VEON Growth Day

Amsterdam, December 7 - 2021

Disclaimer

This presentation 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. These forward-looking statements may be identified by words such as "may," "might," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "seek," "believe," "estimate," "predict," "potential," "continue," "contemplate," "possible" and other similar words. Forward-looking statements include statements relating to, among other things, VEON's plans to implement its strategic priorities, including operating model and development plans, among others; anticipated performance; VEON's medium-term financial ambition (which are internal aspirations that will be tested in business plans going forward) and 2021 calendar year guidance, including VEON's ability to generate sufficient cash flow; VEON's assessment of the impact of the COVID-19 pandemic on its current and future operations

and financial condition; future market developments and trends; operational and network development and network investment, including expectations regarding the roll-out and benefits of 3G/4G/LTE networks, as applicable; spectrum acquisitions and renewals; the effect of the acquisition of additional spectrum on customer experience; VEON's ability to realize the acquisition and disposition of any of its businesses and assets and to execute its strategic transactions in the timeframes anticipated, or at all; VEON's ability to realize financial improvements, including an expected reduction of net pro-forma leverage ratio following the successful completion of certain dispositions and acquisitions; our dividends; and VEON's ability to realize its targets and commercial initiatives in its various countries of operation.

The forward-looking statements included in this presentation are based on management's best assessment of VEON's strategic and financial position and of future market conditions, trends and other potential developments. These discussions involve risks and uncertainties. The actual outcome may differ materially from these statements as a result of further unanticipated developments related to the COVID-19 pandemic, such as the effect on consumer spending, that has negatively affected VEON's operations and financial condition in the past; demand for and market acceptance of VEON's products and services; our plans regarding our dividend payments and policies, as well as our ability to receive dividends, distributions, loans, transfers or other payments or guarantees from our subsidiaries; continued volatility in the economies in VEON's markets; including adverse macroeconomic developments related to the COVID-19 pandemic; unforeseen developments from competition; governmental regulation of the telecommunications industries; general political uncertainties in VEON's markets; government investigations or other regulatory actions; litigation or disputes with third parties or regulatory authorities or other negative developments regarding such parties; the impact of export controls and laws affecting trade and investment on our and important third-party suppliers' ability to procure goods, software or technology necessary for the services we provide to our customers; risks associated with data protection or cyber security; other risks beyond the parties' control or a failure to meet expectations regarding various strategic priorities; the effect of foreign currency fluctuations, even after implementing inflationary pricing and foreign exchange risk management activities; increased competition in the markets in which VEON operates; and the effect of consumer taxes on the purchasing activities of consumers of VEON's services. Certain other factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risk factors described in VEON's Annual Report on Form 20-F for the year ended December 31, 2020 filed with the U.S. Securities and Exchange Commission (the "SEC") on March 15, 2021 and other public filings made from time to time by VEON with the SEC. Other unknown or unpredictable factors also could harm our future results. New risk factors and uncertainties emerge from time to time and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Under no circumstances should the inclusion of such forward- looking statements in this presentation be regarded as a representation or warranty by us or any other person with respect to the achievement of results set out in such statements or that the underlying assumptions used will in fact be the case. Therefore, you are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements speak only as of the date hereof. We cannot assure you that any projected results or events will be achieved. Except to the extent required by law, we disclaim any obligation to update or revise any of these forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made, or to reflect the occurrence of unanticipated events.

All non-IFRS measures disclosed further in this presentation (including, without limitation, EBITDA, EBITDA margin, operational capex, capex intensity, net debt, equity free cash flow and local currency trends) are defined and reconciled to comparable IFRS measures in VEON Ltd.'s earnings release published on its website on October 28, 2021. Reported growth is growth in Group's reporting currency - USD. In addition, we present certain information on a forward-looking basis. We are not able to, without unreasonable efforts, provide a full reconciliation to IFRS due to potentially high variability, complexity and low visibility as to the items that would be excluded from the comparable IFRS measure in the relevant future period, including, but not limited to, depreciation and amortization, impairment loss, loss on disposal

of non-current assets, financial income and expenses, foreign currency exchange losses and gains, income tax expense and performance transformation costs, cash and cash equivalents, long term and short- 2 term deposits, interest accrued related to financial liabilities, other unamortized adjustments to financial liabilities, derivatives, and other financial liabilities. The non-IFRS measures presented herein may not

be presented regularly by VEON going forward and do not constitute guidance, unless explicitly stated.

VEON INVESTOR DAY

AGENDA

Time (CET)

Duration, min

Speaker / Topic

14:00 - 14:10

10

Welcome

14:10 - 14:40

30

Kaan Terzioğlu, Group CEO

14:40 - 14:55

15

Erik Aas, CEO Bangladesh

14:55 - 15:10

15

Aleksandr Komarov, CEO Ukraine

15:10 - 15:25

15

Yevgeniy Nastradin, CEO Kazakhstan

15:25 - 15:40

15

Coffee break

15:40 - 15:55

15

Aamir Ibrahim, CEO Pakistan

15:55 - 16:10

15

Alexander Torbakhov, CEO Russia

16:10 - 16:30

20

Serkan Okandan, Group CFO

16:30 - 16:40

10

Kaan Terzioğlu, Group CEO

16:40 - 16:50

10

Coffee break

16:50 - 17:30

40

Q&A session

3

VEON Growth Day

Kaan Terzioğlu

Group Chief Executive Officer

WE ARE VEON

680m population

217m mobile subscribers

4.6m fixed-line subscribers

50.1k towers1+20k built-to-suit

Beeline Russia

146m population

50.6m mobile subscribers

2.9m fixed-line subscribers

15.3k towers1

Jazz

221m population

71.4m mobile subscribers

10.2k towers

Kyivstar

44m population

26.3m mobile subscribers

1.2m fixed-line subscribers

8k+ towers

Beeline Georgia

4m population

1.4m subscribers

Uzbekistan: 2%

Kyrgyzstan: 1%

Georgia: 1%

Kazakhstan

7%

Bangladesh

7%

Algeria

8%

Share in Total

Revenues

Ukraine (9M'21) 12%

Pakistan

17%

Russia

46%

Beeline Kazakhstan 19m population

9.8m mobile subscribers

0.5m fixed subscribers

1.6k towers

Banglalink

165m population

34.8m mobile subscribers

5.6k towers

Djezzy

43m population

14.1m mobile subscribers

6.6k towers

Beeline Uzbekistan 33m population

6.8m mobile subscribers

3.4k towers

Beeline Kyrgyzstan 6m population

1.9m mobile subscribers

5

1. Before Russian towers sale

Sources: World Bank, GSMA, Statista, OECD, UNCTAD

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Disclaimer

VEON Ltd. published this content on 07 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 December 2021 12:11:05 UTC.