6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 under

the Securities Exchange Act of 1934

For the month of May 2020

Commission File Number 1-34694

VEON Ltd.

(formerly VimpelCom Ltd.)

(Translation of registrant’s name into English)

Claude Debussylaan 88, 1082 MD, Amsterdam, the Netherlands

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  x        Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T

Rule 101(b)(1):  o.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T

Rule 101(b)(7):  o. 

Information contained in this report

On May 7, 2020, the Registrant issued a press release, presentation materials, and supplemental factbook, copies of which are furnished hereto as Exhibits 99.1, 99.2, and 99.3.

EXHIBIT INDEX

Exhibit No.	Description of Exhibit
99.1	Press Release, dated May 7, 2020
99.2	Presentation Materials, dated May 7, 2020
99.3	Supplemental Factbook, dated May 7, 2020

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	VEON LTD.
	(Registrant)
Date: May 7, 2020
	By:	/s/ Scott Dresser
	Name:	Scott Dresser
	Title:	Group General Counsel

EX-99.1

7 M A Y 2020 VEO N REPORTS BALANCED 1 Q 2 0 RESULTS AND PROVIDES OPERATIONAL U P D A T E FOR COVID - 1 9 I M P A C T 1

Amsterdam (7 May 2020) – VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and digital services, today announces results for the quarter ended 31 March 2020. KEY POINTS • The Group delivered a balanced performance in the quarter, with operational weakness in Russia being offset by good underlying performances from Ukraine, Pakistan and Kazakhstan • Strong growth in data usage continued to lead service revenue, underpinned by our continued network investment • The Group remains well positioned with a strong balance sheet and access to sufficient liquidity to allow VEON to weather current market uncertainty • We have announced the appointments of Serkan Okandan as VEON’s Group CFO, effective 1 May 2020, and Alexander Torbakhov as Beeline Russia CEO, effective 6 April 2020 • The COVID-19 pandemic is increasing dependency on, and demand for, essential communications, connectivity and digital services across a number of markets • Given continued uncertainty related to the COVID-19 pandemic and the likely impact on the Group’s financial performance in the coming quarters, we believe it is no longer prudent to give financial guidance for 2020 KAAN TERZIOGLU AND SERGI HERRERO, CO-CHIEF EXECUTIVE OFFICERS, COMMENT: “The first quarter of 2020 was an exceptional period for the global community, with COVID-19 transforming the daily lives of billions. The ability of telecommunications to keep the world connected at a time of physical isolation is redefining the role of our industry as we support lives through access to vital healthcare resources and information, livelihoods for the many millions of new home workers through essential connectivity, and lifestyles through our growing range of digital services. VEON is proud to be part of the human solution to this crisis, using connectivity and technology to support the communities we serve. VEON is not immune to the economic impact of COVID-19. Operationally, this has resulted in divergent trends across our business, with greater demand for broadband and digital services offset by an inevitable decline in roaming revenues. Given the impact and duration of this pandemic remain uncertain, we believe it is no longer prudent to give financial guidance for 2020 and it is clear that there is presently significant pressure on our operational performance. Despite these challenges, we remain committed to executing on our planned operational improvements across our markets, which we expect will support the Group’s operating performance over the medium term. Driving this performance is the strong demand we continue to enjoy for data, which grew 18.3% year-on-year in local currency during the first quarter as we progressed our 4G network investment program and deployed new digital services across our markets to enrich the experience of our customers. With the majority of our markets still in the early stages of smartphone adoption, we remain excited by the long-term opportunities that 4G network deployment can deliver and will maintain our current capex levels to ensure we are strongly positioned to capture these opportunities. We also continue to invest in our leadership team, and we are delighted to welcome Serkan Okandan as VEON’s Group Chief Financial Officer and Alexander Torbakhov as Chief Executive Officer of Beeline Russia. Serkan and Alexander are terrific individuals who we believe will play defining roles in Group’s future success. In addition, Erwan Gelebart has been appointed as CEO for JazzCash, effective 18 May 2020. With 7.3 million active digital wallets, JazzCash has strong potential in Pakistan and Erwan will play a crucial role in our growth plans for this business. Ursula Burns will be stepping down as Chairman of VEON, effective 1 June 2020. We would like to take this opportunity to thank Ursula for her commitment to VEON over the last three years, during which she oversaw the transformation of the Group as a leading emerging markets operator through the sale of our Italian business, the successful conclusion of the DOJ/SEC compliance monitorship and our successful tender offer for Global Telecom Holding S.A.E.. Ursula has been a major force across the Group, driving important governance and cultural changes, remaking the leadership team and positioning us for growth in the years ahead. 2

1Q20 RESULTS 1 • Total revenue: USD 2,097 million, +0.3% YoY in local currency2 ; -1.3% YoY on a reported basis • EBITDA: USD 920 million, -1.8% YoY in local currency2; -29.1% YoY on a reported basis • Mobile subscriber base: 211 million total mobile subscribers, flat YoY • Operational Capex6: USD 368 million • Stable local currency2 revenue: total revenue increased by 0.3% in local currency2 year on year (YoY), with service revenue increasing 0.2% in local currency2. Excluding the impact of tax regime changes3 in Pakistan, total revenue would have increased by 2.7% in local currency2 in 1Q20. Reported total revenue decreased by 1.3% YoY • Local currency2 data revenue growth remains robust: the momentum in mobile data revenue continued in the period, growing in local currency2 by 18.3% YoY, with Ukraine (+22.4%), Pakistan (+17.1%) and Bangladesh (+18.5%) delivering strong performances on the back of ongoing 4G investments • EBITDA performance in local currency2 weakened slightly: EBITDA in local currency2 decreased 1.8% YoY. Excluding the impact of tax regime changes in Pakistan3, EBITDA would have increased 1.0% in local currency2 YoY • Reported EBITDA: decreased by 29.1% YoY to USD 920 million, resulting in an EBITDA margin of 43.9%. However adjusted for the positive impact of the one-off vendor payment of USD 350 million in 1Q19, reported EBITDA decreased by 3.0% YoY • Corporate Costs4 trending lower: Corporate Costs were USD 49 million in 1Q20, down 8% YoY. We expect to make further saving in Corporate Costs going forward. In 1Q20, our cost intensity ratio5 increased in local currency2 by 0.9 percentage points YoY • LTM Operational capex ratio6 of 19.5%: we recorded an Operational Capex Ratio of 19.5% over the twelve months ended 31 March 2020 following 4G investments in Pakistan, Ukraine and Bangladesh • Equity Free Cash Flow7 generation: We generated USD 104 million of equity free cash flow7 after licenses and excluding capitalized leases during 1Q20 KEY DEVELOPMENTS • Sergi Herrero and Kaan Terzioğlu appointed as co-Chief Executive Officers effective from 1 March 2020 • Serkan Okandan appointed as VEON’s Group CFO effective 1 May 2020 • Alexander Torbakhov appointed as Beeline Russia CEO effective 6 April 2020 • Erwan Gelebart appointed as CEO for Jazz Cash effective 18 May 2020 • Ursula Burns to step down as VEON Chairman effective 1 June 2020 • Establishment of a USD 6.5 billion Global Medium-Term Note program • COVID-19 uncertainty prevents Group from providing full year guidance for 2020 1 Results as compared to prior year results unless stated otherwise 2 Local currency growth for FY 2020 is defined excluding the effect of foreign currency movements. EBITDA growth excludes one-off vendor payment of USD 350 million received in FY 2019 3 In June 2018, the Supreme Court ordered an interim suspension of the deduction of taxes and service/maintenance charges on prepaid and postpaid connections on each recharge/top-up/load levied by mobile phone service providers. On 24 April 2019, the Supreme Court disposed of the proceedings and restored the impugned tax deductions, deciding that it would not interfere in the matter of the collection of public revenue (the “suo moto order”). On 3 July 2019, the Supreme Court issued its judgment dated 10 May 2019 and, in addition to confirming its ruling on tax deductions, further clarified that mobile phone service providers cannot charge customers for service and maintenance charges, which were 10% of customer recharges. As a result of the judgment by the Supreme Court, the Pakistan Telecommunication Authority (“PTA”) issued two letters to Jazz, dated 30 August 2019 and 19 September 2019, requesting Jazz to refund the service and maintenance charges (the “administration fees”) collected by Jazz between April 2019 and July 2019. Further to the PTA’s directions, on 29 September 2019, Jazz proceeded with crediting these administration fees to the balances of the affected customers. On 6 December 2019, the PTA issued a show cause notice alleging that the credits were made with conditions attached to them and, therefore, the PTA required Jazz to credit the affected customers again within fifteen (15) days. Jazz disputes the PTA’s allegation and, on 3 January 2020, provided the PTA with a complete factual explanation of the credits that were made and requested the withdrawal of the show cause notice. Jazz is currently awaiting the PTA’s response 4 Corporate costs is a non-IFRS financial measure and represents costs incurred by the holding entities in the Netherlands, Luxembourg, the United Kingdom and Egypt, primarily comprised of salary costs and consulting costs 5 Cost intensity ratio is defined as service costs plus selling, general and administrative costs, less other revenue, divided by total service revenue 6 Operational Capex is defined as capex excluding license expenditures and capitalized leases. Operational capex ratio is defined as operational capex divided by total revenue 7 Equity free cash flow after licenses (excluding capitalized leases) is a non-IFRS measure and is defined as free cash flow from operating activities less repayment of lease liabilities and cash flow used in investing activities, excluding M&A transactions, inflow/outflow of deposits, financial assets, other one-off items. See attachment C for reconciliations 3

KEY RESULTS: CONSOLIDATED FINANCIAL AND OPERATING HIGHLIGHTS Local currency USD million 1Q20 1Q19 Reported YoY YoY 1 Total revenue, of which 2,097 2,124 (1.3%) 0.3% mobile and fixed service revenue 1,978 2,005 (1.4%) 0.2% mobile data revenue 662 567 16.6% 18.3% EBITDA 920 1,298 (29.1%) (28.3%) EBITDA margin (EBITDA/total revenue) 43.9% 61.1% (17.2p.p.) (17.4p.p) EBITDA Adjusted 920 948 (3.0%) (1.8%) EBITDA margin Adjusted (EBITDA Adjusted/total revenue) 43.9% 44.6% (0.7p.p.) (1.0p.p.) Profit from continued operations 120 530 n.m. Profit for the period attributable to VEON shareholders 108 495 (78.2%) Equity free cash flow after licenses 2 104 369 (71.8%) Capital expenditures excl. licenses 413 441 (6.3%) LTM capex excl. licenses/revenue 22.8% 16.7% 6.1p.p. Operational capital expenditures excl. licenses 3 368 389 (5.4%) LTM Operational capital expenditures excl. licenses/revenue 3 19.5% 16.2% 3.3p.p. Net debt 7,741 8,265 (6.3%) Net debt/LTM EBITDA 2.0 2.2 n.m. Net debt (excl. lease liabilities) 6,054 6,247 (3.1%) Net debt/LTM EBITDA (excl. lease liabilities) 1.8 1.7 n.m. Total mobile customer (millions) 211 211 (0.1%) Total fixed-line broadband customers (millions) 4.3 3.9 9.0% Note: EBITDA Adjusted in 1Q19 excludes other operating income of USD 350 million related to one-off vendor payment 1 Local currency growth for FY 2020 is defined excluding the effect of foreign currency movements. EBITDA growth excludes one-off vendor payment of USD 350 million received in FY 2019. See attachment C for reconciliations 2 Equity free cash flow after licenses (excluding capitalized leases) is a non-IFRS measure and is defined as free cash flow from operating activities less repayment of lease liabilities and cash flow used in investing activities, excluding M&A transactions, inflow/outflow of deposits, financial assets, other one-off items. See attachment C for reconciliations 3 Operational Capex is defined as capex excluding license expenditures and capitalized leases. Operational capex ratio is defined as operational capex divided by total revenue 4

CONTENTS MAIN EVENTS ................................................................................................... 6 GROUP PERFORMANCE ....................................................................................... 8 COUNTRY PERFORMANCE ................................................................................... 1 1 CONFERENCE CALL INFORMATION ......................................................................... 2 0 ATTACHMENTS ................................................................................................ 2 2 PRESENTATION OF FINANCIAL RESULTS VEON’s results presented in this earnings release are based on IFRS unless otherwise stated and have not been audited. Certain amounts and percentages that appear in this earnings release have been subject to rounding adjustments. As a result, certain numerical figures shown as totals, including those in tables, may not be an exact arithmetic aggregation of the figures that precede or follow them. The following non-IFRS measures disclosed in the document, i.e. EBITDA, EBITDA margin, EBIT, net debt, equity free cash flow (after licenses), local currency measures, capital expenditures excluding licenses, are reconciled to the comparable IFRS measures in Attachment E. All comparisons are on a year on year (YoY) basis unless otherwise stated. 5

MAIN EVENTS REVENUE AND EBITDA Total revenue increased in local currency1 by 0.3% YoY. Reported revenue (-1.3% YoY) was negatively impacted by currency movements of USD 34 million during the quarter. On a local currency1 basis and excluding the impact of a revised vendor agreement in 2019, EBITDA decreased by 1.8% YoY, primarily due to the EBITDA performance in Russia (-8.9% YoY) which was the key drag on the Group’s results. Reported EBITDA (-29.1% YoY) was impacted by the one-off vendor payment recorded in connection with a revised vendor agreement in Q1 2019 of USD 350 million and currency headwinds of USD 11 million. During 1Q20, both revenue and EBITDA were negatively impacted by tax regime changes2 in Pakistan. Adjusted for these impacts, revenue would have increased in local currency1 by 2.7% YoY while EBITDA would have increased in local currency1 by 1.0% YoY. 1 Local currency growth for FY 2020 is defined excluding the effect of foreign currency movements. EBITDA growth excludes the one-time cash received in FY 2019 in connection with a revised arrangement from Ericsson of USD 350 million. 2 In June 2018, the Supreme Court ordered an interim suspension of the deduction of taxes and service/maintenance charges on prepaid and postpaid connections on each recharge/top-up/load levied by mobile phone service providers. On 24 April 2019, the Supreme Court disposed of the proceedings and restored the impugned tax deductions, deciding that it would not interfere in the matter of the collection of public revenue (the “suo moto order”). On 3 July 2019, the Supreme Court issued its judgment dated 10 May 2019 and, in addition to confirming its ruling on tax deductions, further clarified that mobile phone service providers cannot charge customers for service and maintenance charges, which were 10% of customer recharges. As a result of the judgment by the Supreme Court, the Pakistan Telecommunication Authority (“PTA”) issued two letters to Jazz, dated 30 August 2019 and 19 September 2019, requesting Jazz to refund the service and maintenance charges (the “administration fees”) collected by Jazz between April 2019 and July 2019. Further to the PTA’s directions, on 29 September 2019, Jazz proceeded with crediting these administration fees to the balances of the affected customers. On 6 December 2019, the PTA issued a show cause notice alleging that the credits were made with conditions attached to them and, therefore, the PTA required Jazz to credit the affected customers again within fifteen (15) days. Jazz disputes the PTA’s allegation and, on 3 January 2020, provided the PTA with a complete factual explanation of the credits that were made and requested the withdrawal of the show cause notice. Jazz is currently awaiting the PTA’s response COVID-19 We are seeing first-hand how the COVID-19 pandemic is affecting individuals, families, businesses and industries across our operating markets. As a provider of vital infrastructure upon which people depend, we recognize that it is in moments like these that we must ensure that communities stay connected, supporting those in need and working together to overcome this unprecedented global challenge. We will continue to work with our operating companies to deliver the services that our employees, customers and communities need. Our first priority has been the health and safety of our employees, our 211 million customers and everyone in our operating countries. Helping to protect lives, safeguard livelihoods and enhance lifestyles at this difficult time defines our role in the global effort to fight this pandemic. We have taken a number of measures to help our customers, including offering additional data and minutes, enabling free access to our content services and waiving late fees. Across our 10 operating countries, all emergency health care and foreign affairs hot lines and websites have been zero-rated, and as the situation continues to develop our colleagues across the different countries are doing whatever they can to help our customers and their broader communities and spread helpful information about government guidance. While we are seeing some initial positive usage trends in both our voice and data services, we are facing a number of challenges across the business. These include disruption in our distribution channels, migration of our customer base away from urban areas and a migration in data utilization from our mobile to our fixed networks. These have had a direct financial impact on our business in recent weeks, particularly on roaming revenues, device sales and prepaid top-up volumes. As a consequence, in the month of April we saw a high single-digit1 YoY decline in revenues and a mid-teens1 decline in EBITDA in local currency terms. Given increasing uncertainty surrounding both the duration and eventual economic impact of the lock-down, we believe it is no longer prudent to provide financial guidance for 2020. As we look to mitigate the impact of COVID-19 on our business, we are looking to extend payments terms with our key vendors, while at the same time optimizing costs and capex as appropriate across our operations. We will continue to focus on optimizing our balance sheet structure in the coming quarters. It is, however, important that we do not lose focus on our planned operational improvements throughout the balance of the year, which will stand us in good stead for the medium term. 6

1 Revenue and EBITDA YoY performance for April 2020, excludes the positive impact related to special compensation of USD 38 million in April 2019 and the impact of tax regime changes in Pakistan. Special compensation is related to the termination of a network sharing agreement in Kazakhstan between our subsidiary KaR-Tel LLP and Kcell Joint Stock Company ("Kcell”) due to Kazakh telecom JSC’s acquisition of 75% of Kcell's shares. CORPORATE COSTS AND COST INTENSITY RATIO Corporate costs1 were USD 49 million in 1Q20, down 8% YoY. We expect to realize further savings in corporate costs going forward. In 1Q20, our cost intensity ratio2 increased in local currency3 by 0.9 percentage points YoY excluding the positive 2019 impact of the one-off vendor payment of USD 350 million received in FY 2019. While we are seeing continued progress on cost control across a number of our markets, Russia faced some challenges in the period given the pressure on revenues. 1 Corporate costs are a non-IFRS financial measure and represents costs incurred by the holding entities in the Netherlands, Luxembourg, United Kingdom and Egypt, primarily comprised of salary costs and consulting costs 2 Cost intensity ratio is defined as service costs plus selling, general and administrative costs, less other revenue, divided by total service revenue 3 Local currency growth for FY 2020 is defined excluding the effect of foreign currency movements. EBITDA growth excludes a one-off vendor payment received in FY 2019 in connection with a revised arrangement from Ericsson of USD 350 million USD 6.5 BILLION GLOBAL MEDIUM-TERM NOTE PROGRAM On 16 April 2020, VEON Holdings B.V. announced the establishment of a USD 6.5 billion Global Medium-Term Note program for the issuance of bonds (the "MTN Program"). In connection with the establishment of the MTN Program, VEON prepared a base offering memorandum, which was approved by the Luxembourg Stock Exchange, in order to enable bonds issued under the MTN Program to be admitted to listing on the Official List of the Luxembourg Stock Exchange and to trading on the Euro MTF market of the Luxembourg Stock Exchange. Following the establishment of the MTN Program, VEON is monitoring the international capital markets and is considering potential offerings during 2020 under the MTN Program of notes denominated across the various currencies of our operations, subject to funding needs and market conditions. MANAGEMENT CHANGES On 6 April, VEON announced the appointment of Serkan Okandan as Group Chief Financial Officer (CFO), effective 1 May 2020. Serkan brings a wealth of experience to VEON which will be invaluable as we look to consolidate our position in connectivity and digital services. On 3 April, VEON announced the appointment of Alexander Torbakhov as Chief Executive Officer of Beeline Russia, effective 6 April 2020. Alexander brings with him a history of success from some of the country’s largest consumer and technology businesses. On 28 April, VEON announced that Erwan Gelebart has been appointed as CEO for Jazz Cash effective 18 May 2020. With 7.3 million active digital wallets, JazzCash has enormous potential in Pakistan and Erwan will play a crucial part in our growth plans for JazzCash. AGM ANNOUNCEMENT On 1 May 2020 VEON announced that its Board of Directors has set the date for the Company’s Annual General Meeting (AGM) of Shareholders for 1 June 2020. VEON also announced that Ursula Burns would not stand for re-election as Group Chairman at the 2020 AGM. Guillaume Bacuvier, Sir Julian Horn-Smith and Guy Laurence have also opted to not stand for re-election. The candidates put forward for election to the Board include seven directors currently serving on the Board: Osama Bedier, Mikhail M. Fridman, Gennady Gazin, Andrei Gusev, Gunnar Holt, Robert Jan van de Kraats, and Alexander Pertsovsky, as well as five new candidates: Hans Holger Albrecht, Mariano De Beer, Peter Derby, Amos Genish and Stephen Pusey. 7

