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VIP Investor Presentation November 2014.Pdf Creating Value 2014 Investing in the Future VimpelCom Ltd VimpelCom © www.vimpelcom.com iPad App 1 A well diversified leading international mobile operator Headquartered in Amsterdam Mobile Population USD 20.8 billion2 customers covered Total operating 223 739 revenue split (%) 38 8 6 5 4 3 3 30 million2 million3 70% from Emerging markets 2014 USD 8.7 billion2 Countries Number 14 of brands EBITDA split (%) 36 11 6 4 4 5 2 28 8 72% from Emerging markets VimpelCom Ltd VimpelCom © USD 4.4 billion2 Operating cash 27 14 9 6 7 36 flow split4 (%) 64% from Emerging markets Russia Pakistan Bangladesh Algeria Kazakhstan Other Ukraine Uzbekistan Italy 1 Based on consolidated mobile customers 2 Mobile customers as at 3Q14; Revenue, EBITDA and OCF (excluding one-offs) are LTM 3Q14 2 3 Population figures are provided by CIA – The World Factbook 4 EBITDA less CAPEX excluding licenses Experienced international management team Rene Jo Lunder Andrew Schuster CEO Davies Chief Chief Operating Financial Officer Officer 2014 Anton Yogesh Mikhail Anja Scott Romano Enrique Kudryashov Malik Uitdehaag Gerchuk Dresser Righetti Aznar Chief Strategy Chief Chief Human Chief General Chief Group Chief and Portfolio Technology Resources Commercial Counsel Regulatory Compliance Officer Officer Officer Officer Officer Officer VimpelCom Ltd VimpelCom Mikhail Maximo Vincenzo Peter Mikhail © Slobodin Ibarra Nesci Chernyshev Gerchuk Russia Italy Asia & Africa Ukraine CIS (a.i.) Taras Philip Jeffrey Ziad Parkhomenko Tohmé Hedberg Shatara Kazakhstan Algeria Pakistan Bangladesh 3 Strong EBITDA margin versus our global peers EBITDA Margin (FY13)1 45% 43% 44% 44% 37% 35% 2014 34% 34% 30% 31% 20% VimpelCom Ltd VimpelCom © VIP WE Telcos with CIS / Emerging Market Others2 CEE Exposure 1 VIP EBITDA Margin, excluding write-off related to favorable Algeria resolution and write-off of fixed assets to operating expenses in Uzbekistan 4 2 Others include a sample of more than 80 listed telecom operators in Developed, Emerging and Mixed Markets Growth drivers External growth drivers VimpelCom’s positioning ► Customer growth from increase in mobile ► Leading player in growth markets with high penetration quality networks ► Mobile data usage growth ► Significant upsides in penetration and usage in key markets ► Continued emerging markets growth 2014 ► Best customer experience through simple and convenient service offerings ► Leading service propositions from a digital VimpelCom Ltd VimpelCom distribution platform © ► Global partnership agreements in the new eco system Well positioned to convert these drivers into value creation 5 Significant upside in terms of mobile penetration & data usage Mobile Penetration1 (%) Mobile Data Penetration2 (%) Data Usage2 (MB / User) 171% Western Europe Avg: 66% 155% 1,195 151% Western Europe 55% Avg: 133% 53% 51% 996 2014 120% 44% 43% 85% VimpelCom Ltd VimpelCom 68% © 66% 37% 53% 33% 231 118 103 68 3% 10 26 PAK UZB BGD ALG UKR KAZ ITA RUS ALG PAK BGD UKR ITA UZB RUS KAZ ALG BGD PAK UKR UZB KAZ RUS ITA Notes 1. Mobile penetration is for the market, based on sim cards number 2. Based on Company estimates June’14, where mobile data penetration = data users (number of sims with data subscribed tariff plans) / mobile customers 6 Source: Company Data, WCIS VimpelCom has an attractive emerging markets portfolio 70% of