UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 under

the Securities Exchange Act of 1934

For the month of February 2018

Commission File Number 1-34694

VEON Ltd.

(formerly VimpelCom Ltd.)

(Translation of registrant’s name into English)

The Rock Building, Claude Debussylaan 88, 1082 MD, Amsterdam, the Netherlands

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒                 Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

VEON LTD.
(Registrant)
By:	/s/ Scott Dresser
Name:	Scott Dresser
Title:	Group General Counsel

Date: February 22, 2018

2 2   F E B R U A R Y    2 0 1 8

V E O N    R E P O R T S    F U L L    Y E A R    2 0 1 7    R E S U L T S    W I T H    R O B U S T    F R E E

C A S H    F L O W    G E N E R A T I O N    O F    O V E R    U S D    1    B I L L I O N    A N D    A N N O U N C E S

U S    1 7    C E N T S    F I N A L    D I V I D E N D

Amsterdam (22 February 2018) – VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON) a leading global provider of connectivity and internet services headquartered in Amsterdam and serving more than 240 million customers, today announces financial and operating results for the quarter and year ended 31 December 2017.

KEY DEVELOPMENTS

● Supervisory Board approved final dividend of US 17 cents, totalling 2017 dividend to US 28 cents per share, representing approximately 22% year-on-year increase

● Delivered on FY2017 targets for organic¹ revenue growth and underlying free cash flow

● Underlying EBITDA margin² below target due to margin pressure in Russia, Algeria and Bangladesh

● Generated strong underlying equity free cash flow³ of USD 1.1 billion, significantly ahead of guidance, up 31.4% year-on-year

● Successfully repatriated USD 200 million from Uzbekistan enhancing the Group’s cash upstreaming capability

● Strengthened spectrum portfolio through acquisition of 4G/LTE licenses in Ukraine and Bangladesh

Q4 2017 KEY RESULTS

● Total reported revenue decreased 1.4% to USD 2,320 million, mainly due to the significant devaluation of the Uzbek som

● Organic¹ revenue grew 1.2%, driven by Russia, Pakistan, Ukraine and Uzbekistan, partially offset by continued pressure in Algeria and Bangladesh

● Reported EBITDA decreased 3.8% to USD 753 million, mainly due to the significant devaluation of the Uzbek som, partially offset by lower exceptional costs

● Underlying EBITDA², which excludes exceptional costs, decreased organically¹ by 6.9% due to a decrease in EBITDA in Russia, Algeria and Bangladesh and increased corporate costs

● Underlying EBITDA margin of 35.1%, down 3.1 percentage points year-on-year

● Underlying equity free cash flow³ excluding licenses totalled USD 101 million in Q4 2017

JEAN-YVES CHARLIER, CHIEF EXECUTIVE OFFICER, COMMENTS:

“Looking back on 2017, I am pleased to report another good year. Our total revenue grew by over 6 percent and EBITDA by 11 percent, supported by organic growth and the strengthening of the currencies in our portfolio. On the back of this solid performance, our underlying equity free cashflow increased significantly to over USD 1 billion. This is a clear testament that the strategy we launched in August 2015 is transforming our business. In the last three months, we successfully repatriated—for the first time—USD 200 million from Uzbekistan and acquired new 4G/LTE spectrum in key markets: Ukraine and Bangladesh. We also delivered on our full year 2017 targets for organic growth in revenue and underlying equity free cash flow, which came far ahead of our original guidance, thus allowing the Board to announce a final dividend of US 17 cents, a total of US 28 cents per share for the full year.

During the fourth quarter of 2017, reported EBITDA declined by 4 percent, mainly due to the Uzbekistan currency liberalization and resetting of the official exchange rate in September 2017, which had a negative impact of more than 6 percent on the Group results. On an underlying basis, the largest contributors to the year-on-year organic decrease in EBITDA were Algeria, Bangladesh and Russia, which, along with an increase in corporate costs, more than offset the positive contribution from Pakistan and Ukraine.