GROUP PERFORMANCE FINANCIALS BY COUNTRY Local Reported USD million 1Q20 1Q19 currency1 YoY YoY Total revenue 2,097 2,124 (1.3%) 0.3% Russia 1,020 1,048 (2.6%) (2.6%) Pakistan 316 362 (12.7%) (2.6%) Ukraine 238 188 26.5% 16.1% Algeria 185 192 (3.7%) (2.1%) Bangladesh 137 134 2.4% 3.7% Kazakhstan 118 103 14.0% 17.7% Uzbekistan 55 64 (14.2%) (2.5%) Other 38 41 HQ and Eliminations (10) (7) Service revenue 1,978 2,005 (1.4%) 0.2% Russia 933 960 (2.8%) (2.8%) Pakistan 293 337 (13.0%) (3.0%) Ukraine 236 187 26.5% 16.1% Algeria 184 192 (4.0%) (2.4%) Bangladesh 134 131 2.9% 4.2% Kazakhstan 116 102 13.4% 17.1% Uzbekistan 54 64 (14.7%) (3.0%) Other 36 39 HQ and Eliminations (9) (6) EBITDA 920 1,298 (29.1%) (1.8%) Russia 427 468 (8.7%) (8.9%) Pakistan 147 183 (19.8%) (10.7%) Ukraine 161 118 36.4% 25.3% Algeria 81 89 (9.2%) (7.8%) Bangladesh 59 60 (1.5%) (0.3%) Kazakhstan 63 55 14.0% 17.8% Uzbekistan 25 32 (20.1%) (9.2%) Other 14 14 HQ and Eliminations (57) 279 EBITDA margin 43.9% 61.1% (17.2p.p.) (1.0 p.p.) 1 Local currency growth for FY 2020 is defined excluding the effect of foreign currency movements. EBITDA growth excludes a one-off vendor payment of USD 350 million received in FY 2019 Reported total revenue decreased by 1.3% YoY in 1Q20 to USD 2.1 billion, with a particularly strong operational performance in Ukraine, Kazakhstan and Bangladesh being offset by the negative impact of tax regime changes in Pakistan, the continued underperformance in Russia and currency headwinds during the quarter. Total revenue increased by 0.3% in local currency1 supported by strong growth in Ukraine (+16.1%) and Kazakhstan (+17.7%). Addressing the revenue trends in Russia remains a key focus for management. The total revenue trend in local currency1 was supported by strong growth in mobile data revenue, which increased by 18.3% in local currency1 for the quarter. Reported mobile data revenue (+16.6%) was negatively impacted by currency headwinds of USD 10 million. The groups total mobile customers was stable YoY at 211 million at the end of 1Q20, with the customer decline in Uzbekistan, Algeria and Russia, being partially offset by an increase in Pakistan and Bangladesh. Excluding the impact of tax regime changes in Pakistan, total revenue would have increased by 2.7% YoY in local currency1.The COVID-19 pandemic will impact the ability to connect new customers in the short term. EBITDA decreased in local currency1 by 1.8% to USD 920 million, with the positive contribution of Ukraine and Kazakhstan being more than offset by the underperformance of Russia, Algeria and tax regime change impact in Pakistan. Excluding the impact of tax regime changes in Pakistan, EBITDA would have increased by 1.0% YoY in local currency1. Reported EBITDA decreased by 29.1% YoY, negatively impacted by a one-off vendor payment of USD 350 million received in FY 2019 and 8

currency headwinds during the quarter. VEON’s HQ and elimination segment consists largely of corporate costs. In 1Q20, corporate costs1 were USD 49 million, compared to the positive EBITDA of USD 296 million reported in 1Q19 which was impacted by exceptional income of USD 350 million. Excluding this exceptional income, corporate costs were down 8% YoY. “Other” in 1Q20 includes the results of Kyrgyzstan, Armenia and Georgia. 1 Corporate costs are a non-IFRS financial measure and represents costs incurred by the holding entities in the Netherlands, Luxembourg, United Kingdom and Egypt, primarily comprised of salary costs and consulting costs INCOME STATEMENT & CAPITAL EXPENDITURES Local Reported USD million 1Q20 1Q19 currency YoY YoY1 Total revenue 2,097 2,124 (1.3%) 0.3% Service revenue 1,978 2,005 (1.4%) Other operating income - 350 n.m. Service Cost (381) (368) 3.5% Cost of equipment and accessories (89) (90) (1.1%) SG&A (706) (718) (1.7%) EBITDA 920 1,298 (29.1%) (28.3%) EBITDA margin 43.9% 61.1% (17.2p.p.) (17.4p.p.) EBITDA Adjusted 920 948 (3.0%) (1.8%) EBITDA Adjusted margin 43.9% 44.6% (0.7p.p.) (1.0p.p.) Depreciation, amortization, impairments and other (514) (510) 0.7% EBIT (Operating Profit) 407 788 (48.4%) Financial income and expenses (198) (197) 0.8% Net foreign exchange (loss)/gain and others (28) 13 n.m. Other non operating gains / losses 15 4 n.m. Profit before tax 195 609 (67.9%) Income tax expense (76) (79) (3.7%) Profit from continued operations 120 530 (77.4%) Profit from discontinued operations - - n.m. Profit for the period 120 530 (77.4%) Of which Profi/(Loss) attributable to non-controlling interest 12 35 (65.7%) Of which Profi/(Loss) attributable to VEON shareholders 108 495 (78.2%) Reported 1Q20 1Q19 YoY Capex 448 445 0.6% Capex excl. licenses 413 441 (6.3%) Capex excl. licenses/revenue 19.7% 20.7% (1.0p.p.) LTM capex excl. licenses/revenue 22.8% 16.7% 6.1p.p. Operational capex excl. licenses2 368 389 (5.4%) LTM Operational capex excl. licenses/revenue2 19.5% 16.2% 3.3p.p. No te : prior year comparatives for capital expenditures are adjusted to reflect correct IFRS 16 impact of prior periods. EBITDA Adjusted in 1Q19 excludes other operating income of USD 350 million related to one-off vendor payment 1 Local currency growth for FY 2020 is defined excluding the effect of foreign currency movements 2 Operational Capex is defined as capex excluding license expenditures and capitalized leases. Operational capex ration is defined as operational capex divided by total revenue. 1Q20 ANALYSIS EBITDA decreased in local currency1 terms by 1.8%, with the positive contribution of Ukraine and Kazakhstan being more than offset by underperformance of Russia, Algeria and impact on tax regime change in Pakistan. Excluding the impact of tax regime changes in Pakistan, EBITDA would have increased by 1.0% YoY in local currency1. Reported EBITDA of USD 920 million decreased by 29.1% YoY, negatively impacted by the one-off vendor payment of USD 350 million received in FY 2019 and currency headwinds during the quarter. 9

Operating profit in the quarter (1Q20) was USD 407 million, compared to an operating profit in 1Q19 of USD 788 million, which was again negatively impacted by one off vendor payment received in FY 2019. Depreciation and amortization impact was flat YoY. In 1Q20, net financial income and expenses were flat year on year. Net foreign exchange gain/loss movement is mainly related to the revaluation loss of USD-denominated debt due to strong depreciation of local currencies in 1Q20 compared to appreciation and stability of these currencies in the prior year period. In 1Q20 the income tax expense was USD 76 million, broadly stable year on year. In 1Q20, the Company recorded a net profit of USD 120 million, of which USD 108 million is attributable to VEON’s shareholders. Operational Capex2 was USD 368 million in 1Q20 against the USD 389 million recorded in 1Q19, mainly due to slower rollout in Russia, offset by Pakistan, Kazakhstan and Bangladesh higher rollout and additional network investments. The ratio of 1Q20 capex (excluding licenses and capitalized leases) to revenue for the last twelve months is 19.5%. 1 Local currency growth for FY 2020 is defined excluding the effect of foreign currency movement 2Operational Capex is defined as capex excluding license expenditures and capitalized leases. Operational capex ration is defined as operational capex divided by total revenue. FINANCIAL POSITION & CASH FLOW USD million 1Q20 4Q19 QoQ Total assets 14,424 16,059 (10.2%) Shareholders' equity 543 1,226 (55.7%) Gross debt 9,229 9,593 (3.8%) Net debt 7,741 8,342 (7.2%) Net debt (excl.lease liabilities) 6,054 6,302 (3.9%) Net debt/LTM EBITDA 2.0 2.0 Net debt/LTM EBITDA (excl.lease liabilities) 1.8 1.7 USD million 1Q20 1Q19 YoY Net cash from/(used in) operating activities 626 830 (204) Net cash from/(used in) investing activities (495) (1,035) 540 Net cash from/(used in) financing activities 124 (405) 529 Note: Certain comparative amounts have been reclassified to conform to the current period presentation Gross debt decreased in 1Q20 mainly due to the decrease in lease liabilities. Excluding this impact, the gross debt remained stable. During 1Q20 we have drawn USD 600 million under the revolving credit facility, increased the size of the ruble denominated loan with Alfa Bank from RUB 17.5 billion to RUB 30.0 billion and raised an additional USD 300 million under our 2025 bond. This was offset by a decrease in gross debt as a result of the ruble depreciation, the repayments of the USD 500 million GTH Finance Bond and the prepayment of RUB 7.5 billion under the Sberbank loan. Net debt in 1Q20 was USD 7.7 billion and the net debt/LTM EBITDA ratio was 2.0x. Excluding capitalized leased, net debt was 6.0 billion and net debt/LTM EBITDA ratio was 1.8x. Net cash from operating activities decreased YoY, mainly due to currency headwinds in EBITDA and lower working capital related to prior year vendor agreement impact. Net cash flow used in investing activities in 1Q20 was lower mainly due to outflow in deposits in HQ Amsterdam related to the GTH MTO in PY and higher network investments in this quarter. Net cash from financing activities increased to USD 124 million in 1Q20 mainly due to an increase debt which was partially offset by debt repayment (described above) and dividend payments. 10

COUNTRY PERFORMANCE • Russia • Ukraine • Pakistan • Uzbekistan • Kazakhstan • Algeria • Bangladesh RUSSIA RUB million 1Q20 1Q19 YoY Total revenue 67,457 69,247 (2.6%) Mobile service revenue 52,518 54,933 (4.4%) Fixed-line service revenue 9,112 8,502 7.2% EBITDA 28,180 30,934 (8.9%) EBITDA margin 41.8% 44.7% (2.9p.p.) Capex excl. licenses 12,103 17,465 (30.7%) LTM Capex excl. licenses /revenue 24.9% 18.7% 6.2p.p. Mobile Total revenue 58,182 60,708 (4.2%) - of which mobile data 16,298 15,021 8.5% Customers (mln) 53.5 54.2 (1.4%) - of which data users (mln) 34.4 35.1 (2.2%) ARPU (RUB) 323 333 (2.9%) MOU (min) 284 297 (4.2%) Data usage (MB/user) 7,539 4,697 60.5% Fixed-line Total revenue 9,275 8,539 8.6% Broadband revenue 2,826 2,661 6.2% Broadband customers (mln) 2.7 2.5 8.5% Broadband ARPU (RUB) 356 364 (2.3%) In Russia, Beeline remained focused on improving the customer experience and stabilising operating performance as we work towards executing on the business turnaround anticipated over the coming quarters. Network investment continued during 1Q20 as Beeline increased its number of 4G base stations by 33% YoY as at 31 March 20201. While the network quality is improving, customer perception continues to lag. At the same time, our business faced challenges related to competition and the efficiency of our distribution. More than 300 additional stores were closed through 1Q20, bringing the total of stores closed in the last nine months to 500, in line with our ambition to enhance retail efficiency through the closure of approximately 600 stores and to place a greater emphasis on online retail distribution during the course of 2019 and 2020. We have announced a series of customer-oriented initiatives in support of fighting the spread of COVID-19, including helping the spread of reliable information and accommodating the special needs that arise from the current environment such as supporting our customers stranded abroad. We would like to thank all of our employees for their contribution as well as our customers and partners for their cooperation and understanding in this difficult period. Following advice from the relevant authorities, as of 29 April, we have closed 34% of our own stores and 25% of our franchise stores, which has led to a significant decline in device and SIM-cards sales. The impact of this was somewhat limited in the quarter but will likely have a more significant impact in the coming months. We note that the COVID-19 quarantine measures could accelerate the natural trend of increasing online sales and potentially positively affect the overall market as this may lead to a more balanced sales approach with fewer retail points in the future. We are driving online channels with a separate focus on self-registration products as well as mitigating potential risks caused by the slowdown in the shipment of network equipment. 11

In line with our ambition to grow our customer engagement via new digital and financial services, we are accelerating the variety of digital services we offer and have released specific products, such as COVID-19 Insurance offered entirely through digital channels. Further strengthening our partnership with leading financial services players in Russia, we now offer with Alfa Bank pre-approved co-branded credit cards to the public and have launched commercially a data monetisation stream, including advanced credit scoring capabilities. Lastly, we have provided free access to key government and "socially-essential" sites through the launch of our Cub! application. We believe these adjacent digital businesses will be incrementally positive for our revenue growth in Russia over the medium term. Total revenue in 1Q20 was RUB 67.5 billion, representing a YoY decrease of 2.6%. In the quarter, we saw a decline in roaming revenues and the continued prevalence of unlimited tariff plans resulted in a decline in mobile service revenue of 4.4% to RUB 52.5 billion, which was partially offset by an increase in fixed service revenue of 7.2% YoY. As a result of challenges related to competition, efficiency of our distribution and the decline in the migrant labour force during 1Q20, our customer base declined YoY by 1.4% The strong growth in data revenue and revenue from mobile financial services were insufficient to offset the decline in voice and messaging revenue, which were additionally impacted by the decrease in international roaming revenue due to the COVID-19 outbreak. Data usage per user (MBs/user) continued to grow strongly up 60.5% YoY, supported by a 4G population coverage increase to 86% from 77% in March 2019. Revenue from equipment and accessory sales decreased by 1.7% YoY due to the reduction in the number of stores which was partially offset by higher shipments to dealership. Beeline continues to focus on the B2B segment, improving its proposition with new digital offers and solutions to both small and large enterprises. In 1Q20, B2B service mobile revenue increased by 6.6% YoY. With most of our B2B customers working from home in respect of social distancing measures, they are adapting to the changing environment through our Beeline developed platform called BeeFree which provides IT, communications and HR-solutions based at Workplace-as-a-Service concept. According to TMT report published on April 2020, in 2019 Beeline was the leader in FTTB subscriber growth. In 1Q20, Beeline further grew total fixed-line revenue by 8.6% YoY supported by both broadband revenue and increases in transit service revenue. Beeline’s Fixed Mobile Convergence (“FMC”) proposition continues to play an important role in the turnaround of the fixed-line business for Beeline. The FMC customer base grew by 20.4% YoY in 1Q20 to more than 1.4 million, which represents a 52% FMC penetration of our broadband customer base. EBITDA for 1Q20 decreased 8.9% driven by the continued revenue pressure and higher structural costs following the increased network investment, slightly offset by lower commercial costs mainly related to closing of more than 300 own stores in 1Q20. Capex excluding licenses decreased by 30.7% as a result of the timing of network rollout. Beeline remains committed to improving its network quality. Beeline continues to invest in network development with a strong separate focus on Moscow and Saint-Petersburg to ensure these cities have high quality infrastructure that is ready to integrate new technologies. In Moscow, 4G population coverage reached 99.4% during 1Q20 alongside the start of 5G-ready deployment. 1 Based on the latest Federal Service for Supervision of Communications, Information Technology and Mass Media statistics we moved to 3rd place from 4th place in terms of general number of base stations as a consequence of our active deployment. 12

UKRAINE UAH million 1Q20 1Q19 YoY Total revenue 5,950 5,125 16.1% Mobile service revenue 5,530 4,763 16.1% Fixed-line service revenue 384 329 16.9% EBITDA 4,040 3,223 25.3% EBITDA margin 67.9% 62.9% 5.0p.p. Capex excl. licenses 1,347 983 37.1% LTM capex excl. licenses/revenue 23.6% 17.3% 6.2p.p. Mobile Total operating revenue 5,530 4,772 15.9% - of which mobile data 3,004 2,454 22.4% Customers (mln) 26.0 26.3 (1.2%) - of which data customers (mln) 17.0 15.4 10.4% ARPU (UAH) 70 60 17.4% MOU (min) 603 585 3.0% Data usage (MB/user) 4,948 3,059 61.8% Fixed-line Total operating revenue 384 329 16.9% Broadband revenue 248 209 18.8% Broadband customers (mln) 1.0 0.9 10.0% Broadband ARPU (UAH) 81 75 7.6% In Ukraine, Kyivstar continued to deliver solid results during the quarter, supported by our marketing activities and strong growth in data consumption enabled by ongoing investment in Kyivstar’s network. The business reported revenue growth of 16.1% with EBITDA up 25.3%. As of 16 March, Ukraine imposed lockdown measures aiming to prevent spread of COVID-19, leading to a temporary close of a number of stores. As of 1 May, we had closed 86 of 485 stores across the country which continues to impact recharge volumes. Kyivstar is working actively to ensure business continuity and uninterrupted service for our customers, as well as on mitigation measures. Kyivstar has donated USD 1 million for medical equipment and provided additional facilities such as free of charge services and access to COVID-19 official resources and bonuses for medical staff. Encouragingly, we have seen increased usage of our digital services with a strong increase in downloads of our Telemedicine app, while our selfcare app monthly active users increased by 55% in March. In December 2019, Kyivstar launched its converged TV application, and as of March 2020 monthly active users of this service were approximately 200 thousand. Total revenue grew by 16.1% YoY to UAH 5.9 billion and mobile service revenue increased by 16.1% YoY to UAH 5.5 billion. Revenue growth was supported by strong data and fixed line revenue performance in turn being driven by CVM (Customer Value Management) activities and successful marketing activities during the quarter. The growth in data customers and data usage supported an ARPU increase of 17.4% YoY to UAH 70. Overall, Kyivstar’s mobile customer base decreased slightly by 1.2% to 26.0 million, reflecting the reduction in multi-SIM users in the market and demographic trends in Ukraine. Data penetration continued to increase, seeing 4G subscriber base penetration increase to 30%, with total 4G customers now around 7.8 million, representing a significant YoY increase of 89%. We would however expect the rate of growth in 4G penetration to slow in the coming quarters with the closure of a number of smartphone stores due to the COVID-19 outbreak. In 1Q20, Kyivstar recorded a quarterly churn of 4.2%, which remains the lowest churn in the market. Fixed-line service revenue grew by 16.9% YoY to UAH 384 million, driven by an increase in our fixed broadband customer base of 10.0% YoY, while fixed broadband ARPU increased by 7.6% YoY to UAH 81. 13

EBITDA increased by 25.3% YoY, driving an EBITDA margin of 67.9%. The strong EBITDA growth was supported by solid revenue outperformance, lower service and commercials costs, which was partially offset by higher structural OPEX. Capex excluding licenses increased by 37.1% YoY as a result of a strategic focus on further 4G roll-out during the quarter, which achieved 4G population coverage of 77%. According to recognised speed tests, Kyivstar was a market leader in coverage and speed at the end of 1Q20. In November 2019, Kyivstar and Microsoft signed a memorandum of understanding on strategic partnerships related to analytical and cloud technologies development. Big data performance during the first quarter 2020 was very strong due to scoring and analytical products development. Cloud platforms revenue increased driven by product portfolio expansion. PAKISTAN PKR billion 1Q20 1Q19 YoY Total revenue 49.3 50.6 (2.6%) Mobile service revenue 45.7 47.1 (3.0%) of which mobile data 15.9 13.6 17.1% EBITDA 22.9 25.6 (10.7%) EBITDA margin 46.4% 50.6% (4.2p.p.) Capex excl. licenses 10.8 7.4 46.9% LTM Capex excl. licenses /revenue 18.5% 12.5% 5.9p.p. Mobile Customers (mln) 62.0 58.3 6.3% - of which data users (mln) 40.4 34.8 15.9% ARPU (PKR) 247.3 272.4 (9.2%) MOU (min) 500 549 (8.9%) Data usage (MB/user) 3027 1669 81.4% Jazz continued to perform well despite the ongoing competitive nature of the Pakistan market, particularly in data and social network offers, and remained focused on expanding its digital services to drive further growth. The demographics of Pakistan make the country one of the most exciting opportunities across emerging markets. In order to prevent the spread of COVID-19, lockdown started on 23 March 2020 forcing closures of educational institutions, offices and markets (except for basic groceries). As a result, all of Jazz owned experience centres and 37% of third-party stores were closed, negatively impacting both recharge and SIM sales. Due to closure of retail distribution channel we have experienced a drop in subscriber engagement as a result of slowdown in overall economic environment. In order to mitigate this, Jazz implemented several initiatives including mobile recharge through digital channels, multiple loan options (in case of low balance), doorstep delivery and credit limit enhancement for post-paid customers. These initiatives were focused on SIM revival and reactivations, new offers to cater high data requirement for work from home etc. We expect some delays in the supply chain due to global disruption of COVID-19, which in turn is expected to impact the network rollout timelines and revenue growth trends in the short term. The management team remains committed to mitigating this impact to the extent possible. Total revenue decreased by 2.6% YoY impacted by tax regime changes in Pakistan. Excluding these changes growth would have been 12.8% YoY. In 1Q20, data revenue strongly increased by 17.1% YoY. The data revenue growth was driven by an increase in 4G customer base which more than doubled, continuing the trend of data usage through higher bundle penetration and network expansion. Financial services revenue grew strongly during the quarter by 18.9% YoY as Jazz Cash increased its 30-day active wallet subscriber base to 7.8 million an increase of 42% YoY in mobile wallets. 14

