NOTICE OF REDEMPTION December 2023

NOTICE OF REDEMPTION:

VEON HOLDINGS B.V. (the "Issuer")
(a private company incorporated under Dutch law)
US$700,000,000 7.25 per cent Senior Notes due 2023 (the "December 2023 Notes") (ISIN: XS1400710726 (Regulation S) and ISIN: US36251BAB18 (Rule 144A))

NOTICE OF EARLY REDEMPTION

NOTICE IS HEREBY GIVEN to the holders of the December 2023 Notes in accordance with Condition 6(c) (Redemption at the option of the Issuer) of the terms and conditions of the December 2023 Notes (the "Conditions") that the Issuer will redeem all of the December 2023 Notes then outstanding on 27 September 2023 (the "Redemption Date") at a redemption price equal to 100% of the principal amount of the December 2023 Notes plus accrued and unpaid interest and additional amounts as provided or referred to in Condition 8 (Taxation), if any, to (but not including) the date of redemption. On the Redemption Date, the Issuer will also pay noteholders an extension fee of an amount equal to 2.00 per cent of the aggregate principal amount of the December 2023 Notes then outstanding.

Following such redemption, the December 2023 Notes will be cancelled and there will be no December 2023 Notes outstanding. The Issuer intends to complete any formalities relating to the delisting of the December 2023 Notes from the Luxembourg Stock Exchange as soon as possible following the redemption of the outstanding December 2023 Notes on the Redemption Date.

Capitalised terms used in this notice shall have the same meanings as those ascribed to them in the Conditions.

BY:    VEON HOLDINGS B.V.
Dated:    13 September 2023