Edgar Filing: OPEN JOINT STOCK CO VIMPEL COMMUNICATIONS

Form 6-K

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 September 2010

Commission File Number 1-14522

Open Joint Stock Company

“Vimpel-Communications”

(Translation of registrant’s name into English)

10 Ulitsa 8-Marta, Building 14, Moscow, Russian Federation 127083

(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.


	OPEN JOINT STOCK COMPANY
	“VIMPEL-COMMUNICATIONS”
	(Registrant)
Date: September 8, 2010

	By:	/s/ Elena Shmatova
	Name:	Elena Shmatova
	Title:	General Director

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Amsterdam and New York (September 2, 2010) - “VimpelCom Ltd” (“VimpelCom” or the “Company”) (NYSE: VIP), a leading international provider of telecommunications services, today announced its operating and financial results for the quarter ended June 30, 2010.

Quarterly highlights:

•

Combination of OJSC VimpelCom and Kyivstar into VimpelCom Ltd. completed April 21, 2010*

•

Number of mobile subscriptions up to 89.4 million; broadband subscriptions grew to 2.7 million

•

Net operating revenues increased by 23% year-on-year to $2.64 billion

•

Adjusted OIBDA** reached $1.26 billion, consolidated OIBDA margin comprised 47.8%

•

Net income attributable to VimpelCom was $334.7 million

•

Operating cash flow amounted to $1.0 billion

On April 21, 2010, following the successful completion of VimpelCom’s exchange offer for common and American depositary shares of OJSC VimpelCom, VimpelCom’s two strategic shareholders completed the acquisition of OJSC VimpelCom and Kyivstar by VimpelCom Ltd. This transaction was accounted for as the acquisition of Kyivstar by VimpelCom Ltd., an accounting successor of OJSC VimpelCom. Therefore, the financial results of Kyivstar have been included in the consolidated financial results of the Company since April 21, 2010. The financial results for the periods prior to April 21, 2010 represent the historical financial results of OJSC VimpelCom.

**	Hereafter Adjusted OIBDA is referred to as OIBDA and Adjusted OIBDA margin is referred to as OIBDA margin (See definitions of Adjusted OIBDA and Adjusted OIBDA margin in Attachment A)

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VimpelCom Ltd - Second Quarter 2010 Operating and Financial Results

Consolidated Financial Results*


CONSOLIDATED OPERATIONS (US$, millions)	2Q 10		2Q 09		2Q 10/ 2Q 09		1Q 10		2Q 10/ 1Q 10
Net operating revenues	2,641.6		2,145.5		23.1	%	2,231.1		18.4	%
Adjusted OIBDA	1,261.8		1,087.6		16.0	%	1,041.2		21.2	%
Adjusted OIBDA margin, %	47.8	%	50.7	%			46.7	%
SG&A	766.4		573.5		33.6	%	643.3		19.1	%
including HQ cost**	19.9		n/a				10.8		84.3	%
SG&A percentage	29.0	%	26.7	%			28.8	%
Net income attributable to VimpelCom Ltd.	334.7		700.5		-52.2	%	381.5		-12.3	%
Net income attributable to VimpelCom Ltd. per ADS, basic (US$)	0.28		0.69				0.38
Operating cash flow	1,000.9		859.6		16.4	%	803.3		24.6	%
Capital expenditures	381.4		155.3		145.6	%	179.3		112.7	%
ROCE, %	22.7	%	20.2	%			24.3	%

Commenting on the results, VimpelCom’s Chief Executive Officer, Alexander Izosimov, said, “Our second quarter results show positive dynamics, reflecting economic recovery in major markets and seasonal trends. Revenues increased substantially as a result of both Kyivstar consolidation and strong organic growth across all key segments of our business. The mobile segment in Russia delivered its highest ever quarterly ruble revenues. Quarterly revenue and margin dynamics in Ukraine improved substantially on a like-for-like basis. In Kazakhstan, our largest market in the CIS segment, the strong quarterly results also reflect the macroeconomic recovery.”

Mr. Izosimov continued, “During the last few months we made substantial progress from an organizational standpoint. We streamlined our structure, forming four operating segments – Russia, Ukraine, CIS and South-East Asia – with new lean headquarters in Amsterdam. This will allow the operating companies to focus on business development in their markets, while benefiting from being part of a global enterprise. We also strengthened our management team with Henk van Dalen joining us as our Chief Financial Officer.

Although return on capital employed has been growing during the previous two quarters the consolidation of Kyivstar brought in additional equity and goodwill affecting the ratio in the second quarter 2010. We aim to maintain ROCE at our targeted level of above 20%.

We see significant opportunities for growth in our core markets and we clearly understand the challenges. We are confident in our ability to take advantage of these opportunities to deliver value to our shareholders.”

*	Please see the consolidated results on a pro-forma basis in the Attachment G.

**	Includes $12.2 and $8.5 million Kyivstar transaction related costs for 2Q10 and 1Q10, respectively.

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VimpelCom Ltd - Second Quarter 2010 Operating and Financial Results

Russia - Financial and Operating Results

The Russian economy continues to demonstrate signs of recovery as indicated by major macroeconomic parameters. Healthy demand supported by seasonal trends helped us to grow revenues quarter-on-quarter across all of our business segments, including the fixed-line business.

•

In the mobile segment:

•

Increase in usage, coupled with stable pricing, led to a quarterly increase in ARPU of 7.2%

•

Mobile data traffic through USB modems increased more than threefold year-on-year, generating revenue growth of 69%

•

Mobile OIBDA margin remains strong above 50%

•

In the fixed-line segment:

•

Business segment revenues returned to growth after four quarters of negative dynamics despite competitive pricing pressure

•

Number of broadband subscriptions up to 1.2 million, a 33.8% increase year-on-year

•

Broadband revenues up 23.8% year-on-year to 1.3 billion rubles

The Company substantially stepped up investments as the Russian telecom market resumed its growth. We continue to focus on the efficiency of our investments, aiming to maintain ROIC at above 30%. The organizational adjustments within the new corporate structure have been completed. The management team, led by Elena Shmatova, will focus on capturing re-emerging growth to ensure superior returns for our shareholders.


RUSSIA (RUR millions)	2Q 10		2Q 09		2Q 10/ 2Q 09		1Q 10		2Q 10/ 1Q 10
Net operating revenues	61,738		59,136		4.4	%	57,350		7.7	%
Adjusted OIBDA	29,114		30,440		-4.4	%	27,236		6.9	%
Adjusted OIBDA margin, %	47.2	%	51.5	%			47.5	%
SG&A	16,891		15,253		10.7	%	15,664		7.8	%
including Sales & Marketing Expenses	5,594		4,726		18.4	%	4,966		12.6	%
including General & Administrative Costs	11,297		10,527		7.3	%	10,698		5.6	%
SG&A percentage	27.4	%	25.8	%			27.3	%
Net income attributable to VimpelCom Ltd.	9,962		22,295		-55.3	%	11,708		-14.9	%
Capital expenditures	7,364		3,450		113.4	%	3,709		98.5	%
Free cash flow	11,731		28,557		-58.9	%	17,584		-33.3	%
ROIC, %	33.0	%	26.5	%			33.0	%

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VimpelCom Ltd - Second Quarter 2010 Operating and Financial Results


*RUSSIA REVENUES (RUR millions)**	2Q 10		2Q 09		2Q 10/ 2Q 09		1Q 10		2Q 10/ 1Q 10
Net operating revenues	61,738		59,136		4.4	%	57,350		7.7	%
Mobile	51,825		49,231		5.3	%	47,882		8.2	%
Fixed-line	9,913		9,905		0.1	%	9,468		4.7	%
Business segment	4,614		5,278		-12.6	%	4,479		3.0	%
Wholesale	3,668		3,214		14.1	%	3,391		8.2	%
Residential	1,631		1,413		15.4	%	1,598		2.1	%

*RUSSIA OIBDA DEVELOPMENT (RUR millions)**	2Q 10		2Q 09		2Q 10/ 2Q 09		1Q 10		2Q 10/ 1Q 10
Adjusted OIBDA Total	29,114		30,440		-4.4	%	27,236		6.9	%
Mobile	26,437		27,052		-2.3	%	24,524		7.8	%
Fixed-line	2,677		3,388		-21.0	%	2,712		-1.3	%
Adjusted Total OIBDA margin, %	47.2	%	51.5	%			47.5	%
Mobile, %	51.0	%	54.9	%			51.2	%
Fixed-line, %	27.0	%	34.2	%			28.6	%

RUSSIA OPERATING DEVELOPMENT	2Q 10		2Q 09		2Q 10/ 2Q 09		1Q 10		2Q 10/ 1Q 10
Mobile operations
Subscriptions (‘000)	50,912		49,971		1.9	%	51,254		-0.7	%
including mobile broadband subscriptions	1,300		763		70.4	%	1,168		11.3	%
MOU, min	219.3		211.8		3.5	%	203.9		7.6	%
Adjusted MOU**, min	224.1		214.5		4.5	%	208.4		7.5	%
ARPU, RUR	329.9		322.8		2.2	%	307.7		7.2	%
ARPU, US$	10.9		10.1		7.9	%	10.3		5.8	%
Fixed-line operations
Broadband subscriptions (‘000)	1,199		896		33.8	%	1,167		2.7	%
Broadband ARPU, RUR	358.8		392.0		-8.5	%	394.7		-9.1	%
Broadband ARPU, US$	11.9		12.2		-2.5	%	13.2		-9.8	%

*	Mobile and fixed revenues for all periods were recalculated; see definition of reportable segments in Attachment A.

**	Adjusted MOU is calculated for mobile subscriptions excluding mobile broadband subscriptions using USB modems.

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VimpelCom Ltd - Second Quarter 2010 Operating and Financial Results

Ukraine Financial and Operating Results*

In Ukraine, we see improvement in the macroeconomic situation. During the second quarter, we observed less competitive pricing pressure in the mobile segment of the Ukrainian telecom market, which partly helped to offset the negative effect from declining mobile termination rates.

•

In the mobile segment (on a pro-forma basis):

•

Our marketing activities focused on the price sensitive segment resulting in stabilization of our active customer base

•

ARPU increased quarter-on-quarter by 8.8% driven by further increase in usage, seasonal trends and changes in revenue mix

•

Mobile OIBDA margin was up to 55.1% with substantial improvements in Kyivstar’s operational performance

•

In the fixed-line segment (on a pro-forma basis):

•

Revenues increased 2.9% year-on-year and 1.4% quarter-on-quarter

•

OIBDA margin decreased to 34.3%, reflecting higher wholesale revenues

•

Substantial ongoing investments in FTTB to support strong broadband revenue growth

Overall, despite the current positive signs, market uncertainty remains due to ongoing regulatory changes and the dynamic competitive situation. We continue to monitor the market and are ready to take all necessary steps to sustain our leadership position.


UKRAINE PRO-FORMA (UAH millions)	2Q 10		2Q 09		2Q 10/ 2Q 09		1Q 10		2Q 10/ 1Q 10
Net operating revenues	3,071		3,123		-1.7	%	2,854		7.6	%
Adjusted OIBDA	1,663		1,706		-2.5	%	1,410		17.9	%
Adjusted OIBDA margin, %	54.2	%	54.6	%			49.4	%
SG&A	854		867		-1.5	%	906		-5.7	%
including Sales & Marketing Expenses	165		175		-5.7	%	160		3.1	%
including General & Administrative Costs	689		692		-0.4	%	746		-7.6	%
SG&A percentage	27.8	%	27.8	%			31.7	%
Net income attributable to VimpelCom Ltd.	339		442		-23.3	%	187		81.3	%
Capital expenditures	538		304		77.0	%	480		12.1	%
Free cash flow	868		1,370		-36.6	%	779		11.4	%

UKRAINE ACTUAL (UAH millions)	2Q 10		2Q 09		2Q 10/ 2Q 09		1Q 10		2Q 10/ 1Q 10
Net operating revenues	2,461.3		390.4		530.5	%	359.2		585.2	%
Adjusted OIBDA Total	1,304.4		76.4		1607.3	%	80.7		1516.4	%
Net income/(loss) attributable to VimpelCom Ltd.	236.1		-81.5		n/a		-62.4		n/a

*	Ukraine reporting segment includes operations of Kyivstar, URS and GTI.

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VimpelCom Ltd - Second Quarter 2010 Operating and Financial Results


UKRAINE PRO-FORMA REVENUES (UAH millions)	2Q 10		2Q 09		2Q 10/ 2Q 09		1Q 10		2Q 10/ 1Q 10
Net operating revenues	3,071		3,123		-1.7	%	2,854		7.6	%
Mobile	2,928		2,984		-1.9	%	2,713		7.9	%
Fixed-line	143		139		2.9	%	141		1.4	%
Business segment	73		79		-7.6	%	74		-1.4	%
Wholesale	47		48		-2.1	%	47		0.0	%
Residential	23		12		91.7	%	20		15.0	%

UKRAINE PRO-FORMA OIBDA DEVELOPMENT (UAH millions)	2Q 10		2Q 09		2Q 10/ 2Q 09		1Q 10		2Q 10/ 1Q 10
Adjusted OIBDA Total	1,663		1,706		-2.5	%	1,410		17.9	%
Mobile	1,614		1,659		-2.7	%	1,359		18.8	%
Fixed-line	49		47		4.3	%	51		-3.9	%
Adjusted Total OIBDA margin, %	54.2	%	54.6	%			49.4	%
Mobile, %	55.1	%	55.6	%			50.1	%
Fixed-line, %	34.3	%	33.8	%			36.2	%

UKRAINE PRO-FORMA OPERATING DEVELOPMENT	2Q 10		2Q 09		2Q 10/ 2Q 09		1Q 10		2Q 10/ 1Q 10
Mobile operations
Subscriptions (‘000)	24,059		24,158		-0.4	%	23,885		0.7	%
MOU, min	426.7		296.2		44.1	%	406.3		5.0	%
ARPU mobile, UAH	39.7		40.2		-1.2	%	36.5		8.8	%
ARPU mobile, US$	5.0		5.3		-5.7	%	4.6		8.7	%
Fixed-line operations
Broadband subscriptions (‘000)	164		53		209.4	%	134		22.4	%
Broadband ARPU, UAH	42.8		62.0		-31.0	%	49.8		-14.1	%
Broadband ARPU, US$	5.4		8.1		-33.3	%	6.2		-12.9	%

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VimpelCom Ltd - Second Quarter 2010 Operating and Financial Results

CIS - Financial and Operating Results*

Quarterly highlights:

In the CIS, we achieved considerable organic revenue growth both on a year-on-year and quarter-on-quarter basis. Consolidation of operations in Kyrgyzstan further improved our top line. The results from our largest CIS market, Kazakhstan, have shown very strong dynamics, with robust revenue growth and increased OIBDA margin.

•

In Kazakhstan, over 14% revenue growth in local currency both year-on-year and quarter-on-quarter, reflecting signs of economic recovery after more than two years of macroeconomic downturn

•

Consolidated OIBDA margin remains strong in the targeted level of high 40’s

•

Total number of broadband subscriptions increased 141% year-on-year as we continue to actively develop our broadband projects in Kazakhstan, Uzbekistan and Armenia

•

Capex for the CIS markets increased substantially both year-on-year and quarter-on-quarter to support our 2G and 3G rollout, affecting free cash flow


CIS OPERATIONS (US$ millions)	2Q 10		2Q 09		2Q 10/ 2Q 09		1Q 10		2Q 10/ 1Q 10
Net operating revenues	336.2		280.1		20.0	%	294.8		14.0	%
Adjusted OIBDA	161.9		138.7		16.7	%	139.6		16.0	%
Adjusted OIBDA margin, %	48.2	%	49.5	%			47.4	%
SG&A	90.1		72.5		24.3	%	79.1		13.9	%
including Sales & Marketing Expenses	21.4		15.8		35.4	%	18.2		17.6	%
including General & Administrative Costs	68.7		56.7		21.2	%	60.9		12.8	%
SG&A percentage	26.8	%	25.9	%			26.8	%
Net income attributable to VimpelCom Ltd.	28.4		32.9		-13.7	%	27.1		4.8	%
Capital expenditures	70.6		21.7		225.3	%	32.3		118.6	%
Free cash flow	37.5		85.0		-55.9	%	75.4		-50.3	%
ROIC, %	10.1	%	12.1	%			9.3	%
Mobile subscriptions (‘000)	13,875		11,692		18.7	%	13,125		5.7	%
including mobile broadband subscriptions	17		—		n/a		15		13.3	%
Broadband fixed-line subscriptions (‘000)	65		27		140.7	%	44		47.7	%

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

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VimpelCom Ltd - Second Quarter 2010 Operating and Financial Results

South-East Asia – Overview

We continue developing our operations in South-East Asia and remain optimistic regarding the market potential in this region.

•

Our business in Cambodia continues to grow and after the first year of operations we became the 3rd largest player in a nine-player market

•

While our network in Vietnam covers approximately 60% of the population, we had to temporarily slow down further development as we and our JV partner determine the optimal way to finance the expansion of our Vietnamese operations


SEA (US$ mln)	2Q 10	2Q 09	2Q 10/ 2Q 09		1Q 10	2Q 10/ 1Q 10
Net operating mobile revenues	5.5	0.9	511.1	%	4.4	25.0	%
Adjusted mobile OIBDA	-8.1	-8.5	n/a		-8.6	n/a

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VimpelCom Ltd - Second Quarter 2010 Operating and Financial Results

For more information on financial and operating data for specific countries, as well as reconciliation of OIBDA, please refer to the supplementary file FinancialOperatingQ22010.xls on our website at http://www.vimpelcom.com/news/qrep.wbp.

The Company’s management will discuss its second quarter 2010 results during a conference call and slide presentation on September 2, 2010 at 4:30 pm CET, (10:30 am US ET). The call and slide presentation may be accessed via webcast at the following URL address http://www.vimpelcom.com. The conference call replay will be available through September 9, 2010. The slide presentation webcast will also be available for download on VimpelCom’s website http://www.vimpelcom.com.

VimpelCom consists of telecommunications operators providing voice and data services through a range of wireless, fixed and broadband technologies. The VimpelCom group is headquartered in Amsterdam and has operations in Russia, Ukraine, Kazakhstan, Uzbekistan, Tajikistan, Georgia, Armenia, Kyrgyzstan, Vietnam and Cambodia, covering territory with a total population of about 345 million. VimpelCom operating companies provide services under the “Beeline” and “Kyivstar” brands. VimpelCom’s ADSs are listed on the New York Stock Exchange under the symbol “VIP”.

This press release contains “forward-looking statements”, as the phrase is defined in Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements include those relating to the expected growth and development of our operations. These and other forward-looking statements are based on management’s best assessment of the Company’s strategic and financial position and of future market conditions and trends. These discussions involve risks and uncertainties. The actual outcome may differ materially from these statements as a result of continued volatility in the economies in the markets in which the Company operates, unforeseen developments from competition, governmental regulation of the telecommunications industries, general political uncertainties in the markets in which the Company operates and/or litigation with third parties. The actual outcome may also differ materially if the Company is unable to obtain all necessary corporate approvals relating to its business, if the Company is unable to successfully integrate its Ukrainian operations and other newly-acquired businesses and other factors. There can be no assurance that such risks and uncertainties will not have a material adverse effect on the Company. Certain factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risk factors described in the Company’s registration statement on Form F-4 filed with the U.S. Securities and Exchange Commission (the “SEC”), OJSC VimpelCom’s public filings with the SEC, including its Annual Report on Form 20-F for the year ended December 31, 2009, and other public filings made by the Company with the SEC, which risk factors are incorporated herein by reference. The Company disclaims any obligation to update developments of these risk factors or to announce publicly any revision to any of the forward-looking statements contained in this release, or to make corrections to reflect future events or developments.

For more information, please contact:


Alexey Subbotin		Mateo Millett
VimpelCom		FD
Tel:	+31 (0)20 3012240 (Amsterdam)	Tel: 1-617 897-1533
Tel:	7-495- 954-7888	mateo.millett@fd.com
Investor_Relations@vimpelcom.com

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VimpelCom Ltd - Second Quarter 2010 Operating and Financial Results

- Definitions and tables are attached –

Attachment A: Definitions

Adjusted OIBDA is a non-U.S. GAAP financial measure. Adjusted OIBDA, previously referred to as EBITDA or OIBDA by OJSC VimpelCom, is defined as operating income before depreciation, amortization and impairment loss. Our management uses adjusted OIBDA and adjusted OIBDA margin as supplemental performance measures and believes that adjusted OIBDA and adjusted OIBDA 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 adjusted OIBDA include the key revenue and expense items for which the Company’s operating managers are responsible and upon which their performance is evaluated. Adjusted OIBDA also assists management and investors by increasing the comparability of the Company’s performance against the performance of other telecommunications companies that provide OIBDA or EBITDA (earnings before interest, taxes, depreciation and amortization) information. This increased comparability is achieved by excluding the potentially inconsistent effects between periods or companies of depreciation, amortization and impairment loss, which items may significantly affect operating income between periods. However, our adjusted OIBDA results may not be directly comparable to other companies’ reported OIBDA or EBITDA results due to variances and adjustments in the components of OIBDA (including our calculation of adjusted OIBDA) or calculation measures. Additionally, a limitation of adjusted OIBDA’s use as a performance measure is that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues or the need to replace capital equipment over time. Reconciliation of adjusted OIBDA to net income, the most directly comparable U.S. GAAP financial measure, is presented below in the reconciliation tables section as well as in the supplementary file FinancialOperatingQ22010.xls on our website at http://www.vimpelcom.com/news/qrep.wbp.

Adjusted OIBDA margin is a non-U.S. GAAP financial measure. We calculate adjusted OIBDA margin as adjusted OIBDA divided by net operating revenues, expressed as a percentage. Reconciliation of adjusted OIBDA margin to net income as a percentage of net operating revenues, the most directly comparable U.S. GAAP financial measure, is presented below in the reconciliation tables section as well as in the supplementary file FinancialOperatingQ12010.xls on our website at http://www.vimpelcom.com/news/qrep.wbp.

ARPU (Monthly Average Revenue per User) is calculated by dividing service revenue during the relevant period, including roaming revenue and interconnect revenue, but excluding revenue from connection fees, sales of handsets and accessories and other non-service revenue, by the average number of subscriptions during the period and dividing by the number of months in that period.

Broadband subscriptions 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, xDSL and WiFi technologies as well as mobile internet access via USB modems using 3G/HSDPA technologies.

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.

CIS Geographic Segment for the purpose of VimpelCom’s reporting includes our operations in the following countries: Kazakhstan, Kyrgyzstan, Uzbekistan, Tajikistan, Armenia and Georgia. Starting from the second quarter 2010 OJSC VimpelCom’s operation in Ukraine was included into a separate reporting segment together with Kyivstar and reported on a pro-forma basis for all periods starting from the first quarter of 2010.