This comes hand-in-hand with stronger engagement of our wallet through the launch of key remittance services for freelance workers, linking of bank cards as a funding mechanism and the overall enrichment of our growing USSD (Unstructured Supplementary Service Data) and App propositions. While the current environment will likely adversely impact overall wallet growth, we have already seen a significant increase of top ups and bundle purchases through JazzCash. Our self-care app, Jazz World, has crossed the 5 million monthly active users level making it the largest telco App in Pakistan, a 10-fold increase over the prior year period. Our M-Health and Jazz TV services are also seeing encouraging momentum. Jazz’s customer base increased by 6.3% YoY, reaching 62 million. This increase was supported by greater subscriber engagement and a higher number of data customers on the back of the continued expansion of the data network, which led to a higher 4G subscriber penetration of 28.5%. The YoY customer trend reflects our commercial strategy to focus on higher quality of sales in order to further improve the customer mix of our subscriber base, leveraging on network quality of service. EBITDA decreased YoY by 10.7%, due to changes in the tax regime resulting from the reversal of the “suo moto” order on 24 April 2019 and the re-classification of amortization of Ex-Warid license from below EBITDA to service costs (~ PKR 0.8 billion). This pertains to a payment made in the form of security (under protest) as per the options given in the PTA’s license renewal order. Excluding these impacts the EBITDA would have increased by 7.7% YoY. The EBITDA margin stood at 46.4%, decreasing by 4.2 p.p YoY impacted by the reasons mentioned above. The increased investment in JazzCash was also a drag on margins. In 1Q20, capex excluding licenses increased to PKR 10.8 billion, mainly due to the change in scope and the adverse impact of foreign currency. At the end of 1Q20, the population coverage of Jazz’s data network was more than 61%. The ex-Warid license renewal was due in May 2019. Pursuant to directions from the Islamabad High Court, the Pakistan Telecommunication Authority (“PTA”) issued a license renewal decision on 22 July 2019 requiring payment of USD 39.5 million per MHz for 900 MHz spectrum and USD 29.5 million per MHz for 1800 MHz spectrum, equating to an aggregate price of approximately USD 450 million (excluding advance tax of 10%). On 17 August 2019, Jazz appealed the PTA’s order to the Islamabad High Court. On 21 August 2019, the Islamabad High Court suspended the PTA’s order pending the outcome of the appeal and subject to Jazz making payment in the form of security (under protest) as per the options given in the PTA’s order. In September 2019, Jazz deposited approximately USD 225 million in order to maintain its appeal in the Islamabad High Court regarding the PTA's underlying decision on the license renewal. There were no specific terms and conditions attached to the deposit. The deposit is recorded as a non-current financial asset in the statement of financial position. The next hearing date before the Islamabad High Court was scheduled for 9 April 2020 but was rescheduled in light of court closures due to COVID- 19. 15

UZBEKISTAN UZS bln 1Q20 1Q19 YoY Total revenue 521.5 534.7 (2.5%) Mobile service revenue 515.0 530.8 (3.0%) - of which mobile data 298.1 235.5 26.6% Fixed-line service revenue 3.1 3.5 (11.6%) EBITDA 242.0 266.4 (9.2%) EBITDA margin 46.4% 49.8% (3.4p.p.) Capex excl. licenses 62.9 253.4 (75.2%) LTM Capex excl. licenses/revenue 14.2% 20.1% (5.9p.p.) Mobile Customers (mln) 7.7 9.0 (13.8%) - of which mobile data customers (mln) 5.0 5.6 (10.5%) ARPU (UZS) 21,573 19,446 10.9% MOU (min) 598 576 3.8% Data usage (MB/user) 2,817 1,791 57.2% Increasing mobile data penetration continues to be the key growth driver for us in the Uzbekistan market. Beeline Uzbekistan continued to focus on attracting data customers and benefited from its position as a market leader. Going forward, Beeline Uzbekistan will focus on reducing churn and maintaining its leadership position. Starting from the second half of March, quarantine measures were introduced in Uzbekistan with full lockdown from 30 March. These measures will impact subscriber acquisitions, as 62% of third party stores are closed. In addition, we are facing some network rollout delay given supply chain disruptions. Total revenue for the quarter decreased by 2.5% YoY to UZS 521.5 billion, impacted by the new excise duty methodology and IMEI registration implementation. Adjusted for these negative effects, the revenue trend would have been flat compared to 1Q19. Mobile data traffic more than doubled and mobile data revenue increased by 26.6% YoY, supported by the continued roll-out of high-speed data networks, increased smartphone penetration and the increased penetration of bundled offerings in Unitel´s customer base to 67.4% in 1Q20. Beeline Uzbekistan’s customer base declined to 7.7 million, down 13.8% YoY impacted by higher churn, primarily among customers with irregular mobile spending. As a result, ARPU increased by 10.9% YoY. EBITDA decreased by 9.2% to UZS 242 billion, driven by lower revenue and a one-off provision of (UZS 11 billion). The EBITDA margin in 1Q20 was 46.4%. Capex excluding licenses decreased to UZS 62.9 billion, mainly as a result of delay in network rollout caused by the COVID- 19 outbreak. LTM 1Q20 capex to revenue ratio was 14.2%. The company continued to invest in its high-speed data networks, improving 4G/LTE coverage to 26% and increasing the number of nationwide 4G sites by 39% YoY. Further improvements to our high-speed data networks will continue to be a priority for Beeline Uzbekistan in 2020. 16

KAZAKHSTAN KZT billion 1Q20 1Q19 YoY Total revenue 46.0 39.0 17.7% Mobile service revenue 38.2 32.6 17.3% Fixed-line service revenue 7.1 6.1 16.2% EBITDA 24.6 20.9 17.8% EBITDA margin 53.6% 53.6% 0.0p.p. Capex excl. licenses 11.8 4.7 149.4% LTM capex excl. licenses/revenue 26.2% 14.9% 11.3p.p. Mobile Total operating revenue 38.8 32.9 18.0% - of which mobile data 18.6 12.7 46.5% Customers (mln) 9.6 9.7 (1.1%) - of which mobile data customers (mln) 6.7 6.1 8.9% ARPU (KZT) 1,283 1,101 16.6% MOU (min) 298 301 (1.1%) Data usage (MB/user) 7,677 5,224 47.0% Fixed-line Total operating revenue 7.1 6.1 16.3% Broadband revenue 3.3 3.2 3.2% Broadband customers (mln) 0.44 0.40 10.8% Broadband ARPU (KZT) 2,589.1 2,747.5 (5.8%) In Kazakhstan, Beeline continues to deliver double-digit YoY growth as result of its strong value proposition, customer base value management and digital services development. The significant growth was supported by infrastructure modernization and 4G network coverage expansion. The lockdown due to the COVID-19 outbreak commenced on 19 March. Beeline took preliminary actions to prepare its core infrastructure for the increased network load. Mobile and fixed networks were expanded and the capacity of transport channels were increased. To support Kazakhstani society, Beeline has taken actions, including free access to emergency health care sites, free roaming data for stranded abroad citizens, and free additional data and minutes for doctors and nurses etc. Total revenue grew by 17.7% YoY to KZT 46.0 billion. Growth was supported by both strong data revenue growth and improving fixed line service revenue. Mobile service revenue grew by 17.3% to KZT 38.2 billion, supporting a solid increase in ARPU of 16.6% while data customer base increased by 8.9% to 6.7 million. Strong data revenue growth (+46.5%) was driven by the continuous 4G network development and modernisation, supported by new value propositions. The mobile customer base decreased by 1.1% to 9.6 million impacted by the launch of IMEI registration. The IMEI registration requirement is expected to improve the quality of the company’s customer base by removing multi- SIMers and zero-ARPU customers. Data customers grew by 8.9% YoY to 6.7 million, and penetration has reached 70%. 4G data customers grew significantly by 1.2 million with 41% YoY growth. Fixed-line service revenue grew by 16.2% YoY to KZT 7.1 billion, driven by an increase in the fixed broadband customer base of 10.8% YoY. This includes YoY growth of our convergent products customer base by 32,000 (+94% YoY). Approximately 16% of fixed-line customers use convergent products. EBITDA increased by 17.8% YoY, driving an EBITDA margin of 53.6%. The strong EBITDA growth was supported by revenue growth and slightly offset by higher operating expenses during the quarter. Capex excluding licenses increased by 149.4% YoY as a result of additional investment after the termination of a network sharing agreement in Kazakhstan between our subsidiary KaR-Tel LLP and Kcell Joint Stock Company ("Kcell”) due to Kazakh telecom JSC’s acquisition of 75% of Kcell's shares. Beeline Kazakhstan expanded 4G population coverage to 69% by the end 17

of 1Q20. On 3 March 2020, Beeline Kazakhstan and Kcell entered into a spectrum sharing agreement relating to 5 MHz in the 1800 MHz band and commenced the use of this spectrum. ALGERIA DZD billion 1Q20 1Q19 YoY Total revenue 22.3 22.8 (2.1%) Mobile service revenue 22.2 22.7 (2.4%) of which mobile data 8.2 6.3 31.5% EBITDA 9.7 10.6 (7.8%) EBITDA margin 43.6% 46.3% (2.7p.p.) Capex excl. licenses 1.8 2.5 (28.8%) LTM capex excl. licenses/revenue 13.7% 14.3% (0.6p.p.) Mobile Customers (mln) 14.2 16.0 (11.4%) - of which mobile data customers (mln) 8.9 9.5 (6.5%) ARPU (DZD) 512 474 8.0% MOU (min) 448 420 6.7% Data usage (MB/user) 4,574 2,244 103.8% In Algeria, macroeconomic challenges persisted during the quarter, and political uncertainty remains following a presidential election in December 2019. In an overall declining market, competition remained aggressive. Against this backdrop, Djezzy continued its segmented approach, improving its share of the high value segment, and aiming to drive up the market value, while simultaneously preserving and strengthening its share in the mass market segment. Djezzy repositioned itself on a younger demographic through a digital centric value proposition emphasising the operator’s digital ambitions. Lockdown measures were introduced in Algeria on 24 March, and as a result a significant number of indirect points of sales POS were closed while owned shops were mostly open on a voluntary basis. This resulted in a significant decline in recharges and SIM sales for the last week of the quarter. Djezzy’s 1Q20 service revenue was DZD 22.3 billion, a YoY decline of 2.1%. The MTR rate change to DZD 0.67 per minute (from 0.95 DZD/min) implemented by the Algerian Telecommunication Regulatory Authority in November 2019 is driving asymmetry back in the market. This change of MTR negatively impacted Djezzy’s revenue by DZD 0.5 billion. Data revenue increased by 31.5% YoY, due to higher usage and an increase in 4G data penetration. Price competition in both voice and data drove a continued reduction in customer base, which declined by 11.4% YoY. During the second half of 2019, Djezzy introduced a modernised and updated tariff portfolio which supported YoY ARPU growth of 8.0% for the second quarter in a row. EBITDA decreased YoY by 7.8%, resulting in a margin of 43.6%. The decline in revenue remains a challenge for EBITDA performance, alongside an increase in MTR, HR costs and higher interconnection costs due to the increased ratio of off-net traffic. For 1Q20, Djezzy’s 4G services covered 38 wilayas and approximately 41% of Algeria’s population, while its 3G network covered all 48 wilayas and approximately 75% of Algeria’s population. In 1Q20, capex excluding licenses was DZD 1.8 billion, representing a 28.8% decrease YoY mainly related to delayed network equipment delivery as a result of new local regulations in regards shipment terms. 18

BANGLADESH BDT billion 1Q20 1Q19 YoY Total revenue 11.6 11.2 3.7% Mobile service revenue 11.4 11.0 4.2% of which mobile data 2.7 2.2 18.5% EBITDA 5.0 5.0 (0.3%) EBITDA margin 43.0% 44.8% (1.7p.p.) Capex excl. licenses 4.0 1.3 201.3% LTM capex excl. licenses/revenue 23.6% 10.2% 13.4p.p. Mobile Customers (mln) 33.6 33.0 1.9% - of which mobile data customers (mln) 21.9 20.4 7.8% ARPU (BDT) 113 112 1.2% MOU (min) 228 232 (1.4%) Data usage (MB/user) 1,713 1,200 42.8% Banglalink reported good results in 1Q20 and continued to deliver YoY service revenue growth through utilising new 4G sites rollout. This was achieved despite intense competition in the market and a challenging macro and regulatory environment. In the wake of the COVID-19 outbreak, the Bangladesh Government declared public holidays and countrywide restrictions on public movement from 26 March 2020. During this period, except for emergency services, all businesses including government offices remain closed, banks operating hours are curtailed and public transportation remain suspended. In Bangladesh, customers experience some limitations when recharging their accounts due to movement restrictions and the temporary closure of retail outlets. Banglalink have used this opportunity to improve access to digital reload channels. Banglalink has undertaken several initiatives during this time including relief distribution among populations in need, free e- learning facility for primary school students and toll-free hotlines to COVID-19 testing centers. Banglalink continued to focus on customer acquisition in 1Q20. Its customer base grew by 1.9% YoY while data customers increased by 7.8% as a result of simplified product offers and continued expansion of 4G network coverage. Total revenue in 1Q20 grew by 3.7% YoY an acceleration of growth compared to 1.2% YoY in 4Q19, supported by mobile service revenue growth of 4.2% YoY to BDT 11.4 billion. The revenue increase realised primarily before the outbreak of COVID-19 in Bangladesh, was mainly driven by a continued improvement in data revenue following enhanced network availability. Data revenue increased by 18.5% YoY, driven by increased smartphone penetration and data usage growth of 42.8% YoY to 1,713 MB per user. EBITDA decreased by 0.3% YoY, as higher revenue was largely offset by an increase in the minimum tax rate (implemented in 2019) and increase in service and commercial costs. Excluding the negative impact as a result of changes in the tax regime, EBITDA would have increased by an additional 2.9%. EBITDA margin decreased to 43.0%. In 1Q20, capex excluding licenses increased YoY to BDT 4.0 billion as a result of frontloaded network investments to support 4G expansion. 3G network population coverage was approximately 73% at the end of the period, while 4G population coverage was 52%. 19

CONFERENCE CALL INFORMATION On 7 May 2020, VEON will host a conference call by senior management at 9.30 CET (8.30 GMT), which will be made available through following dial-in numbers. The call and slide presentation may be accessed at http://www.veon.com. 9:30 CET investor and analyst conference call US call-in number: +1 646 7871226 Confirmation Code: 1235999 International call-in number: +44 203 0095709 Confirmation Code: 1235999 The conference call replay and the slide presentation webcast will be available until 14 May 2020. The slide presentation will also be available for download from VEON's website. CONTACT INFORMATION INVESTOR RELATIONS CORPORATE COMMUNICATIONS Nik Kershaw Kieran Toohey ir@veon.com pr@veon.com 20

DISCLAIMER This press 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. These forward-looking statements may be identified by words such as “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” and other similar words. Forward-looking statements include statements relating to, among other things, VEON’s plans to implement its strategic priorities, including operating model and development plans, among others; VEON’s assessment of the impact of the COVID- 19 pandemic on its operations and financial condition; anticipated performance and guidance for 2020, including VEON’s ability to generate sufficient cash flow; future market developments and trends; operational and network development and network investment, including expectations regarding the roll-out and benefits of 3G/4G/LTE networks, as applicable; spectrum acquisitions and renewals; the effect of the acquisition of additional spectrum on customer experience; VEON’s ability to realize the acquisition and disposition of any of its businesses and assets and to execute its strategic transactions in the timeframes anticipated, or at all; VEON’s ability to realize financial improvements, including an expected reduction of net pro- forma leverage ratio following the successful completion of certain dispositions and acquisitions; our dividends; and VEON’s ability to realize its targets and commercial initiatives in its various countries of operation. The forward-looking statements included in this press release are based on management’s best assessment of VEON’s strategic and financial position and of future market conditions, trends and other potential developments. These discussions involve risks and uncertainties. The actual outcome may differ materially from these statements as a result of further unanticipated developments related to the COVID-19 pandemic that negatively affected VEON’s operations and financial condition; demand for and market acceptance of VEON’s products and services; our plans regarding our dividend payments and policies, as well as our ability to receive dividends, distributions, loans, transfers or other payments or guarantees from our subsidiaries; continued volatility in the economies in VEON’s markets; including adverse macroeconomic developments caused by recent volatility in oil prices in the wake of COVID-19 outbreak; unforeseen developments from competition; governmental regulation of the telecommunications industries; general political uncertainties in VEON’s markets; government investigations or other regulatory actions; litigation or disputes with third parties or other negative developments regarding such parties; the impact of export controls and laws affecting trade and investments on our and important third-party suppliers' ability to procure goods, software or technology necessary for the services we provide to our customers; risks associated with data protection or cyber security, other risks beyond the parties’ control or a failure to meet expectations regarding various strategic priorities, the effect of foreign currency fluctuations, increased competition in the markets in which VEON operates and the effect of consumer taxes on the purchasing activities of consumers of VEON’s services. Certain other factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risk factors described in VEON’s Annual Report on Form 20-F for the year ended December 31, 2019 filed with the U.S. Securities and Exchange Commission (the “SEC”) and other public filings made by VEON with the SEC. Other unknown or unpredictable factors also could harm our future results. New risk factors and uncertainties emerge from time to time and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Under no circumstances should the inclusion of such forward-looking statements in this press release be regarded as a representation or warranty by us or any other person with respect to the achievement of results set out in such statements or that the underlying assumptions used will in fact be the case. Therefore, you are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements speak only as of the date hereof. We cannot assure you that any projected results or events will be achieved. Except to the extent required by law, we disclaim any obligation to update or revise any of these forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made, or to reflect the occurrence of unanticipated events. Furthermore, elements of this press release contain or may contain, “inside information” as defined under the Market Abuse Regulation (EU) No. 596/2014. All non-IFRS measures disclosed further in this press release (including, without limitation, EBITDA, EBITDA margin, EBT, net debt, equity free cash flow after licenses (excluding capitalized leases), local currency growth, capital expenditures excluding licenses and LTM (last twelve months) capex excluding licenses/revenue) are reconciled to comparable IFRS measures in Attachment C to this earnings release. In addition, we present certain information on a forward-looking basis. We are not able to, without unreasonable efforts, provide a full reconciliation to IFRS due to potentially high variability, complexity and low visibility as to the items that would be excluded from the comparable IFRS measure in the relevant future period, including, but not limited to, depreciation and amortization, impairment loss, loss on disposal of non-current assets, financial income and expenses, foreign currency exchange losses and gains, income tax expense and performance transformation costs, cash and cash equivalents, long - term and short-term deposits, interest accrued related to financial liabilities, other unamortized adjustments to financial liabilities, derivatives, and other financial liabilities. 21

ABOUT VEON VEON is a NASDAQ and Euronext Amsterdam-listed global provider of connectivity and digital services, headquartered in Amsterdam. Our vision is to empower customer ambitions through technology, acting as a digital concierge to guide their choices and connect them with resources that match their needs. For more information visit: http://www.veon.com CONTENT OF THE ATTACHMENTS Attachment A Customers 23 Attachment B Definitions 23 Attachment C Reconciliation tables 25 Average rates of functional currencies to USD For more information on financial and operating data for specific countries, please refer to the supplementary file Factbook1Q2020.xls on VEON’s website at http://veon.com/Investor-relations/Reports--results/Results/. 22

