Average and closing rates of functional currencies to USD. Index sheet

Transcription

1 VEON Ltd. Index sheet Average and closing rates of functional currencies to USD Average rates Average rates Closing rates 4Q17 4Q16 YoY FY17 FY16 YoY 4Q17 4Q16 YoY Consolidated VEON ltd Russian Ruble RUB % % % Customers Euro EUR % % % EBITDA reconciliation Algerian Dinar DZD % % % Russia Pakistan Rupee PKR % % % Pakistan Bangladeshi Taka BDT % % % Algeria Ukrainian Hryvnia UAH % % % Bangladesh Kazakh Tenge KZT % % % Ukraine Uzbekistan Som UZS 8, , % 5, , % 8, , % Italy Armenian Dram AMD % % % Laos Kyrgyz Som KGS % % % Georgian Lari GEL % % %

2 VEON Consolidated* 1Q15 2Q15 3Q15 4Q15 1Q16 (proforma Warid) 2Q16 (proforma Warid) 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 FY15 Total operating revenue 2,312 2,570 2,442 2,296 2,096 2,228 2,361 2,354 2,281 2,417 2,456 2,320 9,606 9,040 9,474 Service revenue 2,260 2,515 2,364 2,188 2,022 2,158 2,276 2,244 2,202 2,331 2,358 2,214 9,313 8,700 9,105 EBITDA 938 1, , ,875 3,268 3,587 EBITDA margin (%) 40.6% 41.6% 41.7% 35.3% 37.1% 36.4% 37.9% 33.3% 37.8% 38.5% 42.4% 32.4% 29.9% 36.1% 37.9% EBIT (480) ,063 1,506 Profit/(Loss) before tax (8) 329 (834) (82) (89) 130 (193) 324 (285) (595) 316 (24) Net income/(loss) (1,005) ,557 (5) (278) 125 (325) (655) 2,294 (483) Capital expenditures (CAPEX) ,033 1,741 1,791 CAPEX excluding licenses ,801 1,623 1,459 CAPEX excluding licenses / revenue 9.1% 18.0% 18.3% 29.2% 7.5% 13.8% 16.2% 32.0% 11.6% 13.7% 16.2% 20.1% 18.7% 17.7% 15.4% *Notes: The financial results for Q and Q are also presented on a pro-forma basis assuming that the results of Warid have been consolidated (including intercompany eliminations) within VEON s results with effect from 1 January 2016, in order to assist with the year on year comparisons. VEON FY16 Pro-forma Warid FY17 Consolidated* 1Q15 2Q15 3Q15 4Q15 1Q16 Reported 2Q16 Reported 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 FY15 FY16 FY17 Total operating revenue 2,312 2,570 2,442 2,296 2,017 2,153 2,361 2,354 2,281 2,417 2,456 2,320 9,606 8,885 9,474 Service revenue 2,260 2,515 2,364 2,188 1,947 2,086 2,276 2,244 2,202 2,331 2,358 2,214 9,313 8,553 9,106 EBITDA 938 1, , ,875 3,232 3,587 EBITDA margin (%) 40.6% 41.6% 41.7% 35.3% 37.6% 37.0% 37.9% 33.3% 37.8% 38.5% 42.4% 32.4% 29.9% 36.4% 37.9% EBIT (480) ,084 1,506 Profit/(Loss) before tax (8) 329 (834) (82) (89) 131 (193) 324 (285) (595) 347 (23) Net income/(loss) (1,005) ,557 (4) (278) 125 (325) (655) 2,328 (482) Capital expenditures (CAPEX) ,033 1,195 1,792 CAPEX excluding licenses ,801 1,136 1,459 CAPEX excluding licenses / revenue 9% 18% 18% 29% 7.5% 13.2% 16% 32% 12% 14% 16% 20% 19% 13% 15%