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VimpelCom Ltd - Second Quarter 2010 Operating and Financial Results

Free cash flow is a non-U.S. GAAP financial measure and is calculated as net income plus depreciation and amortization minus capital expenditures for the reported period (a quarter or a year, respectively). The Company believes that free cash flow provides useful information to investors because it is an indicator of our company’s operational and financial performance and represents our ability to generate cash to maintain or expand our asset base. The Company also refers to free cash flow in determining its dividends. Free cash flow should not be considered in isolation as an alternative to operating cash flow or any other measure of the company’s cash flows management. Reconciliation of free cash flow to net income, the most directly comparable U.S. GAAP financial measure, is presented below in the reconciliation tables section (Attachment C).

General and administrative costs (G&A) include salaries and outsourcing costs, including related social contributions required by law; stock price-based compensation expenses; repair and maintenance expenses; rent, including lease payments for base station sites; utilities; other miscellaneous expenses, such as insurance, operating taxes, license fees, and accounting, audit and legal fees.

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.

SEA Geographic segment – VimpelCom’s operations in South-East Asia, which include operations in Cambodia and VimpelCom’s respective equity in net results of operations of its Vietnamese associate entity GTEL-Mobile JSC (“GTEL-Mobile”).

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

Mobile services are wireless voice and data transmission services excluding WiFi.

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

Net debt is a non-U.S. GAAP financial measure and is calculated as the sum of long-term debt and short-term debt minus cash and cash equivalents. 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, as well as short-term investments. Net debt should not be considered in isolation as an alternative to long-term debt and short-term debt, or any other measure of the company financial position. Reconciliation of net debt to long-term debt and short-term debt, the most directly comparable U.S. GAAP financial measures, is presented below in the reconciliation tables section.

Reportable segments – The Company identified Russia mobile, Russia fixed-line, CIS mobile, CIS fixed-line, Ukraine mobile, Ukraine fixed-line and Asia mobile reporting segments based on the business activities in different geographical areas. Although Georgia is no longer a member of the CIS, consistent with VimpelCom’s historic reporting practice VimpelCom continues to include Georgia in its CIS reporting segment. Mobile lines include activities for the providing of wireless telecommunication services to the Company’s subscribers; fixed-line includes all activities for providing wireline telecommunication services, broadband and consumer Internet. Revenues and expenses are shown net of intercompany transactions within one geographical segment. Intersegment revenues and expenses between different geographical segments are eliminated at the consolidated level. Starting second quarter of 2010 VimpelCom also started to consider VimpelCom’s respective equities in net results of operations of the Company’s associates Morefront Holdings Ltd. and GTEL-Mobile as part of operations of Russia mobile and Asia mobile reporting segments, respectively, as well as VimpelCom’s DVB-T and DVB-H activities were allocated to Russia fixed-line and Russia mobile segments, respectively. The comparative information was retrospectively adjusted.

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VimpelCom Ltd - Second Quarter 2010 Operating and Financial Results

ROCE is a non-U.S. GAAP financial measure and is calculated as operating income for the last twelve months divided by the sum of net debt, total equity and redeemable noncontrolling interest calculated as an average of the quarter-end balances for the last four quarters. The Company believes that ROCE (return on capital employed) provides useful information to management of our company and investors because it is an indicator of our company’s operational performance and represents a return on employed capital at the end of each reported period. Calculation of ROCE on the basis of U.S. GAAP financial measures is presented in the reconciliation tables section below (Attachment C).

ROIC is a non-U.S. GAAP financial measure and is calculated as operating income for the last twelve months divided by the sum of property and equipment, licenses, intangible assets, goodwill, software and frequency permissions as reflected on the balance sheet as of the end of the period. The Company believes that ROIC (return on invested capital) provides useful information to management of our company because it is an indicator of our company’s operational performance and provides a useful indication of how profitably our company used its resources in each reportable segment over the reported period. Calculation of ROIC on the basis of U.S. GAAP financial measures is presented below in the reconciliation tables section below (Attachment C).

Sales and marketing costs (S&M) include marketing, advertising and dealer commissions expenses.

Ukraine segment – Due to change in the reporting structure of VimpelCom and in line with intentions made public by the Company in the previous quarter, Ukraine was considered to be a separate reporting segment apart from the CIS and includes the operations of VimpelCom’s indirect Ukrainian subsidiaries Closed Joint Stock Company “Ukrainian Radio Systems” (“URS”) and “Golden Telecom” Limited Liability Company (“GT LLC”)), as well as Kyivstar.

VAS (value added services) includes short messages (“SMS”), multimedia messages (“MMS”), caller number identification, call waiting, data transmission, mobile Internet, downloadable content and other services.

Voice revenue – for the purpose of press-release voice revenue includes voice revenue generated by our subscribers, roaming revenues generated by our subscribers and guest roamers and interconnect revenue. In our annual report and annual report on Form 20-F we report each of these types of revenues separately.

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VimpelCom Ltd - Second Quarter 2010 Operating and Financial Results

Attachment B: VimpelCom Ltd financial statements

VimpelCom Ltd

Unaudited Condensed Consolidated Statements of Income


	Three months ended June 30,						Six months ended June 30,
	2010			2009			2010			2009
	*(In thousands of US dollars, except share amounts)*
Operating revenues:
Service revenues	$	2,584,855		$	2,109,735		$	4,787,484		$	4,052,496
Sales of equipment and accessories		44,539			32,188			71,118			60,868
Other revenues		12,240			5,335			14,160			9,171

Total operating revenues		2,641,634			2,147,258			4,872,762			4,122,535
Revenue based tax		—			(1,754	)		—			(4,016	)

Net operating revenues		2,641,634			2,145,504			4,872,762			4,118,519

Operating expenses:
Service costs		553,022			442,290			1,054,610			882,527
Cost of equipment and accessories		47,879			30,022			74,229			58,688
Selling, general and administrative expenses		766,416			573,471			1,409,713			1,111,012
Depreciation		376,648			325,525			729,201			634,162
Amortization		116,544			70,182			183,238			142,783
Provision for doubtful accounts		12,485			12,139			31,129			30,000

Total operating expenses		1,872,994			1,453,629			3,482,120			2,859,172


Operating income		768,640			691,875			1,390,642			1,259,347
Other income and expenses:
Interest income		16,079			18,791			27,625			33,604
Net foreign exchange (loss)/gain		(126,393	)		324,056			(21,459	)		(421,707	)
Interest expense		(132,264	)		(140,616	)		(273,924	)		(278,009	)
Equity in net gain/(loss) of associates		11,088			4,697			7,304			(30,615	)
Other (expenses)/income, net		(10,011	)		555			(58,356	)		(4,918	)

Total other income and expenses		(241,501	)		207,483			(318,810	)		(701,645	)

Income before income taxes		527,139			899,358			1,071,832			557,702
Income tax expense		177,958			191,429			331,007			157,329

Net income		349,181			707,929			740,825			400,373
Net income/(loss) attributable to the noncontrolling interest		14,441			7,404			24,607			(3,520	)

Net income attributable to VimpelCom	$	334,740		$	700,525		$	716,218		$	403,893

Basic EPS :
Net income attributable to VimpelCom per common share restated	$	0.28		$	0.69		$	0.65		$	0.38
Weighted average common shares outstanding (thousand)		1,227,320			1,012,449			1,121,394			1,012,399

Diluted EPS :
Net income attributable to VimpelCom per common share restated	$	0.28		$	0.69		$	0.65		$	0.38
Weighted average diluted shares (thousand)		1,227,780			1,013,001			1,121,991			1,012,505

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VimpelCom Ltd - Second Quarter 2010 Operating and Financial Results

VimpelCom Ltd Unaudited Condensed Consolidated Balance Sheets


	June 30, 2010			December 31, 2009
	*(In thousands of US dollars, except share amounts)*
Assets
Current assets:
Cash and cash equivalents	$	2,352,548		$	1,446,949
Trade accounts receivable, net of allowance for doubtful accounts		516,272			392,365
Inventory		76,507			61,919
Deferred income taxes		109,189			91,493
Input value added tax		128,417			96,994
Due from related parties		146,483			249,631
Other current assets		381,545			627,257

Total current assets		3,710,961			2,966,608

Property and equipment, net		6,256,237			5,561,569
Telecommunications licenses, net		619,162			542,597
Goodwill		6,960,840			3,284,293
Other intangible assets, net		1,594,323			700,365
Software, net		577,443			448,255
Investments in associates		425,726			436,767
Other assets		798,652			792,087

Total assets	$	20,943,344		$	14,732,541


Liabilities, redeemable noncontrolling interest and equity
Current liabilities:
Accounts payable	$	690,168		$	545,690
Due to employees		151,381			113,368
Due to related parties		4,421			9,211
Accrued liabilities		863,482			315,666
Taxes payable		344,586			212,767
Customer advances, net of VAT		362,472			376,121
Customer deposits		27,135			28,386
Short-term debt		1,531,937			1,813,141

Total current liabilities		3,975,582			3,414,350

Deferred income taxes		830,195			596,472
Long-term debt		4,800,701			5,539,906
Other non-current liabilities		177,199			164,636
Commitments, contingencies and uncertainties		—			—

Total liabilities		9,783,677			9,715,364

Redeemable noncontrolling interest		515,273			508,668

Equity:
Convertible voting preferred stock (0.001 US$ nominal value per share), 200,000,000 shares authorized; 128,532,000 shares issued and outstanding		129			129
Common stock (0.001 US$ nominal value per share), 1,800,000,000 shares authorized; 1,302,559,308 shares issued (December 31, 2009: 1,025,620,440); 1,291,232,105 shares outstanding (December 31, 2009: 1,014,291,580)		1,303			1,026
Additional paid-in capital		6,291,921			1,142,594
Retained earnings		4,790,710			4,074,492
Accumulated other comprehensive loss		(609,555	)		(488,277	)
Treasury stock, at cost, 11,327,203 shares of common stock (December 31, 2009: 11,328,860)		(223,406	)		(223,421	)

Total VimpelCom shareholders’ equity		10,251,102			4,506,543
Noncontrolling interest		393,292			1,966

Total equity		10,644,394			4,508,509

Total liabilities, redeemable noncontrolling interest and equity	$	20,943,344		$	14,732,541

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VimpelCom Ltd - Second Quarter 2010 Operating and Financial Results

VimpelCom Ltd Unaudited Condensed Consolidated Statements of Cash Flows


	Six months ended June 30,
	2010			2009
	*(In thousands of US dollars)*

Operating activities

Net cash provided by operating activities		1,804,243			1,697,798

Investing activities

Purchases of property and equipment		(380,308	)		(370,882	)
Purchases of intangible assets		(11,298	)		(11,913	)
Purchases of software		(88,587	)		(109,401	)
Proceeds from sale of property, plant and equipment		1,396			—
Cash increase from acquisition of Kyivstar		167,176			—
Cash increase due to Sky Mobile consolidation		4,702			—
Loan granted		(5,048	)		—
Loan receivable repayment		22,910			—
Proceeds from withdrawal of deposits		377,044			—
Purchases of other assets, net		(13,216	)		(18,280	)

Net cash provided by/(used in) investing activities		74,771			(510,476	)

Financing activities
Proceeds from bank and other loans		270,254			589,473
Repayments of bank and other loans		(1,158,204	)		(980,932	)
Payments of fees in respect of debt issues		(1,847	)		(46,547	)
Share capital issued and paid		905			—
Net proceeds from employee stock options		27			1,852
Purchase of noncontrolling interest in consolidated subsidiaries		(2,294	)		(441	)
Payment of dividends		(2,049	)		—
Payment of dividends to noncontrolling interest		(34,517	)		(930	)

Net cash used in financing activities		(927,725	)		(437,525	)

Effect of exchange rate changes on cash and cash equivalents		(45,690	)		(15,219	)


Net increase in cash and cash equivalents		905,599			734,578
Cash and cash equivalents at beginning of period		1,446,949			914,683

Cash and cash equivalents at end of period	$	2,352,548		$	1,649,261

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VimpelCom Ltd - Second Quarter 2010 Operating and Financial Results

VimpelCom Ltd Unaudited Condensed Consolidated Statements of Cash Flows (Continued)


	Six months ended June 30,
	2010		2009
	*(In thousands of US dollars)*
Supplemental cash flow information
Cash paid during the period:
Income tax	$	277,059	$	180,595
Interest		295,719		285,070
Non-cash activities:
Accounts payable for property, equipment and other long-lived assets		214,485		165,295

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VimpelCom Ltd - Second Quarter 2010 Operating and Financial Results

Attachment C: Reconciliation Tables (Unaudited)

Reconciliation of Consolidated Adjusted OIBDA of VimpelCom

(In millions of US$)


	2Q 10		2Q 09		1Q 10
Adjusted OIBDA	1,261.8		1,087.6		1,041.2
Depreciation	(376.7	)	(325.5	)	(352.5	)
Amortization	(116.5	)	(70.2	)	(66.7	)
Operating income	768.6		691.9		622.0
Interest income	16.1		18.8		11.5
Net foreign exchange (loss)/gain	(126.4	)	324.0		104.9
Interest expense	(132.3	)	(140.6	)	(141.7	)
Equity in net gain/(loss) of associates	11.1		4.7		(3.8	)
Other (expense)/income, net	(10.0	)	0.5		(48.3	)
Income tax expense	(178.0	)	(191.4	)	(153.0	)
Net income	349.1		707.9		391.6

Reconciliation of Consolidated Adjusted OIBDA Margin of VimpelCom


	2Q 10		2Q 09		1Q 10
Adjusted OIBDA margin	47.8	%	50.7	%	46.7	%
Less: Depreciation as a percentage of net operating revenues	(14.3	%)	(15.2	%)	(15.8	%)
Less: Amortization as a percentage of net operating revenues	(4.4	%)	(3.3	%)	(3.0	%)
Operating income as a percentage of net operating revenues	29.1	%	32.2	%	27.9	%
Interest income	0.6	%	0.9	%	0.5	%
Net foreign exchange (loss)/gain	(4.8	%)	15.1	%	4.7	%
Interest expense	(5.0	%)	(6.6	%)	(6.4	%)
Equity in net gain/(loss) of associates	0.4	%	0.2	%	(0.2	%)
Other (expense)/income, net	(0.4	%)	0.1	%	(2.0	%)
Income tax expense	(6.7	%)	(8.9	%)	(6.9	%)
Net income	13.2	%	33.0	%	17.6	%

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VimpelCom Ltd - Second Quarter 2010 Operating and Financial Results

Reconciliation of Free Cash Flow

(In millions of US$)


Russia, Free Cash Flow	2Q 10		2Q 09		1Q 10
Free cash flow	392		887		587
Net income attributable to VIP Ltd.	332		691		391
Depreciation	262		264		279
Amortization	41		39		41
Capital expenditures	(243	)	(107	)	(124	)

Ukraine, Free Cash Flow, Actual	2Q 10		2Q 09		1Q 10
Free cash flow	79.0		5.3		1.1
Net income attributable to VIP Ltd.	29.8		(10.5	)	(7.8	)
Depreciation	54.3		11.9		10.6
Amortization	53.5		6.8		4.3
Capital expenditures	(58.6	)	(2.9	)	(6.0	)

CIS, Free Cash Flow	2Q 10		2Q 09		1Q 10
Free cash flow	37.5		85.0		75.4
Net income attributable to VIP Ltd.	28.4		32.9		27.1
Depreciation	58.1		49.7		60.0
Amortization	21.6		24.1		20.6
Capital expenditures	(70.6	)	(21.7	)	(32.3	)

Reconciliation of Free Cash Flow

(In millions of local currencies)


Russia, Free Cash Flow, RUR M	2Q 10		2Q 09		1Q 10
Free cash flow	11,731		28,557		17,584
Net income attributable to VIP Ltd.	9,962		22,295		11,708
Depreciation	7,902		8,458		8,346
Amortization	1,230		1,253		1,239
Capital expenditures	(7,363	)	(3,449	)	(3,709	)

Ukraine, Free Cash Flow, Actual, UAH million	2Q 10		2Q 09		1Q 10
Free cash flow	626.4		39.2		9.4
Net income attributable to VIP Ltd.	236.1		(81.5	)	(62.4	)
Depreciation	459.4		90.5		85.3
Amortization	395.0		52.5		34.1
Capital expenditures	(464.1	)	(22.3	)	(47.6	)

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VimpelCom Ltd - Second Quarter 2010 Operating and Financial Results

Reconciliation of VimpelCom Consolidated ROCE

(In millions of US$)


VimpelCom Ltd. Actual ROCE, %	2Q ‘08		3Q ‘08		4Q ‘08		1Q ‘09		2Q ‘09		3Q ‘09		4Q ‘09		1Q ‘10		2Q ‘10
Consolidated operating income LTM	2,643		2,859		2,536		2,402		2,357		2,179		2,578		2,633		2,710
Net debt	6,772		7,276		7,528		6,729		6,325		5,547		5,906		5,118		3,980
Long-term debt	6,503		6,255		6,534		5,307		5,732		5,593		5,540		5,292		4,801
Short-term debt	1,248		1,748		1,909		2,388		2,242		2,476		1,813		1,356		1,532
Cash and cash equivalents	(979	)	(727	)	(915	)	(966	)	(1,649	)	(2,522	)	(1,447	)	(1,530	)	(2,353	)
Total equity	6,436		5,639		4,140		3,146		4,038		4,569		4,509		5,376		10,644
Redeemable noncontrolling interest	0		470		470		500		500		505		509		512		515
Total capital employed (CE)	13,208		13,385		12,138		10,375		10,863		10,621		10,924		11,006		15,139
Average capital employed							12,277		11,690		10,999		10,696		10,854		11,923
ROCE consolidated							19.6	%	20.2	%	19.8	%	24.1	%	24.3	%	22.7	%

Reconciliation of ROIC


Russia, ROIC, % (based on RUR millions)	2Q 10		2Q 09		1Q 10
Operating income LTM	76,048		65,802		76,795
Property and equipment	119,880		131,573		120,740
Licenses	5,252		7,615		5,740
Intangible assets	13,491		16,274		14,189
Goodwill	78,897		78,896		78,897
Software	9,479		10,385		9,976
Frequency permissions	3,172		3,143		3,143
Total Invested Capital	230,171		247,886		232,685
ROIC, %	33.0	%	26.5	%	33.0	%

CIS, ROIC, % (based on US$ millions)	2Q 10		2Q 09		1Q 10
Operating income LTM	260.7		285.3		243.3
Property and equipment	1,117.9		1,132.3		1,102.7
Licenses	233.8		274.7		247.4
Intangible assets	172.3		194.7		178.3
Goodwill	988.9		673.8		987.8
Software	76.6		87.9		81.7
Frequency permissions	0.0		2.8		4.6
Total Invested Capital	2,590.5		2,366.2		2,602.5
ROIC, %	10.1	%	12.1	%	9.3	%

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VimpelCom Ltd - Second Quarter 2010 Operating and Financial Results

Attachment D: Capex Development


CAPEX (in US$ millions)	2Q 10	2Q 09	2Q 10/ 2Q 09		1Q 10	2Q 10/ 1Q 10
Total capex	381.4	155.3	145.6	%	179.3	112.7	%
Russia	243.4	107.1	127.3	%	124.1	96.1	%
Ukraine	58.6	2.9	1920.7	%	6.0	876.7	%
Other CIS	70.6	21.7	225.3	%	32.3	118.6	%
SEA	8.8	23.6	-62.7	%	16.9	-47.9	%

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VimpelCom Ltd - Second Quarter 2010 Operating and Financial Results

Attachment E: Financial and Operational Highlights in Functional Currencies

Ukraine


UKRAINE ACTUAL (UAH millions)	2Q 10		2Q 09		2Q 10/ 2Q 09		1Q 10		2Q 10/ 1Q 10
Net operating revenues	2,461.3		390.4		530.5	%	359.2		585.2	%
Adjusted OIBDA	1,304.4		76.4		1607.3	%	80.7		1516.4	%
Adjusted OIBDA margin, %	53.0	%	19.6	%			22.5	%
SG&A	697.5		149.3		367.2	%	147.0		374.5	%
including Sales & Marketing Expenses	134.9		30.2		346.7	%	26.7		405.2	%
including General & Administrative Costs	562.6		119.1		372.4	%	120.3		367.7	%
SG&A percentage	28.3	%	38.2	%			40.9	%
Net income/(loss) attributable to VimpelCom Ltd.	236.1		-81.5		n/a		-62.4		n/a
Capital expenditures	464.1		22.3		1981.2	%	47.6		875.0	%
Free cash flow	626.4		39.2		1498.0	%	9.4		6563.8	%

UKRAINE ACTUAL REVENUES (UAH millions)	2Q 10		2Q 09		2Q 10/ 2Q 09		1Q 10		2Q 10/ 1Q 10
Net operating revenues	2,461.3		390.4		530.5	%	359.2		585.2	%
Mobile	2,309.0		218.7		955.8	%	183.0		1161.7	%
Fixed-line	152.3		171.7		-11.3	%	176.2		-13.6	%
Business segment	72.8		78.9		-7.7	%	74.0		-1.6	%
Wholesale	56.8		80.7		-29.6	%	81.7		-30.5	%
Residential	22.7		12.1		87.6	%	20.5		10.7	%

UKRAINE ACTUAL ADJUSTED OIBDA DEVELOPMENT (UAH mln)	2Q 10		2Q 09		2Q 10/ 2Q 09		1Q 10		2Q 10/ 1Q 10
Adjusted OIBDA Total	1,304.4		76.4		1607.3	%	80.7		1516.4	%
Mobile	1,255.1		27.7		4431.0	%	28.3		4335.0	%
Fixed-line	49.3		48.7		1.2	%	52.4		-5.9	%
Adjusted Total OIBDA margin, %	53.0	%	19.6	%			22.5	%
Mobile, %	54.4	%	12.7	%			15.5	%
Fixed-line, %	32.4	%	28.4	%			29.7	%

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VimpelCom Ltd - Second Quarter 2010 Operating and Financial Results

CIS — Revenues Development


KAZAKHSTAN (KZT mln)	2Q 10	2Q 09	2Q 10/ 2Q 09		1Q 10	2Q 10/ 1Q 10
Net operating revenues	27,054	23,679	14.3	%	23,555	14.9	%
Mobile	26,503	23,331	13.6	%	23,079	14.8	%
Fixed-line	551	348	58.3	%	476	15.8	%

ARMENIA (AMD mln)	2Q 10	2Q 09	2Q 10/ 2Q 09		1Q 10	2Q 10/ 1Q 10
Net operating revenues	17,073	18,253	-6.5	%	16,016	6.6	%
Mobile	6,701	7,310	-8.3	%	5,787	15.8	%
Fixed-line	10,372	10,943	-5.2	%	10,229	1.4	%

UZBEKISTAN (US$ mln)*	2Q 10	2Q 09	2Q 10/ 2Q 09		1Q 10	2Q 10/ 1Q 10
Net operating revenues	51.4	52.6	-2.3	%	45.3	13.5	%
Mobile	48.9	49.5	-1.2	%	42.9	14.0	%
Fixed-line	2.5	3.1	-19.4	%	2.4	4.2	%

TAJIKISTAN (US$ mln)*	2Q 10	2Q 09	2Q 10/ 2Q 09		1Q 10	2Q 10/ 1Q 10
Net operating revenues	20.1	14.3	40.6	%	14.8	35.8	%
Mobile	14.9	14.3	4.2	%	13.3	12.0	%
Fixed-line	5.2	—	n/a		1.5	246.7	%

GEORGIA (GEL mln)	2Q 10	2Q 09	2Q 10/ 2Q 09		1Q 10	2Q 10/ 1Q 10
Net operating revenues	20.8	11.8	76.3	%	18.8	10.6	%
Mobile	20.0	11.8	69.5	%	18.3	9.3	%
Fixed-line	0.8	—	n/a		0.5	60.0	%

KYRGYZSTAN (KGS mln)	2Q 10	2Q 09	2Q 10/ 2Q 09		1Q 10	2Q 10/ 1Q 10
Mobile net operating revenues	1,261	—	n/a		1,138	10.8	%

CIS REVENUES (US$ mln)**	2Q 10	2Q 09	2Q 10/ 2Q 09		1Q 10	2Q 10/ 1Q 10
Net operating revenues	336.2	280.1	20.0	%	294.8	14.0	%
Mobile	297.4	245.3	21.2	%	260.8	14.0	%
Fixed-line	38.8	34.8	11.5	%	34.0	14.1	%

*	US$ is the functional currency in Uzbekistan and Tajikistan.