ATTACHMENT A: CUSTOMERS Mobile Fixed-line broadband million 1Q19 YoY 1Q19 YoY Russia 53.5 54.2 (1.4%) 2.7 2.5 8.5% Pakistan 62.0 58.3 6.3% Algeria 14.2 16.0 (11.4%) Bangladesh 33.6 33.0 1.9% Ukraine 26.0 26.3 (1.2%) 1.0 0.9 10.0% Uzbekistan 7.7 9.0 (13.8%) 0.0 Kazakhstan 9.6 9.7 0.4 0.4 10.8% Other 4.3 4.6 (6.0%) 0.1 0.1 (5.6%) Total 210.9 211.2 (0.1%) 4.3 3.9 9.0% ATTACHMENT B: DEFINITIONS ARPU (Average Revenue Per User) measures the monthly average revenue per mobile user. We generally calculate mobile ARPU by dividing our mobile service revenue during the relevant period, including data revenue, roaming revenue, MFS and interconnect revenue, but excluding revenue from connection fees, sales of handsets and accessories and other non-service revenue, by the average number of our mobile customers during the period and dividing by the number of months in that period. Mobile data customers are mobile customers who have engaged in revenue generating activity during the three months prior to the measurement date as a result of activities including USB modem Internet access using 2.5G/3G/4G/HSPA+ technologies. Capital expenditures (capex) are purchases of new equipment, new construction, upgrades, licenses, software, other long- lived assets and related reasonable costs incurred prior to intended use of the non-current asset, accounted at the earliest event of advance payment or delivery. Long-lived assets acquired in business combinations, are not included in capital expenditures. Capital expenditures (capex) exc. licenses is calculated as capex, excluding purchases of new spectrum licenses EBIT or Operating Profit is calculated as EBITDA plus depreciation, amortization and impairment loss. Our management uses EBIT as a supplemental performance measure and believes that it provides useful information of earnings of the Company before making accruals for financial income and expenses and net foreign exchange (loss)/gain and others. Reconciliation of EBIT to net income attributable to VEON Ltd., the most directly comparable IFRS financial measure, is presented in the reconciliation tables section in Attachment E below. Adjusted EBITDA (called EBITDA in this document) is a non-IFRS financial measure. VEON calculates Adjusted EBITDA as (loss)/profit before interest, tax, depreciation, amortization, impairment, gain / loss on disposals of non-current assets, other non-operating gains / losses and share of profit / loss of joint ventures and associates Our Adjusted EBITDA may be used to evaluate our performance against other telecommunications companies that provide EBITDA. Additionally, a limitation of EBITDA’s use as a performance measure is that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenue or the need to replace capital equipment over time. Reconciliation of EBITDA to net income attributable to VEON Ltd., the most directly comparable IFRS financial measure, is presented in the reconciliation tables section in Attachment E below. EBITDA margin is calculated as EBITDA divided by total revenue, expressed as a percentage. Gross Debt is calculated as the sum of long-term notional debt and short-term notional debt. Equity free cash flow (excluding licenses) is a non-IFRS measure and is defined as free cash flow from operating activities less cash flow used in investing activities, excluding M&A transactions, capex for licenses, inflow/outflow of deposits, financial 23

assets and other one-off items. Reconciliation to the most directly comparable IFRS financial measure, is presented in the reconciliation tables section in Attachment E below. An FMC customer is a customer on a 1 month Active Broadband Connection subscribing to a converged bundle consisting of at least fixed internet subscription and at least 1 mobile SIM. MFS (mobile financial services) is a variety of innovative services, such as mobile commerce or m-commerce, that use a mobile phone as the primary payment user interface and allow mobile customers to conduct money transfers to pay for items such as goods at an online store, utility payments, fines and state fees, loan repayments, domestic and international remittances, mobile insurance and tickets for air and rail travel, all via their mobile phone. Mobile customers are generally customers in the registered customer base as at a given measurement date who engaged in a mobile revenue generating activity at any time during the three months prior to such measurement date. Such activity includes any outgoing calls, customer fee accruals, debits related to service, outgoing SMS and MMS, data transmission and receipt sessions, but does not include incoming calls, SMS and MMS or abandoned calls. Our total number of mobile customers also includes customers using mobile internet service via USB modems and fixed-mobile convergence (“FMC”). Net debt is a non-IFRS financial measure and is calculated as the sum of interest bearing long-term notional debt and short- term notional debt minus cash and cash equivalents, long-term and short-term deposits. The Company believes that net debt provides useful information to investors because it shows the amount of notional debt outstanding to be paid after using available cash and cash equivalents and long-term and short-term deposits. Net debt should not be considered in isolation as an alternative to long-term debt and short-term debt, or any other measure of the Company financial position. Net foreign exchange (loss)/gain and others represents the sum of Net foreign exchange (loss)/gain, VEON’s share in net (loss)/gain of associates and Other (expense)/income (primarily (losses)/gains from derivative instruments) and is adjusted for certain non-operating losses and gains mainly represented by litigation provisions. NPS (Net Promoter Score) is the methodology VEON uses to measure customer satisfaction. Organic growth in revenue and EBITDA are non-IFRS financial measures that reflect changes in Revenue and EBITDA, excluding foreign currency movements and other factors, such as businesses under liquidation, disposals, mergers and acquisitions. VEON’s reportable segments are the following, which are principally based on business activities in different geographical areas: Russia, Pakistan, Algeria, Bangladesh, Ukraine, Uzbekistan, Kazakhstan and HQ based on the business activities in different geographical areas. Total revenue in this section is fully comparable with Total operating revenue in our Management’s Discussion and Analysis of Financial Condition and Results of Operations” provided separately on Form 6-K. 24

ATTACHMENT C: RECONCILIATION TABLES RECONCILIATION OF CONSOLIDATED EBITDA USD mln 1Q20 1Q19 Unaudited EBITDA 920 1,298 Depreciation (416) (403) Amortization (92) (94) Impairment loss (0) (6) Loss on disposals of non-current assets (6) (7) Operating profit 407 788 Financial Income and Expenses (198) (197) - including finance income 9 14 - including finance costs (207) (211) Net foreign exchange (loss)/gain and others (13) 18 - including other non-operating (losses)/gains 15 4 - including shares of loss of associates and joint ventures accounted for using the equity method, including - (0) impairments of JV and associates - including net foreign exchange gain (28) 14 Profit before tax 195 609 Income tax expense (76) (79) (Loss)/Profit from continue operations 120 530 (Loss)/Profit for discontinued operations - - (Loss)/Profit for the period 120 530 Of which profit/(loss) attributable to non-controlling interest 12 35 Of which profit/(loss) for the year attributable to VEON shareholders 108 495 RECONCILIATION OF CAPEX USD mln unaudited 1Q20 1Q19 Cash paid for purchase of property, plant and equipment and intangible assets 449 389 Net difference between timing of recognition and payments for purchase of property, plant and equipment (1) 56 and intangible assets Capital expenditures 448 445 Less capital expenditures in licenses and other (35) (4) Capital expenditures excl. licenses 413 441 25

RECONCILIATION OF ORGANIC AND REPORTED GROWTH RATES 1Q20 vs 1Q19 Total Revenue EBITDA Organic Forex Reported Organic Forex Reported Russia (2.6%) (0.0%) (2.6%) (8.9%) 0.2% (8.7%) Pakistan (2.6%) (10.1%) (12.7%) (10.7%) (9.2%) (19.8%) Algeria (2.1%) (1.5%) (3.7%) (7.8%) (1.4%) (9.2%) Bangladesh 3.7% (1.3%) 2.4% (0.3%) (1.2%) (1.5%) Ukraine 16.1% 10.4% 26.5% 25.3% 11.0% 36.4% Uzbekistan (2.5%) (11.8%) (14.2%) (9.2%) (10.9%) (20.1%) Kazakhstan 17.7% (3.7%) 14.0% 17.8% (3.8%) 14.0% Total 0.3% (1.6%) (1.3%) (28.3%) (0.8%) (29.1%) RECONCILIATION OF VEON CONSOLIDATED NET DEBT USD mln 31 March 2020 31 December 2019 30 September 2019 Net debt 7,741 8,342 8,252 Cash and cash equivalents 1,486 1,250 1,317 Long - term and short-term deposits 2 2 1 Gross debt 9,229 9,593 9,571 Interest accrued related to financial liabilities 109 88 95 Other unamortised adjustments to financial liabilities (fees, discounts etc.) (1) (10) (10) Put-option liability over non-controlling interest 321 342 328 Derivatives not designated as hedges 112 52 63 Derivatives designated as hedges - 161 86 Other financial liabilities 283 322 256 Total other financial liabilities 10,052 10,549 10,390 RECONCILIATION OF EQUITY FREE CASH FLOW AFTER LICENSES USD million 1Q20 1Q19 YoY EBITDA 920 1,298 (29.1%) Changes in working capital (42) (257) n.m. Movements in provision (30) 15 (300.0%) Net interest paid received (149) (131) 13.6% Income tax paid (72) (95) (24.1%) Non cash adjustment on operating activities related to IFRS 16 (76) (74) 2.7% Cash flow from operating activities (excl. lease liabilities) 550 756 (27.2%) Capex excl.licenses (413) (441) (6.4%) Non cash adjustment on Capex excl.licenses related to IFRS 16 45 52 (13.5%) Working capital related to Capex excl. license (31) 38 n.m. Disposals of capital assets 3 3 (2.9%) Licenses (50) (39) 28.2% 1 104 369 (71.8%) Equity Free Cash Flow after licenses 1 Equity free cash flow after licenses (excluding capitalized leases) is a non-IFRS measure and is defined as free cash flow from operating activities less repayment of lease liabilities and cash flow used in investing activities, excluding M&A transactions, inflow/outflow of deposits, financial assets, other one-off items 26

EBITDA RECONCILIATION FOR COUNTRY Q1 2020 HQ and VEON Russia Pakistan Algeria Bangladesh Ukraine Kazakhstan Uzbekistan eliminations Other Consolidated USD mln EBITDA 427 147 81 59 161 63 25 (57) 14 920 Less Depreciation (247) (45) (36) (26) (26) (19) (8) (1) (8) (416) Amortization (35) (10) (9) (11) (16) (7) (1) (1) (1) (92) Impairment loss 1 - - - (1) (0) 0 - (0) Loss on disposals of non-current (3) 0 (1) (3) 0 (0) 0 (1) (6) assets - Operating profit 144 92 35 19 119 37 16 (59) 4 407 Q1 2019 HQ and VEON Russia Pakistan Algeria Bangladesh Ukraine Kazakhstan Uzbekistan eliminations Other Consolidated USD mln EBITDA 468 183 89 60 118 55 32 279 14 1,298 Less Depreciation (244) (44) (34) (28) (18) (17) (9) (1) (8) (403) Amortization (33) (17) (11) (11) (13) (5) (1) (1) (2) (94) Impairment loss (5) - - (1) (0) 0 (6) Loss on disposals of non-current assets (6) - (1) - (1) - - (7) - Operating profit 180 123 44 20 86 32 22 277 4 788 RATES OF FUNCTIONAL CURRENCIES TO USD Average rates Closing rates 1Q20 1Q19 YoY 1Q20 1Q19 YoY Russian Ruble 66.38 66.13 0.4% 77.73 64.73 20.1% Algerian Dinar 120.55 118.66 1.6% 124.71 119.42 4.4% Pakistan Rupee 155.58 139.69 11.4% 166.25 140.79 18.1% Bangladeshi Taka 84.91 83.86 1.2% 84.94 83.92 1.2% Ukrainian Hryvnia 25.05 27.31 (8.3%) 28.06 27.25 3.0% Kazakh Tenge 391.01 378.09 3.4% 448.01 380.04 17.9% Uzbekistan Som 9,529.59 8,378.32 13.7% 9,554.22 8,389.97 13.9% Armenian Dram 482.39 487.03 (1.0%) 504.47 486.44 3.7% Kyrgyz Som 71.42 69.79 2.3% 80.81 69.85 15.7% Georgian Lari 2.93 2.67 9.7% 3.28 2.69 22.0% 27

28

EX-99.2

1Q20 RESULTS 7 MAY 2020 ©VEON Ltd 2020

AGENDA 1. OPENING Nik Kershaw: HEAD IR 2. FINANCIAL RESULTS Serkan Okandan: CFO 3. OPERATIONAL REVIEW Kaan Terzioglu: CO-CEO Sergi Herrero: CO-CEO 4. OUTLOOK AND GUIDANCE Serkan Okandan: CFO 2

DISCLAIMER This press 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. These forward-looking statements may be identified by words such as “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” and other similar words. Forward-looking statements include statements relating to, among other things, VEON’s plans to implement its strategic priorities, including operating model and development plans, among others; VEON’s assessment of the impact of the COVID- 19 pandemic on its operations and financial condition; anticipated performance and guidance for 2020, including VEON’s ability to generate sufficient cash flow; future market developments and trends; operational and network development and network investment, including expectations regarding the roll-out and benefits of 3G/4G/LTE networks, as applicable; spectrum acquisitions and renewals; the effect of the acquisition of additional spectrum on customer experience; VEON’s ability to realize the acquisition and disposition of any of its businesses and assets and to execute its strategic transactions in the timeframes anticipated, or at all; VEON’s ability to realize financial improvements, including an expected reduction of net pro-forma leverage ratio following the successful completion of certain dispositions and acquisitions; our dividends; and VEON’s ability to realize its targets and commercial initiatives in its various countries of operation. The forward-looking statements included in this press release are based on management’s best assessment of VEON’s strategic and financial position and of future market conditions, trends and other potential developments. These discussions involve risks and uncertainties. The actual outcome may differ materially from these statements as a result of further unanticipated developments related to the COVID-19 pandemic that negatively affected VEON’s operations and financial condition; demand for and market acceptance of VEON’s products and services; our plans regarding our dividend payments and policies, as well as our ability to receive dividends, distributions, loans, transfers or other payments or guarantees from our subsidiaries; continued volatility in the economies in VEON’s markets; including adverse macroeconomic developments caused by recent volatility in oil prices in the wake of COVID-19 outbreak; unforeseen developments from competition; governmental regulation of the telecommunications industries; general political uncertainties in VEON’s markets; government investigations or other regulatory actions; litigation or disputes with third parties or other negative developments regarding such parties; the impact of export controls and laws affecting trade and investments on our and important third-party suppliers' ability to procure goods, software or technology necessary for the services we provide to our customers; risks associated with data protection or cyber security, other risks beyond the parties’ control or a failure to meet expectations regarding various strategic priorities, the effect of foreign currency fluctuations, increased competition in the markets in which VEON operates and the effect of consumer taxes on the purchasing activities of consumers of VEON’s services. Certain other factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risk factors described in VEON’s Annual Report on Form 20-F for the year ended December 31, 2019 filed with the U.S. Securities and Exchange Commission (the “SEC”) and other public filings made by VEON with the SEC. Other unknown or unpredictable factors also could harm our future results. New risk factors and uncertainties emerge from time to time and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Under no circumstances should the inclusion of such forward- looking statements in this press release be regarded as a representation or warranty by us or any other person with respect to the achievement of results set out in such statements or that the underlying assumptions used will in fact be the case. Therefore, you are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements speak only as of the date hereof. We cannot assure you that any projected results or events will be achieved. Except to the extent required by law, we disclaim any obligation to update or revise any of these forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made, or to reflect the occurrence of unanticipated events. Furthermore, elements of this press release contain or may contain, “inside information” as defined under the Market Abuse Regulation (EU) No. 596/2014. All non-IFRS measures disclosed further in this press release (including, without limitation, EBITDA, EBITDA margin, EBT, net debt, equity free cash flow after licenses (excluding capitalized leases), local currency growth, capital expenditures excluding licenses and LTM (last twelve months) capex excluding licenses/revenue) are reconciled to comparable IFRS measures in Attachment C to this earnings release. In addition, we present certain information on a forward-looking basis. We are not able to, without unreasonable efforts, provide a full reconciliation to IFRS due to potentially high variability, complexity and low visibility as to the items that would be excluded from the comparable IFRS measure in the relevant future period, including, but not limited to, depreciation and amortization, impairment loss, loss on disposal of non-current assets, financial income and expenses, foreign currency exchange losses and gains, income tax expense and performance transformation costs, cash and cash equivalents, long - term and short-term deposits, interest accrued related to financial liabilities, other unamortized adjustments to financial liabilities, derivatives, and other financial liabilities. 3

AGENDA 1. OPENING Nik Kershaw: HEAD IR 2. FINANCIAL RESULTS Serkan Okandan: CFO 3. OPERATIONAL REVIEW Kaan Terzioglu: CO-CEO Sergi Herrero: CO-CEO 4. OUTLOOK AND GUIDANCE Serkan Okandan: CFO 4

FINANCIAL RESULTS 1Q20 Results1 REPORTED REVENUE EBITDA OPERATIONAL CAPEX4 $2.1bn $0.9bn $0.4bn +0.3% local currency2 YoY -1.8% local currency2 YoY -5.4% reported YoY 4 -1.3% reported YoY -29.1% reported3 YoY 19.5% LTM Capital intensity ratio DATA REVENUE EBITDA MARGIN LTM NET DEBT/EBITDA5 $0.7bn 43.9% 1.8X +18.3% local currency2 YoY -1.0 p.p. local currency2 YoY Versus 1.9x in 1Q19 +16.6% reported YoY -17.2 p.p. reported3 YoY 1. All 1Q20 numbers include the impact of the introduction of IFRS 16, unless stated otherwise. 2. Local currency growth for 2020 excludes the effect of foreign currency movements, and one-time cash received in 2019 in connection with a one-off vendor payment of USD 350 million 3. Reported EBITDA and EBITDA margin decline was negatively impacted by one-off vendor payment in 1Q19 of USD 350 million 4. Operational Capex is defined as capex excluding license expenditures and capitalized leases. Operational Capex ratio is defined as capex excluding license expenditures and capitalized leases, divided by total revenue 5 5. Net Debt/EBITDA ratio excludes capitalized leases and in prior year has been adjusted for the one-off vendor payment of USD 350 million

FINANCIAL RESULTS 1Q20 Key Financial highlights Local Reported 1Q20 1Q19 currency USD MILLION YoY YoY ► 2.7% YoY increase in local currency revenue excluding the impact of tax change in Revenue 2,097 2,124 (1.3%) 0.3% Pakistan Other operating income - 350 n.m. n.m. ► Other operating income is related to one-off vendor payment of USD 350 million Service costs (381) (368) 3.5% Cost of equipment and accessories (89) (90) (1.1%) SG&A (706) (718) (1.7%) EBITDA 920 1,298 (29.1%) (28.3%) EBITDA margin 43.9% 61.1% (17.2p.p.) (17.4p.p.) EBITDA Adjusted 920 948 (3.0%) (1.8%) ► EBITDA Adjusted in 1Q19 excludes other operating income of USD 350 million EBITDA Adjusted margin 43.9% 44.6% (0.7p.p.) (1.0p.p.) ► 1.0% YoY increase in local currency EBITDA excluding the impact of tax change Operating Profit 407 788 (48.4%) in Pakistan Net financial cost and Other (211) (180) 17.2% Profit before tax 195 609 (67.9%) Tax (76) (79) (3.7%) Minority payments (12) (35) (65.7%) Net Profit attributable to VEON 108 495 (78.2%) shareholders Op Capex1 368 389 (5.4%) Equity Free Cash Flow2 104 369 (71.8%) ► 1Q19 includes cash receipt related to one-off vendor payment of USD 175 million 1. Operational Capex is defined as capex excluding license expenditures and capitalized leases 2. Equity free cash flow after licenses (excluding capitalized leases) is a non-IFRS measure and is defined as free cash flow from operating activities less repayment of lease liabilities and cash flow used in investing activities, excluding M&A transactions, inflow/outflow of 6 deposits, financial assets, other one-off items

FINANCIAL RESULTS Revenue and EBITDA by country USD MILLION (-1.3%) YoY reported 5 (4) 30 18 (2) (9) (27) (5) (34) 2,124 2,131 2,097 Reported total Ukraine Kazakhstan Bangladesh Uzbekistan Algeria Pakistan Russia Other1 Local currency FOREX Reported total revenue 1Q19 total revenue revenue 1Q20 1Q20 (-3.0%) YoY reported excl. one-off vendor agreement (350) 30 10 (0) (3) (7) (19) (42) 14 (11) 1,298 948 931 920 1 Reported Other EBITDA Ukraine Kazakhstan Bangladesh Uzbekistan Algeria Pakistan Russia Other Local Currency FOREX Reported EBITDA 1Q19 operating Adjusted 1Q19 EBITDA EBITDA Income 1Q20 1Q20 1. Other in Q1 2020 mainly includes the results of Kyrgyzstan, Armenia, Georgia, corporate cost, other global operations and services and intercompany eliminations. 7

FINANCIAL RESULTS Prudent capital structure ► Funding mix (post hedging) that appropriately 1Q20 GROUP DEBT CURRENCY MIX 5%1% reflects the currency mix of our operations (including effect of FX derivatives) USD 52% RUB ► The decline in proportion of ruble funding follows Average maturity: 2.3 years USD 42% PKR the marked depreciation of the ruble in the period Average cost of debt: 6.8% 7.5bn Other ► Continued strong liquidity after repaying debt 4Q19 GROUP DEBT CURRENCY MIX and paying dividends during the quarter (including effect of FX derivatives) 6% 3% USD ► Pro-actively addressing future maturities when 46% RUB prudent and economical Average maturity: 2.4 years USD PKR Average cost of debt: 7.4% 47% 7.5bn Other ► Management focused on improving maturity and lowering cost of debt TOTAL CASH AND UNDRAWN COMMITTED CREDIT LINES: USD 2.7 BILLION For both Q4 2019 and Q1 2020 the amount of USD debt swapped to RUB amounted to USD 1,212 million 8

FINANCIAL RESULTS Stable net debt and leverage trends USD MILLION 113 72 61 246 (393) 449 (796) 6,302 6,054 1 3 1 1 Net debt Cash capex (incl. Financial Taxes Change in working Dividend FOREX EBITDA Net debt 31 December 2019 licenses) charges capital and other 31 March and provisions 2020 1 LTM NET DEBT 1.9x 2 EBITDA 1.8x 1. Net Debt, EBITDA and Net Debt/EBITDA ration exclude capitalized leases 2. LTM Net Debt/EBITDA ratio for December 2019 excludes one-off vendor payment of USD 350 million 3. FOREX and Other mainly consists of FOREX (USD 426 million), partly offset by other investing activities 9

AGENDA 1. OPENING Nik Kershaw: HEAD IR 2. FINANCIAL RESULTS Serkan Okandan: CFO 3. OPERATIONAL REVIEW Kaan Terzioglu: CO-CEO Sergi Herrero: CO-CEO 4. OUTLOOK AND GUIDANCE Serkan Okandan: CFO 10

