VimpelCom Continues To Deliver On Strategy With Profitable Organic Growth In 3Q12

 VimpelCom Continues To Deliver On Strategy With Profitable Organic Growth In
                                     3Q12

PR Newswire

AMSTERDAM, Nov. 14, 2012

AMSTERDAM, Nov.14, 2012 /PRNewswire/ --

KEY RESULTS AND DEVELOPMENTS IN 3Q12

  oRevenues of USD 5.7 billion; organic^1 growth of 3% YoY
  oEBITDA of USD 2.5 billion, up 8% organically YoY; double digit growth in
    Russia and CIS
  oResults negatively impacted by USD appreciation against operating
    currencies
  oTotal mobile subscriber base increased to 212 million
  oPositive operational development continues in Business Unit Russia
  oNet income increased 185% YoY to USD 538 million

"VimpelCom Ltd" ("VimpelCom", "Company" or "Group") (NYSE: VIP), a leading
global provider of telecommunications services, today announces operating and
financial results for the quarter ended September 30, 2012.

JO LUNDER, CHIEF EXECUTIVE OFFICER, COMMENTS:

"We have made further good progress in the execution of our strategy, with
strong organic growth in Group revenue and EBITDA. The EBITDA margin of 44% is
the highest reported since completion of the Wind Telecom acquisition in April
2011. In our emerging markets (excluding Italy) we delivered 7% organic
revenue growth and a 14% increase in EBITDA. In Russia, the positive trend
seen in the first half continued, with year-on-year revenue growth of 7%, in
part driven by strong mobile data revenue growth of 38%. EBITDA in Russia
increased 16% year-on-year, with an improvement in the EBITDA margin to 43.2%.
Our business in Italy has continued to outperform competition also showing
strong mobile data revenue growth and CIS, Asia & Africa and Ukraine each
delivered a solid set of figures in their respective markets.

"We are delivering on our objectives and our focus will remain on delivering
profitable growth leading to increased cash flows."

CONSOLIDATED FINANCIAL AND OPERATING HIGHLIGHTS

USD mln                              Actual
                                                 Reported  Organic
                                     3Q12  3Q11
                                                 YoY       YoY
Total operating revenues             5,747 6,096 -6%       3%
EBITDA                               2,530 2,572 -2%       8%
EBITDA margin                        44.0% 42.2% -         -
EBIT                                 1,255 1,076 17%       -
Net income                           538   189   185%      -
EPS, basic (USD)                     0.33  0.12  175%      -
Capital expenditures                 829   1,193 -31%      -
Net cash from operating activities   1,998 1,914 4%        -
Net debt / LTM EBITDA                2.4   -     -         -
Total mobile subscribers (million)^2 212   199   7%        -

^1) Organic revenue and EBITDA growth are non-GAAP financial measures that
exclude the effect of foreign currency movements and certain items like
liquidations and disposals. A reconciliation of organic to reported Revenue
and EBITDA growth can be found in Attachment C. For more information please
see the definition of Organic growth Revenue and EBITDA in Attachment E.

^2) Following the sale of Vietnam the subscriber numbers for 3Q12 exclude
Vietnam subscribers while 3Q11 included 2 million subs in Vietnam.

For all definitions please see Attachment E.

CONSOLIDATED FINANCIAL AND OPERATING HIGHLIGHTS

USD mln                 Pro forma                       Actual
                        9M12   9M11   Reported Organic  9M12   9M11   Reported
                                      YoY      YoY                    YoY
Total operating         17,111 17,588 -3%      5%       17,111 14,373 19%
revenues
EBITDA                  7,322  7,298  0%       7%       7,322  6,029  21%
EBITDA margin           42.8%  41.5%  -        -        42.8%  41.9%  -
EBIT                    3,462  2,961  17%      -        3,462  2,640  31%
Net income              1,344  906    48%      -        1,344  924    45%
EPS, basic (USD)        0.83   0.56   48%      -        0.83   0.62   34%
Capital expenditures    2,489  2,949  -16%     -        2,489  2,615  -5%
Net cash from operating 4,956  -      -        -        4,956  4,248  17%
activities
Net debt / LTM EBITDA   2.4    -      -        -        2.4    -      -
Total mobile
subscribers             212    199    7%       -        212    199    7%
(millions)^2

PRESENTATION OF FINANCIAL RESULTS

The pro forma information presented in this earnings release reflects what the
Company's results of operations would have looked like had the Company's
transaction with Wind Telecom occurred on January 1, 2011. For further details
about the adjustments and assumptions of the pro forma results, please refer
to VimpelCom's press releases issued on August 18, 2011 and May 14, 2012 both
of which are available on the Company's website.

VimpelCom results presented in this earnings release are based on IFRS.

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

The actual financial results in this earnings release have not been audited.

On January 16^th, 2013 VimpelCom will be hosting its
Analyst & Investor Day.
Updates will follow on VimpelCom.com

STRATEGIC UPDATE AND MAIN EVENTS

  oAGM to be held on December 21, 2012 subject to removal of injunction
    relating to the FAS claim OTH raising its voting stake in Canada to 65%
  oAim to launch LTE in Moscow and 6 other Russian regions in 2013
  oAnalyst & Investor Day on January 16, 2013

In 3Q12 VimpelCom continued to deliver on its strategic priorities as defined
by the Company's Value Agenda for 2012-2014, with profitable organic growth in
almost all business units. Without the reduction of MTRs in Italy, Revenue
growth would have been close to 5% organically YoY and EBITDA organic growth
would have been approximately 9% YoY. In Russia, the Company continued to
deliver on its turnaround strategy.

As previously announced, in April and May, a Russian court issued injunctions
in relation to the claims by the Russian Federal Anti-Monopoly Service ("FAS")
against Telenor East Holding II AS ("Telenor") and Weather Investments II
S.a.r.l. ("Weather II"). The injunctions prohibited, among other things, the
payment of dividends by VimpelCom's wholly owned Russian subsidiary OJSC
"Vimpel-Communications". In May, VimpelCom announced that in light of these
injunctions the Supervisory Board of the Company considered it prudent and in
the best interests of VimpelCom to postpone the payment and cancel the June 1,
2012 record date of the previously announced final dividend relating to the
Company's 2011 results. The Supervisory Board of the Company will make a
decision whether to pay the final 2011 dividend at a later date and will set a
new record date as appropriate.

The Company has announced that its Supervisory Board has set the date for the
Company's 2012 Annual General Meeting of Shareholders (the "Shareholders
Meeting") for December 21, 2012. The record date for the Shareholders Meeting
has been set for November 20, 2012. In light of the injunctions issued by the
Moscow Arbitration Court in relation to the claims by the Russian Federal
Anti-Monopoly Service ("FAS") against Telenor and Weather II, the Supervisory
Board has determined that if the injunctions are not lifted prior to November
27, 2012 it would be prudent to postpone the Shareholders Meeting. In case the
Shareholders Meeting is postponed, an announcement in that respect will be
issued on or around November 27, 2012. Further details on the agenda, the
slate of nominees to the Supervisory Board and procedural matters related to
the Shareholders Meeting will be made available through an official notice to
be distributed by VimpelCom to its shareholders prior to the Shareholders
Meeting.

The Company has also taken several important steps with respect to Orascom
Telecom Holding (OTH). VimpelCom and OTH, of which VimpelCom is 51.9%
shareholder, have entered into mutual service level agreements to create
synergies and operational efficiencies. Additionally, in light of an agreement
between VimpelCom and Weather II that required the cessation of the use of the
"Orascom" name and brand by OTH and its subsidiaries by the end of 2012,
Orascom Telecom Holding S.A.E. will be renamed to Global Telecom Holding
S.A.E. Furthermore, following the change in Canada's foreign ownership laws
earlier this year OTH will convert its non-voting shares into voting shares of
Globalive Investment Holding Corp. (GIHC), the parent company of Wind Mobile
Canada and Globalive Canada. As a result, the indirect voting stake of OTH in
GIHC will increase from 32.02% to 65.08%. The required approval for the
conversion from the Canadian investment authorities is expected by early 2013.
Finally, OTH's shareholder loans to GIHC group will be restructured.

In July, VimpelCom was awarded an LTE license in Russia, allowing the Company
to provide services using radio-electronic devices in the territory of the
Russian Federation via networks that use the LTE standard and its further
modifications within the frequency band of 791-862 MHz. VimpelCom aims to
launch its LTE services in Moscow and in 6 other Russian regions in 2013. The
roll-out of the LTE network will need to occur with a phased approach based on
a predefined schedule and must be fully completed by the end of 2019. A
further condition of the license award is that VimpelCom will invest at least
RUB 15 billion annually until its federal LTE network is built.