**	Mobile and fixed revenues for all periods were recalculated – please see definition of reportable segments in Attachment A.

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VimpelCom Ltd - Second Quarter 2010 Operating and Financial Results

CIS — Adjusted OIBDA Development


KAZAKHSTAN (KZT mln)	2Q 10		2Q 09		2Q 10/ 2Q 09		1Q 10		2Q 10/ 1Q 10
Adjusted OIBDA total	15,526		12,856		20.8	%	13,069		18.8	%
Mobile	15,406		12,910		19.3	%	13,008		18.4	%
Fixed-line	120		-54		n/a		61		96.7	%
Adjusted OIBDA margin, %	57.4	%	54.3	%			55.5	%

ARMENIA (AMD mln)	2Q 10		2Q 09		2Q 10/ 2Q 09		1Q 10		2Q 10/ 1Q 10
Adjusted OIBDA total	7,331		9,216		-20.5	%	7,348		-0.2	%
Mobile	2,711		3,434		-21.1	%	2,377		14.1	%
Fixed-line	4,620		5,782		-20.1	%	4,971		-7.1	%
Adjusted OIBDA margin, %	42.9	%	50.5	%			45.9	%

UZBEKISTAN (US$ mln)*	2Q 10		2Q 09		2Q 10/ 2Q 09		1Q 10		2Q 10/ 1Q 10
Adjusted OIBDA total	20.1		26.9		-25.3	%	19.6		2.6	%
Mobile	19.2		25.7		-25.3	%	18.6		3.2	%
Fixed-line	0.9		1.2		-25.0	%	1.0		-10.0	%
Adjusted OIBDA margin, %	39.1	%	51.1	%			43.3	%

TAJIKISTAN (US$ mln)*	2Q 10		2Q 09		2Q 10/ 2Q 09		1Q 10		2Q 10/ 1Q 10
Adjusted OIBDA total	6.7		5.4		24.1	%	4.4		52.3	%
Mobile	5.7		5.4		5.6	%	4.1		39.0	%
Fixed-line	1.0		—		n/a		0.3		233.3	%
Adjusted OIBDA margin, %	33.3	%	37.8	%			29.7	%

GEORGIA (GEL mln)	2Q 10		2Q 09		2Q 10/ 2Q 09		1Q 10		2Q 10/ 1Q 10
Adjusted OIBDA Total	2.7		0.2		1250	%	2.0		35.0	%
Mobile	2.66		0.2		1230	%	1.93		37.8	%
Fixed-line	0.05		—		n/a		0.03		66.7	%
Adjusted OIBDA margin, %	13.0	%	1.7	%			10.6	%

KYRGYZSTAN (KGS mln)	2Q 10		2Q 09		2Q 10/ 2Q 09		1Q 10		2Q 10/ 1Q 10
Adjusted Mobile OIBDA	589		—		n/a		426		38.3	%
Adjusted Mobile OIBDA margin, %	46.7	%	—				37.4	%

CIS OIBDA (US$ mln)	2Q 10		2Q 09		2Q 10/ 2Q 09		1Q 10		2Q 10/ 1Q 10
Adjusted OIBDA total	161.9		138.7		16.7	%	139.6		16.0	%
Mobile	147.6		123.0		20.0	%	125.4		17.7	%
Fixed-line	14.3		15.7		-8.9	%	14.2		0.7	%
Adjusted OIBDA margin, %	48.2	%	49.5	%			47.4	%

*	US$ is the functional currency in Uzbekistan and Tajikistan.

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VimpelCom Ltd - Second Quarter 2010 Operating and Financial Results

CIS — Operating Highlights


KAZAKHSTAN	2Q 10	2Q 09	2Q 10/ 2Q 09		1Q 10	2Q 10/ 1Q 10
Mobile subscriptions (‘000)	6,339	6,635	-4.5	%	6,062	4.6	%
MOU, min	125.1	90.7	37.9	%	102.2	22.4	%
ARPU mobile, US$	9.6	7.9	21.5	%	8.4	14.3	%
ARPU mobile, (KZT)	1,411	1,187	18.9	%	1,264	11.6	%
Broadband internet subscriptions (‘000)	4.3	0.3	1333.3	%	2.7	59.3	%

ARMENIA	2Q 10	2Q 09	2Q 10/ 2Q 09		1Q 10	2Q 10/ 1Q 10
Mobile subscriptions (‘000)	567	486	16.7	%	549	3.3	%
including mobile broadband subscriptions	6.6	—	n/a		6.8	-2.9	%
MOU, min	270.1	238.4	13.3	%	345.6	-21.8	%
ARPU mobile, US$	10.3	13.6	-24.3	%	9.0	14.4	%
ARPU mobile, (AMD)	3,975	5,035	-21.1	%	3,478	14.3	%
Broadband internet subscriptions (‘000)	49.7	19.2	158.9	%	31.2	59.3	%

UZBEKISTAN	2Q 10	2Q 09	2Q 10/ 2Q 09		1Q 10	2Q 10/ 1Q 10
Mobile subscriptions (‘000)	3,997	3,605	10.9	%	3,489	14.6	%
including mobile broadband subscriptions	10.5	—	n/a		7.7	36.4	%
MOU, min	383.0	225.6	69.8	%	369.2	3.7	%
ARPU mobile, US$	4.1	4.7	-12.8	%	4.2	-2.4	%
Broadband internet subscriptions (‘000)	10.7	7.6	40.8	%	10.0	7.0	%

TAJIKISTAN	2Q 10	2Q 09	2Q 10/ 2Q 09		1Q 10	2Q 10/ 1Q 10
Mobile subscriptions (‘000)	784	677	15.8	%	820	-4.4	%
MOU, min	167.6	173.1	-3.2	%	157.9	6.1	%
ARPU mobile, US$	6.1	6.9	-11.6	%	5.6	8.9	%

GEORGIA	2Q 10	2Q 09	2Q 10/ 2Q 09		1Q 10	2Q 10/ 1Q 10
Mobile subscriptions (‘000)	466	289	61.2	%	431	8.1	%
MOU, min	140.5	123.1	14.1	%	125.0	12.4	%
ARPU mobile, US$	7.9	8.8	-10.2	%	7.5	5.3	%
ARPU mobile, (GEL)	14.5	14.5	0.0	%	13.7	5.8	%

KYRGYZSTAN	2Q 10	2Q 09	2Q 10/ 2Q 09		1Q 10	2Q 10/ 1Q 10
Mobile subscriptions (‘000)	1,722	—	n/a		1,774	-2.9	%
MOU, min	235.9	—	n/a		193.9	21.7	%
ARPU mobile, US$	5.3	—	n/a		4.7	12.8	%
ARPU mobile, (KGS)	240	—	n/a		208	15.4	%

*	We no longer provide information on subscriptions market share, because different churn policies used by mobile service providers result in reported subscriptions market share figures that are not representative.

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VimpelCom Ltd - Second Quarter 2010 Operating and Financial Results

Attachment F: Key Financial Results in US Dollars Russia


RUSSIA (US$ millions)	2Q 10		2Q 09		2Q 10/ 2Q 09		1Q 10		2Q 10/ 1Q 10
Net operating revenues	2,042		1,838		11.1	%	1,919		6.4	%
Adjusted OIBDA	964		948		1.7	%	911		5.8	%
Adjusted OIBDA margin, %	47.2	%	51.6	%			47.5	%
SG&A	558		474		17.7	%	524		6.5	%
including Sales & Marketing Expenses	185		146		26.7	%	166		11.4	%
including General & Administrative Costs	373		328		13.7	%	358		4.2	%
SG&A percentage	27.3	%	25.8	%			27.3	%
Net income attributable to VimpelCom Ltd	332		691		-52.0	%	391		-15.1	%
Capital expenditures	243		107		127.1	%	124		96.0	%
Free cash flow	392		887		-55.8	%	587		-33.2	%
ROIC (based on RUR), %	33.0	%	26.5	%			33.0	%

RUSSIA REVENUES (US$ millions)	2Q 10		2Q 09		2Q 10/ 2Q 09		1Q 10		2Q 10/ 1Q 10
Net operating revenues	2,042		1,838		11.1	%	1,919		6.4	%
Mobile revenues	1,714		1,531		12.0	%	1,602		7.0	%
Fixed-line revenues	328		307		6.8	%	317		3.5	%
Business segment	153		164		-6.7	%	150		2.0	%
Wholesale	121		99		22.2	%	114		6.1	%
Residential	54		44		22.7	%	53		1.9	%

RUSSIA ADJUSTED OIBDA DEVELOPMENT (US$ millions)	2Q 10		2Q 09		2Q 10/ 2Q 09		1Q 10		2Q 10/ 1Q 10
Adjusted OIBDA total	964		948		1.7	%	911		5.8	%
Mobile	875		842		3.9	%	820		6.7	%
Fixed-line	89		105		-15.2	%	91		-2.2	%
Adjusted total OIBDA margin, %	47.2	%	51.6	%			47.5	%
Mobile, %	51.1	%	55.0	%			51.2	%
Fixed-line, %	27.1	%	34.2	%			28.7	%

*	Please find information on respective operating income amounts in the supplementary file FinancialOperatingQ12010.xls on our website at http://www.vimpelcom.com/news/qrep.wbp.

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VimpelCom Ltd - Second Quarter 2010 Operating and Financial Results

Ukraine


UKRAINE ACTUAL (US$ millions)	2Q 10		2Q 09		2Q 10/ 2Q 09		1Q 10		2Q 10/ 1Q 10
Net operating revenues	310.6		51.1		507.8	%	44.9		591.8	%
Adjusted OIBDA	164.6		10.0		1546.0	%	10.1		1529.7	%
Adjusted OIBDA margin, %	53.0	%	19.6	%			22.5	%
SG&A	88.1		19.5		351.8	%	18.3		381.4	%
including Sales & Marketing Expenses	17.0		3.8		347.4	%	3.3		415.2	%
including General & Administrative Costs	71.1		15.7		352.9	%	15.0		374.0	%
SG&A percentage	28.4	%	38.2	%			40.8	%
Net income (loss) attributable to VimpelCom	29.8		-10.5		-383.8	%	-7.8		-482.1	%
Capital expenditures	58.6		2.9		1920.7	%	6.0		876.7	%
Free cash flow	79.0		5.3		1390.6	%	1.1		7081.8	%

UKRAINE ACTUAL REVENUES (US$ millions)	2Q 10		2Q 09		2Q 10/ 2Q 09		1Q 10		2Q 10/ 1Q 10
Net operating revenues	310.6		51.1		507.8	%	44.9		591.8	%
Mobile	291.4		28.6		918.9	%	22.9		1172.5	%
Fixed-line	19.2		22.5		-14.7	%	22.0		-12.7	%
Business segment	9.2		10.2		-9.8	%	9.4		-2.1	%
Wholesale	11.0		10.7		2.8	%	10.0		10.0	%
Residential	2.9		1.6		81.3	%	2.6		11.5	%

UKRAINE ACTUAL ADJUSTED OIBDA DEVELOPMENT (US$ millions)	2Q 10		2Q 09		2Q 10/ 2Q 09		1Q 10		2Q 10/ 1Q 10
Adjusted OIBDA Total	164.6		10.0		1546.0	%	10.1		1529.7	%
Mobile	158.4		3.8		4068.4	%	3.5		4425.7	%
Fixed-line	6.2		6.2		0.0	%	6.6		-6.1	%
Adjusted Total OIBDA margin, %	53.0	%	19.6	%			22.5	%
Mobile, %	54.4	%	13.3	%			15.3	%
Fixed-line, %	32.3	%	27.6	%			30.0	%

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VimpelCom Ltd - Second Quarter 2010 Operating and Financial Results

CIS Revenues in US$


KAZAKHSTAN (US$ mln)	2Q 10	2Q 09	2Q 10/ 2Q 09		1Q 10	2Q 10/ 1Q 10
Net operating revenues	184.3	157.1	17.3	%	159.5	15.5	%
Mobile	180.5	154.8	16.6	%	156.3	15.5	%
Fixed-line	3.8	2.3	65.2	%	3.2	18.8	%

ARMENIA (US$ mln)	2Q 10	2Q 09	2Q 10/ 2Q 09		1Q 10	2Q 10/ 1Q 10
Net operating revenues	44.5	49.2	-9.6	%	41.7	6.7	%
Mobile	17.5	19.7	-11.2	%	15.1	15.9	%
Fixed-line	27.0	29.5	-8.5	%	26.6	1.5	%

UZBEKISTAN (US$ mln)	2Q 10	2Q 09	2Q 10/ 2Q 09		1Q 10	2Q 10/ 1Q 10
Net operating revenues	51.4	52.6	-2.3	%	45.3	13.5	%
Mobile	48.9	49.5	-1.2	%	42.9	14.0	%
Fixed-line	2.5	3.1	-19.4	%	2.4	4.2	%

TAJIKISTAN (US$ mln)	2Q 10	2Q 09	2Q 10/ 2Q 09		1Q 10	2Q 10/ 1Q 10
Net operating revenues	20.1	14.3	40.6	%	14.8	35.8	%
Mobile	14.9	14.3	4.2	%	13.3	12.0	%
Fixed-line	5.2	—	n/a		1.5	246.7	%

GEORGIA (US$ mln)	2Q 10	2Q 09	2Q 10/ 2Q 09		1Q 10	2Q 10/ 1Q 10
Net operating revenues	11.5	7.1	62.0	%	10.9	5.5	%
Mobile	11.1	7.1	56.3	%	10.6	4.7	%
Fixed-line	0.4	—	n/a		0.3	33.3	%

KYRGYZSTAN (US$ mln)	2Q 10	2Q 09	2Q 10/ 2Q 09		1Q 10	2Q 10/ 1Q 10
Mobile net operating revenues	27.5	—	n/a		25.5	7.8	%

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VimpelCom Ltd - Second Quarter 2010 Operating and Financial Results

CIS Adjusted OIBDA in US$


KAZAKHSTAN (US$ mln)	2Q 10		2Q 09		2Q 10/ 2Q 09		1Q 10		2Q 10/ 1Q 10
Adjusted OIBDA total	105.7		85.2		24.1	%	88.5		19.4	%
Mobile	104.9		85.6		22.5	%	88.1		19.1	%
Fixed-line	0.8		-0.4		n/a		0.4		100.0	%
Adjusted OIBDA margin, %	57.4	%	54.2	%			55.5	%

ARMENIA (US$ mln)	2Q 10		2Q 09		2Q 10/ 2Q 09		1Q 10		2Q 10/ 1Q 10
Adjusted OIBDA total	19.1		24.8		-23.0	%	19.1		0.0	%
Mobile	7.1		9.2		-22.8	%	6.2		14.5	%
Fixed	12.0		15.6		-23.1	%	12.9		-7.0	%
Adjusted OIBDA margin, %	42.9	%	50.4	%			45.8	%

UZBEKISTAN (US$ mln)	2Q 10		2Q 09		2Q 10/ 2Q 09		1Q 10		2Q 10/ 1Q 10
Adjusted OIBDA total	20.1		26.9		-25.3	%	19.6		2.6	%
Mobile	19.2		25.7		-25.3	%	18.6		3.2	%
Fixed-line	0.9		1.2		-25.0	%	1.0		-10.0	%
OIBDA Margin, %	39.1	%	51.1	%			43.3	%

TAJIKISTAN (US$ mln)	2Q 10		2Q 09		2Q 10/ 2Q 09		1Q 10		2Q 10/ 1Q 10
Adjusted OIBDA total	6.7		5.4		24.1	%	4.4		52.3	%
Mobile	5.7		5.4		5.6	%	4.1		39.0	%
Fixed-line	1.0		—		n/a		0.3		233.3	%
Adjusted OIBDA margin, %	33.3	%	37.8	%			29.7	%

GEORGIA (US$ mln)	2Q 10		2Q 09		2Q 10/ 2Q 09		1Q 10		2Q 10/ 1Q 10
Adjusted OIBDA total	1.5		0.1		1400.0	%	1.1		36.4	%
Mobile	1.5		0.1		1400.0	%	1.1		36.4	%
Fixed-line	0.03		—		n/a		0.02		50.0	%
Adjusted OIBDA margin, %	13.0	%	1.4	%			10.1	%

KYRGYZSTAN (US$ mln)	2Q 10		2Q 09		2Q 10/ 2Q 09		1Q 10		2Q 10/ 1Q 10
Adjusted mobile OIBDA	12.8		—		n/a		9.5		34.7	%
Adjusted mobile OIBDA margin, %	46.5	%	—				37.3	%

*	Please find information on respective operating income amounts in the supplementary file FinancialOperatingQ22010.xls on our website at http://www.vimpelcom.com/news/qrep.wbp.

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VimpelCom Ltd - Second Quarter 2010 Operating and Financial Results

Attachment G: VimpelCom Ltd Financial and Operational Highlights on Pro-Forma Basis


CONSOLIDATED OPERATIONS (US$, millions)	2Q 10		2Q 09		2Q 10/ 2Q 09		1Q 10		2Q 10/ 1Q 10
Net operating revenues	2,716.1		2,494.1		8.9	%	2,535.0		7.1	%
Adjusted OIBDA	1,307.0		1,300.6		0.5	%	1,207.7		8.2	%
Adjusted OIBDA margin, %	48.1	%	52.1	%			47.6	%
SG&A	786.2		666.8		17.9	%	737.9		6.5	%
including HQ cost	19.9		n/a				10.8		84.3	%
SG&A percentage	28.9	%	26.7	%			29.1	%
Net income attributable to VimpelCom Ltd.	347.7		768.9		-54.8	%	415.4		-16.3	%
Operating cash flow	1,029.2		944.0		9.0	%	959.8		7.2	%
Capital expenditures	445.3		235.1		89.4	%	233.5		90.7	%

Attachment H: Average Rates of Functional Currencies to USD*


Functional Currency/ 1 US$		1Q 09	2Q 09	3Q 09	4Q 09	1Q 10	2Q 10
Russia	RUR	33.93	32.21	31.33	29.47	29.89	30.24
Kazakhstan	KZT	138.85	150.47	150.75	149.77	147.68	146.81
Ukraine	UAH	7.70	7.66	7.82	7.99	7.99	7.92
Armenia	AMD	325.11	370.46	372.66	384.40	384.26	384.49
Georgia	GEL	1.67	1.66	1.68	1.68	1.72	1.80
Kyrgyzstan	KGS	—	—	—	—	44.55	45.75

•

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

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OJSC VimpelCom Unaudited Condensed Consolidated Balance Sheets


	June 30, 2010			December 31, 2009
	*(In thousands of US dollars, except share amounts)*
Assets
Current assets:
Cash and cash equivalents	$	2,046,914		$	1,446,949
Trade accounts receivable, net of allowance for doubtful accounts		463,927			392,365
Inventory		65,614			61,919
Deferred income taxes		73,415			91,493
Input value added tax		128,403			96,994
Due from related parties		146,483			249,631
Other current assets		305,917			627,257

Total current assets		3,230,673			2,966,608

Property and equipment, net		5,308,133			5,561,569
Telecommunications licenses, net		491,126			542,597
Goodwill		3,517,997			3,284,293
Other intangible assets, net		631,824			700,365
Software, net		398,220			448,255
Investments in associates		425,727			436,767
Other assets		774,369			792,087

Total assets	$	14,778,069		$	14,732,541


Liabilities, redeemable noncontrolling interest and equity
Current liabilities:
Accounts payable	$	606,514		$	545,690
Due to employees		135,058			113,368
Due to related parties		18,048			9,211
Accrued liabilities		367,916			315,666
Taxes payable		323,667			212,767
Customer advances, net of VAT		297,149			376,121
Customer deposits		27,135			28,386
Short-term debt		1,521,938			1,813,141

Total current liabilities		3,297,425			3,414,350

Deferred income taxes		490,372			596,472
Long-term debt		4,794,045			5,539,906
Other non-current liabilities		171,302			164,636
Commitments, contingencies and uncertainties		—			—

Total liabilities		8,753,144			9,715,364

Redeemable noncontrolling interest		515,273			508,668

Equity:
Convertible voting preferred stock (.005 rubles nominal value per share), 10,000,000 shares authorized; 6,426,600 shares issued and outstanding		—			—
Common stock (.005 rubles nominal value per share), 90,000,000 shares authorized; 51,281,022 shares issued (December 31, 2009: 51,281,022); 51,281,022 shares outstanding (December 31, 2009: 50,714,579)		92			92
Additional paid-in capital		1,163,323			1,143,657
Retained earnings		4,792,166			4,074,492
Accumulated other comprehensive loss		(615,815	)		(488,277	)
Treasury stock, at cost, 566,360 shares of VimpelCom Ltd. common stock (December 31, 2009: 566,443)		(223,406	)		(223,421	)

Total VimpelCom shareholders’ equity		5,116,360			4,506,543
Noncontrolling interest		393,292			1,966

