a.

n.a.

n.a.

of which :

Total DIRECT voice customers (mln)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

2.4

2.4

n.a.

n.a.

n.a.

Total INDIRECT voice customers (mln)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

0.4

0.4

n.a.

n.a.

n.a.

Total fixed-line ARPU (USD)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

30.2

31.4

n.a.

n.a.

n.a.

Total Traffic (mln. min.)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

3,137

2,819

n.a.

n.a.

n.a.

Total Internet customers (mln)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

2.2

2.2

n.a.

n.a.

n.a.

of which :

Broadband (mln)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

2.2

2.2

n.a.

n.a.

n.a.

Broadband ARPU (USD)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

22.8

23.8

n.a.

n.a.

n.a.

Dual-play customers (mln)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

2.0

2.0

n.a.

n.a.

n.a.

Algeria

index page

(in USD millions, unless stated otherwise, unaudited)

MOBILE	1Q13			2Q13			3Q13			4Q13*			1Q14			2Q14			3Q14			4Q14***			1Q15			2Q15			FY12			FY13*			FY14***
Total operating revenue		434			464			450			448			429			437			429			396			323			328			1,841			1,796			1,690
Service revenue		432			463			449			447			428			434			422			393			320			326			1,841			1,791			1,678
EBITDA		256			279			258			261			247			238			225			198			169			175			1,094			1,054			907
EBITDA margin (%)		59.1	%		60.1	%		57.2	%		60.1	%		57.6	%		54.5	%		52.5	%		49.8	%		52.3	%		53.4	%		59.5	%		59.1	%		53.5	%
Capital expenditures (CAPEX)		9			17			7			89			60			162			84			109			45			46			47			122			415
CAPEX excluding licenses		9			17			7			51			60			162			84			109			45			46			47			84			415
Data Revenue		1.8			2.0			2.5			2.1			2.6			2.4			9.1			7.8			8.0			11.5			5.8			8.4			22
Customers (mln)**		16.6			16.8			17.0			17.6			17.4			17.1			17.6			17.7			17.1			17.1			16.7			17.6			17.7
ARPU (USD)		8.6			9.2			8.4			8.6			8.1			8.3			7.9			7.4			6.1			6.3			n.a.			n.a.			n.a.
MOU billed (min)		263			278			216			211			215			218			213			204			196			218			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		7.6	%		6.9	%		13.7	%		6.1	%		6.8	%		7.6	%		7.5	%		6.4	%		11.6	%		8.7	%		n.a.			n.a.			n.a.
MBOU		n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			320			398			n.a.			n.a.			n.a.
Operating cash flow (EBITDA-CAPEX excluding licenses)		248			262			251			210			187			76			141			116			124			129			1,047			971			520
OCF margin (%)		57	%		56	%		56	%		47	%		44	%		17	%		33	%		29	%		38	%		39	%		57	%		54	%		31	%

(in DZD billions, unless stated otherwise, unaudited)
MOBILE	1Q13			2Q13			3Q13			4Q13*			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			FY12			FY13			FY14
Total operating revenue		34.1			36.7			36.2			36.0			33.5			34.5			34.4			33.7			30.0			32.2			143.1			142.8			136
Service revenue		34.0			36.6			36.0			36.0			33.4			34.3			33.9			33.5			29.8			32.0			143.2			142.7			135
EBITDA		20.2			22.0			21.0			22.0			19.2			18.8			18.1			16.8			15.7			17.2			85.0			85.0			73
EBITDA margin (%)		59.2	%		60.1	%		57.2	%		60.1	%		57.4	%		54.3	%		52.5	%		49.8	%		52.3	%		53.4	%		59.4	%		59.1	%		53.5	%
Capital expenditures (CAPEX)		n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			4.2			4.5			n.a.			n.a.			n.a.
CAPEX excluding licenses		n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			4.2			4.5			n.a.			n.a.			n.a.
Data Revenue		0.1			0.2			0.2			0.2			0.2			0.2			0.5			0.7			0.7			1.1			0.5			0.7			1.6
Customers (mln)**		16.6			16.8			17.0			17.6			17.4			17.1			17.6			17.7			17.1			17.1			16.7			17.6			17.7
ARPU (DZD)		677			727			680			689			631			657			648			633			569			620			n.a.			n.a.			n.a.
MOU billed (min)		263			278			216			211			215			205			213			204			196			200			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		7.6	%		6.9	%		13.7	%		6.1	%		6.8	%		7.6	%		7.5	%		6.4	%		11.6	%		8.7	%		n.a.			n.a.			n.a.
MBOU		n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			320			398			n.a.			n.a.			n.a.