VimpelCom announces today that it will hold its second Analyst & Investor Day
on January 16, 2013 in London. An update of the Group strategy, the Value
Agenda, will be presented both for the Group and for Business Units.

VIMPELCOM GROUP – FINANCIAL AND OPERATING RESULTS 3Q12

  oRevenues of USD 5.7 billion with organic growth of 3% YoY, mainly impacted
    by MTR cut in Italy
  oStrong mobile data growth
  oEBITDA of USD 2.5 billion, up 8% organically YoY; double digit organic
    growth in Russia and CIS
  oTotal mobile subscriber base increased 7% YoY to 212 million; incidental
    strong growth in Uzbekistan
  oNet cash from operating activities USD 2.0 billion, impacted by interest
    swap receipt of USD 190 million
  oCapex of USD 0.8 billion; LTM Capex / Revenues of 19%
  oNet debt / LTM EBITDA at 2.4x, stable QoQ

OPERATING PERFORMANCE OVERVIEW

The 3Q12 reported results in USD were significantly impacted by the
appreciation of the USD against the local currencies in almost all of
VimpelCom's operating businesses. The organic development is highlighted
below.

The total mobile subscriber base increased 7% YoY to 212million at the end of
the third quarter. The largest absolute contribution came from accelerated
growth in subscribers in the Africa & Asia Business Unit and a large increase
in subscribers in CIS resulting primarily from the temporary network closure
of a competitor by the Uzbek authorities. In addition, the Company also
achieved strong growth in fixed and mobile broadband subscribers in Russia,
Italy and Ukraine.

In Russia, the Company continued the positive trend witnessed in the first
half of the year, delivering organic revenue growth of 7% YoY. Mobile data
revenues increased 38% YoY. Mobile broadband subscribers in Russia increased
5% YoY to 2.5 million, while the fixed broadband subscriber base reached 2.3
million, up 25% YoY.

The Company's Italian business continued to outperform the broader Italian
telecom market in the third quarter. VimpelCom strengthened its market
position in Italy in both the mobile and fixed-line segments. Fixed broadband
revenues were up 7% YoY, while mobile internet revenues increased 40% YoY.

In the Africa & Asia Business Unit, the Company exceeded the 86 million
subscriber level through strong subscriber growth across all countries of
operation, with Algeria, Pakistan and Bangladesh performing well in the
period. However there was a slowdown in revenue growth in Pakistan and Algeria
due to Ramadan. In addition, revenue growth in Pakistan was also negatively
impacted by heavy rains in September and two government forced cellular
network closures.

The Ukraine Business Unit continued to invest in solidifying its market
position in the mobile segment through the ongoing transition to bundled
tariff plans. The transition is showing good results with flat mobile service
revenues YoY and an improvement QoQ. Mobile subscribers increased by 2% YoY to
25.2 million. Fixed-line service revenues increased by 11% YoY, mainly due to
a 60% increase in fixed residential broadband revenues.

The CIS Business Unit delivered double digit organic revenue growth, partly
supported by a temporary decrease in competition in Uzbekistan. Overall, CIS
was able to maintain high quality subscriber growth despite an increasingly
competitive environment.

OPERATING FINANCIALS PER BUSINESS UNIT

USD mln                            3Q12  3Q11  Reported Organic
                                               YoY      YoY
Total operating revenues           5,747 6,096 -6%      3%
        of which:
        BU Russia                  2,326 2,397 -3%      7%
        BU Europe & North America  1,662 1,970 -16%     -5%
        BU Africa & Asia           904   957   -6%      5%
        BU Ukraine                 452   437   3%       4%
        BU CIS                     478   430   11%      17%
        Other                      (75)  (95)  -        -
EBITDA                             2,530 2,572 -2%      8%
        of which:
        BU Russia                  1,005 961   5%       16%
        BU Europe & North America  672   798   -16%     -5%
        BU Africa & Asia           424   434   -2%      6%
        BU Ukraine                 231   235   -2%      -1%
        BU CIS                     234   198   18%      28%
        Other                      (36)  (54)  -        -
EBITDA margin                      44.0% 42.2% -        -
Capital expenditures               829   1,193 -31%     -

* See definitions in Attachment E.

FINANCIAL PERFORMANCE OVERVIEW

Total operating revenues in the third quarter 2012 decreased by 6% YoY
impacted by unfavorable currency movements. Overall organic revenue growth was
3%, with a strong performance across most business units.

EBITDA decreased 2% YoY, impacted by unfavorable currency movements. Excluding
these forex effects, EBITDA increased 8% compared to the same period last
year. Double digit organic EBITDA growth YoY was seen in the Russia and CIS
business units, up 16%, and 28%, respectively. EBITDA in CIS was supported by
one-off adjustments totaling USD 12.5 million in Kazakhstan. Italy showed a
YoY organic EBITDA decline of 5% in Italy mainly due to the MTR cut in July
2012 and Ukraine a 1% decline due to the ongoing transition to bundled tariff
plans.

EBIT grew by 17% YoY  positively affected, as reported previously, by the
declining amortization pattern applied to intangible assets associated with
customer relationships as part of the Wind Telecom acquisition where
amortization of later periods is lower than amortization in the year of
acquisition.

Profit before tax increased by 136% YoY due to higher EBIT, foreign exchange
gains and a higher result from the investment in Euroset. The net foreign
exchange gain was USD 36 million in 3Q12, while in 3Q11 there was a loss of
USD 137 million.

Net income nearly tripled as a result of higher Profit before tax and a lower
effective tax rate this year compared to 3Q 2011 when certain net operating
losses incurred were not recognized for tax purposes.

Capex was USD 829 million with investments in the further roll out of the
mobile networks in Russia, Bangladesh and the CIS. In Italy, Wind continued to
invest in the roll-out of HSDPA and in backbone capacity to support the growth
in data. The Company expects FY12 Capex to be approximately 19% of revenue.

                                                         Reported Organic
USD mln                                      3Q12  3Q11
                                                         YoY      YoY
Total operating revenues                     5,747 6,096 -6%      3%
EBITDA                                       2,530 2,572 -2%      8%
EBITDA margin                                44.0% 42.2%
EBIT                                         1,255 1,076 17%
Financial income and expenses                (472) (449) 5%
Net foreign exchange (loss)/gain and others  19    (287) n.m.
Profit before tax                            802   340   136%
Income tax expense                           (225) (188) 20%
Profit for the period                        577   152   280%
Net income                                   538   189   185%
Capital expenditures                         829   1,193 -31%

STATEMENT OF FINANCIAL POSITION & CASH FLOW (ACTUAL)

USD mln
                                                       3Q12    2Q12    QoQ

Total assets                                           53,490  52,543  2%
Shareholders' equity                                   14,779  13,942  6%
Gross debt                                             26,637  26,559  0%
Net debt                                               22,681  23,067  -2%
Net cash from operating activities                     1,998   1,914   4%
Net cash used (in)/from investing activities           (1,137) (1,278) -11%
Net cash used (in)/provided from financing activities  (481)   (187)   157%

Total assets increased by 2% in the quarter to USD 53.5 billion, primarily as
a result of cash generation, investment in fixed assets and positive impact of
currency translation in the third quarter. Gross debt was stable in the
quarter at USD26.6billion, mainly due to foreign exchange movements and
repayments of Ruble loans and Euro loans, including the repayment of the final
part of the bridge loan in Italy. Net debt decreased to USD 22.7 billion,
leading to a net debt to LTM EBITDA of 2.4x at the end of the third quarter.

Net cash from operating activities of USD 2.0 billion at the Group level was
positively impacted by the receipt of USD 190 million related to the
monetization of an interest swap and working capital movement, partially
offset by higher interest and tax payments compared to the same period last
year. The decrease in net cash used in investing activities compared to 2Q12
was mainly impacted by lower investments in property, equipment and intangible
assets in 2012. The increase in net cash used in financing activities in 3Q12
compared to 2Q12 was mainly the result of the net repayment of debt. Net cash
from operating activities in the first 9 months of 2012 is USD 5.0 billion, or
17% higher than in 9M11.

BUSINESS UNITS PERFORMANCE IN 3Q12

  oRussia
  oEurope & North America
  oAfrica & Asia
  oUkraine
  oCIS

BUSINESS UNIT RUSSIA – FINANCIAL AND OPERATING RESULTS

  oPositive operational development continued in 3Q12
  oSolid revenue increase of 7% YoY; continuing strong growth in mobile data
    of 38% YoY
  oStrong EBITDA increase of 16% YoY and EBITDA margin growth of 3.2 p.p. to
    43.2%
  oLTE launch planned in Moscow and 6 other regions in 2013

In 3Q12 the Russian Business Unit continued to demonstrate positive
developments in operations and delivered on the Company´s strategy of
profitable growth.

