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1Q16 Results:

Total Emerging markets revenue increased organically by 6% year on year in the first quarter of 2016, driven by strong results in Bangladesh and Pakistan. Algeria’s total revenue was organically stable year on year. Emerging markets continues to see customer growth, with 4.9 million customers added year on year, excluding the impact of the blocking of unverified SIMs in Pakistan of 5.6 million customers that occurred in the second quarter of 2015. In Algeria, service revenue was organically stable year on year in the first quarter this year, as the decrease in voice revenue was offset by growth in data, content and interconnect revenue. In Pakistan, service revenue increased organically by 12% year on year, mainly as a result of 80% year-on-year growth in mobile data revenue and 55% year on year growth in mobile financial service revenue. In Bangladesh, service revenue grew organically by 6% year on year, driven by a strong growth in mobile data revenue of 60% year on year and a 3% year-on-year increase in voice revenue.

Emerging markets showed underlying EBITDA organic growth of 15% year on year driven by revenue growth and continued cost efficiency initiatives. In Algeria, underlying EBITDA increased 9% year on year due to a favorable change in interconnect rates and the impact of VimpelCom’s performance transformation program. In Pakistan, underlying EBITDA increased organically by 20% year on year with a similar increase in Bangladesh of 26% year on year, both being driven by revenue growth and the impact of performance transformation initiatives on costs.

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