COVID-19 IMPACT ON OPERATIONAL PERFORMANCE ► In the quarter we were impacted by material forex movements, COVID-19 as well as lockdown ► COVID-19 is redefining the role of our industry and accelerating digital transformation ► Divergent impact on our operational performance so far: ► Increase in voice and data volumes ► Lower roaming, device and top-up revenues ► Retail network and supply chain disruption ► Disruption to income of daily wage earners especially in cash-based economies ► Low migrant workforce, low remittances to home countries ► Migration of customer base away from urban centers ► Migration of data traffic from mobile to fixed line ► Financial impact is negative at Group level, with clear pressure on 2Q20 operational performance 11

COVID-19 IMPACT ON OPERATIONAL PERFORMANCE ► As we look to mitigate the impact on COVID-19 on our business: ► We are extending payment terms with our key vendors ► Optimizing costs and capex as appropriate across our operations ► Continue to focus on optimizing our balance sheet structure in the coming quarters ► Focus on our planned operational improvements ► This pandemic is not without opportunities as we see accelerating acceptance of relevant digital services across the countries in which we operate and bridging the financial divide providing us with additional opportunities to serve our customers. We will continue to explore select M&A opportunities in this environment 12

RUSSIA Organizational alignment in place, continued focus on quality of service ► Appointment of Alexander Torbakhov as Chief Executive Officer of Beeline Russia ► Significant progress on network rollout, 33% YoY increase in base stations ► Retail optimization on track ► Growing customer engagement via new digital and financial product initiatives ► Increased pace of investments to improve customer experience IMPROVING CUSTOMER SATISFACTION REMAINS OUR KEY PRIORITY 13

RUSSIA Organizational alignment in place, continued focus on quality of service REVENUE DATA REVENUE KEY OPERATIONAL METRICS (RUB Billion) (RUB Billion) -2.6% +8.5% 54 million -1.4% 72.6 74.7 73.4 69.2 67.5 Total mobile subscribers 16.2 16.2 16.3 YoY 15.4 15.0 31% +4 p.p. Data rev % of mobile YoY service rev 1Q19 2Q19 3Q19 4Q19 1Q20 1Q19 2Q19 3Q19 4Q19 1Q20 40% +8 p.p. 4G subscriber YoY EBITDA 4G USERS AND PENETRATION base penetration1 (RUB Billion) (Million and %) -8.9% 49.0% 35 55% +10 p.p. 40% 44.0% 33.9 37% 38% 30 32.2 32% 34% 39.0% 4G Smartphone YoY 34.0% 25 penetration 30.9 29.7 29.0% 20 28.2 24.0% 15 19.0% 14.0% 86% 10 19.9 20.2 +9 p.p. 16.5 17.5 19.2 9.0% 4G Population 5 4.0% Coverage YoY 0 -1.0% 1Q19 2Q19 3Q19 4Q19 1Q20 1Q19 2Q19 3Q19 4Q19 1Q20 4G users 4G penetration 1. % of Active 4G data users in total 3 months active customer base 14

KAZAKHSTAN Strong operational performance driven by 4G customer penetration ► Infrastructure modernization and 4G network coverage expansion ► Strong value proposition, good progress with Izi ‘digital operator’ ► 4G customer penetration reached 44% and 4G customer base increased YoY by 41% in 1Q20 ► Beeline signed a spectrum sharing agreement with Kcell relating to the use of 5MHz CUSTOMER BASE VALUE MANAGEMENT AND DIGITAL SERVICES DEVELOPMENT 15

KAZAKHSTAN Strong operational performance driven by 4G customer penetration REVENUE DATA REVENUE KEY OPERATIONAL METRICS (KZT Billion) 40.0 (KZT Billion) +17.7% +46.5% 35.0 57.0 60.0 30.0 10 million -1.1% 45.5 50.0 44.5 46.0 25.0 39.0 Total mobile subscribers 40.0 18.6 YoY 20.0 17.4 14.3 15.5 30.0 15.0 12.7 20.0 10.0 49% +10 p.p. Data rev % of mobile 10.0 5.0 YoY service rev 0.0 0.0 1Q19 2Q19 3Q19 4Q19 1Q20 1Q19 2Q19 3Q19 4Q19 1Q20 44% +13 p.p. 4G subscriber YoY EBITDA 4G USERS AND PENETRATION base penetration1 (KZT Billion) 7 (Million and %) 44% 50.0% +17.8% 41% 45.0% 6 39% 34% 40.0% 59% +12 p.p. 5 31% 35.0% 36.8 4G Smartphone YoY 30.0% 4 penetration 23.0 22.7 24.6 25.0% 3 20.9 20.0% 15.0% 2 4.0 4.2 4.2 69% 3.0 3.4 10.0% +9 p.p. 1 4G Population 5.0% Coverage YoY 0 0.0% 1Q19 2Q19 3Q19 4Q19 1Q20 1Q19 2Q19 3Q19 4Q19 1Q20 4G users 4G penetration 1. % of Active 4G data users in total 3 months active customer base 16

PAKISTAN Continued focus on development of new services ► Continued focus in Jazz Cash with appointment of Erwan Gelebart as Jazz Cash CEO1 ► Partnership commenced with Mastercard ► 4G penetration reached 29% in the quarter, with the 4G customer base doubling YoY ► Self-care app Jazz World has grown ten-fold in past 12 months to over 5 million users ► Demographics support medium-term growth DATA AND DIGITAL SERVICES TO DRIVE GROWTH 1. Effective as of 18 May 2020 17

PAKISTAN Continued focus on development of new services REVENUE DATA REVENUE KEY OPERATIONAL METRICS (PKR Billion) (PKR Billion) -2.6% +17.1% 60.0 50.6 51.1 50.5 55.0 15.9 62 million +6.3% 49.3 14.3 15.1 50.0 13.6 45.4 12.5 Total mobile subscribers YoY 45.0 40.0 35% +6 p.p. 35.0 Data rev % of mobile 30.0 YoY service rev 25.0 1Q19 2Q19 3Q19 4Q19 1Q20 1Q19 2Q19 3Q19 4Q19 1Q20 29% +14 p.p. 4G subscriber YoY EBITDA 4G USERS AND PENETRATION base penetration1 (PKR Billion) (Million and %) -10.7% 20 26% 29% 30.00% 29% +7 p.p. 22% 25.00% 27.3 4G Smartphone 25.6 24.9 15 19% YoY 22.3 22.9 20.00% penetration 15% 10 15.00% 17.7 15.5 10.00% 13.0 54% 5 11.1 +15 p.p. 8.8 5.00% 4G Population Coverage YoY 0 0.00% 1Q19 2Q19 3Q19 4Q19 1Q20 1Q19 2Q19 3Q19 4Q19 1Q20 4G users 4G penetration 1. % of Active 4G data users in total 3 months active customer base 18

PAKISTAN Continued focus on development of new services REVENUE DATA REVENUE JAZZ CASH KEY OPERATIONAL METRICS (PKR Billion) (PKR Billion) -2.6% +17.1% 60.0 55.0 +42% 50.6 51.1 50.5 15.9 49.3 14.3 15.1 50.0 13.6 YoY Mobile wallets 45.4 12.5 45.0 40.0 35.0 PKR 450 billion 230 million 30.0 Value processed Transactions 25.0 1Q19 2Q19 3Q19 4Q19 1Q20 1Q19 2Q19 3Q19 4Q19 1Q20 EBITDA 4G USERS AND PENETRATION MOBILE WALLETS2 (PKR Billion) (Million and %) 14 (Million) -10.7% 20 26% 29% 30.00% 12 22% 25.00% 27.3 10 25.6 24.9 15 19% 22.3 22.9 20.00% 15% 8 10 15.00% 6 17.7 7.3 7.8 15.5 10.00% 13.0 4 5.8 6.2 5 11.1 5.5 8.8 5.00% 2 0 0.00% 0 1Q19 2Q19 3Q19 4Q19 1Q20 1Q19 2Q19 3Q19 4Q19 1Q20 1Q19 2Q19 3Q19 4Q19 1Q20 4G users 4G penetration 1. % of Active 4G data users in total 3 months active customer base 2. Mobile wallets are based on 30 day active mobile wallet 19

UKRAINE Strong performance, growing 4G contribution ► Enhancing 4G potential through new digital offers ► Expanding revenue streams and deploying new services ► 4G penetration reached 30% as our 4G customer base continued to grow in 1Q20 up 89% YoY ► Kyivstar well positioned for continued strong growth POSITIVE REVENUE TREND CONTINUES 20

UKRAINE Strong performance, growing 4G contribution REVENUE DATA REVENUE KEY OPERATIONAL METRICS (UAH Billion) (UAH Billion) +16.1% +22.4% 6.2 26 million -1.2% 6.0 3.0 5.8 5.8 6.0 2.8 2.8 2.8 Total mobile subscribers 5.6 5.8 2.5 YoY 5.6 5.4 5.1 5.2 54% +3 p.p. 5.0 Data rev % of mobile YoY 4.8 service rev 4.6 1Q19 2Q19 3Q19 4Q19 1Q20 1Q19 2Q19 3Q19 4Q19 1Q20 30% +14 p.p. 4G subscriber YoY EBITDA 4G USERS AND PENETRATION base penetration1 (UAH Billion) 10 (Million and %) 30% 35.0% +25.3% 27% 30.0% 8 24% 50% +14 p.p. 25.0% 4.0 20% 4G Smartphone YoY 3.7 4.0 6 20.0% 3.2 3.8 16% penetration 15.0% 4 7.2 7.8 6.3 10.0% 5.1 77% 2 4.1 +19 p.p. 5.0% 4G Population Coverage YoY 0 0.0% 1Q19 2Q19 3Q19 4Q19 1Q20 1Q19 2Q19 3Q19 4Q19 1Q20 4G users 4G penetration 1. % of Active 4G data users in total 3 months active customer base 21

DATA REVENUES A KEY PERFORMANCE DRIVER ARMENIA, GEORGIA & ALGERIA UZBEKISTAN BANGLADESH KYRGYSTAN • 26.6% YoY increase in • 31.5% YoY increase in • 18.5% YoY increase in • 26.4% YoY1 increase in data revenue data revenue data revenue data revenue • IMEI intro impacting • 6.5% YoY decrease in • 7.8% YoY increase in • 0.4% YoY increase in customer base data customers data customers data customer • 26% 4G population • 41% 4G population • 52% 4G population • 80% 4G population coverage coverage coverage coverage2 • 10.9% YoY increase in • 8.0% YoY increase in • 1.2% YoY increase in ARPU ARPU ARPU 1. Data revenue YoY growth refers to local currency growth across these markets 2. 4G population coverage is arithmetical average across these markets 22

AGENDA 1. OPENING Nik Kershaw: HEAD IR 2. FINANCIAL RESULTS Serkan Okandan: CFO 3. OPERATIONAL REVIEW Kaan Terzioglu: CO-CEO Sergi Herrero: CO-CEO 4. OUTLOOK AND GUIDANCE Serkan Okandan: CFO 23

OUTLOOK FOR 2Q20 IMPACTED BY COVID-19 COVID-19 VEON OUTLOOK • COVID-19 increasing uncertainty, particularly in • The impact of the COVID-19 disruption does not relation to both the duration of the lock-down allow VEON to give full year guidance for 2020 and its economic impact at this stage • There is clear disruption in both our retail • There is clear pressure on 2Q20 operational network and our supply chain performance as our markets face full impact • Direct business impact during lockdown in • In the month of April, we saw a high single- especially on roaming revenues, device sales and digit1 YOY decline in revenues and a mid-teens1 prepaid top-up volumes decline in EBITDA in local currency terms LONG-TERM THE IMPACT OF COVID-19 IS REDEFINING THE ROLE OF OUR INDUSTRY, BRINGING NEW OPPORTUNITIES AND ACCELERATING SOCIETY’S DIGITAL TRANSFORMATION 1. Revenue and EBITDA YoY performance for April 2020, excludes the positive impact related to special compensation of USD 38 million in April 2019 and the impact of tax regime changes in Pakistan. Special compensation is related to the termination of a network sharing agreement in Kazakhstan between our subsidiary KaR-Tel LLP and Kcell Joint Stock Company ("Kcell”) due to Kazakh telecom JSC’s acquisition of 75% of Kcell's shares. 24

APPENDIX 7 MAY 2020 ©VEON Ltd 2020

GROUP DEBT MATURITY SCHEDULE1 GROUP DEBT MATURITY SCHEDULE BY CURRENCY – EXCLUDING LEASE LIABILITIES1 Currency breakdown 2020 2021 2022 2023 2024 2025 Currency breakdown incl. fx derivatives2 USD 1.13 0.8 0.4 1.2 0.6 1.0 68% 52% RUB 0.3 0.8 0.4 0.1 0.2 0.1 25% 42% PKR 0.1 0.1 0.1 0.1 0.0 0.0 5% 5% OTHER 0.1 0.0 0.0 0.0 0.0 0.0 1% 1% GROUP DEBT MATURITY SCHEDULE1 31 MARCH 2020 USD BILLION 1.7 1.63 HQ Pakistan Other GTH Russia Bangladesh 1.4 1.1 0.9 0.8 2020 2021 2022 2023 2024 2025 1. Effects of USD/RUB FX forwards and lease liabilities are not included unless stated otherwise. 2. The amount of USD debt swapped to RUB amounted to USD 1,212 million. 3. The amount contains USD 0.6 billion of Revolving Credit Facility drawdowns that may be rolled over until the final maturity of the facility in 2022 as well as USD 0.1 billion related to the overdrawn cash-pool accounts. 26

LIQUIDITY OVERVIEW GROUP CASH BREAKDOWN BY CURRENCY1 UNUSED RCF HEADROOM 31 March 2020 31 March 2020 12% Syndicated RCF facility USD 0.99 billion 7% USD 53% PKR UNUSED CF HEADROOM 31 March 2020 RUB 13% EUR Pakistan – credit facilities PKR 40.5 billion (USD 0.24 billion) Other 15% Total cash and unused committed Group cash (incl. deposits)1: USD 1.49 billion credit lines: USD 2.72 billion 1. Security deposit placed with the Pakistan Telecommunication Authority by Pakistan Mobile Telecommunications Ltd (USD 225 million) is not included within Group cash balance. 27

DEBT BY ENTITY1 31 MARCH 2020 USD MILLION Outstanding debt Type of debt Cash-pool Entity Bonds Loans overdrafts2 and Total other VEON Holdings B.V. 3,079 2,498 30 5,607 GTH Finance B.V. 700 - - 700 PJSC VimpelCom 271 - - 271 Pakistan Mobile Communications Limited - 465 - 465 Banglalink Digital Communications Ltd. - 404 - 404 Others - - 69 69 Total 4,050 3,367 99 7,516 Total excl. cash pool overdrafts 7,419 1 Excluding lease liabilities 2 As of March 31, 2020, some bank accounts forming part of a cash pooling program and being an integral part of VEON’s cash management remained overdrawn by USD 97 million. Even though the total balance of the cash pool remained positive, VEON has no legally enforceable right to set-off and therefore the overdrawn accounts are presented as financial liabilities and form part of our debt in our financial statements. 28

COVID-19: OUR RESPONSE 360-degree approach OUR OPERATIONS OUR CUSTOMERS • Network responding well to increased demand • Customer awareness via apps, SMS, • Supply chain delays social media etc. • Store closing partially mitigated by digital • Zero-rating of emergency hotlines channels, self care apps, customer delivery • Continuity of content services, zero-rating of educational websites FINANCIAL FOUNDATIONS ECONOMY & SOCIETY • Group leverage beneath our stated • Taking thought leadership beyond tolerance level COVID-19 customers on remote working: BeeFree • Proactively addressed some of our shorter- 360-DEGREE website term maturities APPROACH • Charitable donations: Ventilators, protective • No liquidity issues gear for health workers, test kits etc. OUR PEOPLE NEW OPPORTUNITIES • Working from home measures in place • Extending our focus on digital ventures • HR and IT support businesses 29

COVID-19: INITIAL RESPONSE LIVES, LIVELIHOODS, LIFESTYLES Protecting Lives Connecting our customers with vital resources around health education, advice and access to essential services Safeguarding Livelihoods Enhancing Lifestyles Through our connectivity services, Providing digital services that can overcome providing job and income continuity for financial obstacles, entertain and provide many millions of new home workers. welcome distraction at a time of social lock- down. 30

EX-99.3

VEON Average and closing rates of functional currencies to USD Index sheet Average rates Closing rates Consolidated VEON 1Q20 1Q19 YoY 1Q20 1Q19 YoY Consolidated VEON Russian Ruble RUB 66.38 66.13 0.4% 77.73 64.73 20.1% Customers Euro EUR 0.91 0.88 3.0% 0.91 0.89 1.7% Russia Algerian Dinar DZD 120.55 118.66 1.6% 124.71 119.42 4.4% Pakistan Pakistan Rupee PKR 155.58 139.69 11.4% 166.25 140.79 18.1% Algeria Bangladeshi Taka BDT 84.91 83.86 1.2% 84.94 83.92 1.2% Bangladesh Ukrainian Hryvnia UAH 25.05 27.31 -8.3% 28.06 27.25 3.0% Ukraine Kazakh Tenge KZT 391.01 378.09 3.4% 448.01 380.04 17.9% Uzbekistan Uzbekistan Som UZS 9,529.59 8,378.32 13.7% 9,554.22 8,389.97 13.9% Kazakhstan Armenian Dram AMD 482.39 487.03 -1.0% 504.47 486.44 3.7% Kyrgyz Som KGS 71.42 69.79 2.3% 80.81 69.85 15.7% Georgian Lari GEL 2.93 2.67 9.7% 3.28 2.69 22.0%

VEON index page (in USD millions, unless stated otherwise, unaudited) Consolidated* 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19** 2Q19 IFRS 16 2Q19** 3Q19 IFRS 16 3Q19** 4Q19 IFRS 16 4Q19** 1Q20 FY17 FY18 FY19 IFRS 16 FY19** Total operating revenue 2,281 2,417 2,456 2,320 2,250 2,270 2,317 2,249 2,124 2,124 2,261 2,261 2,223 2,223 2,254 2,254 2,097 9,474 9,086 8,863 8,863 Service revenue 2,202 2,331 2,358 2,214 2,156 2,135 2,151 2,083 2,005 2,005 2,080 2,080 2,076 2,076 2,079 2,079 1,978 9,105 8,526 8,240 8,240 EBITDA 861 931 1,042 753 854 857 848 714 1,298 126 1,172 994 129 865 987 129 858 935 127 808 920 3,587 3,273 4,215 510 3,704 EBITDA margin (%) 37.8% 38.5% 42.4% 32.4% 38.0% 37.7% 36.6% 31.8% 61.1% 55.2% 44.0% 38.2% 44.4% 38.6% 41.5% 35.8% 43.9% 37.9% 36.0% 47.6% 41.8% EBIT 345 389 544 188 354 383 (391) 208 788 16 773 464 16 448 384 25 359 383 14 369 407 1,467 554 2,019 71 1,948 Profit/(Loss) before tax 220 (107) 367 (152) 160 162 (626) 56 609 (29) 637 256 (28) 284 130 (19) 150 186 (29) 215 195 328 (248) 1,181 (106) 1,287 Net income/(loss) (4) (278) 115 (337) (112) (142) 855 (19) 495 (23) 519 69 (23) 92 35 (16) 50 22 (24) 46 108 (506) 581 622 (85) 707 Capital expenditures (CAPEX) - Excl. lease liabilities 403 Operational CAPEX 1 368 Operational CAPEX 1 17.5% Capital expenditures (CAPEX) 268 643 406 473 754 492 319 369 445 52 393 554 97 457 397 53 345 684 103 581 448 1,791 1,934 2,081 305 1,776 CAPEX excluding licenses 264 332 398 466 355 402 311 346 441 52 389 547 97 450 377 53 324 682 103 579 413 1,459 1,415 2,046 305 1,741 CAPEX excluding licenses / revenue 11.6% 13.7% 16.2% 20.1% 15.8% 17.7% 13.4% 15.4% 20.7% 18.3% 24.2% 19.9% 16.9% 14.6% 30.3% 25.7% 19.7% 15.4% 15.6% 23.1% 19.6% *Notes: 1 Operational Capex is defined as capex excluding license expenditures and capitalized leases. Operational capex ration is defined as operational capex divided by total revenue. Note: prior year comparatives for capital expenditures are adjusted to reflect correct IFRS 16 impact of prior periods. ** include IFRS 16 adj's