revenue in emerging markets Emerging market portfolio ► Solid market positions in our seven LTM 3Q14 major emerging markets: 2014 Revenues – #1 in 4 (UKR, ALG, PAK, UZB) USD 14.4 bn 1 – #2 in 2 (BAN, KAZ) EBITDA USD 6.2 bn – #3 in 1 (RUS) VimpelCom Ltd VimpelCom CAPEX excl. licenses USD 3.3 bn © ► Strong cash flow generation Operating Cash Flow1 USD 2.9 bn ► Low leverage Leverage2 1.3 1 Excluding one-off charges related to the Algeria resolution and Uzbekistan fixed assets write-offs; Operating cash flow = EBITDA - CAPEX 2 Net Debt / LTM 3Q14 EBITDA 7 Note: Our Emerging Markets portfolio = BU’s Russia, Africa & Asia, Ukraine and CIS Continued sequential improvements in 3Q14 Service revenue Mobile customers1 (USD billion) (million) • Sequential improvements: ► Revenue and EBITDA growth ► Higher EBITDA margin ► Strong customer growth 4.8 223 3 2014 • Service revenue organic decline of 5% - 5% organic YoY + 5.0 million YoY + 3% organic QoQ + 3.5 million QoQ YoY, due to YoY performance, macro- economic slowdown in some markets and continued market weakness in Italy 2 VimpelCom Ltd VimpelCom EBITDA EBITDA margin • EBITDA organic decline of 4% YoY, © (USD billion) (%) mainly due to lower revenue • Resilient operating cash flow4 of USD 1.2 billion 2.2 42.9 5 • Net income declined due to one-off costs related to recent refinancing of - 4% organic YoY - 0.6 p.p. YoY + 9% organic QoQ + 1.9 p.p. QoQ WIND and unfavorable FOREX movements 1. Following the sale of the interest in Wind Canada in September 2014 the numbers exclude Wind Canada customers 2. EBITDA margin is EBITDA divided by total revenue; EBITDA and EBITDA margin are non-GAAP financial measures – reconciliations are included in the Appendix 3. Revenue and EBITDA organic growth are non-GAAP financial measures that exclude the effect of foreign currency movements and certain items such as liquidations and disposals 8 4. Operating cash flow = EBITDA minus CAPEX (excl. licenses) 5. Net income attributable to VimpelCom shareholders Key recent developments in 3Q14 • Macro -economic slow down and material currency devaluation in Russia and Ukraine, due to geopolitical unrest • Resolution in Algeria is on track for closing by end of 2014 2014 • Successful commercial 3G launch in Algeria and Pakistan • Streamlined portfolio with sale of Canada, CAR and Burundi VimpelCom Ltd VimpelCom © • Dividend of 3.5 US cents per ADS • 2014 targets confirmed 9 3Q14: Financial performance negatively impacted by one-off costs related to WIND refinancing and FOREX USD million 3Q14 3Q13 YoY Revenue 5,145 5,685 (9%) • Revenue declined organically 3% YoY, due to YoY performance, macro slowdown in some markets and continued market weakness in Italy of which service revenue 4,847 5,477 (12%) EBITDA 2,205 2,474 (11%) • EBITDA declined organically 4% YoY, due to revenue decline and higher infrastructure costs as a result of network investments, partly offset by one- EBITDA Margin 42.9% 43.5% (0.6 pp) off benefit related to settlement in Italy 2014 D&A/Other (1,062) (1,241) (15%) • Gain of USD 110 million on sale of interest in Wind Canada, continued declining amortization of intangible assets and impairments of USD 35 EBIT 1,143 1,233 (7%) million VimpelCom Ltd VimpelCom Financial expenses (515) (526) (2%) © FOREX and Other (518) (42) n.m. • One off costs of USD 243 million related to the WIND refinancing completed in July 2014 and FOREX losses of USD 206 million