Islamabad, Dubai and New York - March 10, 2026: VEON Ltd. (NASDAQ:VEON, "VEON")), a global digital operator, is pleased to note the successful mobile spectrum auction held today in its largest market Pakistan. With the auction, the Pakistani Government nearly triples the spectrum available to mobile operators, with VEON's subsidiary Jazz, Pakistan's leading connectivity provider under JazzWorld, securing the largest allocation of 190 MHz.

The auction increased the spectrum available to mobile operators from 274 MHz to 754 MHz, strengthening Pakistan's digital infrastructure and supporting faster broadband and next-generation digital services. Jazz's acquisition includes 50 MHz in the 3500 MHz band, 70 MHz in the 2600 MHz band, 50 MHz in the 2300 MHz band, and 20 MHz in the 700 MHz band.

Kaan Terzioglu, VEON Group CEO, welcomed the government's reform-driven expansion of national digital infrastructure. "We commend the Government of Pakistan, the Ministry of Information Technology and Telecommunication, and the Pakistan Telecommunication Authority for conducting a forward-looking spectrum auction that strengthens the national digital infrastructure and creates an environment for conducive to investment and innovation. Pakistan is VEON's largest market with significant untapped potential, and this reform will help accelerate the development of connectivity, digital services and AI-enabled platforms across the country."

Aamir Ibrahim, CEO of JazzWorld, highlighted the role of additional spectrum in expanding Pakistan's digital connectivity. "As we upgrade our customer value proposition with augmented intelligence, it is essential to continue investing in technologies that enable superior digital experiences. The additional spectrum secured in this auction allows us to expand connectivity, enhance network capacity and continue scaling high-quality mobile broadband nationwide while progressively introducing new capabilities that support innovation, enterprise growth and digital inclusion."

Payments for the spectrum awarded in today's auction will be made in Pakistani Rupees (PKR) beginning in 2027, allowing operators time to deploy the required network technology. Jazz, which acquired 40% of the spectrum sold in the auction, will pay the PKR equivalent of approximately USD 239.5 million at the prevailing exchange rate.

JazzWorld serves more than 100 million users across connectivity and digital services, including 74 million mobile connectivity customers. Jazz will continue to invest in network rollout and optimization to support expanding connectivity and digital services across the country.

VEON and JazzWorld launched their "Invest in Pakistan, NOW!" campaign in February, highlighting the country's strengthening macroeconomic fundamentals and inviting international investors to explore new opportunities in Pakistan's digital economy.

About VEON

VEON is a digital operator that provides connectivity and digital services to nearly 150 million connectivity customers and 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 JazzWorld

JazzWorld is Pakistan's leading integrated digital ServiceCo, serving over 100 million users through a portfolio spanning connectivity (Jazz), fintech (JazzCash), banking (Mobilink Bank), entertainment (Tamasha), ultra-app (SIMOSA), insurtech (FikrFree), enterprise cloud solutions (Garaj), gaming (GameNow), health-tech (Apna Clinic), fashion marketplace (Zarr), and more. This evolution reflects Jazz's strategic shift from connectivity to capability, enabling platforms that ensure a better life for all through the power of technology. For more information, visit: http://www.jazz.com.pk/

Forward-Looking Statements Disclaimer

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 and its subsidiaries' strategic ambitions and investments. 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 VEON's and its subsidiaries' strategic ambitions and investments, 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.

Contact Information

VEON

Hande Asik

Chief Communications and Strategy Officer

pr@veon.com

VEON's Largest Market Pakistan Almost Triples Mobile Spectrum in Reform Push; Jazz Secures Largest Allocation with 190 MHz