We also delivered on a number of strategic objectives in 2017. This included an agreement to dispose of our tower business in Pakistan; the split of the Euroset joint venture to strengthen our mono-brand strategy in Russia, and the successful refinancing of our WIND Tre joint venture in Italy. The GTH Mandatory Tender Offer, which we submitted in November 2017, remains subject to approval by the Egyptian Authorities. VEON has taken all actions required for such approval and the matter is currently held up in connection with disputed GTH taxes. Our desire is to find a path forward with the Egyptian Authorities and we are considering all options.

Looking ahead to 2018, our financial performance will be impacted by Uzbekistan’s currency liberalization and a number of strategic transactions including the Pakistan tower transaction closing and the integration of the Euroset business in Russia. As such, we expect flat-to-low single digit organic growth for both Group revenue and EBITDA. In addition, we forecast a strengthening of equity free cash flow, which we expect to be approximately USD 1 billion compared to USD 804 million in 2017 under the new definition for 2018 targets.”

¹⁾ Organic change reflects changes in revenue and EBITDA excluding foreign currency movements and other factors, such as businesses under liquidation, disposals, mergers and acquisitions. See Attachment E for reconciliations

²⁾ Underlying EBITDA excludes exceptional items in Q4 2016 consisting of performance transformation costs of USD 66 million and other exceptional items of USD 61 million, totalling USD 127 million. Exceptional items in Q4 2017 consists of performance transformation costs of USD 58 million and other exceptionals of USD 3 million, totalling USD 61 million. See Attachment E for reconciliations

³⁾ Underlying equity free cash flow excluding licenses is defined as free cash flow from operating activities less free cash flow used in investing activities, excluding M&A transactions, transformation costs, inflow/outflow of deposits, financial assets and other one-off items

FY 2017     2

KEY RESULTS: CONSOLIDATED FINANCIAL AND OPERATING HIGHLIGHTS

USD million				4Q17			4Q16			Reported YoY			Organic YoY 1
Total revenue, of which					2,320			2,354			(1.4%)			1.2%
mobile and fixed service revenue					2,214			2,244			(1.3%)			1.5%
of which mobile data revenue					473			412			14.8%			19.0%
EBITDA					753			783			(3.8%)			0.4%
Underlying EBITDA2					814			910			(10.5%)			(6.9%)
Underlying EBITDA margin2 (Underlying EBITDA/total revenue)					35.1%			38.7%			(3.6p.p.)			(3.1p.p.	)
Profit from continued operations					(378	)		(358	)		n.m.
Profit from discontinued operations					-			1,904			n.m.
(Loss)/Profit for the period attributable to VEON shareholders					(325	)		1,557			n.m.
Underlying equity free cash flow excl. licenses 3					101			(50	)		n.m.
Capital expenditures excl. licenses					466			754			(38.3%)
LTM capex excl. licenses/revenue					15.4%			17.9%			(2.5p.p.)
Net debt					8,741			7,162			22.0%
Net debt/LTM underlying EBITDA4					2.4			2.0
Total mobile customer (millions, excluding Italy)					211			208			1.4%
Total fixed-line broadband customers (millions)					3.1			3.0			2.3%
USD million	FY17			FY16 pro-forma Warid4			FY16 reported			Reported YoY			Organic YoY 1
Total revenue, of which		9,474			9,040			8,885			6.6%			1.9%
mobile and fixed service revenue		9,105			8,700			8,553			6.5%			1.9%
of which mobile data revenue		1,856			1,438			1,426			30.2%			25.7%
EBITDA		3,587			3,268			3,232			11.0%			7.5%
Underlying EBITDA2		3,675			3,617			3,582			2.6%			(0.4%)
Underlying EBITDA margin2 (Underlying EBITDA/total revenue)		38.8%			40.0%			40.3%			(1.5p.p.	)		(0.9p.p.	)
(Loss)/Profit from continued operations		(496	)		(323	)		(288	)		n.m
Profit from discontinued operations		-			2,708			2,708			n.m
Profit/(loss) for the period attributable to VEON shareholders		(483	)		2,294			2,328			n.m
Underlying equity free cash flow excl. licenses 3		1,067			812			812			31.4%
Capital expenditures excl. licenses		1,459			1,623			1,593			(8.4%)
LTM capex excl. licenses/revenue		15.4%			18.0	%		17.9%