Total equity		5,509,652			4,508,509

Total liabilities, redeemable noncontrolling interest and equity	$	14,778,069		$	14,732,541

OJSC VimpelCom Unaudited Condensed Consolidated Statements of Income


	Three months ended June 30,						Six months ended June 30,
	2010			2009			2010			2009
	*(In thousands of US dollars)*
Operating revenues:
Service revenues	$	2,341,009		$	2,109,735		$	4,543,638		$	4,052,496
Sales of equipment and accessories		43,844			32,188			70,423			60,868
Other revenues		6,605			5,335			8,525			9,171

Total operating revenues		2,391,458			2,147,258			4,622,586			4,122,535
Revenue based tax		—			(1,754	)		—			(4,016	)

Net operating revenues		2,391,458			2,145,504			4,622,586			4,118,519

Operating expenses:
Service costs		527,264			442,290			1,028,852			882,527
Cost of equipment and accessories		45,979			30,022			72,329			58,688
Selling, general and administrative expenses		688,078			573,471			1,320,484			1,111,012
Depreciation		333,887			325,525			686,440			634,162
Amortization		66,353			70,182			133,047			142,783
Provision for doubtful accounts		10,528			12,139			29,171			30,000

Total operating expenses		1,672,089			1,453,629			3,270,323			2,859,172


Operating income		719,369			691,875			1,352,263			1,259,347
Other income and expenses:
Interest income		11,927			18,791			23,473			33,604
Net foreign exchange (loss)/gain		(130,517	)		324,056			(25,583	)		(421,707	)
Interest expense		(132,075	)		(140,616	)		(273,735	)		(278,009	)
Equity in net gain/(loss) of associates		11,088			4,697			7,304			(30,615	)
Other (expenses)/income, net		(14,065	)		555			(62,410	)		(4,918	)

Total other income and expenses		(253,642	)		207,483			(330,951	)		(701,645	)

Income before income taxes		465,727			899,358			1,021,312			557,702
Income tax expense		128,522			191,429			281,571			157,329

Net income		337,205			707,929			739,741			400,373
Net income/(loss) attributable to the noncontrolling interest		11,901			7,404			22,067			(3,520	)

Net income attributable to VimpelCom	$	325,304		$	700,525		$	717,674		$	403,893

OJSC VimpelCom Unaudited Condensed Consolidated Statements of Cash Flows


	Six months ended June 30,
	2010			2009
	*(In thousands of US dollars)*

Operating activities

Net cash provided by operating activities		1,642,167			1,697,798

Investing activities

Purchases of property and equipment		(354,707	)		(370,882	)
Purchases of intangible assets		(11,298	)		(11,913	)
Purchases of software		(84,507	)		(109,401	)
Cash increase due to Sky Mobile consolidation		4,702			—
Loan granted		(5,048	)		—
Loan receivable repayment		22,910
Proceeds from withdrawal of deposits		377,044			—
Purchases of other assets, net		(12,702	)		(18,280	)

Net cash used in investing activities		(63,606	)		(510,476	)

Financing activities
Proceeds from bank and other loans		260,342			589,473
Repayments of bank and other loans		(1,158,204	)		(980,932	)
Payments of fees in respect of debt issues		(1,847	)		(46,547	)
Net proceeds from employee stock options		27			1,852
Purchase of noncontrolling interest in consolidated subsidiaries		(2,294	)		(441	)
Payment of dividends		(2,049	)		—
Payment of dividends to noncontrolling interest		(34,517	)		(930	)

Net cash used in financing activities		(938,542	)		(437,525	)

Effect of exchange rate changes on cash and cash equivalents		(40,054	)		(15,219	)


Net increase in cash and cash equivalents		599,965			734,578
Cash and cash equivalents at beginning of period		1,446,949			914,683

Cash and cash equivalents at end of period	$	2,046,914		$	1,649,261


	Six months ended June 30,
	2010			2009
	*(In thousands of US dollars)*
Supplemental cash flow information
Cash paid during the period:
Income tax	$	277,059		$	180,595
Interest		295,719			285,070
Non-cash activities:
Accounts payable for property, equipment and other long-lived assets		178,588			165,295

VimpelCom Ltd. Group

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


CONSOLIDATED	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Net operating revenues	1,488		1,717		1,956		2,010		2,108		2,611		2,843		2,555		1,973		2,146		2,276		2,309		2,231		2,642
Gross margin	1,221		1,403		1,590		1,643		1,675		2,012		2,149		1,917		1,504		1,673		1,761		1,776		1,703		2,041
Gross margin, %	82.1	%	81.7	%	81.3	%	81.7	%	79.5	%	77.1	%	75.6	%	75.0	%	76.2	%	78.0	%	77.4	%	76.9	%	76.3	%	77.3	%
Adjusted OIBDA	766		897		1,015		918		1,126		1,223		1,388		1,124		949		1,088		1,148		1,088		1,041		1,262
Adjusted OIBDA, %	51.5	%	52.2	%	51.9	%	45.7	%	53.4	%	46.8	%	48.8	%	44.0	%	48.1	%	50.7	%	50.5	%	47.1	%	46.7	%	47.8	%
SG&A	439		494		557		716		528		774		749		787		538		574		599		680		643		766
including Sales & Marketing Expenses	136		167		186		219		187		215		242		285		156		168		184		218		191		214
including advertising	52		67		66		92		69		89		86		101		26		37		38		57		30		44
including General & Administrative Costs	303		327		371		497		341		559		507		502		382		405		415		462		453		552
SG&A, %	29.5	%	28.8	%	28.5	%	35.6	%	25.0	%	29.6	%	26.3	%	30.8	%	27.3	%	26.7	%	26.3	%	29.4	%	28.8	%	29.0	%
Net Income attributable to VimpelCom Ltd	277		359		458		368		601		470		269		-816		-297		701		435		283		382		335
Capital Expenditures	303.5		334.8		338.8		795.8		358.5		664.0		692.9		855.5		112.5		155.3		125.0		422.6		179.3		381.4

MOBILE	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Net operating revenues	1,454		1,682		1,918		1,974		1,943		2,176		2,396		2,141		1,617		1,802		1,926		1,942		1,888		2,289
including Mobile Interconnect	209		241		270		303		299		322		349		320		236		259		271		289		279		302
Adjusted OIBDA	750		878		996		896		1,077		1,115		1,260		1,027		821		965		1,025		969		929		1,153
Adjusted OIBDA, %	51.6	%	52.2	%	51.9	%	45.4	%	55.4	%	51.2	%	52.6	%	48.0	%	50.8	%	53.6	%	53.2	%	49.9	%	49.2	%	50.4	%

Subscriptions (‘000)	45,784		47,702		50,686		51,740		52,293		53,707		57,758		61,029		62,724		63,676		65,358		64,596		66,821		89,371

FIXED	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Net operating revenues	34.2		35.2		37.6		36.3		164.9		435.7		449.3		419.7		362.1		350.1		359.0		376.8		352.3		364.7
including business segment	0.0		0.0		0.0		0.0		74.4		227.1		235.0		218.2		184.6		177.2		173.4		180.9		166.8		169.6
including wholesale segment	0.0		0.0		0.0		0.0		40.4		124.9		133.5		118.7		106.9		101.8		106.8		122.2		116.3		118.9
including residential segment	34.2		35.2		37.6		36.3		50.1		83.7		80.8		82.8		70.6		71.1		78.8		73.7		69.2		70.5
Adjusted OIBDA	16.2		18.5		19.5		22.8		49.5		108.7		128.3		99.1		129.4		127.8		123.1		118.9		111.9		109.2
Adjusted OIBDA, %	47.4	%	52.6	%	51.9	%	62.8	%	30.0	%	24.9	%	28.6	%	23.6	%	35.7	%	36.5	%	34.3	%	31.6	%	31.8	%	29.9	%

Broadband subscriptions (‘000)	0		0		0		0		542		617		786		1,221		1,560		1,739		1,930		2,257		2,527		2,745
BB subscritions using USB modems (‘000)	0		0		0		0		0		0		91		412		650		763		896		1,038		1,183		1,317
BB fixed-line subscriptions (‘000)	0		0		0		0		542		617		695		809		910		976		1,034		1,219		1,345		1,428

Reconciliation of OIBDA total	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Adjusted OIBDA	766		897		1,015		918		1,126		1,223		1,388		1,124		949		1,088		1,148		1,088		1,041		1,262
Depreciation	(269	)	(285	)	(286	)	(331	)	(357	)	(385	)	(400	)	(379	)	(309	)	(326	)	(366	)	(393	)	(353	)	(377	)
Amortization	(53	)	(54	)	(55	)	(56	)	(67	)	(101	)	(98	)	(94	)	(73	)	(70	)	(71	)	(87	)	(67	)	(117	)
Impairment loss	0		0		0		0		0		0		0		(443	)	0		0		0		0		0		0
Operating income	444		558		674		531		702		737		890		208		568		692		711		608		622		769
Interest income	5		8		9		12		15		25		18		14		15		19		8		10		12		16
Net foreign exchange gain/(loss)	17		8		26		22		185		26		(341	)	(1,012	)	(746	)	324		25		(14	)	105		(126	)
Interest expense	(46	)	(48	)	(51	)	(50	)	(79	)	(121	)	(142	)	(154	)	(137	)	(141	)	(157	)	(164	)	(142	)	(132	)
Equity in net gain/(loss) of associates	0		0		0		0		0		0		2		(63	)	(35	)	5		5		(10	)	(4	)	11
Other (expense)/income, net	(11	)	(8	)	(9	)	31		(9	)	(3	)	(7	)	1		(7	)	1		(4	)	(24	)	(48	)	(10	)
Income tax expense	(120	)	(144	)	(171	)	(159	)	(196	)	(179	)	(139	)	209		34		(191	)	(152	)	(125	)	(153	)	(178	)
Net income/(loss)	289		374		478		387		618		485		281		(797	)	(309	)	708		435		281		392		349

Adjusted OIBDA margin as a percentage of net operating revenue	51.5	%	52.2	%	51.9	%	45.7	%	53.4	%	46.8	%	48.8	%	44.0	%	48.1	%	50.7	%	50.5	%	47.1	%	46.7	%	47.8	%
Depreciation	(18.1	%)	(16.6	%)	(14.6	%)	(16.5	%)	(16.9	%)	(14.7	%)	(14.1	%)	(14.9	%)	(15.6	%)	(15.2	%)	(16.2	%)	(17.0	%)	(15.8	%)	(14.3	%)
Amortization	(3.6	%)	(3.1	%)	(2.8	%)	(2.8	%)	(3.2	%)	(3.9	%)	(3.4	%)	(3.7	%)	(3.7	%)	(3.3	%)	(3.1	%)	(3.8	%)	(3.0	%)	(4.4	%)
Impairment loss	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	(17.3	%)	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%
Operating income	29.8	%	32.5	%	34.5	%	26.4	%	33.3	%	28.2	%	31.3	%	8.1	%	28.8	%	32.2	%	31.2	%	26.3	%	27.9	%	29.1	%
Interest income	0.3	%	0.5	%	0.5	%	0.6	%	0.7	%	1.0	%	0.6	%	0.5	%	0.8	%	0.9	%	0.3	%	0.5	%	0.5	%	0.6	%
Net foreign exchange gain/(loss)	1.1	%	0.5	%	1.3	%	1.1	%	8.8	%	1.0	%	(12.0	%)	(39.6	%)	(37.8	%)	15.1	%	1.1	%	(0.6	%)	4.7	%	(4.8	%)
Interest expense	(3.1	%)	(2.8	%)	(2.6	%)	(2.5	%)	(3.7	%)	(4.6	%)	(5.0	%)	(6.0	%)	(7.0	%)	(6.6	%)	(6.9	%)	(7.1	%)	(6.4	%)	(5.0	%)
Equity in net gain/(loss) of associates	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.1	%	(2.5	%)	(1.8	%)	0.2	%	0.2	%	(0.4	%)	(0.2	%)	0.4	%
Other (expense)/income, net	(0.6	%)	(0.5	%)	(0.6	%)	1.6	%	(0.5	%)	(0.1	%)	(0.2	%)	0.1	%	(0.3	%)	0.1	%	(0.1	%)	(1.0	%)	(2.0	%)	(0.4	%)
Income tax expense	(8.1	%)	(8.4	%)	(8.7	%)	(7.9	%)	(9.3	%)	(6.9	%)	(4.9	%)	8.2	%	1.7	%	(8.9	%)	(6.7	%)	(5.4	%)	(6.9	%)	(6.7	%)
Net income/(loss)	19.4	%	21.8	%	24.4	%	19.3	%	29.3	%	18.6	%	9.9	%	(31.2	%)	(15.6	%)	33.0	%	19.1	%	12.2	%	17.6	%	13.2	%

Russia

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


CONSOLIDATED	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Net operating revenues	1,279		1,460		1,653		1,702		1,797		2,239		2,426		2,157		1,661		1,838		1,953		1,996		1,919		2,042
Gross margin	1,065		1,209		1,363		1,410		1,445		1,730		1,852		1,619		1,260		1,431		1,499		1,526		1,450		1,530
Gross margin, %	83.3	%	82.8	%	82.5	%	82.8	%	80.4	%	77.3	%	76.3	%	75.1	%	75.9	%	77.9	%	76.8	%	76.5	%	75.6	%	74.9	%
Adjusted OIBDA	676		780		871		773		988		1,068		1,213		946		806		948		995		948		911		964
Adjusted OIBDA, %	52.9	%	53.4	%	52.7	%	45.4	%	55.0	%	47.7	%	50.0	%	43.9	%	48.5	%	51.6	%	50.9	%	47.5	%	47.5	%	47.2	%
SG&A	375		419		477		633		438		650		629		670		438		474		493		570		524		558
including Sales & Marketing Expenses	114		141		159		186		158		181		203		246		132		146		157		191		166		185
including advertising	42		56		56		79		56		74		72		86		19		30		30		47		23		34
including General & Administrative Costs	261		278		318		447		280		469		426		424		306		328		336		379		358		373
SG&A, %	29.3	%	28.7	%	28.9	%	37.2	%	24.4	%	29.0	%	25.9	%	31.1	%	26.4	%	25.8	%	25.2	%	28.6	%	27.3	%	27.3	%
Net Income attributable to VimpelCom Ltd	280		356		423		364		612		457		256		-529		-283		691		455		323		391		332
Capital Expenditures	199.6		189.0		216.9		467.2		207.1		423.7		504.1		641.5		90.0		107.1		90.4		331.7		124.1		243.5

MOBILE	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Net operating revenues	1,279		1,460		1,653		1,702		1,675		1,862		2,034		1,791		1,344		1,531		1,636		1,660		1,602		1,714
including Mobile Interconnect	171		203		224		253		252		269		285		257		190		212		220		238		228		247
Adjusted OIBDA	676		780		871		773		959		985		1,110		872		700		842		895		851		820		875
Adjusted OIBDA, %	52.9	%	53.4	%	52.7	%	45.4	%	57.3	%	52.9	%	54.6	%	48.7	%	52.1	%	55.0	%	54.7	%	51.3	%	51.2	%	51.1	%
Subscriptions (‘000)	38,631		40,140		41,802		42,221		42,079		42,485		45,093		47,677		49,351		49,971		51,028		50,886		51,254		50,912
ARPU, US$	10.9		12.3		13.4		13.5		13.2		14.7		15.2		12.5		9.1		10.1		10.6		10.8		10.3		10.9
MOU, min	160.9		192.6		208.9		204.1		198.7		220.3		228.5		227.8		203.0		211.8		213.6		217.7		203.9		219.3
Churn 3 months active base (quarterly), %	n/a		7.5	%	8.1	%	9.1	%	9.2	%	8.7	%	7.7	%	9.0	%	8.4	%	10.5	%	10.9	%	12.9	%	10.6	%	12.8	%

FIXED	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Net operating revenues	0		0		0		0		122		377		392		366		317		307		317		336		317		328
including business segment	0		0		0		0		68		207		213		200		171		164		160		162		150		153
including wholesale segment	0		0		0		0		40		123		133		118		105		99		112		121		114		121
including residential segment	0		0		0		0		14		47		46		48		41		44		45		53		53		54
Adjusted OIBDA	0		0		0		0		29		83		103		74		106		105		100		97		91		89
Adjusted OIBDA, %	0		0		0		0		23.8	%	22.0	%	26.3	%	20.2	%	33.4	%	34.2	%	31.5	%	28.9	%	28.7	%	27.1	%
Broadband subscriptions (‘000)	0		0		0		0		530		604		764		1,182		1,498		1,659		1,833		2,111		2,335		2,499
BB subscritions using USB modems (‘000)	0		0		0		0		0		0		91		412		650		763		896		1,038		1,168		1,300
BB fixed-line subscriptions (‘000)	0		0		0		0		0		604		673		770		848		896		937		1,073		1,167		1,199
Broadband services ARPU, blended, US$	0		0		0		0		17.6		16.9		15.4		13.7		11.0		10.2		10.6		11.9		11.2		10.1

Reconciliation of OIBDA total	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Adjusted OIBDA	676		780		871		773		988		1,068		1,213		946		806		948		995		948		911		964
Depreciation	(232	)	(240	)	(250	)	(268	)	(287	)	(310	)	(332	)	(316	)	(242	)	(264	)	(291	)	(304	)	(279	)	(262	)
Amortization	(29	)	(29	)	(29	)	(31	)	(35	)	(62	)	(54	)	(52	)	(39	)	(39	)	(40	)	(47	)	(41	)	(41	)
Impairment loss	0		0		0		0		0		0		0		(315	)	0		0		0		0		0		0
Operating income	415		511		592		474		666		696		827		263		525		645		664		597		591		661
Interest income	9		13		15		18		22		34		28		27		28		33		22		25		27		28
Net foreign exchange gain/(loss)	7		4		26		17		183		4		(345	)	(753	)	(696	)	323		52		(14	)	106		(114	)
Interest expense	(40	)	(42	)	(45	)	(41	)	(73	)	(119	)	(139	)	(150	)	(137	)	(142	)	(157	)	(163	)	(144	)	(134	)
Equity in net gain/(loss) of associates	0		0		0		0		0		0		2		(62	)	(38	)	10		12		5		2		19
Other (expense)/income, net	(6	)	(6	)	(11	)	27		0		1		(3	)	(1	)	1		1		1		(23	)	(47	)	(13	)
Income tax expense	(104	)	(124	)	(154	)	(132	)	(183	)	(162	)	(113	)	148		35		(176	)	(141	)	(106	)	(144	)	(115	)
Net income/(loss)	281		356		423		363		615		454		257		(528	)	(282	)	694		453		321		391		332

Adjusted OIBDA margin as a percentage of net operating revenue	52.9	%	53.4	%	52.7	%	45.4	%	55.0	%	47.7	%	50.0	%	43.9	%	48.5	%	51.6	%	50.9	%	47.5	%	47.5	%	47.2	%
Depreciation	(18.2	%)	(16.4	%)	(15.1	%)	(15.8	%)	(16.0	%)	(13.8	%)	(13.7	%)	(14.7	%)	(14.6	%)	(14.4	%)	(14.9	%)	(15.2	%)	(14.6	%)	(12.8	%)
Amortization	(2.3	%)	(2.0	%)	(1.8	%)	(1.8	%)	(1.9	%)	(2.8	%)	(2.2	%)	(2.4	%)	(2.3	%)	(2.1	%)	(2.0	%)	(2.4	%)	(2.1	%)	(2.0	%)
Impairment loss	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	(14.6	%)	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%
Operating income	32.4	%	35.0	%	35.8	%	27.8	%	37.1	%	31.1	%	34.1	%	12.2	%	31.6	%	35.1	%	34.0	%	29.9	%	30.8	%	32.4	%
Interest income	0.7	%	0.9	%	0.9	%	1.1	%	1.2	%	1.5	%	1.2	%	1.3	%	1.7	%	1.8	%	1.1	%	1.3	%	1.4	%	1.4	%
Net foreign exchange gain/(loss)	0.5	%	0.3	%	1.6	%	1.0	%	10.2	%	0.2	%	(14.2	%)	(35.0	%)	(41.8	%)	17.6	%	2.7	%	(0.7	%)	5.5	%	(5.6	%)
Interest expense	(3.1	%)	(2.9	%)	(2.7	%)	(2.4	%)	(4.1	%)	(5.3	%)	(5.7	%)	(7.0	%)	(8.2	%)	(7.7	%)	(8.0	%)	(8.2	%)	(7.5	%)	(6.6	%)
Equity in net gain/(loss) of associates	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.1	%	(2.9	%)	(2.3	%)	0.5	%	0.6	%	0.3	%	0.1	%	0.9	%
Other (expense)/income, net	(0.4	%)	(0.4	%)	(0.7	%)	1.6	%	0.0	%	0.0	%	(0.2	%)	0.0	%	0.1	%	0.1	%	0.1	%	(1.3	%)	(2.4	%)	(0.6	%)
Income tax expense	(8.1	%)	(8.5	%)	(9.3	%)	(7.8	%)	(10.2	%)	(7.2	%)	(4.7	%)	6.9	%	2.1	%	(9.6	%)	(7.2	%)	(5.3	%)	(7.5	%)	(5.6	%)
Net income/(loss)	22.0	%	24.4	%	25.6	%	21.3	%	34.2	%	20.3	%	10.6	%	(24.5	%)	(17.0	%)	37.8	%	23.2	%	16.1	%	20.4	%	16.3	%

Ukraine

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


CONSOLIDATED	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Net operating revenues	16.3		23.8		37.0		34.5		44.8		71.2		94.2		70.5		47.4		51.1		56.6		48.1		44.9		310.6
Gross margin	9.5		13.5		23.3		20.9		26.7		39.5		31.6		33.9		26.6		30.1		33.4		26.5		28.5		253.9
Gross margin, %	58.3	%	56.7	%	63.0	%	60.6	%	59.6	%	55.5	%	33.5	%	48.1	%	56.1	%	58.9	%	59.0	%	55.1	%	63.5	%	81.7	%
Adjusted OIBDA	-6.5		-3.1		6.5		3.6		3.2		9.4		-1.6		11.6		6.3		10.0		12.1		7.6		10.1		164.6
Adjusted OIBDA, %	n/a		n/a		17.6	%	10.4	%	7.1	%	13.2	%	n/a		16.5	%	13.3	%	19.6	%	21.4	%	15.8	%	22.5	%	53.0	%
SG&A	16.0		16.5		16.5		17.5		23.4		30.0		32.7		21.6		19.5		19.5		20.7		18.7		18.3		88.1
including Sales & Marketing Expenses	5.8		5.5		5.3		5.2		6.7		7.9		8.7		4.7		3.5		3.8		5.1		3.5		3.3		17.0
including advertising	3.9		3.7		2.7		3.5		4.7		5.1		4.5		1.9		1.7		1.6		2.3		1.6		0.9		7.2
including General & Administrative Costs	10.2		11.0		11.2		12.3		16.7		22.1		24.0		16.9		16.0		15.7		15.6		15.2		15.0		71.1
SG&A, %	98.2	%	69.3	%	44.6	%	50.7	%	52.2	%	42.1	%	34.7	%	30.6	%	41.1	%	38.2	%	36.6	%	38.9	%	40.8	%	28.4	%
Net Income attributable to OJSC VimpelCom	-18.4		-17.2		-6.4		-17.6		-19.7		-5.8		-36.7		-323.1		-14.4		-10.5		-38.2		-26.9		-7.8		29.8
Capital Expenditures	29.3		46.0		26.0		55.2		26.6		54.1		46.9		57.8		2.9		2.9		3.0		11.0		6.0		58.6

