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6 AUGUST 2 0 2 0 VEO N R E P O R T S 2 Q20 RESULTS 1

Amsterdam (6 August 2020) – VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and digital services, today announces results for the quarter ended 30 June 2020. KEY POINTS • Lockdowns across our operating markets put pressure on both our operational and financial performance during the quarter before gradual relaxations enabled a steady late-quarter improvement across a number of markets. • Our operations were impacted by, amongst others, store closures, the loss of roaming and migrant customer revenues, and lower equipment and accessory sales. • Lockdowns have accelerated digital adoption, driving additional growth in self-care and digital customers, demand from which we are meeting through our sustained program of 4G network investment. • Our ongoing focus on cost control allowed the Group to mitigate the impact of declining revenues on Group EBITDA margins and will remain a key priority for the remainder of the financial year. • Strong demand for digital services enabled us to continue to grow data revenues at a double-digit pace and contributed to positive underlying performances from Ukraine, Kazakhstan and Pakistan. • The Group has continued to enhance its capital structure during the COVID-19 pandemic through debt refinancing that supported a 100bp reduction in borrowing costs during the quarter and a further extension of debt maturities. • Russia’s operational performance was challenged by ARPU and margin pressures as the lockdown constrained revenue opportunities and continued network investment lifted costs. • Our commitment to a turnaround of our Russian business remains resolute and is underpinned by considerable network investment, the financial benefits of which we anticipate in the first half of FY 2021. • We are reintroducing financial guidance for FY 2020 and anticipate a steady recovery in Group revenue and EBITDA during the second half of the financial year, assuming the gradual lifting of lockdown measures continues. • The long-term growth opportunities offered by our markets remain highly attractive and lockdowns have drawn forward demand for digital services, which we are well-positioned to capture through current levels of network capex. • The impact of the COVID-19 pandemic on our performance is not at this time anticipated to have a significant impact on our capex plans for FY 2020. KAAN TERZIOĞLU AND SERGI HERRERO, CO-CHIEF EXECUTIVE OFFICERS, COMMENT: “The second quarter of 2020 saw the full impact of the COVID-19 pandemic on activity across our operating markets. National and local lockdowns deepened the reliance of our customers on connectivity services as the challenges of physical isolation intensified. Safeguarding lives, sustaining livelihoods and enhancing lifestyles continued to define VEON’s commitment to our customers throughout as we help them adapt to the unprecedented challenges presented by this crisis. Cost reduction remains a key priority for the Group as we seek to limit the financial impact of lockdown measures on our operating performance. Planned restructuring of our headquarters and reductions in our staff-related costs in the second quarter lessened the margin impact of lower revenues. This was achieved despite higher network opex, particularly in Russia where we continued to invest in our 4G infrastructure to ensure our customers can enjoy best-in-class experiences of our services. Growth in our B2B business, mobile data revenue and home connectivity services are encouraging signs of consumer confidence. Across our markets, we remain committed to expanding our 4G networks in order to meet the considerable demand from our customers for data, which continued to grow at a double-digit pace during the second quarter as lockdowns accelerated adoption of our expanding range of digital services. The current pandemic continues to drive divergent revenue trends across our markets, with greater demand for data and digital services offset by lower in-store sales and roaming activity. These trends are likely to dominate the second half of the year and are reflected in our revised financial guidance for FY 2020, which forecasts a gradual recovery in Group revenue and EBITDA from second-quarter levels as lockdowns are eased but a decline in each on a year-over-year basis given the extent of the pandemic’s impact on our operating activities to date. Longer term, we remain excited by the growth opportunities we enjoy as our 4G network deployment program drives greater levels of customer engagement and services adoption. We are committed to executing further on our planned operational improvements, particularly in Russia, where we continue to invest in network quality and a growing range of digital services. Elsewhere, the early-stage nature of our markets provides us with a structural growth opportunity in digital adoption which the current pandemic is accelerating. We remain committed to our current capex plans to ensure we are positioned strongly to capture this.” 2

2Q20 RESULTS 1 • Revenue: USD 1,892 million, -16.3% YoY on a reported basis; -6.9% YoY in local currency, excluding one-off item3 • EBITDA: USD 809 million, -18.7% YoY on a reported basis; -7.7% YoY in local currency, excluding one-off item3 • Mobile subscriber base: 205 million active subscribers, -3.4% YoY • Operational Capex4: USD 492 million, with LTM capex intensity of 20.8% • Revenues impacted by lockdowns and currency headwinds: in addition, Russia revenues were challenged by ongoing pressure on subscriber numbers and lower ARPU during lockdown, and Pakistan year-on-year revenue trend remained positive excluding tax regime5 change • Encouraging Data revenue growth2: the momentum in mobile data revenue continued in the period, growing in local currency2 terms by +14.4% YoY, supported by growth in Ukraine of +13.1% YoY, in Pakistan of +27.6%YoY and in Bangladesh of +30.3% YoY, as a result of ongoing 4G investments • Stable performance in EBITDA margin Adjusted3: strong focus on cost management allowed for a stable EBITDA margin Adjusted performance in 2Q20 despite the pressure on revenues • LTM Capex Intensity4 of 20.8% reflecting continued 4G investments in all operating companies • Strong capital structure: leverage level at 2.0x excluding lease liabilities; total cash and undrawn committed credit lines at USD 2.5 billion; 1H20 refinancing activities decreased average cost of debt to 6.4% and improved average debt maturity to 2.8 years6 • Strong profit for the period: USD 156 million, up 124.8% YoY KEY DEVELOPMENTS • FY 2020 financial guidance reintroduced, anticipating a steady recovery in operations in 2H20, subject to the gradual lifting of lockdown measures: expecting a low to mid-single-digit local currency7 YoY decline in both Group revenue and EBITDA, with capex intensity4 of 22-24% • New members elected to Group Board of Directors and Gennady Gazin elected as Chairman of the Board • VEON’s JazzCash announced a partnership with Mastercard that strengthens Pakistan’s payments ecosystem • Establishment of a USD 6.5 billion Global Medium-Term Note program, followed by the issuance of RUB 20 billion senior unsecured notes under the MTN program • New RUB 100 billion loan concluded with Sberbank, partially refinancing the Group’s existing loan agreement • Refinancing of our RUB 30 billion loan agreement with VTB 1 Results as compared to prior year results unless stated otherwise. 2 Local currency growth for FY 2020 excludes the impact of foreign currency movements. 3 Local currency revenue and EBITDA Adjusted growth in 2Q20 additionally excludes a one-off payment of USD 38 million received in 2Q19 in relation to the termination of a network sharing agreement in Kazakhstan between our subsidiary KaR-Tel LLP and Kcell Joint Stock Company ("Kcell”) following Kazakhtelecom JSC’s acquisition of 75 percent of Kcell's shares. 4 Operational Capex is used here and defined as capex excluding license expenditures and capitalized leases. Last twelve months (LTM) Capex Intensity (or Operational Capex ratio) is defined as last twelve months operational capex divided by last twelve months total revenue. 5 In June 2018, the Supreme Court ordered an interim suspension of the deduction of taxes and service/maintenance charges on prepaid and postpaid connections on each recharge/top-up/load levied by mobile phone service providers. On 24 April 2019, the Supreme Court disposed of the proceedings and restored the impugned tax deductions, deciding that it would not interfere in the matter of the collection of public revenue (the “suo moto order”). On 3 July 2019, the Supreme Court issued its judgment dated 10 May 2019 and, in addition to confirming its ruling on tax deductions, further clarified that mobile phone service providers cannot charge customers for service and maintenance charges, which were 10% of customer recharges. As a result of the judgment by the Supreme Court, the Pakistan Telecommunication Authority (“PTA”) issued two letters to Jazz, dated 30 August 2019 and 19 September 2019, requesting Jazz to refund the service and maintenance charges (the “administration fees”) collected by Jazz between April 2019 and July 2019. Further to the PTA’s directions, on 29 September 2019, Jazz proceeded with crediting these administration fees to the balances of the affected customers. On 6 December 2019, the PTA issued a show cause notice alleging that the credits were made with conditions attached to them and, therefore, the PTA required Jazz to credit the affected customers again within fifteen (15) days. Jazz disputes the PTA’s allegation and, on 3 January 2020, provided the PTA with a complete factual explanation of the credits that were made and requested the withdrawal of the show cause notice. At a hearing on 25 June 2020, Jazz presented its case before PTA. Jazz is currently awaiting PTA’s decision. 6 In Q2 2020 VEON Holdings B.V. had outstanding drawings under its RCF of USD 500 million. Because we have an enforceable right to roll them over until final maturity date of the facility in February 2022, maturity dates of those drawings have been assumed to match the facility maturity date. 7 Local currency growth for FY 2020 excludes the impact of foreign currency movements. Local currency revenue growth additionally excludes a one-off payment of USD 38 million received in 2Q19 in relation to the termination of a network sharing agreement in Kazakhstan between our subsidiary KaR-Tel LLP and Kcell Joint Stock Company ("Kcell”) following Kazakhtelecom JSC’s acquisition of 75 percent of Kcell's shares. Local currency growth for EBITDA, in addition to foreign currency movements, excludes both a one-off vendor payment of USD 350 million received in 1Q19 and the Kcell payment of USD 38 million in 2Q19 3

KEY RESULTS: CONSOLIDATED FINANCIAL AND OPERATING HIGHLIGHTS USD million 2Q20 2Q19 Reported YoY Local currency YoY 1 Total revenue2, of which 1,892 2,261 (16.3%) (6.9%) mobile and fixed service revenue 1,795 2,080 (13.7%) (5.7%) mobile data revenue 621 590 5.2% 14.4% EBITDA 809 994 (18.7%) (11.2%) EBITDA margin (EBITDA/total revenue) 42.7% 44.0% (1.2p.p.) (1.3p.p.) EBITDA Adjusted3 809 956 (15.4%) (7.7%) EBITDA margin Adjusted2 (EBITDA Adjusted/total revenue) 42.7% 43.0% (0.3p.p.) (0.4p.p.) Profit for the period 175 75 134.2% Profit for the period attributable to VEON shareholders 156 69 124.8% Equity free cash flow after licenses 4 (36) 231 (115.6%) Operational capital expenditures5 492 450 9.5% Capex intensity (LTM Operational capital expenditures/revenue)5 20.8% 16.7% 4.1p.p. Net debt 8,166 8,179 (0.2%) Net debt/LTM EBITDA 2.2 2.1 0.1 Net debt (excl. lease liabilities) 6,390 6,134 4.2% Net debt/LTM EBITDA (excl. lease liabilities) 2.0 1.7 0.3 Total mobile subscribers (millions) 205 212 (3.4%) Total fixed-line broadband subscribers (millions) 4.3 4.0 8.4% USD million 1H20 1H19 Reported YoY Local currency YoY 1 Total revenue 2, of which 3,988 4,385 (9.1%) (3.4%) mobile and fixed service revenue 3,773 4,085 (7.6%) (2.8%) mobile data revenue 1,282 1,157 10.8% 16.3% EBITDA 1,729 2,292 (24.6%) (20.9%) EBITDA margin (EBITDA/total revenue) 43.3% 52.3% (8.9p.p.) (9.1p.p.) EBITDA Adjusted 3 1,729 1,904 (9.2%) (4.8%) EBITDA margin Adjusted 3 (EBITDA Adjusted/total revenue) 43.3% 43.8% (0.5p.p.) (0.6p.p.) Profit for the period 6 294 605 (51.4%) Profit for the period attributable to VEON shareholders 264 565 (53.3%) Equity free cash flow after licenses 4 68 600 (88.6%) Operational capital expenditures 5 860 838 2.6% Capex intensity (LTM Operational capital expenditures/revenue) 5 20.8% 16.7% 4.1p.p. Net debt 8,166 8,179 (0.2%) Net debt/LTM EBITDA 2.2 2.1 0.1 Net debt (excl. lease liabilities) 6,390 6,134 4.2% Net debt/LTM EBITDA (excl. lease liabilities) 2.0 1.7 0.3 Total mobile subscribers (millions) 205 212 (3.4%) Total fixed-line broadband subscribers (millions) 4.3 4.0 8.4% 1 Local currency growth for FY 2020 excludes the impact of foreign currency movements. 2 Local currency revenue growth in 2Q20 and in 1H20 additionally excludes a one-off payment of USD 38 million received in 2Q19 in relation to the termination of a network sharing agreement in Kazakhstan between our subsidiary KaR-Tel LLP and Kcell Joint Stock Company ("Kcell”) following Kazakhtelecom JSC’s acquisition of 75 percent of Kcell's shares. 3 Local currency growth for EBITDA Adjusted additionally excludes both Kcell payment of USD 38 million in 2Q19 and a one-off vendor payment of USD 350 million received in 1H19. 4 Equity free cash flow after licenses (excluding capitalized leases) is a non-IFRS measure and is defined as free cash flow from operating activities less repayment of lease liabilities and cash flow used in investing activities, excluding M&A transactions, inflow/outflow of deposits, financial assets, and other one-off items. See attachment C for reconciliations. 5 Operational Capex is defined as Capex excluding license expenditures and capitalized leases. Capex Intensity is defined as Operational Capex divided by total revenue. 6 Profit for the period in 1H19 was positively impacted by both Kcell payment of USD 38 million in 2Q19 and a one-off vendor payment of USD 350 million received in 1H19. 4

CONTENTS MAIN EVENTS ................................................................................................... 6 GROUP PERFORMANCE ....................................................................................... 8 COUNTRY PERFORMANCE ................................................................................... 1 2 CONFERENCE CALL INFORMATION ......................................................................... 2 0 ATTACHMENTS ................................................................................................ 2 3 PRESENTATION OF FINANCIAL RESULTS VEON’s results presented in this earnings release are based on IFRS unless otherwise stated and have not been audited. Certain amounts and percentages that appear in this earnings release have been subject to rounding adjustments. As a result, certain numerical figures shown as totals, including those in tables, may not be an exact arithmetic aggregation of the figures that precede or follow them. The following non-IFRS measures disclosed in the document, i.e. EBITDA, EBITDA margin, EBIT, net debt, equity free cash flow (after licenses), local currency measures, capital expenditures excluding licenses, are reconciled to the comparable IFRS measures in Attachment C. All comparisons are on a year on year (YoY) basis unless otherwise stated. 5

MAIN EVENTS REVENUE AND EBITDA In 2Q20 reported revenue declined by 16.3% YoY and EBITDA declined by 18.7%. Reported revenue and EBITDA were negatively impacted by currency movements of USD 178 million and USD 74 million, respectively. During 2Q19, revenue and EBITDA were positively impacted by special compensation of USD 38 million related to the termination of a network sharing agreement in Kazakhstan between our subsidiary KaR-Tel LLP and Kcell Joint Stock Company ("Kcell”) due to Kazakhtelecom JSC’s acquisition of 75 percent of Kcell's shares. Adjusted for these impacts, in 2Q20 total revenue decreased in local currency1 by 6.9% YoY and EBITDA decreased by 7.7% YoY as all VEON markets faced significant disruption of retail operations following store closures, which resulted in lower gross connections, device sales and airtime sales and a decline in roaming revenues due to travel restrictions. In addition, Russia revenues were challenged by the ongoing pressure on subscriber numbers and ARPU, which intensified during lockdown. Pakistan year-on-year revenues continue to be impacted by last year’s tax regime changes2. COVID-19 UPDATE The second quarter saw an impact on our operations as a result of the lockdowns imposed across our markets in response to the COVID-19 pandemic. This resulted in significant disruption to our retail operations following store closures, which resulted in lower gross connections, weaker airtime sales and reduced sales of equipment and accessories. Restrictions on travel resulted in a significant decline in roaming revenues and the loss of migrant customers from our subscriber base, particularly in Russia. Conversely, demand for our data services remained strong during the quarter, enabling us to continue to grow our data revenues at a double-digit pace. We also experienced a continued shift in data consumption from mobile to fixed-line networks as lockdowns encouraged home working and schooling alongside a greater use of devices through our domestic broadband services. For example, in some markets we have seen the traffic on our fixed-line networks peak 35% above 1Q20 levels during strict lockdowns. Lockdowns have accelerated the adoption of self-care applications and digital services by our customers. This occurred alongside a steady improvement in operational trends evident in June and July in some of our markets as lockdown measures were eased. For the remainder of the financial year, we expect a continued divergence in our operating trends within a steady recovery in Group revenue and EBITDA. This assumes a slow resumption of roaming revenues and migrant customers as travel resumes and a partial, more gradual shift in urban populations back to urban centers as workplaces reopen. The Group remains focused on mitigating the impact of the pandemic on our financial performance through continued optimization of our cost base and measures to ease its financial impact on our working capital. Maintaining a strong balance sheet and liquidity position also remain key priorities, as evidenced by our recent refinancing activities and the reduction in borrowing costs we have secured through them, and we will continue to actively manage our balance sheet as market opportunities arise. We are similarly committed to investing in the longer-term opportunities the pandemic presents. Most immediately, this involves continued investment in our networks to capture faster digital adoption and fixed-line data demand alongside further development of our online channels and the growing range of digital services we are offering through them. Longer term, we will continue to seek market opportunities resulting from the current economic disruption and will continue to assess assets that may complement our services and the evolving needs of our customers. 1 Local currency growth excludes the impact of foreign currency movements. Local currency revenue and EBITDA Adjusted growth for 2Q20 additionally excludes a one-off payment of USD 38 million received in 2Q19 in relation to the termination of a network sharing agreement in Kazakhstan between our subsidiary KaR-Tel LLP and Kcell Joint Stock Company ("Kcell”) following Kazakhtelecom JSC’s acquisition of 75 percent of Kcell's shares. 2 In June 2018, the Supreme Court ordered an interim suspension of the deduction of taxes and service/maintenance charges on prepaid and postpaid connections on each recharge/top-up/load levied by mobile phone service providers. On 24 April 2019, the Supreme Court disposed of the proceedings and restored the impugned tax deductions, deciding that it would not interfere in the matter of the collection of public revenue (the “suo moto order”). On 3 July 2019, the Supreme Court issued its judgment dated 10 May 2019 and, in addition to confirming its ruling on tax deductions, further clarified that mobile phone service providers cannot charge customers for service and maintenance charges, which were 10% of customer recharges. As a result of the judgment by the Supreme Court, the Pakistan Telecommunication Authority (“PTA”) issued two letters to Jazz, dated 30 August 2019 and 19 September 2019, requesting Jazz to refund the service and maintenance charges (the “administration fees”) collected by Jazz between April 2019 and July 2019. Further to the PTA’s directions, on 29 September 2019, Jazz proceeded with crediting these administration fees to the balances of the affected customers. On 6 December 2019, the PTA issued a show cause notice alleging that the credits were made with conditions attached to them and, therefore, the PTA required Jazz to credit the affected customers again within fifteen (15) days. Jazz disputes the PTA’s allegation and, on 3 January 2020, provided the PTA with a complete factual explanation of the credits that were made and requested the withdrawal of the show cause notice. At a hearing on 25 June 2020, Jazz presented its case before PTA. Jazz is currently awaiting PTA’s decision. 6

FY 2020 GUIDANCE VEON reintroduces FY 2020 financial guidance and anticipates a low to mid-single-digit local currency1 YoY decline in both Group revenue and EBITDA, and capex intensity of 22-24%. Our guidance assumes the gradual lifting of lockdown measures in VEON’s operating markets that occurred during 2Q20 will continue, supporting a steady recovery in operations in the second half of the financial year. It also assumes that the outlook for Russia will remain challenging in 3Q20 given the underlying performance issues we are tackling. Reinvestment in our network in Russia continues and we expect the benefits of this and other measures in support of an operational turnaround will be evident in Beeline’s performance during the first half of 2021. The YoY change anticipated in this guidance excludes 2019 exceptional items; namely, other operating income of USD 350 million related to one-off vendor payment recorded in 1Q19 and special compensation of USD 38 million received in Kazakhstan recorded in 2Q19. Regarding dividends, our policy remains as previously disclosed: to pay at least 50% of EFCF after licenses while maintaining Net Debt/LTM EBITDA at around 2.0x and taking into account medium-term investment opportunities. Cash flows generated in the first half of 2020 were weaker compared to last year. Given that in the second half we may potentially face a number of uncertainties, we currently believe it is unlikely that we will pay a dividend for FY 2020. 2020 AGM On 1 June 2020, VEON announced the election results of its Annual General Meeting of Shareholders where five new members were elected to the Company’s Board of Directors (Hans Holger Albrecht, Mariano De Beer, Peter Derby, Amos Genish and Stephen Pusey) as well as seven previously serving directors (Osama Bedier, Mikhail M. Fridman, Gennady Gazin, Andrei Gusev, Gunnar Holt, Robert Jan van de Kraats and Alexander Pertsovsky). Following the election of the directors, Gennady Gazin was appointed as Chairman of VEON’s Board of Directors, effective 1 June 2020. PARTNERSHIP WITH MASTERCARD On 5 May 2020, VEON announced a partnership between JazzCash and payment technology leader Mastercard, which strengthens the payments ecosystem for merchants and customers in Pakistan. More than 8 million customers and merchants use JazzCash every month, making it Pakistan’s leading digital payments platform. Our partnership with Mastercard allows merchants to accept digital payments from customers, digitize their supply chain and move to cashless operations. In a first for Pakistan, merchants and consumers who sign up for the JazzCash wallet will be able to benefit from a wide range of Mastercard’s digital solutions and capabilities to pay for orders and services via all digital channels, as well as make online payments in a fast, safe and convenient manner. JazzCash customers will also have access to Mastercard’s virtual and branded debit cards, which can be used in 55,000 points of sale and ATMs in Pakistan, in addition to JazzCash merchants and e-commerce sites. RECENT FINANCING TRANSACTIONS On 16 April 2020, VEON established a Global Medium-Term Note program for the issuance of bonds (the “MTN Program”), with a program limit of a USD 6.5 billion, or the equivalent thereof, in other currencies. On 11 June 2020, VEON issued RUB 20 billion 6.30 % senior unsecured notes due 2025 in 144A / Reg S format under the MTN Program. The proceeds have been used for general corporate purposes. On 22 April 2020, Banglalink extended the maturity of its USD 300 million syndicated loan by an additional two years to 2022. Following this extension, VEON, via a wholly-owned subsidiary, acquired the loan from the original lenders, leading to an effective extinguishment of this debt for the VEON Group. 1 Local currency growth for FY 2020 excludes the impact of foreign currency movements. Local currency revenue growth additionally excludes a one-off payment of USD 38 million received in 2Q19 in relation to the termination of a network sharing agreement in Kazakhstan between our subsidiary KaR-Tel LLP and Kcell Joint Stock Company ("Kcell”) following Kazakhtelecom JSC’s acquisition of 75 percent of Kcell's shares. Local currency growth for EBITDA, in addition to foreign currency movements, excludes both a one-off vendor payment of USD 350 million received in 1Q19 and the Kcell payment of USD 38 million in 2Q19. 7

