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VEON liquidity update

02/03/2022

02 Mar 2022

VEON liquidity update Amsterdam, 2 March 2022 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, today provides an update on its current liquidity position. As at 27 February 2022, VEON had approximately USD 2.1 billion of cash and deposits, including USD 1.5 billion of USD and EUR denominated cash and deposits held at the level of its headquarters ( HQ ) in Amsterdam. The HQ cash and deposits are held in bank accounts, money market funds and on-demand deposits at a diversified group of international banks from the European Union, the United States and Japan. In addition to the above cash and deposits, VEON has a USD 1.250 billion committed revolving credit facility ( RCF ) available to it from a group of diversified lenders headquartered in the United States, Europe and Asia. VEON has utilized USD 430 million under its RCF on 28 February 20221 and used these funds to repay its USD 417 million notes which matured on 1 March 2022, and to pay the accrued interest on these notes. Following this utilization, USD 820 million remains undrawn under the RCF. Following this repayment, VEON has no additional debt maturities at its HQ level during 2022. The first HQ maturity in 2023 is the USD 529 million 5.95% VEON Holdings' notes maturing in February 2023. Serkan Okandan, VEON's Chief Financial Officer, said: The USD 1.5 billion HQ cash and deposit balance and USD 0.8 billion undrawn credit line under the RCF will allow us to maintain a prudent liquidity position in these times of macroeconomic uncertainty.

1 The RCF drawdown may be rolled over until the final maturity of the facility. In February 2022, the original March 2024 maturity was extended to March 2025.

About VEON

VEON is a NASDAQ and Euronext Amsterdam-listed global provider of connectivity and internet services. For more information visit: www.veon.com

Disclaimer

This release contains forward-looking statements, as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts, and include statements relating to, among other things, expectations regarding VEON's financial position, liquidity and capital structure. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not even anticipate. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such dates or to reflect the occurrence of unanticipated events.

Contact information

VEON

Investor Relations

Nik Kershaw

ir@veon.com

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