VEON index page (in millions) Mobile customers 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 FY17 FY18 FY19 Russia 57.0 58.3 58.8 58.2 56.3 56.4 56.2 55.3 54.2 54.3 54.8 54.6 53.5 58.2 55.3 54.6 Algeria 16.1 15.5 15.2 15.0 15.3 15.5 15.6 15.8 16.0 15.6 15.0 14.6 14.2 15.0 15.8 14.6 Pakistan 52.5 52.5 53.1 53.6 55.1 55.5 56.1 56.2 58.3 59.5 59.2 60.5 62.0 53.6 56.2 60.5 Bangladesh 30.5 30.7 31.4 31.3 32.2 32.0 32.3 32.3 33.0 32.9 33.1 33.6 33.6 31.3 32.3 33.6 Ukraine 26.0 26.1 26.4 26.5 26.5 26.5 26.6 26.4 26.3 26.2 26.4 26.2 26.0 26.5 26.4 26.2 Uzbekistan 9.5 9.6 9.5 9.7 9.6 9.3 9.1 9.1 9.0 8.7 8.4 8.1 7.7 9.7 9.1 8.1 Kazakhstan 8.9 9.2 9.5 9.8 9.7 10.2 10.0 9.9 9.7 10.0 10.2 10.2 9.6 9.8 9.9 10.2 Other 6.3 6.4 6.5 6.4 5.8 4.7 4.8 4.9 4.6 4.7 4.7 4.5 4.3 6.4 4.9 4.5 Total 206.8 208.4 210.6 210.5 210.5 210.0 210.7 209.9 211.2 211.9 211.7 212.4 210.9 210.5 209.9 212.4 Fixed line customers 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 FY17 FY18 FY19 Russia 2.2 2.2 2.2 2.2 2.3 2.3 2.3 2.4 2.5 2.5 2.5 2.6 2.7 2.2 2.4 2.6 Algeria - - - - - - - - - - - - - - - - Pakistan - - - - - - - - - - - - - - - - Bangladesh - - - - - - - - - - - - - - - - Ukraine 0.8 0.8 0.8 0.8 0.8 0.9 0.9 0.9 0.9 1.0 1.0 1.0 1.0 0.8 0.9 1.0 Uzbekistan - - - - - - - - - - - - 0.0 - - - Kazakhstan 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 Other 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.3 0.1 0.1 Total 3.4 3.4 3.5 3.5 3.6 3.6 3.7 3.8 3.9 4.0 4.0 4.2 4.3 3.5 3.8 4.2

Russia index page (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19** 2Q19 IFRS 16 2Q19** 3Q19 IFRS 16 3Q19** 4Q19 IFRS 16 4Q19** 1Q20 FY16 FY17 FY18 FY19 IFRS 16 FY19** Total operating revenue 885 1,008 1,091 1,112 1,097 1,197 1,229 1,206 1,166 1,174 1,172 1,142 1,048 1,048 1,124 1,124 1,157 1,157 1,152 1,152 1,020 4,097 4,728 4,654 4,481 4,481 EBITDA 328 414 413 419 409 471 479 430 443 441 418 375 468 82 386 498 85 413 525 86 439 466 82 384 427 1,574 1,789 1,677 1,957 335 1,623 EBITDA margin (%) 37.0% 41.1% 37.9% 37.7% 37.3% 39.4% 39.0% 35.7% 38.0% 37.6% 35.7% 32.8% 44.7% 36.9% 44.3% 36.8% 45.4% 38.0% 40.5% 33.4% 41.9% 38.4% 37.8% 36.0% 43.7% 36.2% Capital expenditures (CAPEX) 48 115 149 350 117 141 191 237 162 220 194 194 268 37 231 309 68 241 229 57 173 408 57 351 188 662 685 771 1,214 219 995 CAPEX excluding licenses 43 109 146 345 114 138 185 230 158 215 188 180 264 37 227 303 68 235 227 57 170 401 57 344 183 643 667 742 1,194 219 976 Capital expenditures (CAPEX) - Excl. lease liabilities 171 Operational CAPEX 1 166 MOBILE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19 2Q19 IFRS 16 2Q19 3Q19 IFRS 16 3Q19 4Q19 IFRS 16 4Q19 1Q20 FY16 FY17 FY18 FY19 IFRS16 FY19 Total operating revenues 733 843 914 940 932 1,023 1,058 1,040 1,010 1,029 1,038 1,008 919 919 992 992 1,020 1,020 1,006 1,006 880 3,430 4,054 4,085 3,937 3,937 Service Revenue (Mobile) 696 816 879 886 890 974 1,003 976 954 932 908 884 831 831 883 883 903 903 868 868 795 3,276 3,843 3,679 3,485 3,485 Data Revenue (Mobile) 160 187 208 223 236 254 259 263 266 250 240 240 227 227 239 239 251 251 254 254 247 778 1,012 996 972 972 Customers (mln) 57.7 57.5 58.4 58.3 57.0 58.3 58.8 58.2 56.3 56.4 56.2 55.3 54.2 54 54.3 54 54.8 55 54.6 55 53.5 58.3 58.2 55.3 54.6 54.6 Mobile data customers (mln) 32.6 33.7 36.2 36.6 36.4 38.1 39.1 38.4 36.7 36.6 37.3 36.8 35.1 35 35.8 36 36.4 36 35.5 36 34.4 36.6 38.4 36.8 35.5 35.5 ARPU (USD) * 3.9 4.7 5.0 5.0 5.1 5.6 5.7 5.5 5.5 5.5 5.3 5.3 5.0 5 5.4 5 5.5 5 5.3 5 4.9 n.a. n.a. n.a. n.a. n.a. MOU, min 315 337 336 335 324 338 325 323 307 323 315 317 297 297 305 305 294 294 291 291 284 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base (quarterly), % 16% 14% 14% 15% 16% 13% 15% 15% 14% 11% 12% 14% 13% 13% 12% 12% 12% 12% 13% 13% 13% n.a. n.a. n.a. n.a. n.a. MBOU 1,931 1,906 2,037 2,308 2,565 2,716 2,816 3,047 3,234 3,454 3,773 4,285 4,697 4,697 5,046 5,046 5,759 5,759 6,667 6,667 7,539 n.a. n.a. n.a. n.a. n.a. FIXED-LINE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19 2Q19 IFRS 16 2Q19 3Q19 IFRS 16 3Q19 4Q19 IFRS 16 4Q19 1Q20 FY16 FY17 FY18 FY19 IFRS16 FY19 Total operating revenue 152 165 178 172 165 173 172 165 156 145 134 134 129 129 132 132 137 137 145 145 140 667 675 569 543 543 Service revenue 151 165 177 172 164 173 172 164 156 144 133 132 129 129 131 131 136 136 143 143 138 665 673 566 539 539 Broadband revenue 43 45 43 45 46 45 44 43 45 41 37 40 41 41 42 42 42 42 45 45 39 177 177 163 170 170 Broadband customers (mln) 2.2 2.2 2.1 2.2 2.2 2.2 2.2 2.2 2.3 2.3 2.3 2.4 2.5 2 2.5 2 2.5 3 2.6 3 2.7 2.2 2.2 2.4 2.6 2.6 Broadband ARPU (USD) 6.2 6.9 6.8 6.9 6.9 6.9 6.5 5.7 6.7 6.45 6.34 5.73 5.48 5.48 5.65 5.65 5.59 5.59 5.74 5.74 5.36 n.a. n.a. n.a. n.a. n.a. FTTB revenue 43 44 43 45 45 44 43 43 44 44 43 40 40 40 41 41 41 41 43 43 42 175 175 171 165 165 FTTB customers (mln) 2.2 2.1 2.1 2.2 2.2 2.2 2.2 2.2 2.3 2.3 2.3 2.4 2.4 2 2.5 2 2.5 3 2.6 3 2.7 2.2 2.2 2.4 2.6 2.6 FTTB ARPU (USD) 6.2 6.8 6.7 6.9 6.9 6.8 6.5 6.4 6.6 6.4 6.3 5.7 5.4 5.4 5.6 5.6 5.4 5.4 5.6 5.6 5.2 n.a. n.a. n.a. n.a. n.a. (in RUB millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19** 2Q19 IFRS 16 2Q19** 3Q19 IFRS 16 3Q19** 4Q19 IFRS 16 4Q19** 1Q20 FY16 FY17 FY18 FY19 IFRS 16 FY19** Total operating revenue 65,921 66,423 70,529 70,130 64,507 68,407 72,559 70,415 66,351 72,542 76,750 75,895 69,247 69,247 72,554 72,554 74,690 74,690 73,384 73,384 67,457 273,003 275,887 291,539 289,875 289,875 EBITDA 24,410 27,269 26,710 26,401 24,070 26,925 28,239 25,108 25,204 27,243 27,376 24,894 30,934 5,404 25,530 32,172 5,503 26,669 33,886 5,539 28,347 29,705 5,215 24,491 28,180 104,790 104,342 104,717 126,698 21,661 105,037 EBITDA margin (%) 37.0% 41.1% 37.9% 37.6% 37.3% 39.4% 38.9% 35.7% 38.0% 37.6% 35.7% 32.8% 44.7% 36.9% 44.3% 36.8% 45.4% 38.0% 40.5% 33.4% 41.8% 38.4% 37.8% 35.9% 43.7% 36.2% Capital expenditures (CAPEX) 3,551 7,556 9,652 21,938 6,834 8,087 11,234 13,847 9,232 13,625 12,690 12,903 17,737 2,480 15,257 19,957 4,383 15,574 14,824 3,673 11,151 25,828 3,606 22,221 12,423 42,697 40,003 48,450 78,345 14,142 64,202 CAPEX excluding licenses 3,181 7,191 9,444 21,615 6,695 7,882 10,906 13,435 9,007 13,321 12,310 11,966 17,465 2,480 14,985 19,541 4,383 15,157 14,647 3,673 10,974 25,407 3,606 21,801 12,103 41,432 38,918 46,604 77,060 14,142 62,918 Capital expenditures (CAPEX) - Excl. lease liabilities 11,263 Operational CAPEX 1 10,943 MOBILE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19 2Q19 IFRS 16 2Q19 3Q19 IFRS 16 3Q19 4Q19 IFRS 16 4Q19 1Q20 FY16 FY17 FY18 FY19 IFRS16 FY19 Total operating revenues 54,586 55,537 59,044 59,276 54,822 58,491 62,417 60,771 57,452 63,576 67,975 67,004 60,708 60,708 64,047 64,047 65,845 65,845 64,120 64,120 58,182 228,443 236,501 256,008 254,719 254,719 Service revenue 51,835 53,730 56,784 55,844 52,348 55,674 59,164 57,001 54,282 57,609 59,471 58,761 54,933 54,933 56,992 56,992 58,320 58,320 55,309 55,309 52,518 218,192 224,186 230,123 225,555 225,555 Data Revenue 11,942 12,316 13,426 14,088 13,903 14,510 15,284 15,344 15,138 15,417 15,749 15,955 15,021 15,021 15,450 15,450 16,220 16,220 16,203 16,203 16,298 51,773 59,041 62,259 62,894 62,894 Customers (mln) 57.7 57.5 58.4 58.3 57.0 58.3 58.8 58.2 56.3 56.4 56.2 55.3 54.2 54.2 54.3 54.3 54.8 54.8 54.6 54.6 53.5 58.3 58 55 55 55 Mobile data customers (mln) 32.6 33.7 36.2 36.6 36.4 38.1 39.1 38.4 36.7 36.6 37.3 36.8 35.1 35.1 35.8 35.8 36.4 36.4 35.5 35.5 34.4 37 38 37 36 36 ARPU (RUB) 293 309 324 317 302 320 334 324 315 338 350 350 333 333 348 348 353 353 335 335 323 n.a. n.a. n.a. n.a. n.a. MOU (min) 315 337 336 335 324 338 325 323 307 323 315 317 297 297 305 305 294 294 291 291 284 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 16% 14% 14% 15% 16% 13% 15% 15% 14% 11% 12% 14% 13% 13% 12% 12% 12% 12% 13% 13% 13% n.a. n.a. n.a. n.a. n.a. MBOU 1,931 1,906 2,037 2,308 2,565 2,716 2,816 3,047 3,234 3,454 3,773 4,285 4,697 4,697 5,046 5,046 5,759 5,759 6,667 6,667 7,539 n.a. n.a. n.a. n.a. n.a. FIXED-LINE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19 2Q19 IFRS 16 2Q19 3Q19 IFRS 16 3Q19 4Q19 IFRS 16 4Q19 1Q20 FY16 FY17 FY18 FY19 IFRS16 FY19 Total operating revenue 11,335 10,886 11,485 10,854 9,685 9,916 10,142 9,644 8,899 8,966 8,775 8,891 8,539 8,539 8,507 8,507 8,845 8,845 9,264 9,264 9,275 44,560 39,386 35,530 35,155 35,155 Service revenue 11,271 10,848 11,459 10,840 9,660 9,889 10,114 9,608 8,867 8,901 8,737 8,790 8,502 8,502 8,465 8,465 8,767 8,767 9,116 9,116 9,112 44,418 39,271 35,295 34,850 34,850 Broadband revenue 3,061 2,941 2,806 2,807 2,650 2,579 2,532 2,508 2,560 2,547 2,532 2,700 2,661 2,661 2,711 2,711 2,728 2,728 2,837 2,837 2,826 11,615 10,269 10,340 10,937 10,937 Broadband customers (mln) 2.2 2.2 2.1 2.2 2.2 2.2 2.2 2.2 2.3 2.3 2.3 2.4 2.5 2.5 2.5 2.5 2.5 2.5 2.6 2.6 2.7 2.2 2.2 2.4 2.6 2.6 Broadband ARPU (RUB) 463 452 436 435 405 392 384 376 379 373 366 381 364 364 365 365 361 361 366 366 356 n.a. n.a. n.a. n.a. n.a. FTTB revenue 3,013 2,897 2,775 2,776 2,623 2,548 2,508 2,484 2,526 2,518 2,506 2,671 2,631 2,631 2,662 2,662 2,651 2,651 2,758 2,758 2,755 11,460 10,163 10,221 10,701 10,701 FTTB customers (mln) 2.2 2.1 2.1 2.2 2.2 2.2 2.2 2.2 2.3 2.3 2.3 2.4 2.4 2.4 2.5 2.5 2.5 2.5 2.6 2.6 2.7 2.2 2.2 2.4 2.6 2.6 FTTB ARPU (RUB) 461 450 436 433 403 390 383 375 376 371 364 378 362 362 360 360 352 352 356 356 348 n.a. n.a. n.a. n.a. n.a. Additional KPI's 4G network coverage 46% 46% 46% 56% 67% 60% 60% 63% 65% 69% 71% 74% 77% 81% 84% 86% 86% n.a. n.a. n.a. n.a. n.a. 4G mobile customer penetration (3M) 6% 8% 10% 12% 14% 17% 20% 22% 23% 25% 28% 30% 32% 34% 37% 38% 40% n.a. n.a. n.a. n.a. n.a. 1 Operational Capex is defined as capex excluding license expenditures and capitalized leases. Operational capex ration is defined as operational capex divided by total revenue. ** include IFRS 16 adj's

Pakistan index page (in USD millions, unless stated otherwise, unaudited) MOBILE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19** 2Q19 IFRS 16 2Q19** 3Q19 IFRS 16 3Q19** 4Q19 IFRS 16 4Q19** 1Q20 FY16 FY17 FY18 FY19 IFRS 16 FY19** Total operating revenue 351 361 368 369 370 386 391 379 368 363 395 368 362 362 347 347 286 286 324 324 316 1,450 1,525 1,494 1,320 1,320 Service revenue 332 341 345 346 345 359 363 350 341 337 369 344 337 337 324 324 265 265 302 302 293 1,364 1,418 1,391 1,228 1,228 EBITDA 136 130 147 129 154 167 208 173 175 174 192 173 183 13 170 185 11 175 140 11 130 160 12 148 147 542 703 713 669 47 622 EBITDA margin (%) 38.7% 36.0% 40.0% 34.9% 41.8% 43.3% 53.3% 45.8% 47.5% 47.9% 48.5% 47.0% 50.7% 47.1% 53.4% 50.3% 48.9% 45.2% 49.4% 45.6% 46.4% 37.4% 46.1% 47.7% 50.7% 47.2% Capital expenditures (CAPEX) 20 57 73 96 35 360 78 63 66 57 33 43 53 -1 54 66 1 65 31 1 29 70 -6 76 69 246 535 199 219 -5 224 CAPEX excluding licenses 20 57 73 96 35 65 78 63 66 57 33 43 53 -1 54 66 1 65 31 1 29 70 -6 76 69 246 240 199 219 -5 224 Capital expenditures (CAPEX) - Excl. lease liabilities 68 Operational CAPEX 1 68 Data Revenue 38.8 37.6 43.8 47.7 49.9 54.9 60.5 60.0 62.9 67.5 92.3 88.6 97.3 97.3 85.2 85.2 90.3 90.3 97.0 97.0 102.2 167.9 225 311 370 370 Customers (mln) 48.3 49.3 51.0 51.6 52.5 52.5 53.1 53.6 55.1 55.5 56.1 56.2 58.3 58.3 59.5 59.5 59.2 59.2 60.5 60.5 62.0 51.6 53.6 56.2 60.5 60.5 ARPU (USD) 2.4 2.3 2.3 2.3 2.2 2.3 2.3 2.2 2.1 2.0 2.2 2.0 2.0 2.0 1.8 1.8 1.5 1.5 1.7 1.7 1.6 n.a. n.a. n.a. n.a. n.a. MOU (min) 580 566 522 540 515 520 512 515 538 543 531 539 548 548 520 520 489 489 498 498 500 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 5.5% 4.3% 5.4% 6.0% 4.1% 6.1% 6.1% 6.8% 4.3% 5.3% 5.9% 5.4% 2.7% 2.7% 4.2% 4.2% 6.6% 6.6% 5.1% 5.1% 4.1% n.a. n.a. n.a. n.a. n.a. MBOU 304 292 421 464 465 509 573 672 821 950 1,227 1,373 1,669 1,669 1,831 1,831 2,119 2,119 2,527 2,527 3,027 n.a. n.a. n.a. n.a. n.a. (in PKR billions, unless stated otherwise, unaudited) MOBILE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19** 2Q19 IFRS 16 2Q19** 3Q19 IFRS 16 3Q19** 4Q19 IFRS 16 4Q19** 1Q20 FY16 FY17 FY18 FY19 IFRS 16 FY19** Total operating revenue 36.8 37.8 38.5 38.7 38.7 40.4 41.2 40.3 40.9 42.4 48.9 49.5 50.5 50.5 51.0 51.0 45.4 45.4 50.5 50.5 49.3 151.8 161 182 197 197 Service revenue 34.7 35.7 36.1 36.2 36.2 37.7 38.2 37.3 37.9 39.4 45.7 46.2 47.1 47.1 47.7 47.7 42.0 42.0 46.9 46.9 45.7 142.8 149 169 184 184 EBITDA 14.2 13.6 15.4 13.5 16.2 17.5 22.0 18.4 19.4 20.4 24 23 25.6 1.8 23.8 27.3 1.6 25.7 22.3 1.7 20.6 24.9 1.9 23.0 22.9 56.8 74 87 100 7 93 EBITDA margin (%) 38.7% 36.0% 40.0% 34.9% 41.8% 43.3% 53.3% 45.7% 47.5% 48.2% 48.5% 47.0% 50.7% 47.1% 53.5% 50.4% 49.0% 45.3% 49.4% 45.6% 46.4% 37.4% 46.1% 47.8% 50.7% 47.1% Capital expenditures (CAPEX) 2.1 5.9 7.6 10.1 3.6 37.7 8.2 6.6 7.3 6.7 4.0 5.9 7.4 0.2 7.2 9.7 -0.1 9.8 4.8 -0.2 5.0 10.9 1.0 9.9 10.8 25.7 56 24 33 1 32 CAPEX excluding licenses 2.1 5.9 7.6 10.1 3.6 6.8 8.2 6.6 7.3 6.7 4.0 5.9 7.4 0.2 7.2 9.7 -0.1 9.8 4.8 -0.2 5.0 10.9 1.0 9.9 10.8 25.7 25 24 33 1 32 Capital expenditures (CAPEX) - Excl. lease liabilities 10.7 Operational CAPEX 1 10.7 Data Revenue 4.1 3.9 4.6 5.0 5.2 5.8 6.4 6.4 7.0 7.9 11.4 11.9 13.6 13.6 12.5 12.5 14.3 14.3 15.1 15.1 15.9 17.6 24 38 56 56 Customers (mln) 48.3 49.3 51.0 51.6 52.5 52.5 53.1 53.6 55.1 55.5 56.1 56.2 58.3 58.3 59.5 59.5 59.2 59.2 60.5 60.5 62.0 51.6 53.6 56.2 60.5 60.5 ARPU (PKR) 247 245 241 244 231 238 240.9 232.4 232.2 236.9 272.3 264.8 272.4 272.4 268.2 268.2 234.1 234.1 259.7 259.7 247.3 n.a. n.a. n.a. n.a. n.a. MOU (min) 580 566 522 540 515 520 512 515 538 543 531 539 548 548 520 520 489 489 498 498 500 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 5.5% 4.3% 5.4% 6.0% 4.1% 6.1% 6.1% 6.8% 4.3% 5.3% 5.9% 5.4% 2.7% 2.7% 4.2% 4.2% 6.6% 6.6% 5.1% 5.1% 4.1% n.a. n.a. n.a. n.a. n.a. MBOU 304 292 421 464 465 509 573 672 821 950 1,227 1,373 1,669 1,669 1,831 1,831 2,119 2,119 2,527 2,527 3,027 n.a. n.a. n.a. n.a. n.a. Additional KPI's 4G network coverage 0% 0% 0% 0% 0% 11% 13% 15% 24% 28% 31% 34% 39% 49% 49% 52% 54% n.a. n.a. n.a. n.a. n.a. 4G mobile customer penetration 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 15% 19% 22% 26% 29% n.a. n.a. n.a. n.a. n.a. 1 Operational Capex is defined as capex excluding license expenditures and capitalized leases. Operational capex ration is defined as operational capex divided by total revenue. ** include IFRS 16 adj's

