VEON to Proceed with USD 35 Million Share Buyback

Announcement marks second phase of USD 100 million share buyback program

announced on August 1, 2024

Dubai, March 20, 2025: VEON Ltd. (NASDAQ:VEON), a global digital operator ("VEON" or the "Company"), announces that it will shortly commence the second phase of its previously announced share buyback program with respect to the Company's American Depositary Shares ("ADS"). This second phase of the buyback will be in the amount of up to USD 35 million.

The second phase of the share buyback program is being launched after completion of the USD 30 million first phase on January 27, 2025. VEON's Board of Directors approved a share buyback program of up to USD 100 million on July 31, 2024.

The Company continues to believe that its ADSs are undervalued relative to its operational performance and strategic potential. By repurchasing ADSs, VEON aims to optimize shareholder value and strengthen its financial position for future opportunities.

The buybacks will be conducted on the open market pursuant to a 10b5-1 plan signed with a registered broker-dealer, and in compliance with Rule 10b-18. Decisions on the timing and the specifics of the buybacks are subject to liquidity considerations, market conditions, applicable legal requirements, and other factors. Such factors have been taken into account in the approval process of the second USD 35 million phase of the program; subsequent phases are expected to be carried out in the same manner, up to the authorized USD 100 million amount.

About VEON

VEON is a 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. VEON is listed on NASDAQ and headquartered in Dubai. 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 initiation and continuation of its buyback program. 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. There can be no assurance that the initiatives referred to above will be successful.

Contact Information

Hande Asik

Group Director of Communications

pr@veon.com

Faisal Ghori

Group Director of Investor Relations

ir@veon.com