Form 6-K VimpelCom Ltd. For: May 13

“VimpelCom’s foundation is strong, positioning us for an exciting and bright future. We have an attractive portfolio of market-leading businesses across three continents and a growing base of over 218 million customers who we proudly serve with innovative, cutting-edge technologies and services.

Our emerging markets focus, ability to leverage the knowledge and expertise we have gained through developing advanced data services in our more mature businesses, as well as a stronger emphasis on the transformation of our cost base means that we are well placed to improve our financial results. VimpelCom has strong market positions in its emerging markets portfolio and is in a unique position to capitalize on the new digital opportunities ahead of us.

The first quarter results indicate that we are on track to deliver our 2015 targets, despite the currency and geopolitical headwinds that we face. We are encouraged by the continuing growth in data that we are reporting, and we will continue to invest to support this demand. We are also encouraged by the NPS ratings many of our businesses have achieved in the quarter.

In Italy, we have completed the final stage of the refinancing and the business continues to outperform in a challenging market, with improving trends. Wind is a strong business with clear evidence of excellent customer loyalty.

In Russia, we saw encouraging signs of the turnaround of the business, with a further reduction in churn and year-on-year customer growth as well as strong performance in data revenue.

In our other businesses, Ukraine will be the last of our markets to launch 3G services and Kyivstar has made progress in the first quarter, with year-on-year customer and organic revenue growth, a sharp reduction in churn, and further strong growth in mobile data services - all this in spite of difficult market conditions. Bangladesh continued to see double-digit growth.

In our industry, rapid change presents challenges but also opportunities, and this is truer than ever in this digital age. At VimpelCom, we are ready to seize on these opportunities, as well as to capitalize on our position as the 7^th largest integrated telecommunications company in the world. Going forward, it will become increasingly about speed, agility and innovation.

We will update shareholders on our strategy in August 2015. Our immediate focus will continue to be on the delivery of our targets for this year. At the same time, we will conduct our business with the highest standards of corporate governance and we will continue to embed a strong ethical culture across all of our markets. I look forward to reporting our progress at the next set of results.”

NEW GROUP CEO AND STRATEGIC UPDATE

The Supervisory Board of VimpelCom has appointed Jean-Yves Charlier as the new Group CEO, succeeding Jo Lunder, who has been with the Company for 15 years in various roles, the last four years as Group CEO. Jean-Yves plans to provide an update on the strategic direction of VimpelCom on August 6, 2015 in London alongside the presentation of 2Q15 results.

The Company expects to host its annual Analyst and Investor Conference on October 8 and 9 in London at which more details will be provided on the Group’s strategy and its medium term objectives.

SUCCESSFUL CLOSING OF ALGERIA TRANSACTION

On January 30, 2015, the Company announced the closing of the sale by GTH of a 51% interest in Omnium Telecom Algeria SpA (“OTA”) to the Algerian National Investment Fund, Fonds National d’Investissement (the “FNI”), for USD 2.6 billion. GTH will continue to exercise operational control over OTA and, as a result, both GTH and VimpelCom will continue to fully consolidate OTA. At closing, GTH terminated its international arbitration against the Algerian State initiated on April 12, 2012 and the parties settled the arbitration and all related claims. Total net proceeds, including OTA dividends in respect of the financial years 2008-2013 paid to GTH, net of all taxes and after the settlement of all outstanding disputes between the parties, including the payment of associated fines, amounted to approximately USD 3.8 billion and have been used by GTH to pay down existing shareholder loans provided by VimpelCom to GTH. VimpelCom has used the majority of these proceeds to pay down debt.

ITALIAN TOWER SALE

The Company has sold 90% of its shares in WIND’s fully owned subsidiary Galata S.p.A. (“Galata”) to Abertis Telecom Terrestre SAU for a total cash consideration of EUR 693 million. Galata is a tower business, comprised of, at the date of sale, 7,377 towers along with the relevant functions, employees and related contracts. As part of the sale agreement, WIND also entered into a Tower Services Agreement for an initial term of 15 years with Galata for the provision of a broad range of services on the contributed sites and sites that will be subsequently built by Galata hosting WIND equipment.

CAPITAL STRUCTURE IMPROVEMENTS

VimpelCom successfully completed a tender offer for its OJSC VimpelCom and OJSC VimpelCom guaranteed US dollar bonds. In total USD 1.8 billion of its outstanding bonds were acquired, reducing the Company’s gross debt position and its annual interest payments. In addition, holders of ruble denominated OJSC VimpelCom bonds exercised their put option for a total amount of RUB 35 billion (~USD 0.6 billion). Finally, the Company also repaid USD 0.5 billion of a Revolving Credit Facility.

