Amsterdam, Dubai and Kyiv, 20 November 2024: VEON Ltd. (Nasdaq: VEON, Euronext Amsterdam: VEON), a global digital operator (“VEON” or the “Group”), announces that its wholly-owned subsidiary in Ukraine, Kyivstar, has successfully acquired 2x5 MHz spectrum in the 2100 MHz band and 40 MHz spectrum in the 2300 MHz band at an auction held by Ukraine’s National Commission for State Regulation of Electronic Communications, Radio Frequency Spectrum, and Postal Services (NCEC).

Kyivstar will invest UAH 1.43 billion (c. 34 million USD1) in the Ukrainian economy through this spectrum acquisition. With this new acquisition, Kyivstar will boost its total spectrum holding from 152 MHz to 202 MHz, enabling it to retain the leading position among all private operators in Ukraine in terms of total amount of available spectrum.

"We have consistently stated that the time to invest in Ukraine is now, and have committed 1 billion USD in investments through 2027. Today's spectrum acquisition is further proof that VEON, through its subsidiary Kyivstar, is here to walk the talk. We have an unwavering commitment to building Ukraine's digital infrastructure, taking 4G connectivity across the nation, bolstering our network’s energy resilience to keep Ukraine connected, and investing in the digital services that Ukraine needs," said VEON Group CEO Kaan Terzioglu.

Kyivstar is the 100%-owned subsidiary of VEON. Forbes Ukraine and New Voice of Ukraine have previously named Kyivstar the fifth largest investor in Ukraine over 2022-2023, making VEON the country’s largest foreign investor during that period. Kyivstar has over 23 million mobile subscribers and over 1 million home internet subscribers; it provides digital healthcare services to more than 28 million registered patients and 1,600 healthcare institutions through Helsi; and serves 1.6 million monthly active users with Ukraine’s leading infotainment platform KyivstarTV.

1 National Bank of Ukraine official exchange rated as at 19.11.2024: 41.3715 UAH/USD

About KyivstarKyivstar is the largest telecoms operator in Ukraine with over 23 million mobile subscribers and over 1 million home internet subscribers. As Ukraine’s market-leading operator, the company maintained network availability above 90% level on average since February 2022, supporting the connectivity of not only its own customers but also the broader Ukrainian population. Kyivstar is 100% owned by VEON Group.

About VEON VEON is a global digital operator 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 and Euronext. For more information visit: https://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 commercial and investment plans. 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. 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.

VEONHande Asik Group Director of Communications pr@veon.com

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