Revenue for the quarter showed a solid growth of 7% YoY and EBITDA grew
strongly by 16% YoY, continuing the trend in the first half of this year.
EBITDA margin in 3Q12 reached 43.2%, an increase of 3.2 p.p. YoY, including
the negative effect of forex changes in 3Q12 which impacted EBITDA margin by
0.4 p.p. during the quarter.

Mobile revenues grew by 6% YoY, supported by continued uplift in mobile data
usage during the quarter. Mobile data revenues increased by 38% YoY and VAS
revenues were up by 29% YoY. VimpelCom´s initiatives aimed at stimulating data
usage for small and medium screen users by promoting bundles has resulted in a
strong increase in bundle subscribers since the start of the year. Mobile ARPU
increased by 5% YoY following the growth of mobile data.

Fixed line revenue grew by 10% YoY on the back of strong growth in wholesale
voice and FTTB revenues. As part of the operational excellence program, the
efficiency of the FTTB business has increased resulting in improved EBITDA
margin.

VimpelCom launched new initiatives during the third quarter as part of its
ongoing operational excellence program. These initiatives are focused on
process re-engineering to increase operational productivity and both the
efficiency and effectiveness of all functions within the Russian headquarters.
In addition, the Company continued its focus on network outsourcing by signing
contracts for the Volga and Far East regions in the third quarter. VimpelCom
expects to outsource network maintenance in more regions in the future.

Churn was 15% in 3Q12, down from 16% in 3Q11, however stable QoQ. VimpelCom
continues its activities focused on reducing churn rates. The transition to a
revenue sharing model with the Company's distribution channels has helped
reduce churn and the Company is taking further measures, such as offering
competitive tariffs and improving the network quality.

VimpelCom is on track to deliver continued improvement in network quality to
support the growth of mobile data customers. In addition, the Company
finalized its plans for the rollout of LTE. VimpelCom aims to launch its LTE
services in Moscow and in 6 other regions in 2013.

KEY DEVELOPMENTS 3Q12

  oTotal revenue in Russia grew by 7% YoY to RUB74.5billion driven by the
    increase in fixed and mobile revenues.
  oMobile revenues increased 6% YoY mainly as a result of growth in data
    revenue by 38% YoY and VAS by 29% YoY, as well as in equipment revenues.
    Mobile ARPU increased by 5% YoY to RUB 350.
  oMobile data traffic grew by 78% YoY in 3Q12.
  oFixed line revenue increased 10% YoY due to continuing growth in fixed
    broadband revenues, up 33% YoY, and wholesale voice, up 13% YoY.
  oEBITDA increased by 16% YoY as a result of the increase in revenues and
    cost control initiatives.
  oEBITDA margin was 43.2%, an increase of 3.2 p.p. compared to 3Q11, mainly
    driven by the Operational Excellence projects mentioned above.
  oMobile subscriber base decreased by 1% YoY to 56.2 million; mobile
    broadband subscribers increased 5% YoY to 2.5 million. The fixed broadband
    subscriber base exceeded 2.3 million, up 25% YoY.
  oCapex/Revenues was 14% in 3Q12, in line with the network construction
    schedule. Capex/Revenues LTM stood at 18%. In 4Q12 we expect to complete
    the annual rollout and we expect Capex/Revenues FY12 to be below 20%. The
    Company will continue to invest in its 3G network development in order to
    match its main competitors in terms of population coverage by the end of
    2013.

RUSSIA KEY INDICATORS

RUB mln                              3Q12   3Q11   YoY
Total operating revenues             74,458 69,553 7%
Total operating expenditures         42,278 41,701 1%
EBITDA                               32,180 27,852 16%
EBITDA margin                        43.2%  40.0%
Capex                                10,288 13,643 -25%
Capex / Revenues                     14%    20%
Mobile
Mobile total operating revenues      61,842 58,094 6%
- of which mobile data               6,210  4,486  38%
Mobile subscribers ('000)            56,181 56,824 -1%
- of which mobile broadband ('000)   2,507  2,387  5%
Mobile ARPU (RUB)                    352    334    5%
MOU                                  282    251    12%
Fixed
Fixed-line total operating revenues  12,617 11,459 10%
Fixed Broadband revenues             2,891  2,169  33%
Fixed Broadband subscribers ('000)   2,294  1,833  25%
Fixed Broadband ARPU (RUB)           421    410    3%

BUSINESS UNIT EUROPE & NA - FINANCIAL AND OPERATING RESULTS ITALY

  oRelative outperformance continues, despite regulatory headwinds, macro
    slow down and intense competition
  oRevenues decline 5% YoY, revenues excl. MTR impact stable YoY
  oData revenue growth momentum remains strong: Mobile Internet up 40%, fixed
    LLU broadband up 8%
  oEBITDA declines 5% YoY, mainly impacted by the July 2012 MTR cut
  oSolid subscriber growth: mobile up 3% with highest ever gross adds in July
    and fixed LLU BB up 9%

In Italy the third quarter was characterized by significant regulatory and
competitive headwinds, further impacted by the ongoing week economic
environment. Despite this challenging context WIND was able to outperform the
market further growing its market share in mobile and fixed line. Operating
free cash flow generation also remained strong and was stable over 3Q11.

Total revenues declined by 5% mainly driven by the reduction in service
revenues, as a result of the 53% cut in mobile termination rates which came
into effect on July 1, partially offset by other revenues and by a solid
increase in handset sales. Excluding the impact from MTRs total revenues were
flat YoY. Mobile service revenues declined 8% over the previous year but,
excluding the MTR impact, were flat over 3Q11 driven by a strong performance
in mobile data revenues. In fixed line the strategic shift towards higher
margin LLU led to an expected slower total subscriber growth and a 4% decline
in service revenues, but yielded a significant improvement in margin. In the
core LLU segment the voice customer base grew a solid 6% while the LLU
broadband customer base grew 9%.

From a commercial perspective the third quarter was impressive with WIND
achieving its highest ever number of gross additions in mobile in July and
recording a strong performance in August and September. In the quarter WIND
secured over 63% of MNO net additions driven by a solid inflow of MNP
customers; market churn in the period however remained high at levels in
excess of 30% driven by intense promotional activity on MNP. WIND's customers
continued to increase their voice usage. Mobile broadband revenue grew 40%
over the previous year, traditional messaging revenues were up 9% and fixed
broadband revenues were up 3%.

On October 10, 2012 WIND signed an agreement with the trade unions and
employees of the company to adopt an innovative cost efficiency plan aimed at
reducing network maintenance opex by approximately EUR 40-45 million per year
from January 1, 2013 onwards through increased productivity of network
maintenance personnel and a general reduction of HR costs. The project is
expected to deliver the same savings as the previously announced managed
services outsourcing plan, without outsourcing approximately 1,700 employees.

KEY DEVELOPMENTS 3Q12

  oTotal revenues declined 5% YoY to EUR 1,329 million with a flat underlying
    trend (excl. MTR cut).
  oEBITDA in 3Q12 declined 5% to EUR 537 million, delivering a stable overall
    margin of 40.4%.
  oCapex in 3Q12, excluding LTE spectrum, was EUR 197 million mainly invested
    in expanding coverage and capacity on the HSDPA mobile network and
    increasing the backhauling capacity to support the strong growth in data.
  oMobile subscriber growth remained solid in 3Q12 driven by the success of
    WIND's "minuto vero" campaign which led to a 3% increase in subscribers to
    over 21.5 million. Mobile broadband also delivered a strong performance in
    the period with consumer subscribers increasing by more than 14% YoY.
  oMobile data ARPU grew by 11% YoY to EUR 4.0 reaching 29% of the total ARPU
    of EUR 14.0. Mobile voice ARPU in 3Q12 declined materially YoY as a result
    of the sharp MTR cut and competitive intensity coupled with the above
    mentioned ongoing success of WIND's data only SIM card offerings for
    tablets, PCs and dongles which do not generate voice revenues.
  oIn fixed-line WIND's focus on the direct market was clearly evident with
    the 1% growth in voice subscribers being entirely driven by the increase
    in direct voice subscribers, up 5.5% to 2.48 million. In fixed broadband
    the momentum remained strong, despite a seasonally weak quarter, with
    subscribers growing by 7% to 2.22 million, driven by a 9% increase in LLU
    Broadband customers, in line with the Company's strategy. Dual-play
    subscribers grew by over 9% YoY to 1.85 million.
  oFixed-line ARPU decreased by 6% to EUR 30.7 in 3Q12 driven by the decline
    of pay per use traffic and prices coupled with promotional activity
    resulting from competitive pressure. Broadband ARPU declined marginally to
    EUR 18.7.