WIND Italy completed the third and final stage of its debt refinancing. In 1Q15, out of EUR 1.8 billion of Senior Facility Agreement (SFA), WIND repaid EUR 1.1 billion and amended and restated the remainder with a new covenant lite structure, further optimizing its capital structure. The EUR 1.1 billion SFA repayment was performed utilizing part of the proceeds from the Galata transaction and Senior Secured Notes, issued by Wind Acquisition Finance.

The corporate financing activities completed in the last 12 months through 1Q15 will result in an annualized consolidated cash flow improvement of approximately USD 0.7 billion.

3G LICENSE IN UKRAINE

Kyivstar, the Company’s wholly owned and market leading subsidiary in Ukraine, has been awarded one of three licenses to provide nationwide 3G services in the 2100 MHz band for a price of UAH 2.7 billion (~USD 100 million). The license fee was paid in full on April 1, 2015. Kyivstar will also invest a further UAH 715 million (~USD 26 million) for frequency conversion in three tranches. The first tranche of 50% was paid in April 2015, with the other tranches to be paid in 2017 and 2018.

4G/LTE SERVICES LAUNCHED IN GEORGIA

In February, Beeline launched the first 4G/LTE network in Georgia, and this has already resulted in a strong uptake in mobile data customers. The 4G/LTE launch represents a technological leap from the previous 2G network, improving the Company´s competitive positioning. Beeline Georgia currently has the widest 4G/LTE network, covering more than 40% of the country’s population, and has introduced competitive commercial bundled tariffs.

ANNUAL 2015 TARGETS CONFIRMED

VimpelCom confirms its annual targets for 2015:

Total service revenue in 1Q15 declined organically by 2% YoY to USD 3.4 billion, in line with management expectations, mainly due to the delayed 3G launch in Algeria and continued market weakness in Italy, partly offset by good service revenue growth in Bangladesh and Ukraine.

Total mobile customers increased 4.8 million YoY to 218.1 million by the end of 1Q15, with the largest contribution to that growth coming from Bangladesh and Algeria.

EBITDA decreased organically 6% YoY to USD 1.4 billion reflecting the decline in revenue, higher network costs in Russia, externally influenced costs in Ukraine, and higher marketing costs in Algeria.

In Russia, service revenue declined organically by a marginal 0.3% YoY, due to a 0.5% decline in mobile service revenue, partly offset by 0.2% YoY growth in fixed-line service revenue. During 1Q15, the Company continued to execute on its strategic plan, focusing on driving Customer Excellence and implementing a cultural shift to become a customer-centric organization. As a result, VimpelCom has reported continued operational improvements during the last several quarters in both NPS and churn, leading to a growing customer base of 0.7 million YoY to 55.7 million.

However, the macro-economic slowdown and weakened ruble maintained its negative impact on revenue growth and profitability. EBITDA decreased 2% YoY to RUB 26.1 billion and the EBITDA margin decreased by 0.7 percentage points YoY to 39.4%. The decrease was primarily due to the negative effect of the year-on-year depreciation of the ruble against the US dollar on roaming and interconnect costs. Network related costs also increased as a result of the recent accelerated high-speed data network roll out. Excluding the negative effect of the weakened ruble, EBITDA growth was 5% YoY implying an EBITDA margin increase of 2.8 percentage points to 42.9%.

In Italy, WIND outperformed in a weak and challenging mobile market. During the quarter, the market witnessed a further reduction in the overall number of customers, despite some visible signs of recovery. The Company expects that the market will continue to stabilize during the coming quarters. Mobile service revenue decreased 3% YoY in 1Q15 to EUR 705 million, displaying a 3 percentage points sequential QoQ improvement. Mobile data revenue grew by a strong 17% YoY to EUR 154 million, driven by a 16% YoY growth in mobile broadband customers to almost 11 million. In 1Q15, WIND’s mobile customer base declined 3% YoY to 21.4 million mainly due to a decrease in the number of secondary SIM cards previously used for specific on-net calls. EBITDA in 1Q15 decreased 5% YoY to EUR 406 million, with an improving trend. EBITDA margin was stable YoY at 37.7%, as a result of the cost efficiency measures put in place.

In Algeria, VimpelCom announced the successful closing of the sale by GTH of a 51% stake in Djezzy to the Fonds National d’Investissement (the “FNI”) for USD 2.6 billion. The Group believes that the partnership with the FNI strengthens Djezzy’s position and prospects, providing it with greater opportunities to build and strengthen Djezzy’s operations in Algeria. The closing of the transaction has enabled the Company to start a full transformation program for Djezzy, which will take from 12 to 18 months to complete. The Company is strengthening the local management team and will announce the appointment of an industry leading CEO, with significant transformation and operational experience, in due course.

The market continued to be challenging in 1Q15 with aggressive price competition. As a result, mobile service revenue decreased 11% YoY to DZD 30 billion, while its customer base increased by 6% YoY to 18.7 million. EBITDA decreased 18% YoY to DZD 16 billion due to revenue decline and higher marketing costs associated with the rebranding campaign. The Company reported a strong EBITDA margin of 52.3%.