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

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

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

Pakistan

index page

(in USD millions, unless stated otherwise, unaudited)

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

(in PKR billions, unless stated otherwise, unaudited)

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

Bangladesh

index page

(in USD millions, unless stated otherwise, unaudited)

MOBILE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			FY12			FY13			FY14
Total operating revenue		118			129			129			128			134			141			142			146			147			151			554			504			563
Service revenue		118			129			129			122			132			139			140			144			145			149			554			498			556
EBITDA		49			48			47			43			49			54			56			60			60			63			192			187			219
EBITDA margin (%)		41.4	%		37.2	%		36.3	%		33.7	%		37.4	%		38.2	%		39.7	%		40.8	%		40.6	%		41.9	%		34.7	%		37.1	%		38.9	%
Capital expenditures (CAPEX)		12			13			127			131			27			43			50			59			12			32			126			282			178
CAPEX excluding licenses		12			13			17			131			27			43			50			59			12			32			126			172			178
Data Revenue		2.5			2.8			3.8			4.0			4.4			5.0			6.3			7.5			8.6			9.3			6.8			13.1			23.2
Customers (mln)		25.9			27.1			28.1			28.8			29.4			29.8			30.2			30.8			31.8			32.0			25.9			28.8			30.8
ARPU (USD)		1.5			1.6			1.5			1.4			1.5			1.6			1.5			1.6			1.5			1.5			n.a.			n.a.			n.a.
MOU billed (min)		175			198			189			183			188			201			200			186			199			203			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		6.6	%		3.9	%		5.1	%		6.9	%		6.3	%		5.2	%		5.3	%		5.1	%		4.5	%		5.7	%		n.a.			n.a.			n.a.
MBOU		n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			66			60			n.a.			n.a.			n.a.
Operating cash flow (EBITDA-CAPEX excluding licenses)		37			36			30			(88	)		23			11			7			1			48			31			65			15			41
OCF margin (%)		31	%		28	%		23	%		(69	%)		17	%		8	%		5	%		0	%		32	%		21	%		12	%		3	%		7	%

(in BDT billions, unless stated otherwise, unaudited)

MOBILE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			FY12			FY13			FY14
Total operating revenue		9.3			10.1			10.0			10.0			10.2			10.9			11.0			11.3			11.4			11.8			45.6			39.4			43.5
Service revenue		9.3			10.0			10.0			9.5			10.2			10.8			10.9			11.2			11.3			11.6			45.6			38.8			43.0
EBITDA		3.8			3.7			3.6			3.4			4.0			4.2			4.4			4.6			4.6			4.9			16.0			14.6			17.2
EBITDA margin (%)		41.3	%		37.2	%		36.3	%		33.7	%		37.4	%		38.2	%		39.7	%		40.8	%		40.6	%		41.9	%		34.7	%		37.1	%		38.9	%
Capital expenditures (CAPEX)		n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			0.9			2.5			n.a.			n.a.			n.a.
CAPEX excluding licenses		n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			0.9			2.5			n.a.			n.a.			n.a.
Data Revenue		0.20			0.22			0.29			0.31			0.30			0.39			0.49			0.58			0.67			0.73			0.55			1.02			2
Customers (mln)		25.9			27.1			28.1			28.8			29.4			29.8			30.2			30.8			31.8			32.0			25.9			28.8			30.8
ARPU (BDT)		119			126			121			110			117			121			120			122			119			120			n.a.			n.a.			n.a.
MOU billed (min)		175			198			189			183			188			201			200			186			199			203			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		6.6	%		3.9	%		5.1	%		6.9	%		6.3	%		5.2	%		5.3	%		5.1	%		4.5	%		5.7	%		n.a.			n.a.			n.a.
MBOU		n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			66			60			n.a.			n.a.			n.a.