ITALY KEY INDICATORS

Euro mln                                 3Q12   3Q11   YoY
Total operating revenues                 1,329  1,397  -5%
Total operating expenditures             792    832    -5%
EBITDA                                   537    565    -5%
EBITDA margin                            40.4%  40.5%
Capex                                    222    226    -2%
Capex / revenues                         17%    16%
Mobile
Total revenues                           959    1,026  -6%
Subscribers ('000)                       21,455 20,802 3%
- of which mobile broadband ('000) ^(1)  4,734  4,141  14%
ARPU (€)                                 14.0   15.7   -11%
MOU                                      202    196    3%
Fixed
Total revenues                           370    371    0%
Total voice subscribers ('000)           3,138  3,094  1%
Total fixed-line ARPU (€)                30.7   32.6   -6%
Broadband subscribers ('000)             2,216  2,073  7%
Broadband ARPU (€)                       18.7   19.5   -4%
Dual-play subscribers ('000)             1,854  1,696  9%

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

CANADA
In 3Q12 Wind Mobile continued executing on its "Value Plus" strategy, adding
primarily postpaid subscribers while carefully managing prepaid economics for
both voice and mobile broadband customers. Wind Mobile crossed the 500,000
customer milestone in September 2012 becoming the fastest growing new entrant
wireless operator in the Canadian market. The Company added over 53.6 thousand
subscribers during the quarter increasing its active subscriber base to 510
thousand, with over 90% of the net additions during the quarter being postpaid
subscribers. On the commercial side, Wind Mobile enjoyed a strong back to
school season supported by a new, vibrant media campaign and the launch of
promotional offers. The Company continued to grow its distribution footprint
and branded points of sale increased to 265 at the end of the quarter. Wind
Mobile also continued to expand its network and launched in Barrie and
Woodstock in 3Q12, increasing population coverage to over 13.6 million. The
Company continues to focus on improving network quality and increased sites on
air to 1,270 sites.

CANADA KEY INDICATORS

                    3Q12 3Q11 YoY
Subscribers ('000)  510  358  43%
ARPU (CAD)          27.9 27.1 3%



BUSINESS UNIT AFRICA & ASIA – FINANCIAL AND OPERATING RESULTS

  oRevenues of USD 904 million with organic growth of 5% YoY
  oEBITDA of USD 424 million with organic growth of 6% YoY
  oEBITDA margin of 46.9%, supported by good organic growth and operational
    excellence initiatives and despite the negative impact from Ramadan
  oSubscriber base increased by 13% to more than 86 million

Revenues in the Africa & Asia business unit recorded an organic growth of 5%,
but its actual results were adversely affected by the local currency
devaluation against the US dollar in Algeria and Pakistan. Organic growth in
revenues was driven by strong subscribers growth and an increase in data and
Value-Added Services (VAS). EBITDA amounted to USD 424 million, an organic
growth of 6%, mainly driven by strong EBITDA growth and healthy margins in
Pakistan, as well as the ongoing operational excellence initiatives, a pillar
to the Value Agenda.

ALGERIA ("DJEZZY")
Djezzy grew its subscriber base by 9% YoY to reach 17.7 million customers by
the end of 3Q12. Revenues increased by 2% YoY in local currency terms and was
affected by the shift in Ramadan seasonality impacting the peak summer period
of July. EBITDA increased 1% YoY in local currency terms. Despite the
extremely challenging conditions with the on-going restrictions imposed on
Orascom Telecom Algeria, Djezzy maintained its leadership position with a 56%
market share.

PAKISTAN ("MOBILINK")
During 3Q12, Mobilink maintained its focus on voice, data, VAS and customer
acquisition offers along with brand building activities, all of which led to
an 8% increase in subscribers YoY. Total subscribers were 36.1 million as at
the end of 3Q12. Revenues for the quarter increased by 4% YoY in local
currency terms. Revenue growth is attributable to the focus on customer
acquisition, as well as increased data and VAS uptake. This quarter all
cellular networks were closed in major cities on Government instructions on
August 20^th (Feast day) and September 21^st, resulting in revenue loss for
all cellular operators. Furthermore, revenues were impacted by monsoon and
floods in the southern and central regions. Mobilink's EBITDA grew by 10% YoY
in local currency terms, mostly
on account of growing revenue and ongoing cost control measures, including
lower customer acquisition and retention costs.

BANGLADESH ("BANGLALINK")
banglalink's subscriber base increased 21% YoY in 3Q12, reaching 26.8 million
customers. Revenues achieved a significant growth of 23% YoY in local currency
terms, driven by a larger subscriber base, in addition to a higher level of
VAS and data adoption, and targeted start-up and reactivation promotions.
EBITDA increased 9% YoY in local currency terms. EBITDA growth in local
currency was slowed by higher subscriber acquisition costs YoY, as well as a
market dynamic of increased activations in September, in anticipation of lower
future sales due to regulatory requirements on registration of sim cards prior
to activation, which was implemented in mid-October.

SUB SAHARAN AFRICA ("TELECEL GLOBE")
Telecel Globe subscribers increased nearly 50% in 3Q12 compared to the
previous year, with strong additions for the quarter in Zimbabwe. Revenues,
for Burundi and CAR combined, increased 23% YoY, as a result of a strong
increase in subscribers alongside an increase in data revenues in Burundi.
EBITDA showed significant improvement YoY, increasing 54%. In Zimbabwe, which
is not consolidated, service revenues increased by 50% YoY while EBITDA
increased by 80% YoY, mainly due to the 92% YoY increase in subscriber base.

SOUTH EAST ASIA
Subscribers in the South East Asia cluster increased 4% YoY after the
exclusion of Vietnam subscribers from comparative figures for 2011. In Laos,
new promotional guidelines for new sales and a customer registration decree
had a negative impact on subscriber acquisition, which was mitigated by
successful data uptake and a growing contribution to revenues. In Cambodia,
the hosting of the ASEAN summit boosted roaming revenues for 3Q12.

AFRICA & ASIA* KEY INDICATORS

                                            Reported Organic
USD mln                       3Q12  3Q11
                                            YoY      YoY
Total operating revenues      904    957    -6%      5%
Total operating expenditures  480    523    -8%
EBITDA                        424    434    -2%      6%
EBITDA margin                 46.9%  45.4%
Capex                         57     156    -64%
Capex / revenues              6%     16%
Mobile Subscribers ('000)     86,132 75,970 13%

*Africa & Asia operations include operations in Algeria, Pakistan, Bangladesh,
Sub-Saharan Africaand South East Asia. For details per country unit please
see Attachment B

AFRICA & ASIA BUSINESS UNIT: COUNTRY DETAIL

ALGERIA

DZD bln
                          3Q12 3Q11 YoY
Total operating revenues  36    35    2%
EBITDA                    21    21    1%
EBITDA margin             58.6% 59.1%

PAKISTAN

PKR bln
                          3Q12 3Q11 YoY
Total operating revenues  26    24    4%
EBITDA                    11    10    10%
EBITDA margin             43.0% 41.0%

BANGLADESH

BDT bln
                          3Q12 3Q11 YoY
Total operating revenues  12    10    23%
EBITDA                    3     3     9%
EBITDA margin             29.3% 33.1%



BUSINESS UNIT UKRAINE – FINANCIAL AND OPERATING RESULTS

  oRevenues increased 4% YoY to UAH 3.6 billion, supported by fixed line
    revenue growth of 11% YoY
  oImproved migration to mobile bundled offerings
  oEBITDA decreased by 1% YoY to UAH 1.8 billion; EBITDA margin at 51.2%,
    increasing QoQ
  oMobile subs up 2% YoY to 25.2 million; Fixed BB subs up 70% YoY to 551
    thousand

During the third quarter, VimpelCom continued to invest in solidifying its
market position in the mobile segment. The Company showed a QoQ improvement in
revenues and EBITDA, driven by an ongoing migration of its customers to
bundled offerings and strong dynamics in fixed line revenues. VimpelCom
recorded an EBITDA margin of 51.2% in 3Q12.

