3Q22 Results and Portfolio Strategy

HQ CASH FLOWS Decreasing corporate costs but uncertain cash upstreaming from OpCos, in particular in the current macro environment CORPORATE COSTS1 (CASH FLOW) 1. CASH UPSTREAMING • FY2021 corporate costs were USD 208m, a decrease of -32% YoY from USD 308m in FY2020 . FY2022 corporate costs expected of around USD 185m, down by ~10% YoY PROJECTED CORPORATE COSTS CASH FLOW (USDM) 308 208 c.185 VEON FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Given ongoing conflict, capital controls and sanctions environment, no dividend upstream expected from Russia and Ukraine in the foreseeable future • Upstream potential in Pakistan, Uzbekistan, Kazakhstan Including extraordinary costs as result of the current circumstances 26 26

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