3Q22 Results and Portfolio Strategy

EXECUTIVE SUMMARY (1/4) Background VEON Over the past nine months, VEON Ltd. ("VEON" or together with its subsidiaries, the "Group") has successfully strengthened its liquidity position, and this will remain a key priority in the near term However, despite the resilient performance of its underlying operating companies, which are considered largely self-sustaining, VEON's ability to upstream cash for debt service is currently impaired by currency and capital controls in two of its major markets (Ukraine and Russia) and other geopolitical/FX pressures affecting emerging markets generally, including the countries in which the Group has operations In addition, the conflict between Russia and Ukraine and developments since February 2022 with respect to sanctions laws and regulations have resulted in unprecedented challenges for VEON, limiting access to the international debt capital markets in which VEON has traditionally refinanced maturing debt and so hampering its ability to refinance indebtedness. Without a change in the status quo, the situation is likely to remain challenging, including as a result of the withdrawal of VEON's credit ratings by rating agencies due to VEON's current exposure to Russia As a result of sanctions laws and regulations imposed on Russia, cash payments of both interest and principal amounts that either have already been made or will be made by VEON Holdings B.V. (the "Company") under its various RUB and USD notes (the "Notes") through the international clearing systems do not reach the beneficial owners of the Notes that are held directly or indirectly (through the chain of Russian depositaries) via the Russian National Settlement Depository (the "NSD" and, such owners, the "NSD Noteholders") - VEON understands that such cash payments are instead being blocked by the international clearing systems, as the international clearing systems are not making payments to the NSD, due to the European Union's targeting of the NSD, and possibly in response to United States and United Kingdom sanctions laws and regulations targeting Russia more broadly Given the Company believes a significant proportion of NSD Noteholders are among the holders of the 5.95% notes due February 2023 and 7.25% notes due April 2023 issued by the Company (together, the "2023 Notes"), any maturity payments made by the Company in respect of the 2023 Notes on their respective maturity dates are expected to result in an inefficient use of material sums of liquidity, due to the cash remaining blocked in the international clearing systems

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