MOBILE	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Net operating revenues	16.3		23.8		37.0		34.5		36.3		44.9		66.3		46.3		25.7		28.6		32.3		23.8		22.9		291.4
including Mobile Interconnect	5.4		7.6		10.9		10.9		11.5		12.6		18.0		13.6		8.2		8.0		8.0		6.6		5.5		59.2
Adjusted OIBDA	-6.5		-3.1		6.5		3.6		1.5		3.9		-6.3		6.6		1.2		3.8		6.4		2.2		3.5		158.4
Adjusted OIBDA, %	n/a		n/a		17.6	%	10.4	%	4.1	%	8.7	%	n/a		14.3	%	4.7	%	13.3	%	19.8	%	9.2	%	15.3	%	54.4	%
Subscriptions (‘000)	1,953		1,822		2,212		1,941		1,971		2,111		2,403		2,052		1,894		1,934		2,199		2,005		1,951		24,059
ARPU, US$	3.0		4.2		5.8		5.6		6.1		7.5		9.7		7.0		4.5		5.2		5.4		3.9		3.8		5.0
MOU, min	138.0		159.9		168.2		183.2		210.2		231.0		261.5		230.0		213.3		217.8		203.7		201.3		197.2		426.7
Churn 3 months active base (quarterly), %	n/a		n/a		n/a		35.8	%	20.1	%	16.9	%	15.9	%	32.2	%	21.9	%	15.1	%	14.4	%	29.4	%	18.5	%	6.3	%

FIXED	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Net operating revenues	0		0		0		0		8.5		26.3		27.9		24.2		21.7		22.5		24.3		24.3		22.0		19.2
including business segment	0		0		0		0		5.5		16.9		18.9		14.8		11.1		10.2		10.4		10.3		9.4		9.2
including wholesale segment	0		0		0		0		2.5		8.1		7.6		8.0		9.3		10.7		12.3		12.4		10.0		11.0
including residential segment	0		0		0		0		0.4		1.3		1.4		1.4		1.3		1.6		1.6		1.6		2.6		2.9
Adjusted OIBDA	0		0		0		0		1.7		5.5		4.7		5.0		5.1		6.2		5.7		5.4		6.6		6.2
Adjusted OIBDA, %	0		0		0		0		20.0	%	20.9	%	16.8	%	20.7	%	23.5	%	27.6	%	23.5	%	22.2	%	30.0	%	32.3	%
Broadband subscriptions (‘000)	0		0		0		0		12.1		13.1		16.1		24.1		39.6		52.7		70.1		109.3		133.8		164.0
BB subscritions using USB modems (‘000)	0		0		0		0		0		0		0		0		0		0		0		0		0		0
BB fixed-line subscriptions (‘000)	0		0		0		0		12.1		13.1		16.1		24.1		39.6		52.7		70.1		109.3		133.8		164.0

Reconciliation of OIBDA total	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Adjusted OIBDA	(6.5	)	(3.1	)	6.5		3.6		3.2		9.4		(1.6	)	11.6		6.3		10.0		12.1		7.6		10.1		164.6
Depreciation	(3.2	)	(4.3	)	(4.5	)	(13.0	)	(11.2	)	(15.0	)	(18.0	)	(14.9	)	(10.7	)	(11.9	)	(14.1	)	(13.7	)	(10.6	)	(54.3	)
Amortization	(5.2	)	(5.2	)	(5.2	)	(3.1	)	(7.2	)	(12.4	)	(12.8	)	(10.3	)	(6.8	)	(6.8	)	(6.7	)	(16.1	)	(4.3	)	(53.5	)
Impairment loss	—		—		—		—		—		—		—		(90.1	)	—		—		—		—		—		—
Operating income	(14.9	)	(12.6	)	(3.2	)	(12.5	)	(15.2	)	(18.0	)	(32.4	)	(103.7	)	(11.2	)	(8.7	)	(8.7	)	(22.2	)	(4.8	)	56.8
Interest income	—		—		—		—		—		—		—		—		0.1		—		0.1		0.1		0.1		3.7
Net foreign exchange gain/(loss)	(0.2	)	—		—		—		—		17.2		(1.3	)	(230.8	)	—		4.3		(25.9	)	1.6		3.8		(4.7	)
Interest expense	(3.4	)	(4.7	)	(4.9	)	(5.2	)	(5.0	)	(4.8	)	(5.4	)	(7.0	)	(4.7	)	(5.2	)	(6.3	)	(6.2	)	(6.7	)	(7.0	)
Equity in net gain/(loss) of associates	—		—		—		—		—		—		—		—		—		—		—		—		—		—
Other (expense)/income, net	—		(0.2	)	(0.2	)	(0.7	)	(1.0	)	(0.7	)	(0.3	)	2.1		—		(1.0	)	(1.7	)	(0.6	)	—		(4.4	)
Income tax expense	0.1		0.3		1.9		0.8		1.6		0.9		4.0		14.4		1.2		(0.6	)	4.1		(2.3	)	(0.2	)	(14.7	)
Net income/(loss)	(18.4	)	(17.2	)	(6.4	)	(17.6	)	(19.6	)	(5.4	)	(35.4	)	(325.0	)	(14.6	)	(11.2	)	(38.4	)	(29.6	)	(7.8	)	29.7
Adjusted OIBDA margin as a percentage of net operating revenue	n/a		n/a		17.6	%	10.4	%	7.1	%	13.2	%	n/a		16.5	%	13.3	%	19.6	%	21.4	%	15.8	%	22.5	%	53.0	%
Depreciation	n/a		n/a		(12.1	%)	(37.6	%)	(24.9	%)	(21.1	%)	n/a		(21.2	%)	(22.6	%)	(23.3	%)	(25.0	%)	(28.5	%)	(23.6	%)	(17.5	%)
Amortization	n/a		n/a		(14.1	%)	(9.0	%)	(16.1	%)	(17.4	%)	n/a		(14.6	%)	(14.3	%)	(13.3	%)	(11.8	%)	(33.5	%)	(9.6	%)	(17.2	%)
Impairment loss	n/a		n/a		0.0	%	0.0	%	0.0	%	0.0	%	n/a		(127.8	%)	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%
Operating income	n/a		n/a		(8.6	%)	(36.2	%)	(33.9	%)	(25.3	%)	n/a		(147.1	%)	(23.6	%)	(17.0	%)	(15.4	%)	(46.2	%)	(10.7	%)	18.3	%
Interest income	n/a		n/a		0.0	%	0.0	%	0.0	%	0.0	%	n/a		0.0	%	0.2	%	0.0	%	0.2	%	0.2	%	0.2	%	1.2	%
Net foreign exchange gain/(loss)	n/a		n/a		0.0	%	0.0	%	0.0	%	24.2	%	n/a		(327.4	%)	0.0	%	8.4	%	(45.8	%)	3.3	%	8.5	%	(1.5	%)
Interest expense	n/a		n/a		(13.2	%)	(15.1	%)	(11.2	%)	(6.7	%)	n/a		(9.9	%)	(9.9	%)	(10.2	%)	(11.1	%)	(12.9	%)	(14.9	%)	(2.3	%)
Equity in net gain/(loss) of associates	n/a		n/a		0.0	%	0.0	%	0.0	%	0.0	%	n/a		0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%
Other (expense)/income, net	n/a		n/a		(0.6	%)	(2.0	%)	(2.3	%)	(1.1	%)	n/a		3.0	%	0.0	%	(1.9	%)	(2.9	%)	(1.1	%)	(0.1	%)	(1.4	%)
Income tax expense	n/a		n/a		5.1	%	2.3	%	3.6	%	1.3	%	n/a		20.4	%	2.5	%	(1.2	%)	7.2	%	(4.8	%)	(0.4	%)	(4.7	%)
Net income/(loss)	n/a		n/a		(17.3	%)	(51.0	%)	(43.8	%)	(7.6	%)	n/a		(461.0	%)	(30.8	%)	(21.9	%)	(67.8	%)	(61.5	%)	(17.4	%)	9.6	%

CIS

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


CONSOLIDATED	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Net operating revenues	194.6		236.3		268.6		280.0		272.1		316.9		345.6		349.1		285.2		280.1		297.0		293.5		294.8		336.2
Gross margin	147.3		181.2		202.9		212.1		204.0		242.6		266.4		264.2		218.2		213.4		228.6		222.9		222.2		254.2
Gross margin, %	75.7	%	76.7	%	75.5	%	75.8	%	75.0	%	76.6	%	77.1	%	75.7	%	76.5	%	76.2	%	77.0	%	75.9	%	75.4	%	75.6	%
Adjusted OIBDA	96.4		120.0		137.6		141.4		134.0		148.4		176.9		169.9		140.4		138.7		154.7		144.5		139.6		161.9
Adjusted OIBDA, %	49.5	%	50.8	%	51.2	%	50.5	%	49.2	%	46.8	%	51.2	%	48.7	%	49.2	%	49.5	%	52.1	%	49.2	%	47.4	%	48.2	%
SG&A	49.1		59.8		62.8		66.4		68.0		92.0		88.1		93.1		76.0		72.5		73.3		78.0		79.1		90.1
including Sales & Marketing Expenses	16.4		20.5		22.0		27.8		22.2		26.0		30.4		34.8		19.2		15.8		20.5		21.4		18.2		21.4
including advertising	5.3		7.0		7.8		9.5		8.7		10.3		10.0		13.4		4.9		3.6		4.6		6.7		5.0		6.6
including General & Administrative Costs	32.7		39.3		40.8		38.6		45.8		66.0		57.7		58.3		56.8		56.7		52.8		56.6		60.9		68.7
SG&A, %	25.2	%	25.3	%	23.4	%	23.7	%	25.0	%	29.0	%	25.5	%	26.7	%	26.6	%	25.9	%	24.7	%	26.6	%	26.8	%	26.8	%
Net Income attributable to VimpelCom Ltd	15.3		20.8		41.9		22.2		8.3		21.5		50.6		46.8		0.4		32.9		37.9		16.7		27.1		28.4
Capital Expenditures	74.6		99.8		95.9		273.4		119.4		184.8		139.9		145.7		6.6		21.7		21.5		57.1		32.3		70.6

MOBILE	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Net operating revenues	160.4		201.1		231.1		243.7		234.4		273.3		302.9		306.4		248.6		245.3		260.0		259.0		260.8		297.4
including Mobile Interconnect	23.0		30.1		34.3		39.6		35.5		39.9		46.2		48.8		37.5		38.8		43.6		44.1		46.3		52.2
Adjusted OIBDA	80.2		101.5		118.1		118.6		115.0		127.7		156.3		149.4		123.0		123.0		137.4		128.8		125.4		147.6
Adjusted OIBDA, %	50.0	%	50.5	%	51.1	%	48.7	%	49.1	%	46.7	%	51.6	%	48.8	%	49.5	%	50.1	%	52.8	%	49.7	%	48.1	%	49.6	%
Subscriptions (‘000)	5,200		5,740		6,672		7,578		8,244		9,111		10,261		11,300		11,480		11,692		12,036		11,337		13,125		13,875

FIXED	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Net operating revenues	34.2		35.2		37.6		36.3		37.8		43.5		42.8		42.7		36.7		34.8		37.0		34.5		34.0		38.8
including business segment	0		0		0		0		1.0		3.3		3.2		3.2		3.0		3.1		3.0		8.7		7.5		7.9
including wholesale segment	0		0		0		0		0.5		1.7		1.9		2.2		1.5		1.5		2.1		6.9		13.4		17.3
including residential segment	34.2		35.2		37.6		36.3		36.3		38.5		37.7		37.3		32.2		30.2		31.9		18.9		13.1		13.6
Adjusted OIBDA	16.2		18.5		19.5		22.8		19.0		20.7		20.6		20.5		17.4		15.7		17.3		15.7		14.2		14.3
Adjusted OIBDA, %	47.4	%	52.6	%	51.9	%	62.8	%	50.3	%	47.6	%	48.1	%	48.0	%	47.4	%	45.1	%	46.8	%	45.5	%	41.8	%	36.9	%
Broadband subscriptions (‘000)	0		0		0		0		0		0		5.4		15.2		22.3		27.1		26.7		36.5		58.4		81.8
BB subscritions using USB modems (‘000)			0		0		0		0		0		0		0		0		0		0		0		14.5		17.1
BB fixed-line subscriptions (‘000)			0		0		0		0		0		5.4		15.2		22.3		27.1		26.7		36.5		43.9		64.7

Reconciliation of OIBDA total	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Adjusted OIBDA	96.4		120.0		137.6		141.4		134.0		148.4		176.9		169.9		140.4		138.7		154.7		144.5		139.6		161.9
Depreciation	(33.3	)	(40.6	)	(31.4	)	(49.7	)	(58.5	)	(60.3	)	(49.7	)	(70.3	)	(55.7	)	(49.7	)	(59.4	)	(72.8	)	(60.0	)	(58.1	)
Amortization	(19.5	)	(20.1	)	(20.9	)	(22.3	)	(25.1	)	(26.9	)	(31.9	)	(32.5	)	(26.6	)	(24.1	)	(24.0	)	(23.6	)	(20.6	)	(21.6	)
Impairment loss	—		—		—		—		—		—		—		—		—		—		—		—		—		—
Operating income	43.6		59.3		85.3		69.4		50.4		61.2		95.3		67.1		58.1		64.9		71.3		48.1		59.0		82.2
Interest income	0.1		0.2		0.8		—		0.4		0.7		0.7		1.1		1.2		1.7		2.2		2.6		3.1		3.3
Net foreign exchange gain/(loss)	9.9		4.5		0.2		4.7		1.6		4.2		6.0		(27.9	)	(49.7	)	(3.0	)	(2.5	)	(1.6	)	(5.1	)	(17.4	)
Interest expense	(6.1	)	(6.2	)	(8.0	)	(10.0	)	(8.6	)	(7.6	)	(8.0	)	(10.1	)	(9.4	)	(8.5	)	(9.0	)	(11.1	)	(8.1	)	(8.0	)
Equity in net gain/(loss) of associates	—		—		—		(0.2	)	—		—		—		0.1		—		(0.5	)	—		0.9		(0.1	)	(0.1	)
Other (expense)/income, net	(5.2	)	(2.4	)	2.1		4.1		(7.0	)	(2.3	)	(3.3	)	(5.1	)	(5.6	)	0.5		(3.4	)	(2.0	)	(0.9	)	(2.3	)
Income tax expense	(15.7	)	(19.5	)	(19.0	)	(28.0	)	(14.2	)	(17.7	)	(29.2	)	46.7		(1.6	)	(14.7	)	(15.5	)	(16.8	)	(8.4	)	—
Net income/(loss)	26.6		35.9		61.4		40.0		22.6		38.5		61.5		71.9		-7.0		40.4		43.1		20.1		39.5		57.7

Adjusted OIBDA margin as a percentage of net operating revenue	49.5	%	50.8	%	51.2	%	50.5	%	49.2	%	46.8	%	51.2	%	48.7	%	49.2	%	49.5	%	52.1	%	49.2	%	47.4	%	48.2	%
Depreciation	(17.1	%)	(17.2	%)	(11.6	%)	(17.7	%)	(21.5	%)	(19.0	%)	(14.4	%)	(20.2	%)	(19.5	%)	(17.7	%)	(20.0	%)	(24.8	%)	(20.5	%)	(17.4	%)
Amortization	(10.0	%)	(8.5	%)	(7.8	%)	(8.0	%)	(9.2	%)	(8.5	%)	(9.2	%)	(9.3	%)	(9.3	%)	(8.6	%)	(8.1	%)	(8.0	%)	(7.0	%)	(6.4	%)
Impairment loss	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%
Operating income	22.4	%	25.1	%	31.8	%	24.8	%	18.5	%	19.3	%	27.6	%	19.2	%	20.4	%	23.2	%	24.0	%	16.4	%	19.9	%	24.4	%
Interest income	0.1	%	0.1	%	0.3	%	0.0	%	0.1	%	0.2	%	0.2	%	0.3	%	0.4	%	0.6	%	0.7	%	0.9	%	1.1	%	1.0	%
Net foreign exchange gain/(loss)	5.1	%	1.9	%	0.1	%	1.7	%	0.6	%	1.3	%	1.7	%	-8.0	%	-17.4	%	-1.1	%	-0.8	%	-0.5	%	-1.7	%	-5.2	%
Interest expense	-3.1	%	-2.6	%	-3.0	%	-3.6	%	-3.2	%	-2.4	%	-2.3	%	-2.9	%	-3.3	%	-3.0	%	-3.0	%	-3.8	%	-2.7	%	-2.4	%
Equity in net gain/(loss) of associates	0.0	%	0.0	%	0.0	%	-0.1	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	-0.2	%	0.0	%	0.3	%	0.0	%	0.0	%
Other (expense)/income, net	-2.7	%	-1.0	%	0.7	%	1.5	%	-2.6	%	-0.7	%	-1.1	%	-1.6	%	-2.1	%	0.2	%	-1.1	%	-0.8	%	-0.4	%	-0.7	%
Income tax expense	-8.1	%	-8.3	%	-7.1	%	-10.0	%	-5.2	%	-5.6	%	-8.4	%	13.4	%	-0.6	%	-5.2	%	-5.2	%	-5.7	%	-2.8	%	0.0	%
Net income/(loss)	13.7	%	15.2	%	22.9	%	14.3	%	8.3	%	12.1	%	17.8	%	20.6	%	-2.5	%	14.4	%	14.5	%	6.8	%	13.4	%	17.2	%

Kazakhstan

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


CONSOLIDATED	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Net operating revenues	119.4		149.3		167.1		174.6		162.8		185.3		198.6		196.9		153.9		157.1		171.9		170.4		159.5		184.3
Gross margin	88.2		112.0		122.1		128.4		118.9		140.8		152.6		148.8		116.7		120.3		136.0		133.0		123.2		145.2
Gross margin, %	73.9	%	75.0	%	73.1	%	73.5	%	73.0	%	76.0	%	76.8	%	75.6	%	75.8	%	76.6	%	79.1	%	78.1	%	77.2	%	78.8	%
Adjusted OIBDA	62.0		80.3		88.1		92.2		82.0		96.4		106.1		97.7		78.7		85.2		101.7		93.9		88.5		105.7
Adjusted OIBDA, %	51.9	%	53.8	%	52.7	%	52.8	%	50.4	%	52.0	%	53.4	%	49.6	%	51.1	%	54.2	%	59.2	%	55.1	%	55.5	%	57.4	%
SG&A	25.4		31.7		32.7		33.8		34.8		43.5		45.9		50.4		37.4		34.5		34.4		39.3		35.0		39.1
including Sales & Marketing Expenses	11.0		14.2		13.8		17.1		12.9		15.1		17.6		22.7		11.9		8.8		10.4		12.7		9.4		12.9
including advertising	3.7		4.5		5.0		5.5		4.7		5.8		5.5		8.8		3.0		1.2		1.9		3.8		2.4		3.8
including General & Administrative Costs	14.4		17.5		18.9		16.7		21.9		28.4		28.3		27.7		25.5		25.7		24.0		26.6		25.6		26.2
SG&A, %	21.3	%	21.2	%	19.6	%	19.4	%	21.4	%	23.5	%	23.1	%	25.6	%	24.3	%	22.0	%	20.0	%	23.1	%	21.9	%	21.2	%
Net Income attributable to VimpelCom Ltd	13.1		16.4		21.7		19.8		14.1		19.5		29.9		76.4		-12.5		30.0		40.8		25.8		36.0		43.9
Capital Expenditures	31.2		45.8		40.5		96.4		42.6		55.4		77.1		79.7		3.3		11.0		10.0		19.5		5.9		25.8

MOBILE	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Net operating revenues	119.4		149.3		167.1		174.6		162.0		182.5		195.9		193.7		151.6		154.8		169.3		167.7		156.3		180.5
including Mobile Interconnect	20.5		26.5		28.5		33.0		28.4		30.9		32.2		31.4		23.4		23.4		25.4		25.0		23.4		25.4
Adjusted OIBDA	62.0		80.3		88.1		92.2		82.0		96.3		106.2		97.7		78.7		85.6		101.7		93.9		88.1		104.9
Adjusted OIBDA, %	51.9	%	53.8	%	52.7	%	52.8	%	50.6	%	52.8	%	54.2	%	50.4	%	51.9	%	55.3	%	60.1	%	56.0	%	56.4	%	58.1	%
Subscriptions (‘000)	3,501		3,858		4,343		4,604		4,777		5,098		5,614		6,270		6,377		6,635		6,835		6,135		6,062		6,339
ARPU, US$	12.2		13.6		13.6		13.0		11.6		12.3		12.1		10.8		7.8		7.9		8.2		8.5		8.4		9.6
MOU, min	72.3		88.8		112.7		98.9		99.1		109.7		108.1		100.5		81.1		90.7		98.1		102.3		102.2		125.1
Churn 3 months active base (quarterly), %	n/a		n/a		n/a		9.8	%	9.5	%	7.6	%	7.4	%	7.3	%	9.2	%	5.7	%	9.3	%	22.2	%	11.4	%	8.9	%

FIXED	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Net operating revenues	0		0		0		0		0.8		2.8		2.7		3.2		2.3		2.3		2.6		2.7		3.2		3.8
including business segment	0		0		0		0		0.3		1.0		0.8		1.0		0.7		0.8		0.5		0.5		0.6		0.6
including wholesale segment	0		0		0		0		0.5		1.8		1.9		2.2		1.5		1.4		2.0		2.1		2.4		3.0
including residential segment	0		0		0		0		0.001		0.003		0.003		0.05		0.1		0.1		0.1		0.1		0.2		0.2
Adjusted OIBDA	0		0		0		0		0.0		0.1		-0.1		0.0		0.0		-0.4		0.0		0.0		0.4		0.8
Adjusted OIBDA, %	0		0		0		0		n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a		12.5	%	21.1	%
Broadband subscriptions (‘000)	0		0		0		0		0		0		0		0.2		0.2		0.3		0.3		1.3		2.7		4.3
BB subscritions using USB modems (‘000)	0		0		0		0		0		0		0		0		0		0		0		0		0		0
BB fixed-line subscriptions (‘000)	0		0		0		0		0		0		0		0.2		0.2		0.3		0.3		1.3		2.7		4.3