3 VEON Ltd. (in millions) Mobile Customers* 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 FY15 FY16 FY17 Russia Algeria Pakistan Bangladesh Ukraine Uzbekistan Other Total without Italy** Italy Total on combined basis Fixed line Customers* 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 FY15 FY16 FY17 Russia Algeria Pakistan Bangladesh Ukraine Uzbekistan Other Total without Italy** Italy Total on combined basis

4 VEON Ltd. EBITDA Underlying Reconciliation (USD mln) ( LCCY mln) 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 FY15 FY16 FY17 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 FY15 FY16 FY17 Russia EBITDA Reported ,823 1,574 1,789 26,130 27,536 28,466 28,012 24,410 27,269 26,710 26,401 24,070 26,925 28,239 25, , , ,342 Site capitalization (30) (30) - - (2,152) (2,152) - - Other PT Costs (0.6) (37) EBITDA Underlying ,795 1,585 1,801 26,130 27,536 28,466 25,992 24,463 27,446 27,090 26,487 24,224 26,975 28,202 25, , , ,098 Algeria EBITDA reported ,723 17,199 18,330 17,302 17,060 14,019 14,868 13,851 12,545 11,400 12,696 10,514 68,554 59,798 47,156 PT Costs , , Other EBITDA Underlying ,723 17,199 18,330 18,572 17,060 14,029 16,300 14,045 12,551 11,400 12,743 11,455 69,824 61,435 48,149 Pakistan EBITDA reported ,725 10,828 10,620 10,872 14,240 13,635 15,387 13,509 16,188 17,495 21,967 18,446 42,044 56,772 74,096 SIM re-verification costs , PT Costs , , ,709 2,843 Other (9) (7) (16) - - (916) (666) (1,582) - - EBITDA Underlying ,491 10,522 9,954 11,060 14,579 15,167 16,156 15,578 16,796 18,064 22,683 19,396 42,027 61,481 76,939 Bangladesh EBITDA Reported ,635 4,930 5,339 3,967 5,500 5,386 5,721 4,357 5,517 4,908 4,515 3,901 18,871 20,964 18,841 PT Costs (0) (26) 333 1, Sim verification SIM tax provision , A/R and inventory provision EBITDA Underlying ,635 4,930 5,495 5,749 5,850 5,849 5,721 5,128 5,517 4,908 4,616 3,875 20,809 22,549 18,916 Ukraine EBITDA Reported ,278 1,512 1,835 1,706 1,822 2,027 2,170 1,793 2,073 2,305 2,349 2,494 6,332 7,811 9,221 PT Costs (0) (4.80) Reversal of tax provisions (1) - (1) - (22) - (22) - Other 9 1 (8) 9 (7) (208) - (182) EBITDA Underlying ,278 1,512 1,835 1,706 1,801 2,027 2,170 2,033 2,074 2,333 2,355 2,281 6,332 8,031 9,043 Uzbekistan EBITDA reported , , , , , , , , , , , ,746 1,123,718 1,173,267 1,160,126 Legal provision ,066 43, Return of litigation losses (2) (12) (14) - (5,159) (39,881) (45,040) - Other (1) (1) 5 (3,948) 6,706 20,250 - (3,948) 26,956 EBITDA Underlying , , , , , , , , , , , ,996 1,166,784 1,124,279 1,187,082 HQ and other - - Uzbekistan Provision PT Costs Other 1 40 (5) Iraqna litigation provision One- off adjustment to a vendor agreement (106) (106) Other HQ VEON Group Reported 938 1, , ,875 3,268 3,587 One-offs 8 (3) (49) 61 1, VEON Group Underlying 945 1,066 1, ,926 3,617 3,675

