NOTICE OF REDEMPTION June 2024

NOTICE OF REDEMPTION:

VEON HOLDINGS B.V. (the "Issuer")
(a private company incorporated under Dutch law)
US$900,000,000 4.95 per cent Senior Notes due 2024 (the "June 2024 Notes") (ISIN: XS1625994618 (Regulation S) and ISIN: US92718WAG42 (Rule 144A))

NOTICE OF EARLY REDEMPTION

NOTICE IS HEREBY GIVEN to the holders of the June 2024 Notes in accordance with Condition 5.3 (Redemption at the option of the Issuer) of the terms and conditions of the June 2024 Notes (the "Conditions") that the Issuer will redeem all of the June 2024 Notes then outstanding on 27 September 2023 (the "Redemption Date") at a redemption price equal to 100% of the principal amount of the June 2024 Notes plus the Applicable Premium as of the date of redemption plus accrued and unpaid interest and additional amounts as provided or referred to in Condition 7 (Taxation), if any, to (but not including) the date of redemption. The Applicable Premium shall be calculated by the Issuer in accordance with Condition 5.3.

Following such redemption, the June 2024  Notes will be cancelled and there will be no June 2024 Notes outstanding. The Issuer intends to complete any formalities relating to the delisting of the June 2024 Notes from the Luxembourg Stock Exchange as soon as possible following the redemption of the outstanding June 2024 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