Reconciliation of OIBDA total	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Adjusted OIBDA	62.0		80.3		88.1		92.2		82.0		96.4		106.1		97.7		78.7		85.2		101.7		93.9		88.5		105.7
Depreciation	(15.9	)	(17.5	)	(14.9	)	(20.2	)	(21.6	)	(25.7	)	(24.0	)	(28.7	)	(23.9	)	(21.6	)	(24.9	)	(27.4	)	(18.5	)	(21.9	)
Amortization	(9.2	)	(9.5	)	(9.1	)	(9.7	)	(9.7	)	(11.1	)	(15.9	)	(16.0	)	(14.1	)	(12.8	)	(12.7	)	(13.0	)	(13.3	)	(13.2	)
Impairment loss	—		—		—		—		—		—		—		—		—		—		—		—		—		—
Operating income	36.9		53.3		64.1		62.3		50.7		59.6		66.2		53.0		40.7		50.8		64.1		53.5		56.7		70.6
Interest income	—		—		0.6		(0.4	)	0.2		0.3		0.2		0.3		0.3		0.4		1.1		0.6		0.3		0.7
Net foreign exchange gain/(loss)	10.5		2.4		1.6		1.0		(1.9	)	(0.1	)	2.5		(1.9	)	(51.7	)	1.9		(0.8	)	0.3		0.4		(0.1	)
Interest expense	(4.3	)	(4.1	)	(4.9	)	(5.1	)	(3.4	)	(3.2	)	(3.0	)	(3.1	)	(1.5	)	(1.6	)	(0.9	)	(2.9	)	(0.1	)	(0.3	)
Equity in net gain/(loss) of associates	—		—		—		(0.2	)	—		—		—		0.1		—		(0.5	)	—		0.9		(0.2	)	(0.1	)
Other (expense)/income, net	(4.1	)	(1.4	)	2.0		5.3		(4.0	)	(0.5	)	(4.4	)	0.3		(5.2	)	(0.3	)	(0.8	)	(1.5	)	(0.4	)	(0.6	)
Income tax expense	(12.8	)	(17.3	)	(19.9	)	(23.8	)	(13.5	)	(18.7	)	(20.6	)	52.8		0.6		(10.8	)	(13.1	)	(18.6	)	(8.7	)	(11.6	)
Net income/(loss)	26.2		32.9		43.5		39.1		28.1		37.4		40.9		101.5		(16.8	)	39.9		49.6		32.3		48.0		58.6

Adjusted OIBDA margin as a percentage of net operating revenue	51.9	%	53.8	%	52.7	%	52.8	%	50.4	%	52.0	%	53.4	%	49.6	%	51.1	%	54.2	%	59.2	%	55.1	%	55.5	%	57.4	%
Depreciation	(13.3	%)	(11.7	%)	(8.9	%)	(11.5	%)	(13.3	%)	(13.8	%)	(12.1	%)	(14.6	%)	(15.5	%)	(13.8	%)	(14.5	%)	(16.1	%)	(11.7	%)	(11.9	%)
Amortization	(7.7	%)	(6.4	%)	(5.4	%)	(5.6	%)	(6.0	%)	(6.0	%)	(8.0	%)	(8.1	%)	(9.2	%)	(8.1	%)	(7.4	%)	(7.6	%)	(8.3	%)	(7.2	%)
Impairment loss	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%
Operating income	30.9	%	35.7	%	38.4	%	35.7	%	31.1	%	32.2	%	33.3	%	26.9	%	26.4	%	32.3	%	37.3	%	31.4	%	35.5	%	38.3	%
Interest income	0.0	%	0.0	%	0.4	%	(0.2	%)	0.1	%	0.2	%	0.1	%	0.2	%	0.2	%	0.3	%	0.6	%	0.4	%	0.2	%	0.4	%
Net foreign exchange gain/(loss)	8.8	%	1.6	%	1.0	%	0.6	%	(1.2	%)	(0.1	%)	1.3	%	(1.0	%)	(33.6	%)	1.2	%	(0.5	%)	0.2	%	0.3	%	(0.1	%)
Interest expense	(3.6	%)	(2.7	%)	(2.9	%)	(2.9	%)	(2.1	%)	(1.7	%)	(1.5	%)	(1.6	%)	(1.0	%)	(1.0	%)	(0.5	%)	(1.7	%)	(0.1	%)	(0.2	%)
Equity in net gain/(loss) of associates	0.0	%	0.0	%	0.0	%	(0.1	%)	0.0	%	0.0	%	0.0	%	0.1	%	0.0	%	(0.3	%)	0.0	%	0.5	%	(0.1	%)	(0.1	%)
Other (expense)/income, net	(3.5	%)	(1.0	%)	1.0	%	2.9	%	(2.3	%)	(0.3	%)	(2.2	%)	0.1	%	(3.3	%)	(0.2	%)	(0.4	%)	(0.9	%)	(0.2	%)	(0.3	%)
Income tax expense	(10.7	%)	(11.6	%)	(11.9	%)	(13.6	%)	(8.3	%)	(10.1	%)	(10.4	%)	26.8	%	0.4	%	(6.9	%)	(7.6	%)	(10.9	%)	(5.5	%)	(6.3	%)
Net income/(loss)	21.9	%	22.0	%	26.0	%	22.4	%	17.3	%	20.2	%	20.6	%	51.5	%	(10.9	%)	25.4	%	28.9	%	19.0	%	30.1	%	31.8	%

Uzbekistan

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


CONSOLIDATED	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Net operating revenues	18.2		23.2		30.2		36.5		39.5		52.0		58.4		66.5		58.5		52.6		50.1		50.2		45.3		51.4
Gross margin	15.2		20.0		25.8		31.0		33.4		43.0		48.6		52.8		47.1		41.2		37.7		37.9		34.3		39.2
Gross margin, %	83.5	%	86.2	%	85.4	%	84.9	%	84.6	%	82.7	%	83.2	%	79.4	%	80.5	%	78.3	%	75.2	%	75.5	%	75.7	%	76.3	%
Adjusted OIBDA	8.7		11.4		16.9		17.8		20.9		27.8		33.0		34.2		33.1		26.9		23.5		23.0		19.6		20.1
Adjusted OIBDA, %	47.8	%	49.1	%	56.0	%	48.8	%	52.9	%	53.5	%	56.5	%	51.4	%	56.6	%	51.1	%	46.9	%	45.8	%	43.3	%	39.1	%
SG&A	6.4		8.4		8.7		13.1		12.3		14.9		15.4		18.3		13.6		13.9		13.8		14.3		14.1		18.6
including Sales & Marketing Expenses	2.8		2.5		3.9		5.3		4.9		5.1		6.6		7.1		3.8		3.7		4.8		4.3		3.5		3.8
including advertising	0.7		0.9		1.1		1.4		2.0		1.9		2.3		2.3		0.9		1.4		1.6		1.0		1.0		1.2
including General & Administrative Costs	3.6		5.9		4.8		7.8		7.4		9.8		8.8		11.2		9.8		10.2		9.0		10.0		10.6		14.8
SG&A, %	35.2	%	36.2	%	28.8	%	35.9	%	31.1	%	28.7	%	26.4	%	27.5	%	23.2	%	26.4	%	27.5	%	28.5	%	31.1	%	36.2	%
Net Income attributable to VimpelCom Ltd	2.5		4.3		6.9		6.0		7.5		14.4		22.0		11.8		9.7		5.3		1.8		(1.5	)	(10.6	)	(2.9	)
Capital Expenditures	7.9		18.5		23.8		83.6		48.0		82.8		28.4		17.2		1.1		7.4		7.2		21.1		17.9		28.5

MOBILE	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Net operating revenues	18.2		23.2		30.2		36.5		38.7		49.5		55.5		63.5		55.5		49.5		46.8		47.5		42.9		48.9
including Mobile Interconnect	0.002		0.003		0.004		0.01		0.01		0.01		0.01		3.4		3.0		3.8		5.0		5.5		5.1		5.3
Adjusted OIBDA	8.7		11.4		16.9		17.8		20.6		27.3		32.0		33.0		31.9		25.7		22.2		22.0		18.6		19.2
Adjusted OIBDA, %	47.8	%	49.1	%	56.0	%	48.8	%	53.2	%	55.2	%	57.7	%	52.0	%	57.5	%	51.9	%	47.4	%	46.3	%	43.4	%	39.3	%

Subscriptions (‘000)	1,106.3		1,192.4		1,586.9		2,119.6		2,422.2		2,754.2		3,148.0		3,636.2		3,653.1		3,604.6		3,652.0		3,515.0		3,489.0		3,997.0
ARPU, US$	6.7		7.2		7.6		6.8		5.8		6.6		6.5		6.5		5.2		4.7		4.5		4.6		4.2		4.1
MOU, min	242.2		265.6		289.8		283.4		265.3		294.6		298.5		288.6		238.6		225.6		409.3		387.3		369.2		383.0
Churn 3 months active base (quarterly), %	n/a		n/a		n/a		11.2	%	12.8	%	13.1	%	14.2	%	14.9	%	15.1	%	11.2	%	17.4	%	20.1	%	14.7	%	3.7	%

FIXED	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Net operating revenues	0		0		0		0		0.8		2.5		2.9		3.0		3.0		3.1		3.3		2.7		2.4		2.5
including business segment	0		0		0		0		0.7		2.3		2.3		2.2		2.3		2.3		2.6		2.1		1.5		1.7
including wholesale segment	0		0		0		0		0.00		0.00		0.10		0.10		0.00		0.00		0.00		0.00		0.4		0.3
including residential segment	0		0		0		0		0.10		0.20		0.50		0.70		0.70		0.70		0.70		0.60		0.5		0.5
Adjusted OIBDA	0		0		0		0		0.3		0.5		1		1.2		1.2		1.2		1.3		1		1.0		0.9
Adjusted OIBDA, %	0		0		0		0		37.5	%	20.0	%	34.5	%	40.0	%	40.0	%	38.7	%	39.4	%	37.0	%	41.7	%	36.0	%

Broadband subscriptions (‘000)	0		0		0		0		0		0		0		5.8		6.8		7.6		8.3		9.0		17.7		21.2
BB subscritions using USB modems (‘000)	0		0		0		0		0		0		0		0		0		0		0		0		7.7		10.5
BB fixed-line subscriptions (‘000)	0		0		0		0		0		0		0		5.8		6.8		7.6		8.3		9.0		10.0		10.7

Reconciliation of OIBDA total	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Adjusted OIBDA	8.7		11.4		16.9		17.8		20.9		27.8		33.0		34.2		33.1		26.9		23.5		23.0		19.6		20.1
Depreciation	(3.1	)	(3.3	)	(4.0	)	(5.1	)	(6.7	)	(6.8	)	(7.2	)	(8.9	)	(11.4	)	(11.2	)	(12.4	)	(20.7	)	(21.9	)	(13.1	)
Amortization	(3.4	)	(3.4	)	(3.4	)	(3.5	)	(3.8	)	(3.7	)	(3.8	)	(4.6	)	(4.1	)	(3.6	)	(3.5	)	(2.9	)	(3.4	)	(3.4	)
Impairment loss	—		—		—		—		—		—		—		—		—		—		—		—		—		—
Operating income	2.2		4.7		9.5		9.2		10.4		17.3		22.0		20.7		17.6		12.1		7.6		(0.6	)	(5.7	)	3.6
Interest income	—		—		—		—		—		—		—		—		—		—		—		0.8		0.8		0.8
Net foreign exchange gain/(loss)	(0.3	)	—		(0.3	)	(0.5	)	(0.2	)	(0.2	)	(0.5	)	(3.7	)	(2.4	)	(3.5	)	(1.2	)	(0.1	)	(3.7	)	(3.1	)
Interest expense	(0.3	)	(0.5	)	(1.0	)	(1.3	)	(1.6	)	(0.1	)	(0.4	)	(2.1	)	(3.3	)	(2.4	)	(3.5	)	(3.5	)	(3.5	)	(3.4	)
Equity in net gain/(loss) of associates	—		—		—		—		—		—		—		—		—		—		—		—		—		—
Other (expense)/income, net	(0.1	)	—		0.2		—		—		(0.3	)	2.6		(0.2	)	(0.2	)	(0.1	)	(0.1	)	(0.1	)	(0.1	)	(0.8	)
Income tax expense	(1.0	)	(0.1	)	1.5		1.5		1.0		2.2		1.3		2.9		1.6		0.5		0.6		(2.4	)	(1.9	)	(0.2	)
Net income/(loss)	2.5		4.3		6.9		5.9		7.6		14.5		22.4		11.8		10.1		5.6		2.2		(1.1	)	(10.3	)	(2.7	)

Adjusted OIBDA margin as a percentage of net operating revenue	47.8	%	49.1	%	56.0	%	48.8	%	52.9	%	53.5	%	56.5	%	51.4	%	56.6	%	51.1	%	46.9	%	45.8	%	43.3	%	39.1	%
Depreciation	(17.0	%)	(14.1	%)	(13.2	%)	(14.0	%)	(17.0	%)	(13.1	%)	(12.3	%)	(13.4	%)	(19.5	%)	(21.3	%)	(24.7	%)	(41.2	%)	(48.4	%)	(25.5	%)
Amortization	(18.7	%)	(14.7	%)	(11.3	%)	(9.6	%)	(9.6	%)	(7.1	%)	(6.5	%)	(6.9	%)	(7.0	%)	(6.8	%)	(7.0	%)	(5.8	%)	(7.5	%)	(6.6	%)
Impairment loss	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%
Operating income	12.1	%	20.3	%	31.5	%	25.2	%	26.3	%	33.3	%	37.7	%	31.1	%	30.1	%	23.0	%	15.2	%	(1.2	%)	(12.6	%)	7.0	%
Interest income	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	1.6	%	1.8	%	1.6	%
Net foreign exchange gain/(loss)	-1.6	%	0.0	%	-1.0	%	-1.4	%	-0.5	%	-0.4	%	-0.9	%	-5.6	%	-4.1	%	-6.7	%	-2.4	%	(0.2	%)	(8.2	%)	(6.0	%)
Interest expense	-1.6	%	-2.2	%	-3.3	%	-3.6	%	-4.1	%	-0.2	%	-0.7	%	-3.2	%	-5.6	%	-4.6	%	-7.0	%	(7.0	%)	(7.7	%)	(6.6	%)
Equity in net gain/(loss) of associates	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%
Other (expense)/income, net	-0.7	%	0.0	%	0.6	%	0.1	%	0.0	%	-0.6	%	4.5	%	-0.2	%	-0.4	%	-0.1	%	-0.2	%	(0.2	%)	(0.2	%)	(1.6	%)
Income tax expense	-5.5	%	-0.4	%	5.0	%	4.1	%	2.5	%	4.2	%	2.2	%	4.4	%	2.7	%	1.0	%	1.2	%	(4.8	%)	(4.2	%)	(0.4	%)
Net income/(loss)	13.7	%	18.5	%	22.8	%	16.2	%	19.2	%	27.9	%	38.4	%	17.7	%	17.3	%	10.6	%	4.4	%	(2.2	%)	(22.7	%)	(5.3	%)

Armenia

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


CONSOLIDATED	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Net operating revenues	54.1		58.4		63.4		59.8		59.1		64.7		68.8		63.7		52.7		49.2		51.4		47.3		41.7		44.5
Gross margin	42.4		46.0		49.8		47.3		45.8		50.0		52.6		48.7		41.3		37.8		38.8		35.3		30.8		31.7
Gross margin, %	78.4	%	78.8	%	78.5	%	79.1	%	77.5	%	77.3	%	76.5	%	76.5	%	78.4	%	76.8	%	75.5	%	74.6	%	73.9	%	71.2	%
Adjusted OIBDA	27.3		30.1		32.9		32.5		29.1		30.3		33.5		31.7		27.2		24.8		26.3		22.7		19.1		19.1
Adjusted OIBDA, %	50.5	%	51.5	%	51.9	%	54.3	%	49.2	%	46.8	%	48.7	%	49.8	%	51.6	%	50.4	%	51.2	%	48.0	%	45.8	%	42.9	%
SG&A	14.2		14.8		15.9		13.4		16.7		18.7		18.5		16.7		13.2		11.8		12.1		12.6		11.5		12.4
including Sales & Marketing Expenses	1.7		2.2		2.4		3.5		2.7		3.8		3.7		2.5		1.7		1.6		1.6		2.3		1.5		1.8
including advertising	0.6		0.8		0.8		1.7		1.2		1.6		1.1		1.2		0.6		0.6		0.5		1.1		0.6		0.8
including General & Administrative Costs	12.5		12.6		13.5		9.9		14.0		14.9		14.8		14.2		11.5		10.2		10.5		10.3		10.0		10.6
SG&A, %	26.2	%	25.3	%	25.1	%	22.4	%	28.3	%	28.9	%	26.9	%	26.2	%	25.0	%	24.0	%	23.5	%	26.6	%	27.6	%	27.9	%
Net Income attributable to VimpelCom Ltd	2.6		4.0		16.0		0.3		-15.0		-1.3		3.7		-12.0		10.0		4.2		2.7		-1.6		10.7		-1.9
Capital Expenditures	5.4		20.4		20.7		44.3		14.6		20.9		19.1		23.7		0.2		0.4		1.3		7.8		3.1		3.8

MOBILE	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Net operating revenues	19.9		23.2		25.8		23.5		22.9		26.4		31.6		27.2		21.3		19.7		20.3		18.3		15.1		17.5
including Mobile Interconnect	2.3		3.2		4.1		4.2		4.5		5.3		8.0		7.1		5.2		5.1		5.4		5.1		4.1		4.5
Adjusted OIBDA	11.1		11.6		13.4		9.7		10.4		10.3		13.9		12.5		10.5		9.2		9.8		7.6		6.2		7.1
Adjusted OIBDA, %	55.8	%	50.0	%	51.9	%	41.3	%	45.4	%	39.0	%	44.0	%	46.0	%	49.3	%	46.7	%	48.3	%	41.5	%	41.1	%	40.6	%

Subscriptions (‘000)	439.9		471.0		447.0		442.4		520.4		654.5		783.6		544.3		480.8		486.3		502.0		545.0		549.0		567.0
ARPU, US$	14.5		17.3		17.6		17.4		16.1		15.3		13.9		13.6		13.9		13.6		13.7		11.5		9.0		10.3
MOU, min	141.3		185.1		181.0		171.8		158.9		164.9		139.9		150.0		174.7		238.4		269.0		268.2		345.6		270.1
Churn 3 months active base (quarterly), %	n/a		n/a		n/a		12.3	%	28.8	%	13.1	%	18.5	%	45.7	%	24.5	%	12.2	%	11.4	%	10.5	%	13.6	%	16.0	%

FIXED	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Net operating revenues	34.2		35.2		37.6		36.3		36.2		38.3		37.2		36.5		31.4		29.5		31.1		29.0		26.6		27.0
including business segment	0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		6.0		5.4		5.6
including wholesale segment	0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		4.7		8.7		8.4
including residential segment	34.2		35.2		37.6		36.3		36.2		38.3		37.2		36.5		31.4		29.5		31.1		18.3		12.5		13.0
Adjusted OIBDA	16.2		18.5		19.5		22.8		18.7		20.0		19.6		19.2		16.7		15.6		16.5		15.1		12.9		12.0
Adjusted OIBDA, %	47.4	%	52.6	%	51.9	%	62.8	%	51.7	%	52.2	%	52.7	%	52.6	%	53.2	%	52.9	%	53.1	%	52.1	%	48.5	%	44.4	%

Broadband subscriptions (‘000)	0		0		0		0		0		0		5.4		9.2		15.3		19.2		18.1		26.2		38.0		56.3
BB subscritions using USB modems (‘000)	0		0		0		0		0		0		0		0		0		0		0		0		6.8		6.6
BB fixed-line subscriptions (‘000)	0		0		0		0		0		0		5.4		9.2		15.3		19.2		18.1		26.2		31.2		49.7

Reconciliation of OIBDA total	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Adjusted OIBDA	27.3		30.1		32.9		32.5		29.1		30.3		33.5		31.7		27.2		24.8		26.3		22.7		19.1		19.1
Depreciation	(13.9	)	(18.7	)	(10.6	)	(21.9	)	(27.0	)	(22.8	)	(13.2	)	(26.4	)	(14.0	)	(10.5	)	(15.7	)	(17.0	)	(9.8	)	(12.4	)
Amortization	(5.9	)	(5.9	)	(7.0	)	(7.7	)	(10.1	)	(9.8	)	(10.0	)	(9.9	)	(6.6	)	(5.8	)	(5.8	)	(5.7	)	(1.3	)	(2.4	)
Impairment loss	—		—		—		—		—		—		—		—		—		—		—		—		—		—
Operating income	7.5		5.5		15.3		2.9		(8.0	)	(2.3	)	10.3		(4.6	)	6.6		8.5		4.8		—		8.0		4.3
Interest income	0.1		0.2		0.2		0.3		0.3		0.4		0.5		0.7		0.9		1.3		1.1		1.1		1.3		1.5
Net foreign exchange gain/(loss)	(0.4	)	1.5		(1.4	)	1.5		(2.9	)	0.6		2.9		0.4		4.9		(2.5	)	1.1		(0.8	)	4.0		(5.6	)
Interest expense	(0.6	)	(0.1	)	(0.3	)	(1.3	)	(0.7	)	(0.7	)	(0.5	)	(0.5	)	(0.4	)	(0.2	)	(0.3	)	(0.3	)	(0.2	)	(0.1	)
Equity in net gain/(loss) of associates	—		—		—		—		—		—		—		—		—		—		—		—		—		—
Other (expense)/income, net	(0.9	)	(1.0	)	—		(1.3	)	(3.0	)	(1.5	)	(1.6	)	(4.3	)	(0.6	)	1.1		(1.9	)	(0.4	)	(0.4	)	(0.9	)
Income tax expense	(2.9	)	(1.9	)	2.2		(1.8	)	(0.7	)	2.2		(7.9	)	(3.7	)	(1.4	)	(4.0	)	(2.1	)	(1.2	)	(2.0	)	(1.3	)
Net income/(loss)	2.8		4.2		16.0		0.3		(15.0	)	(1.3	)	3.7		(12.0	)	10.0		4.2		2.7		(1.6	)	10.7		(2.1	)

