3Q22 Results and Portfolio Strategy

HQ LIQUIDITY PROFILE VEON Potential USD 1.2bn 2023 Notes repayment would imply PF HQ cash balance of USD 1.4bn (USD 0.4bn excl. RCF) prior to HQ cash flows and any asset monetisation proceeds HQ CASH PF FOR 2023 NOTES MATURITIES (In USD) 2.6bn 12 1. 2. 1.1bn (RCF) (1.2bn) 1.6bn (excl. RCF) 1.4bn 1.1bn (RCF) 0.4bn ILLUSTRATIVE 2022-23 CASH FLOWS¹ 2023 AND BEYOND around 0.8bn Sep-22 HQ Cash 2 2023 Notes Repayment 2023E HQ Cash before Operating CF and Interest Costs Corporate Costs Interest Costs OpCo Dividends & Cash Upstreaming Potential Asset Monetisation Proceeds Does not include RUB 130bn total consideration from the expected VimpelCom Disposal (which is anticipated to be discharged primarily via PJSC VimpelCom taking on and extinguishing VEON HQ debt) Pro forma adjusted for remaining USD 82m funding received under the RCF in November, following which the RCF is currently fully drawn 27 27

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