Algeria index page (in USD millions, unless stated otherwise, unaudited) MOBILE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19** 2Q19 IFRS 16 2Q19** 3Q19 IFRS 16 3Q19** 4Q19 IFRS 16 4Q19** 1Q20 FY16 FY17 FY18 FY19 IFRS 16 FY19** Total operating revenue 279 251 264 246 232 232 238 214 203 200 207 203 192 192 187 187 197 197 198 198 185 1,040 915 813 775 775 Service revenue 276 248 263 244 228 228 233 210 201 198 206 195 192 192 187 187 197 197 194 194 184 1,031 898 801 769 769 EBITDA 158 128 135 125 114 104 115 92 91 87 93 93 89 8 81 84 9 75 89 8 81 92 9 83 81 547 426 363 354 34 320 EBITDA margin (%) 56.8% 51.1% 51.3% 50.9% 49.2% 45.1% 48.5% 42.9% 44.9% 43.4% 44.9% 45.7% 46.3% 42.1% 44.6% 39.8% 45.2% 41.1% 46.6% 42.0% 43.6% 52.6% 46.5% 44.7% 45.7% 41.3% Capital expenditures (CAPEX) 27 43 76 56 26 29 42 35 14 28 16 49 21 2 20 29 0.4 29 22 0.9 21 39 0.6 39 15 202 132 107 112 4 108 CAPEX excluding licenses 27 43 39 56 26 29 42 35 14 28 16 49 21 2 20 29 0.4 29 22 0.9 21 39 0.6 39 15 165 132 107 112 4 108 Capital expenditures (CAPEX) - Excl. lease liabilities 15 Operational CAPEX 1 15 Data Revenue 16.2 15.7 19.3 21.9 25.1 29.8 29.9 28.7 43.5 50.6 47.9 46.4 52.8 52.8 53.7 53.7 60.3 60.3 64.9 64.9 68.3 73.1 113 188 232 232 Customers (mln) 16.7 16.3 15.9 16.3 16.1 15.5 15.2 15.0 15.3 15.5 15.6 15.8 16.0 16.0 15.6 15.6 15.0 15.0 14.6 14.6 14.2 16.3 15.0 15.8 14.6 14.6 ARPU (USD) 5.4 5.0 5.4 5.0 4.7 4.8 5.0 4.6 4.4 4.3 4.4 4.1 4.0 4.0 3.9 3.9 4.3 4.3 4.4 4.4 4.2 n.a. n.a. n.a. n.a. n.a. MOU (min) 351 339 335 323 365 379 415 430 437 447 448 437 420 420 413 413 421 421 430 430 448 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 0.0% 9.8% 9.4% 9.9% 9.9% 10.6% 10.4% 11.0% 10.4% 10.0% 9.9% 11.7% 12.2% 12.2% 15.7% 15.7% 15.5% 15.5% 14.2% 14.2% 12.8% n.a. n.a. n.a. n.a. n.a. MBOU 295 304 345 447 573 478 515 561 1,065 1,643 1,823 2,191 2,244 2,244 2,703 2,703 3,444 3,444 3,986 3,986 4,574 n.a. n.a. n.a. n.a. n.a. (in DZD billions, unless stated otherwise, unaudited) MOBILE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19** 2Q19 IFRS 16 2Q19** 3Q19 IFRS 16 3Q19** 4Q19 IFRS 16 4Q19** 1Q20 FY16 FY17 FY18 FY19 IFRS 16 FY19** Total operating revenue 30.0 27.4 29.0 27.2 25.5 25.3 26.2 24.5 23.1 23.1 24.4 24.1 22.8 22.8 22.3 22.3 23.6 23.6 23.7 23.7 22.3 114 101 95 93 93 Service revenue 29.7 27.2 28.9 26.9 25.0 24.9 25.6 24.1 23.0 22.9 24.3 23.2 22.7 22.7 22.3 22.3 23.6 23.6 23.3 23.3 22.2 113 100 93 92 92 EBITDA 17.1 14.0 14.9 13.9 12.5 11.4 12.7 10.5 10.4 10.0 11.0 11.0 10.6 0.9 9.6 10.0 1.1 8.9 10.7 1.0 9.7 11.1 1.1 10.0 9.7 60 47 42 42 4 38 EBITDA margin (%) 56.8% 51.1% 51.3% 50.9% 49.2% 45.1% 48.5% 42.9% 44.9% 43.4% 44.9% 45.7% 46.3% 42.1% 44.6% 39.8% 45.2% 41.1% 46.6% 42.0% 43.6% 52.6% 46.5% 44.7% 45.7% 41.3% Capital expenditures (CAPEX) 2.9 4.7 8.3 6.2 2.9 3.1 4.6 4.0 1.6 3.3 1.9 5.8 2.5 0.2 2.3 3.5 0.1 3.4 2.6 0.1 2.5 4.7 0.1 4.6 1.8 22 15 13 13 0 13 CAPEX excluding licenses 2.9 4.7 4.3 6.2 2.9 3.1 4.6 4.0 1.6 3.3 1.9 5.8 2.5 0.2 2.3 3.5 0.1 3.4 2.6 0.1 2.5 4.7 0.1 4.6 1.8 18 15 13 13 0 13 Capital expenditures (CAPEX) - Excl. lease liabilities 1.8 Operational CAPEX 1 1.8 Data Revenue 1.7 1.7 2.1 2.4 2.8 3.2 3.3 3.3 5.0 5.9 5.7 5.5 6.3 6.3 6.4 6.4 7.2 7.2 7.8 7.8 8.2 8.0 13 22 28 28 Customers (mln) 16.7 16.3 15.9 16.3 16.1 15.5 15.2 15.0 15.3 15.5 15.6 15.8 16.0 16.0 15.6 15.6 15.0 15.0 14.6 14.6 14.2 16.3 15.0 15.8 14.6 14.6 ARPU (DZD) 586 546 593 555 513 522 553.4 528.3 503.7 495.5 518.1 489.0 474.3 474.3 468.6 468.6 511.6 511.6 523.7 523.7 512.2 n.a. n.a. n.a. n.a. n.a. MOU (min) 351 339 335 323 365 379 414.9 430 437 447 448 437 420 420 413 413 421 421 430 430 448 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 0% 10% 9% 10% 10% 11% 10.4% 11.0% 10.4% 10.0% 9.9% 11.7% 12.2% 12.2% 15.7% 15.7% 15.5% 15.5% 14.2% 14.2% 12.8% n.a. n.a. n.a. n.a. n.a. MBOU 295 304 345 447 573 478 514.7 561 1,065 1,643 1,823 2,191 2,244 2,244 2,703 2,703 3,444 3,444 3,986 3,986 4,574 n.a. n.a. n.a. n.a. n.a. Additional KPI's 4G network coverage 0% 0% 0% 20% 20% 21% 22% 25% 25% 25% 25% 27% 27% 27% 35% 38% 41% n.a. n.a. n.a. n.a. n.a. 1 Operational Capex is defined as capex excluding license expenditures and capitalized leases. Operational capex ration is defined as operational capex divided by total revenue. ** include IFRS 16 adj's

Bangladesh index page (in USD millions, unless stated otherwise, unaudited) MOBILE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19** 2Q19 IFRS 16 2Q19** 3Q19 IFRS 16 3Q19** 4Q19 IFRS 16 4Q19** 1Q20 FY16 FY17 FY18 FY19 IFRS 16 FY19** Total operating revenue 155 157 157 152 151 148 144 131 129 131 131 130 134 134 137 137 135 135 131 131 137 621 574 521 537 537 Service revenue 153 152 153 147 147 144 140 127 125 125 127 127 131 131 134 134 133 133 128 128 134 606 557 504 525 525 EBITDA 70 69 73 55 69 61 56 47 47 45 47 45 60 10 50 55 10 45 55 10 45 53 10 43 59 267 233 183 222 40 182 EBITDA margin (%) 45.3% 43.7% 46.7% 36.4% 45.9% 41.1% 38.6% 36.1% 36.1% 34.4% 35.9% 34.3% 44.8% 37.3% 39.8% 32.7% 40.9% 33.2% 40.3% 32.7% 43.0% 43.1% 40.6% 35.2% 41.4% 34.0% Capital expenditures (CAPEX) 17 33 22 65 10 18 28 46 385 21 9 8 16 0 16 22 0.4 21 27 2.2 25 32 11.2 20 48 137 101 423 96 14 82 CAPEX excluding licenses 17 33 22 65 10 18 28 46 55 21 9 8 16 0 16 22 0.4 21 27 2.2 25 32 11.2 20 48 137 101 93 96 14 82 Capital expenditures (CAPEX) - Excl. lease liabilities 44 Operational CAPEX 1 44 Data Revenue 13.6 14.9 16.6 17.5 19.2 19.0 20.5 19.2 19.8 21.0 22.2 23.6 26.7 26.7 26.7 26.7 27.8 27.8 27.7 27.7 31.3 63 78 87 109 109 Customers (mln) 31.6 31.1 29.0 30.4 30.5 30.7 31.4 31.3 32.2 32.0 32.3 32.3 33.0 33.0 32.9 32.9 33.1 33.1 33.6 33.6 33.6 30.4 31.3 32.3 33.6 33.6 ARPU (USD) 1.6 1.6 1.7 1.6 1.6 1.6 1.5 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.4 1.4 1.3 1.3 1.3 1.3 1.3 n.a. n.a. n.a. n.a. n.a. MOU (min) * 311.4 315.7 321.9 321.7 305.4 285.4 280.1 274.3 271.6 270.0 254.7 231.7 231.6 231.6 235.7 235.7 232.2 232.2 226.2 226.2 228.5 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 0.0% 4.7% 13.9% 4.6% 5.5% 5.4% 5.9% 6.9% 6.0% 6.7% 5.9% 7.5% 6.2% 6.2% 7.9% 7.9% 7.7% 7.7% 6.3% 6.3% 7.5% n.a. n.a. n.a. n.a. n.a. MBOU 157 167 254 391 304 364 523 580 600 684 734 1,024 1,200 1,200 1,250 1,250 1,344 1,344 1,370 1,370 1,713 n.a. n.a. n.a. n.a. n.a. (in BDT billions, unless stated otherwise, unaudited) MOBILE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19** 2Q19 IFRS 16 2Q19** 3Q19 IFRS 16 3Q19** 4Q19 IFRS 16 4Q19** 1Q20 FY16 FY17 FY18 FY19 IFRS 16 FY19** Total operating revenue 12.2 12.3 12.3 12.0 12.0 12.0 11.7 10.8 10.7 10.9 11.0 11.0 11.2 11.2 11.5 11.5 11.4 11.4 11.1 11.1 11.6 48.7 46 44 45 45 Service revenue 12.0 11.9 12.0 11.6 11.7 11.6 11.3 10.4 10.4 10.5 10.7 10.7 11.0 11.0 11.3 11.3 11.2 11.2 10.9 10.9 11.4 47.5 45 42 44 44 EBITDA 5.5 5.4 5.7 4.4 5.5 4.9 4.5 3.9 3.9 3.8 4.0 3.8 5.0 0.8 4.2 4.6 0.8 3.8 4.7 0.9 3.8 4.5 0.8 3.6 5.0 21.0 19 15 19 3 15 EBITDA margin (%) 45.3% 43.7% 46.7% 36.4% 46.0% 41.1% 38.6% 36.1% 36.1% 34.4% 35.9% 34.3% 44.8% 37.3% 39.8% 32.7% 40.9% 33.2% 40.3% 32.7% 43.0% 43.1% 40.5% 35.2% 41.4% 34.0% Capital expenditures (CAPEX) 1.3 2.6 1.7 5.1 0.8 1.4 2.3 3.7 32.1 1.7 0.8 0.7 1.3 0.0 1.3 1.8 0.0 1.8 2.3 0.2 2.1 2.7 1.0 1.7 4.0 10.7 8 35 8 1 7 CAPEX excluding licenses 1.3 2.6 1.7 5.1 0.8 1.4 2.3 3.7 4.6 1.7 0.8 0.7 1.3 0.0 1.3 1.8 0.0 1.8 2.3 0.2 2.1 2.7 1.0 1.7 4.0 10.7 8 8 8 1 7 Capital expenditures (CAPEX) - Excl. lease liabilities 3.7 Operational CAPEX 1 3.7 Data Revenue 1.1 1.2 1.3 1.4 1.5 1.5 1.7 1.6 1.6 1.8 1.9 2.0 2.2 2.2 2.3 2.3 2.3 2.3 2.3 2.3 2.7 4.9 6 7 9 9 Customers (mln) 31.6 31.1 29.0 30.4 30.5 30.7 31.4 31.3 32.2 32.0 32.3 32.3 33.0 33.0 32.9 32.9 33.1 33.1 33.6 33.6 33.6 30.4 31.3 32.3 33.6 33.6 ARPU (BDT) 125 126 133 130 128 127 121 111 109 109 110 110 112 112 114 114 113 113 109 109 113 n.a. n.a. n.a. n.a. n.a. MOU (min) 311 316 322 322 305 285 280 274 272 270 255 232 232 232 236 236 232 232 226 226 228 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 0.0% 4.7% 13.9% 4.6% 5.5% 5.4% 5.9% 6.9% 6.0% 6.7% 5.9% 7.5% 6.2% 6.2% 7.9% 7.9% 7.7% 7.7% 6.3% 6.3% 7.5% n.a. n.a. n.a. n.a. n.a. MBOU 157 167 254 391 304 364 523 580 600 684 734 1,024 1,200 1,200 1,250 1,250 1,344 1,344 1,370 1,370 1,713 n.a. n.a. n.a. n.a. n.a. Additional KPI's 4G network coverage 0% 0% 0% 0% 0% 0% 0% 0% 12% 15% 16% 17% 18% 22% 23% 29% 52% n.a. n.a. n.a. n.a. n.a. 4G mobile customer penetration 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 7% 9% 11% 12% 17% n.a. n.a. n.a. n.a. n.a. 1 Operational Capex is defined as capex excluding license expenditures and capitalized leases. Operational capex ration is defined as operational capex divided by total revenue. ** include IFRS 16 adj's

Ukraine index page (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19** 2Q19 IFRS 16 2Q19** 3Q19 IFRS 16 3Q19** 4Q19 IFRS 16 4Q19** 1Q20 FY16 FY17 FY18 FY19 IFRS 16 FY19** Total operating revenue 135 146 155 150 143 153 167 159 156 173 180 179 188 188 212 212 231 231 240 240 238 586 622 688 870 870 EBITDA 71 80 86 69 77 87 91 92 89 95 104 100 118 5 113 138 6 132 149 6 143 167 7 160 161 306 347 387 572 24 548 EBITDA margin (%) 52.5% 55.0% 55.4% 46.3% 53.6% 56.8% 54.4% 58.0% 56.7% 55.1% 57.5% 55.8% 62.9% 60.2% 65.0% 62.4% 64.8% 62.1% 69.5% 66.6% 67.8% 52.3% 55.7% 56.3% 65.7% 63.0% Capital expenditures (CAPEX) 10 30 34 33 29 38 27 20 91 120 28 35 36 7 29 44 6 38 55 7 48 67 26 41 64 106 114 275 202 45 156 CAPEX excluding licenses 9 29 33 32 27 27 25 20 26 35 27 27 36 7 29 43 6 37 55 7 48 67 26 41 54 104 98 115 201 45 156 Capital expenditures (CAPEX) - Pre IFRS 16 48 CAPEX excluding licenses - Pre IFRS 16 38 MOBILE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19 2Q19 IFRS 16 2Q19 3Q19 IFRS 16 3Q19 4Q19 IFRS 16 4Q19 1Q20 FY16 FY17 FY18 FY19 IFRS16 FY19 Total operating revenue 125 136 144 139 132 143 156 149 145 161 169 168 175 175 198 198 216 216 223 223 221 545 580 644 812 812 Service revenue 125 135 144 139 132 142 155 148 145 160 168 167 175 175 198 198 216 216 223 223 221 542 577 641 812 812 Data Revenue 19.3 21.5 25.9 28.2 31.2 35.3 43.4 44.6 49.2 60.1 74.7 79.3 90.0 90.0 104.8 104.8 110.8 110.8 115.9 115.9 119.7 95 154 263 421 421 Customers (mln) 25.3 25.4 26.3 26.1 26.0 26.1 26.4 26.5 26.5 26.5 26.6 26.4 26.3 26.3 26.2 26.2 26.4 26.4 26.2 26.2 26.0 26.1 26.5 26.4 26.2 26.2 ARPU (USD) 1.6 1.7 1.8 1.7 1.7 1.8 1.9 1.8 1.8 2.0 2.1 2.1 2.2 2.2 2.5 2.5 2.7 2.7 2.8 2.8 2.8 n.a. n.a. n.a. n.a. n.a. MOU (min) 572 559 544 565 574 573 570 589 586 580 565 584 585 585 571 571 566 566 577 577 603 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 0.0% 4.5% 2.6% 6.2% 5.3% 4.4% 4.4% 5.0% 4.8% 4.8% 5.2% 5.6% 4.4% 4.4% 4.7% 4.7% 4.3% 4.3% 4.7% 4.7% 4.2% n.a. n.a. n.a. n.a. n.a. FIXED-LINE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19 2Q19 IFRS 16 2Q19 3Q19 IFRS 16 3Q19 4Q19 IFRS 16 4Q19 1Q20 FY16 FY17 FY18 FY19 IFRS16 FY19 Total operating revenue 10 10 10 10 11 10 11 11 11 11 11 11 12 12 13 13 13 13 15 15 15 41 43 44 52 52 Service revenue 10 10 10 10 11 10 11 11 11 11 11 11 12 12 13 13 13 13 15 15 15 41 43 44 52 52 Broadband revenue 6 6 6 6 6 6 6 6 7 7 7 7 8 8 8 8 9 9 9 9 10 24 26 27 34 34 Broadband customers (mln) 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.9 0.9 0.9 0.9 0.9 1.0 1.0 1.0 1.0 1.0 1.0 1.0 0.8 0.8 0.9 1.0 0.9 Broadband ARPU (USD) 2.3 2.5 2.5 2.5 2.6 2.6 2.7 2.6 2.7 2.8 2.6 2.5 2.8 2.8 2.9 2.9 2.9 2.9 3.1 3.1 3.2 n.a n.a n.a n.a n.a (in UAH millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19** 2Q19 IFRS 16 2Q19** 3Q19 IFRS 16 3Q19** 4Q19 IFRS 16 4Q19** 1Q20 FY16 FY17 FY18 FY19 IFRS 16 FY19** Total operating revenue 3,468 3,689 3,922 3,881 3,871 4,058 4,316 4,297 4,263 4,521 4,925 5,009 5,125 5,125 5,624 5,624 5,828 5,828 5,815 5,815 5,950 14,960 16,542 18,719 22,392 22,392 EBITDA 1,822 2,027 2,170 1,793 2,073 2,305 2,349 2,494 2,412 2,490 2,833 2,793 3,223 140 3,083 3,656 148 3,508 3,772 154 3,619 4,031 165 3,866 4,040 7,811 9,221 10,529 14,683 607 14,076 EBITDA margin (%) 52.5% 54.9% 55.3% 46.2% 53.6% 56.8% 54.4% 58.0% 56.6% 55.1% 57.5% 55.8% 62.9% 60.2% 65.0% 62.4% 64.7% 62.1% 69.3% 66.5% 67.9% 52.2% 55.7% 56.2% 65.6% 62.9% Capital expenditures (CAPEX) 264 745 868 847 782 1,009 697 535 2,416 3,152 772 982 983 188 795 1,159 160 998 1,385 177 1,208 1,606 612 994 1,609 2,723 3,023 7,322 5,134 1,138 3,996 CAPEX excluding licenses 249 727 860 836 737 705 643 534 687 927 737 749 983 188 795 1,152 160 991 1,370 177 1,193 1,606 612 994 1,347 2,672 2,618 3,100 5,111 1,138 3,972 Capital expenditures (CAPEX) - Pre IFRS 16 1,226 CAPEX excluding licenses - Pre IFRS 16 964 MOBILE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19 2Q19 IFRS 16 2Q19 3Q19 IFRS 16 3Q19 4Q19 IFRS 16 4Q19 1Q20 FY16 FY17 FY18 FY19 IFRS16 FY19 Total operating revenue 3,209 3,427 3,661 3,611 3,576 3,781 4,042 4,012 3,968 4,224 4,624 4,698 4,772 4,772 5,248 5,248 5,466 5,466 5,417 5,417 5,530 13,908 15,411 17,513 20,903 20,903 Service revenue 3,199 3,399 3,652 3,601 3,560 3,768 4,024 3,986 3,949 4,200 4,602 4,671 4,763 4,763 5,257 5,257 5,466 5,466 5,417 5,417 5,530 13,851 15,338 17,421 20,903 20,903 Data Revenue 496 544 659 731 845 933 1,123 1,202 1,341 1,574 2,045 2,217 2,454 2,454 2,784 2,784 2,799 2,799 2,810 2,810 3,004 2,429 4,103 7,177 10,847 10,847 Customers (mln)* 25.3 25.4 26.3 26.1 26.0 26.1 26.4 26.5 26.5 26.5 26.6 26.4 26.3 26.3 26.2 26.2 26.4 26.4 26.2 26.2 26.0 26.1 26.5 26.4 26.2 26.2 ARPU (UAH) 41.6 43.8 46.2 45.2 44.9 47.5 50.0 49.3 48.7 52.1 57.2 58.2 59.8 59.8 66.2 66.2 68.6 68.6 68.3 68.3 70.3 n.a. n.a. n.a. n.a. n.a. MOU (min) 572 559 544 565 574 573 570 589 586 580 565 584 585 585 571 571 566 566 577 577 603 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 0.0% 4.5% 2.6% 6.2% 5.3% 4.4% 4.4% 5.0% 4.8% 4.8% 5.2% 5.6% 4.4% 4.4% 4.7% 4.7% 4.3% 4.3% 4.7% 4.7% 4.2% n.a. n.a. n.a. n.a. n.a. FIXED-LINE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19 2Q19 IFRS 16 2Q19 3Q19 IFRS 16 3Q19 4Q19 IFRS 16 4Q19 1Q20 FY16 FY17 FY18 FY19 IFRS16 FY19 Total operating revenue 259 262 261 270 295 277 275 285 295 297 302 311 329 329 333 333 333 333 355 355 384 1,052 1,132 1,206 1,350 1,350 Service revenue 259 262 261 270 295 277 275 285 295 297 302 311 329 329 333 333 333 333 355 355 384 1,052 1,132 1,206 1,350 1,350 Broadband revenue 148 150.7 150.0 156 170 169 167 170 181 185 186 190 209 209 215 215 216 216 224 224 248 604 678 741 864 864 Broadband customers (mln) 0.8 0.81 0.80 0.8 0.8 0.8 0.8 0.8 0.8 0.9 0.9 0.9 0.9 0.9 1.0 1.0 1.0 1.0 1.0 1.0 1.0 0.8 0.8 0.9 1.0 1.0 Broadband ARPU (UAH) 61 61.9 62.18 64 69 70 69.2 69.8 72.5 72.6 71.1 70.5 75.2 75.2 75.8 75.8 74.2 74.2 74.9 74.9 81.0 n.a n.a n.a n.a n.a Additional KPI's 4G network coverage 0% 0% 0% 0% 0% 0% 0% 0% 0% 20% 50% 51% 58% 68% 0% 74% 77% n.a. n.a. n.a. n.a. n.a. 4G mobile customer penetration 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 16% 20% 24% 27% 30% n.a. n.a. n.a. n.a. n.a. *ARPU calculations include MFS revenues starting from Q1 2017 ** include IFRS 16 adj's