5 Russia Total operating revenue 1,061 1,288 1,150 1, ,008 1,091 1,112 1,097 1,197 1,229 1,206 4,583 4,097 4,728 EBITDA ,823 1,574 1,789 EBITDA margin (%) 39.6% 40.7% 39.6% 39.1% 37.0% 41.1% 37.9% 37.7% 37.3% 39.4% 39.0% 35.7% 39.8% 38.4% 37.8% Capital expenditures (CAPEX) CAPEX excluding licenses Total operating revenues 859 1, ,023 1,058 1,040 3,789 3,430 4,054 Service Revenue (Mobile) 829 1, , ,624 3,276 3,843 Data Revenue (Mobile) ,012 Customers (mln) Mobile data customers (mln) ARPU (USD) ** n.a. n.a. n.a. MOU, min n.a. n.a. n.a. Churn 3 months active base (quarterly), % 15.8% 12.8% 13.4% 13% 16% 14% 14% 15% 16% 13% 15% 15% n.a. n.a. n.a. MBOU 1,483 1,490 1,607 1,790 1,931 1,906 2,037 2,308 2,565 2,716 2,816 3,047 n.a. n.a. n.a. FIXED-LINE 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 FY15 FY16 FY17 Total operating revenue Service revenue Broadband revenue Broadband customers (mln) Broadband ARPU (USD) n.a. n.a. n.a. FTTB revenue FTTB customers (mln) FTTB ARPU (USD) n.a. n.a. n.a. (in RUB millions, unless stated otherwise, unaudited) Total operating revenue 65,916 67,805 72,091 71,429 65,921 66,423 70,529 70,130 64,507 68,407 72,559 70, , , ,887 EBITDA 26,130 27,536 28,466 28,012 24,410 27,269 26,710 26,401 24,070 26,925 28,239 25, , , ,342 EBITDA margin (%) 39.6% 40.6% 39.5% 39.2% 37.0% 41.1% 37.9% 37.6% 37.3% 39.4% 38.9% 35.7% 39.7% 38.4% 37.8% Capital expenditures (CAPEX) 5,425 11,396 12,645 27,308 3,551 7,556 9,652 21,938 6,834 8,087 11,234 13,847 56,775 42,697 40,003 CAPEX excluding licenses 5,179 11,164 12,358 23,368 3,181 7,191 9,444 21,615 6,695 7,882 10,906 13,435 52,069 41,432 38,918 Total operating revenues 53,364 56,135 60,246 59,450 54,586 55,537 59,044 59,276 54,822 58,491 62,417 60, , , ,501 Service revenue 51,488 54,304 57,549 55,690 51,835 53,730 56,784 55,844 52,348 55,674 59,164 57, , , ,186 Data Revenue 10,204 10,420 11,113 11,844 11,942 12,316 13,426 14,088 13,903 14,510 15,284 15,344 43,581 51,773 59,041 Customers (mln) Mobile data customers (mln) ARPU (RUB) ** n.a. n.a. n.a. MOU (min) n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 15.8% 12.8% 13.4% 13% 16% 14% 14% 15% 16% 13% 15% 15% n.a. n.a. n.a. MBOU 1,483 1,490 1,607 1,790 1,931 1,906 2,037 2,308 2,565 2,716 2,816 3,047 n.a. n.a. n.a. FIXED-LINE 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 FY15 FY16 FY17 Total operating revenue 12,553 11,670 11,845 11,978 11,335 10,886 11,485 10,854 9,685 9,916 10,142 9,644 48,046 44,560 39,386 Service revenue 12,501 11,627 11,806 11,814 11,271 10,848 11,459 10,840 9,660 9,889 10,114 9,608 47,748 44,418 39,271 Broadband revenue 3,168 3,060 2,869 2,886 3,061 2,941 2,806 2,807 2,650 2,579 2,532 2,508 11,983 11,615 10,269 Broadband customers (mln) Broadband ARPU (RUB) n.a. n.a. n.a. FTTB revenue 3,095 3,005 2,820 2,841 3,013 2,897 2,775 2,776 2,623 2,548 2,508 2,484 11,761 11,460 10,163 FTTB customers (mln) FTTB ARPU (RUB) n.a. n.a. n.a. **ARPU calculations include MFS revenues starting from Q1 2017