In Pakistan, the government has put in place additional security measures, in particular biometric verifications for all mobile subscriptions, which required re-verification of all existing customers. During this SIM verification, a restriction on SIM sales was enforced through retail channels and the customer base declined 1% QoQ as a result. The SIM verification process had and will continue to have a negative effect on Mobilink’s customer base and revenue for the rest of the year, although the Company maintained its leading customer market share during the quarter. Mobilink’s mobile service revenue decreased 4% YoY, mainly due to lower VAS revenue, resulting from management’s decision to introduce a simplified charging regime, increased price competition and SIM re-verification activities, partly offset by strong mobile data revenue growth of 88% YoY. While pressure on revenue remains, cost efficiency initiatives launched by Mobilink have driven underlying EBITDA margin, excluding re-verification costs, to 41.5%, while reported EBITDA margin was 38.5%.

In Bangladesh, Banglalink reported another set of strong results following its successful turnaround with double-digit revenue and EBITDA YoY growth, further strengthening its market position. Mobile service revenue increased 10% YoY to BDT 11 billion, driven by both a 2% YoY growth in ARPU to BDT 119 and an 8% YoY growth in its customer base to 31.8 million. The increase in ARPU was mainly driven by higher data usage, which tripled YoY. EBITDA increased 21% YoY to BDT 5 billion, with an EBITDA margin of 40.6% driven by revenue increase and OPEX control initiatives, in particular HR and maintenance costs optimization.

In Ukraine, Kyivstar remains the clear market leader in a volatile and challenging macro-economic environment. Mobile service revenue grew 7% YoY to UAH 2.9 billion as a result of increased international incoming revenue, positively impacted by FOREX, as well as strong growth of mobile data revenue of 16% YoY to UAH 281 million. Mobile voice, guest roaming, VAS and messaging revenue declined due to more conservative customer spending behavior and decline in tourism in Ukraine, as well as the negative impact from switching off the network in Crimea. Kyivstar´s mobile customer base increased 2% YoY to 26.1 million, driven by YoY churn improvement and good customer acquisition primarily due to the Company’s high quality and stable mobile network. Fixed-line service revenue decreased 10% YoY to UAH 233 million due to a decline in transit traffic termination, partly offset by the growth in fixed residential broadband (FTTB) revenue. EBITDA decreased 11% YoY to UAH 1.3 billion and EBITDA margin declined 7.3 percentage points YoY to 41.3%. This decline was mainly attributable to external factors such as the FOREX effect on non-recoverable VAT expenses, maintenance and IT costs, frequency fees doubling from April 2014 and an increase in electricity tariffs.

In Kazakhstan, Beeline maintained its strong market position during the quarter, despite increasing competition, due to its attractive value proposition, network and distribution. Mobile service revenue declined 2% YoY to KZT 26.5 billion due to a 30% YoY reduction in MTR from KZT 11.2 to KZT 8. Excluding this MTR reduction, mobile service revenue would have increased by 2% YoY. EBITDA grew by 3% YoY and EBITDA margin increased 1.7 percentage points to 49.5%.

In Eurasia, consisting of VimpelCom’s operations in Uzbekistan, Kyrgyzstan, Armenia, Tajikistan, Georgia and Laos, results were substantially impacted by currency headwinds, increasing competition and pressure on international interconnect revenue due to the macro-economic slowdown in Russia. Mobile service revenue increased organically 3% YoY, driven by solid results in Uzbekistan, while reported mobile service revenue decreased by 8% YoY to USD 224 million. Mobile data revenue grew 8% YoY to USD 43 million. The mobile customer base grew 1% YoY to 16.6 million with increases in Kyrgyzstan, Georgia and Armenia, while Uzbekistan’s customer base remained stable, despite a third operator starting operations in December 2014. EBITDA increased organically by 3% YoY, while reported EBITDA decreased 10% YoY to USD 120 million. EBITDA margin was strong at 49.5%, due to cost efficiency.

EBIT was down 5% YoY and amounted to USD 879 million in 1Q15, impacted by the lower EBITDA, a net pre-tax gain of USD 466 million from the tower sale in Italy and USD 98 million of impairments related to Ukraine and Armenia. EBIT, excluding the aforementioned net positive impact of USD 368 million, is USD 511 million. The decrease in amortization costs, which is due to the declining amortization applied to intangible assets associated with customer relationships in Italy and Algeria also had a positive effect on the YoY comparison.

Profit before tax increased 81% YoY to USD 444 million primarily due to the refinancing in Italy and the positive effect of the weakening of ruble and euro against the US dollar, which resulted in decreased financial expenses and the positive effect from hedging, which offset foreign exchange losses as a result of local currencies depreciation.

Income tax expenses increased 56% YoY to USD 271 million due to higher profits and non-deductible expenses related to the tower sale in Italy.

