Amsterdam, The Netherlands, April 5, 2023

VEON HOLDINGS BV (the “Issuer”)

2023 PUT OPTION EVENT NOTICE
relating to
USD 529,320,000 5.95% Notes due October 2023 US and XS0889401724 (REGS)) and USD700,000,000 7.25% Notes due December 2023 (US36251BAB18 (144A) and XS1400710726 (REGS)) (each a “series of notes” and together the “Remarks“)

Reference is made to the Conditions of the Notes (as amended from time to time and last amended on 4 April 2023) (in respect of each Series of Notes the “Conditions“).

Terms defined in the Conditions shall have the same meaning in relation to each Series of Notes in this announcement, unless otherwise defined herein.

Subject to Condition 6(e)(ii) and Condition 6(e)(2) (2023 put option) of each respective Series of Notes, the Issuer hereby notifies the holders of the Notes (each a “holder” and together the “holder“) that the effective date of the Amendment was April 4, 2023 and accordingly the 2023 Put Option Term begins today, April 5, 2023 and ends at 5:00 p.m. (New York time) on April 19, 2023. Identity and Notification Details of the Settlement Agent are set out later in this notification.

The Issuer will repurchase on April 26, 2023 all Notes for which an election has been validly completed and timely filed by a Holder in accordance with the instructions in this notice, on April 26, 2023 (the “billing date“). The repurchase price for each Note pursuant to the Put Option 2023 is 102% of its principal amount together with accrued but unpaid interest up to (but not including) the Settlement Date (the “redemption price“).

Any steps taken in relation to the 2023 Put Option must be in compliance with all applicable sanctions laws and regulations. See “Compliance with Applicable Sanctions Laws and Regulations” And “Repurchase of the Notes” under.

Procedure for holders wishing to submit an election

Summary of the procedure

Holders wishing to vote must present their validly completed…