6 Pakistan Total operating revenue ,014 1,450 1,525 Service revenue ,364 1,418 EBITDA EBITDA margin (%) 38.5% 41.3% 41.0% 40.5% 38.7% 36.0% 40.0% 34.9% 41.8% 43.3% 53.3% 45.8% 40.4% 37.4% 46.1% Capital expenditures (CAPEX) CAPEX excluding licenses Data Revenue Customers (mln) ARPU (USD) n.a. n.a. n.a. MOU (min) * n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 3.8% 21.6% 3.7% 5.5% 5.5% 3.7% 6.0% 6.0% 4.1% 6.1% 6.1% 6.8% n.a. n.a. n.a. MBOU n.a. n.a. n.a. (in PKR billions, unless stated otherwise, unaudited) Total operating revenue Service revenue EBITDA EBITDA margin (%) 38.5% 41.3% 41.0% 40.5% 38.7% 36.0% 40.0% 34.9% 41.8% 43.3% 53.3% 45.7% 40.4% 37.4% 46.1% Capital expenditures (CAPEX) CAPEX excluding licenses Data Revenue Customers (mln) ARPU (PKR)** n.a. n.a. n.a. MOU (min) * n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 3.8% 21.6% 3.7% 5.5% 5.5% 3.7% 6.0% 6.0% 4.1% 6.1% 6.1% 6.8% n.a. n.a. n.a. MBOU n.a. n.a. n.a. * MOU calculation is aligned with group accounting policy **ARPU was adjusted accordingly following Warid consolidation in 2016 Mobilink standalone MOBILE 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 FY14 FY15 Total operating revenue ,010 1,014 Service revenue EBITDA EBITDA margin (%) 38.5% 41.3% 41.0% 40.5% 42.6% 40.2% 38.2% 40.4% Capital expenditures (CAPEX) CAPEX excluding licenses Data Revenue Customers (mln) ARPU (USD) n.a. n.a. MOU (min) * n.a. n.a. Churn 3 months active base (quarterly) (%) 3.8% 21.6% 3.7% 5.5% 4.0% 5.0% n.a. n.a. MBOU n.a. n.a. (in PKR billions, unless stated otherwise, unaudited) MOBILE 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 FY14 FY15 Total operating revenue Service revenue EBITDA EBITDA margin (%) 38.5% 41.3% 41.0% 40.5% 42.6% 40.2% 38.2% 40.4% Capital expenditures (CAPEX) n.a CAPEX excluding licenses n.a Data Revenue Customers (mln) ARPU (PKR) n.a. MOU (min) * n.a. n.a. Churn 3 months active base (quarterly) (%) 3.8% 21.6% 3.7% 5.5% 4.0% 5.0% n.a. n.a. MBOU n.a. n.a. * MOU calculation is aligned with group accounting policy

7 Algeria Total operating revenue ,273 1, Service revenue ,259 1, EBITDA EBITDA margin (%) 52.3% 53.4% 54.8% 54.3% 56.8% 51.1% 51.3% 50.9% 49.2% 45.1% 48.5% 42.9% 53.7% 52.6% 46.5% Capital expenditures (CAPEX) CAPEX excluding licenses Data Revenue Customers (mln) ARPU (USD)* n.a. n.a. n.a. MOU (min) n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 11.6% 8.7% 9.6% 9.1% 9.0% 9.8% 9.4% 9.9% 9.9% 10.6% 10.4% 11.0% n.a. n.a. n.a. MBOU n.a. n.a. n.a. (in DZD billions, unless stated otherwise, unaudited) Total operating revenue Service revenue EBITDA EBITDA margin (%) 52.3% 53.4% 54.8% 54.3% 56.8% 51.1% 51.3% 50.9% 49.2% 45.1% 48.5% 42.9% 53.7% 52.6% 46.5% Capital expenditures (CAPEX) CAPEX excluding licenses Data Revenue Customers (mln) ARPU (DZD)* n.a. n.a. n.a. MOU (min) n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 11.6% 8.7% 9.6% 9.1% 9% 10% 9% 10% 10% 11% 10.4% 11% n.a. n.a. n.a. MBOU n.a. n.a. n.a. *ARPU calculations include MFS revenues starting from Q1 2017