Profit before tax 110 665 (83%) Tax (87) (390) (78%) • Higher effective tax rate in 3Q14 mainly due to non-tax deductible items and non-cash tax charges of USD 110 million as a direct result of the Algerian transaction Non-controlling interest 81 (20) n.m. Net income1 104 255 (59%) 10 1. Net income attributable to VimpelCom shareholders 3Q14: Resilient cash flow USD million 3Q14 3Q13 Delta EBITDA 2,205 2,474 (269) • Due to FOREX, lower revenue and higher network costs Changes in working capital and other 40 123 (83) Net interest paid (477) (634) 157 • As a result of the April and July 2014 WIND refinancing 2014 Income tax paid (158) (288) 130 • Decrease in income tax charges due to lower net income Net cash from operating activities 1,610 1,675 (65) VimpelCom Ltd VimpelCom © Purchase of assets (1,055) (969) (86) • Investments in high-speed data networks Inflow from asset disposals and deposits 254 (10) 264 • Inflow from the sale of interest in Wind Canada of ~ USD 110 million and inflow from deposits of USD 140 million Net cash used in investing activities (801) (979) 178 Net cash before financing activities 809 696 113 Net cash from financing activities (91) (316) 225 • 3Q14 is the net result of the July 2014 WIND refinancing, drawdown under RCF and bond repayment • 3Q13 bond repayment Net increase in cash and cash 718 380 338 equivalents 11 Interest savings from WIND’s refinancing & Algeria resolution • Refinanced WIND’s debt, annual interest savings of ~USD 0.4 billion and improved debt maturity profile 2014 • Net proceeds from Algeria resolution targeted for repayment of gross debt, annual interest savings of ~USD 0.3 billion VimpelCom Ltd VimpelCom © Total annual interest savings of ~USD 0.7 billion Total annual net income improvement of ~USD 0.5 billion 12 Improved debt maturity profile in 3Q14 As at 30 September 2014, in USD billion Group debt maturity schedule by unit Debt composition by unit Italy Russia 5.9 6.0 3% A&A 22% Italy HQ 3.3 Russia 2014 2.9 USD 2.2 51% 2.0 1.9 27.7bn 1.5 HQ 1.2 0.8 A&A 24% VimpelCom Ltd VimpelCom 2014 2015 2016 2017 2018 2019 2020 2021 2022 >2022 © Group debt maturity schedule by currency In USD 2014 2015 2016 2017 2018 2019 2020 2021 2022 >2022 USD 0.1 0.6 1.2 1.6 1.1 1.0 0.1 1.0 1.5 1.0 34% EUR 0.3 0.1 0.1 - 0.2 2.2 5.7 4.8 - 0.1 50% RUB 0.3 2.0 0.6 0.5 0.6 - - - - - 15% Other1 0.1 0.2 0.1 0.1 - 0.1 0.1 0.2 - 0.1 1% 13 1. Other includes the effect of cross currency swaps. Gross debt excluding effect of cross currency swaps is USD 27.7bn (USD 27.3bn including swaps) Financing activities and available headroom in 3Q14 USD 18.6 billion financing activities YTD: USD 2.3 billion available RCF headroom: Refinancing WIND USD 10.6 billion new SNs and SSNs VimpelCom USD 1.3 billion banglalink USD 0.3 billion Senior Notes (SNs) OJSC VimpelCom USD 0.4 billion (RUB 15 billion) 2014 Financing WIND USD 0.6 billion (EUR 0.5 billion) USD 1.8 billion RCF VIP Holdings USD 1.0 billion CF AlfaBank VimpelCom Ltd VimpelCom OJSC VimpelCom USD 0.8 billion Sberbank loan © WIND USD 0.3 billion RCF PMCL USD 0.4 billion new funding Maturity extension WIND USD 3.0 billion SFA OJSC VimpelCom USD 0.4 billion RCF 14 Lower leverage and average cost of debt in 3Q14 EBITDA1 / Financial Average Cost Net Debt/ EBITDA1 Gross Debt/ EBITDA1 income and expenses of Debt 3Q14 2014 2.5 3.2 4.2 6.3% -0.1 QoQ -0.1 QoQ -0.1 QoQ -0.8 p.p.
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