  oTotal revenues were up 4% to UAH 3.6 billion, due to a gradual recovery in
    the mobile segment, 11% growth in fixed line revenues and strong sales of
    handsets.
  oMobile service revenues were stable in 3Q12 versus the previous year and
    up 9% QoQ driven by the ongoing transition to bundle offerings. ARPU was
    down to UAH 42.3 from UAH 43.1 in 2Q11, due to the transition to bundles.
    The Company continues to see a temporary negative impact on ARPU and
    margins as a result of this transition, which will continue for the
    remainder of 2012.
  oFixed line revenues were up 11% on the back of strong FTTB revenues and
    wholesale transit in 3Q12. Fixed residential broadband revenue increased
    by 60% driven by an increase in fixed broadband subscriber base of 70% YoY
    to 551 thousand.
  oChurn has increased to 8.4% as a result of higher sales and re-pricing
    activities. Although the churn level is still the lowest in the market,
    VimpelCom has launched a comprehensive churn reduction program.
  oEBITDA decreased 1% YoY in 3Q12 to UAH 1.8 billion, due to higher service
    costs, higher subscriber acquisition costs reflecting increased sales and
    an increased network and IT costs. EBITDA margin for the quarter decreased
    2.5 p.p. YoY to 51.2% due to the reasons mentioned above, but improved by
    1 p.p. QoQ compared to 2Q12 as result of cost control measures and
    improving dynamics in the migration to bundles.
  oLTM Capex/Revenues was 15% and showed a declining trend as a result of
    reduced investments in the FTTB network due to completion of the rollout,
    and in line with the infrastructure optimization initiatives within the
    Company's Value Agenda.
  oVimpelCom is taking actions to improve sales and margins in the coming
    quarters. The Company has launched a dedicated sales excellence program
    with regional differentiation in dealer commissions and tariffs. The
    Company is also continuing its pricing initiatives designed to improve
    service mobile revenue trends from 4Q12 onwards. These initiatives are
    focused on up-selling low and medium ARPU customers after they have
    transitioned to bundles. In addition to these measures, VimpelCom
    continues to focus on optimizing its cost base in order to maintain
    efficiency. With the aforementioned measures, the Company expects to
    further solidify its market position in 2013.

UKRAINE KEY INDICATORS

UAH mln                                 3Q12  3Q11  YoY
Total operating revenues                 3,613  3,485  4%
Total operating expenditures             1,765  1,615  9%
EBITDA                                   1,849  1,870  -1%
EBITDA margin                            51.2%  53.7%
Capex                                    428    644    -34%
Capex / revenues                         12%    18%
Mobile
Mobile total operating revenues          3,329  3,227  3%
Mobile subscribers ('000)                25,221 24,747 2%
Mobile ARPU (UAH)                        42.3   43.1   -2%
MOU                                      497    467    6%
Fixed-line
Fixed-line total operating revenues      284    257    11%
Fixed-line broadband revenues            69     43     60%
Fixed-line broadband subscribers ('000)  551    324    70%
Fixed-line broadband ARPU (UAH)          43.8   46.6   -6%

BUSINESS UNIT CIS – FINANCIAL AND OPERATING RESULTS

  oStrong organic growth of revenues of 17% YoY; incidental strong positive
    impact from Uzbekistan
  oEBITDA of USD 234million, with organic growth of 28% YoY, supported by
    one-off adjustments in Kazakhstan and by incidental strong revenue growth
    in Uzbekistan
  oEBITDA margin of 49.0%, supported by one-off adjustments of USD 12.5
    million in Kazakhstan
  oMobile subscribers up 23% YoY to 23 million; incidental strong positive
    impact from Uzbekistan
  oMobile BB subs up 35% YoY to 11.2 million; Fixed BB subs up 67% to 277
    thousand

The CIS markets delivered double digit organic growth in revenue and EBITDA in
3Q12. Results were substantially impacted by the situation in Uzbekistan after
the temporary network closure of a competitor by the Uzbek authorities.

VimpelCom has been able to increase its mobile subscriber base by 23%, mainly
driven by 62% growth in subscribers in Uzbekistan. The Company continues to
face strong competition in its markets, especially in Kazakhstan, but also in
other markets like Armenia and Tajikistan. Churn is showing an increasing
trend in Kazakhstan, Tajikistan, Georgia and Kyrgyzstan, and VimpelCom
launched a comprehensive churn reduction program in all of its CIS markets.

  oIn 3Q12, total revenues grew organically 17% YoY and 11% on a reported
    basis, with the main contributions coming from Uzbekistan, Kyrgyzstan and
    Georgia. Reported revenues grew 11% to USD 478 million, impacted in part
    by disadvantageous forex movements. If Uzbekistan were adjusted to the
    growth level of 1H12, the underlying revenue growth in local currency
    would have had a similar YoY growth trend as that seen in 2Q12.
  oTotal mobile revenue increased organically by 20% YoY in 3Q12 supported by
    strong subscriber growth in Uzbekistan and 60% YoY data growth, resulting
    from increasing data services consumption.
  oFixed line revenues declined organically by 6% YoY, impacted mainly by
    voice and wholesale revenue decline in Armenia and Tajikistan.
  oEBITDA grew organically by 28% and on an actual basis by 18% mainly on the
    back of incidental strong mobile revenue growth in Uzbekistan and one-off
    adjustments in Kazakhstan totaling USD 12.5 million, primarily related to
    the release of a provision.
  oEBITDA margin of 49.0% in 3Q12 was 3 p.p. higher than 3Q11, impacted in
    part by the one-off adjustments in Kazakhstan and the contribution from
    Uzbekistan.
  oLTM Capex/Revenues was 29% and showed a declining trend, in line with
    investment plans. The Company's main investment projects, focused on data
    development, are on schedule and network expansion continues to support
    both traffic and revenue growth.

KAZAKHSTAN
Kazakhstan, the largest market in the CIS, reported a revenue decline of 0.3%
YoY organically in 3Q12. The results were affected by the competitive
environment and a limitation on tariffs introduced by the regulator last year,
which led to an APPM decline. VimpelCom protected its market position by
focusing on the quality of subscribers and on mobile broadband subscriber
growth. Consequently, data revenue increased by 22% and mobile subscribers
increased by 4% YoY. EBITDA grew 6% YoY and EBITDA margin was 51.6%, supported
by the USD 12.5 million one-off adjustments described above.

UZBEKISTAN
In Uzbekistan VimpelCom substantially strengthened its market position in 3Q12
after the forced closure of a competitor´s network. Revenue was up 88%
organically YoY in 3Q12, supported by a 62% YoY increase in the subscriber
base as well as 26% ARPU growth. If this were adjusted to the growth level of
1H12, the underlying revenue growth would have been approximately 35% YoY.
EBITDA grew 123% and EBITDA margin was 56.2%, a sharp increase from 47.3% in
3Q11, supported by interconnect cost reduction and control of structural OPEX.
If the EBITDA growth were adjusted to the growth level of 1H12, the underlying
growth would have been 45% YoY. The main focus of management in Uzbekistan is
to sustain network quality and further improve network capacity to service
subscribers.

ARMENIA
Revenues in Armenia declined organically by 11% YoY in 3Q12, mainly as a
result of declining fixed voice and wholesale revenues. Mobile data revenues
grew by 24% YoY. EBITDA declined 4% YoY. EBITDA margin increased 3.1 p.p. to
43.5% on the back of strict cost control.

KYRGYZSTAN
Kyrgyzstan continued to show positive dynamics in revenue and EBITDA growth.
In local currency, revenue grew 20%, supported by subscriber base growth of
6%, and EBITDA grew organically by 21% YoY, resulting in an increased EBITDA
margin in local currency of 55.7%. ARPU grew 10% YoY in 3Q12. Mobile broadband
subscriber growth of 27% YoY  coupled with the increase in mobile data usage
resulted in significant mobile data revenue growth, up 104% YoY.

GEORGIA
Georgia delivered strong results in 3Q12, with subscriber base growth of 25%,
revenue growth of 25% and a 32% increase in EBITDA YoY in local currency.
EBITDA margin increased 1.4 p.p. YoY to 29.8% due to structural OPEX control.
The Company was able to strengthen its market position further in 3Q12.

TAJIKISTAN
In Tajikistan, revenues increased organically by 6% YoY for 3Q12, while EBITDA
increased by 17% YoY supported by increased high margin international traffic,
leading to a 4.8 p.p. increase in EBITDA margin to 52.2%. Competition is
strong with aggressive tariffs for calls to Russia, but VimpelCom is showing
positive dynamics and strengthening its market position. Data revenue grew
strongly by 118% supported by an increase in mobile broadband subscribers of
14% and an increase in average revenue per data user, in line with increasing
usage of data services.