Net income attributable to VimpelCom shareholders increased substantially YoY to USD 184 million due to an increase in profit before tax.

CAPEX decreased 37% YoY to USD 468 million in 1Q15 due to depreciation of the RUB, EUR and UAH against the USD. The Company plans to maintain its strategy to invest in high-speed data networks to capture mobile data growth, including the continued rollout of 4G/LTE networks in Russia and Italy and 3G networks in Algeria, Bangladesh, Pakistan and Ukraine. The Company expects to invest 20% of its annual revenue in 2015.

Total assets decreased 6% QoQ in 1Q15 to USD 38 billion primarily as a result of the depreciation of RUB, EUR, UAH and DZD against the USD.

Gross debt decreased 8% QoQ due to a repayment of USD 0.6 billion equivalent of RUB bonds at OJSC VimpelCom, the decrease in gross debt in Italy from refinancing using part of the proceeds from the tower sale in Italy of USD 0.5 billion, the Revolving Credit Facility repayment of USD 0.5 billion and further RUB and EUR depreciation against USD, partially offset by a drawdown under the loan facility in Algeria for USD 0.6 billion. For a detailed debt composition at the end of March 2015, please see Appendix B “Debt Overview”.

Net debt decreased 12% QoQ to USD 17.6 billion, mainly as a result of RUB and EUR depreciation against USD, proceeds from the Algeria sale and proceeds from the Italian tower sale. LTM EBITDA decreased by 9% QoQ, leading to the decrease QoQ in the net debt to EBITDA ratio from to 2.4x at the end of the first quarter. Excluding Wind Italy, which is ring-fenced and completely non-recourse, the net debt to EBITDA ratio at the end of the first quarter was 1.2x.

Net cash from operating activities was negative in 1Q15 due to the decline in underlying EBITDA and the one-off payment of the Bank of Algeria fine of DZD 99 billion (USD 1.1 billion) as well as one-off withholding tax related to the Algeria transaction of USD 0.2 billion. Cash from operating activities, excluding these one off payments was USD 0.6 billion.

Net cash from investing activities was positive in 1Q15 mainly due to the net proceeds from the tower sale in Italy of USD 0.7 billion. Net cash used in investing activities, excluding the Italy tower sale, was a negative USD 0.6 billion. In addition, lower investments in 1Q15 also positively impacted the YoY comparison.

Net cash from financing activities significantly improved YoY due to the net sale proceeds of USD 2.3 billion from closing the transaction in Algeria and a drawdown under the loan facility in Algeria for USD 0.6 billion. However the increase was partly offset by debt repayments, which included the repayment of USD 0.6 billion equivalent of RUB bonds at OJSC VimpelCom, refinancing in Italy using tower sale proceeds of USD 0.5 billion and the Revolving Credit Facility repayment of USD 0.5 billion.

The Russian Business Unit continued to execute on its plan in 1Q15, focusing on driving Customer Excellence and implementing a cultural shift to a customer-centric organization. As a result, the Company has reported continued operational improvements during the last several quarters in NPS and churn, leading to a growing customer base, while the macro-economic slowdown and weakened ruble maintained its negative impact on revenue growth and profitability.

Total revenue grew 0.2% YoY to RUB 66.3 billion, as a result of growing sales of devices and fixed-line service revenue, in part offset by declining mobile service revenue. Beeline’s mobile customer base expanded by 0.7 million YoY, marking the second consecutive quarter of YoY growth, as churn continued its positive trend, improving 5 percentage points YoY to an annualized rate of 63%. Mobile service revenue decreased 0.5% YoY to RUB 52.1 billion, due to declining mobile voice revenue, mainly as a result of the migration of existing customers to the Company’s current more attractive price plans. As a result, ARPU declined 2% YoY to RUB 305. The mobile voice revenue decline was partially offset by a 18% YoY increase in mobile data revenue to RUB 10.4 billion, which was driven by a growing mobile data customer base and a strong increase in mobile data traffic.

Fixed-line service revenue increased by 0.2% YoY to RUB 12.2 billion. YoY growth stabilized, as traffic termination revenue declined due to reduced international traffic. The fixed-line broadband customer base was stable YoY at 2.3 million, while fixed-line broadband ARPU increased 0.4% YoY to RUB 459. The Company´s strategy in the fixed-line business continues to be centered on increasing profitability in regions where it currently has significant market share.

EBITDA decreased 2% YoY to RUB 26.1 billion and EBITDA margin decreased 0.7 percentage points YoY to 39.4%. The decrease was primarily due to the negative effect of the year-on-year depreciation of the ruble against the US dollar on roaming and interconnect costs. Network related costs also increased as a result of the recent accelerated high-speed data network roll out. Excluding the negative cost effect of the weakened ruble, EBITDA would have grown 5% YoY and EBITDA margin would have increased 2.8 percentage points to 42.9%.

