CEO Letter to Investors: VEON confirms unhindered trading, offers support to investors

05/09/2023

05 Sep 2023

CEO Letter to Investors: VEON confirms unhindered trading, offers support to investors Amsterdam, 5 September 2023

Dear Valued Investors,

I am writing this letter to you to address some stock market observations that have recently come to our attention. We have noted that the trading volumes of our shares are unusually low, and have received reports suggesting that certain brokers are arbitrarily declining orders to purchase VEON shares.

Allow me to reiterate once more that VEON is a global company, headquartered in Amsterdam, and listed on NASDAQ and Euronext Amsterdam stock exchanges. We have no majority or ultimate controlling shareholder, and, as a publicly traded company, we have a diverse investor base including US, EU and UK investors. Independent directors make up the majority of VEON's Board of Directors and we have a multinational management team. We operate in 6 emerging markets including Ukraine and continue to deliver accelerating growth with our digital operators that serve nearly 160 million customers with connectivity and digital services. We are also in the final stages of our exit from Russia, originally announced on November 24th, 2022, and continue to engage proactively with our counterparts to close this sale process.

Let me also clarify once again that VEON Group has not been targeted by US, EU, or UK sanctions at any point since the onset of the conflict in February 2022. Over the course of the past 18 months, we have communicated that we have received various regulatory approvals and licenses from US, UK and EU authorities, adding further clarity and transparency to the trading status of our shares, and enabling the completion of several key liquidity projects, including our Scheme of Arrangement in 2023, extending the maturities of our 2023 bonds. Among these regulatory authorizations, the two licenses issued by the US Treasury Department's Office of Foreign Assets Control (OFAC) - General License 54 issued on on November 18th, 2022, and General License 54A issued on January 17th, 2023 - are also publicly available documents.

Finally, let me underscore that the recent changes in the US, EU and UK sanctions designations have no impact on VEON's status as a non-sanctioned entity.

We are actively addressing the reports we have received regarding the arbitrary treatment and are in discussions to ensure that all counterparts have clarity about our standing, enabling the trading of our shares in line with orders received from our current and potential investors. In the interim, if you, or any other investors you might know, experience any issues while trying to purchase our shares, please reach out to our Investor Relations team immediately at ir@veon.com.

We value the trust you have placed in us and are committed to assisting you in any communications you might need to have with your brokers regarding this matter.

Thank you for your continued support and belief in our company.

Kaan Terzioglu

VEON Group CEO

About VEON

VEON is a global digital operator that currently provides converged connectivity and online services to about 160 million customers in six dynamic markets. We transform people's lives, empower individuals, create opportunities for greater digital inclusion and drive economic growth across countries that are home to more than 7% of the world's population. Headquartered in Amsterdam, VEON is listed on NASDAQ and Euronext Amsterdam, and has a broad investor base.

For more information visit: http://www.veon.com.

Disclaimer

This press 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 the sufficiency of VEON's liquidity to meet its obligations, the impact of further sanctions imposed by the European Union, the United States or the United Kingdom, the safety of our employees and customers, and continued engagement with our stakeholders. 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 date or to reflect the occurrence of unanticipated events.

Contact Information

Investor Relations

Faisal Ghori

ir@veon.com

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CEO Letter to Investors: VEON confirms unhindered trading, offers support to investors

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