On 4 June 2020, VEON entered into a new RUB 100 billion (approximately USD 1.5 billion) bilateral term loan agreement with Sberbank. The loan was used to refinance and extend the maturity of the existing loan between Sberbank and VEON Holdings, as well as to provide additional funds for general corporate purposes. On 9 July 2020, VEON refinanced its existing RUB 30 billion (~ USD 422 million) bilateral term loan agreement with VTB Bank. This refinancing extends the maturity and reduces the cost of the existing loan between VTB Bank and VEON Holdings. GROUP PERFORMANCE FINANCIALS BY COUNTRY Local Local Reported Reported USD million 2Q20 2Q19 currency1 1H20 1H19 currency2 YoY YoY YoY YoY Total revenue 1,892 2,261 (16.3%) (6.9%) 3,988 4,385 (9.1%) (3.4%) Russia 907 1,124 (19.3%) (9.7%) 1,927 2,172 (11.3%) (6.2%) Pakistan 288 348 (17.2%) (7.9%) 604 710 (14.9%) (5.3%) Ukraine 223 212 5.5% 6.8% 461 400 15.3% 11.3% Algeria 160 187 (14.3%) (7.9%) 345 379 (8.9%) (5.0%) Bangladesh 130 137 (4.6%) (3.9%) 267 271 (1.1%) (0.2%) Kazakhstan 111 150 (25.8%) 9.2% 229 253 (9.6%) 13.3% Uzbekistan 48 67 (28.7%) (15.5%) 102 131 (21.6%) (9.2%) Other 31 43 (27.9%) 69 83 (16.9%) HQ and Eliminations (8) (7) (17) (13) Service revenue 1,795 2,080 (13.7%) (5.7%) 3,773 4,085 (7.6%) (2.8%) Russia 839 1,014 (17.3%) (7.4%) 1,772 1,974 (10.2%) (5.1%) Pakistan 266 324 (18.1%) (8.9%) 559 662 (15.5%) (6.0%) Ukraine 222 210 5.6% 7.0% 458 397 15.4% 11.4% Algeria 159 187 (14.7%) (8.2%) 343 378 (9.2%) (5.3%) Bangladesh 128 134 (4.4%) (3.7%) 262 264 (0.8%) 0.2% Kazakhstan 110 111 (0.3%) 9.4% 227 213 6.3% 13.1% Uzbekistan 48 67 (28.6%) (15.4%) 102 131 (21.8%) (9.4%) Other 30 41 (26.8%) 66 80 (17.5%) HQ and Eliminations (7) (7) (16) (14) EBITDA2 809 994 (18.7%) (7.7%) 1,729 2,292 (24.6%) (4.8%) Russia 357 498 (28.4%) (20.0%) 784 966 (18.9%) (14.6%) Pakistan 133 185 (28.5%) (20.6%) 280 369 (24.2%) (15.8%) Ukraine 151 138 10.0% 11.5% 313 256 22.2% 18.0% Algeria 64 84 (23.2%) (17.4%) 145 172 (16.0%) (12.4%) Bangladesh 54 55 (0.8%) (0.1%) 113 114 (1.2%) (0.2%) Kazakhstan 61 97 (37.3%) 13.4% 124 152 (18.6%) 15.5% Uzbekistan 20 35 (42.4%) (31.8%) 45 67 (31.8%) (21.1%) Other 11 15 (27.6%) 25 28 (10.7%) HQ and Eliminations (42) (112) (100) 168 EBITDA margin 42.7% 44.0% (1.2p.p.) (0.4p.p.) 43.3% 52.3% (8.9p.p.) (0.6p.p.) Reported total revenue decreased by 16.3 % YoY in 2Q20 to USD 1.9 billion, negatively impacted by special compensation of USD 38 million received in 2Q19. The decline is a result of currency headwinds and the negative impact of lockdowns in all VEON markets. Total revenue decreased by 6.9% in local currency1 as a result of weak operational performances in Russia, Uzbekistan, Algeria and in Pakistan, where the YoY trend was also impacted by tax regime changes. These were slightly offset by the positive growth in Ukraine +6.8% YoY and Kazakhstan +9.2% YoY (excluding special compensation of USD 38 million) despite the lockdowns. Addressing the revenue trends in Russia remains a key focus for management. 1 Local currency growth for FY 2020 excludes the impact of foreign currency movements. Local currency revenue and EBITDA growth additionally excludes a one-off payment of USD 38 million received in 2Q19 in relation to the termination of a network sharing agreement in Kazakhstan between our subsidiary KaR-Tel LLP and Kcell Joint Stock Company "Kcell”). following Kazakhtelecom JSC’s acquisition of 75 percent of Kcell's share 2 Local currency growth for FY 2020 excludes the impact of foreign currency movements. Local currency revenue growth for 1H20 additionally excludes a one-off payment of USD 38 million received in 2Q19 in relation to the termination of a network sharing agreement in Kazakhstan between our subsidiary KaR-Tel LLP and Kcell Joint Stock Company "Kcell”) following Kazakhtelecom JSC’s acquisition of 75 percent of Kcell's share and local currency growth for EBITDA additionally excludes both a one-off vendor payment of USD 350 million received in 1Q19 and Kcell payment of USD 38 million 8

Despite the data traffic shift from mobile to fixed-line during lockdown, 2Q20 mobile data revenue increased by 14.4% in local currency1. Reported mobile data revenue +5.2% YoY was negatively impacted by currency headwinds of USD 54 million. The Group’s total mobile subscribers declined YoY to 205 million at the end of 2Q20, mainly as a result of lockdown measures in our operations where for a short period of time we had up to 90% of our retail points-of-sale closed. Reported EBITDA decreased by 18.7% YoY, negatively impacted by a special compensation of USD 38 million received in 2Q19 and currency headwinds during the quarter. EBITDA decreased in local currency1 by 7.7% to USD 809 million, with the positive contribution of Ukraine and Kazakhstan being more than offset by the underperformance of Russia and Algeria and by the tax regime change impact in Pakistan. Excluding the impact of tax regime changes in Pakistan, Group EBITDA would have decreased by 5.4% YoY in local currency1. VEON’s HQ and elimination segment consists largely of corporate costs. In 2Q20, corporate costs4 were USD 37 million, compared to USD 56 million reported in 2Q19, mainly due to lower personnel costs. “Other” in 2Q20 includes the results of Kyrgyzstan, Armenia and Georgia. INCOME STATEMENT & CAPITAL EXPENDITURES Local Local Reported Reported USD million 2Q20 2Q19 currency 1H20 1H19 currency YoY YoY YoY1 YoY1 Total revenue 1,892 2,261 (16.3%) (6.9%) 3,988 4,385 (9.1%) (3.4%) Service revenue 1,795 2,080 (13.7%) (5.7%) 3,773 4,085 (7.6%) (2.8%) EBITDA 809 994 (18.7%) (11.2%) 1,729 2,292 (24.6%) (20.9%) EBITDA margin 42.7% 44.0% (1.2p.p.) (1.3p.p.) 43.3% 52.3% (8.9p.p.) (9.1p.p.) EBITDA Adjusted2 809 956 (15.4%) (7.7%) 1,729 1,904 (9.2%) (4.8%) EBITDA Adjusted2 margin 42.7% 43.0% (0.3p.p.) (0.4p.p.) 43.3% 43.8% (0.5p.p.) (0.6p.p.) Depreciation, amortization, impairments and other (481) (530) (9.2%) (995) (1,040) (4.4%) EBIT (Operating Profit) 327 464 (29.5%) 734 1,252 (41.4%) Financial income and expenses (178) (196) (9.5%) (376) (393) (4.4%) Net foreign exchange (loss)/gain and others 7 (22) n.m. (21) (8) n.m. Other non operating gains / losses 86 10 n.m. 101 14 n.m. Profit before tax 243 256 (5.3%) 438 865 (49.4%) Income tax expense (68) (182) (62.6%) (144) (260) 44.7% Profit for the period 175 75 134.2% 294 605 (51.4%) Of which Profit/(Loss) attributable to non-controlling interest 19 5 257.5% 30 40 (23.5%) Of which Profit/(Loss) attributable to VEON shareholders 156 70 124.8% 264 565 (53.3%) Reported Reported 2Q20 2Q19 1H20 1H19 YoY YoY Capex 540 554 (2.6%) 988 999 (1.2%) Operational capex3 492 450 9.5% 860 838 2.6% Capex intensity (LTM Operational capex/revenue)3 20.8% 16.7% 4.1p.p. 20.8% 16.7% 4.1p.p. No te : prior year comparatives for capital expenditures are adjusted to reflect correct IFRS 16 impact of prior periods. 2Q20 ANALYSIS Reported EBITDA of USD 809 million decreased by 18.7% YoY, negatively impacted by the one-off special compensation of USD 38 million received in 2Q19 in Kazakhstan and currency headwinds during the quarter. EBITDA Adjusted decreased in local currency1 (excluding the special compensation received in 2Q19) by 7.7%, mainly as a result of challenging results in Russia and local lockdowns that effected operations in all countries. However, a strong focus on cost management, particularly in HQ, allowed for a stable EBITDA margin performance in 2Q20 despite the pressure on revenues. 1 Local currency growth excludes the impact of foreign currency movements. Local currency revenue and EBITDA growth for 1H20 additionally excludes a one-off payment of USD 38 million received in 2Q19 in relation to the termination of a network sharing agreement in Kazakhstan between our subsidiary KaR-Tel LLP and Kcell Joint Stock Company ("Kcell”) following Kazakhtelecom JSC’s acquisition of 75 percent of Kcell's share. Local currency growth for EBITDA additionally excludes both a one-off vendor payment of USD 350 million received in 1Q19 and the Kcell payment of USD 38 million in 2Q19. 2 EBITDA Adjusted in 1Q19 excludes special compensation of USD 38 million received in 2Q19, EBITDA adjusted in 1H19 additionally excludes other operating income of USD 350 million related to one-off vendor payment recorded in 1Q19. 3 Operational Capex is defined as capex excluding license expenditures and capitalized leases. Capex intensity (operational capex ratio) is defined as operational capex divided by total revenue. 4 Corporate costs are a non-IFRS financial measure and represent costs incurred by the holding entities in the Netherlands, Luxembourg, United Kingdom and Egypt, primarily comprised of salary costs and consulting costs. 9

Operating profit in 2Q20 was USD 327 million, a decrease compared to the operating profit in 2Q19 of USD 464 million, which was a result of lower EBITDA, partially offset by lower depreciation and amortization charges due to the devaluation of local currencies against the US dollar. Other non-operating gains/losses in the 2Q20 amounted to USD 86 million as compared to USD 10 million in 2Q19. The increase was mainly driven by the revaluation of a contingent consideration liability associated with our past acquisition of Warid in Pakistan in 2016, and recognition of a gain upon reaching a settlement in connection with the dispute concerning sale of Telecel Globe Limited. For more information on these items, please refer to, respectively, Note 7 and Note 12 of our unaudited interim condensed consolidated financial statements. In 2Q20, net financial income and expenses decreased YoY as a result of a lower average cost of debt. At the end of 2Q20, average cost of debt was 6.4%, which is 100bps lower compared to average cost of debt at the end of 2Q19. In 2Q20, income tax expense was USD 68 million. In 2Q19 the company recorded USD 182 million as income tax expense, which included exceptional items; namely, a portion of an additional tax provision of USD 27 million recorded as a result of the GTH tax settlement and a reversal of deferred tax assets at HQ of USD 49 million. Excluding these exceptional items, the YoY decrease primarily reflects the depreciation of local currencies and the lower profit, and therefore lower tax, recorded in Russia. In 2Q20, the Company recorded a net profit of USD 175 million before minority payments, with net profit of USD 156 million attributable to VEON shareholders. Operational Capex1 excluding licenses was USD 492 million in 2Q20, up from the USD 450 million recorded in 2Q19, due mainly to VEON’s focus on its 4G network investment program. The ratio of 2Q20 Operational capex (excluding licenses and capitalized leases) to revenue for the last twelve months was 20.8%. 1 Operational Capex is defined as capex excluding license expenditures and capitalized leases. Capex intensity (operational capex ratio) is defined as operational capex divided by total revenue 10

FINANCIAL POSITION & CASH FLOW USD million 2Q20 1Q20 QoQ Total assets 14,735 14,424 2.2% Shareholders' equity 811 543 49.4% Gross debt 9,353 9,229 1.4% Gross debt excl. lease liabilities 7,574 7,541 0.4% Net debt 8,166 7,741 5.5% Net debt (excl.lease liabilities) 6,390 6,054 5.5% Net debt/LTM EBITDA 2.2 2.0 Net debt/LTM EBITDA (excl.lease liabilities) 2.0 1.8 USD million 2Q20 2Q19 YoY 1H20 1H19 YoY Net cash from/(used in) operating activities 479 735 (256) 1,105 1,565 (460) Net cash from/(used in) investing activities (553) (458) (95) (1,048) (1,491) 443 Net cash from/(used in) financing activities (185) (178) (7) (61) (583) 522 Note: Certain comparative amounts have been reclassified to conform to the current period presentation Gross debt increased slightly in 2Q20 largely due to the increase in lease liabilities as a result of extensive network rollout and new rent agreements. Excluding this impact, gross debt remained stable QoQ. During 2Q20, VEON issued RUB 20 billion (USD 287 million equivalent) under its MTN program, established in April 2020, drew down new debt in Pakistan of USD 49 million equivalent (net of repayments) and entered into a new RUB 100 billion (USD 1.3 billion equivalent) bilateral term loan agreement with Sberbank, which was used to refinance and extend the maturity of the existing loans with Sberbank. VEON Holdings also purchased Banglalink’s USD 300 million facility from a syndicate of international lenders and repaid USD 100 million of the outstanding amount of VEON’s Revolving Credit Facility. Net debt, including capitalized leases, in 2Q20 was USD 8.2 billion and the net debt/LTM EBITDA ratio was 2.2x. Excluding capitalized leases, 2Q20 net debt was 6.4 billion and the net debt/LTM EBITDA ratio was 2.0x. Net cash from operating activities decreased YoY, mainly due to local currency headwinds, the negative impact of lockdown on revenue, operational challenges in our Russian business and lower movements in working capital, as 2Q19 working capital had been positively affected by the second of two payments from Ericsson of USD 175 million in respect of a revised partnership agreement announced in 1Q19, which in turn was partially offset by the first payment of USD 54 million related to the GTH Tax Settlement. Net cash flow used in investing activities in 2Q20 increased by 95 million to USD 553 million, mainly due to higher outflow from financial assets and deposit during the quarter in Pakistan. Net cash used in financing activities was USD 185 million, primarily as a result of movements in the gross debt as described above. 11

COUNTRY PERFORMANCE • Russia • Ukraine • Pakistan • Uzbekistan • Kazakhstan • Algeria • Bangladesh RUSSIA RUB million 2Q20 2Q19 YoY 1H20 1H19 YoY Total revenue 65,513 72,554 (9.7%) 132,971 141,801 (6.2%) Mobile service revenue 51,425 56,992 (9.8%) 103,942 111,926 (7.1%) Fixed-line service revenue 9,220 8,465 8.9% 18,332 16,967 8.0% EBITDA 25,737 32,172 (20.0%) 53,917 63,106 (14.6%) EBITDA margin 39.3% 44.3% (5.1p.p.) 40.5% 44.5% (4.0p.p.) Capex excl. licenses 19,558 19,541 0.1% 31,661 37,006 (14.4%) LTM Capex excl. licenses /revenue 25.5% 20.8% 4.7p.p. 25.5% 20.8% 4.7p.p. Mobile Total revenue 56,227 64,047 (12.2%) 114,409 124,755 (8.3%) - of which mobile data 16,201 15,450 4.9% 32,499 30,471 6.7% Customers (mln) 49.8 54.3 (8.4%) - of which data users (mln) 31.5 35.8 (11.8%) ARPU (RUB) 332 348 (4.6%) MOU (min) 321 305 5.3% Data usage (MB/user) 8,244 5,046 63.4% Fixed-line Total revenue 9,287 8,507 9.2% 18,562 17,046 8.9% Broadband revenue 2,701 2,711 (0.4%) 5,527 5,372 2.9% Broadband customers (mln) 2.7 2.5 7.9% Broadband ARPU (RUB) 336 365 (7.9%) In Russia, Beeline remained focused on improving the customer experience and stabilising the operating performance as we continue to work towards executing a business turnaround over the coming quarters. Our continuing work on network improvement is a key element in achieving this. The network investment continued during 2Q20 and Beeline increased its number of 4G base stations by 24% YoY as at 30 June 2020. Capex excluding licenses was flat YoY, leading to a LTM capex intensity ratio of 25.5%. Beeline continues to invest in network development with a strong separate focus on Moscow and St. Petersburg to ensure these cities have high quality infrastructure that is ready to integrate new technologies. In Moscow, 4G population coverage reached 99.4% during 2Q20 alongside the start of 5G-ready deployment and boosting network deployment in the Moscow metro area. Beeline remains committed to ongoing network improvement to provide customers with consistent service quality in order to improve our customer experience. During 2Q20, our business was challenged due to lockdown measures as we had to close more than 1400 stores temporarily. By contrast, in line with our enhancement of retail efficiency and placement of a greater emphasis on online retail distribution, we have permanently closed a total of 627 stores over the last nine months. Lockdowns have accelerated digital adoption, driving growth in our self-care and digital services customers during the quarter as we experienced an increase of 40% YoY in monthly active users of our self-care application. We note that the COVID-19 lockdown measures could accelerate the natural trend of increasing online sales and potentially positively affect the overall market as this may lead to a more balanced sales approach with fewer retail points in the future. In the meantime, we are driving online channels with a specific focus on self-registration products. 12

Total revenue in 2Q20 was RUB 65.5 billion, representing a YoY decrease of 9.7%. Following the lockdown, roaming revenues declined sharply (by almost 90% in the quarter) and together with a decline in the customer base of 8.4% YoY led to a decline in mobile service revenue of 9.8% to RUB 51.4 billion, which was partially offset by an increase in fixed service revenue of 8.9% YoY. As a consequence, ARPU declined by 4.6% YoY to RUB 332. The subscriber base decline of 8.4% YoY was a combined result of the temporary closure of our stores and a significant decline in our migrant customer base of 56% during 2Q20, as well as the customer perception that our network quality is still lagging. However, during the last weeks of June and early July we have seen positive trends in customer additions. With network quality improving, we believe that in the coming quarters this will result in an enhanced customer experience that will, in turn, support customer perception and a reduction in churn. As a result of increased network quality, data usage per user (MBs/user) continued to grow strongly, up 63.4% YoY, supported by a 4G population coverage increase to 87% (versus 81% in June 2019) and a 16% YoY increase in our 4G customer base. The growth in data revenue was insufficient to offset the decline in voice and messaging revenue. Revenue from equipment and accessory sales declined significantly, down approximately 29.2% YoY due to the lockdown restrictions impacting Beeline store operations. Beeline continues to focus on the B2B segment, improving its proposition with new digital offers and solutions directed at both small and large enterprises. In 2Q20, B2B service mobile revenue increased by 2.5% YoY. With most of our B2B customers working from home as a result of social distancing measures, we believe these customers are finding significant value in our Beeline developed platform called BeeFree which provides IT, communications and HR-solutions based on a Workplace-as- a-Service concept. In 2Q20, Beeline grew total fixed-line revenue by 9.2% YoY supported by both B2B revenue and increases in transit service revenue. Beeline’s Fixed Mobile Convergence (“FMC”) proposition is playing an important role in the turnaround of Beeline. Our FMC customer base grew by 19% YoY in 2Q20 to more than 1.4 million, which represents a 52% FMC penetration of our broadband customer base. EBITDA for 2Q20 decreased 20%, driven primarily by the revenue pressure as result of lockdown measures during the quarter, as well as higher structural costs following the increased network investment and higher interconnection costs due to the increased ratio of off-net traffic. The decline in EBITDA was partially mitigated by a number of cost initiatives to offset negative impact of lockdown measures. 13

UKRAINE UAH million 2Q20 2Q19 YoY 1H20 1H19 YoY Total revenue 6,009 5,624 6.8% 11,960 10,750 11.3% Mobile service revenue 5,593 5,257 6.4% 11,123 10,020 11.0% Fixed-line service revenue 388 333 16.7% 773 662 16.8% EBITDA 4,075 3,656 11.5% 8,116 6,880 18.0% EBITDA margin 67.8% 65.0% 2.8p.p. 67.9% 64.0% 3.9p.p. Capex excl. licenses 1,766 1,152 53.4% 3,114 2,134 45.9% LTM capex excl. licenses/revenue 25.8% 17.5% 8.3p.p. 25.8% 17.5% 8.3p.p. Mobile Total operating revenue 5,593 5,248 6.6% 11,123 10,020 11.0% - of which mobile data 3,149 2,784 13.1% 6,153 5,238 17.5% Customers (mln) 25.4 26.2 (3.1%) - of which data customers (mln) 15.9 15.7 1.1% ARPU (UAH) 72 66 9.4% MOU (min) 641 571 12.2% Data usage (MB/user) 5,160 3,345 54.3% Fixed-line Total operating revenue 388 333 16.7% 773 662 16.8% Broadband revenue 257 215 19.4% 505 424 19.1% Broadband customers (mln) 1.0 1.0 9.1% Broadband ARPU (UAH) 83 76 9.0% In Ukraine, Kyivstar continued to deliver solid results during the quarter, supported by our marketing activities and strong growth in data consumption enabled by ongoing investment in Kyivstar’s network. The business reported revenue growth of 6.8% YoY to UAH 6 billion with EBITDA up 11.5% YoY. Lockdowns have accelerated digital adoption, driving growth in our self-care and digital services customers during the quarter. Big data performance during the second quarter 2020 was very strong due to scoring and analytical products development. Total revenue grew by 6.8% YoY to UAH 6.0 billion and mobile service revenue increased by 6.4% YoY to UAH 5.6 billion. Revenue growth was supported by strong data and fixed-line revenue performance as we see a shift of customer consumption patterns from mobile to fixed data mainly related to lockdowns. Growth in data customers and data usage supported an ARPU increase of 9.4% YoY to UAH 72. Overall, Kyivstar’s mobile subscriber base decreased by 3.1% to 25.4 million, reflecting the lower gross additions during the quarter as a result of lockdown measures including the partial closure of Kyivstar stores, as well as a reduction in multi-SIM users in the market and demographic trends in Ukraine, including a lower birth rate and higher rates of emigration. Data penetration continued to increase, with our 4G subscriber base penetration increasing to 31%, with total 4G customers at 7.8 million, representing a significant YoY increase of 52%. In 2Q20, Kyivstar recorded a quarterly churn of 5.4%. Fixed-line service revenue grew by 16.7% YoY to UAH 388 million, continuing the trend of 1Q20. Our fixed broadband customer base increased by of 9.1% YoY, while fixed broadband ARPU increased by 9.0% YoY to UAH 83. EBITDA increased by 11.5% YoY, driving an EBITDA margin of 67.8%. Strong EBITDA growth was supported by a solid revenue performance and lower service and commercial costs, which were partially offset by higher structural opex. Capex excluding licenses increased by 53.4% YoY as a result of a strategic focus on further 4G roll-out during the quarter, which achieved 4G population coverage of 81%. According to recognised speed tests1, Kyivstar was a market leader in coverage and speed at the end of 2Q20. In July 2020 Kyivstar and Vodafone signed a memorandum on mobile network sharing accelerate the deployment of 4G networks in rural areas and on highways. 1 According to Ookla recognized test 14

