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VEON Highlights Role of Investments in Rebuilding Ukraine, Renews “Invest in Ukraine, NOW!” Call in Kyiv Visit

1. VEON plans to invest $1 billion in Ukraine from 2023-2027. 2. Kyivstar may indirectly list on the Nasdaq, enhancing visibility. 3. Meetings with Ukrainian government focus on digital infrastructure recovery. 4. VEON supports Ukraine’s recovery and promotes investment opportunities. 5. Kyivstar serves nearly 24 million customers, driving digital economy.

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FAQ

Why Bullish?

The significant investment into Ukraine could bolster investor confidence, similar to past recovery efforts seen with other companies investing in emerging markets post-crisis, possibly improving VEON's stock performance.

How important is it?

VEON's commitment to Ukraine directly ties its future growth potential to the country's recovery, making this a critical announcement for stakeholders and investors.

Why Long Term?

Investment effects may take time to materialize, as infrastructure recovery in Ukraine is a gradual process, reminiscent of post-war recoveries in other regions, which often take years to show tangible results.

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February 26, 2025 04:00 ET  | Source: VEON Ltd. Kyiv and Dubai, 26 February 2025 – VEON Ltd. (Nasdaq: VEON), a global digital operator, together with its 100%-owned subsidiary Kyivstar, highlighted its investments in Ukraine’s digital infrastructure during the visit of the VEON delegation to Kyiv. The VEON delegation, led by VEON Chairman and Founder Augie Fabela, VEON CEO Kaan Terzioglu, met with the Kyivstar team commemorating the third anniversary of the war and renewing VEON’s commitment to investing in Ukraine’s recovery and reconstruction, held a series of bilateral meetings with key government stakeholders and participated in the Yalta European Strategy (YES) Special Meeting. In bilateral meetings with government stakeholders, including Mykhailo Federov, Deputy Prime Minister for Innovation, Education, Science and Technology Development - Minister of Digital Transformation of Ukraine and Oleksiy Chernyshov, Deputy Prime Minister - Minister of National Unity of Ukraine, VEON and Kyivstar highlighted the work in maintaining critical connectivity and digital services for Ukraine and underscored the role of investments in rebuilding the country. The delegation advocated for immediate investments in the country’s recovery, highlighting VEON’s plan to invest USD 1 billion into Ukraine over 2023-2027, and the progress towards indirectly listing Kyivstar on the Nasdaq Stock Market LLC in the United States, which would make Kyivstar the only Ukrainian business whose shares would be publicly traded in the United States. “VEON is deeply committed to Ukraine’s future, and to the critical role the private sector and international investments must play in the country’s recovery and reconstruction. It is a privilege to be on the ground in Ukraine at this historically important time, discussing our investment plans that will support building the future of Ukraine," said Augie Fabela, VEON Board Chairman and Founder. "Together with Kyivstar, VEON will continue to support Ukraine by investing in its digital economy, promoting investment opportunities in Ukraine, and bringing game-changing vital technologies like Starlink’s direct-to-cell service to the country.” VEON is the parent company and the sole owner of Kyivstar, Ukraine’s leading digital operator with the country’s largest mobile and fixed-line connectivity businesses that serve nearly 24 million connectivity customers. Kyivstar offers a wide range of digital services to consumers and Ukrainian businesses, including the digital healthcare platform Helsi, with a registered user base of 28 million, and the entertainment streaming platform Kyivstar TV, as well as cloud, cybersecurity and AI solutions. About VEONVEON is a digital operator that provides converged 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. VEON is listed on NASDAQ. For more information visit: www.veon.com Disclaimer  This release 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 corporate strategy and plans to indirectly list Kyivstar on a U.S. stock exchange. These statements are based on management’s current expectations and are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may impact VEON’s, ability to enter into a definitive agreement in respect of the indirect listing of Kyivstar on a U.S stock exchange or otherwise complete the proposed indirect listing of Kyivstar on a U.S stock exchange. 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 even anticipate. The forward-looking statements contained in this release speak only as of the date of this release. 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.  Contact Information  VEON   Hande Asik  Group Director of Communication  pr@veon.com

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