8 Bangladesh Total operating revenue Service revenue EBITDA EBITDA margin (%) 40.6% 41.9% 44.7% 33.2% 45.3% 43.7% 46.7% 36.4% 45.9% 41.1% 38.6% 36.1% 40.1% 43.1% 40.6% Capital expenditures (CAPEX) CAPEX excluding licenses Data Revenue Customers (mln) ARPU (USD) n.a. n.a. n.a. MOU (min) * n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 4.5% 5.7% 5.7% 6.4% 4.5% 4.7% 13.9% 4.6% 5.5% 5.4% 5.9% 6.9% n.a. n.a. n.a. MBOU n.a. n.a. n.a. (in BDT billions, unless stated otherwise, unaudited) Total operating revenue Service revenue EBITDA EBITDA margin (%) 40.6% 41.9% 44.7% 33.1% 45.3% 43.7% 46.7% 36.4% 46.0% 41.1% 38.6% 36.1% 40.1% 43.1% 40.5% Capital expenditures (CAPEX) CAPEX excluding licenses Data Revenue Customers (mln) ARPU (BDT) n.a. n.a. n.a. MOU (min) * n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 4.5% 5.7% 5.7% 6.4% 4.5% 4.7% 13.9% 4.6% 5.5% 5.4% 5.9% 6.9% n.a. n.a. n.a. MBOU n.a. n.a. n.a. * Starting from 1Q15 MOU is reported (not MOU billed) due to alingment with the Group policies.

9 Ukraine Total operating revenue EBITDA EBITDA margin (%) 41.3% 45.6% 51.0% 49.2% 52.5% 55.0% 55.4% 46.3% 53.6% 56.8% 54.4% 58.0% 47.0% 52.3% 55.7% Capital expenditures (CAPEX) CAPEX excluding licenses Total operating revenue Service revenue Data Revenue Customers (mln) ARPU (USD) n.a. n.a. n.a. MOU (min) n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 5.4% 5.0% 6.6% 6.4% 5.0% 4.5% 2.6% 6.2% 5.3% 4.4% 4.4% 5.0% n.a. n.a. n.a. FIXED-LINE 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 FY15 FY16 FY17 Total operating revenue Service revenue Broadband revenue Broadband customers (mln) Broadband ARPU (USD) n.a. n.a n.a (in UAH millions, unless stated otherwise, unaudited) Total operating revenue 3,092 3,315 3,595 3,472 3,468 3,689 3,922 3,881 3,871 4,058 4,316 4,297 13,475 14,960 16,542 EBITDA 1,278 1,512 1,835 1,706 1,822 2,027 2,170 1,793 2,073 2,305 2,349 2,494 6,332 7,811 9,221 EBITDA margin (%) 41.3% 45.6% 51.0% 49.1% 52.5% 54.9% 55.3% 46.2% 53.6% 56.8% 54.4% 58.0% 47.0% 52.2% 55.7% Capital expenditures (CAPEX) 1,033 3, , ,740 2,723 3,023 CAPEX excluding licenses 742 1, ,566 2,672 2,618 Total operating revenue 2,859 3,077 3,357 3,215 3,209 3,427 3,661 3,611 3,576 3,781 4,042 4,012 12,508 13,908 15,411 Service revenue 2,851 3,069 3,348 3,206 3,199 3,399 3,652 3,601 3,560 3,768 4,024 3,986 12,475 13,851 15,338 Data Revenue ,123 1,202 1,442 2,429 4,103 Customers (mln) ARPU (UAH)* n.a. n.a. n.a. MOU (min) n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 5.4% 5.0% 6.6% 6.4% 5.0% 4.5% 2.6% 6.2% 5.3% 4.4% 4.4% 5.0% n.a. n.a. n.a. FIXED-LINE 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 FY15 FY16 FY17 Total operating revenue ,052 1,132 Service revenue ,052 1,132 Broadband revenue Broadband customers (mln) Broadband ARPU (UAH) n.a. n.a n.a *ARPU calculations include MFS revenues starting from Q1 2017