PAKISTAN PKR billion 2Q20 2Q19 YoY 1H20 1H19 YoY Total revenue 47.1 51.1 (7.9%) 96.3 101.7 (5.3%) Mobile service revenue 43.4 47.7 (8.9%) 89.1 94.8 (6.0%) of which mobile data 16.0 12.5 27.6% 31.9 26.1 22.2% EBITDA 21.7 27.3 (20.6%) 44.6 52.9 (15.8%) EBITDA margin 46.1% 53.4% (7.4p.p.) 46.3% 52.0% (5.8p.p.) Capex excl. licenses 14.3 9.7 48.0% 25.1 17.0 47.5% LTM Capex excl. licenses /revenue 21.3% 13.5% 7.8p.p. 21.3% 13.5% 7.8p.p. Mobile Customers (mln) 62.8 59.5 5.6% - of which data users (mln) 41.0 36.9 11.1% ARPU (PKR) 231 268 (14.0%) MOU (min) 475 520 (8.8%) Data usage (MB/user) 3624 1831 97.9% Jazz continued to show positive growth despite the lockdown measures which led to the temporary closure of Jazz stores, lower business activity and an overall economic slowdown. Notwithstanding these challenges, Jazz remained focused on expanding its digital services to drive further growth and the demographics of Pakistan make the country one of the most exciting opportunities across our emerging markets. Total revenue decreased by 7.9% YoY impacted by last year’s tax regime changes and the negative impact of lockdowns. Excluding the tax regime changes revenue would have increased by 0.5% YoY despite the pandemic challenges of the quarter. In 2Q20, data revenue significantly increased by 27.6% YoY. Data revenue growth was driven by an increase in 4G subscriber base of 72% YoY and the continued increase in data usage through higher bundle penetration and network expansion. Digital Financial services revenue decreased by 14.9% YoY due to the lockdown impact which led to lower economic activity overall with the temporary removal of fees on money transfers by the State Bank of Pakistan, representing a significant drag on revenues. However, the number of monthly active mobile wallets continued to increase reaching 8.1 million, a YoY increase of 41%. Jazz’s self-care app, Jazz World, has crossed 6 million monthly active users (MAUs), a YoY increase of 305% in 2Q20, making it the largest telco app in Pakistan. Jazz TV and content services are also seeing encouraging momentum, content services (Bajao & Deikho) showing encouraging progress. Jazz’s subscriber base increased by 5.6% YoY, reaching 62.8 million supported by multiple sales channel initiatives during the lockdown and lower churn. This base increase was also supported by greater subscriber engagement and a higher number of data customers on the back of the continued expansion of the data network, resulting to a higher 4G subscriber penetration of 30.6%. The YoY customer trend reflects our commercial strategy to focus on higher quality of sales in order to further improve the customer mix of our subscriber base, leveraging our network quality to drive this. EBITDA decreased YoY by 20.6%, mainly due to due to changes in the tax regime and the re-classification of amortization of the Ex-Warid license from below EBITDA to service costs (~ PKR 0.8 billion). This relates to a payment made in the form of security (under protest) as per the options given in the PTA’s license renewal order. Excluding tax regime changes in 2019 and the reclassification of license amortization in 2020, EBITDA would have decreased by 6.4% YoY. The EBITDA margin was 46.1%, decreasing by 7.4 percentage points YoY, impacted by the factors discussed above. Increased investment in JazzCash was also a drag on margins. In 2Q20, capex excluding licenses increased to PKR 14.3 billion, mainly due to 4G capacity expansions, network roll out and the adverse impact of foreign currency. At the end of 2Q20, the population coverage of Jazz’s data network was more than 62%. The ex-Warid license renewal was due in May 2019. Pursuant to the directions from Islamabad High Court, Pakistan Telecommunication Authority (“PTA”) issued a license renewal decision on 22 July 2019 requiring payment of USD 39.5 million 15

per MHz for 900 MHz spectrum and USD 29.5 million per MHz for 1800 MHz spectrum, equating to an aggregate price of approximately USD 450 million (excluding advance tax of 10%). On 17 August 2019, Jazz appealed the PTA’s order to the Islamabad High Court. On 21 August 2019, Islamabad High Court suspended PTA’s order pending the outcome of the appeal and subject to Jazz making payment in the form of security (under protest) as per the options given in the PTA’s order. In September 2019, Jazz deposited approximately USD 225 million in order to maintain its appeal in the Islamabad High Court regarding the PTA's underlying decision on the license renewal. There were no specific terms and conditions attached to the deposit. On May 18, 2020, Jazz had to deposit a further payment of USD 57.5 million (under protest) as security. A hearing date before the Islamabad High Court was scheduled for 9 April 2020 but was adjourned in light of court closures due to COVID-19. UZBEKISTAN UZS bln 2Q20 2Q19 YoY 1H20 1H19 YoY Total revenue 479.9 567.8 (15.5%) 1,001 1,102 (9.2%) Mobile service revenue 476.3 563.0 (15.4%) 991 1,094 (9.4%) - of which mobile data 253.9 255.4 (0.6%) 552 491 12.4% Fixed-line service revenue 2.9 3.4 (15.7%) 6.0 6.9 (13.6%) EBITDA 201.7 295.6 (31.8%) 444 562 (21.1%) EBITDA margin 42.0% 52.1% (10.0p.p.) 44.3% 51.0% (6.7p.p.) Capex excl. licenses 232.0 118.7 95.4% 295 372 (20.8%) LTM Capex excl. licenses/revenue 20.0% 20.1% (0.2p.p.) 20.0% 20.1% (0.2p.p.) Mobile Customers (mln) 7.1 8.7 (18.2%) - of which mobile data customers (mln) 4.6 5.4 (14.8%) ARPU (UZS) 21,282 20,873 2.0% MOU (min) 642 616 4.2% Data usage (MB/user) 3,292 2,215 48.6% Total revenue for the quarter decreased by 15.5% YoY to UZS 479.9 billion, impacted by lockdown measures, the new excise duty methodology and IMEI registration implementation. Adjusted for these negative effects, the revenue trend would have decreased by 13.2% YoY compared to 2Q19. Mobile data traffic increased by 49% YoY, supported by the continued roll-out of high-speed data networks, increased smartphone penetration and the increased penetration of bundled offerings in Unitel´s customer base. Mobile data revenue slightly decreased by 0.6% YoY, reflecting a change in allocation between voice and data revenue. Beeline Uzbekistan’s customer base declined to 7.1 million, down 18.2% YoY impacted by higher churn, primarily among customers with irregular mobile spending. This decline also reflects the impact of strict lockdown measures which have resulted in a fall in migrant customers following the closing of national borders and curfew measures that have curtailed demand for mobile data use. As a result, ARPU increased by 2.0% YoY. EBITDA decreased by 31.8% to UZS 202 billion, driven by lower revenues. The EBITDA margin in 2Q20 was 42.0%. Capex excluding licenses increased to UZS 232 billion as we continued to invest in our high speed data network, improving 4G population coverage to 34% vs 26% in 1Q20. The 2Q20 LTM capex to revenue ratio was 20%. Further improvements to our high-speed data networks will continue to be a priority for Beeline Uzbekistan in 2020 and increasing mobile data penetration continues to be the key long term growth driver for us in the Uzbekistan market. 16

KAZAKHSTAN KZT billion 2Q20 2Q19 YoY 1H20 1H19 YoY Total revenue 46.4 57.0 (18.6%) 92.3 96.0 (3.8%) Mobile service revenue 38.3 35.8 7.1% 76.5 68.4 11.9% Fixed-line service revenue 7.8 6.4 22.1% 14.9 12.5 19.2% EBITDA 25.3 36.8 (31.3%) 50.0 57.7 (13.5%) EBITDA margin 54.6% 64.7% (10.1p.p.) 54.1% 60.2% (6.1p.p.) Capex excl. licenses 12.4 23.4 (46.8%) 24.3 28.1 (13.8%) LTM capex excl. licenses/revenue 21.8% 23.5% (1.8p.p.) 21.8% 23.5% (1.8p.p.) Mobile Total operating revenue 38.6 50.6 (23.7%) 77.4 83.5 (7.3%) - of which mobile data 19.9 14.3 39.1% 38.6 27.0 42.6% Customers (mln) 9.4 10.0 (6.0%) - of which mobile data customers (mln) 6.6 6.3 3.7% ARPU (KZT) 1,341 1,199 11.9% MOU (min) 332 326 1.8% Data usage (MB/user) 8,729 5,695 53.3% Fixed-line Total operating revenue 7.8 6.4 22.0% 14.9 12.5 19.2% Broadband revenue 3.6 3.2 12.6% 6.9 6.4 7.8% Broadband customers (mln) 0.5 0.4 13.8% Broadband ARPU (KZT) 2,641 2,635 0.2% In Kazakhstan, Beeline continues to deliver good operational results as data revenue continues to drive growth. The YoY comparison for revenue and EBITDA are negatively impacted by special compensation received in 2Q19 of KZT 14.6 billion (equivalent of USD 38 million). In 2Q20, Beeline maintained its strong value proposition and its focus on customer base value management and digital services development. The operational performance was supported by infrastructure modernization and 4G network coverage expansion. Lockdowns have accelerated digital adoption, driving growth in our digital and self-care services customers during the quarter. Through constant work on connecting new agents to the company’s mobile financial platform and expanding payment and transfer services the mobile finance customers reached 1.9 million in quarter. Mobile TV revenues in the quarter showed growth of 52% YoY due to both content development and promotion. Through upgrading our MyBeeline self-care app and providing a wider range of online telco services for customers, we saw significant increase of app users by 54% YoY to 1.2 million. We are also experiencing early signs of progress in new ventures through our digital operator and mobile OTT services provider ‘Izi’. Total revenue declined by 18.6% YoY to KZT 46.4 billion, impacted by the special compensation received in 2Q19. Adjusting for this impact, revenue would have increased by 9.2% YoY. Growth was supported by both strong data revenue growth and fixed line service revenue growth. Mobile service revenue grew by 7.1% to KZT 38.3 billion, supporting a solid increase in ARPU of 11.9% while data customer base increased by 3.7% to 6.6 million. Strong data revenue growth of 39.1% YoY was driven by continuous 4G network development and modernisation, supported by strong customer value propositions. The mobile customer base decreased by 6.0% to 9.4 million impacted by the launch of IMEI registration and the lockdown impact on sales channels. The IMEI registration requirement is expected to improve the quality of the company’s customer base by removing multi-SIM users and zero-ARPU customers. Data customers grew by 3.7% YoY to 6.6 million, and penetration has reached 72%. 4G data customers grew 21% YoY. Fixed-line service revenue grew by 22.1% YoY to KZT 7.8 billion, driven by an increase in the fixed broadband customer base of 13.8% YoY. This includes YoY growth of our convergent products customer base by 39,000 (+111% YoY). Approximately 17% of fixed-line customers use convergent products. 17

EBITDA decreased by 31.3% YoY, driving an EBITDA margin of 54.6%. The YoY EBITDA performance was impacted by special compensation in 2Q19; adjusting for this, EBITDA growth would have been 13.4% YoY. Capex excluding licenses decreased by 46.8% YoY as a result of a significant increase in spending for rollout in 2Q19 after the termination of a network sharing agreement with Kcell and other factors related to IFRS16. ALGERIA DZD billion 2Q20 2Q19 YoY 1H20 1H19 YoY Total revenue 20.6 22.3 (7.9%) 42.9 45.1 (5.0%) Mobile service revenue 20.4 22.3 (8.2%) 42.6 45.0 (5.3%) of which mobile data 8.0 6.4 24.3% 16.2 12.7 27.9% EBITDA 8.2 10.0 (17.4%) 18.0 20.5 (12.4%) EBITDA margin 40.0% 44.6% (4.6p.p.) 41.9% 45.5% (3.6p.p.) Capex excl. licenses 3.1 3.5 (11.8%) 4.9 6.0 (19.0%) LTM capex excl. licenses/revenue 13.5% 14.7% (1.1p.p.) 13.5% 14.7% (1.1p.p.) Mobile Customers (mln) 13.9 15.6 (10.3%) - of which mobile data customers (mln) 9.1 9.3 (2.5%) ARPU (DZD) 484 469 3.3% MOU (min) 464 413 12.4% Data usage (MB/user) 5,059 2,703 87.2% In Algeria, macroeconomic challenges intensified during the quarter as a result of lockdown measures and political uncertainty remains. In an overall declining market, competition remained aggressive. Against this backdrop, Djezzy continued its segmented approach, improving its share of the high value segment and aiming to drive up market value while simultaneously preserving and strengthening its share in the mass market segment. Djezzy repositioned itself towards a younger demographic through a digital-centric value proposition emphasising the operator’s digital ambitions. Djezzy’s 2Q20 service revenue was DZD 20.6 billion, a YoY decline of 7.9%. The MTR rate change to DZD 0.67 per minute (from 0.95 DZD/min) implemented by the Algerian Telecommunication Regulatory Authority in November 2019 is reintroducing asymmetry to the market affecting YoY comparability, with Djezzy suffering the greatest impact of almost -29% versus other market operators. This change of MTR negatively impacted Djezzy’s revenue by DZD 0.5 billion. Data revenue increased by 24.3% YoY due to higher usage and an increase in 4G data penetration. During 2Q19, Djezzy introduced a modernised and updated tariff portfolio which supported YoY ARPU growth of 3.3% for the third quarter in a row. High value acquisition strategy combined with an intense competitive environment and lockdown measures have driven a decline in acquisition that drove a continued customer base decline by 10% YoY. EBITDA decreased YoY by 17.4%, resulting in a margin of 40.0%. The decline in revenue remains a challenge for EBITDA performance, alongside with the negative effect of the aforementioned asymmetry, an increase in HR costs and higher interconnection costs. For 2Q20, Djezzy’s 4G services covered 41 wilayas and approximately 44% of Algeria’s population, while its 3G network covered all 48 wilayas and approximately 75% of Algeria’s population. In 2Q20, capex excluding licenses was DZD 3.1 billion, representing a 11.8% decrease YoY mainly related to delayed network equipment delivery as a result of new local regulations on shipment terms and other COVID-19 related impacts. 18

BANGLADESH BDT billion 2Q20 2Q19 YoY 1H20 1H19 YoY Total revenue 11.1 11.5 (3.9%) 22.7 22.7 (0.2%) Mobile service revenue 10.9 11.3 (3.7%) 22.3 22.2 0.2% of which mobile data 2.9 2.3 30.3% 5.6 4.5 24.4% EBITDA 4.6 4.6 (0.1%) 9.6 9.6 (0.2%) EBITDA margin 41.4% 39.8% 1.6p.p. 42.3% 42.3% - Capex excl. licenses 1.9 1.8 3.3% 5.9 3.2 87.2% LTM capex excl. licenses/revenue 24.0% 10.3% 13.7p.p. 24.0% 10.3% 13.7p.p. Mobile Customers (mln) 32.1 32.9 (2.5%) - of which mobile data customers (mln) 21.8 21.1 3.3% ARPU (BDT) 110 114 (3.3%) MOU (min) 212 236 (10.1%) Data usage (MB/user) 2,240 1,250 79.2% Banglalink maintained solid business momentum during the quarter despite the effects of the pandemic crisis. Banglalink’s total revenue in 2Q20 fell by 3.9% YoY, although data revenue posted 30.3% YoY growth as Banglalink continued monetizing its investments in 4G capacity and focusing on selected digital services. Its enhanced 4G network was a significant enabler of the 79.2% YoY increase in data usage recorded in the quarter, supported by accelerated 4G penetration which resulted in 3.3% YoY growth in data customers. Given lockdown restrictions on customer movement until the end of May and continued health safety concerns, Banglalink actively promoted the use of digital channels to facilitate top-ups, account management and the adoption of additional services. As a consequence, the user base of the Banglalink self-care app increased by 58% during 2Q20 compared to 1Q20 while Banglalink’s video streaming app “Toffee” saw a 62% uplift in its user numbers. In line with the broader industry trend, Banglalink experienced a decline in its total subscriber base during 2Q20, which fell by 2.5% YoY despite a continued focus on customer acquisition, which in turn helped to secure a 3.3% rise in data customers alongside simplified product offers and continued expansion of 4G network coverage. EBITDA decreased marginally by 0.1% YoY in 2Q20, mainly due to lower revenue and higher technology costs which were partially offset by the absence of lower operating expenses and the negative impact of tax changes. Capex excluding licenses was BDT 1.9 billion, reflecting a front-loading of network investments to support 4G expansion. At the end of 2Q20, our 3G network population coverage was approximately 74% while 4G population coverage was 52%. Banglalink has recently been awarded as the fastest Mobile Network in Bangladesh during 1st half of 20201. The Bangladesh tax authority introduced several changes to the local tax regime in June 2020. These include supplementary duty on mobile usage increased from 10% to 15%; an increase in the required deposit for filing an appeal to certain authorities’ from 10% to 20% of the disputed tax; and a VAT Rebate on telecom equipment and accessories. 1 According to Ookla recognized test 19

CONFERENCE CALL INFORMATION On 6 August 2020, VEON will host a conference call by senior management at 14:00 CET (13:00 BST), which will be made available through following dial-in numbers. The call and slide presentation may be accessed at http://www.veon.com. 14:00 CET investor and analyst conference call US call-in number: +1 646 787 1226 Confirmation Code: 6780798 International call-in number: +44 203 0095709 Confirmation Code: 6780798 The conference call replay and the slide presentation webcast will be available for 12 months after the end of the event at the same link as the live webcast. The slide presentation will also be available for download from VEON's website. CONTACT INFORMATION INVESTOR RELATIONS CORPORATE COMMUNICATIONS Nik Kershaw Kieran Toohey ir@veon.com pr@veon.com 20

DISCLAIMER This press release contains “forward-looking statements”, as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by words such as “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” and other similar words. Forward-looking statements include statements relating to, among other things, VEON’s plans to implement its strategic priorities, including operating model and development plans, among others; anticipated performance and guidance for 2020, including VEON’s ability to sufficient cash flow; VEON’s assessment of the impact of the COVID-19 pandemic on its operations and financial condition; future market developments and trends; operational and network development and network investment, including expectations regarding the roll-out and benefits of 3G/4G/LTE networks, as applicable; spectrum acquisitions and renewals; the effect of the acquisition of additional spectrum on customer experience; VEON’s ability to realize the acquisition and disposition of any of its businesses and assets and to execute its strategic transactions in the timeframes anticipated, or at all; VEON’s ability to realize financial improvements, including an expected reduction of net pro- forma leverage ratio following the successful completion of certain dispositions and acquisitions; our dividends; and VEON’s ability to realize its targets and commercial initiatives in its various countries of operation. The forward-looking statements included in this press release are based on management’s best assessment of VEON’s strategic and financial position and of future market conditions, trends and other potential developments. These discussions involve risks and uncertainties. The actual outcome may differ materially from these statements as a result of further unanticipated developments related to the COVID-19 pandemic that negatively affected VEON’s operations and financial condition; demand for and market acceptance of VEON’s products and services; our plans regarding our dividend payments and policies, as well as our ability to receive dividends, distributions, loans, transfers or other payments or guarantees from our subsidiaries; continued volatility in the economies in VEON’s markets; including adverse macroeconomic developments caused by recent volatility in oil prices in the wake of COVID-19; unforeseen developments from competition; governmental regulation of the telecommunications industries; general political uncertainties in VEON’s markets; government investigations or other regulatory actions; litigation or disputes with third parties or other negative developments regarding such parties; the impact of export controls and laws affecting trade and investments on our and important third-party suppliers' ability to procure goods, software or technology necessary for the services we provide to our customers; risks associated with data protection or cyber security, other risks beyond the parties’ control or a failure to meet expectations regarding various strategic priorities, the effect of foreign currency fluctuations, increased competition in the markets in which VEON operates and the effect of consumer taxes on the purchasing activities of consumers of VEON’s services. Certain other factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risk factors described in VEON’s Annual Report on Form 20-F for the year ended December 31, 2019 filed with the U.S. Securities and Exchange Commission (the “SEC”) and other public filings made by VEON with the SEC. Other unknown or unpredictable factors also could harm our future results. New risk factors and uncertainties emerge from time to time and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Under no circumstances should the inclusion of such forward-looking statements in this press release be regarded as a representation or warranty by us or any other person with respect to the achievement of results set out in such statements or that the underlying assumptions used will in fact be the case. Therefore, you are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements speak only as of the date hereof. We cannot assure you that any projected results or events will be achieved. Except to the extent required by law, we disclaim any obligation to update or revise any of these forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made, or to reflect the occurrence of unanticipated events. Furthermore, elements of this press release contain or may contain, “inside information” as defined under the Market Abuse Regulation (EU) No. 596/2014. All non-IFRS measures disclosed further in this press release (including, without limitation, EBITDA, EBITDA margin, EBT, net debt, equity free cash flow after licenses (excluding capitalized leases), local currency growth, capital expenditures excluding licenses and LTM (last twelve months) capex excluding licenses/revenue) are reconciled to comparable IFRS measures in Attachment C to this earnings release. In addition, we present certain information on a forward-looking basis. We are not able to, without unreasonable efforts, provide a full reconciliation to IFRS due to potentially high variability, complexity and low visibility as to the items that would be excluded from the comparable IFRS measure in the relevant future period, including, but not limited to, depreciation and amortization, impairment loss, loss on disposal of non-current assets, financial income and expenses, foreign currency exchange losses and gains, income tax expense and performance transformation costs, cash and cash equivalents, long - term and short-term deposits, interest accrued related to financial liabilities, other unamortized adjustments to financial liabilities, derivatives, and other financial liabilities. 21

ABOUT VEON VEON is a NASDAQ and Euronext Amsterdam-listed global provider of connectivity and digital services, headquartered in Amsterdam. Our vision is to empower customer ambitions through technology, acting as a digital concierge to guide their choices and connect them with resources that match their needs. For more information visit: http://www.veon.com CONTENT OF THE ATTACHMENTS Attachment A Customers 23 Attachment B Definitions 23 Attachment C Reconciliation tables 25 Average rates of functional currencies to USD For more information on financial and operating data for specific countries, please refer to the supplementary file Factbook2Q2020.xls on VEON’s website at http://veon.com/Investor-relations/Reports--results/Results/. 22

