Share Ownership

VEON Ltd. Ownership Structure*

Shareholder Common  shares % of common and
voting shares
Free Float(1) 770,158,572 43.8%
LetterOne (2)   840 625 001 47.9%
The Stichting (3) 145 947 562 8.3%
Total 1 756 731 135 100%

Certain figures and percentages that appear in this table have been subject to rounding adjustments. As a result, certain numerical figures shown as totals may not be exact arithmetic aggregations of the figures that precede or follow them.

(1)  Free float shares include treasury shares, for more information please refer to Form 20-F.

(2) As reported on Schedule 13D, Amendment No. 20, filed on September 13, 2019, by L1T VIP Holdings S.à r.l. (“L1T”), Letterone Core Investments S.à r.l. (“LCIS”) and Letterone Investment Holdings S.A. (“LetterOne”) with the SEC, L1T is the direct beneficial owner of 840,625,001 common shares. LCIS is the sole shareholder of L1T, and Letter One is the sole shareholder of LCIS and, in such capacity, each of L1T, LCIS and LetterOne may be deemed to be the beneficial owner of the 840,625,001 common shares held for the account of L1T. Each of L1T, LCIS and LetterOne is a Luxembourg company, with its principal business to function as a holding company.

(3) The Stichting Administratiekantoor Mobile Telecommunications Investor, which holds 8.3% of VEON shares, was founded in 2016. Based on publicly available information, the Stichting is exclusively controlled by its board and the articles of association and the administrative conditions of the Stichting provide that the board members are fully independent. As such, the Stitchting's board has full discretion on how they vote with the Stichting’s shares in VEON.