10 Uzbekistan Total operating revenue EBITDA EBITDA margin (%) 62.7% 64.3% 53.2% 66.0% 60.8% 57.1% 57.1% 63.3% 51.5% 54.2% 51.2% 42.5% 61.5% 59.6% 50.9% Capital expenditures (CAPEX) CAPEX excluding licenses Total operating revenue Service revenue Data Revenue Customers (mln) Mobile data customers (mln)* ARPU (USD) n.a. n.a. n.a. MOU (min) * n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 12% 11% 12% 12% 12% 12% 10% 12% 12% 13% 15% 14% n.a. n.a. n.a. FIXED-LINE 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 FY15 FY16 FY17 Total operating revenue Service revenue (in UZS billions, unless stated otherwise, unaudited) Total operating revenue ,829 1,967 2,342 EBITDA ,124 1,173 1,160 EBITDA margin (%) 62.7% 64.3% 53.1% 65.9% 60.8% 57.1% 57.1% 63.5% 51.6% 54.3% 50.6% 42.5% 61.5% 59.6% 49.5% Capital expenditures (CAPEX) CAPEX excluding licenses Total operating revenue ,815 1,954 2,327 Service revenue ,811 1,953 2,323 Data Revenue Customers (mln) Mobile data customers (mln)* ARPU (UZS) 12,819 14,092 15,393 16,237 15,877 16,720 17,527 17,925 17,767 19,847 21,484 21,672 n.a. n.a. n.a. MOU (min) * n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) * 12% 11% 12% 12% 12% 12% 10% 12% 12% 13% 15% 14% n.a. n.a. n.a. FIXED-LINE 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 FY15 FY16 FY17 Total operating revenue Service revenue * Previous periods were restated due to alignment with the Group definition.