ATTACHMENT A: CUSTOMERS Mobile Fixed-line broadband million 2Q20 2Q19 YoY 2Q20 2Q19 YoY Russia 49.8 54.3 (8.4%) 2.7 2.5 7.9% Pakistan 62.8 59.5 5.6% Ukraine 25.4 26.2 (3.1%) 1.0 1.0 9.1% Algeria 13.9 15.6 (10.3%) Bangladesh 32.1 32.9 (2.5%) Kazakhstan 9.4 10.0 (6.0%) 0.5 0.4 13.8% Uzbekistan 7.1 8.7 (18.2%) Other 4.0 4.7 (13.9%) 0.1 0.1 (4.6%) Total 204.6 211.9 (3.4%) 4.3 4.0 8.4% ATTACHMENT B: DEFINITIONS ARPU (Average Revenue Per User) measures the monthly average revenue per mobile user. We generally calculate mobile ARPU by dividing our mobile service revenue during the relevant period, including data revenue, roaming revenue, MFS and interconnect revenue, but excluding revenue from connection fees, sales of handsets and accessories and other non-service revenue, by the average number of our mobile customers during the period and dividing by the number of months in that period. Mobile data customers are mobile customers who have engaged in revenue generating activity during the three months prior to the measurement date as a result of activities including USB modem Internet access using 2.5G/3G/4G/HSPA+ technologies. Capital expenditures (capex) are purchases of new equipment, new construction, upgrades, licenses, software, other long- lived assets and related reasonable costs incurred prior to intended use of the non-current asset, accounted at the earliest event of advance payment or delivery. Long-lived assets acquired in business combinations, are not included in capital expenditures. Capital expenditures (capex) exc. licenses is calculated as capex, excluding purchases of new spectrum licenses EBIT or Operating Profit is calculated as EBITDA plus depreciation, amortization and impairment loss. Our management uses EBIT as a supplemental performance measure and believes that it provides useful information of earnings of the Company before making accruals for financial income and expenses and net foreign exchange (loss)/gain and others. Reconciliation of EBIT to net income attributable to VEON Ltd., the most directly comparable IFRS financial measure, is presented in the reconciliation tables section in Attachment C below. Adjusted EBITDA (called EBITDA in this document) is a non-IFRS financial measure. VEON calculates Adjusted EBITDA as (loss)/profit before interest, tax, depreciation, amortization, impairment, gain / loss on disposals of non-current assets, other non-operating gains / losses and share of profit / loss of joint ventures and associates Our Adjusted EBITDA may be used to evaluate our performance against other telecommunications companies that provide EBITDA. Additionally, a limitation of EBITDA’s use as a performance measure is that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenue or the need to replace capital equipment over time. Reconciliation of EBITDA to net income attributable to VEON Ltd., the most directly comparable IFRS financial measure, is presented in the reconciliation tables section in Attachment C below. EBITDA margin is calculated as EBITDA divided by total revenue, expressed as a percentage. Gross Debt is calculated as the sum of long-term notional debt and short-term notional debt including financial leases. 23

Equity free cash flow (excluding licenses) is a non-IFRS measure and is defined as free cash flow from operating activities less cash flow used in investing activities, excluding M&A transactions, capex for licenses, inflow/outflow of deposits, financial assets and other one-off items. Reconciliation to the most directly comparable IFRS financial measure, is presented in the reconciliation tables section in Attachment C below. An FMC customer is a customer on a 1 month Active Broadband Connection subscribing to a converged bundle consisting of at least fixed internet subscription and at least 1 mobile SIM. MFS (mobile financial services) is a variety of innovative services, such as mobile commerce or m-commerce, that use a mobile phone as the primary payment user interface and allow mobile customers to conduct money transfers to pay for items such as goods at an online store, utility payments, fines and state fees, loan repayments, domestic and international remittances, mobile insurance and tickets for air and rail travel, all via their mobile phone. Mobile customers are generally customers in the registered customer base as at a given measurement date who engaged in a mobile revenue generating activity at any time during the three months prior to such measurement date. Such activity includes any outgoing calls, customer fee accruals, debits related to service, outgoing SMS and MMS, data transmission and receipt sessions, but does not include incoming calls, SMS and MMS or abandoned calls. Our total number of mobile customers also includes customers using mobile internet service via USB modems and fixed-mobile convergence (“FMC”). Net debt is a non-IFRS financial measure and is calculated as the sum of interest bearing long-term notional debt and short- term notional debt minus cash and cash equivalents, long-term and short-term deposits. The Company believes that net debt provides useful information to investors because it shows the amount of notional debt outstanding to be paid after using available cash and cash equivalents and long-term and short-term deposits. Net debt should not be considered in isolation as an alternative to long-term debt and short-term debt, or any other measure of the Company financial position. Net foreign exchange (loss)/gain and others represents the sum of Net foreign exchange (loss)/gain, VEON’s share in net (loss)/gain of associates and Other (expense)/income (primarily (losses)/gains from derivative instruments) and is adjusted for certain non-operating losses and gains mainly represented by litigation provisions. NPS (Net Promoter Score) is the methodology VEON uses to measure customer satisfaction. Organic growth in revenue and EBITDA are non-IFRS financial measures that reflect changes in Revenue and EBITDA, excluding foreign currency movements and other factors, such as businesses under liquidation, disposals, mergers and acquisitions. VEON’s reportable segments are the following, which are principally based on business activities in different geographical areas: Russia, Pakistan, Algeria, Bangladesh, Ukraine, Uzbekistan, Kazakhstan and HQ based on the business activities in different geographical areas. Total revenue in this document is fully comparable with Total operating revenue in our Management’s Discussion and Analysis of Financial Condition and Results of Operations” provided separately on Form 6-K. 24

ATTACHMENT C: RECONCILIATION TABLES RECONCILIATION OF CONSOLIDATED EBITDA USD mln 2Q20 2Q19 1H20 1H19 Unaudited EBITDA 809 994 1,729 2,292 Depreciation (389) (409) (804) (812) Amortization (86) (111) (178) (205) Impairment loss (1) (4) (1) (10) Loss on disposals of non-current assets (6) (7) (12) (14) Operating profit 327 464 734 1,252 Financial Income and Expenses (178) (196) (376) (393) - including finance income 6 14 15 28 - including finance costs (184) (210) (391) (421) Net foreign exchange (loss)/gain and others 93 (11) 80 6 - including other non-operating (losses)/gains 86 10 101 14 - including shares of loss of associates and joint ventures accounted for using the equity method, including - (0) - (0) impairments of JV and associates - including net foreign exchange gain 7 (22) (21) (8) Profit before tax 243 256 438 865 Income tax expense (68) (182) (144) (260) (Loss)/Profit from continue operations 175 75 294 605 (Loss)/Profit for the period 175 75 294 605 Of which profit/(loss) attributable to non-controlling interest 19 5 30 40 Of which profit/(loss) for the year attributable to VEON shareholders 156 69 264 565 RECONCILIATION OF CAPEX USD mln unaudited 2Q20 2Q19 1H20 1H19 Cash paid for purchase of property, plant and equipment and intangible assets 444 436 893 825 Net difference between timing of recognition and payments for purchase of property, plant and equipment 96 119 95 174 and intangible assets Capital expenditures 540 554 988 999 Less capital expenditures in licenses and other (5) (7) (39) (12) Capital expenditures excl. licenses 535 547 948 988 25

RECONCILIATION OF ORGANIC AND REPORTED GROWTH RATES 2Q20 vs 2Q19 Total Revenue EBITDA Local Forex and Local Forex and Reported Reported currency Other1 currency Other1 Russia (9.7%) (9.6%) (19.3%) (20.0%) (8.4%) (28.4%) Pakistan (7.9%) (9.3%) (17.2%) (20.6%) (7.9%) (28.5%) Ukraine 6.8% (1.3%) 5.5% 11.5% (1.5%) 10.0% Algeria (7.9%) (6.4%) (14.3%) (17.4%) (5.8%) (23.2%) Bangladesh (3.9%) (0.7%) (4.6%) (0.1%) (0.7%) (0.8%) Kazakhstan 9.2% (35.0%) (25.8%) 13.4% (50.7%) (37.3%) Uzbekistan (15.5%) (13.2%) (28.7%) (31.8%) (10.6%) (42.4%) Total (6.9%) (9.4%) (16.3%) (7.7%) (11.0%) (18.7%) 1H20 vs 1H19 Total Revenue EBITDA Local Forex and Local Forex and Reported Reported currency Other2 currency Other2 Russia (6.2%) (5.1%) (11.3%) (14.6%) (4.3%) (18.9%) Pakistan (5.3%) (9.6%) (14.9%) (15.8%) (8.4%) (24.2%) Ukraine 11.3% 4.0% 15.3% 18.0% 4.2% 22.2% Algeria (5.0%) (3.9%) (8.9%) (12.4%) (3.6%) (16.0%) Bangladesh (0.2%) (0.9%) (1.1%) (0.2%) (1.0%) (1.2%) Kazakhstan 13.3% (22.9%) (9.6%) 15.5% (34.1%) (18.6%) Uzbekistan (9.2%) (12.4%) (21.6%) (21.1%) (10.7%) (31.8%) Total (3.4%) 12.5% 9.1% (4.8%) (19.8%) (24.6%) RECONCILIATION OF VEON CONSOLIDATED NET DEBT USD mln 30 June 2020 31 March 2020 31 December 2019 Net debt 8,166 7,741 8,342 Cash and cash equivalents 1,166 1,486 1,250 Long - term and short-term deposits 21 2 2 Gross debt 9,353 9,229 9,593 Interest accrued related to financial liabilities 92 109 88 Other unamortised adjustments to financial liabilities (fees, discounts etc.) (6) (1) (10) Put-option liability over non-controlling interest 320 321 342 Derivatives not designated as hedges 62 112 52 Derivatives designated as hedges 26 - 161 Other financial liabilities 263 283 322 Total other financial liabilities 10,110 10,052 10,549 1 Other includes a one-off payment of USD 38 million received in 2Q19 in relation to the termination of a network sharing agreement in Kazakhstan between our subsidiary KaR-Tel LLP and Kcell Joint Stock Company ("Kcell”) following Kazakhtelecom JSC’s acquisition of 75 percent of Kcell's shares. 2 Other includes a one-off payment of USD 38 million received in 2Q19 in relation to the termination of a network sharing agreement in Kazakhstan between our subsidiary KaR-Tel LLP and Kcell Joint Stock Company ("Kcell”) following Kazakhtelecom JSC’s acquisition of 75 percent of Kcell's shares and a one-off vendor payment of USD 350 million received in 1Q19 26

RECONCILIATION OF EQUITY FREE CASH FLOW AFTER LICENSES USD million 2Q20 2Q19 YoY EBITDA 809 994 (18.7%) Changes in working capital (71) 49 (243.3%) Movements in provision 16 30 (47.1%) Net interest paid received (172) (194) (11.0%) Income tax paid (102) (146) (30.0%) Non cash adjustment on operating activities related to IFRS 16 (74) (88) (16.0%) Cash flow from operating activities (excl. lease liabilities) 406 646 (37.3%) Capex excl.licenses (535) (547) (2.1%) Non cash adjustment on Capex excl.licenses related to IFRS 16 43 97 (55.8%) Working capital related to Capex excl. license 55 22 151.4% Disposals of capital assets 3 20 (86.3%) Licenses (7) (8) (11.2%) 1 Equity Free Cash Flow after licenses (36) 231 (115.6%) EBITDA RECONCILIATION FOR COUNTRY Q2 2020 HQ and VEON Russia Pakistan Ukraine Algeria Bangladesh Kazakhstan Uzbekistan Other eliminations Consolidated USD mln EBITDA 357 133 151 64 54 61 20 11 (42) 809 Less Depreciation (227) (42) (25) (35) (27) (18) (8) (8) (1) (389) Amortization (33) (10) (15) (8) (11) (6) (1) (1) (1) (86) Impairment loss - - (1) - (0) (0) (0) (0) (1) Loss on disposals of non-current (3) (0) (1) 0 (0) (0) (0) (0) - (6) assets Gains/(losses) on sale of (33) - - - - - - - 33 - investments in subsidiaries Operating profit 61 80 110 21 16 37 11 2 (11) 327 Q2 2019 HQ and VEON Russia Pakistan Ukraine Algeria Bangladesh Kazakhstan Uzbekistan Other eliminations Consolidated USD mln EBITDA 498 185 138 84 55 97 35 15 (112) 994 Less Depreciation (253) (42) (20) (34) (25) (18) (8) (8) (1) (409) Amortization (29) (18) (13) (31) (10) (6) (1) (2) (1) (111) Impairment loss (2) (1) - - (0) - (1) (4) Loss on disposals of non-current assets (6) (1) - - - - 1 (1) (7) Operating profit 208 125 103 19 19 73 26 6 (116) 464 1 Equity free cash flow after licenses (excluding capitalized leases) is a non-IFRS measure and is defined as free cash flow from operating activities less repayment of lease liabilities and cash flow used in investing activities, excluding M&A transactions, inflow/outflow of deposits, financial assets, other one-off items 27

RATES OF FUNCTIONAL CURRENCIES TO USD Average rates Closing rates 2Q20 2Q19 YoY 2Q20 2Q19 YoY Russian Ruble 72.36 64.56 (12.1%) 69.95 63.08 (10.9%) Algerian Dinar 128.30 119.35 (7.5%) 129.11 118.65 (8.8%) Pakistan Rupee 163.54 147.06 (11.2%) 167.89 159.52 (5.3%) Bangladeshi Taka 84.93 84.29 (0.8%) 84.93 84.53 (0.5%) Ukrainian Hryvnia 26.91 26.56 (1.3%) 26.69 26.17 (2.0%) Kazakh Tenge 418.17 380.52 (9.9%) 403.83 380.53 (6.1%) Uzbekistan Som 10,050.86 8,474.83 (18.6%) 10,173.38 8,562.34 (18.8%) Armenian Dram 484.54 481.07 (0.7%) 482.36 477.11 (1.1%) Kyrgyz Som 77.34 69.79 (10.8%) 75.99 69.49 (9.3%) Georgian Lari 3.14 2.74 (14.6%) 3.06 2.87 (6.5%) 28

2Q20 RESULTS 6 AUGUST 2020 1

AGENDA 1. OPENING Nik Kershaw: Head of IR 2. FINANCIAL RESULTS Serkan Okandan: CFO 3. OPERATIONAL REVIEW Kaan Terzioğlu: Co-CEO Sergi Herrero: Co-CEO 4. OUTLOOK AND GUIDANCE Serkan Okandan: CFO 2

DISCLAIMER This presentation contains “forward-looking statements”, as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by words such as “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” and other similar words. Forward-looking statements include statements relating to, among other things, VEON’s plans to implement its strategic priorities, including operating model and development plans, among others; anticipated performance and guidance for 2020, including VEON’s ability to sufficient cash flow; VEON’s assessment of the impact of the COVID-19 pandemic on its operations and financial condition; future market developments and trends; operational and network development and network investment, including expectations regarding the roll-out and benefits of 3G/4G/LTE networks, as applicable; spectrum acquisitions and renewals; the effect of the acquisition of additional spectrum on customer experience; VEON’s ability to realize the acquisition and disposition of any of its businesses and assets and to execute its strategic transactions in the timeframes anticipated, or at all; VEON’s ability to realize financial improvements, including an expected reduction of net pro-forma leverage ratio following the successful completion of certain dispositions and acquisitions; our dividends; and VEON’s ability to realize its targets and commercial initiatives in its various countries of operation. The forward-looking statements included in this presentation are based on management’s best assessment of VEON’s strategic and financial position and of future market conditions, trends and other potential developments. These discussions involve risks and uncertainties. The actual outcome may differ materially from these statements as a result of further unanticipated developments related to the COVID-19 pandemic that negatively affected VEON’s operations and financial condition; demand for and market acceptance of VEON’s products and services; our plans regarding our dividend payments and policies, as well as our ability to receive dividends, distributions, loans, transfers or other payments or guarantees from our subsidiaries; continued volatility in the economies in VEON’s markets; including adverse macroeconomic developments caused by recent volatility in oil prices in the wake of COVID-19; unforeseen developments from competition; governmental regulation of the telecommunications industries; general political uncertainties in VEON’s markets; government investigations or other regulatory actions; litigation or disputes with third parties or other negative developments regarding such parties; the impact of export controls and laws affecting trade and investments on our and important third-party suppliers' ability to procure goods, software or technology necessary for the services we provide to our customers; risks associated with data protection or cyber security, other risks beyond the parties’ control or a failure to meet expectations regarding various strategic priorities, the effect of foreign currency fluctuations, increased competition in the markets in which VEON operates and the effect of consumer taxes on the purchasing activities of consumers of VEON’s services. Certain other factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risk factors described in VEON’s Annual Report on Form 20-F for the year ended December 31, 2019 filed with the U.S. Securities and Exchange Commission (the “SEC”) and other public filings made by VEON with the SEC. Other unknown or unpredictable factors also could harm our future results. New risk factors and uncertainties emerge from time to time and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Under no circumstances should the inclusion of such forward-looking statements in this presentation be regarded as a representation or warranty by us or any other person with respect to the achievement of results set out in such statements or that the underlying assumptions used will in fact be the case. Therefore, you are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements speak only as of the date hereof. We cannot assure you that any projected results or events will be achieved. Except to the extent required by law, we disclaim any obligation to update or revise any of these forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made, or to reflect the occurrence of unanticipated events. All non-IFRS measures disclosed further in this presentation (including, without limitation, EBITDA, EBITDA margin, EBT, net debt, equity free cash flow after licenses (excluding capitalized leases), local currency growth, capital expenditures excluding licenses and LTM (last twelve months) capex excluding licenses/revenue) are reconciled to comparable IFRS measures in VEON Ltd.’s earnings release published on its website on the date hereof. In addition, we present certain information on a forward-looking basis. We are not able to, without unreasonable efforts, provide a full reconciliation to IFRS due to potentially high variability, complexity and low visibility as to the items that would be excluded from the comparable IFRS measure in the relevant future period, including, but not limited to, depreciation and amortization, impairment loss, loss on disposal of non-current assets, financial income and expenses, foreign currency exchange losses and gains, income tax expense and performance transformation costs, cash and cash equivalents, long term and short-term deposits, interest accrued related to financial liabilities, other unamortized adjustments to financial liabilities, derivatives, and other financial liabilities. 3

AGENDA 1. OPENING Nik Kershaw: Head of IR 2. FINANCIAL RESULTS Serkan Okandan: CFO 3. OPERATIONAL REVIEW Kaan Terzioğlu: Co-CEO Sergi Herrero: Co-CEO 4. OUTLOOK AND GUIDANCE Serkan Okandan: CFO 4

FINANCIAL RESULTS 2Q20 Results1 REVENUE EBITDA OPERATIONAL CAPEX3 $1.9bn $0.8bn $0.5bn -6.9% local currency2 YoY -7.7% local currency2 YoY +9.5% reported YoY -16.3% reported YoY -18.7% reported YoY 20.8% LTM Operational Capex ratio3 DATA EBITDA NET DEBT/ REVENUE MARGIN LTM EBITDA4 $0.6bn 42.7% 2.0X +14.4% local currency2 YoY -0.4 p.p. local currency2 YoY versus 1.9x in 2Q19 +5.2% reported YoY -1.2 p.p. reported YoY 1. All 2Q20 numbers include the impact of the introduction of IFRS 16, unless stated otherwise. 2. Local currency growth for FY 2020 excludes the impact of foreign currency movements. Local currency revenue and EBITDA growth in 2Q20 additionally excludes a one-off payment of USD 38 million received in 2Q19 in relation to the termination of a network sharing agreement in Kazakhstan between our subsidiary KaR-Tel LLP and Kcell Joint Stock Company ("Kcell”) following Kazakhtelecom JSC’s acquisition of 75 percent of Kcell's shares 3. Operational Capex is defined as capex excluding license expenditures and capitalized leases. Operational Capex ratio is defined as capex excluding license expenditures and capitalized leases, divided by total revenue 5 4. Net Debt/LTM EBITDA ratio excludes IFRS 16 (capitalized leases), prior year Net Debt/LTM EBITDA has been adjusted for the one-off vendor payment of USD 350 million

FINANCIAL RESULTS Key financial highlights USD million YoY YoY In local 2Q20 2Q19 YoY% QoQ% In local 1H20 1H19 YoY% HoH% currency1 currency1 Revenue2 1,892 2,261 (16.3%) (9.8%) (6.9%) 3,988 4,385 (9.1%) (10.9%) (3.4%) EBITDA 809 994 (18.7%) (12.1%) (11.2%) 1,729 2,292 (24.6%) (10.1%) (20.9%) EBITDA margin 42.7% 44.0% (1.2p.p.) (1.1p.p.) (1.3p.p.) 43.3% 52.3% (8.9p.p.) 0.4p.p. (9.1p.p.) EBITDA Adj.3 809 956 (15.4%) (12.1%) (7.7%) 1,729 1,904 (9.2%) (10.1%) (4.8%) EBITDA margin Adj. 3 42.7% 43.0% (0.3p.p.) (1.1p.p.) (0.4p.p.) 43.3% 43.8% (0.5p.p.) (0.4p.p.) (0.6p.p.) Net Profit 156 69 125% 44% 264 565 (53.3%) 364% Net Profit Margin 8.2% 3.1% 5.1p.p. 3.1p.p. 6.6% 12.9% (6.3p.p.) (5.3p.p.) Operational Capex4 492 450 9.5% 33.8% 860 838 2.6% (4.7%) LTM Op.Capex ratio 20.8% 16.7% 4.1p.p. 1.4p.p. 20.8% 16.7% 4.1p.p. 1.2p.p. 1. Local currency growth for FY 2020 excludes the impact of foreign currency movements 2. Local currency revenue growth in 2Q20 and in 1H20 additionally excludes a one-off payment of USD 38 million received in 2Q19 in relation to the termination of a network sharing agreement in Kazakhstan between our subsidiary KaR-Tel LLP and Kcell Joint Stock Company ("Kcell”) following Kazakhtelecom JSC’s acquisition of 75 percent of Kcell's shares. 3. Local currency growth for EBITDA Adjusted additionally excludes both Kcell payment of USD 38 million in 2Q19 and a one-off vendor payment of USD 350 million received in 1H19. 6 4. Operational Capex is defined as capex excluding license expenditures and capitalized leases.

FINANCIAL RESULTS 2Q20 Revenue breakdown USD MILLION (-16.3%) YoY reported (38) (109) 14 10 (5) (10) (15) (28) (10) (178) 2.261 2,223 2,070 1,892 2Q19 Exceptional 2Q19 Ukraine Kazakhstan Bangladesh Uzbekistan Algeria Pakistan Russia Other 2 2Q20 Local FOREX 2Q20 Total items 1 Total revenue currency Total revenue Adjusted total revenue revenue YoY 3(%) +6.8% +9.2% -3.9% -15.5% -7.9% -7.9% -9.7% -6.9% -16.3% ► Lockdown measures across our operations weakened local currency revenues while currency headwinds negatively impacted reported revenues ► Russia reported revenues were constrained by ongoing pressure on customer numbers and lower ARPU as the lockdown and other issues impacted performance ► Pakistan reported revenues were negatively impacted by lockdown measures while last year's tax regime changes further impacted YoY performance: adjusting for tax regime changes, revenues would have increased by 0.5% YoY 1. During Q2 2019, revenue and EBITDA were positively impacted by special compensation of USD 38 million in relation to the termination of a network sharing agreement in Kazakhstan between our subsidiary KaR-Tel LLP and Kcell Joint Stock Company ("Kcell”) due to Kazakhtelecom JSC’s acquisition of 75 percent of Kcell's shares 2. Other in Q2 2020 mainly includes the results of Kyrgyzstan, Armenia, Georgia, corporate costs, other global operations and services and intercompany eliminations. 7 3. Year-on-year change in local currency terms.

