Dubai and New York, February 3, 2026 -- VEON Ltd. (NASDAQ:VEON), a global digital operator ("VEON"), notes that Kyivstar Group Ltd. (NASDAQ:KYIV, KYIVW)), Ukraine's leading digital operator ("Kyivstar"), is pleased to announce the closing of a secondary public offering of 14,375,000 common shares of Kyivstar (the "Offering"), at a public offering price of USD 10.50 per share. The Offering, which was over-subscribed by 5 times, was closed on February 2, 2026, and included Kyivstar shares held by VEON Amsterdam B.V., the principal shareholder of the Company, and 400,000 common shares held by certain other selling shareholders.

"We are very pleased to have opened up a further 6% of Kyivstar's share capital to international investors. This Offering was a natural next step in VEON's ambition to make Ukraine's potential recovery and growth accessible to international investors, further expanding Kyivstar's investor base," said Kaan Terzioglu, VEON Group CEO and Executive Chairman of Kyivstar. "Kyivstar, the only Ukrainian company listed on a U.S. stock exchange, demonstrates remarkable resilience and consistently executes its digital growth vision, which we are pleased to share with KYIV investors and all of Ukraine."

"I want to thank international investors for their continued interest in Kyivstar. This successful offering demonstrates once again that there is investor demand for innovative, well-run Ukrainian companies like Kyivstar already today," said Kyivstar Group President Oleksandr Komarov. "We look forward to the next stages of Kyivstar's journey as a public company. We also remain committed to working towards our goal of making it possible for people in Ukraine, to have the chance to invest in Kyivstar and be part of the Kyivstar story."

Following the Offering, VEON's ownership of Kyivstar Group Ltd. now stands at 83.6%. As a result of the offering, VEON has received proceeds of USD 139.8 million, net of fees, which VEON plans to use for general corporate purposes.

The Offering included the exercise in full of the underwriters' option to purchase an additional 1,875,000 common shares.

Morgan Stanley, Barclays, Cantor and Rothschild & Co acted as joint booking-running managers and as representatives of the underwriters for the Offering. Benchmark, a StoneX Company and Northland Capital Markets acted as co-managers for the Offering.

Further information on the Offering

The Offering was made pursuant to a registration statement on Form F-1 which was filed on January 28, 2026 with the Securities and Exchange Commission ("SEC"), and declared effective on January 29, 2026, and the accompanying prospectus. A final prospectus relating to and describing the terms of the Offering has been filed with the SEC and is available on the SEC's website at www.sec.gov. Copies of the final prospectus relating to the Offering may also be obtained from:

Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014;
Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 1-888-603-5847, or by email at barclaysprospectus@broadridge.com;
Cantor Fitzgerald & Co., Attention: Capital Markets, 110 East 59th Street, 6th Floor, New York, New York 10022, or by email at prospectus@cantor.com; and
Rothschild & Co US Inc., 1251 Avenue of the Americas, New York, NY 10020.

About VEON

VEON is a digital operator that provides connectivity and digital services to nearly 150 million connectivity and over 140 million digital users. Operating across five countries that are home to more than 6% of the world's population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. VEON is listed on NASDAQ. For more information, visit: https://www.veon.com.

About Kyivstar Group Ltd.

Kyivstar Group Ltd. is a Nasdaq-listed holding company that operates JSC Kyivstar, Ukraine's leading digital operator and the first Ukrainian company to list on a U.S. stock exchange. Kyivstar's companies provide a broad range of connectivity and digital services, including mobile and fixed-line voice and data, ride-hailing, e-health, digital TV, and enterprise solutions such as Big Data, cloud, and cybersecurity.

Together with VEON, Kyivstar intends to invest USD 1 billion in Ukraine between 2023-2027, through investments in infrastructure, technological development and strategic acquisitions, as well as charitable donations for social projects. For more information, please visit https://investors.kyivstar.ua.

Disclaimers

This release contains "forward-looking statements", within the meaning of the 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. Such forward-looking statements include, but are not limited to, statements relating to VEON's strategic ambitions. There are numerous risks, uncertainties that could cause actual results and performance to differ materially from those expressed by such statements, including risks relating to the timing of the closing of the Offering, among others discussed in the section entitled "Risk Factors" in VEON's 2024 Form 20-F filed with the SEC on April 25, 2025 and other public filings made by VEON with the SEC. The forward-looking statements contained herein speak only as of the date of this release and VEON disclaims any obligation to update them, except as required by law.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of VEON or Kyivstar, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

Contact Information

VEON

Hande Asik

Chief Strategy and Communications Officer

pr@veon.com

VEON Welcomes Expanded Kyivstar Free Float After the Successful Kyivstar Secondary Offering