CIS* KEY INDICATORS

                                                       Reported Organic
USD mln                                  3Q12   3Q11
                                                       YoY      YoY
Total operating revenues                 478    430    11%      17%
Total operating expenditures             244    232    5%
EBITDA                                   234    198    18%      28%
EBITDA margin                            49.0%  46.0%
Capex                                    90     180    -50%
Capex / revenues                         19%    42%
Mobile
Mobile subscribers ('000)                22,985 18,712 23%
- of which mobile broadband ('000)       11,173 8,303  35%
Fixed
Fixed-line broadband subscribers ('000)  277    166    67%
Fixed-line broadband revenues            11     8      39%

* CIS operations include operations in Kazakhstan, Uzbekistan, Armenia,
Kyrgyzstan, Tajikistan, and Georgia.
For details per country unit please see Attachment B

CIS BUSINESS UNIT: COUNTRY DETAIL

KAZAKHSTAN

KZT mln
                          3Q12   3Q11   YoY
Total operating revenues  32,626 32,727 0%
EBITDA                    16,828 15,931 6%
EBITDA margin             51.6%  48.7%

UZBEKISTAN

USD mln
                          3Q12  3Q11  YoY
Total operating revenues  137   73    88%
EBITDA                    77    35    123%
EBITDA margin             56.2% 47.3%

CONFERENCE CALL INFORMATION

On November 14, 2012, the Company will host an analyst & investor conference
call on its third quarter 2012 results. The call and slide presentation may be
accessed at http://www.vimpelcom.com

2:00 pm CET investor and analyst conference call
US call-in number: +1 (877) 616-4476
International call-in number: +1 (402) 875-4763

The conference calls replay and the slide presentation webcasts will be
available until November 21, 2012.
The slide presentations will also be available for download on the Company's
website.

Investor and analyst call replay
US Replay number: +1 (855) 859-2056
Confirmation code : 44474823

International replay: + 1 (404) 537-3406
Confirmation code : 44474823



DISCLAIMER

This press release contains "forward-looking statements", as the phrase is
defined in Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These statements relate to the Company's
plans to hold its annual shareholder meeting, as well as the Company's network
development and churn plans in Russia and planned capital expenditures in
2012. The forward-looking statements included in this release are based on
management's best assessment of the Company's strategic and financial position
and of future market conditions and trends. These discussions involve risks
and uncertainties. The actual outcome may differ materially from these
statements as a result of continued volatility in the economies in our
markets, unforeseen developments from competition, governmental regulation of
the telecommunications industries, general political uncertainties in our
markets and/or litigation with third parties. There can be no assurance that
such risks and uncertainties will not have a material adverse effect on the
Company. Certain factors that could cause actual results to differ materially
from those discussed in any forward-looking statements include the risk
factors described in the Company's Annual Report on Form 20-F for the year
ended December 31, 2011 filed with the U.S. Securities and Exchange Commission
(the "SEC") and other public filings made by the Company with the SEC, which
risk factors are incorporated herein by reference. The Company disclaims any
obligation to update developments of these risk factors or to announce
publicly any revision to any of the forward-looking statements contained in
this release, or to make corrections to reflect future events or developments.

ABOUT VIMPELCOM LTD
VimpelCom is one of the world's largest integrated telecommunications services
operators providing voice and data services through a range of traditional and
broadband mobile and fixed technologies in Russia, Italy, Ukraine, Kazakhstan,
Uzbekistan, Tajikistan, Armenia, Georgia, Kyrgyzstan, Cambodia, Laos, Algeria,
Bangladesh, Pakistan, Burundi, Zimbabwe, Central African Republic and Canada.
VimpelCom's operations around the globe cover territory with a total
population of approximately 780 million people. VimpelCom provides services
under the "Beeline", "Kyivstar", "djuice", "Wind", "Infostrada" "Mobilink",
"Leo", "banglalink", "Telecel", and "Djezzy" brands. As of September 30, 2012
VimpelCom had 212 million mobile subscribers on a combined basis. VimpelCom is
traded on the New York Stock Exchange under the symbol (VIP). For more
information visit: http://www.vimpelcom.com

CONTENT OF THE ATTACHMENT TABLES

Attachment A VimpelCom Ltd Interim Financial Statements     19
Attachment B Country units key indicators CIS and Africa &   22
                            Asia
Attachment C Reconciliation Tables                           25
                            Average Rates of Functional Currencies to USD
Attachment D      WIND Telecomunicazioni group condensed          27
                            financial statement of income
Attachment E               Definitions                                     28

For more information on financial and operating data for specific countries,
please refer to the supplementary file Factbook3Q2012.xls on our website at
http://vimpelcom.com/ir/financials/results.wbp

ATTACHMENT A: VIMPELCOM LTD INTERIM FINANCIAL STATEMENTS

VIMPELCOM LTD UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF INCOME (ACTUAL)

(In millions of USD, except per share amounts)       3Q12  3Q11  9M12   9M11
Service revenues                                     5,547 5,912 16,517 13,985
Sale of equipment and accessories                    167   126   443    326
Other revenues                                       33    58    151    62
Total operating revenues                             5,747 6,096 17,111 14,373
Operating expenses
Service costs                                        1,259 1,518 3,677  3,522
Cost of equipment and accessories                    172   181   452    409
Selling, general and administrative expenses         1,786 1,825 5,660  4,413
Depreciation                                         721   796   2,168  1,936
Amortization                                         507   667   1,561  1,395
Impairment loss                                      -     -     -      -
Loss on disposals of non-current assets              47    33    131    58
Total operating expenses                             4,492 5,020 13,649 11,733
Operating profit                                     1,255 1,076 3,462  2,640
Finance costs                                        507   500   1,507  1,086
Finance income                                       (35)  (51)  (116)  (86)
Other non-operating losses                           29    124   31     156
Shares of (profit) /loss of associates and joint     (12)  26    16     -
ventures accounted for using the equity method
Net foreign exchange (gain)/loss                     (36)  137   (100)  71
Profit before tax                                    802   340   2,124  1,413
Income tax expense                                   225   188   711    484
Profit for the period                                577   152   1,413  929
Attributable to:
The owners of the parent                             538   189   1,344  924
Non-controlling interest                             39    (37)  69     5
                                                     577   152   1,413  929
Earnings per share
Basic, profit for the period attributable to         0.33  0.12  0.83   0.62
ordinary equity holders of the parent
Diluted, profit for the period attributable to       0.33  0.12  0.83   0.62
ordinary equity holders of the parent

ATTACHMENT A: VIMPELCOM LTD INTERIM FINANCIAL STATEMENTS

VIMPELCOM LTD UNAUDITED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(ACTUAL)

(In millions of USD)                      30 September 2012, 31 December 2011,
                                          unaudited          audited
Assets
Non-current assets
Property and equipment                    14,963             15,165
Intangible assets                         10,618             11,825
Goodwill                                  16,754             16,776
Investments in associates and joint       487                388
ventures
Deferred tax asset                        391                386
Financial assets                          1,635              1,536
Other non-financial assets                19                 92
Total non-current assets                  44,867             46,168
Current assets
Inventories                               160                227
Other non-financial assets                1,243              1,320
Trade and other receivables               2,732              2,711
Current income tax asset                  300                293
Other financial assets                    861                345
Cash and cash equivalents                 3,241              2,325
Total current assets                      8,537              7,221
Assets classified as held for sale        86                 650
Total assets                              53,490             54,039
Equity and liabilities
Equity
Equity attributable to equity owners of   14,779             14,037
the parent
Non-controlling interests                 710                865
Total equity                              15,489             14,902
Non-current liabilities
Financial liabilities                     25,731             25,724
Provisions                                462                402
Other non-financial liabilities           398                442
Deferred tax liability                    1,542              1,624
Total non-current liabilities             28,133             28,192
Current liabilities
Trade and other payables                  3,678              4,566
Dividend payables                         554                -
Other non-financial liabilities           2,275              2,030
Other financial liabilities               2,878              3,118
Current income tax payable                298                399
Provisions                                145                182
Total current liabilities                 9,828              10,295
Liabilities associated with assets held   40                 650
for sale
Total equity and liabilities              53,490             54,039



ATTACHMENT A: VIMPELCOM LTD INTERIM FINANCIAL STATEMENTS

VIMPELCOM LTD UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (ACTUAL)