Ukraine

index page

(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			FY12			FY13			FY14
Total operating revenue		396			401			420			394			335			259			252			216			151			154			1,676			1,611			1,062
EBITDA		194			192			208			186			162			115			114			92			63			70			859			781			483
EBITDA margin (%)		49.0	%		48.0	%		49.6	%		47.2	%		48.6	%		44.5	%		45.4	%		42.7	%		41.3	%		45.6	%		51.3	%		48.5	%		45.2	%
Capital expenditures (CAPEX)		42			48			66			56			35			30			35			37			45			178			231			212			137
CAPEX excluding licenses		42			48			66			56			35			30			35			37			32			54			231			212			137
Operating cash flow (EBITDA-CAPEX excluding licenses)		152			144			143			130			127			85			79			55			31			16			628			569			346
OCF margin (%)		38	%		36	%		34	%		33	%		38	%		33	%		31	%		24	%		20	%		10	%		37	%		35	%		32	%
MOBILE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			FY12			FY13			FY14
Total operating revenue		362			367			384			359			305			236			232			200			140			143			1,551			1,473			973
Service revenue		355			360			376			357			305			235			231			199			139			142			1,522			1,448			970
Data Revenue		26.4			27.0			29.3			29.9			27.6			20.5			19.5			17.8			14.0			14.0			102.0			112.6			85
Customers (mln)*		26.3			25.6			25.9			25.8			25.6			25.4			26.3			26.2			26.1			26.1			25.1			25.8			26.2
ARPU (USD)		4.6			4.6			4.8			4.6			3.9			3.1			3.0			2.5			1.8			1.8			n.a.			n.a.			n.a.
MOU (min)		484			486			497			504			498			506			517			524			536			530			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		6.9	%		11.4	%		8.0	%		8.4	%		7.3	%		6.4	%		4.8	%		6.7	%		5.4	%		5.0	%		n.a.			n.a.			n.a.
FIXED-LINE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			FY12			FY13			FY14
Total operating revenue		33			33			36			35			30			24			20			16			11			11			125			137			90
Service revenue		33			33			36			35			29			24			20			16			11			11			124			137			89
Broadband revenue		12			13			13			13			13			10			9			8			6			6			34			51			40
Broadband customers (mln)		0.7			0.7			0.7			0.8			0.8			0.8			0.8			0.8			0.8			0.8			0.6			0.8			0.8
Broadband ARPU (USD)		6.3			6.2			6.1			6.0			5.6			4.0			3.6			3.2			2.3			2.5			n.a.			n.a.			n.a.
(in UAH millions, unless stated otherwise, unaudited)
CONSOLIDATED	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			FY12			FY13			FY14
Total operating revenue		3,162			3,201			3,359			3,149			2,942			3,034			3,160			3,095			3,092			3,315			13,392			12,871			12,231
EBITDA		1,550			1,536			1,666			1,487			1,430			1,349			1,436			1,311			1,278			1,512			6,867			6,239			5,526
EBITDA margin (%)		49.0	%		48.0	%		49.6	%		47.2	%		48.6	%		44.5	%		45.5	%		42.3	%		41.3	%		45.6	%		51.3	%		48.5	%		45.2	%
Capital expenditures (CAPEX)		336			383			525			447			305			354			445			554			1,033			3,999			1,848			1,690			1,658
CAPEX excluding licenses		336			383			525			447			305			354			445			554			742			1,176			1,848			1,690			1,658
Operating cash flow (EBITDA-CAPEX excluding licenses)		1,215			1,153			1,141			1,040			1,125			995			991			757			535			336			5,019			4,549			3,868
OCF margin (%)		38	%		36	%		34	%		33	%		38	%		33	%		31	%		24	%		17	%		10	%		37	%		35	%		32	%
MOBILE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			FY12			FY13			FY14
Total operating revenue		2,897			2,936			3,069			2,866			2,682			2,754			2,906			2,870			2,859			3,077			12,397			11,768			11,212
Service revenue		2,836			2,879			3,008			2,856			2,677			2,750			2,899			2,863			2,851			3,069			12,152			11,579			11,189
Data Revenue		210.7			216.0			234.0			239.0			242.3			240.4			244.6			256.4			281.4			303.7			816			900			984
Customers (mln)*		26.3			25.6			25.9			25.8			25.6			25.4			26.3			26.2			26.1			26.1			25.1			25.8			26.2
ARPU (UAH)		36.5			36.5			38.2			36.5			34.6			35.7			37.0			36.1			36.0			38.7			n.a.			n.a.			n.a.
MOU (min)		484			486			497			504			498			506			517			524			536			530			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		6.9	%		11.4	%		8.0	%		8.4	%		7.3	%		6.4	%		4.8	%		6.7	%		5.4	%		5.0	%		n.a.			n.a.			n.a.
FIXED-LINE	1Q13			2Q13			3Q13			4Q13			1Q14			2Q14			3Q14			4Q14			1Q15			2Q15			FY12			FY13			FY14
Total operating revenue		265			265			290			283			260			280			255			225			233			238			996			1,103			1,020
Service revenue		265			265			290			282			259			279			254			225			233			238			995			1,102			1,017
Broadband revenue		96			101			104			107			114			111			107			111			117			132			275			408			443
Broadband customers (mln)		0.7			0.7			0.7			0.8			0.8			0.8			0.8			0.8			0.8			0.8			0.6			0.8			0.8
Broadband ARPU (UAH)		50.0			49.7			48.8			48.1			49.1			47.1			44.6			45.5			47.7			53.4			n.a.			n.a.			n.a.

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

Kazakhstan

index page

(in USD millions, unless stated otherwise, unaudited)

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

Uzbekistan

index page

(in USD millions, unless stated otherwise, unaudited)

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

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

Armenia

index page

(in USD millions, unless stated otherwise, unaudited)

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

Tajikistan

index page

(in USD millions, unless stated otherwise, unaudited)

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

Georgia

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(in USD millions, unless stated otherwise, unaudited)

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

Kyrgyzstan

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(in USD millions, unless stated otherwise, unaudited)

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

Laos

index page

(in USD millions, unless stated otherwise, unaudited)

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

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