¹⁾ Organic change reflects changes in revenue and EBITDA excluding foreign currency movements and other factors, such as businesses under liquidation, disposals, mergers and acquisitions. See Attachment E for reconciliations

²⁾ Underlying EBITDA excludes exceptional items in FY 2016 consisting of transformation costs of USD 349 million and exceptional items in FY 2017 of USD 88 million. See Attachment E for reconciliations. Underlying EBITDA excludes exceptional items in Q4 2016 consisting of performance transformation costs of USD 66 million and other exceptional items of USD 61 million, totalling USD 127 million. Exceptional items in Q4 2017 consists of performance transformation costs of USD 58 million and other exceptionals of USD 3 million, totalling USD 61 million. See Attachment E for reconciliations

³⁾ Underlying equity free cash flow excluding licenses is defined as free cash flow from operating activities less free cash flow used in investing activities (excluding capex for licenses and withholding tax related to Pakistan spectrum of USD 29.5 million), excluding M&A transactions, transformation costs, inflow/outflow of deposits, financial assets and other one-off items

⁴⁾ Pro-forma assuming that the results of Warid have been consolidated (including intercompany eliminations) within VEON’s results with effect from 1 January 2016, this also applies for the calculation of LTM underlying EBITDA for the net leverage ratio at FY 2016

FY 2017     3

CONTENTS

MAIN EVENTS	5
GROUP PERFORMANCE	7
COUNTRY PERFORMANCE	13
CONFERENCE CALL INFORMATION	22
ATTACHMENTS	25

PRESENTATION OF FINANCIAL RESULTS

VEON’s results presented in this earnings release are based on IFRS 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.

All non-IFRS measures disclosed in the document, i.e. EBITDA, EBITDA margin, underlying EBITDA, underlying EBITDA margin, EBIT, net debt, equity free cash flow, organic growth, capital expenditures excluding licenses, last twelve months (LTM) Capex excluding licenses/Revenue, are reconciled to the comparable IFRS measures in Attachment E.

As at 7 November 2016, VEON Ltd. owns a 50% share of the Wind Tre Joint Venture (with CK Hutchison owning the other 50%) and we account for this joint venture using the equity method as we do not have control. All information related to the Wind Tre Joint Venture is the sole responsibility of the Wind Tre Joint Venture’s management, and no information contained herein, including, but not limited to, the Wind Tre Joint Venture’s financial and industry data, has been prepared by or on behalf of, or approved by, our management. For further information on the Wind Tre Joint Venture and its accounting treatment, see Note 6 to our audited consolidated financial statements included in our Annual Report on Form 20-F for the year ended 31 December 2016.

All comparisons are on a year-on-year basis unless otherwise stated.

IFRS 15 ‘Revenue from contracts with customers’ — The Group assessed the impact of IFRS 15. The scope of IFRS 15 includes the timing of revenue recognition and costs of obtaining contracts with customers. Under this standard, contract costs are required to be capitalized and amortized over the average customer life. VEON will apply IFRS 15 for the first time in the 2018 financial statements, using the modified retrospective approach. Based on the analysis performed, the Company expects no material impact on revenue recognition, due to currently existing product offering (i.e. prevailing pre-paid service offering). VEON estimates the additional asset stemming from capitalization of contract costs to amount to USD 95 million pre-tax as at 1 January 2018 (i.e. one-off gain to retained earnings in 2018).