Beeline has achieved consistent improvements in customer perception during the last five quarters, almost closing the gap with its competitors in NPS. Actions to support NPS and stimulate mobile data revenue growth in 1Q15 were focused on continued offerings of the Beeline branded 3G smartphone, 4G/LTE Beeline Pro and Alcatel co-branded 4G/LTE smartphone, the Beeline Tablet, and the introduction of “Freemium”, offering free data usage for a limited period. The Company is also leading in customer satisfaction in spam control, website and self-service, and mobile internet quality. As a result, the Company was able to improve churn and grow its customer base YoY.

Beeline also continued to invest in high-speed data networks and is on track with its plans for the accelerated roll out of 4G/LTE, supported by the agreement with MTS for joint development and operation of 4G/LTE networks. The partnership is developing according to plan, providing the Company with 30% to 40% savings in construction costs, thereby creating material shareholder value. The Company increased the number of 3G base stations by 14% YoY to 31K and operates 4G/LTE in 52 regions in 1Q15.

In 1Q15 WIND posted a solid performance in a weak and challenging market. During the quarter, the market witnessed a further reduction in the overall number of customers, even if some signs of recovery were visible. The Company expects that the market will continue to stabilize during the coming quarters.

Mobile service revenue decreased 3% YoY in 1Q15 to EUR 705 million, displaying a 3 percentage points sequential QoQ improvement. WIND’s mobile data revenue grew a strong 17% YoY to EUR 154 million, driven by a 16% YoY growth in mobile broadband customers to almost 11 million.

Total revenue in 1Q15 decreased 6% YoY to EUR 1.1 billion with service revenue declining 5%, confirming the improvement in trend versus previous quarters driven by better performance in the mobile segment. The service revenue decrease was driven by both the fixed-line and mobile businesses due to, respectively, the decline in fixed-line voice usage and the reduction in mobile customer base.

In 1Q15, mobile ARPU was stable YoY at EUR 10.9, an important result following more than 5 years of decline in the overall market mobile ARPU. Data ARPU, now accounting 40% of total mobile ARPU, increased 8% fully compensating the 6% decline in voice ARPU.

In 1Q15, WIND’s mobile customer base declined YoY to 21.4 million mainly due to a decrease in the number of secondary SIM cards previously used for specific on-net calls.

In fixed-line, service revenue decreased 9% YoY to EUR 278 million mostly due to the decline in the less profitable indirect customer base and continued decline in voice volumes resulting from fixed to mobile substitution. Fixed broadband revenue increased 2% YoY to EUR 140 million with both broadband LLU and dual-play customers growing by 3% YoY.

WIND’s EBITDA in 1Q15 decreased 5% YoY to EUR 406 million, with an improving rate of decline, and a reported EBITDA margin stable YoY (+0.1 p.p.) at 37.7%, as a result of the cost efficiency measures put in place.

In 1Q15, WIND invested EUR 172 million in expanding its 4G/LTE coverage, now reaching 38% of the population, as well as in increasing the capacity and coverage of the existing HSPA+ network.

In 1Q15, WIND completed the sale of 90% of the shares of its fully owned subsidiary Galata S.p.A. (“Galata”) to Cellnex Telecom (“Cellnex”), formerly named Abertis Telecom Terrestre SAU, receiving a total cash consideration of EUR 693 million. The transaction valuation was in the very high end of expectations. WIND has entered into a Tower Services Agreement for an initial term of 15 years with Galata for the provision of a broad range of services on the contributed sites and sites that will be subsequently built by Galata hosting WIND equipment.

In 1Q15, out of EUR 1.8 billion of Senior Facility Agreement (SFA), WIND repaid EUR 1.1 billion and amended and restated the remainder with a new covenant lite structure, further optimizing its capital structure. The EUR 1.1 billion SFA repayment was performed utilizing part of the proceeds from the Galata transaction and Senior Secured Notes, issued by Wind Acquisition Finance.

Over the last twelve months, with the combined effect of this last step of the refinancing and the two transactions completed in 2014, WIND has reduced its annual interest cost by approximately EUR 340 million and further optimized its maturity profile. In addition to these annualized interest savings, on April 29 WIND prepaid the final two instalments of the LTE debt towards the Italian State for a total amount of EUR 162 million from existing cash resources, which will result in a further interest saving in 2015.

In January 2015, VimpelCom announced the successful closing of the transaction in Algeria, the sale of a 51% interest to the Fonds National d’Investissement (the “FNI”). The partnership with the FNI strengthens Djezzy’s position and prospects with greater opportunities to build and strengthen its operation in Algeria. The closing of the transaction enabled the Company to start a full transformation program in Djezzy, which will take from 12 to 18 months to complete.

Following the launch of 3G in July 2014, Djezzy continues to grow its mobile customer base. In 1Q15, the customer base increased by 6% YoY to 18.7 million. In total, Djezzy had 2.1 million 3G customers¹ at the end of 1Q15. Continued 3G rollout in the country supported by the rebranding campaigns has resulted in Djezzy’s NPS leadership.