11 Italy (in EUR millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16* 1Q17* 2Q17* 3Q17 4Q17 FY14 FY15 FY16* FY17* Total operating revenue 1,078 1,082 1,090 1,178 1,064 1,092 1,160 1,749 1,548 1,535 1,543 1,556 4,633 4,428 6,475 6,182 EBITDA ,804 1,671 2,124 1,945 EBITDA margin (%) 37.7% 36.7% 39.1% 37.4% 35.8% 36.6% 40.8% 31.5% 29.6% 28.8% 33.6% 33.8% 38.9% 37.7% 32.8% 31.5% Capital expenditures (CAPEX) ,172 1,257 CAPEX excluding licenses ,172 1,257 MOBILE 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 FY14 FY15 FY16 FY17 Total operating revenue ,440 1,253 1,239 1,256 1,248 3,328 3,279 5,338 4,996 Service revenue ,103 1,043 1,042 1,080 1,014 2,975 2,913 4,367 4,179 Data Revenue ,329 1,508 Customers (mln) Data customers (mln) ARPU ( ) n.a. n.a. n.a n.a. of which : ARPU voice ( ) n.a. n.a. n.a n.a. ARPU data ( ) n.a. n.a. n.a n.a. MOU (min.) n.a. n.a. n.a n.a. Total traffic (mln. min.) 17,188 17,538 16,853 17,448 17,026 17,538 16,673 27,058 24,693 25,134 23,897 25,200 n.a. n.a. n.a n.a. Churn, annualised rate (%) 35.1% 25.2% 27.9% 28.8% 30.3% 29.7% 31.5% 34.9% 33.2% 39.9% 39.0% 32.0% n.a. n.a. n.a n.a. MBOU 1,392 1,436 1,635 1,628 1,742 1,905 2,252 2,768 2,896 3,179 3,955 4,144 n.a. n.a. n.a n.a. FIXED-LINE 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 FY14 FY15 FY16 FY17 Total operating revenue ,305 1,150 1,137 1,185 Service revenue ,192 1,095 1,082 1,085 Total voice customers (mln) of which : Total DIRECT voice customers (mln) n.a. n.a 2.5 Total INDIRECT voice customers (mln) n.a. n.a 0.2 Total fixed-line ARPU ( ) n.a. n.a. n.a n.a. Total Traffic (mln. min.) 3,137 2,819 2,357 2,763 2,633 2,503 2,040 2,422 2,286 2,092 1,757 1,928 n.a. n.a. n.a n.a. Total Internet customers (mln) of which : Broadband (mln) Broadband ARPU ( ) n.a. n.a. n.a n.a. Dual-play customers (mln) n.a. n.a. n.a. n.a. n.a n.a. n.a. Pro-forma Combined entity Actual Wind Tre S.p.A. CONSOLIDATED 4Q15* 1Q16* 2Q16 3Q16 4Q16* 1Q17 2Q17 3Q17 4Q17 Total operating revenue 1,741 1,515 1,562 1,648 1,749 1,548 1,535 1,543 1,556 Underlying EBITDA Underlying EBITDA margin (%) 32.6% 31.1% 31.5% 37.0% 34.9% 33.4% 34.0% 37.5% 0 Capital expenditures (CAPEX) CAPEX excluding licenses MOBILE 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 Total operating revenue 1,443 1,244 1,292 1,362 1,440 1,253 1,239 1,256 1,248 Service revenue 1,091 1,049 1,065 1,150 1,103 1,043 1,042 1,080 1,014 Data Revenue Customers (mln) Data customers (mln) ARPU ( ) of which : ARPU voice ( ) ARPU data ( ) MOU (min.) Total traffic (mln. min.) 25,951 25,782 26,800 25,618 27,058 24,693 25,134 23,897 25,200 Churn, annualised rate (%) 34.7% 32.9% 32.8% 33.1% 34.9% 33.2% 40.0% 39.0% 0 MBOU n.a. 2,058 2, ,768 2,896 3,179 3,955 4,144 FIXED-LINE 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 Total operating revenue Service revenue Total voice customers (mln) of which : Total DIRECT voice customers (mln) Total INDIRECT voice customers (mln) Total fixed-line ARPU ( ) Total Traffic (mln. min.) 2,763 2,633 2,503 2,040 2,422 2,286 2,092 1,757 1,928 Total Internet customers (mln) of which : Broadband (mln) Broadband ARPU ( ) NOTES In Q underlying EBITDA excludes approximately restructuring costs of EUR 19 million In Q underlying EBITDA excludes approximately EUR 60 million of integration costs In Q underlying EBITDA excludes approximately EUR 59 million of integration costs In Q underlying EBITDA excludes approxiamtely EUR 81 million of integration costs In Q underlying EBITDA excludes approximately EUR 60 million of integration costs In Q underlying EBITDA excludes approximately EUR 66 million of integration costs Starting from Q results, minor changes in accounting policies were adopted and for a proper comparison previous period results were adjusted accordingly *The pro-forma "combined data for Q and the four quarters of 2016, consists of the sum of the WIND and H3G businesses results, respectively. The Q and the four quarters of 2016 data related to H3G were obtained through due diligence performed as part of the merger process. The company has included this combined data because it believes that financial information on the Italy joint venture is relevant to its business and results for the financial quarter. Going forward, the company expects to include financial information related to the Italy joint venture in the publication of its financial results. It should be noted that the company owns 50% of the Italy joint venture, while the results above reflect the entire business.

12 Laos Total operating revenue EBITDA EBITDA margin (%) 38.5% 31.2% 21.2% 25.1% 15.6% 9.1% -4.6% 22.0% 15.3% 15.0% 1.4% 6% 29.6% 11.2% 10% Customers (mln)