IFRS 9 ‘Financial instruments’ — The Group assessed the impact of IFRS 9. The scope of IFRS 9 includes new guidance to classify financial instruments on the balance sheet. VEON will need to introduce the concept of Expected Credit Loss (“ECL”), where an allowance for doubtful debt is required for all debt-like instruments including unbilled receivables. VEON estimates the additional provision for bad debt to amount to USD 20 million pre-tax as at January 2018 (i.e. one-off charge to retained earnings in 2018)

The Group has yet to assess the impact of IFRS 16 “Leases”, which may be material. The standard will be adopted in 2019.

FY 2017     4

MAIN EVENTS

SUCCESSFULLY REPATRIATED USD 200 MILLION FROM UZBEKISTAN

In December 2017, VEON’s subsidiary PJSC VimpelCom, successfully repatriated a net amount of approximately USD 200 million from Unitel, its wholly-owned Uzbekistan subsidiary. The repatriation of cash from Uzbekistan for the first time is an important milestone for VEON, further enhancing the cash upstreaming capability of the Group and allowing Unitel to honor its global payment obligations necessary for ongoing operations.

KYIVSTAR SECURED 4G/LTE LICENSE

In January 2018, VEON’s subsidiary in Ukraine, Kyivstar, secured one of three licenses to provide nationwide 4G/LTE services, subject to final regulatory approvals. Kyivstar will pay UAH 0.9 billion (approximately USD 32.2 million) for 2x15 MHz of contiguous frequency in the 2600 MHz band. The Company looks forward to the upcoming 4G/LTE license tender in 1800 MHz band in Ukraine.

BANGLALINK ACQUIRES ADDITIONAL SPECTRUM AND 4G/LTE LICENSE

On 13 February 2018, Banglalink was awarded technology neutral spectrum in the 1800 and 2100 MHz bands. As a result of the auction conducted by the Bangladesh Telecommunication Regulatory Commission, Banglalink has been awarded 5.6 MHz paired spectrum in the 1800 MHz band and 5 MHz paired spectrum in the 2100 MHz band. The spectrum is technology neutral and allows Banglalink to double its 3G network capacity. Moreover, Banglalink has also acquired a 4G/LTE license in parallel, allowing the company to launch a high-speed data network. The total investment amounts to USD 308.6 million for the spectrum, excluding VAT. An upfront payment of 60% for the spectrum is payable in approximately 30 days with the remaining 40% payable over four years. In addition, the company paid USD 35 million excluding VAT to convert its existing spectrum holding in 900 MHz and 1800 MHz into technology neutral spectrum and USD 1.2 million excluding VAT to acquire the 4G/LTE license. The investment is expected to be funded through locally available cash and local banking facilities.

GTH MANDATORY TENDER OFFER

The GTH Mandatory Tender Offer remains subject to approval by the Egyptian Authorities. VEON has taken all actions required for such approval and the matter is currently held up in connection with disputed GTH taxes. Our desire is to find a path forward with the Egyptian Authorities and we are considering all options.

SUPERVISORY BOARD APPROVED A FINAL 2017 DIVIDEND OF US 17 CENTS PER SHARE

The VEON Supervisory Board approved a final dividend of US 17 cents per share, bringing total 2017 dividend to US 28 cents per share. The record date for the Company’s shareholders entitled to receive the final dividend payment has been set for 5 March 2018. It is expected that the final dividend will be paid on 13 March 2018. The Company will make appropriate tax withholdings of up to 15% when the dividend is paid to the Company’s share depositary, The Bank of New York Mellon. For ordinary shareholders at Euronext Amsterdam, the final dividend of US 17 cents will be paid in euro. VEON is committed to paying a sustainable and progressive dividend based on the evolution of the Company’s equity free cash flow.

FY 2017     5

FY 2018 TARGETS

The Company has formulated targets for FY 2018. Guidance for total revenue and EBITDA is flat to low single digit organic growth. Organic growth reflects changes in revenue and EBITDA excluding foreign currency movements and other factors, such as businesses under liquidation, disposals, mergers and acquisitions and other exceptional items. Major exceptional items currently known are the impact from the Uzbekistan currency liberalization, the Pakistan tower transaction (Deodar), the Euroset transaction and the one-off adjustment to a vendor agreement.