FINANCIAL RESULTS 2Q20 EBITDA breakdown USD MILLION (-18.7%) YoY reported ( 38 ) 16 8 0 ( 11 ) ( 15 ) ( 38 ) ( 100 ) 67 ( 74 ) 994 956 883 809 2Q19 Exceptional 2Q19 Ukraine Kazakhstan Bangladesh Uzbekistan Algeria Pakistan Russia Other 1 Local FOREX 2Q20 EBITDA items EBITDA currency EBITDA Adjusted EBITDA EBITDA 44.0% 43.0% 67.8% 54.6% 41.4% 42.0% 40% 46.1% 39.3% 42.7% margin (%) ► Strong focus on cost management allowed for a stable EBITDA margin performance in 2Q20 despite the pressure on revenues ► Russia saw network & technology-related costs increase 11% YoY, which now account for 15.6% of revenues; resulting in a YoY decrease in Russia’s EBITDA margin of 3 percentage points ► In Pakistan, the YoY decline in EBITDA was largely a consequence of tax regime changes and the reclassification of amortization charges, together amounting to approx. USD 28 million 1. Other in Q2 2020 primarily includes the results of Kyrgyzstan, Armenia, Georgia, corporate costs, other global operations and services, Intercompany eliminations. In addition, other includes the additional provision of USD 56 million with the USD 27 million negatively impacting EBITDA in Q2 2019 related to the GTH tax settlement 8

FINANCIAL RESULTS Capital structure 2Q20 GROUP CASH CURRENCY MIX 2Q20 GROUP DEBT CURRENCY MIX 2Q20 GROUP DEBT CURRENCY MIX BEFORE HEDGING AFTER HEDGING1 18% 6% 1% 6%1% 30% 6% USD USD USD USD RUB USD RUB USD 47% RUB PKR PKR 9% 1.2bn 32% 7.6bn PKR DZD OTHER 7.6bn OTHER OTHER 61% 46% 37% GROUP DEBT MATURITY SCHEDULE2,3 USD BILLION 1.8 2.0 1.2 1.4 OTHER 0.9 0.2 PKR 0.1 Average cost of debt: 6.4% RUB Average maturity3: 2.8 years 2020 2021 2022 2023 2024 2025 >2025 USD TOTAL LIQUIDITY USD 2.5 BILLION, COST OF DEBT 100bps LOWER THAN 2Q19 1 For Q2 2020 the amount of USD debt swapped to RUB amounted to USD 1,062 million. Cash is excluded from hedge calculation 2 Excluding lease liabilities 3 In Q2 2020 VEON Holdings B.V. has outstanding drawings under its RCF of USD 500 million. Because we have an enforceable right to roll them over until final maturity date of the facility in February 2022, maturity dates of those drawings have been assumed to match the facility maturity date. 9

FINANCIAL RESULTS Net debt and leverage trends USD MILLION 187 (699) 111 103 53 444 137 6,390 6,054 Net debt Cash capex (incl. Financial Taxes Working capital Other investing FOREX EBITDA 1 Net debt1 31 March 2020 1 licenses) charges and provisions activities and other 2 30 June 2020 1 N E T D E B T 1.8x 2.0x L T M E B I T D A 1. Net Debt, EBITDA and Net Debt/LTM EBITDA ratios exclude capitalized leases. Including capitalized leased Net Debt/LTM EBITDA would be 2.2x for 2Q20 2. FOREX and Other mainly consists of FOREX (USD 151 million). 10

AGENDA 1. OPENING Nik Kershaw: Head of IR 2. FINANCIAL RESULTS Serkan Okandan: CFO 3. OPERATIONAL REVIEW Kaan Terzioğlu: Co-CEO Sergi Herrero: Co-CEO 4. OUTLOOK AND GUIDANCE Serkan Okandan: CFO 11

COVID-19 IMPACT ON OPERATIONAL PERFORMANCE ► Material operational disruption from lockdown in April and May, with improving trends evident in June and July as lockdowns started to ease across a number of our markets: ► Roaming revenues largely disappeared in 2Q20 ► Roaming revenues were 0.4% of group service revenues in 2Q20, versus 2.1% in FY2019 ► Material disruption in retail network, impacting gross connections and airtime sales ► At the peak of lockdown, up to 90% of the retail points were closed ► Noticeable trend of traffic migration from mobile to fixed networks ► Fixed-line traffic volumes peaked at +35% compared to volumes in 1Q20 ► Migration of customers from urban centers to rural areas impacting usage ► Encouragingly, our data users remained resilient during the lockdown period and we saw continued growth in 4G users across most of our operations. ► Increased adoption of self-care apps and digital services evident across our markets: ► Self-care user base grew by two-thirds during the 12 months to end-June (to 23.3 million) ► TV usage increased by ~50% over the same period in prior year ► Both saw adoption growth rates accelerate from mid-Q1 onwards as lockdowns began 12

COVID-19 IMPACT ON OPERATIONAL PERFORMANCE ► Across our markets in June and July we have seen varying levels of an easing of lockdowns ► Improving operational trends are anticipated in H2 as lockdowns ease, but some behaviors expected to outlast the current pandemic: ► Slow resumption in roaming revenues ► Slow return of migrant worker demand and a partial, more gradual shift back to urban centers ► Progressive rise in in-store sales activity, subject to easing of local lockdowns ► Structural shift from mobile to fixed-line data as remote working persists ► Greater emphasis on digital sales channels ► Mitigating the financial impact of the pandemic remains a key priority alongside investment to capitalize on the longer-term opportunities it presents: ► Ongoing cost optimization ► Extending vendor payment terms ► Continued network investment to capture faster digital adoption and fixed-line data demand ► Development of online channel sales, with focus on digital services ► Progressive optimization of our balance sheet as market opportunities arise 13

RUSSIA Focus on customer experience remains top priority ► Lockdown measures had a material drag on both operational activity and financial results during the quarter ► 4G base stations increased by 24% YoY and accelerated network investment set to continue into 2021 ► Strong performance in fixed-line service revenue (+8.9% YoY) and higher B2B service revenue (+2.5% YoY) ► Beeline TV users exceed 2.3 million, a YoY increase of over 50% ► Optimization of our distribution footprint continued with 627 shops permanently closed over the past 9 months IMPROVING BEELINE’S CUSTOMER EXPERIENCE TO DRIVE OPERATIONAL TURNAROUND 14

RUSSIA Focus on customer experience remains top priority REVENUE DATA REVENUE KEY OPERATIONAL METRICS (RUB Billion) (RUB Billion) -9.7% +4.9% 74.7 72.6 73.4 50 million -8.4% 69.2 16.2 67.5 15.4 16.2 16.3 16.2 65.5 15.0 Total mobile subscribers YoY 32% +5 p.p. Data revenue % of mobile YoY service revenue 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 43% +9 p.p. 4G subscriber YoY EBITDA 4G USERS AND PENETRATION base penetration1 (RUB Billion) (Million and %) 43% -20.0% 40% 37% 38% 58% +10 p.p. 32% 34% 4G Smartphone YoY 33.9 penetration 30.9 32.2 29.7 28.2 25.7 19.9 20.2 21.4 16.5 17.5 19.2 87% +6 p.p. 4G Population Coverage YoY 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 4G users 4G penetration 1. % of Active 4G data users in total 3 months active customer base. 15

KAZAKHSTAN Data revenue driving growth ► Solid underlying operational performance, with underlying revenue1 up 9.2% ► 4G base stations more than doubled YoY and network optimization continued ► 4G penetration reached 44%, with our 4G customer base growing by over 21% YoY driving data revenue +39.1% ► Early signs of progress in new ventures - Izi ‘digital operator’ and mobile OTT ► MFS users2 reached 1.9 million SECURING BEELINE’S MARKET LEADERSHIP WITH FOCUS ON CUSTOMER EXPERIENCE 1. In 2Q19 Kazakhstan results were positively impacted by KZT ~14.6 billion related to related to special compensation of USD 38 million related to the termination of a network sharing agreement in Kazakhstan between our subsidiary KaR-Tel LLP and Kcell Joint Stock Company ("Kcell”) due to Kazakh telecom JSC’s acquisition of 75% of Kcell's shares. 2. MFS users are reported on a 3-month active user basis 16

KAZAKHSTAN Data revenue driving growth REVENUE DATA REVENUE KEY OPERATIONAL METRICS (KZT Billion) (KZT Billion) -18.6% YoY +39.1% +9.2% YoY1 adjusted 70.0 57.0 60.0 9 million -6% 19.9 44.5 45.5 46.0 46.4 50.0 17.4 18.6 Total mobile subscribers YoY 39.0 15.5 40.0 12.7 14.3 30.0 52% +12 p.p. 20.0 Data revenue % of mobile 10.0 YoY service revenue 0.0 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 44% +10 p.p. 4G subscriber YoY EBITDA 4G USERS AND PENETRATION base penetration2 (KZT Billion) (Million and %) -31.3% YoY 44% 44% 41% +13.41 YoY adjusted 39% 60% +10 p.p. 34% 31% 36.8 4G Smartphone YoY penetration 24.6 25.3 20.9 23.0 22.7 4.2 4.2 4.2 72% 3.4 4.0 +9 p.p. 3.0 4G Population Coverage YoY 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 4G users 4G penetration 1. In 2Q19 Kazakhstan results were positively impacted by KZT ~14.6 billion related to related to special compensation of USD 38 million related to the termination of a network sharing agreement in Kazakhstan between our subsidiary KaR-Tel LLP and Kcell Joint Stock Company ("Kcell”) due to Kazakh telecom JSC’s acquisition of 75% of Kcell's shares. 2. % of Active 4G data users in total 3 months active customer base. Represents the impact of the KZT 14.6 billion special compensation received in 2Q19 17

PAKISTAN Further enhancing new services ► Growing subscriber market share despite lockdown measures ► Continued network investment, with 4G base stations increasing by 17% YoY to over 10,000 ► 4G penetration reached 30% alongside over 70% YoY growth in our 4G customer base, data revenue +27.6% YoY ► JazzCash continues to expand its customer base, which exceeded 8 million users in Q2 ► Driving customer engagement through expanding self-care channels, with over 6.0 million users1 (300% YoY growth) DATA AND DIGITAL SERVICES REMAIN KEY PRIORITIES 1. Jazz World Monthly Active Users as of June 2020 18

PAKISTAN Further enhancing new services REVENUE DATA REVENUE KEY OPERATIONAL METRICS (PKR Billion) (PKR Billion) -7.9% +27.6% 70.0 60.0 63 million +6% 50.6 51.1 50.5 49.3 16.0 50.0 15.9 45.4 47.1 14.3 15.1 Total mobile subscribers 13.6 12.5 YoY 40.0 30.0 37% +10.5 p.p. 20.0 Data revenue % of mobile 10.0 YoY service revenue 0.0 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 30.4% +11.7 p.p. 4G subscriber YoY EBITDA 4G USERS AND PENETRATION base penetration1 (PKR Billion) (Million and %) -20.6% 30.6% +7.2 p.p. 29% 30% 26% 4G Smartphone 27.3 YoY 25.6 24.9 22% penetration 22.3 22.9 21.7 19% 15% 19.1 56% 15.5 17.7 +7 p.p. 13.0 4G Population 8.8 11.1 Coverage YoY 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 4G users 4G penetration 1. % of Active 4G data users in total 3 months active customer base Represents the impact of tax regime changes in Pakistan, PKR 4.3 billion in Revenue and PKR 3.3 billion in EBITDA 19

PAKISTAN Further enhancing new services ► First and only fully digital merchant onboarding process in Pakistan, 7000 merchants on boarded in first 6 weeks ► 8.1 million monthly active users (MAU), an increase of 41% YoY ► 900 million transactions amounting to over PKR 1.7 trillion900 performed over the past 12 months ► JazzCash is now Pakistan’s largest financial institution for freelancers ► Over 76,000 registered freelancers generating in excess of PKR 1.23 billion of transactions STRENGTHING JAZZCASH’S LEADERSHIP OF PAKISTAN’S DIGITAL BANKING OPPORTUNITY 20

UKRAINE Positive operational trends continue ► Strong performance in a more challenging environment, increased focus on new digital offers ► 4G sites increased by 51% YoY following continued network investment ► 4G penetration reached 31%, with our 4G customer base growing by over 50% YoY, data revenue +13.1% ► Expanding revenue streams and developing digital services: Doctor online, Kyivstar TV ► MoU signed between Kyivstar and Vodafone on mobile network sharing to accelerate deployment of 4G in rural areas DATA OPPORTUNITIES DRIVING LONG-TERM GROWTH AND EXPANSION IN DIGITAL SERVICES 21

UKRAINE Positive operational trends continue REVENUE DATA REVENUE KEY OPERATIONAL METRICS (UAH Billion) (UAH Billion) +6.8% +13.1% 7.0 25 million -3% 5.8 5.8 6.0 6.0 3.0 3.1 5.6 6.0 2.8 2.8 2.8 Total mobile subscribers 5.1 2.5 YoY 5.0 4.0 3.0 56% +3 p.p. 2.0 Data revenue % of mobile YoY 1.0 service revenue 0.0 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 31% +11 p.p. 4G subscriber YoY EBITDA 4G USERS AND PENETRATION base penetration1 (UAH Billion) 33.0 (Million and %) 50% +11.5% 30% 31% 45% 28.0 24% 27% 52% +12 p.p. 20% 40% 23.0 16% 35% 4G Smartphone 4.0 4.0 4.1 YoY 3.8 30% penetration 3.7 18.0 3.2 25% 13.0 20% 7.8 7.2 7.8 15% 81% 8.0 4.1 5.1 6.3 +13 p.p. 10% 4G Population 3.0 5% Coverage YoY -2.0 0% 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 4G users 4G penetration 1. % of Active 4G data users in total 3 months active customer base. 22

EXECUTING ON 4G GROWTH OPPORTUNITIES IN OTHER MARKETS UZBEKISTAN ALGERIA BANGLADESH ARMENIA, GEORGIA & KYRGYSTAN • 0.6% YoY decrease in • 24.3% YoY increase in • 30.3% YoY increase in • 4.6% YoY increase in data revenue1 data revenue1 data revenue1 data revenue1 • 14.8% YoY decrease in • 2.5% YoY decrease in • 3.3% YoY increase in • 9% YoY decrease in data customers data customers data customers total data customers • 34% 4G population • 44% 4G population • 52% 4G population • 84% 4G population coverage coverage coverage coverage2 • 2.0% YoY increase in • 3.3% YoY increase in • 3.3% YoY decrease in ARPU ARPU ARPU 1. Data revenue YoY growth refers to local currency growth 2. 4G population coverage is calculated as customer weighted average across these markets 23

AGENDA 1. OPENING Nik Kershaw: Head of IR 2. FINANCIAL RESULTS Serkan Okandan: CFO 3. OPERATIONAL REVIEW Kaan Terzioğlu: Co-CEO Sergi Herrero: Co-CEO 4. OUTLOOK AND GUIDANCE Serkan Okandan: CFO 24

GUIDANCE 2020 Financial Guidance reintroduced 1H20 Actual FY 2020 Guidance -3.4% YoY Total Revenue in local currency1 Low to mid-single-digit local currency1 decline in -4.8% YoY revenue and EBITDA EBITDA in local currency1 Capex intensity 20.8% 22%-24% CONTINUED UNCERTAINTY AROUND FUTURE LOCKDOWN MEASURES MAY IMPACT FINANCIAL PERFORMANCE 1. Local currency growth for FY 2020 excludes the impact of foreign currency movements. Local currency revenue growth additionally excludes a one-off payment of USD 38 million received in 2Q19 in relation to the termination of a network sharing agreement in Kazakhstan between our subsidiary KaR-Tel LLP and Kcell Joint Stock Company ("Kcell”) following Kazakhtelecom JSC’s acquisition of 75 percent of Kcell's shares. Local currency growth for EBITDA, in addition to foreign currency movements, excludes both a one-off vendor payment of USD 350 million received in 1Q19 and the Kcell payment of USD 38 million in 2Q19 25

FINANCIAL RESULTS 1H20 Results1 REVENUE EBITDA OPERATIONAL CAPEX3 $4.0bn $1.7bn $0.9bn -3.4% local currency2 YoY -4.8% local currency2 YoY +2.6% reported YoY -9.1% reported YoY -24.6% reported YoY 20.8% LTM Operational Capex ratio3 DATA EBITDA NET DEBT/ REVENUE MARGIN LTM EBITDA4 $1.3bn 43.3% 2.0X +16.3% local currency2 YoY -0.6 p.p. local currency2 YoY +10.8% reported YoY -8.9 p.p. reported YoY 1. All 1H20 numbers include the impact of the introduction of IFRS 16, unless stated otherwise. 2. Local currency growth excludes the impact of foreign currency movements. Local currency revenue and EBITDA growth for 1H20 additionally excludes a one-off payment of USD 38 million received in 2Q19 in relation to the termination of a network sharing agreement in Kazakhstan between our subsidiary KaR-Tel LLP and Kcell Joint Stock Company "Kcell”) following Kazakhtelecom JSC’s acquisition of 75 percent of Kcell's share. Local currency growth for EBITDA additionally excludes both a one-off vendor payment of USD 350 million received in 1Q19 and the Kcell payment of USD 38 million in 2Q19. 3. Operational Capex is defined as capex excluding license expenditures and capitalized leases. Operational Capex ratio is defined as capex excluding license expenditures and capitalized leases, divided by total revenue. 27 4. Net Debt/LTM EBITDA ratio excludes capitalized leases and in prior year has been adjusted for the one-off vendor payment of USD 350 million.

FINANCIAL RESULTS EBITDA exceptional items USD million Growth 2Q20 2Q19 YoY% 1H20 1H19 YoY% EBITDA 809 994 (21.6%) 1,729 2,292 (25.8%) Reclass of Pakistan 5 10 license amortization Vendor settlement - - - - (350) - Special compensation to - (38) - - (38) - Kcell Tax regime change in - (23) - - (49) - Pakistan GTH tax settlement - 27 - - 27 - provision at HQ 28

FINANCIAL RESULTS 2Q20 YoY change in operating expenditure OPEX BY CATEGORY1 (YoY change USD million) General & Administrative Costs (16) ► G&A and HR and staff costs decreased by USD 26 million, in line with our ambition to reduce costs across the group HR and Staff Costs (10) ► USD 2 million rise in network and technology related costs Network and technology-related costs 2 reflects a structural rise in network opex, particularly in Russia HQ Costs (69) ► HQ costs fell further, continuing the trend of recent quarters Other Opex 0 ► Group structural opex of USD 517 million in 2Q20 decreased by 15% YoY VEON Group (92) CONTINUED COST OPTIMISATION REDUCED THE MARGIN IMPACT OF LOWER REVENUES 1. YoY decrease in HQ costs includes the additional provision of USD 56 million with the USD 27 million negatively impacting EBITDA in Q2 2019 29

FINANCIAL RESULTS Cash flow breakdown USD MILLION (113) (14) (175) (322) (149) (836) 1,729 956 6 (57) 68 EBITDA Changes in Movements in Income tax Net interest paid Non-cash Cash flow from Capex excl. licenses Disposals of capital Licenses Equity free cash 1H 2020 working capital provision paid adjustments operating activities and Other assets flow after licenses related to IFRS 16 (excl. lease 1H 2020 liabilities) 30

FINANCIAL RESULTS Capital expenditure CAPEX (EXCL. LICENSES) & LTM CAPEX INTENSITY1 1H20 CAPEX (EXCL. LICENSES) (USD million) 800 40.00% 5.3% 700 35.00% 6.8% 579 600 Russia 4.5% 492 30.00% 500 450 Pakistan 389 400 368 25.00% 6.1% Ukraine 324 20.8% 48.3% 300 19.6% 19.5% 20.00% Kazakhstan 16.2% 16.7% 17.0% 200 Algeria 15.00% 11.2% 100 Bangladesh 0 10.00% Other 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 Op. Capex LTM Op. Capex intensitiy 1 17.8% CONTINUED INVESTMENT IN 4G INFRASTRUCTURE TO CAPTURE STRONG DATA DEMAND 1. Last twelve months (LTM) Operational Capex intensity is calculated as last twelve months operational capex divided by last twelve months total revenue. 31

DEBT BY ENTITY1 30 JUNE 2020 USD MILLION EQUIVALENT Outstanding debt Type of debt Cash-pool Entity Bonds Loans overdrafts2 and Total other VEON Holdings B.V. 4,065 2,609 - 6,674 PJSC VimpelCom 272 - - 272 Pakistan Mobile Communications Limited - 508 - 508 Banglalink Digital Communications Ltd. - 92 - 92 Others - - 4 4 Total 4,337 3,209 4 7,550 Total excl. cash pool overdrafts 7,547 1 Excluding lease liabilities 2 As of June 30, 2020, some bank accounts forming part of a cash pooling program and being an integral part of VEON’s cash management remained overdrawn by USD 3 million. Even though the total balance of the cash pool remained positive, VEON has no legally enforceable right to set-off and therefore the overdrawn accounts are presented as financial liabilities and form part of our debt in our financial statements. 32

VEON Average and closing rates of functional currencies to USD Index sheet Average rates Closing rates Consolidated VEON 2Q20 2Q19 YoY 2Q20 2Q19 YoY Consolidated VEON Russian Ruble RUB 72.36 64.56 -12.1% 69.95 63.08 -10.9% Customers Euro EUR 0.91 0.89 -2.0% 0.89 0.88 -1.2% Russia Algerian Dinar DZD 128.30 119.35 -7.5% 129.11 118.65 -8.8% Pakistan Pakistan Rupee PKR 163.54 147.06 -11.2% 167.89 159.52 -5.3% Algeria Bangladeshi Taka BDT 84.93 84.29 -0.8% 84.93 84.53 -0.5% Bangladesh Ukrainian Hryvnia UAH 26.91 26.56 -1.3% 26.69 26.17 -2.0% Ukraine Kazakh Tenge KZT 418.17 380.52 -9.9% 403.83 380.53 -6.1% Uzbekistan Uzbekistan Som UZS 10,050.86 8,474.83 -18.6% 10,173.38 8,562.34 -18.8% Kazakhstan Armenian Dram AMD 484.54 481.07 -0.7% 482.36 477.11 -1.1% Kyrgyz Som KGS 77.34 69.79 -10.8% 75.99 69.49 -9.3% Georgian Lari GEL 3.14 2.74 -14.6% 3.06 2.87 -6.5%

