VEON is the sole and righ2ul owner of Kyivstar Company responds to specula1on about Kyivstar Amsterdam, 12 October 2023 – VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides converged connecDvity and online services, issues the following clarificaDon regarding the developments in Ukraine, in response to recent press reports and in order to address the questions raised by VEON’s international debt and equity investors. On 6 October 2023, the Security Services of Ukraine (SSU) announced that the Ukrainian courts are seizing all “corporate rights” of Mikhail Fridman, Peter Aven and Andrei Kosogov in 20 Ukrainian companies that these individuals beneficially own, while criminal proceedings, unrelated to Kyivstar or VEON, are in progress. This announcement was incorrectly characterized by some Ukrainian media as a “seizure” or “freezing” of “Kyivstar’s assets”. On 9 October 2023, Ukrainian media further reported, with a headline which incorrectly targets Kyivstar, that the Ministry of Justice of Ukraine is separately finalizing a lawsuit in the Ukraine High AnD-CorrupDon Court to confiscate any Ukrainian assets of M. Fridman. At present, neither VEON nor Kyivstar have received any official communication from the Ukrainian authorities or courts regarding these matters. The only information that VEON has at the moment is from its share registrar in Ukraine, which confirms that any ownership changes to Kyivstar are currently not permitted. While VEON does not comment on unconfirmed reports in principle, the escalaDon of the rhetoric and the quesDons that VEON received from its debt and equity investors necessitate that the Company clarifies the following facts. First and foremost, VEON is and remains Kyivstar’s sole and righ_ul owner. None of the individuals menDoned in the SSU announcement referenced above own any shares in VEON or Kyivstar.
As previously stated, VEON is an Amsterdam-headquartered, Nasdaq- and Euronext Amsterdam-listed company with an internaDonal debt and equity investor base that includes US, EU and UK individuals and insDtuDons. VEON has no controlling or majority shareholder. The individuals menDoned in the SSU announcement cannot exercise any rights regarding VEON or Kyivstar, are not a part of either company’s governance mechanisms, including boards, nor do they have the ability to control or influence decisions made by VEON or Kyivstar. They do not derive benefits from VEON or any of its operaDng companies. Any acDons aimed at the rights, benefits or funds of the aforemenDoned individuals cannot legiDmately be directed toward Kyivstar or VEON. VEON notes and welcomes the subsequent clarificaDon by the SSU1 noDng that “The seizure of corporate rights of Ukrainian companies does not affect the protecDon of the interests of foreign investors and owners of shares of corporate rights, does not hinder their economic acDvity and the possibility of receiving dividends.” Underlining the duDes to employees, customers and investors, VEON and Kyivstar intend to use all available avenues to protect the rights of VEON and Kyivstar. VEON deeply values its investors’ support for its strategic choices, including its exit from Russia – one of the most significant corporate exits given VEON’s public lisDng and the relaDve size of the asset – and appreciates the support it has received from US, UK and EU regulators over the course of the past 19 months as a Nasdaq- and Euronext Amsterdam-listed company. Kyivstar, with the full support of its parent company VEON, conDnues to serve its 25 million customers and keeps not only its own customers, but also the broader country connected through extremely challenging condiDons, with 94% network availability and full operaDonal integrity in line with the naDonal security prioriDes of Ukraine. VEON and Kyivstar are fully commihed to conDnue serving Ukraine, as demonstrated by the USD 600 million investment pledge for the recovery and reconstrucDon of the country. 1 Translated from h/ps://ssu.gov.ua/novyny/zavdiaky-sbu-v-ukraini-areshtovano-vsi-aktyvy-trokh-oliharkhiv-pu=na-na- ponad-17-mlrd-hrn issued on 6 October 2023, in Ukrainian language.
About VEON VEON is a digital operator that provides converged connecDvity and digital services to nearly 160 million customers. OperaDng across six countries that are home to more than 7% of the world’s populaDon, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. Headquartered in Amsterdam, VEON is listed on NASDAQ and Euronext. For more informaDon visit: hhps://www.veon.com. Disclaimer This release contains “forward-looking statements,” as the phrase is defined in SecDon 27A of the U.S. SecuriDes Act of 1933, as amended, and SecDon 21E of the U.S. SecuriDes Exchange Act of 1934, as amended. Forward-looking statements are not historical facts, and include statements relaDng to, among other things, VEON’s governance, ownership and investment plans. Forward-looking statements are inherently subject to risks and uncertainDes, many of which VEON cannot predict with accuracy and some of which VEON might not even anDcipate. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by U.S. federal securiDes laws, any forward-looking statement to reflect events or circumstances aker such dates or to reflect the occurrence of unanDcipated events. Contact Informa,on VEON Hande Asik Group Director of Communica:on pr@veon.com TUVA Partners Julian Tanner julian.tanner@tuvapartners.com