Adjusted OIBDA margin as a percentage of net operating revenue	50.5	%	51.5	%	51.9	%	54.3	%	49.2	%	46.8	%	48.7	%	49.8	%	51.6	%	50.4	%	51.2	%	48.0	%	45.8	%	42.9	%
Depreciation	(25.7	%)	(32.0	%)	(16.8	%)	(36.6	%)	(45.6	%)	(35.3	%)	(19.2	%)	(41.5	%)	(26.6	%)	(21.3	%)	(30.6	%)	(35.9	%)	(23.5	%)	(27.8	%)
Amortization	(10.9	%)	(10.1	%)	(11.0	%)	(12.9	%)	(17.1	%)	(15.1	%)	(14.5	%)	(15.5	%)	(12.5	%)	(11.8	%)	(11.3	%)	(12.1	%)	(3.1	%)	(5.4	%)
Impairment loss	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%
Operating income	13.9	%	9.4	%	24.1	%	4.8	%	(13.5	%)	(3.6	%)	15.0	%	(7.2	%)	12.5	%	17.3	%	9.3	%	0.0	%	19.2	%	9.7	%
Interest income	0.2	%	0.3	%	0.3	%	0.5	%	0.5	%	0.6	%	0.7	%	1.1	%	1.7	%	2.6	%	2.1	%	2.3	%	3.1	%	3.4	%
Net foreign exchange gain/(loss)	(0.7	%)	2.6	%	(2.2	%)	2.5	%	(4.9	%)	0.9	%	4.2	%	0.6	%	9.3	%	(5.1	%)	2.1	%	(1.7	%)	9.6	%	(12.6	%)
Interest expense	(1.1	%)	(0.2	%)	(0.5	%)	(2.2	%)	(1.2	%)	(1.1	%)	(0.7	%)	(0.8	%)	(0.8	%)	(0.4	%)	(0.6	%)	(0.6	%)	(0.5	%)	(0.2	%)
Equity in net gain/(loss) of associates	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%
Other (expense)/income, net	(1.7	%)	(1.6	%)	0.0	%	(2.1	%)	(5.1	%)	(2.2	%)	(2.3	%)	(6.7	%)	(1.0	%)	2.2	%	(3.5	%)	(0.9	%)	(0.9	%)	(2.0	%)
Income tax expense	(5.4	%)	(3.3	%)	3.5	%	(3.0	%)	(1.2	%)	3.4	%	(11.5	%)	(5.8	%)	(2.7	%)	(8.1	%)	(4.1	%)	(2.5	%)	(4.8	%)	(2.9	%)
Net income/(loss)	5.2	%	7.2	%	25.2	%	0.5	%	(25.4	%)	(2.0	%)	5.4	%	(18.8	%)	19.0	%	8.5	%	5.3	%	(3.4	%)	25.7	%	(4.7	%)

Tajikistan

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


CONSOLIDATED	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Net operating revenues	2.9		5.2		7.7		8.1		8.4		11.2		14.8		16.4		14.4		14.3		14.9		15.6		14.8		20.1
Gross margin	1.6		3.2		5.2		5.1		5.2		7.2		10.0		11.5		10.3		10.5		11.4		11.6		10.8		13.0
Gross margin, %	55.2	%	61.5	%	67.5	%	63.0	%	61.9	%	64.3	%	67.6	%	70.1	%	71.5	%	73.4	%	76.5	%	74.4	%	73.0	%	64.7	%
Adjusted OIBDA	-0.3		0.1		1.6		1.4		1.3		2.6		4.8		5.3		4.9		5.4		5.2		7.1		4.4		6.7
Adjusted OIBDA, %	n/a		1.9	%	20.8	%	17.3	%	15.5	%	23.2	%	32.4	%	32.3	%	34.0	%	37.8	%	34.9	%	45.5	%	29.7	%	33.3	%
SG&A	1.9		3.1		3.5		3.5		4.0		4.5		5.2		6.2		5.4		5.1		6.2		4.5		6.3		5.3
including Sales & Marketing Expenses	0.8		1.3		1.5		1.4		1.2		1.4		1.7		1.7		1.3		1.1		1.0		1.0		1.2		0.9
including advertising	0.3		0.7		0.5		0.5		0.6		0.6		0.5		0.5		0.3		0.2		0.3		0.3		0.3		0.2
including General & Administrative Costs	1.1		1.8		2.0		2.1		2.8		3.1		3.5		4.5		4.1		4.0		5.2		3.5		5.1		4.4
SG&A, %	65.5	%	59.6	%	45.5	%	43.2	%	47.6	%	40.2	%	35.1	%	37.8	%	37.5	%	35.7	%	41.6	%	28.8	%	42.6	%	26.4	%
Net Income attributable to VimpelCom Ltd	-1.0		-1.8		-0.3		-2.5		-1.2		-3.0		-0.3		-0.7		-0.2		0.0		-0.3		0.6		-0.2		1.0
Capital Expenditures	13.5		5.7		6.1		20.2		7.2		13.5		6.4		18.0		0.4		0.8		0.5		5.4		0.1		3.4

MOBILE	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Net operating revenues	2.9		5.2		7.7		8.1		8.4		11.2		14.8		16.4		14.4		14.3		14.9		15.6		13.3		14.9
including Mobile Interconnect	0.2		0.4		1.7		2.1		2.0		2.9		4.7		5.4		4.3		4.7		5.4		6.0		5.6		6.9
Adjusted OIBDA	-0.3		0.1		1.6		1.4		1.3		2.6		4.8		5.3		4.9		5.4		5.2		7.1		4.1		5.7
Adjusted OIBDA, %	n/a		1.9	%	20.8	%	17.3	%	15.5	%	23.2	%	32.4	%	32.3	%	34.0	%	37.8	%	34.9	%	45.5	%	30.8	%	38.3	%

Subscriptions (‘000)	145.3		204.9		268.4		339.4		377.9		435.3		526.6		624.6		722.3		677.1		706.0		743.0		820.0		784.0
ARPU, US$	8.7		10.1		10.8		9.0		8.0		9.4		10.4		9.6		7.1		6.9		7.2		7.2		5.6		6.1
MOU, min	205.8		224.2		230.3		216.3		205.8		241.1		255.9		243.4		171.7		173.1		173.3		173.6		157.9		167.6
Churn 3 months active base (quarterly), %	n/a		n/a		n/a		5.3	%	8.6	%	9.7	%	10.6	%	12.7	%	2.7	%	20.6	%	14.9	%	14.7	%	13.6	%	22.9	%

FIXED	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Net operating revenues	0		0		0		0		0		0		0		0		0		0		0		0		1.5		5.2
including business segment	0		0		0		0		0		0		0		0		0		0		0		0		0		0
including wholesale segment	0		0		0		0		0		0		0		0		0		0		0		0		1.5		5.2
including residential segment	0		0		0		0		0		0		0		0		0		0		0		0		0		0
Adjusted OIBDA	0		0		0		0		0		0		0		0		0		0		0		0		0.3		1.0
Adjusted OIBDA, %	0		0		0		0		0		0		0		0		0		0		0		0		20.0	%	19.2	%

Broadband subscriptions (‘000)	0		0		0		0		0		0		0		0		0		0		0		0		0		0
BB subscritions using USB modems (‘000)	0		0		0		0		0		0		0		0		0		0		0		0		0		0
BB fixed-line subscriptions (‘000)	0		0		0		0		0		0		0		0		0		0		0		0		0		0

Reconciliation of OIBDA total	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Adjusted OIBDA	(0.3	)	0.1		1.6		1.4		1.3		2.6		4.8		5.3		4.9		5.4		5.2		7.1		4.4		6.7
Depreciation	(0.3	)	(0.6	)	(0.9	)	(1.5	)	(1.7	)	(3.1	)	(3.1	)	(3.5	)	(3.5	)	(3.5	)	(3.5	)	(4.7	)	(3.7	)	(4.1	)
Amortization	(0.2	)	(0.2	)	(0.2	)	(0.2	)	(0.2	)	(0.3	)	(0.2	)	(0.2	)	(0.2	)	(0.3	)	(0.3	)	(0.3	)	(0.2	)	(0.3	)
Impairment loss	—		—		—		—		—		—		—		—		—		—		—		—		—		—
Operating income	(0.8	)	(0.7	)	0.5		(0.3	)	(0.6	)	(0.8	)	1.5		1.6		1.2		1.6		1.4		2.1		0.5		2.3
Interest income	—		—		—		—		—		—		—		—		—		—		—		—		—		—
Net foreign exchange gain/(loss)	—		—		—		0.4		0.1		(0.2	)	0.1		—		(0.2	)	—		—		(0.2	)	(0.1	)	0.1
Interest expense	(0.6	)	(0.8	)	(0.9	)	(1.2	)	(1.4	)	(1.6	)	(1.8	)	(1.8	)	(1.7	)	(1.7	)	(1.6	)	(1.6	)	(1.5	)	(1.5	)
Equity in net gain/(loss) of associates	—		—		—		—		—		—		—		—		—		—		—		—		—		—
Other (expense)/income, net	(0.1	)	0.1		—		(0.1	)	0.1		(0.1	)	(0.2	)	(0.7	)	0.3		—		(0.3	)	0.1		—		—
Income tax expense	0.3		(0.1	)	0.1		(1.5	)	0.6		0.1		0.1		0.2		0.1		0.1		0.1		0.3		0.8		0.4
Net income/(loss)	(1.2	)	(1.5	)	(0.3	)	(2.7	)	(1.2	)	(2.6	)	(0.3	)	(0.7	)	(0.3	)	0.0		(0.4	)	0.7		(0.3	)	1.3

Adjusted OIBDA margin as a percentage of net operating revenue	n/a		1.9	%	20.8	%	17.3	%	15.5	%	23.2	%	32.4	%	32.3	%	34.0	%	37.8	%	34.9	%	45.5	%	29.7	%	33.3	%
Depreciation	n/a		(11.6	%)	(11.7	%)	(18.5	%)	(20.2	%)	(27.6	%)	(20.9	%)	(21.3	%)	(24.3	%)	(24.5	%)	(23.5	%)	(30.1	%)	(24.9	%)	(20.4	%)
Amortization	n/a		(3.8	%)	(2.6	%)	(2.5	%)	(2.4	%)	(2.7	%)	(1.4	%)	(1.2	%)	(1.4	%)	(2.1	%)	(2.0	%)	(1.9	%)	(1.4	%)	(1.5	%)
Impairment loss	n/a		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	%
Operating income	n/a		(13.5	%)	6.5	%	(3.7	%)	(7.1	%)	(7.1	%)	10.1	%	9.8	%	8.3	%	11.2	%	9.4	%	13.5	%	3.4	%	11.4	%
Interest income	n/a		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	%
Net foreign exchange gain/(loss)	n/a		0.0	%	0.0	%	4.9	%	1.2	%	(1.8	%)	0.7	%	0.0	%	(1.4	%)	0.0	%	0.0	%	(1.3	%)	(0.7	%)	0.5	%
Interest expense	n/a		(15.4	%)	(11.7	%)	(14.8	%)	(16.7	%)	(14.3	%)	(12.2	%)	(11.0	%)	(11.8	%)	(11.9	%)	(10.7	%)	(10.3	%)	(10.1	%)	(7.5	%)
Equity in net gain/(loss) of associates	n/a		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	%
Other (expense)/income, net	n/a		2.0	%	0.0	%	(1.2	%)	1.2	%	(0.9	%)	(1.3	%)	(4.3	%)	2.1	%	0.0	%	(2.1	%)	0.7	%	0.0	%	0.0	%
Income tax expense	n/a		(1.9	%)	1.3	%	(18.5	%)	7.1	%	0.9	%	0.7	%	1.2	%	0.7	%	0.7	%	0.7	%	1.9	%	5.4	%	2.0	%
Net income/(loss)	n/a		(28.8	%)	(3.9	%)	(33.3	%)	(14.3	%)	(23.2	%)	(2.0	%)	(4.3	%)	(2.1	%)	0.0	%	(2.7	%)	4.5	%	(2.0	%)	6.5	%

Georgia

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


CONSOLIDATED	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Net operating revenues	0.03		0.2		0.3		0.9		2.4		3.9		5.4		5.9		6.0		7.1		8.9		10.2		10.9		11.5
Gross margin	0.00		-0.01		0.03		0.24		0.8		1.6		2.6		2.6		2.9		3.6		4.7		5.1		5.7		6.1
Gross margin, %	n/a		n/a		10.0	%	26.7	%	33.3	%	41.0	%	48.1	%	44.1	%	48.3	%	50.7	%	52.8	%	50.0	%	52.3	%	53.0	%
Adjusted OIBDA	-1.2		-1.9		-2.0		-2.3		-2.2		-2.1		-1.1		-1.2		-0.5		0.1		1.0		0.4		1.1		1.5
Adjusted OIBDA, %	n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a		1.4	%	11.2	%	3.9	%	10.1	%	13.0	%
SG&A	1.2		1.9		2.1		2.6		3.0		3.7		3.7		3.8		3.4		3.5		3.8		4.7		4.5		4.5
including Sales & Marketing Expenses	0.2		0.3		0.4		0.6		0.6		0.6		0.8		0.9		0.6		0.7		0.8		1.1		1.1		0.9
including advertising	0.0		1.2		0.3		0.4		0.3		0.4		0.6		0.6		0.2		0.2		0.3		0.4		0.3		0.4
including General & Administrative Costs	1.0		1.6		1.7		2.0		2.4		3.1		2.9		2.9		2.8		2.8		3.0		3.6		3.4		3.6
SG&A, %	n/a		950.0	%	700.0	%	288.9	%	125.0	%	94.9	%	68.5	%	64.4	%	56.7	%	49.3	%	42.7	%	46.1	%	41.3	%	39.1	%
Net Income attributable to VimpelCom Ltd	-1.9		-2.0		-2.3		-1.4		0.1		-1.5		-5.3		-30.7		-3.6		-2.9		-4.1		-3.9		-6.1		-7.5
Capital Expenditures	16.6		9.4		4.8		28.9		7.0		12.2		8.9		7.1		1.6		2.1		2.5		3.3		4.3		8.9

MOBILE	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Net operating revenues	0.03		0.2		0.3		0.9		2.4		3.9		5.4		5.9		6.0		7.1		8.9		10.2		10.6		11.1
including Mobile Interconnect	0.00		0.0		0.1		0.2		0.6		0.9		1.3		1.5		1.5		1.8		2.4		2.5		2.3		2.6
Adjusted OIBDA	-1.2		-1.9		-2.0		-2.3		-2.2		-2.1		-1.1		-1.2		-0.5		0.1		1.0		0.4		1.1		1.5
Adjusted OIBDA, %	n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a		1.4	%	11.2	%	3.9	%	10.4	%	13.5	%
Subscriptions (‘000)	7.3		14.0		26.6		72.7		146.2		168.6		189.0		225.1		246.4		289.2		341.0		399.0		431.0		466.0
ARPU, US$	3.2		4.8		6.3		9.0		7.4		8.2		9.9		9.7		8.4		8.8		9.2		8.4		7.5		7.9
MOU, min	47.9		82.5		85.1		121.5		87.1		89.3		109.8		129.8		121.2		123.1		129.3		131.1		125.0		140.5
Churn 3 months active base (quarterly), %	n/a		n/a		n/a		17.6	%	1.4	%	16.8	%	13.8	%	11.7	%	7.8	%	10.8	%	10.7	%	15.7	%	11.2	%	12.0	%

FIXED	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Net operating revenues	0		0		0		0		0		0		0		0		0		0		0		0		0.3		0.4
including business segment	0		0		0		0		0		0		0		0		0		0		0		0		0		0
including wholesale segment	0		0		0		0		0		0		0		0		0		0		0		0		0.3		0.4
including residential segment	0		0		0		0		0		0		0		0		0		0		0		0		0		0
Adjusted OIBDA	0		0		0		0		0		0		0		0		0		0		0		0		0.02		0.03
Adjusted OIBDA, %	0		0		0		0		0		0		0		0		0		0		0		0		6.7	%	7.5	%
Broadband subscriptions (‘000)	0		0		0		0		0		0		0		0		0		0		0		0		0		0
BB subscritions using USB modems (‘000)	0		0		0		0		0		0		0		0		0		0		0		0		0		0
BB fixed-line subscriptions (‘000)	0		0		0		0		0		0		0		0		0		0		0		0		0		0

Reconciliation of OIBDA total	Q1 2007		Q2 2007		Q3 2007		Q4 2007		Q1 2008		Q2 2008		Q3 2008		Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Adjusted OIBDA	(1.2	)	(1.9	)	(2.0	)	(2.3	)	(2.2	)	(2.1	)	(1.1	)	(1.2	)	(0.5	)	0.1		1.0		0.4		1.1		1.5
Depreciation	(0.1	)	(0.5	)	(0.8	)	(1.1	)	(1.5	)	(1.9	)	(2.1	)	(2.7	)	(2.9	)	(2.9	)	(2.8	)	(3.1	)	(2.8	)	(3.1	)
Amortization	(0.9	)	(1.2	)	(1.3	)	(1.3	)	(1.3	)	(2.0	)	(2.0	)	(1.8	)	(1.7	)	(1.7	)	(1.7	)	(1.6	)	(1.6	)	(1.5	)
Impairment loss	—		—		—		—		—		—		—		—		—		—		—		—		—		—
Operating income	(2.2	)	(3.6	)	(4.1	)	(4.7	)	(5.0	)	(6.0	)	(5.2	)	(5.7	)	(5.1	)	(4.5	)	(3.5	)	(4.3	)	(3.3	)	(3.1	)
Interest income	—		—		—		—		—		—		—		—		—		—		—		—		—		—
Net foreign exchange gain/(loss)	0.2		0.6		0.3		2.4		6.5		4.1		1.1		(22.8	)	(0.3	)	1.2		(1.8	)	(0.9	)	(6.1	)	(8.8	)
Interest expense	(0.4	)	(0.6	)	(0.9	)	(1.2	)	(1.5	)	(1.9	)	(2.2	)	(2.6	)	(2.5	)	(2.7	)	(2.7	)	(2.7	)	(2.8	)	(2.8	)
Equity in net gain/(loss) of associates	—		—		—		—		—		—		—		—		—		—		—		—		—		—
Other (expense)/income, net	—		—		—		0.1		(0.1	)	0.1		(0.1	)	0.1		—		(0.2	)	(0.1	)	0.1		—		(0.1	)
Income tax expense	(1.3	)	(0.3	)	0.2		0.6		0.3		0.8		0.5		0.3		0.8		0.5		0.1		0.2		0.2		0.1
Net income/(loss)	(3.7	)	(3.9	)	(4.5	)	(2.8	)	0.2		(2.9	)	(5.9	)	(30.7	)	(7.1	)	(5.7	)	(8.0	)	(7.6	)	(12.0	)	(14.7	)

Adjusted OIBDA margin as a percentage of net operating revenue	n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a		1.4	%	11.2	%	3.9	%	10.1	%	13.0	%
Depreciation	n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a		(40.8	%)	(31.5	%)	(30.4	%)	(25.7	%)	(27.0	%)
Amortization	n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a		(23.9	%)	(19.1	%)	(15.7	%)	(14.7	%)	(13.0	%)
Impairment loss	n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a		0.0	%	0.0	%	0.0	%	0.0	%	0.0	%
Operating income	n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a		(63.4	%)	(39.3	%)	(42.2	%)	(30.3	%)	(27.0	%)
Interest income	n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a		0.0	%	0.0	%	0.0	%	0.0	%	0.0	%
Net foreign exchange gain/(loss)	n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a		16.9	%	(20.2	%)	(8.8	%)	(55.9	%)	(76.5	%)
Interest expense	n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a		(38.0	%)	(30.3	%)	(26.5	%)	(25.7	%)	(24.3	%)
Equity in net gain/(loss) of associates	n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a		0.0	%	0.0	%	0.0	%	0.0	%	0.0	%
Other (expense)/income, net	n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a		(2.8	%)	(1.2	%)	1.0	%	0.0	%	(0.9	%)
Income tax expense	n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a		7.0	%	1.1	%	2.0	%	1.8	%	0.9	%
Net income/(loss)	n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a		n/a		(80.3	%)	(89.9	%)	(74.5	%)	(110.1	%)	(127.8	%)

Kyrgizia

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


CONSOLIDATED	Q1 2007	Q2 2007	Q3 2007	Q4 2007	Q1 2008	Q2 2008	Q3 2008	Q4 2008	Q1 2009	Q2 2009	Q3 2009	Q4 2009	Q1 2010		Q2 2010
Net operating revenue	0	0	0	0	0	0	0	0	0	0	0	0	25.5		27.5
Gross margin	0	0	0	0	0	0	0	0	0	0	0	0	20.0		21.4
Gross margin, %	0	0	0	0	0	0	0	0	0	0	0	0	78.4	%	77.8	%
Adjusted OIBDA	0	0	0	0	0	0	0	0	0	0	0	0	9.5		12.8
Adjusted OIBDA, %	0	0	0	0	0	0	0	0	0	0	0	0	37.3	%	46.5	%
SG&A	0	0	0	0	0	0	0	0	0	0	0	0	7.5		8.5
including Sales & Marketing Expenses	0	0	0	0	0	0	0	0	0	0	0	0	1.6		1.0
including advertising	0	0	0	0	0	0	0	0	0	0	0	0	0.5		0.2
including General & Administrative Costs	0	0	0	0	0	0	0	0	0	0	0	0	5.9		7.5
SG&A, %	0	0	0	0	0	0	0	0	0	0	0	0	29.4	%	30.9	%
Net Income attributable to VimpelCom Ltd	0	0	0	0	0	0	0	0	0	0	0	0	0.0		0.0
Capital Expenditures	0	0	0	0	0	0	0	0	0	0	0	0	1.0		0.2

MOBILE	Q1 2007	Q2 2007	Q3 2007	Q4 2007	Q1 2008	Q2 2008	Q3 2008	Q4 2008	Q1 2009	Q2 2009	Q3 2009	Q4 2009	Q1 2010		Q2 2010
Net operating revenue	0	0	0	0	0	0	0	0	0	0	0	0	25.5		27.5
including Mobile Interconnect	0	0	0	0	0	0	0	0	0	0	0	0	6.0		7.8
Adjusted OIBDA	0	0	0	0	0	0	0	0	0	0	0	0	9.5		12.8
Adjusted OIBDA, %	0	0	0	0	0	0	0	0	0	0	0	0	37.3	%	46.5	%

Subscriptions (‘000)	0	0	0	0	0	0	0	0	0	0	0	0	1,774		1,722
ARPU, US$	0	0	0	0	0	0	0	0	0	0	0	0	4.7		5.3
MOU, min	0	0	0	0	0	0	0	0	0	0	0	0	193.9		235.9
Churn 3 months active base (quarterly), %	0	0	0	0	0	0	0	0	0	0	0	0	17.2	%	17.3	%