The market continues to be challenging in 1Q15 with aggressive price competition. As a result, total revenue declined 10% YoY to DZD 30 billion, while mobile service revenue decreased 11% YoY to DZD 30 billion. Mobile ARPU decreased 16% YoY to DZD 528 due to the churn of

high-value customers as a result of the delayed 3G services and migration of customers to the new and more attractive Djezzy offers and bundles. In 1Q15, Djezzy launched a new product GOOD, which offers a bonus on top-up to enhance the daily usage of SMS, data and voice services. In order to stimulate smartphone penetration Djezzy launched a new package of smartphone Sony E1 with 200 MB data per month valid for 3 months. In addition, Djezzy launched e-payment services through its website. As a result of the new initiatives, mobile data revenue tripled YoY to DZD 742 million.

EBITDA decreased 18% YoY to DZD 16 billion due to revenue decline and higher marketing costs associated with the rebranding campaigns, while structural OPEX remained stable. The Company reached a strong EBITDA margin of 52.3%.

Djezzy continued its investments in the high-speed 3G network. In 1Q15, CAPEX was DZD 4.2 billion and CAPEX to revenue was at 14%. At the end of 1Q15, Djezzy’s 3G services were available in 25 provinces, including the four largest provinces in terms of population.

The government has put in place additional security measures, in particular biometric verifications for all mobile subscriptions, which requires verification of all existing customers.

SIM re-verification was the main priority in 1Q15 for all operators. During this re-verification, a restriction on SIM sales was enforced through retail channels. The SIM verification activity had and will continue to have negative effect on Mobilink’s customer base and revenue for the rest of the year. However, in 1Q15, the Company maintained its leading customer market share.

Mobilink’s revenue decreased 3% YoY and mobile service revenue decreased 4% YoY mainly due to lower VAS revenue, resulting from management’s decision to introduce a simplified charging regime, and SIM re-verification activities. Mobile data revenue increased by 88% YoY due to accelerated 3G network expansion, attractive data bundles and MFS revenue almost doubled due to successful retail promotions along with increased active agent base and footprint. In addition, Mobilink received higher international incoming traffic after the strategic decision to exit from the International Clearing House (ICH), which resulted in higher international incoming revenue in 1Q15. However, the upside from

international incoming revenue will not be available from March 2015 onwards due to the dissolution of the ICH.

The customer base was flat YoY and decreased 1% QoQ, due to restriction in sales through retail channels and blocking of unverified SIMs as a result of the SIM re-verification. Improving customer perception and increasing NPS are the main priorities for Mobilink. The Company continues to focus on price simplicity and transparency and improvements in network quality perception.

ARPU decreased 6% YoY as a result of price dilution in an aggressive market as competitors actively matched offers, partly offset by increased minutes of use from customers.

Whilst pressure on the revenue remains, cost efficiency initiatives have driven underlying EBITDA margin, excluding re-verification costs, to 41.5%, while reported EBITDA margin was 38.5%. In particular the Company obtained significant savings in utility costs in 1Q15.

CAPEX in 1Q15 decreased to PKR 2.6 billion as the 2G network modernization completed in 2014. However, the Company continues to invest in high-speed 3G network rollout.

Banglalink continued to strengthen its market position in 1Q15, demonstrating strong performance with double-digit YoY growth. However, the countrywide ongoing political turmoil, with 48 days of strikes in 1Q15, had an adverse effect on customer acquisition and customer ability to top-up and therefore on the Company’s revenue and network rollout.

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

In 1Q15, Banglalink’s total revenue increased 10% YoY to BDT 11 billion and mobile service revenue also increased 10% YoY driven by both a 2% YoY growth in ARPU to BDT 119 and an 8% YoY growth in customer

base to 31.8 million. Increase in ARPU was mainly driven by higher data usage, which has tripled YoY.

Banglalink maintained its leading position in NPS in the market. The superior customer experience is a result of strengthened network, attractive 3G offers and affordable smartphone promotions.

In 1Q15, the Company’s EBITDA increased 21% YoY to BDT 4.6 billion, with an EBITDA margin of 40.6% driven by revenue increase and OPEX control initiatives, in particular HR and maintenance costs optimization.

CAPEX was down to BDT 0.9 billion and CAPEX to revenue stood at 8% in 1Q15, as 2G coverage and modernization projects were completed in 2014. The further rollout of 3G was delayed by the 48 days of national strikes.

Kyivstar remains the clear market leader in a volatile and challenging economic and political market. The Company has been able to improve churn, grow its customer base and increase service revenue YoY in 1Q15.