(In millions of USD)                                  3Q12    9M12        9M11
Operating activities
Profit after tax                                      577     1,413   929
Tax expense                                           225     711     484
Profit before tax                                     802     2,124   1,413
Non-cash adjustment to reconcile profit before tax to
net cash flows:
Depreciation                                          721     2,168   1,936
Amortization                                          507     1,561   1,395
Loss on disposals of non-current assets               47      131     58
Finance income                                        (35)    (116)   (86)
Finance costs                                         507     1,507   1,086
Other non-operating losses                            29      31      156
Net foreign exchange gain (loss)                      (36)    (100)   71
Share of loss / (profit) of associate                 (12)    16      -
Movements in provisions and pensions                  1       14      -
Cash from operations                                  2,531   7,336   6,029
Working capital adjustments:
Change in trade and other receivables and prepayments 145     35      (124)
Change in inventories                                 8       19      (50)
Change in trade and other payables                    (81)    (213)   (78)
Interest paid                                         (594)   (1,653) (1,057)
Interest received                                     232     339     86
Income tax paid                                       (243)   (907)   (558)
Net cash flows from operating activities              1,998   4,956   4,248
Investing activities
Proceeds from sale of property, plant and equipment   5       20      74
and intangible assets
Purchase of property, plant and equipment and         (967)   (2,747) (2,695)
intangible assets
Payments of loans granted                             (77)    (155)   (72)
Receipts/(payments) from deposits                     (106)   (539)   134
Receipts from/(investments in) associates             -       3       29
Proceeds from sales of share in subsidiaries, net of  5       (77)    -
cash
Acquisition of subsidiaries, net of cash acquired     3       2       (1,052)
Net cash flows used in investing activities           (1,137) (3,493) (3,582)
Financing activities
Acquisition of non-controlling interest               -       (9)     -
Proceeds from borrowings net of fees paid             432     2,627   8,436
Repayment of borrowings                               (913)   (3,083) (6,040)
Purchase of treasury shares                           -       -       (4)
Proceeds from sale of treasury stock                  -       3       -
Dividends paid to equity holders of the parent        -       -       (500)
Net cash flows used in financing activities           (481)   (462)   1,892
Net increase in cash and cash equivalents             380     1,001   2,558
Net foreign exchange difference                       (22)    (85)    (1)
Cash and cash equivalents at beginning of period      2,883   2,325   885
Cash and cash equivalents at end of period            3,241   3,241   3,442

ATTACHMENT B: COUNTRY UNITS KEY INDICATORS

AFRICA & ASIA BUSINESS UNIT: COUNTRY DETAIL

ALGERIA

DZD bln
                          3Q12  3Q11  YoY
Total operating revenues  36     35     2%
EBITDA                    21     21     1%
EBITDA margin             58.6%  59.1%
Capex (USD)               6      5      19%
Capex / revenues (USD)    1%     1%
Mobile
Subscribers ('000)        17,694 16,289 9%
ARPU                      668.3  714.9  -7%
MOU                       257.9  286.0  -10%



PAKISTAN

PKR bln
                          3Q12  3Q11  YoY
Total operating revenues  26     24     4%
EBITDA                    11     10     10%
EBITDA margin             43.0%  41.0%
Capex (USD)               29     55     -48%
Capex / revenues (USD)    11%    19%
Mobile
Subscribers ('000)        36,074 33,416 8%
ARPU                      230.6  235.6  -2%
MOU                       211.8  197.0  8%



BANGLADESH

BDT bln
                          3Q12  3Q11  YoY
Total operating revenues  12     10     23%
EBITDA                    3      3      9%
EBITDA margin             29.3%  33.1%
Capex (USD)               20     64     -69%
Capex / revenues (USD)    14%    50%
Mobile
Subscribers ('000)        26,776 22,140 21%
ARPU                      149.2  147.1  1%
MOU                       224.6  214.3  5%



SUB SAHARAN AFRICA (TELECEL GLOBE)

USD mln
                          3Q12 3Q11 YoY
Total operating revenues  26    21    23%
EBITDA                    11    7     54%
EBITDA margin             41.2% 32.9%
Mobile
Subscribers ('000)        4,231 2,825 50%



SEA (CONSOLIDATED)

USD mln
                          3Q12  3Q11  YoY
Total operating revenues  12     17     -32%
EBITDA                    (1)    (15)   -92%
EBITDA margin             -10.1% -87.4%
Mobile
Subscribers ('000)        1,357  1,300  4%



CIS BUSINESS UNIT: COUNTRY DETAIL

KAZAKHSTAN

KZT mln
                          3Q12   3Q11   YoY
Total operating revenues  32,626 32,727 0%
EBITDA                    16,828 15,931 6%
EBITDA margin             51.6%  48.7%
Capex (USD)               52     85     -40%
Capex / revenues (USD)    24%    38%
Mobile
Subscribers ('000)        8,596  8,252  4%
ARPU (KZT)                1,187  1,262  -6%
MOU                       222    162    37%



ARMENIA

AMD mln
                          3Q12   3Q11   YoY
Total operating revenues  16,611 18,664 -11%
EBITDA                    7,225  7,538  -4%
EBITDA margin             43.5%  40.4%
Capex (USD)               4      9      -52%
Capex / revenues (USD)    10%    17%
Mobile
Subscribers ('000)        803    761    6%
ARPU (AMD)                2,994  3,281  -9%
MOU                       271    264    3%



UZBEKISTAN

USD mln
                          3Q12  3Q11  YoY
Total operating revenues  137   73    88%
EBITDA                    77    35    123%
EBITDA margin             56.2% 47.3%
Capex (USD)               20    68    -70%
Capex / revenues (USD)    15%   93%
Mobile
Subscribers ('000)        9,229 5,688 62%
ARPU (USD)                5     4     26%
MOU                       543   431   26%



TAJIKISTAN

USD mln
                          3Q12  3Q11  YoY
Total operating revenues  31    29    6%
EBITDA                    16    14    17%
EBITDA margin             52.2% 47.4%
Capex (USD)               5     4     5%
Capex / revenues (USD)    15%   15%
Mobile
Subscribers ('000)        947   937   1%
ARPU (USD)                10    10    3%
MOU                       242   246   -2%



GEORGIA

GEL mln
                          3Q12  3Q11  YoY
Total operating revenues  38    30    25%
EBITDA                    11    9     32%
EBITDA margin             29.8% 28.4%
Capex (USD)               2     10    -76%
Capex / revenues (USD)    10%   53%
Mobile
Subscribers ('000)        991   793   25%
ARPU (GEL)                12    12    1%
MOU                       251   227   11%



KYRGYZSTAN

KGS mln
                          3Q12  3Q11  YoY
Total operating revenues  2,076 1,730 20%
EBITDA                    1,156 958   21%
EBITDA margin             55.7% 55.4%
Capex (USD)               7     4     64%
Capex / revenues (USD)    16%   11%
Mobile
Subscribers ('000)        2,419 2,281 6%
ARPU (KGS)                285   260   10%
MOU                       273   308   -11%



ATTACHMENT C: RECONCILIATION TABLES

RECONCILIATION OF CONSOLIDATED EBITDA OF VIMPELCOM* (PRO FORMA)

USD mln
                                                   3Q12  3Q11  9M12    9M11
Unaudited pro forma
EBITDA                                             2,530 2,572 7,322   7,298
Depreciation                                       (721) (796) (2,168) (2,304)
Amortization                                       (507) (667) (1,561) (1,999)
Impairment loss reserve                            -     -     -       23
Loss on disposals of non-current assets            (47)  (33)  (131)   (57)
EBIT                                               1,255 1,076 3,462   2,961
Financial Income and Expenses                      (472) (449) (1,391) (1,383)
- including finance income                        35    51    116     126
- including finance costs                         (507) (500) (1,507) (1,509)
Net foreign exchange gain/(loss) and others        19    (287) 53      (180)
- including Other non-operating (losses)/gains    (29)  (124) (31)    (171)
- including Shares of (loss)/profit of associates
and joint ventures accounted for using the equity  12    (26)  (16)    (34)
method
- including Net foreign exchange gain / (loss)    36    (137) 100     25
Profit before tax                                  802   340   2,124   1,398
Income tax expense                                 (225) (188) (711)   (549)
Profit for the period                              577   152   1,413   849
Profit for the period attributable to              (39)  37    (69)    57
non-controlling interest
Net income                                         538   189   1,344   906

* See also the supplementary file Factbook3Q2012.xls on our website at
http://vimpelcom.com/ir/financials/results.wbp



ATTACHMENT C: RECONCILIATION TABLES

RECONCILIATION OF CONSOLIDATED EBITDA OF VIMPELCOM* (ACTUAL)