FIXED	Q1 2007	Q2 2007	Q3 2007	Q4 2007	Q1 2008	Q2 2008	Q3 2008	Q4 2008	Q1 2009	Q2 2009	Q3 2009	Q4 2009	Q1 2010		Q2 2010
Net operating revenue	0	0	0	0	0	0	0	0	0	0	0	0	0		0
including business segment	0	0	0	0	0	0	0	0	0	0	0	0	0		0
including wholesale segment	0	0	0	0	0	0	0	0	0	0	0	0	0		0
including residential segment	0	0	0	0	0	0	0	0	0	0	0	0	0		0
Adjusted OIBDA	0	0	0	0	0	0	0	0	0	0	0	0	0		0
Adjusted OIBDA, %	0	0	0	0	0	0	0	0	0	0	0	0	0		0

Broadband subscriptions (‘000)	0	0	0	0	0	0	0	0	0	0	0	0	0		0
BB subscritions using USB modems (‘000)	0	0	0	0	0	0	0	0	0	0	0	0	0		0
BB fixed-line subscriptions (‘000)	0	0	0	0	0	0	0	0	0	0	0	0	0		0

Reconciliation of OIBDA total	Q1 2007	Q2 2007	Q3 2007	Q4 2007	Q1 2008	Q2 2008	Q3 2008	Q4 2008	Q1 2009	Q2 2009	Q3 2009	Q4 2009	Q1 2010		Q2 2010
Adjusted OIBDA	0	0	0	0	0	0	0	0	0	0	0	0	9.5		12.8
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	(3.3	)	(3.4	)
Amortization	0	0	0	0	0	0	0	0	0	0	0	0	(0.8	)	(0.8	)
Operating income	0	0	0	0	0	0	0	0	0	0	0	0	5.4		8.6
Interest income	0	0	0	0	0	0	0	0	0	0	0	0	0.7		0.3
Net foreign exchange gain/(loss)	0	0	0	0	0	0	0	0	0	0	0	0	0.4		0.2
Interest expense	0	0	0	0	0	0	0	0	0	0	0	0	0.0		0.0
Equity in net gain/(loss) of associates	0	0	0	0	0	0	0	0	0	0	0	0	0.0		0.0
Other (expense)/income, net	0	0	0	0	0	0	0	0	0	0	0	0	0.1		0.1
Income tax expense	0	0	0	0	0	0	0	0	0	0	0	0	(0.6	)	(1.4	)
Net income/(loss)	0	0	0	0	0	0	0	0	0	0	0	0	6.0		7.8

Adjusted OIBDA margin as a percentage of net operating revenue	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	37.3	%	46.5	%
Depreciation	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	(13.0	%)	(12.3	%)
Amortization	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	(3.1	%)	(2.9	%)
Operating income	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	21.2	%	31.3	%
Interest income	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	2.7	%	1.1	%
Net foreign exchange gain/(loss)	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	1.6	%	0.7	%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.0	%	0.0	%
Equity in net gain/(loss) of associates	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.0	%	0.0	%
Other (expense)/income, net	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.4	%	0.4	%
Income tax expense	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	(2.4	%)	(5.1	%)
Net income/(loss)	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	23.5	%	28.4	%

SEA

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


CONSOLIDATED	Q1 2007	Q2 2007	Q3 2007	Q4 2007	Q1 2008	Q2 2008	Q3 2008	Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Net operating revenue	0	0	0	0	0	0	0.0	0.0		0.0		0.9		2.4		2.4		4.4		5.5
Gross margin	0	0	0	0	0	0	0.0	0.0		0.0		-1.0		-0.7		0.5		2.3		2.8
Gross margin, %	0	0	0	0	0	0	n/a	n/a		n/a		-111.1	%	-29.2	%	20.8	%	52.3	%	50.9	%
Adjusted OIBDA	0	0	0	0	0	0	0.6	-1.3		-3.8		-8.5		-13.2		-12.6		-8.6		-8.1
Adjusted OIBDA, %	0	0	0	0	0	0	n/a	n/a		n/a		n/a		n/a		n/a		n/a		-147.3	%
SG&A	0	0	0	0	0	0	-0.6	1.3		3.8		7.5		12.5		13.1		10.9		10.9
including Sales & Marketing Expenses	0	0	0	0	0	0	0.0	0.0		0.0		2.2		2.7		2.5		3.0		3.1
including advertising	0	0	0	0	0	0	0.0	0.0		0.0		1.6		1.3		1.2		0.7		1.3
including General & Administrative Costs	0	0	0	0	0	0	-0.6	1.3		3.8		5.3		9.8		10.6		7.9		7.8
SG&A, %	0	0	0	0	0	0	n/a	n/a		n/a		833.3	%	520.8	%	545.8	%	247.7	%	198.2	%
Net Income attributable to VimpelCom Ltd	0	0	0	0	0	0	0.6	-2.5		-0.8		-13.3		-22.1		-31.7		-18.3		-20.5
Capital Expenditures	0	0	0	0	0	0	0.4	7.4		12.9		23.6		8.2		22.8		16.9		8.8

MOBILE	Q1 2007	Q2 2007	Q3 2007	Q4 2007	Q1 2008	Q2 2008	Q3 2008	Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Net operating revenue	0	0	0	0	0	0	0	0		0		0.9		2.4		2.4		4.4		5.5
including Mobile Interconnect	0	0	0	0	0	0	0	0		0		0		0.2		0.3		0.6		0.8
Adjusted OIBDA	0	0	0	0	0	0	0.6	-1.3		-3.8		-8.5		-13.2		-12.6		-8.6		-8.1
Adjusted OIBDA, %	0	0	0	0	0	0	n/a	n/a		n/a		n/a		n/a		n/a		n/a		n/a

Subscriptions (‘000)	0	0	0	0	0	0	0	0		0		79	^*	95	^*	367		491		525
ARPU, US$	0	0	0	0	0	0	0	0		0		n/m		n/m		n/m		3.5		3.5
MOU, min	0	0	0	0	0	0	0	0		0		n/m		n/m		n/m		350.7		340.7
Churn 3 months active base (quarterly), %	0	0	0	0	0	0	0	0		0		n/m		n/m		n/m		n/m		n/m

FIXED	Q1 2007	Q2 2007	Q3 2007	Q4 2007	Q1 2008	Q2 2008	Q3 2008	Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Net operating revenue	0	0	0	0	0	0	0	0		0		0		0		0		0		0
including business segment	0	0	0	0	0	0	0	0		0		0		0		0		0		0
including wholesale segment	0	0	0	0	0	0	0	0		0		0		0		0		0		0
including residential segment	0	0	0	0	0	0	0	0		0		0		0		0		0		0
Adjusted OIBDA	0	0	0	0	0	0	0	0		0		0		0		0		0		0
Adjusted OIBDA, %	0	0	0	0	0	0	0	0		0		0		0		0		0		0

Broadband subscriptions (‘000)	0	0	0	0	0	0	0	0		0		0		0		0		0		0
BB subscritions using USB modems (‘000)	0	0	0	0	0	0	0	0		0		0		0		0		0		0
BB fixed-line subscriptions (‘000)	0	0	0	0	0	0	0	0		0		0		0		0		0		0

Reconciliation of OIBDA total	Q1 2007	Q2 2007	Q3 2007	Q4 2007	Q1 2008	Q2 2008	Q3 2008	Q4 2008		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010		Q2 2010
Adjusted OIBDA	0	0	0	0	0	0	0.6	(1.4	)	(3.8	)	(8.5	)	(13.2	)	(12.6	)	(8.6	)	(8.1	)
Depreciation	0	0	0	0	0	0	—	—		—		(0.3	)	(1.5	)	(2.3	)	(2.7	)	(3.1	)
Amortization	—	—	—	—	0	0	—	—		—		(0.2	)	(0.5	)	(0.3	)	(0.4	)	(0.4	)
Impairment loss	—	—	—	—	—	—	—	—		—		—		—		—		—		—
Operating income	0	0	0	0	0	0	0.6	(1.4	)	(3.8	)	(9.0	)	(15.2	)	(15.2	)	(11.7	)	(11.6	)
Interest income	0	0	0	0	0	0	—	—		—		—		—		—		—		—
Net foreign exchange gain/(loss)	0	0	0	0	0	0	—	—		—		—		—		—		0.1		—
Interest expense	0	0	0	0	0	0	—	—		(0.3	)	(0.7	)	(1.3	)	(1.7	)	(1.8	)	(2.2	)
Equity in net gain/(loss) of associates	0	0	0	0	0	0	—	(1.2	)	3.1		(4.3	)	(6.7	)	(15.8	)	(5.9	)	(7.8	)
Other (expense)/income, net	0	0	0	0	0	0	—	—		—		—		—		—		—		—
Income tax expense	0	0	0	0	0	0	—	—		—		—		—		—		—		—
Net income/(loss)	0	0	0	0	0	0	0.6	(2.6	)	(1.0	)	(14.0	)	(23.2	)	(32.7	)	(19.3	)	(21.6	)

Adjusted OIBDA margin total as a percentage of net operating revenue	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a		n/a		n/a		n/a		n/a		n/a		n/a
Depreciation	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a		n/a		n/a		n/a		n/a		n/a		n/a
Amortization	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a		n/a		n/a		n/a		n/a		n/a		n/a
Impairment loss	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a		n/a		n/a		n/a		n/a		n/a		n/a
Operating income	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a		n/a		n/a		n/a		n/a		n/a		n/a
Interest income	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a		n/a		n/a		n/a		n/a		n/a		n/a
Net foreign exchange gain/(loss)	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a		n/a		n/a		n/a		n/a		n/a		n/a
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a		n/a		n/a		n/a		n/a		n/a		n/a
Equity in net gain/(loss) of associates	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a		n/a		n/a		n/a		n/a		n/a		n/a
Other (expense)/income, net	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a		n/a		n/a		n/a		n/a		n/a		n/a
Income tax expense	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a		n/a		n/a		n/a		n/a		n/a		n/a
Net income/(loss)	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a		n/a		n/a		n/a		n/a		n/a		n/a

* In 2Q ‘09 and 3Q ‘09 we reported 79 and 95 thousands as active subscriptions in Cambodia which were calculated on a one month basis. Starting from 4Q09 we report active subscriptions base in Cambodia calculated on a three month basis.

VimpelCom Ltd

2Q10 Presentation

Disclaimer

This presentation contains “forward-looking statements”, as the phrase is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements relate to the Company’s strategy, development plans and anticipated performance. The forward-looking statements are based on management’s best assessment of the Company’s strategic and financial position, and future market conditions and trends. These discussions involve risks and uncertainties. The actual outcome may differ materially from these statements as a result of continued volatility in the economies in the markets in which the Company operates, unforeseen developments from competition, governmental regulation of the telecommunications industries and general political uncertainties in the markets in which the Company operates and/or litigation with third parties. The actual outcome may also differ materially if the Company is unable to obtain all necessary corporate approvals relating to its business, if the Company is unable to successfully integrate newly-acquired businesses and other factors. There can be no assurance that these risks and uncertainties will not have a material adverse effect on the Company, that the Company will be able to grow or that it will be successful in executing its strategy and development plans. Certain factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risk factors described in the Company’s registration statement on Form F-4 filed with the U.S. Securities and Exchange Commission (the “SEC”), OJSC VimpelCom’s public filings with the SEC, including its Annual Report on Form 20-F for the year ended December 31, 2009, and other public filings made by the Company with the SEC, which risk factors are incorporated herein by reference.

VimpelCom disclaims any obligation to update developments of these risk factors or to announce publicly any revision to any of the forward-looking statements contained herein, or to make corrections to reflect future events or developments.

2 © VimpelCom Ltd 2010

Participants

Presentation

Q&A Session

Alexander Izosimov, President and Chief Executive Officer, VimpelCom Ltd

will be joined by:

Henk van Dalen

Chief Financial Officer, VimpelCom Ltd

Elena Shmatova

General Director, Head of Russian operations

Martin Furuseth

Chief Marketing Officer, Russian operations

Dmitry Kromsky

Head of the CIS operations

Taras Parkhomenko

Chief Marketing Officer, Ukrainian operations

Alexey Subbotin

Head of Investor Relations, VimpelCom Ltd

3 © VimpelCom Ltd 2010

Quarter in brief

• Combination of OJSC VimpelCom and Kyivstar into VimpelCom Ltd. completed April 21, 2010

• Group revenues reached $ 2.6 bn reflecting growth across all key segments of our business

• The consolidated adjusted OIBDA reached $1.3 bn with margin of 47.8% showing best in class profitability

• Operating cash flow amounted to $1.0 billion bringing the first half 2010 figure to $1.8 billion

• New structure of VimpelCom Ltd established dividing the business into four operating segments: Russia, Ukraine, CIS and South-East Asia

4 © VimpelCom Ltd 2010

Group Financial Highlights

Revenue*, USD mln

Russia 2Q10 Ukraine 2Q10 CIS 2Q10 SEA and eliminations VimpelCom Ltd 2Q10 VimpelCom Ltd 1Q10

Net Income attributable to VimpelCom Ltd, USD mln

Russia 2Q10 Ukraine 2Q10 CIS 2Q10 SEA, HQ and eliminations VimpelCom Ltd 2Q10 VimpelComLtd 1Q10

OIBDA (USD mln) and OIBDA Margin**

Russia 2Q10 Ukraine 2Q10 CIS 2Q10 SEA, HQ and eliminations VimpelCom Ltd 2Q10 VimpelCom Ltd 1Q10

ROCE, %

2Q09 1Q10 2Q10

* Hereafter refers to Net operating revenues ** Hereafter Adjusted OIBDA and Adjusted OIBDA margin are referred to as OIBDA and OIBDA margin respectively

5 © VimpelCom Ltd 2010

Group Financial Position

Liquidity position, USD mln

4Q09 1Q10 2Q10

OIBDA LTM Capex LTM Free Cash Flow LTM

* LTM OIBDA represents an adjusted OIBDA which constitutes the sum of the lines: LTM Operating Income and LTM Depreciation, Amortization and Impairment Loss. LTM stands for the “last twelve months” to reporting date.

**Net Debt is calculated as Total Debt minus Cash and cash equivalents

Free cash flow is calculated as Net income plus depreciation, amortization and impairment loss and minus capital expenditures

Key Ratios and Indicators

($ mln) Jun 30, 2010 Mar 31, 2010 Dec 31, 2009

Cash and Cash Equivalents 2,353 1,530 1,447 Total Assets 20,943 15,032 14,733 Total Debt 6,333 6,648 7,353

-Short-term 1,532 1,356 1,813 -Long-term 4,801 5,292 5,540

Equity and redeemable noncontrolling interest 11,160 5,888 5,017 LTM OIBDA* 4,537 4,365 4,272

-LTM Depreciation, amortization and impairment loss 1,830 1,732 1,694

-LTM Operating income 2,707 2,633 2,578

LTM Interest expense 595 603 599 Debt/Equity and redeemable noncontrolling interest 0.6 1.1 1.5 Debt/OIBDALTM 1.4 1.5 1.7 OIBDA LTM/Interest expenseLTM 7.6 7.2 7.1 Debt/Assets 0.30 0.44 0.50 Net Debt** 3,980 5,118 5,906

6 © VimpelCom Ltd 2010

Group Debt Profile as of June 30, 2010* VimpelCom

Debt Maturity Schedule, USD mln

Total debt – $6.3 bn Paid in 2010 - $1.6 bn Still due in 2010 – $0.2 bn

928 231 429** 213 1,801 213 1,588 1,895 736 1,392 32 27 609 1,000

1Q10 2Q10 3Q10 4Q10 2010 2011 2012 2013 2014 2015 2016 2017 2018

- paid - due in 2010 - due after 2010

Debt Composition by Currency

17% 10% 73% 30% 9% 61% 30% 7% 63%

2Q09 1Q10 2Q10

- EUR - RUR - USD

* 1Q10 & 2Q10 figures are at actual rate.

7 All other figures at the exchange rate © VimpelCom Ltd 2010 as of June 30, 2010

** $429 million paid as of August 31, 2010

Russia: Financial Highlights VimpelCom

Revenue, RUR bn

59.1 61.2 58.8 61.7 56.3 57.4

10.8 9.9 9.9 9.9 9.5 9.9

45.5 49.2 51.3 48.9 47.9 51.8

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10

Mobile Fixed-line

CAPEX

19.6% 16.6% 12.2% 8.3% 8.5% 10.0%

3.1 3.5 2.8 9.8 3.7 7.4

1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10

CAPEX (RUR bn) Capex/Revenue LTM

OIBDA (RUR bn) and OIBDA Margin

30.4 31.2 28.9 27.3 28.0 27.2

48.6% 51.5% 50.9% 47.5% 47.5% 47.2%

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10

ROIC, %

24.2% 26.5% 27.6% 32.2% 33.0% 33.0%

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10

Russia: Operating Highlights VimpelCom

Mobile subscriptions, mln

49.4 50.0 51.0 50.9 51.3 50.9

1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10

Broadband subscriptions, ‘000

1,498 650 848 1,659 763 896 1,833 896 937 2,111 1,038 1,073 2,335 1,168 1,167 2,499 1,300 1,199

1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10

BB Fixed-line BB Mobile (USB modems)

ARPU and MOU

307 203 323 212 332 214 317 218 308 204 330 219

1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10

ARPU (RUR) MOU (min)

Broadband ARPU, RUR

421 298 392 252 404 251 425 275 395 275 359 251

1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 BB Fixed-line BB Mobile (USB modems)

Russia Fixed-line Operations VimpelCom

Revenue, RUR bn

+4.7%

10.7 9.9 9.9 9.9 9.5 9.9

1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10

Business segment, RUR bn

+3.0%

5.8 5.3

5.0 4.8 4.5 4.6

1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10

Wholesale segment, RUR bn

+8.2%

3.6 3.2 3.5 3.6 3.4 3.7

1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10

Residential segment revenue, RUR bn

+2.1%

1.39 1.41 1.42 1.57 1.60 1.63

1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10

Ukraine (pro-forma): Financial Highlights VimpelCom

Revenue, UAH bn

3.1 3.2 3.2

3.0 3.1

2.9

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10

CAPEX, UAH mln

480 538 350 378 421 304

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10

OIBDA (UAH bn) and OIBDA Margin

1.7 1.6 1.6 1.7 1.6 1.4 52.1% 54.6% 54.2% 50.2% 51.8% 49.4%

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 OIBDA OIBDA Margin

Mobile data revenue, UAH mln

81.7 87.9 85.4 74.7 66.1 68.6

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10

Ukraine (pro-forma): Operating Highlights VimpelCom

Mobile subscriptions, mln

24.6 24.2 24.5 24.0 23.9 24.1

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10

Fixed-line broadband subscriptions, ‘000

40 53 70 109 134 164

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10

ARPU (UAH) and MOU (Min)

36.1 39.8 40.8 40.0 36.1 39.2

276 296 331 379 410 431

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10

ARPU (UAH) MOU (min)

Fixed-line broadband ARPU, UAH

68.5 62.0 53.7 44.7 49.8 42.8

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10

VimpelCom

CIS Operations*

Revenue, USD mln

286 280 297 294 295 336

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10

Mobile Fixed-line

39 37 35 37 35 34

260 259 261 297 249 245

CAPEX, USD mln

36.8% 24.9% 16.1% 11.4% 14.9% 9.2%

6.6 21.7 21.5 57.1 32.3 70.6

1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10

CAPEX (USD mln) Capex/Revenue LTM

OIBDA (USD mln) and OIBDA Margin

140 139 155 145 140 162

49.5% 52.1% 49.2% 49.2% 47.4% 48.2%

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10

OIBDA OIBDA Margin

ROIC, %

11.7% 12.1% 11.5% 10.7% 9.3% 10.1%

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10

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

13 VimpelCom Ltd 2010

VimpelCom

South-East Asia

Vietnam

Operations in 51 out of 63 provinces with 58% population coverage

0.8 mln mobile subscriptions

Cambodia

Top-3 mobile operator after the first year of operations

Active customer base increased to 525,000

25% revenue growth quarter-on-quarter

14 VimpelCom Ltd 2010

VimpelCom

Summary

Good set of quarterly results with revenue growth across all segments

Strong cash generation with operating cash flow of over $1 billion for the second quarter and $1.8 billion for the first half of 2010

Positive market growth outlook in our key markets

New organizational structure put in place

15 VimpelCom Ltd 2010

APPENDICES

VimpelCom

VimpelCom Ltd 2010

Map of Operations

VimpelCom

Ukraine

Population: 45.3 mln.

URS acquired: Nov ‘05

Kyivstar: Apr ‘10

Penetration: 112%

GDP* 6,400

Georgia

Population: 4.3 mln.

Acquired: Jul. 2006

Penetration: 90%

GDP* 4,500

Armenia

Population: 3.0 mln.

Acquired: Nov. 2006

Penetration: 88%

GDP* 5,900

Russia Population: 140.7 mln.

Penetration: 144%

GDP*: 15,200

Kazakhstan

Population: 15.7 mln.

Acquired: Sept. 2004

Penetration: 106%

GDP* 11,400

Kyrgyzstan

Population: 5.3 mln.

Consolidated: Jan ‘10

Penetration: 74%

GDP* 2,100

Uzbekistan

Population: 28.4 mln.

Acquired: Jan. 2006

Penetration: 58%

GDP* 2,800

Tajikistan

Population: 7.0 mln.

Acquired: Jan. 2006

Penetration: 62%

GDP* 1,800

Vietnam

Population: 89.7 mln.

JVA signed: Jul. 2008

Penetration: 119%

GDP* 2,900

Cambodia

Population: 15.0 mln.

Acquired: Jul. 2008

Penetration: 37%

GDP* 1,900

GSM & 3G licenses

GSM license only

No VIP license

VimpelCom

*GDP(PPP), $ per capita

VimpelCom Ltd 2010

FOREX Development

VimpleCom

3Q09 4Q09 1Q10 2Q10

Currency Opening rate Average rate Closing rate Average rate Closing rate Average rate Closing rate Average rate Closing rate

RUR 31.04 31.33 30.09 29.47 30.24 29.89 29.36 30.24 31.20

UAH 7.64 7.82 8.01 7.99 7.99 7.99 7.93 7.92 7.91

KZT 150.43 150.75 150.95 149.77 148.36 147.68 147.11 146.81 147.46

AMD 359.98 372.66 384.28 384.40 377.89 384.26 400.50 384.49 367.50

GEL 1.65 1.68 1.68 1.68 1.69 1.72 1.75 1.80 1.84

Source: National Banks of the CIS countries, Company calculations

18 VimpelCom Ltd 2010