VEON index page (in USD millions, unless stated otherwise, unaudited) 1Q16 (pro- 2Q16 (pro- FY16 Consolidated* 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19** 2Q19 IFRS 16 2Q19** 3Q19 IFRS 16 3Q19** 4Q19 IFRS 16 4Q19** 1Q20 2Q20 FY17 FY18 FY19 forma Warid) forma Warid) Pro-forma Warid IFRS 16 FY19** Total operating revenue 2,096 2,228 2,362 2,354 2,281 2,417 2,456 2,320 2,250 2,270 2,317 2,249 2,124 2,124 2,261 2,261 2,223 2,223 2,254 2,254 2,097 1,892 9,040 9,474 9,086 8,863 8,863 Service revenue 2,022 2,158 2,276 2,244 2,202 2,331 2,358 2,214 2,156 2,135 2,151 2,083 2,005 2,005 2,080 2,080 2,076 2,076 2,079 2,079 1,978 1,795 8,700 9,105 8,526 8,240 8,240 EBITDA 778 811 896 783 861 931 1,042 753 854 857 848 714 1,298 126 1,172 994 129 865 987 129 858 935 127 808 920 809 3,268 3,587 3,273 4,215 510 3,704 EBITDA margin (%) 37.1% 36.4% 37.9% 33.3% 37.8% 38.5% 42.4% 32.4% 38.0% 37.7% 36.6% 31.8% 61.1% 55.2% 44.0% 38.2% 44.4% 38.6% 41.5% 35.8% 43.9% 42.7% 36.1% 37.9% 36.0% 47.6% 41.8% EBIT 297 269 406 91 345 389 544 188 354 383 (391) 208 788 16 773 464 16 448 384 25 359 383 14 369 407 327 1,063 1,467 554 2,019 71 1,948 Profit/(Loss) before tax 137 82 186 (89) 220 (107) 367 (152) 160 162 (626) 56 609 (29) 637 256 (28) 284 130 (19) 150 186 (29) 215 195 243 316 328 (248) 1,181 (106) 1,287 Net income/(loss) attributavle to VEON shareholders 169 122 445 1,557 (4) (278) 115 (337) (112) (142) 855 (19) 495 (23) 519 69 (23) 92 35 (16) 50 22 (24) 46 108 156 2,294 (506) 581 622 (85) 707 Capital expenditures (CAPEX) - Excl. lease liabilities 403 497 Operational CAPEX 1 368 492 CAPEX excluding licenses / revenue 17.5% 26.0% Capital expenditures (CAPEX) 203 348 422 770 268 643 406 473 754 492 319 369 445 52 393 554 97 457 397 53 345 684 103 581 448 540 1,741 1,791 1,934 2,081 305 1,776 CAPEX excluding licenses 158 329 382 754 264 332 398 466 355 402 311 346 441 52 389 547 97 450 377 53 324 682 103 579 413 535 1,623 1,459 1,415 2,046 305 1,741 CAPEX excluding licenses / revenue 7.5% 13.8% 16.2% 32.0% 11.6% 13.7% 16.2% 20.1% 15.8% 17.7% 13.4% 15.4% 20.7% 18.3% 24.2% 19.9% 16.9% 14.6% 30.3% 25.7% 19.7% 28.3% 17.7% 15.4% 15.6% 23.1% 19.6% *Notes: 1 Operational Capex is defined as capex excluding license expenditures and capitalized leases. Operational capex ration is defined as operational capex divided by total revenue. Note: prior year comparatives for capital expenditures are adjusted to reflect correct IFRS 16 impact of prior periods. ** include IFRS 16 adj's

VEON index page (in millions) Mobile customers 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 FY16 FY17 FY18 FY19 Russia 57.7 57.5 58.4 58.3 57.0 58.3 58.8 58.2 56.3 56.4 56.2 55.3 54.2 54.3 54.8 54.6 53.5 49.8 58.3 58.2 55.3 54.6 Algeria 16.7 16.3 15.9 16.3 16.1 15.5 15.2 15.0 15.3 15.5 15.6 15.8 16.0 15.6 15.0 14.6 14.2 13.9 16.3 15.0 15.8 14.6 Pakistan 38.1 49.3 51.0 51.6 52.5 52.5 53.1 53.6 55.1 55.5 56.1 56.2 58.3 59.5 59.2 60.5 62.0 62.8 51.6 53.6 56.2 60.5 Bangladesh 31.6 31.1 29.0 30.4 30.5 30.7 31.4 31.3 32.2 32.0 32.3 32.3 33.0 32.9 33.1 33.6 33.6 32.1 30.4 31.3 32.3 33.6 Ukraine 25.3 25.4 26.3 26.1 26.0 26.1 26.4 26.5 26.5 26.5 26.6 26.4 26.3 26.2 26.4 26.2 26.0 25.4 26.1 26.5 26.4 26.2 Uzbekistan 9.5 9.3 9.6 9.5 9.5 9.6 9.5 9.7 9.6 9.3 9.1 9.1 9.0 8.7 8.4 8.1 7.7 7.1 9.5 9.7 9.1 8.1 Kazakhstan 9.2 9.4 9.4 9.0 8.9 9.2 9.5 9.8 9.7 10.2 10.0 9.9 9.7 10.0 10.2 10.2 9.6 9.4 9.0 9.8 9.9 10.2 Other 5.8 5.8 6.1 6.1 6.3 6.4 6.5 6.4 5.8 4.7 4.8 4.9 4.6 4.7 4.7 4.5 4.3 4.0 6.1 6.4 4.9 4.5 Total 193.8 204.2 205.6 207.2 206.8 208.4 210.6 210.5 210.5 210.0 210.7 209.9 211.2 211.9 211.7 212.4 210.9 204.6 207.2 210.5 209.9 212.4 Fixed line customers 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 FY16 FY17 FY18 FY19 Russia 2.2 2.2 2.1 2.2 2.2 2.2 2.2 2.2 2.3 2.3 2.3 2.4 2.5 2.5 2.5 2.6 2.7 2.7 2.2 2.2 2.4 2.6 Algeria - - - - - - - - - - - - - - - - - - - - - - Pakistan - - - - - - - - - - - - - - - - - - - - - - Bangladesh - - - - - - - - - - - - - - - - - - - - - - Ukraine 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.9 0.9 0.9 0.9 1.0 1.0 1.0 1.0 1.0 0.8 0.8 0.9 1.0 Uzbekistan - - - - - - - - - - - - - - - - 0.0 - - - - - Kazakhstan 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.5 0.4 Other 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.3 0.1 0.1 Total 3.4 3.4 3.3 3.4 3.4 3.4 3.5 3.5 3.6 3.6 3.7 3.8 3.9 4.0 4.0 4.2 4.3 4.3 3.1 3.5 3.8 4.2

Russia index page (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19** 2Q19 IFRS 16 2Q19** 3Q19 IFRS 16 3Q19** 4Q19 IFRS 16 4Q19** 1Q20 2Q20 FY16 FY17 FY18 FY19 IFRS 16 FY19** Total operating revenue 885 1,008 1,091 1,112 1,097 1,197 1,229 1,206 1,166 1,174 1,172 1,142 1,048 1,048 1,124 1,124 1,157 1,157 1,152 1,152 1,020 907 4,097 4,728 4,654 4,481 4,481 EBITDA 328 414 413 419 409 471 479 430 443 441 418 375 468 82 386 498 85 413 525 86 439 466 82 384 427 357 1,574 1,789 1,677 1,957 335 1,623 EBITDA margin (%) 37.0% 41.1% 37.9% 37.7% 37.3% 39.4% 39.0% 35.7% 38.0% 37.6% 35.7% 32.8% 44.7% 36.9% 44.3% 36.8% 45.4% 38.0% 40.5% 33.4% 41.9% 39.3% 38.4% 37.8% 36.0% 43.7% 36.2% Capital expenditures (CAPEX) 48 115 149 350 117 141 191 237 162 220 194 194 268 37 231 309 68 241 229 57 173 408 57 351 188 274 662 685 771 1,214 219 995 CAPEX excluding licenses 43 109 146 345 114 138 185 230 158 215 188 180 264 37 227 303 68 235 227 57 170 401 57 344 183 270 643 667 742 1,194 219 976 Capital expenditures (CAPEX) - Pre IFRS 16 171 253 Capital expenditures (CAPEX) - Excl. lease liabilities 166 249 Operational CAPEX 1 MOBILE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19 2Q19 IFRS 16 2Q19 3Q19 IFRS 16 3Q19 4Q19 IFRS 16 4Q19 1Q20 2Q20 FY16 FY17 FY18 FY19 IFRS16 FY19 Total operating revenues 733 843 914 940 932 1,023 1,058 1,040 1,010 1,029 1,038 1,008 919 919 992 992 1,020 1,020 1,006 1,006 880 778 3,430 4,054 4,085 3,937 3,937 Service Revenue (Mobile) 696 816 879 886 890 974 1,003 976 954 932 908 884 831 831 883 883 903 903 868 868 795 711 3,276 3,843 3,679 3,485 3,485 Data Revenue (Mobile) 160 187 208 223 236 254 259 263 266 250 240 240 227 227 239 239 251 251 254 254 247 224 778 1,012 996 972 972 Customers (mln) 57.7 57.5 58.4 58.3 57.0 58.3 58.8 58.2 56.3 56.4 56.2 55.3 54.2 54 54.3 54 54.8 55 54.6 55 53.5 49.8 58.3 58.2 55.3 54.6 54.6 Mobile data customers (mln) 32.6 33.7 36.2 36.6 36.4 38.1 39.1 38.4 36.7 36.6 37.3 36.8 35.1 35 35.8 36 36.4 36 35.5 36 34.4 31.5 36.6 38.4 36.8 35.5 35.5 ARPU (USD) 3.9 4.7 5.0 5.0 5.1 5.6 5.7 5.5 5.5 5.5 5.3 5.3 5.0 5 5.4 5 5.5 5 5.3 5 4.9 4.6 n.a. n.a. n.a. n.a. n.a. MOU, min 315 337 336 335 324 338 325 323 307 323 315 317 297 297 305 305 294 294 291 291 284 321 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base (quarterly), % 16% 14% 14% 15% 16% 13% 15% 15% 14% 11% 12% 14% 13% 13% 12% 12% 12% 12% 13% 13% 13% 14% n.a. n.a. n.a. n.a. n.a. MBOU 1,931 1,906 2,037 2,308 2,565 2,716 2,816 3,047 3,234 3,454 3,773 4,285 4,697 4,697 5,046 5,046 5,759 5,759 6,667 6,667 7,539 8,244 n.a. n.a. n.a. n.a. n.a. FIXED-LINE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19 2Q19 IFRS 16 2Q19 3Q19 IFRS 16 3Q19 4Q19 IFRS 16 4Q19 1Q20 2Q20 FY16 FY17 FY18 FY19 IFRS16 FY19 Total operating revenue 152 165 178 172 165 173 172 165 156 145 134 134 129 129 132 132 137 137 145 145 140 128 667 675 569 543 543 Service revenue 151 165 177 172 164 173 172 164 156 144 133 132 129 129 131 131 136 136 143 143 138 128 665 673 566 539 539 Broadband revenue 43 45 43 45 46 45 44 43 45 41 37 40 41 41 42 42 42 42 45 45 39 39 177 177 163 170 170 Broadband customers (mln) 2.2 2.2 2.1 2.2 2.2 2.2 2.2 2.2 2.3 2.3 2.3 2.4 2.5 2 2.5 2 2.5 3 2.6 3 2.7 2.7 2.2 2.2 2.4 2.6 2.6 Broadband ARPU (USD) 6.2 6.9 6.8 6.9 6.9 6.9 6.5 5.7 6.7 6.45 6.34 5.73 5.48 5.48 5.65 5.65 5.59 5.59 5.74 5.74 5.36 4.65 n.a. n.a. n.a. n.a. n.a. FTTB revenue 43 44 43 45 45 44 43 43 44 44 43 40 40 40 41 41 41 41 43 43 42 37 175 175 171 165 165 FTTB customers (mln) 2.2 2.1 2.1 2.2 2.2 2.2 2.2 2.2 2.3 2.3 2.3 2.4 2.4 2 2.5 2 2.5 3 2.6 3 2.7 2.7 2.2 2.2 2.4 2.6 2.6 FTTB ARPU (USD) 6.2 6.8 6.7 6.9 6.9 6.8 6.5 6.4 6.6 6.4 6.3 5.7 5.4 5.4 5.6 5.6 5.4 5.4 5.6 5.6 5.2 4.6 n.a. n.a. n.a. n.a. n.a. (in RUB millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19** 2Q19 IFRS 16 2Q19** 3Q19 IFRS 16 3Q19** 4Q19 IFRS 16 4Q19** 1Q20 2Q20 FY16 FY17 FY18 FY19 IFRS 16 FY19** Total operating revenue 65,921 66,423 70,529 70,130 64,507 68,407 72,559 70,415 66,351 72,542 76,750 75,895 69,247 69,247 72,554 72,554 74,690 74,690 73,384 73,384 67,457 65,513 273,003 275,887 291,539 289,875 289,875 EBITDA 24,410 27,269 26,710 26,401 24,070 26,925 28,239 25,108 25,204 27,243 27,376 24,894 30,934 5,404 25,530 32,172 5,503 26,669 33,886 5,539 28,347 29,705 5,215 24,491 28,180 25,737 104,790 104,342 104,717 126,698 21,661 105,037 EBITDA margin (%) 37.0% 41.1% 37.9% 37.6% 37.3% 39.4% 38.9% 35.7% 38.0% 37.6% 35.7% 32.8% 44.7% 36.9% 44.3% 36.8% 45.4% 38.0% 40.5% 33.4% 41.8% 39.3% 38.4% 37.8% 35.9% 43.7% 36.2% Capital expenditures (CAPEX) 3,551 7,556 9,652 21,938 6,834 8,087 11,234 13,847 9,232 13,625 12,690 12,903 17,737 2,480 15,257 19,957 4,383 15,574 14,824 3,673 11,151 25,828 3,606 22,221 12,423 19,886 42,697 40,003 48,450 78,345 14,142 64,202 CAPEX excluding licenses 3,181 7,191 9,444 21,615 6,695 7,882 10,906 13,435 9,007 13,321 12,310 11,966 17,465 2,480 14,985 19,541 4,383 15,157 14,647 3,673 10,974 25,407 3,606 21,801 12,103 19,558 41,432 38,918 46,604 77,060 14,142 62,918 Capital expenditures (CAPEX) - Excl. lease liabilities 11,263 18,366 Operational CAPEX 1 10,943 18,037 MOBILE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19 2Q19 IFRS 16 2Q19 3Q19 IFRS 16 3Q19 4Q19 IFRS 16 4Q19 1Q20 2Q20 FY16 FY17 FY18 FY19 IFRS16 FY19 Total operating revenues 54,586 55,537 59,044 59,276 54,822 58,491 62,417 60,771 57,452 63,576 67,975 67,004 60,708 60,708 64,047 64,047 65,845 65,845 64,120 64,120 58,182 56,227 228,443 236,501 256,008 254,719 254,719 Service revenue 51,835 53,730 56,784 55,844 52,348 55,674 59,164 57,001 54,282 57,609 59,471 58,761 54,933 54,933 56,992 56,992 58,320 58,320 55,309 55,309 52,518 51,425 218,192 224,186 230,123 225,555 225,555 Data Revenue 11,942 12,316 13,426 14,088 13,903 14,510 15,284 15,344 15,138 15,417 15,749 15,955 15,021 15,021 15,450 15,450 16,220 16,220 16,203 16,203 16,298 16,201 51,773 59,041 62,259 62,894 62,894 Customers (mln) 57.7 57.5 58.4 58.3 57.0 58.3 58.8 58.2 56.3 56.4 56.2 55.3 54.2 54.2 54.3 54.3 54.8 54.8 54.6 54.6 53.5 49.8 58.3 58 55 55 55 Mobile data customers (mln) 32.6 33.7 36.2 36.6 36.4 38.1 39.1 38.4 36.7 36.6 37.3 36.8 35.1 35.1 35.8 35.8 36.4 36.4 35.5 35.5 34.4 31.5 37 38 37 36 36 ARPU (RUB) 293 309 324 317 302 320 334 324 315 338 350 350 333 333 348 348 353 353 335 335 323 332 n.a. n.a. n.a. n.a. n.a. MOU (min) 315 337 336 335 324 338 325 323 307 323 315 317 297 297 305 305 294 294 291 291 284 321 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 16% 14% 14% 15% 16% 13% 15% 15% 14% 11% 12% 14% 13% 13% 12% 12% 12% 12% 13% 13% 13% 14% n.a. n.a. n.a. n.a. n.a. MBOU 1,931 1,906 2,037 2,308 2,565 2,716 2,816 3,047 3,234 3,454 3,773 4,285 4,697 4,697 5,046 5,046 5,759 5,759 6,667 6,667 7,539 8,244 n.a. n.a. n.a. n.a. n.a. FIXED-LINE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19 2Q19 IFRS 16 2Q19 3Q19 IFRS 16 3Q19 4Q19 IFRS 16 4Q19 1Q20 2Q20 FY16 FY17 FY18 FY19 IFRS16 FY19 Total operating revenue 11,335 10,886 11,485 10,854 9,685 9,916 10,142 9,644 8,899 8,966 8,775 8,891 8,539 8,539 8,507 8,507 8,845 8,845 9,264 9,264 9,275 9,287 44,560 39,386 35,530 35,155 35,155 Service revenue 11,271 10,848 11,459 10,840 9,660 9,889 10,114 9,608 8,867 8,901 8,737 8,790 8,502 8,502 8,465 8,465 8,767 8,767 9,116 9,116 9,112 9,220 44,418 39,271 35,295 34,850 34,850 Broadband revenue 3,061 2,941 2,806 2,807 2,650 2,579 2,532 2,508 2,560 2,547 2,532 2,700 2,661 2,661 2,711 2,711 2,728 2,728 2,837 2,837 2,826 2,701 11,615 10,269 10,340 10,937 10,937 Broadband customers (mln) 2.2 2.2 2.1 2.2 2.2 2.2 2.2 2.2 2.3 2.3 2.3 2.4 2.5 2.5 2.5 2.5 2.5 2.5 2.6 2.6 2.7 2.7 2.2 2.2 2.4 2.6 2.6 Broadband ARPU (RUB) 463 452 436 435 405 392 384 376 379 373 366 381 364 364 365 365 361 361 366 366 356 336 n.a. n.a. n.a. n.a. n.a. FTTB revenue 3,013 2,897 2,775 2,776 2,623 2,548 2,508 2,484 2,526 2,518 2,506 2,671 2,631 2,631 2,662 2,662 2,651 2,651 2,758 2,758 2,755 2,646 11,460 10,163 10,221 10,701 10,701 FTTB customers (mln) 2.2 2.1 2.1 2.2 2.2 2.2 2.2 2.2 2.3 2.3 2.3 2.4 2.4 2.4 2.5 2.5 2.5 2.5 2.6 2.6 2.7 2.7 2.2 2.2 2.4 2.6 2.6 FTTB ARPU (RUB) 461 450 436 433 403 390 383 375 376 371 364 378 362 362 360 360 352 352 356 356 348 330 n.a. n.a. n.a. n.a. n.a. Additional KPI's 4G network coverage 46% 46% 46% 56% 67% 60% 60% 63% 65% 69% 71% 74% 77% 81% 84% 86% 86% 87% n.a. n.a. n.a. n.a. n.a. 4G mobile customer penetration (3 Months active) 6% 8% 10% 12% 14% 17% 20% 22% 23% 25% 28% 30% 32% 34% 37% 38% 40% 43% n.a. n.a. n.a. n.a. n.a. 1 Operational Capex is defined as capex excluding license expenditures and capitalized leases. Operational capex ration is defined as operational capex divided by total revenue. ** include IFRS 16 adj's

Pakistan index page (in USD millions, unless stated otherwise, unaudited) MOBILE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19** 2Q19 IFRS 16 2Q19** 3Q19 IFRS 16 3Q19** 4Q19 IFRS 16 4Q19** 1Q20 2Q20 FY16 FY17 FY18 FY19 IFRS 16 FY19** Total operating revenue 351 361 368 369 370 386 391 379 368 363 395 368 362 362 347 347 286 286 324 324 316 288 1,450 1,525 1,494 1,320 1,320 Service revenue 332 341 345 346 345 359 363 350 341 337 369 344 337 337 324 324 265 265 302 302 293 266 1,364 1,418 1,391 1,228 1,228 EBITDA 136 130 147 129 154 167 208 173 175 174 192 173 183 13 170 185 11 175 140 11 130 160 12 148 147 133 542 703 713 669 47 622 EBITDA margin (%) 38.7% 36.0% 40.0% 34.9% 41.8% 43.3% 53.3% 45.8% 47.5% 47.9% 48.5% 47.0% 50.7% 47.1% 53.4% 50.3% 48.9% 45.2% 49.4% 45.6% 46.4% 46.1% 37.4% 46.1% 47.7% 50.7% 47.2% Capital expenditures (CAPEX) 20 57 73 96 35 360 78 63 66 57 33 43 53 -1 54 66 1 65 31 1 29 70 -6 76 69 88 246 535 199 219 -5 224 CAPEX excluding licenses 20 57 73 96 35 65 78 63 66 57 33 43 53 -1 54 66 1 65 31 1 29 70 -6 76 69 88 246 240 199 219 -5 224 Capital expenditures (CAPEX) - Excl. lease liabilities 68 85 Operational CAPEX 1 68 85 Data Revenue 38.8 37.6 43.8 47.7 49.9 54.9 60.5 60.0 62.9 67.5 92.3 88.6 97.3 97.3 85.2 85.2 90.3 90.3 97.0 97.0 102.2 97.8 167.9 225 311 370 370 Customers (mln) 48.3 49.3 51.0 51.6 52.5 52.5 53.1 53.6 55.1 55.5 56.1 56.2 58.3 58.3 59.5 59.5 59.2 59.2 60.5 60.5 62.0 62.8 51.6 53.6 56.2 60.5 60.5 ARPU (USD) 2.4 2.3 2.3 2.3 2.2 2.3 2.3 2.2 2.1 2.0 2.2 2.0 2.0 2.0 1.8 1.8 1.5 1.5 1.7 1.7 1.6 1.4 n.a. n.a. n.a. n.a. n.a. MOU (min) 580 566 522 540 515 520 512 515 538 543 531 539 548 548 520 520 489 489 498 498 500 475 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 5.5% 4.3% 5.4% 6.0% 4.1% 6.1% 6.1% 6.8% 4.3% 5.3% 5.9% 5.4% 2.7% 2.7% 4.2% 4.2% 6.6% 6.6% 5.1% 5.1% 4.1% 3.6% n.a. n.a. n.a. n.a. n.a. MBOU 304 292 421 464 465 509 573 672 821 950 1,227 1,373 1,669 1,669 1,831 1,831 2,119 2,119 2,527 2,527 3,027 3,624 n.a. n.a. n.a. n.a. n.a. (in PKR billions, unless stated otherwise, unaudited) MOBILE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19** 2Q19 IFRS 16 2Q19** 3Q19 IFRS 16 3Q19** 4Q19 IFRS 16 4Q19** 1Q20 2Q20 FY16 FY17 FY18 FY19 IFRS 16 FY19** Total operating revenue 36.8 37.8 38.5 38.7 38.7 40.4 41.2 40.3 40.9 42.4 48.9 49.5 50.5 50.5 51.0 51.0 45.4 45.4 50.5 50.5 49.3 47.1 151.8 161 182 197 197 Service revenue 34.7 35.7 36.1 36.2 36.2 37.7 38.2 37.3 37.9 39.4 45.7 46.2 47.1 47.1 47.7 47.7 42.0 42.0 46.9 46.9 45.7 43.4 142.8 149 169 184 184 EBITDA 14.2 13.6 15.4 13.5 16.2 17.5 22.0 18.4 19.4 20.4 24 23 25.6 1.8 23.8 27.3 1.6 25.7 22.3 1.7 20.6 24.9 1.9 23.0 22.9 21.7 56.8 74 87 100 7 93 EBITDA margin (%) 38.7% 36.0% 40.0% 34.9% 41.8% 43.3% 53.3% 45.7% 47.5% 48.2% 48.5% 47.0% 50.7% 47.1% 53.5% 50.4% 49.0% 45.3% 49.4% 45.6% 46.4% 46.1% 37.4% 46.1% 47.8% 50.7% 47.1% Capital expenditures (CAPEX) 2.1 5.9 7.6 10.1 3.6 37.7 8.2 6.6 7.3 6.7 4.0 5.9 7.4 0.2 7.2 9.7 -0.1 9.8 4.8 -0.2 5.0 10.9 1.0 9.9 10.8 14.3 25.7 56 24 33 1 32 CAPEX excluding licenses 2.1 5.9 7.6 10.1 3.6 6.8 8.2 6.6 7.3 6.7 4.0 5.9 7.4 0.2 7.2 9.7 -0.1 9.8 4.8 -0.2 5.0 10.9 1.0 9.9 10.8 14.3 25.7 25 24 33 1 32 Capital expenditures (CAPEX) - Excl. lease liabilities 10.7 13.9 Operational CAPEX 1 10.7 13.9 Data Revenue 4.1 3.9 4.6 5.0 5.2 5.8 6.4 6.4 7.0 7.9 11.4 11.9 13.6 13.6 12.5 12.5 14.3 14.3 15.1 15.1 15.9 16.0 17.6 24 38 56 56 Customers (mln) 48.3 49.3 51.0 51.6 52.5 52.5 53.1 53.6 55.1 55.5 56.1 56.2 58.3 58.3 59.5 59.5 59.2 59.2 60.5 60.5 62.0 62.8 51.6 53.6 56.2 60.5 60.5 ARPU (PKR) 247 245 241 244 231 238 240.9 232.4 232.2 236.9 272.3 264.8 272.4 272.4 268.2 268.2 234.1 234.1 259.7 259.7 247.3 230.6 n.a. n.a. n.a. n.a. n.a. MOU (min) 580 566 522 540 515 520 512 515 538 543 531 539 548 548 520 520 489 489 498 498 500 475 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 5.5% 4.3% 5.4% 6.0% 4.1% 6.1% 6.1% 6.8% 4.3% 5.3% 5.9% 5.4% 2.7% 2.7% 4.2% 4.2% 6.6% 6.6% 5.1% 5.1% 4.1% 3.6% n.a. n.a. n.a. n.a. n.a. MBOU 304 292 421 464 465 509 573 672 821 950 1,227 1,373 1,669 1,669 1,831 1,831 2,119 2,119 2,527 2,527 3,027 3,624 n.a. n.a. n.a. n.a. n.a. Additional KPI's 4G network coverage 0% 0% 0% 0% 0% 11% 13% 15% 24% 28% 31% 34% 39% 49% 49% 52% 54% 56% n.a. n.a. n.a. n.a. n.a. 4G mobile customer penetration (3 Months active) 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 15% 19% 22% 26% 29% 30% n.a. n.a. n.a. n.a. n.a. 1 Operational Capex is defined as capex excluding license expenditures and capitalized leases. Operational capex ration is defined as operational capex divided by total revenue. ** include IFRS 16 adj's