USD mln
                                                   3Q12  3Q11  9M12    9M11
Unaudited
EBITDA                                             2,530 2,572 7,322   6,029
Depreciation                                       (721) (796) (2,168) (1,936)
Amortization                                       (507) (667) (1,561) (1,395)
Impairment loss reverse                            -     -     -       -
Loss on disposals of non-current assets            (47)  (33)  (131)   (58)
EBIT                                               1,255 1,076 3,462   2,640
Financial Income and Expenses                      (472) (449) (1,391) (1,000)
- including finance income                        35    51    116     86
- including finance costs                         (507) (500) (1,507) (1,086)
Net foreign exchange gain/(loss) and others        19    (287) 53      (227)
- including Other non-operating (losses)/gains    (29)  (124) (31)    (156)
- including Shares of (loss)/profit of associates
and joint ventures accounted for using the equity  12    (26)  (16)    -
method
- including Net foreign exchange gain/(loss)      36    (137) 100     (71)
Profit before tax                                  802   340   2,124   1,413
Income tax expense                                 (225) (188) (711)   (484)
Profit for the period                              577   152   1,413   929
Profit for the period attributable to              (39)  37    (69)    (5)
non-controlling interest
Net income                                         538   189   1,344   924

* See also the supplementary file Factbook3Q2012.xls on our website at
http://vimpelcom.com/ir/financials/results.wbp



ORGANIC GROWTH REVENUE AND EBITDA

               3Q12 versus 3Q11
               Revenue                   EBITDA
Business Units Organic FX and Reported   Organic FX and Reported
                       others                    others
Russia         7%      -10%   -3%        16%     -11%   5%
Europe & NA    -5%     -11%   -16%       -5%     -11%   -16%
Africa & Asia  5%      -11%   -6%        6%      -8%    -2%
Ukraine        4%      -1%    3%         -1%     -1%    -2%
CIS            17%     -6%    11%        28%     -10%   18%
Total          3%      -9%    -6%        8%      -10%   -2%

ATTACHMENT C: RECONCILIATION TABLES

RECONCILIATION OF VIMPELCOM CONSOLIDATED NET DEBT (ACTUAL)

USD mln                                                          3Q12   2Q12
Net debt                                                         22,681 23,067
Cash and cash equivalents                                        3,241  2,883
Long - term and short-term deposits                              715    609
Gross debt                                                       26,637 26,559
Interest accrued related to financial liabilities                451    558
Fair value adjustment                                            28     228
Unamortised fair value adjustment under acquisition method of    817    841
accounting
Other unamortised adjustments to financial liabilities (fees,    69     (147)
discount etc.)
Derivatives not designated as hedges                             429    415
Derivatives designated as hedges                                 178    157
Total other financial liabilities                                28,609 28,611

AVERAGE RATES OF FUNCTIONAL CURRENCIES TO USD*

                   Average rates         Closing rates
                   YTD12  YTD11  YoY     YTD12  FY2011 Delta
Russian Ruble      31.17  28.77  -7.7%   30.92  32.20  4.1%
Euro               0.78   0.71   -9.1%   0.78   0.77   -1.0%
Algerian Dinar     77.31  74.52  -3.6%   79.42  75.33  -5.2%
Pakistan Rupee     92.43  85.18  -7.8%   94.83  89.95  -5.1%
Bangladeshi Taka   82.09  69.75  -15.0%  81.64  81.83  0.2%
Ukrainian Hryvnia  7.99   7.94   -0.6%   7.99   7.99   0.0%
Kazakh Tenge       148.73 147.30 -1.0%   149.86 148.40 -1.0%
Armenian Dram      400.18 378.06 -5.5%   406.25 385.77 -5.0%
Kyrgyz Som         46.95  45.72  -2.6%   47.15  46.48  -1.4%

* Functional currencies in Tajikistan, Uzbekistan and Cambodia are USD.



ATTACHMENT D: WIND TELECOMUNICAZIONI GROUP CONDENSED STATEMENTS OF INCOME

EUR mln                                     9M 12 9M 11 Change
Total operating revenues                    4,058 4,146 -2.1%
EBITDA                                      1,549 1,588 -2.4%
D&A                                         (838) (782) 7.1%
EBIT                                        712   805   -11.6%
Financial Income and expenses               (673) (669) 0.6%
EBT                                         39    137   -71.5%
Income Tax                                  (127) (134) -4.8%
Profit/(Loss) from discontinued operations  -     6     -100.0%
Net income                                  (88)  9     n.m.



ATTACHMENT E: DEFINITIONS

EBITDA and EBITDA Margin are non-GAAP financial measures. VimpelCom calculates
EBITDA as profit for the period before depreciation, amortization, impairment
loss, finance costs, income tax expense and the other line items reflected in
the reconciliation table above. Our Russia Business Unit excludes certain
expenses from their EBITDA. EBITDA margin is calculated as EBITDA divided by
total operating revenues. EBITDA and EBITDA margin should not be considered in
isolation or as a substitute for analyses of the results as reported under
IFRS. Our management uses EBITDA and EBITDA margin as supplemental performance
measures and believes that EBITDA and EBITDA margin provide useful information
to investors because they are indicators of the strength and performance of
the company's business operations, including its ability to fund discretionary
spending, such as capital expenditures, acquisitions and other investments, as
well as indicating its ability to incur and service debt. In addition, the
components of EBITDA and EBITDA margin include the key revenue and expense
items for which the company's operating managers are responsible and upon
which their performance is evaluated. EBITDA and EBITDA margin also assist
management and investors by increasing the comparability of the company's
performance against the performance of other telecommunications companies that
provide EBITDA (earnings before interest, taxes, depreciation and
amortization) or OIBDA (operating income before depreciation and amortization)
information. This increased comparability is achieved by excluding the
potentially inconsistent effects between periods or companies of depreciation,
amortization and impairment losses, which items may significantly affect
operating profit between periods. However, our EBITDA results may not be
directly comparable to other companies' reported EBITDA or OIBDA results due
to variances and adjustments in the components of EBITDA (including our
calculation of EBITDA) or calculation measures. Additionally, a limitation of
EBITDA's or EBITDA's use as a performance measure is that it does not reflect
the periodic costs of certain capitalized tangible and intangible assets used
in generating revenues or the need to replace capital equipment over time.
Reconciliation of EBITDA to profit for the period, the most directly
comparable IFRS financial measure, is presented in Attachment C.

EBIT is a non-GAAP measure and is calculated as EBITDA plus depreciation,
amortization, impairment loss and loss on disposals of non-current assets. Our
management uses EBIT as a supplemental performance measure and believes that
it provides useful information of earnings of the Company before making
accruals for financial income and costs and Net foreign exchange (loss)/gain
and others. Reconciliation of EBIT to profit for the period, the most directly
comparable IFRS financial measure, is presented in Attachment C. EBIT equals
operating profit.

Net foreign exchange (loss)/gain and others represents the sum of Net foreign
exchange loss, Shares of loss/(profit) of associates and joint ventures
accounted for using the equity method, and Other non-operating losses/(gains).
Our management uses Net foreign exchange (loss)/gain and others as a
supplemental performance measure and believes that it provides useful
information about the impact of our debt denominated in foreign currencies on
our results of operations due to fluctuations in exchange rates, the
performance of our equity investees and other losses and gains the Company
needs to manage to run the business.

Net income equals profit for the period attributable to the owners of the
parent.

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

APPM (Average Price Per Minute) is a measure used by management to assess the
average price our mobile subscribers pay for using our mobile services.

MTR (Mobile Termination Rate) is a rate a mobile operator receives from other
operators for terminating calls on its mobile network.

MNP (Mobile Number Portability) is an option for mobile subscribers to retain
their mobile phone number when switching from one mobile operator to another.

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

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

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

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

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

Net debt is a non GAAP financial measure and is calculated as gross debt
represented by principal amounts of interest bearing loans, bonds, equipment
financing and loans from others minus cash and cash equivalents, as well as
long-term and short-term deposits. The Company believes that net debt provides
useful information to investors because it shows the amount of debt
outstanding to be paid after using available cash and cash equivalent and
long-term and short-term deposits. Net debt should not be considered in
isolation or as an alternative to other financial liabilities, or any other
measure of the company financial position. Reconciliation of net debt to other
financial liabilities, the most directly comparable GAAP financial measure, is
presented in Attachment C.

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

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

SOURCE VimpelCom Ltd

Website: http://VimpelCom.com
Contact: INVESTOR RELATIONS - Gerbrand Nijman,
Investor_Relations@vimpelcom.com, Tel: +31 20 79 77 200 (Amsterdam), or Remco
Vergeer, Investor_Relations@vimpelcom.com, Tel: +31 20 79 77 200 (Amsterdam),
or Stefano Songini, ir@mail.wind.it, Tel +39 06 83111 (Rome), or Mamdouh Abd
Elwahab, otinvestorrelations@otelecom.com, Tel: +202 2461 5050 / 51 (Cairo),
or MEDIA AND PUBLIC RELATIONS - Bobby Leach, pr@vimpelcom.com, Tel: +31 20 79
77 200 (Amsterdam)
 
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