Total revenue increased 5% YoY to UAH 3.1 billion, driven by growth in mobile service revenue, in part offset by declining fixed-line service revenue. Mobile service revenue grew 7% YoY to UAH 2.9 billion as a result of increased international incoming revenue, positively impacted by FOREX, as well as strong growth of mobile data revenue of 16% YoY to UAH 281 million. The growth in mobile data revenue was driven by increasing smartphone penetration, now at 25%, new data offers and the implementation of a regional approach in daily data usage pricing. Mobile voice, guest roaming, VAS and messaging revenue declined due to more conservative customer spending behavior and lower rates of tourism in Ukraine, as well as the negative impact from switching off the network in Crimea in August 2014.

Kyivstar’s mobile customer base increased 2% YoY to 26.1 million, driven by YoY churn improvement and good customer acquisition primarily due to the Company’s high quality and stable mobile network. The Company has reported 4 consecutive quarters of churn improvement, showing a decline of 7 percentage points YoY to a healthy annualized level of 22%. Mobile ARPU increased 4% YoY to UAH 36.

Fixed-line service revenue decreased 10% YoY to UAH 233 million due to a decline in termination transit traffic,

partly offset by the growth in fixed residential broadband (FTTB) revenue, which continued to outgrow the market, increasing 3% YoY to UAH 117 million. This increase was driven by 5% growth YoY in the fixed broadband customer base to 827 thousand, which was partially offset by a decline in fixed broadband ARPU of 3% YoY to UAH 48.

EBITDA decreased 11% YoY to UAH 1.3 billion and EBITDA margin declined 7.3 percentage points YoY to 41.3%. This decline was mainly attributable to external factors such as the FOREX effect on maintenance and IT costs, non-recoverable VAT expenses affected by currency devaluation, frequency fees doubling from April 2014 and an increase in electricity tariffs. The Company continues to implement cost efficiency measures as part of the Operational Excellence program to support EBITDA margins.

Kyivstar has been awarded one of three licenses to provide nationwide 3G services in the 2100 MHz band for a price of UAH 2.7 billion (~USD 110 million). The license fee was paid in full on April 1, 2015. Kyivstar will also invest a further UAH 715 million (~USD 26 million) for frequency conversion in three tranches. The first tranche of 50% was paid in April 2015, with the other tranches to be paid in 2017 and 2018.

1Q15 CAPEX excluding licenses more than doubled YoY to UAH 742 million, mainly due to investments in the 3G network and the Company expects to launch 3G services in the second half of 2015.

Beeline maintained its strong market position during the quarter, despite the market becoming increasingly competitive, as a result of the Company’s attractive value proposition, network and distribution. The Company expects the increased competition will remain during 2015.

Total revenue decreased 1% YoY to KZT 30.3 billion, due to a 2% YoY decline in mobile service revenue, partly offset by a 9% YoY growth in fixed-line service revenue.

The decrease in mobile service revenue to KZT 26.5 billion was driven by a 30% YoY reduction in MTR to KZT 8 from KZT 11.2 and increased competition. Excluding this MTR reduction, mobile service revenue would have been increasing by 2% YoY. The mobile customer base grew 5% YoY to 9.6 million whilst the bundle penetration in the customer base was 50%, helping stimulate mobile data usage. Beeline continued to increase its market share in mobile data during the quarter, demonstrating a 38% YoY revenue growth to KZT 5.5 billion which was supported by strong small screen mobile data revenue growth.

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

ARPU decreased 7% YoY to KZT 898, mainly due to the MTR reduction and declining voice revenue reflecting the competitive market. This was partly compensated by the growth in mobile data ARPU. Annualized churn stood at 56%, up 5 percentage points YoY, as a result of high gross additions in previous quarters.

The strong growth in fixed-line service revenue was due to the increasing FTTB revenue, mainly driven by a 10% YoY customer base growth and increasing B2B and B2O revenue.

EBITDA grew by 3% YoY and EBITDA margin increased 1.7 percentage points to 49.5%, mainly due to the decrease in interconnect cost and savings in capacity rent, partly offset by increased OPEX related to an adjustment of technical maintenance of software from CAPEX to OPEX.

CAPEX was KZT 1.2 billion in 1Q15, and 1Q15 LTM CAPEX to revenue stood at 14%.

The Company’s results in Eurasia are substantially impacted by currency headwinds, increasing competition and pressure on international interconnect revenue due to the macro-economic slowdown in Russia. However, mobile data revenue growth was strong, especially in Uzbekistan and Kyrgyzstan. EBITDA margins and cash flows were also robust as a result of efficiencies achieved through the Company´s Operational Excellence and Capital Efficiency programs.

Total revenue increased organically 3% YoY, while total reported revenue declined 9% YoY to USD 243 million, due to currency devaluation in all countries. Mobile service revenue increased organically 3% YoY driven by solid results in Uzbekistan, while reported mobile service revenue decreased by 8% YoY to USD 224 million. Mobile data revenue grew 8% YoY to USD 43 million. The mobile customer base grew 1% YoY to 16.6 million with increases in Kyrgyzstan, Georgia and Armenia, while Uzbekistan’s customer base remained stable, despite the third operator starting operations in December 2014.