Uzbekistan index page (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19** 2Q19 IFRS 16 2Q19** 3Q19 IFRS 16 3Q19** 4Q19 IFRS 16 4Q19** 1Q20 FY16 FY17 FY18 FY19 IFRS 16 FY19** Total operating revenue 165 164 169 165 153 152 130 78 76 79 83 77 64 64 67 67 66 66 61 61 55 663 513 315 258 258 EBITDA 100 94 96 105 79 83 67 33 34 35 37 31 31.8 1 30.8 34.9 2 33.3 36.0 1 34.9 33.4 1 32.7 25.4 395 261 136 136 4 132 EBITDA margin (%) 60.8% 57.1% 57.1% 63.3% 51.5% 54.2% 51.2% 42.5% 44.8% 43.6% 44.7% 40.0% 49.8% 48.3% 52.1% 49.6% 54.6% 52.9% 54.8% 53.6% 46.4% 59.6% 50.9% 43.3% 52.8% 51.1% Capital expenditures (CAPEX) 30 16 38 91 22 16 10 15 9 16 9 5 30 3 28 14 3 11 4 1 3 11 0 11 7 174 63 39 59 7 53 CAPEX excluding licenses 30 16 38 91 22 16 10 15 9 16 9 5 30 3 28 14 3 11 4 1 3 11 0 11 7 174 63 39 59 7 53 Capital expenditures (CAPEX) - Excl. lease liabilities 5 Operational CAPEX 1 5 MOBILE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19 2Q19 IFRS 16 2Q19 3Q19 IFRS 16 3Q19 4Q19 IFRS 16 4Q19 1Q20 FY16 FY17 FY18 FY19 IFRS16 FY19 Total operating revenue 164 163 168 164 152 151 129 77 75 79 82 76 63 63 66 66 65 65 61 61 54 659 510 313 256 256 Service revenue 164 163 168 164 152 151 129 77 75 79 82 76 63 63 66 66 65 65 60 60 54 659 509 312 255 255 Data Revenue 36.4 37.3 38.3 40.2 40.0 36.9 31.0 20.1 22.8 26.7 28.7 29.8 28.1 28 30.1 30 30.2 30 31.4 31 31.3 152 127.9 108.1 119.8 119.8 Customers (mln) 9.5 9.3 9.6 9.5 9.5 9.6 9.5 9.7 9.6 9.3 9.1 9.1 9.0 9 8.7 9 8.4 8 8.1 8 7.7 9.5 9.7 9.1 8.1 8.1 ARPU (USD) 5.6 5.7 5.9 5.7 5.3 5.3 4.5 2.7 2.6 2.7 3.0 2.8 2.3 2 2.5 2 2.5 2 2.4 2 2.3 n.a. n.a. n.a. n.a. n.a. MOU (min) 482 535 580 568 545 578 581 574 546 568 596 608 576 576 616 616 627 627 609 609 598 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 0% 12% 10% 12% 12% 13% 15% 14% 14% 16% 16% 15% 14% 14% 16% 16% 17% 17% 17% 17% 17% n.a. n.a. n.a. n.a. n.a. FIXED-LINE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19 2Q19 IFRS 16 2Q19 3Q19 IFRS 16 3Q19 4Q19 IFRS 16 4Q19 1Q20 FY16 FY17 FY18 FY19 IFRS16 FY19 Total operating revenue 1.2 1.1 1.1 1.0 1.0 1.0 0.8 0.5 0.5 0.6 0.6 0.5 0.4 0.4 0.4 0.4 0.3 0.3 0.4 0.4 0.3 4.5 3.3 2.2 1.5 1.5 Service revenue 1.2 1.1 1.1 1.0 1.0 1.0 0.8 0.5 0.5 0.6 0.6 0.5 0.4 0.4 0.4 0.4 0.3 0.3 0.3 0.3 0.3 4.5 3.3 2.2 1.5 1.5 (in UZS billions, unless stated otherwise, unaudited) CONSOLIDATED 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19** 2Q19 IFRS 16 2Q19** 3Q19 IFRS 16 3Q19** 4Q19 IFRS 16 4Q19** 1Q20 FY16 FY17 FY18 FY19 IFRS 16 FY19** Total operating revenue 469 479 502 518 513 576 625 628 617 635 650.7 635 535 535 567.8 568 594 593.7 579 579.1 522 1,967 2,342 2,538 2,275 2,275 EBITDA 285 273 287 328 265 313 316 267 276 277 291 254 266 8 258 296 14 282 325 10 315 317 7 310 242 1,173 1,160 1,098 1,204 39 1,165 EBITDA margin (%) 60.8% 57.1% 57.1% 63.5% 51.6% 54.3% 50.6% 42.5% 44.8% 43.5% 44.7% 40.0% 49.8% 48.3% 52.1% 49.6% 54.7% 53.0% 54.8% 53.6% 46.4% 59.6% 49.5% 43.3% 52.9% 51.2% Capital expenditures (CAPEX) 85 47 112 289 75 60 50 120 75 132 71 38 253 23 230 119 22 96 32 8 23 107 3 105 63 533 304 315 511 56 455 CAPEX excluding licenses 85 47 112 289 75 60 50 120 75 132 71 38 253 23 230 119 22 96 32 8 23 107 3 105 63 533 304 315 511 56 455 Capital expenditures (CAPEX) - Excl. lease liabilities 49 Operational CAPEX 1 49 MOBILE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19 2Q19 IFRS 16 2Q19 3Q19 IFRS 16 3Q19 4Q19 IFRS 16 4Q19 1Q20 FY16 FY17 FY18 FY19 IFRS16 FY19 Total operating revenue 465 475 499 514 510 572 621 624 612 630 646.4 631 531 531 563.4 563 589 589.1 574 574.4 518 1,954 2,327 2,520 2,258 2,258 Service revenue 465 475 499 514 510 572 620 621 612 629 645 630 531 531 563 563 589 589 569 569 515 1,953 2,323 2,517 2,252 2,252 Data Revenue 103.4 108.7 114.0 126.1 134.2 139.4 149.4 162.1 186.3 213.5 225.4 246.5 235.5 235.5 255.4 255.4 271.1 271.1 297.5 297.5 298.1 452 585.1 872 1,060 1,060 Customers (mln) 9.5 9.3 9.6 9.5 9.5 9.6 9.5 9.7 9.6 9.3 9.1 9.1 9.0 9 8.7 9 8.4 8 8.1 8 7.7 9.5 9.7 9.1 8.1 8.1 ARPU (UZS) 15,877 16,720 17,527 17,925 17,767 19,847 21,484 21,672 21,152 22,018 23,257 22,917 19,446 19,446 20,873 20,873 22,463 22,463 22,547 22,547 21,573 n.a. n.a. n.a. n.a. n.a. MOU (min) 482 535 580 568 545 578 581 574 546 568 596 608 576 576 616 616 627 627 609 609 598 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 0% 12% 10% 12% 12% 13% 15% 14% 14% 16% 16% 15% 14% 14% 16% 16% 17% 17% 17% 17% 17% n.a. n.a. n.a. n.a. n.a. FIXED-LINE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19 2Q19 IFRS 16 2Q19 3Q19 IFRS 16 3Q19 4Q19 IFRS 16 4Q19 1Q20 FY16 FY17 FY18 FY19 IFRS16 FY19 Total operating revenue 3.5 3.3 3.3 3.2 3.4 3.7 3.9 4.0 4.3 5.1 4.4 3.9 3.6 3.6 3.4 3.4 3.1 3.1 3.4 3.4 3.1 13.3 15.1 17.6 13.5 13 Service revenue 3.5 3.3 3.3 3.2 3.4 3.7 3.9 4.0 4.2 5.0 4.3 3.8 3.5 3.5 3.4 3.4 3.1 3.1 3.2 3.2 3.1 13.2 15.0 17.4 13.2 13 Additional KPI's 4G network coverage 1% 2% 2% 8% 8% 23% 23% 23% 25% 25% 25% 25% 25% 26% 26% 26% n.a. n.a. n.a. n.a. n.a. 1 Operational Capex is defined as capex excluding license expenditures and capitalized leases. Operational capex ration is defined as operational capex divided by total revenue. ** include IFRS 16 adj's

Kazakhstan index page (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19** 2Q19 IFRS 16 2Q19** 3Q19 IFRS 16 3Q19** 4Q19 IFRS 16 4Q19** 1Q20 FY16 FY17 FY18 FY19 IFRS 16 FY19** Total operating revenue 81 90 97 96 95 105 108 108 110 112 110 109 103 103 150 150 115 115 118 118 118 364 416 441 486 486 EBITDA 31 36 47 46 41 48 44 46 50 51 53 52 55 4 51 97 4 93 60 4 55 59 4 55 63 161 180 206 270 17 254 EBITDA margin (%) 38.7% 39.9% 48.5% 48.5% 43.8% 45.9% 40.8% 42.6% 45.9% 45.7% 48.0% 47.6% 53.6% 49.6% 64.7% 61.9% 51.6% 47.9% 50.0% 46.3% 53.6% 44.2% 43.2% 46.8% 55.6% 52.2% Capital expenditures (CAPEX) 50 53 14 35 10 18 14 33 14 16 19 17 13 1 11 61 19 42 19 -16 35 33 1 32 45 152 75 66 126 6 120 CAPEX excluding licenses 11 18 14 35 10 18 14 33 14 16 19 17 13 1 11 61 19 42 2 -16 18 38 1 37 29 78 75 66 114 6 108 Capital expenditures (CAPEX) - Excl. lease liabilities 40 Operational CAPEX 1 25 MOBILE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19 2Q19 IFRS 16 2Q19 3Q19 IFRS 16 3Q19 4Q19 IFRS 16 4Q19 1Q20 FY16 FY17 FY18 FY19 IFRS16 FY19 Total operating revenue 67 76 82 79 78 87 89 86 91 93 92 91 87 87 133 133 100 100 100 100 99 304 340 367 419 419 Service revenue 66 75 80 78 78 87 88 86 89 92 91 91 86 86 94 94 99 99 99 99 98 299 339 363 378 378 Data Revenue 16.3 18.5 20.1 21.7 23.4 24.1 24.2 25.3 27.9 28.6 28.6 30.2 33.6 33.6 37.6 37.6 40.3 40.3 45.0 45.0 47.8 77 97 115 157 157 Customers (mln) 9.2 9.4 9.4 9.0 8.9 9.2 9.5 9.8 9.7 10.2 10.0 9.9 9.7 9.7 10.0 10.0 10.2 10.2 10.2 10.2 9.6 9.0 9.8 9.9 10.2 10.2 ARPU (USD) 2.3 2.7 2.7 3.0 2.9 3.1 3.1 3.0 3.0 3.1 3.0 3.0 2.9 2.9 3.1 3.1 3.2 3.2 3.2 3.2 3.3 n.a. n.a. n.a. n.a. n.a. n.a. MOU (min) 299 326 324 321 313 320 328 295 292 315 312 312 301 301 326 326 315 315 300 300 298 n.a. n.a. n.a. n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 0.0% 11.4% 13.3% 14.7% 12.5% 10.1% 12.2% 13.5% 15.4% 13.7% 17.1% 15.5% 15.7% 15.7% 11.6% 11.6% 13.6% 13.6% 14.7% 14.7% 16.2% n.a. n.a. n.a. n.a. n.a. n.a. FIXED-LINE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19 2Q19 IFRS 16 2Q19 3Q19 IFRS 16 3Q19 4Q19 IFRS 16 4Q19 1Q20 FY16 FY17 FY18 FY19 IFRS16 FY19 Total operating revenue 14 14 16 17 17 18 19 22 19 19 18 18 16 16 17 17 16 16 18 18 18 60 75 73 67 67 Service revenue 14 14 16 17 17 18 19 22 19 19 18 17 16 16 17 17 16 16 18 18 18 60 75 73 66 66 Broadband revenue 6 6 6 7 7 8 6 0 5 9 6 8 9 9 8 8 8 8 9 9 9 25 21 27 34 34 Broadband customers (mln) 0 0 0 0 0 0 0 0 0 0 0 0 0 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.3 0.3 0.4 0.4 0.4 Broadband ARPU (USD) 8.5 8.5 8.1 8.5 8.1 8.8 7.2 7.9 7.3 8.1 5.5 7.5 7.3 7.3 6.9 6.9 6.8 6.8 7.1 7.1 6.6 n.a n.a n.a n.a n.a n.a (in KZT millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19** 2Q19 IFRS 16 2Q19** 3Q19 IFRS 16 3Q19** 4Q19 IFRS 16 4Q19** 1Q20 FY16 FY17 FY18 FY19 IFRS 16 FY19** Total operating revenue 28,795 30,159 33,216 32,083 30,468 33,199 35,867 36,079 35,416 36,882 39,163 40,338 39,030 39,030 56,952 56,952 44,546 44,546 45,512 45,512 45,954 124,253 135,613 151,798 186,039 186,039 EBITDA 11,126 12,020 16,110 15,569 13,350 15,232 14,580 15,384 16,256 16,858 18,809 19,196 20,903 1,562 19,341 36,839 1,587 35,253 22,965 1,629 21,337 22,746 1,653 21,094 24,628 54,825 58,546 71,119 103,454 6,429 97,025 EBITDA margin (%) 38.6% 39.9% 48.5% 48.5% 43.8% 45.9% 40.7% 42.6% 45.9% 45.7% 48.0% 47.6% 53.6% 49.6% 64.7% 61.9% 51.6% 47.9% 50.0% 46.3% 53.6% 44.1% 43.2% 46.9% 55.6% 52.2% Capital expenditures (CAPEX) 17,838 17,922 4,919 11,728 3,360 5,710 4,784 10,849 4,401 5,344 6,642 6,468 4,736 491 4,245 23,405 7,401 16,003 7,335 -6,121 13,456 12,919 403 12,515 18,339 52,408 24,702 22,856 48,395 2,175 46,220 CAPEX excluding licenses 3,838 5,922 4,919 11,728 3,360 5,710 4,784 10,849 4,401 5,344 6,642 6,468 4,736 491 4,245 23,405 7,401 16,003 729 -6,121 6,850 14,688 403 14,285 11,813 26,408 24,702 22,856 43,558 2,175 41,383 Capital expenditures (CAPEX) - Excl. lease liabilities 16,441 Operational CAPEX 1 9,914 MOBILE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19 2Q19 IFRS 16 2Q19 3Q19 IFRS 16 3Q19 4Q19 IFRS 16 4Q19 1Q20 FY16 FY17 FY18 FY19 IFRS16 FY19 Total operating revenue 23,931 25,471 27,866 26,396 25,121 27,445 29,585 28,872 29,343 30,711 32,609 33,849 32,887 32,887 50,578 50,578 38,436 38,436 38,644 38,644 38,812 103,664 111,023 126,511 160,545 160,545 Service revenue 23,424 25,088 27,350 26,218 25,006 27,357 29,373 28,884 28,662 30,413 32,473 33,577 32,591 32,591 35,796 35,796 38,191 38,191 38,347 38,347 38,213 102,079 110,621 125,125 144,925 144,925 Data Revenue 5,775 6,197 6,859 7,269 7,551 7,600 8,052 8,446 9,027 9,423 10,158 11,182 12,722 12,721.9 14,325.6 14,325.6 15,534.4 15,534.4 17,404.3 17,404.3 18,635.8 26,100 31,650 39,789 59,986 59,986 Customers (mln)* 9.2 9.4 9.4 9.0 8.9 9.2 9.5 9.8 9.7 10.2 10.0 9.9 9.7 9.7 10.0 10.0 10.2 10.2 10.2 10.2 9.6 9.0 9.8 9.9 10.2 10.2 ARPU (KZT) 827.7 914.1 933.7 993.5 928.0 991.3 1,029.3 992.8 976.7 1,012.7 1,068.5 1,111.9 1,100.7 1,100.7 1,198.8 1,198.8 1,247.1 1,247.1 1,242.9 1,242.9 1,283.1 n.a. n.a. n.a. n.a. n.a. n.a. MOU (min) 299 326 324 321 313 320 328 295 292 315 312 312 301 301 326 326 315 315 300 300 298 n.a. n.a. n.a. n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 0.0% 11.4% 13.3% 14.7% 12.5% 10.1% 12.2% 13.5% 15.4% 13.7% 17.1% 15.5% 15.7% 15.7% 11.6% 11.6% 13.6% 13.6% 14.7% 14.7% 16.2% n.a. n.a. n.a. n.a. n.a. n.a. FIXED-LINE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19 2Q19 IFRS 16 2Q19 3Q19 IFRS 16 3Q19 4Q19 IFRS 16 4Q19 1Q20 FY16 FY17 FY18 FY19 IFRS16 FY19 Total operating revenue 4,863 4,688 5,351 5,687 5,347 5,754 6,282 7,207 6,073 6,171 6,554 6,488 6,143 6,143 6,374 6,374 6,110 6,110 6,868 6,868 7,143 20,590 24,590 25,287 25,495 25,495 Service revenue 4,855 4,681 5,343 5,677 5,337 5,744 6,268 7,198 6,059 6,157 6,539 6,474 6,124 6,124 6,357 6,357 6,092 6,092 6,850 6,850 7,116 20,556 24,547 25,228 25,423 25,423 Broadband revenue 2,099 2,064 2,111 2,310 2,254 2,439 2,171 2,527 2,418 2,819 2,118 3,117 3,227 3,227 3,179 3,179 3,164 3,164 3,376 3,376 3,329 8,583 9,391 10,471 12,947 12,947 Broadband customers (mln) 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.40 0.41 0.41 0.40 0.40 0.42 0.42 0.44 0.3 0.3 0.4 0.4 0.4 Broadband ARPU (KZT) 3,013.5 2,866.01 2,761.38 2,846 2,627 2,757 2,392.9 2,633.0 2,371.0 2,685.6 1,966.0 2,764.8 2,747.5 2,747.5 2,635.2 2,635.2 2,609.1 2,609.1 2,750.0 2,750.0 2,589.1 n.a n.a n.a n.a n.a n.a Additional KPI's 4G network coverage 0% 0% 18% 29% 29% 40% 50% 50% 50% 52% 57% 60% 60% 63% 66% 68% 69% n.a. n.a. n.a. n.a. n.a. 4G mobile customer penetration 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 31% 34% 39% 41% 44% n.a. n.a. n.a. n.a. n.a. 1 Operational Capex is defined as capex excluding license expenditures and capitalized leases. Operational capex ration is defined as operational capex divided by total revenue. ** include IFRS 16 adj's