Amsterdam, Dubai and Kyiv, December 3, 2024 – VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON”), shares the following open letter by its Group CEO Kaan Terzioglu to VEON investors on the recent decision by the Shevchenkivskyi District Court of Kyiv, unfreezing VEON's corporate rights on Kyivstar and VEON's other Ukrainian subsidiaries (Ukraine Tower Company, KyivstarTech and Helsi).

Dear Valued VEON Investor,

On Friday, we reached another milestone in VEON’s growth journey as the Shevchenkivskyi District Court of Kyiv lifted the freezing of VEON’s corporate rights in Kyivstar and our other Ukrainian subsidiaries.  This decision is the result of our steadfast commitment to connecting and rebuilding Ukraine every day, and of our relentless efforts since the freezing in October 2023, making the case that VEON and Kyivstar are pillars of Ukraine’s resilience and reconstruction, with no benefits flowing to any sanctioned persons. It demonstrates Ukraine’s commitment to the rule of law and to protecting the rights of international investors.

I would like to thank you for your confidence in VEON throughout this period. You have not only continued to believe in VEON’s growth story, but also supported us in our commitments to continue investing in Ukraine.

This positive decision encourages us further, and we do believe that Friday’s ruling is indeed a win-win for all. It is a win for VEON’s investors, as the court’s decision removes a source of concern that impacted how the markets assessed our potential for growth in one of our key countries of operation. It is a win for Kyivstar and for the people of Ukraine that we proudly serve, as it enables us to accelerate certain business partnerships. Most importantly, it is a win for Ukraine as it sends a positive message to the global investment community with regards to Ukraine’s business climate and commitment to the rule of law, increasing the country’s appeal as an investment destination.

With the unfreezing of our corporate rights, we now look forward to further value creation in Kyivstar, including exploring the ways in which VEON can play a greater role in bringing international and local investors into this significant asset in our portfolio, in line with VEON’s previously disclosed strategic direction. As one of our shareholders has aptly put it, Kyivstar, through VEON’s Nasdaq listing, is “the sole Ukrainian investment theme on the U.S. [listed] equity market,” and we very much see this as a significant opportunity that benefits all stakeholders.

Our press release on the court ruling is available on VEON’s website: https://www.veon.com/newsroom/press-releases/veon-welcomes-unfreezing-of-its-corporate-rights-in-kyivstar-supporting-ukraines-recovery-and-resilience .

On behalf of VEON, thank you for your support and confidence, and we look forward to sharing further updates as they develop.

Best Regards,

Kaan Terzioglu
VEON Group CEO

About VEON

VEON is a NASDAQ-listed digital operator that provides connectivity and digital services to nearly 160 million customers.  Operating across six countries that are home to more than 7% of the world’s population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. For more information visit: www.veon.com.

Disclaimer

This letter 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, VEON’s commercial and investment plans and investment opportunities in Ukraine. 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 anticipate, including the important factors discussed under the caption Risk Factors in VEON’s annual report on Form 20-F for the year ended 31 December 2023, which is on file with the U.S. Securities and Exchange Commission (SEC) and is available on the SEC website at www.sec.gov. The forward-looking statements contained in this letter speak only as of the date of this letter. 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 dates or to reflect the occurrence of unanticipated events. There can be no assurance that the initiatives referred to above will be successful.