Algeria index page (in USD millions, unless stated otherwise, unaudited) MOBILE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19** 2Q19 IFRS 16 2Q19** 3Q19 IFRS 16 3Q19** 4Q19 IFRS 16 4Q19** 1Q20 2Q20 FY16 FY17 FY18 FY19 IFRS 16 FY19** Total operating revenue 279 251 264 246 232 232 238 214 203 200 207 203 192 192 187 187 197 197 198 198 185 160 1,040 915 813 775 775 Service revenue 276 248 263 244 228 228 233 210 201 198 206 195 192 192 187 187 197 197 194 194 184 159 1,031 898 801 769 769 EBITDA 158 128 135 125 114 104 115 92 91 87 93 93 89 8 81 84 9 75 89 8 81 92 9 83 81 64 547 426 363 354 34 320 EBITDA margin (%) 56.8% 51.1% 51.3% 50.9% 49.2% 45.1% 48.5% 42.9% 44.9% 43.4% 44.9% 45.7% 46.3% 42.1% 44.6% 39.8% 45.2% 41.1% 46.6% 42.0% 43.6% 40.0% 52.6% 46.5% 44.7% 45.7% 41.3% Capital expenditures (CAPEX) 27 43 76 56 26 29 42 35 14 28 16 49 21 2 20 29 0.4 29 22 0.9 21 39 0.6 39 15 24 202 132 107 112 4 108 CAPEX excluding licenses 27 43 39 56 26 29 42 35 14 28 16 49 21 2 20 29 0.4 29 22 0.9 21 39 0.6 39 15 24 165 132 107 112 4 108 Capital expenditures (CAPEX) - Excl. lease liabilities 15 24 Operational CAPEX 1 15 24 Data Revenue 16.2 15.7 19.3 21.9 25.1 29.8 29.9 28.7 43.5 50.6 47.9 46.4 52.8 52.8 53.7 53.7 60.3 60.3 64.9 64.9 68.3 62.1 73.1 113 188 232 232 Customers (mln) 16.7 16.3 15.9 16.3 16.1 15.5 15.2 15.0 15.3 15.5 15.6 15.8 16.0 16.0 15.6 15.6 15.0 15.0 14.6 14.6 14.2 13.9 16.3 15.0 15.8 14.6 14.6 ARPU (USD) 5.4 5.0 5.4 5.0 4.7 4.8 5.0 4.6 4.4 4.3 4.4 4.1 4.0 4.0 3.9 3.9 4.3 4.3 4.4 4.4 4.2 3.8 n.a. n.a. n.a. n.a. n.a. MOU (min) 351 339 335 323 365 379 415 430 437 447 448 437 420 420 413 413 421 421 430 430 448 464 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 0.0% 9.8% 9.4% 9.9% 9.9% 10.6% 10.4% 11.0% 10.4% 10.0% 9.9% 11.7% 12.2% 12.2% 15.7% 15.7% 15.5% 15.5% 14.2% 14.2% 12.8% 9.0% n.a. n.a. n.a. n.a. n.a. MBOU 295 304 345 447 573 478 515 561 1,065 1,643 1,823 2,191 2,244 2,244 2,703 2,703 3,444 3,444 3,986 3,986 4,574 5,059 n.a. n.a. n.a. n.a. n.a. (in DZD billions, unless stated otherwise, unaudited) MOBILE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19** 2Q19 IFRS 16 2Q19** 3Q19 IFRS 16 3Q19** 4Q19 IFRS 16 4Q19** 1Q20 2Q20 FY16 FY17 FY18 FY19 IFRS 16 FY19** Total operating revenue 30.0 27.4 29.0 27.2 25.5 25.3 26.2 24.5 23.1 23.1 24.4 24.1 22.8 22.8 22.3 22.3 23.6 23.6 23.7 23.7 22.3 20.6 114 101 95 93 93 Service revenue 29.7 27.2 28.9 26.9 25.0 24.9 25.6 24.1 23.0 22.9 24.3 23.2 22.7 22.7 22.3 22.3 23.6 23.6 23.3 23.3 22.2 20.4 113 100 93 92 92 EBITDA 17.1 14.0 14.9 13.9 12.5 11.4 12.7 10.5 10.4 10.0 11.0 11.0 10.6 0.9 9.6 10.0 1.1 8.9 10.7 1.0 9.7 11.1 1.1 10.0 9.7 8.2 60 47 42 42 4 38 EBITDA margin (%) 56.8% 51.1% 51.3% 50.9% 49.2% 45.1% 48.5% 42.9% 44.9% 43.4% 44.9% 45.7% 46.3% 42.1% 44.6% 39.8% 45.2% 41.1% 46.6% 42.0% 43.6% 40.0% 52.6% 46.5% 44.7% 45.7% 41.3% Capital expenditures (CAPEX) 2.9 4.7 8.3 6.2 2.9 3.1 4.6 4.0 1.6 3.3 1.9 5.8 2.5 0.2 2.3 3.5 0.1 3.4 2.6 0.1 2.5 4.7 0.1 4.6 1.8 3.1 22 15 13 13 0 13 CAPEX excluding licenses 2.9 4.7 4.3 6.2 2.9 3.1 4.6 4.0 1.6 3.3 1.9 5.8 2.5 0.2 2.3 3.5 0.1 3.4 2.6 0.1 2.5 4.7 0.1 4.6 1.8 3.1 18 15 13 13 0 13 Capital expenditures (CAPEX) - Excl. lease liabilities 1.8 3.0 Operational CAPEX 1 1.8 3.0 Data Revenue 1.7 1.7 2.1 2.4 2.8 3.2 3.3 3.3 5.0 5.9 5.7 5.5 6.3 6.3 6.4 6.4 7.2 7.2 7.8 7.8 8.2 8.0 8.0 13 22 28 28 Customers (mln) 16.7 16.3 15.9 16.3 16.1 15.5 15.2 15.0 15.3 15.5 15.6 15.8 16.0 16.0 15.6 15.6 15.0 15.0 14.6 14.6 14.2 13.9 16.3 15.0 15.8 14.6 14.6 ARPU (DZD) 586 546 593 555 513 522 553.4 528.3 503.7 495.5 518.1 489.0 474.3 474.3 468.6 468.6 511.6 511.6 523.7 523.7 512.2 484.2 n.a. n.a. n.a. n.a. n.a. MOU (min) 351 339 335 323 365 379 414.9 430 437 447 448 437 420 420 413 413 421 421 430 430 448 464 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 0% 10% 9% 10% 10% 11% 10.4% 11.0% 10.4% 10.0% 9.9% 11.7% 12.2% 12.2% 15.7% 15.7% 15.5% 15.5% 14.2% 14.2% 12.8% 9.0% n.a. n.a. n.a. n.a. n.a. MBOU 295 304 345 447 573 478 514.7 561 1,065 1,643 1,823 2,191 2,244 2,244 2,703 2,703 3,444 3,444 3,986 3,986 4,574 5,059 n.a. n.a. n.a. n.a. n.a. Additional KPI's 4G network coverage 0% 0% 0% 20% 20% 21% 22% 25% 25% 25% 25% 27% 27% 27% 35% 38% 41% 44% n.a. n.a. n.a. n.a. n.a. 1 Operational Capex is defined as capex excluding license expenditures and capitalized leases. Operational capex ration is defined as operational capex divided by total revenue. ** include IFRS 16 adj's

Bangladesh index page (in USD millions, unless stated otherwise, unaudited) MOBILE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19** 2Q19 IFRS 16 2Q19** 3Q19 IFRS 16 3Q19** 4Q19 IFRS 16 4Q19** 1Q20 2Q20 FY16 FY17 FY18 FY19 IFRS 16 FY19** Total operating revenue 155 157 157 152 151 148 144 131 129 131 131 130 134 134 137 137 135 135 131 131 137 130 621 574 521 537 537 Service revenue 153 152 153 147 147 144 140 127 125 125 127 127 131 131 134 134 133 133 128 128 134 128 606 557 504 525 525 EBITDA 70 69 73 55 69 61 56 47 47 45 47 45 60 10 50 55 10 45 55 10 45 53 10 43 59 54 267 233 183 222 40 182 EBITDA margin (%) 45.3% 43.7% 46.7% 36.4% 45.9% 41.1% 38.6% 36.1% 36.1% 34.4% 35.9% 34.3% 44.8% 37.3% 39.8% 32.7% 40.9% 33.2% 40.3% 32.7% 43.0% 41.4% 43.1% 40.6% 35.2% 41.4% 34.0% Capital expenditures (CAPEX) 17 33 22 65 10 18 28 46 385 21 9 8 16 0 16 22 0.4 21 27 2.2 25 32 11.2 20 48 22 137 101 423 96 14 82 CAPEX excluding licenses 17 33 22 65 10 18 28 46 55 21 9 8 16 0 16 22 0.4 21 27 2.2 25 32 11.2 20 48 22 137 101 93 96 14 82 Capital expenditures (CAPEX) - Excl. lease liabilities 44 15 Operational CAPEX 1 44 15 Data Revenue 13.6 14.9 16.6 17.5 19.2 19.0 20.5 19.2 19.8 21.0 22.2 23.6 26.7 26.7 26.7 26.7 27.8 27.8 27.7 27.7 31.3 34.6 63 78 87 109 109 Customers (mln) 31.6 31.1 29.0 30.4 30.5 30.7 31.4 31.3 32.2 32.0 32.3 32.3 33.0 33.0 32.9 32.9 33.1 33.1 33.6 33.6 33.6 32.1 30.4 31.3 32.3 33.6 33.6 ARPU (USD) 1.6 1.6 1.7 1.6 1.6 1.6 1.5 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.4 1.4 1.3 1.3 1.3 1.3 1.3 1.3 n.a. n.a. n.a. n.a. n.a. MOU (min) 311.4 315.7 321.9 321.7 305.4 285.4 280.1 274.3 271.6 270.0 254.7 231.7 231.6 231.6 235.7 235.7 232.2 232.2 226.2 226.2 228.5 211.8 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 0.0% 4.7% 13.9% 4.6% 5.5% 5.4% 5.9% 6.9% 6.0% 6.7% 5.9% 7.5% 6.2% 6.2% 7.9% 7.9% 7.7% 7.7% 6.3% 6.3% 7.5% 6.7% n.a. n.a. n.a. n.a. n.a. MBOU 157 167 254 391 304 364 523 580 600 684 734 1,024 1,200 1,200 1,250 1,250 1,344 1,344 1,370 1,370 1,713 2,240 n.a. n.a. n.a. n.a. n.a. (in BDT billions, unless stated otherwise, unaudited) MOBILE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19** 2Q19 IFRS 16 2Q19** 3Q19 IFRS 16 3Q19** 4Q19 IFRS 16 4Q19** 1Q20 2Q20 FY16 FY17 FY18 FY19 IFRS 16 FY19** Total operating revenue 12.2 12.3 12.3 12.0 12.0 12.0 11.7 10.8 10.7 10.9 11.0 11.0 11.2 11.2 11.5 11.5 11.4 11.4 11.1 11.1 11.6 11.1 48.7 46 44 45 45 Service revenue 12.0 11.9 12.0 11.6 11.7 11.6 11.3 10.4 10.4 10.5 10.7 10.7 11.0 11.0 11.3 11.3 11.2 11.2 10.9 10.9 11.4 10.9 47.5 45 42 44 44 EBITDA 5.5 5.4 5.7 4.4 5.5 4.9 4.5 3.9 3.9 3.8 4.0 3.8 5.0 0.8 4.2 4.6 0.8 3.8 4.7 0.9 3.8 4.5 0.8 3.6 5.0 4.6 21.0 19 15 19 3 15 EBITDA margin (%) 45.3% 43.7% 46.7% 36.4% 46.0% 41.1% 38.6% 36.1% 36.1% 34.4% 35.9% 34.3% 44.8% 37.3% 39.8% 32.7% 40.9% 33.2% 40.3% 32.7% 43.0% 41.4% 43.1% 40.5% 35.2% 41.4% 34.0% Capital expenditures (CAPEX) 1.3 2.6 1.7 5.1 0.8 1.4 2.3 3.7 32.1 1.7 0.8 0.7 1.3 0.0 1.3 1.8 0.0 1.8 2.3 0.2 2.1 2.7 1.0 1.7 4.0 1.9 10.7 8 35 8 1 7 CAPEX excluding licenses 1.3 2.6 1.7 5.1 0.8 1.4 2.3 3.7 4.6 1.7 0.8 0.7 1.3 0.0 1.3 1.8 0.0 1.8 2.3 0.2 2.1 2.7 1.0 1.7 4.0 1.9 10.7 8 8 8 1 7 Capital expenditures (CAPEX) - Excl. lease liabilities 3.7 1.3 Operational CAPEX 1 3.7 1.3 Data Revenue 1.1 1.2 1.3 1.4 1.5 1.5 1.7 1.6 1.6 1.8 1.9 2.0 2.2 2.2 2.3 2.3 2.3 2.3 2.3 2.3 2.7 2.9 4.9 6 7 9 9 Customers (mln) 31.6 31.1 29.0 30.4 30.5 30.7 31.4 31.3 32.2 32.0 32.3 32.3 33.0 33.0 32.9 32.9 33.1 33.1 33.6 33.6 33.6 32.1 30.4 31.3 32.3 33.6 33.6 ARPU (BDT) 125 126 133 130 128 127 121 111 109 109 110 110 112 112 114 114 113 113 109 109 113 110 n.a. n.a. n.a. n.a. n.a. MOU (min) 311 316 322 322 305 285 280 274 272 270 255 232 232 232 236 236 232 232 226 226 228 212 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 0.0% 4.7% 13.9% 4.6% 5.5% 5.4% 5.9% 6.9% 6.0% 6.7% 5.9% 7.5% 6.2% 6.2% 7.9% 7.9% 7.7% 7.7% 6.3% 6.3% 7.5% 6.7% n.a. n.a. n.a. n.a. n.a. MBOU 157 167 254 391 304 364 523 580 600 684 734 1,024 1,200 1,200 1,250 1,250 1,344 1,344 1,370 1,370 1,713 2,240 n.a. n.a. n.a. n.a. n.a. Additional KPI's 4G network coverage 0% 0% 0% 0% 0% 0% 0% 0% 12% 15% 16% 17% 18% 22% 23% 29% 52% 52% n.a. n.a. n.a. n.a. n.a. 4G mobile customer penetration (3 Months active) 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 7% 9% 11% 12% 17% 20% n.a. n.a. n.a. n.a. n.a. 1 Operational Capex is defined as capex excluding license expenditures and capitalized leases. Operational capex ration is defined as operational capex divided by total revenue. ** include IFRS 16 adj's

Ukraine index page (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19** 2Q19 IFRS 16 2Q19** 3Q19 IFRS 16 3Q19** 4Q19 IFRS 16 4Q19** 1Q20 2Q20 FY16 FY17 FY18 FY19 IFRS 16 FY19** Total operating revenue 135 146 155 150 143 153 167 159 156 173 180 179 188 188 212 212 231 231 240 240 238 223 586 622 688 870 870 EBITDA 71 80 86 69 77 87 91 92 89 95 104 100 118 5 113 138 6 132 149 6 143 167 7 160 161 151 306 347 387 572 24 548 EBITDA margin (%) 52.5% 55.0% 55.4% 46.3% 53.6% 56.8% 54.4% 58.0% 56.7% 55.1% 57.5% 55.8% 62.9% 60.2% 65.0% 62.4% 64.8% 62.1% 69.5% 66.6% 67.8% 67.8% 52.3% 55.7% 56.3% 65.7% 63.0% Capital expenditures (CAPEX) 10 30 34 33 29 38 27 20 91 120 28 35 36 7 29 44 6 38 55 7 48 67 26 41 64 66 106 114 275 202 45 156 CAPEX excluding licenses 9 29 33 32 27 27 25 20 26 35 27 27 36 7 29 43 6 37 55 7 48 67 26 41 54 66 104 98 115 201 45 156 Capital expenditures (CAPEX) - Excl. lease liabilities 48 58 Operational CAPEX 1 38 58 MOBILE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19 2Q19 IFRS 16 2Q19 3Q19 IFRS 16 3Q19 4Q19 IFRS 16 4Q19 1Q20 2Q20 FY16 FY17 FY18 FY19 IFRS16 FY19 Total operating revenue 125 136 144 139 132 143 156 149 145 161 169 168 175 175 198 198 216 216 223 223 221 208 545 580 644 812 812 Service revenue 125 135 144 139 132 142 155 148 145 160 168 167 175 175 198 198 216 216 223 223 221 208 542 577 641 812 812 Data Revenue 19.3 21.5 25.9 28.2 31.2 35.3 43.4 44.6 49.2 60.1 74.7 79.3 90.0 90.0 104.8 104.8 110.8 110.8 115.9 115.9 119.7 117.0 95 154 263 421 421 Customers (mln) 25.3 25.4 26.3 26.1 26.0 26.1 26.4 26.5 26.5 26.5 26.6 26.4 26.3 26.3 26.2 26.2 26.4 26.4 26.2 26.2 26.0 25.4 26.1 26.5 26.4 26.2 26.2 ARPU (USD) 1.6 1.7 1.8 1.7 1.7 1.8 1.9 1.8 1.8 2.0 2.1 2.1 2.2 2.2 2.5 2.5 2.7 2.7 2.8 2.8 2.8 2.7 n.a. n.a. n.a. n.a. n.a. MOU (min) 572 559 544 565 574 573 570 589 586 580 565 584 585 585 571 571 566 566 577 577 603 641 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 0.0% 4.5% 2.6% 6.2% 5.3% 4.4% 4.4% 5.0% 4.8% 4.8% 5.2% 5.6% 4.4% 4.4% 4.7% 4.7% 4.3% 4.3% 4.7% 4.7% 4.2% 5.4% n.a. n.a. n.a. n.a. n.a. FIXED-LINE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19 2Q19 IFRS 16 2Q19 3Q19 IFRS 16 3Q19 4Q19 IFRS 16 4Q19 1Q20 2Q20 FY16 FY17 FY18 FY19 IFRS16 FY19 Total operating revenue 10 10 10 10 11 10 11 11 11 11 11 11 12 12 13 13 13 13 15 15 15 14 41 43 44 52 52 Service revenue 10 10 10 10 11 10 11 11 11 11 11 11 12 12 13 13 13 13 15 15 15 14 41 43 44 52 52 Broadband revenue 6 6 6 6 6 6 6 6 7 7 7 7 8 8 8 8 9 9 9 9 10 10 24 26 27 34 34 Broadband customers (mln) 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.9 0.9 0.9 0.9 0.9 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 0.8 0.8 0.9 1.0 0.9 Broadband ARPU (USD) 2.3 2.5 2.5 2.5 2.6 2.6 2.7 2.6 2.7 2.8 2.6 2.5 2.8 2.8 2.9 2.9 2.9 2.9 3.1 3.1 3.2 3.1 n.a n.a n.a n.a n.a (in UAH millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19** 2Q19 IFRS 16 2Q19** 3Q19 IFRS 16 3Q19** 4Q19 IFRS 16 4Q19** 1Q20 2Q20 FY16 FY17 FY18 FY19 IFRS 16 FY19** Total operating revenue 3,468 3,689 3,922 3,881 3,871 4,058 4,316 4,297 4,263 4,521 4,925 5,009 5,125 5,125 5,624 5,624 5,828 5,828 5,815 5,815 5,950 6,009 14,960 16,542 18,719 22,392 22,392 EBITDA 1,822 2,027 2,170 1,793 2,073 2,305 2,349 2,494 2,412 2,490 2,833 2,793 3,223 140 3,083 3,656 148 3,508 3,772 154 3,619 4,031 165 3,866 4,040 4,075 7,811 9,221 10,529 14,683 607 14,076 EBITDA margin (%) 52.5% 54.9% 55.3% 46.2% 53.6% 56.8% 54.4% 58.0% 56.6% 55.1% 57.5% 55.8% 62.9% 60.2% 65.0% 62.4% 64.7% 62.1% 69.3% 66.5% 67.9% 67.8% 52.2% 55.7% 56.2% 65.6% 62.9% Capital expenditures (CAPEX) 264 745 868 847 782 1,009 697 535 2,416 3,152 772 982 983 188 795 1,159 160 998 1,385 177 1,208 1,606 612 994 1,609 1,771 2,723 3,023 7,322 5,134 1,138 3,996 CAPEX excluding licenses 249 727 860 836 737 705 643 534 687 927 737 749 983 188 795 1,152 160 991 1,370 177 1,193 1,606 612 994 1,347 1,766 2,672 2,618 3,100 5,111 1,138 3,972 Capital expenditures (CAPEX) - Excl. lease liabilities 1,226 1,565 Operational CAPEX 1 964 1,561 MOBILE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19 2Q19 IFRS 16 2Q19 3Q19 IFRS 16 3Q19 4Q19 IFRS 16 4Q19 1Q20 2Q20 FY16 FY17 FY18 FY19 IFRS16 FY19 Total operating revenue 3,209 3,427 3,661 3,611 3,576 3,781 4,042 4,012 3,968 4,224 4,624 4,698 4,772 4,772 5,248 5,248 5,466 5,466 5,417 5,417 5,530 5,593 13,908 15,411 17,513 20,903 20,903 Service revenue 3,199 3,399 3,652 3,601 3,560 3,768 4,024 3,986 3,949 4,200 4,602 4,671 4,763 4,763 5,257 5,257 5,466 5,466 5,417 5,417 5,530 5,593 13,851 15,338 17,421 20,903 20,903 Data Revenue 496 544 659 731 845 933 1,123 1,202 1,341 1,574 2,045 2,217 2,454 2,454 2,784 2,784 2,799 2,799 2,810 2,810 3,004 3,149 2,429 4,103 7,177 10,847 10,847 Customers (mln) 25.3 25.4 26.3 26.1 26.0 26.1 26.4 26.5 26.5 26.5 26.6 26.4 26.3 26.3 26.2 26.2 26.4 26.4 26.2 26.2 26.0 25.4 26.1 26.5 26.4 26.2 26.2 ARPU (UAH) 41.6 43.8 46.2 45.2 44.9 47.5 50.0 49.3 48.7 52.1 57.2 58.2 59.8 59.8 66.2 66.2 68.6 68.6 68.3 68.3 70.3 72.4 n.a. n.a. n.a. n.a. n.a. MOU (min) 572 559 544 565 574 573 570 589 586 580 565 584 585 585 571 571 566 566 577 577 603 641 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 0.0% 4.5% 2.6% 6.2% 5.3% 4.4% 4.4% 5.0% 4.8% 4.8% 5.2% 5.6% 4.4% 4.4% 4.7% 4.7% 4.3% 4.3% 4.7% 4.7% 4.2% 5.4% n.a. n.a. n.a. n.a. n.a. FIXED-LINE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19 2Q19 IFRS 16 2Q19 3Q19 IFRS 16 3Q19 4Q19 IFRS 16 4Q19 1Q20 2Q20 FY16 FY17 FY18 FY19 IFRS16 FY19 Total operating revenue 259 262 261 270 295 277 275 285 295 297 302 311 329 329 333 333 333 333 355 355 384 388 1,052 1,132 1,206 1,350 1,350 Service revenue 259 262 261 270 295 277 275 285 295 297 302 311 329 329 333 333 333 333 355 355 384 388 1,052 1,132 1,206 1,350 1,350 Broadband revenue 148 150.7 150.0 156 170 169 167 170 181 185 186 190 209 209 215 215 216 216 224 224 248 257 604 678 741 864 864 Broadband customers (mln) 0.8 0.81 0.80 0.8 0.8 0.8 0.80 0.82 0.84 0.86 0.88 0.91 0.94 0.94 0.96 0.96 0.98 0.98 1.01 1.01 1.0 1.0 0.8 0.8 0.9 1.0 1.0 Broadband ARPU (UAH) 61 61.9 62.18 64 69 70 69.2 69.8 72.5 72.6 71.1 70.5 75.2 75.2 75.8 75.8 74.2 74.2 74.9 74.9 81.0 82.6 n.a n.a n.a n.a n.a Additional KPI's 4G network coverage 0% 0% 0% 0% 0% 0% 0% 0% 0% 20% 50% 51% 58% 68% 0% 74% 77% 81% n.a. n.a. n.a. n.a. n.a. 4G mobile customer penetration 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 16% 20% 24% 27% 30% 31% n.a. n.a. n.a. n.a. n.a. 1 Operational Capex is defined as capex excluding license expenditures and capitalized leases. Operational capex ration is defined as operational capex divided by total revenue. ** include IFRS 16 adj's