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

EBITDA increased organically by 3% YoY while reported EBITDA decreased 10% YoY to USD 120 million. EBITDA margin was strong at 49.5%, due to cost efficiency.

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

UZBEKISTAN

Beeline reported solid results in Uzbekistan, as operations were not yet significantly impacted by the market entry of the third mobile operator in December 2014. As mentioned in form 20-F 2014, the Company changed the functional currency of the operations in Uzbekistan from the U.S. dollar to the Uzbek som (“UZS”). Mobile service

revenue increased by 13% YoY to UZS 405.5 billion driven by a 14% YoY improvement in ARPU to UZS 12,819, while the customer base decreased by 1% YoY to 10.4 million. Annualized churn improved 2 percentage points YoY to 47%. The ARPU increase was mainly driven by a solid 24% YoY increase in mobile data revenue to UZS 84.1 billion. EBITDA in 1Q15 stood at UZS 256.6 billion, resulting in a strong EBITDA margin of 62.7%. The entrance of the third mobile operator in the market is expected to impact the Company’s 2015 results. In addition, a fourth operator entered the market in April 2015, further increasing competition. Beeline aims to maintain its leading market position in Uzbekistan by focusing on customer retention and high value customers.

KYRGYZSTAN

Mobile service revenue in Kyrgyzstan increased 17% YoY to KGS 2.3 billion mainly due to increasing interconnect revenue as a result of increased traffic and FOREX, but also as a result of growth in mobile data revenue of 28% YoY. However, this was partially offset by declining voice revenue as a result of declining prices and the migration of customers to the Company’s more attractive price plans, as the macro-economic slowdown is impacting consumer behavior. The mobile customer base increased 4% YoY to 2.7 million due to Beeline´s on-net and data offerings. Annualized churn improved 17 percentage points YoY as a result of the leading position in NPS, supported by the high quality network and attractive pricing.

EBITDA increased 39% and EBITDA margin increased by 8.4 percentage points to 53.6% due to the growth in interconnect revenue and the Company’s continuing effective OPEX and commercial cost control.

ARMENIA

In Armenia, the economy is slowing down and the country is facing currency headwinds. Mobile service revenue in Armenia decreased 3% YoY to AMD 5.4 billion in 1Q15 due to a decline in voice revenue. Mobile data revenue grew 11% YoY to AMD 633 million. NPS dynamics in Armenia improved for the second consecutive quarter due to improvements in network quality and customer service. As a result, annualized churn improved 5 percentage points to 38% in 1Q15 and mobile customer base increased by 13% YoY to 0.8 million. Fixed-line service revenue decreased 11% YoY, mainly due to a decline in voice revenue and the reduction in the customer base.

EBITDA declined 12% YoY and EBITDA margin decreased by 1.4 percentage points to 35.2%, due to the declining revenue.

TAJIKISTAN

The environment in Tajikistan is challenging with increasing competition and currency headwinds. Mobile service revenue decreased 15% YoY to USD 26 million in 1Q15 as a result of lower incoming international traffic due to less migrants abroad, as a result of the economic slowdown in the region. The customer base declined by 2% YoY to 1.3 million, while ARPU decreased 14% YoY to USD 6.8. The EBITDA margin stood at a healthy 52.8% as a result of cost efficiencies.

GEORGIA

The Company’s mobile service revenue decreased by 11% YoY to GEL 26 million mainly as a result of the cancellation of the asymmetrical MTR from GEL 0.11 to GEL 0.035 and declining interconnect revenue.

Despite the lack of mobile data offering during the start of the quarter, the Company grew its mobile customer base 15% YoY to 1.3 million due to its attractive customer value proposition. ARPU declined 23% YoY to GEL 7.

EBITDA decreased 50% YoY to GEL 4 million and EBITDA margin decreased 12 percentage points YoY to 14.2%, mainly due to the cancellation of the asymmetrical MTR.

In February, Beeline launched the first 4G/LTE network in Georgia, which has already resulted in a strong uptake in mobile data customers. The 4G/LTE launch represents a technological leap from the previous 2G networks, improving the Company´s competitive positioning. Beeline Georgia currently has the widest 4G/LTE network, covering more than 40% of the country’s population, and has introduced competitive commercial bundled tariffs. As a result, customer experience is expected to improve during 2015 and mobile data revenue growth is expected to show strong results during the remainder of this year.

LAOS

In Laos, mobile service revenue decreased 30% YoY to LAK 39.1 billion, due to a 38% YoY decrease of the customer base. Mobile data revenue declined 19% YoY to LAK 12.1 billion. EBITDA decreased 16% YoY to LAK 16.1 billion due to the decrease in revenue, partly offset by cost control measures. EBITDA margin increased 10.1 percentage points YoY to 38.5%