Uzbekistan index page (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19** 2Q19 IFRS 16 2Q19** 3Q19 IFRS 16 3Q19** 4Q19 IFRS 16 4Q19** 1Q20 2Q20 FY16 FY17 FY18 FY19 IFRS 16 FY19** Total operating revenue 165 164 169 165 153 152 130 78 76 79 83 77 64 64 67 67 66 66 61 61 55 48 663 513 315 258 258 EBITDA 100 94 96 105 79 83 67 33 34 35 37 31 31.8 1 30.8 34.9 2 33.3 36.0 1 34.9 33.4 1 32.7 25.4 20.1 395 261 136 136 4 132 EBITDA margin (%) 60.8% 57.1% 57.1% 63.3% 51.5% 54.2% 51.2% 42.5% 44.8% 43.6% 44.7% 40.0% 49.8% 48.3% 52.1% 49.6% 54.6% 52.9% 54.8% 53.6% 46.4% 42.0% 59.6% 50.9% 43.3% 52.8% 51.1% Capital expenditures (CAPEX) 30 16 38 91 22 16 10 15 9 16 9 5 30 3 28 14 3 11 4 1 3 11 0 11 7 23 174 63 39 59 7 53 CAPEX excluding licenses 30 16 38 91 22 16 10 15 9 16 9 5 30 3 28 14 3 11 4 1 3 11 0 11 7 23 174 63 39 59 7 53 Capital expenditures (CAPEX) - Excl. lease liabilities 5 21 Operational CAPEX 1 5 21 MOBILE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19 2Q19 IFRS 16 2Q19 3Q19 IFRS 16 3Q19 4Q19 IFRS 16 4Q19 1Q20 2Q20 FY16 FY17 FY18 FY19 IFRS16 FY19 Total operating revenue 164 163 168 164 152 151 129 77 75 79 82 76 63 63 66 66 65 65 61 61 54 47 659 510 313 256 256 Service revenue 164 163 168 164 152 151 129 77 75 79 82 76 63 63 66 66 65 65 60 60 54 47 659 509 312 255 255 Data Revenue 36.4 37.3 38.3 40.2 40.0 36.9 31.0 20.1 22.8 26.7 28.7 29.8 28.1 28 30.1 30 30.2 30 31.4 31 31.3 25.3 152 127.9 108.1 119.8 119.8 Customers (mln) 9.5 9.3 9.6 9.5 9.5 9.6 9.5 9.7 9.6 9.3 9.1 9.1 9.0 9 8.7 9 8.4 8 8.1 8 7.7 7.1 9.5 9.7 9.1 8.1 8.1 ARPU (USD) 5.6 5.7 5.9 5.7 5.3 5.3 4.5 2.7 2.6 2.7 3.0 2.8 2.3 2 2.5 2 2.5 2 2.4 2 2.3 2.1 n.a. n.a. n.a. n.a. n.a. MOU (min) 482 535 580 568 545 578 581 574 546 568 596 608 576 576 616 616 627 627 609 609 598 642 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 0% 12% 10% 12% 12% 13% 15% 14% 14% 16% 16% 15% 14% 14% 16% 16% 17% 17% 17% 17% 17% 20% n.a. n.a. n.a. n.a. n.a. FIXED-LINE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19 2Q19 IFRS 16 2Q19 3Q19 IFRS 16 3Q19 4Q19 IFRS 16 4Q19 1Q20 2Q20 FY16 FY17 FY18 FY19 IFRS16 FY19 Total operating revenue 1.2 1.1 1.1 1.0 1.0 1.0 0.8 0.5 0.5 0.6 0.6 0.5 0.4 0.4 0.4 0.4 0.3 0.3 0.4 0.4 0.3 0.3 4.5 3.3 2.2 1.5 1.5 Service revenue 1.2 1.1 1.1 1.0 1.0 1.0 0.8 0.5 0.5 0.6 0.6 0.5 0.4 0.4 0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.3 4.5 3.3 2.2 1.5 1.5 (in UZS billions, unless stated otherwise, unaudited) CONSOLIDATED 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19** 2Q19 IFRS 16 2Q19** 3Q19 IFRS 16 3Q19** 4Q19 IFRS 16 4Q19** 1Q20 2Q20 FY16 FY17 FY18 FY19 IFRS 16 FY19** Total operating revenue 469 479 502 518 513 576 625 628 617 635 650.7 635 535 535 567.8 568 594 593.7 579 579.1 522 480 1,967 2,342 2,538 2,275 2,275 EBITDA 285 273 287 328 265 313 316 267 276 277 291 254 266 8 258 296 14 282 325 10 315 317 7 310 242 202 1,173 1,160 1,098 1,204 39 1,165 EBITDA margin (%) 60.8% 57.1% 57.1% 63.5% 51.6% 54.3% 50.6% 42.5% 44.8% 43.5% 44.7% 40.0% 49.8% 48.3% 52.1% 49.6% 54.7% 53.0% 54.8% 53.6% 46.4% 42.0% 59.6% 49.5% 43.3% 52.9% 51.2% Capital expenditures (CAPEX) 85 47 112 289 75 60 50 120 75 132 71 38 253 23 230 119 22 96 32 8 23 107 3 105 63 232 533 304 315 511 56 455 CAPEX excluding licenses 85 47 112 289 75 60 50 120 75 132 71 38 253 23 230 119 22 96 32 8 23 107 3 105 63 232 533 304 315 511 56 455 Capital expenditures (CAPEX) - Excl. lease liabilities 49 212 Operational CAPEX 1 49 212 MOBILE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19 2Q19 IFRS 16 2Q19 3Q19 IFRS 16 3Q19 4Q19 IFRS 16 4Q19 1Q20 2Q20 FY16 FY17 FY18 FY19 IFRS16 FY19 Total operating revenue 465 475 499 514 510 572 621 624 612 630 646.4 631 531 531 563.4 563 589 589.1 574 574.4 518 477 1,954 2,327 2,520 2,258 2,258 Service revenue 465 475 499 514 510 572 620 621 612 629 645 630 531 531 563 563 589 589 569 569 515 476 1,953 2,323 2,517 2,252 2,252 Data Revenue 103.4 108.7 114.0 126.1 134.2 139.4 149.4 162.1 186.3 213.5 225.4 246.5 235.5 235.5 255.4 255.4 271.1 271.1 297.5 297.5 298.1 253.9 452 585.1 872 1,060 1,060 Customers (mln) 9.5 9.3 9.6 9.5 9.5 9.6 9.5 9.7 9.6 9.3 9.1 9.1 9.0 9 8.7 9 8.4 8 8.1 8 7.7 7.1 9.5 9.7 9.1 8.1 8.1 ARPU (UZS) 15,877 16,720 17,527 17,925 17,767 19,847 21,484 21,672 21,152 22,018 23,257 22,917 19,446 19,446 20,873 20,873 22,463 22,463 22,547 22,547 21,573 21,282 n.a. n.a. n.a. n.a. n.a. MOU (min) 482 535 580 568 545 578 581 574 546 568 596 608 576 576 616 616 627 627 609 609 598 642 n.a. n.a. n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 0% 12% 10% 12% 12% 13% 15% 14% 14% 16% 16% 15% 14% 14% 16% 16% 17% 17% 17% 17% 17% 20% n.a. n.a. n.a. n.a. n.a. FIXED-LINE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19 2Q19 IFRS 16 2Q19 3Q19 IFRS 16 3Q19 4Q19 IFRS 16 4Q19 1Q20 2Q20 FY16 FY17 FY18 FY19 IFRS16 FY19 Total operating revenue 3.5 3.3 3.3 3.2 3.4 3.7 3.9 4.0 4.3 5.1 4.4 3.9 3.6 3.6 3.4 3.4 3.1 3.1 3.4 3.4 3.1 2.9 13.3 15.1 17.6 13.5 13 Service revenue 3.5 3.3 3.3 3.2 3.4 3.7 3.9 4.0 4.2 5.0 4.3 3.8 3.5 3.5 3.4 3.4 3.1 3.1 3.2 3.2 3.1 2.9 13.2 15.0 17.4 13.2 13 Additional KPI's 4G network coverage 0% 1% 2% 2% 8% 8% 23% 23% 23% 25% 25% 25% 25% 25% 26% 26% 26% 34% n.a. n.a. n.a. n.a. n.a. 1 Operational Capex is defined as capex excluding license expenditures and capitalized leases. Operational capex ration is defined as operational capex divided by total revenue. ** include IFRS 16 adj's

Kazakhstan index page (in USD millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19** 2Q19 IFRS 16 2Q19** 3Q19 IFRS 16 3Q19** 4Q19 IFRS 16 4Q19** 1Q20 2Q20 FY16 FY17 FY18 FY19 IFRS 16 FY19** Total operating revenue 81 90 97 96 95 105 108 108 110 112 110 109 103 103 150 150 115 115 118 118 118 111 364 416 441 486 486 EBITDA 31 36 47 46 41 48 44 46 50 51 53 52 55 4 51 97 4 93 60 4 55 59 4 55 63 61 161 180 206 270 17 254 EBITDA margin (%) 38.7% 39.9% 48.5% 48.5% 43.8% 45.9% 40.8% 42.6% 45.9% 45.7% 48.0% 47.6% 53.6% 49.6% 64.7% 61.9% 51.6% 47.9% 50.0% 46.3% 53.6% 54.7% 44.2% 43.2% 46.8% 55.6% 52.2% Capital expenditures (CAPEX) 50 53 14 35 10 18 14 33 14 16 19 17 13 1 11 61 19 42 19 -16 35 33 1 32 45 30 152 75 66 126 6 120 CAPEX excluding licenses 11 18 14 35 10 18 14 33 14 16 19 17 13 1 11 61 19 42 2 -16 18 38 1 37 29 30 78 75 66 114 6 108 Capital expenditures (CAPEX) - Excl. lease liabilities 40 28 Operational CAPEX 1 25 28 MOBILE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19 2Q19 IFRS 16 2Q19 3Q19 IFRS 16 3Q19 4Q19 IFRS 16 4Q19 1Q20 2Q20 FY16 FY17 FY18 FY19 IFRS16 FY19 Total operating revenue 67 76 82 79 78 87 89 86 91 93 92 91 87 87 133 133 100 100 100 100 99 92 304 340 367 419 419 Service revenue 66 75 80 78 78 87 88 86 89 92 91 91 86 86 94 94 99 99 99 99 98 92 299 339 363 378 378 Data Revenue 16.3 18.5 20.1 21.7 23.4 24.1 24.2 25.3 27.9 28.6 28.6 30.2 33.6 33.6 37.6 37.6 40.3 40.3 45.0 45.0 47.8 47.7 77 97 115 157 157 Customers (mln) 9.2 9.4 9.4 9.0 8.9 9.2 9.5 9.8 9.7 10.2 10.0 9.9 9.7 9.7 10.0 10.0 10.2 10.2 10.2 10.2 9.6 9.4 9.0 9.8 9.9 10.2 10.2 ARPU (USD) 2.3 2.7 2.7 3.0 2.9 3.1 3.1 3.0 3.0 3.1 3.0 3.0 2.9 2.9 3.1 3.1 3.2 3.2 3.2 3.2 3.3 3.2 n.a. n.a. n.a. n.a. n.a. n.a. MOU (min) 299 326 324 321 313 320 328 295 292 315 312 312 301 301 326 326 315 315 300 300 298 332 n.a. n.a. n.a. n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 0.0% 11.4% 13.3% 14.7% 12.5% 10.1% 12.2% 13.5% 15.4% 13.7% 17.1% 15.5% 15.7% 15.7% 11.6% 11.6% 13.6% 13.6% 14.7% 14.7% 16.2% 9.1% n.a. n.a. n.a. n.a. n.a. n.a. FIXED-LINE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19 2Q19 IFRS 16 2Q19 3Q19 IFRS 16 3Q19 4Q19 IFRS 16 4Q19 1Q20 2Q20 FY16 FY17 FY18 FY19 IFRS16 FY19 Total operating revenue 14 14 16 17 17 18 19 22 19 19 18 18 16 16 17 17 16 16 18 18 18 19 60 75 73 67 67 Service revenue 14 14 16 17 17 18 19 22 19 19 18 17 16 16 17 17 16 16 18 18 18 19 60 75 73 66 66 Broadband revenue 6 6 6 7 7 8 6 0 5 9 6 8 9 9 8 8 8 8 9 9 8 9 25 21 27 34 34 Broadband customers (mln) 0 0 0 0 0 0 0 0 0 0 0 0 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.5 0.3 0.3 0.4 0.4 0.4 Broadband ARPU (USD) 11.5 12.2 11.6 12.1 12.0 12.3 10.6 11.5 8.5 8.1 7.8 7.5 7.3 7.3 6.9 6.9 6.8 6.8 7.1 7.1 6.2 6.3 n.a n.a n.a n.a n.a n.a (in KZT millions, unless stated otherwise, unaudited) CONSOLIDATED 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19** 2Q19 IFRS 16 2Q19** 3Q19 IFRS 16 3Q19** 4Q19 IFRS 16 4Q19** 1Q20 2Q20 FY16 FY17 FY18 FY19 IFRS 16 FY19** Total operating revenue 28,795 30,159 33,216 32,083 30,468 33,199 35,867 36,079 35,416 36,882 39,163 40,338 39,030 39,030 56,952 56,952 44,546 44,546 45,512 45,512 45,954 46,361 124,253 135,613 151,798 186,039 186,039 EBITDA 11,126 12,020 16,110 15,569 13,350 15,232 14,580 15,384 16,256 16,858 18,809 19,196 20,903 1,562 19,341 36,839 1,587 35,253 22,965 1,629 21,337 22,746 1,653 21,094 24,628 25,325 54,825 58,546 71,119 103,454 6,429 97,025 EBITDA margin (%) 38.6% 39.9% 48.5% 48.5% 43.8% 45.9% 40.7% 42.6% 45.9% 45.7% 48.0% 47.6% 53.6% 49.6% 64.7% 61.9% 51.6% 47.9% 50.0% 46.3% 53.6% 54.6% 44.1% 43.2% 46.9% 55.6% 52.2% Capital expenditures (CAPEX) 17,838 17,922 4,919 11,728 3,360 5,710 4,784 10,849 4,401 5,344 6,642 6,468 4,736 491 4,245 23,405 7,401 16,003 7,335 -6,121 13,456 12,919 403 12,515 18,339 12,400 52,408 24,702 22,856 48,395 2,175 46,220 CAPEX excluding licenses 3,838 5,922 4,919 11,728 3,360 5,710 4,784 10,849 4,401 5,344 6,642 6,468 4,736 491 4,245 23,405 7,401 16,003 729 -6,121 6,850 14,688 403 14,285 11,813 12,440 26,408 24,702 22,856 43,558 2,175 41,383 Capital expenditures (CAPEX) - Excl. lease liabilities 16,441 11,570 Operational CAPEX 1 9,914 11,610 MOBILE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19 2Q19 IFRS 16 2Q19 3Q19 IFRS 16 3Q19 4Q19 IFRS 16 4Q19 1Q20 2Q20 FY16 FY17 FY18 FY19 IFRS16 FY19 Total operating revenue 23,931 25,471 27,866 26,396 25,121 27,445 29,585 28,872 29,343 30,711 32,609 33,849 32,887 32,887 50,578 50,578 38,436 38,436 38,644 38,644 38,812 38,583 103,664 111,023 126,511 160,545 160,545 Service revenue 23,424 25,088 27,350 26,218 25,006 27,357 29,373 28,884 28,662 30,413 32,473 33,577 32,591 32,591 35,796 35,796 38,191 38,191 38,347 38,347 38,213 38,336 102,079 110,621 125,125 144,925 144,925 Data Revenue 5,775 6,197 6,859 7,269 7,551 7,600 8,052 8,446 9,027 9,423 10,158 11,182 12,722 12,721.9 14,325.6 14,325.6 15,534.4 15,534.4 17,404.3 17,404.3 18,635.8 19,921.6 26,100 31,650 39,789 59,986 59,986 Customers (mln) 9.2 9.4 9.4 9.0 8.9 9.2 9.5 9.8 9.7 10.2 10.0 9.9 9.7 9.7 10.0 10.0 10.2 10.2 10.2 10.2 9.6 9.4 9.0 9.8 9.9 10.2 10.2 ARPU (KZT) 827.7 914.1 933.7 993.5 928.0 991.3 1,029.3 992.8 976.7 1,012.7 1,068.5 1,111.9 1,100.7 1,100.7 1,198.8 1,198.8 1,247.1 1,247.1 1,242.9 1,242.9 1,283.1 1,341.5 n.a. n.a. n.a. n.a. n.a. n.a. MOU (min) 299 326 324 321 313 320 328 295 292 315 312 312 301 301 326 326 315 315 300 300 298 332 n.a. n.a. n.a. n.a. n.a. n.a. Churn 3 months active base (quarterly) (%) 0.0% 11.4% 13.3% 14.7% 12.5% 10.1% 12.2% 13.5% 15.4% 13.7% 17.1% 15.5% 15.7% 15.7% 11.6% 11.6% 13.6% 13.6% 14.7% 14.7% 16.2% 9.1% n.a. n.a. n.a. n.a. n.a. n.a. FIXED-LINE 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 IFRS 16 1Q19 2Q19 IFRS 16 2Q19 3Q19 IFRS 16 3Q19 4Q19 IFRS 16 4Q19 1Q20 2Q20 FY16 FY17 FY18 FY19 IFRS16 FY19 Total operating revenue 4,863 4,688 5,351 5,687 5,347 5,754 6,282 7,207 6,073 6,171 6,554 6,488 6,143 6,143 6,374 6,374 6,110 6,110 6,868 6,868 7,143 7,778 20,590 24,590 25,287 25,495 25,495 Service revenue 4,855 4,681 5,343 5,677 5,337 5,744 6,268 7,198 6,059 6,157 6,539 6,474 6,124 6,124 6,357 6,357 6,092 6,092 6,850 6,850 7,116 7,759 20,556 24,547 25,228 25,423 25,423 Broadband revenue 2,854 2,939 3,034 3,279 3,329 3,415 3,206 3,698 2,793 2,819 2,992 3,117 3,227 3,227 3,179 3,179 3,164 3,164 3,376 3,376 3,329 3,579 12,107 13,649 11,720 12,947 12,947 Broadband customers (mln) 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.40 0.40 0.41 0.41 0.40 0.40 0.42 0.42 0.44 0.46 0.3 0.3 0.4 0.4 0.4 Broadband ARPU (KZT) 4,098.3 4,082.29 3,969.28 4,041 3,882 3,861 3,533.4 3,852 2,739 2,686 2,777 2,765 2,748 2,748 2,635 2,635 2,609 2,609 2,750 2,750 2,589 2,641 n.a n.a n.a n.a n.a n.a Additional KPI's 4G network coverage 0% 0% 18% 29% 29% 40% 50% 50% 50% 52% 57% 60% 60% 63% 66% 68% 69% 72% n.a. n.a. n.a. n.a. n.a. 4G mobile customer penetration 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 31% 34% 39% 41% 44% 44% n.a. n.a. n.a. n.a. n.a. 1 Operational Capex is defined as capex excluding license expenditures and capitalized leases. Operational capex ration is defined as operational capex divided by total revenue. ** include IFRS 16 adj's



Exhibit No.	Description of Exhibit
99.1	Press Release, dated August 6, 2020
99.2	Presentation Materials, dated August 6, 2020
99.3	Supplemental Factbook, dated August 6, 2020



	VEON LTD.
	(Registrant)

Date: August 6, 2020

	By:	/s/ Scott Dresser
	Name:	Scott Dresser
	Title:	Group General Counsel