The target for equity free cash flow is approximately USD 1 billion. Equity free cash flow is defined as free cash flow from operating activities less cash flow for net capex, excluding capex for licenses. FY 2018 equity free cash flow target is calculated at 2018 target currency rates. For the FY 2018 target currency rates, see attachment E.

FY 2017     6

GROUP PERFORMANCE

FY2017

● Total reported revenue increased 6.6% year-on-year with organic¹ growth of 1.9%

● Strong mobile data organic¹ revenue growth of 26%

● Reported EBITDA increased 11.0% year-on-year; underlying EBITDA², which is excluding exceptional costs of USD 88 million, decreased organically by 0.4%, resulting in an underlying EBITDA margin of 38.8%, an organic decrease of 0.9 percentage points

● Underlying equity free cash flow³ excluding licenses totalled USD 1,067 million, an increase of USD 255 million or 31% year-on-year

Q4 2017

● Total reported revenue decreased 1.4% to USD 2,320 million

● Organic¹ revenue growth of 1.2% driven by Russia, Pakistan, Ukraine and Uzbekistan, partially offset by continued pressure in Algeria and Bangladesh

● Reported EBITDA decreased 3.8% to USD 753 million

● Underlying EBITDA², excluding exceptional costs of USD 61 million, decreased by 10.5% and organically¹ by 6.9% mainly due to a decrease in EBITDA in Russia, Algeria and Bangladesh

● Underlying EBITDA margin of 35.1%, down organically 3.1 percentage points year-on-year

● Underlying equity free cash flow³ excluding licenses totalled USD 101 million in Q4 2017

¹  Organic change reflects changes in revenue and EBITDA excluding foreign currency movements and other factors, such as businesses under liquidation, disposals, mergers and acquisitions. See Attachment E for reconciliations

² Underlying EBITDA excludes exceptional items in FY 2016 consisting of transformation costs of USD 349 million and exceptional items in FY 2017 of USD 88 million. See Attachment E for reconciliations. Underlying EBITDA excludes exceptional items in Q4 2016 consisting of performance transformation costs of USD 66 million and other exceptional items of USD 61 million, totalling USD 127 million. Exceptional items in Q4 2017 consists of performance transformation costs of USD 58 million and other exceptionals of USD 3 million, totalling USD 61 million. See Attachment E for reconciliations

³ Underlying equity free cash flow excluding licenses is defined as free cash flow from operating activities less free cash flow used in investing activities (excluding capex for licenses and withholding tax related to Pakistan spectrum of USD 29.5 million for FY 2017), excluding M&A transactions, transformation costs, inflow/outflow of deposits, financial assets and other one-off items

FY 2017     7

FINANCIALS BY COUNTRY

USD million	4Q17		4Q16		Reported   YoY		Organic1   YoY		FY17		FY16   pro-forma   Warid		FY16   reported		Reported   YoY		Organic1   YoY
Total revenue		2,320		2,354		(1.4%)		1.2%		9,474		9,040		8,885		6.6%		1.9%
Russia		1,206		1,112		8.4%		0.4%		4,729		4,097		4,097		15.4%		1.1%
Pakistan		379		369		2.6%		4.2%		1,525		1,450		1,295		17.8%		5.9%
Algeria		214		246		(13.1%)		(9.9%)		915		1,040		1,040		(12.0%)		(10.8%)
Bangladesh		131		152		(13.6%)		(9.5%)		574		621		621		(7.5%)		(4.6%)
Ukraine		159		150		6.3%		10.7%		622		586		586		6.2%		10.6%
Uzbekistan		78		165		(52.9%)		21.3%		513		663		663		(22.6%)		19.1%
HQ		0		10						0		10		10
Other and eliminations		153		150		2.3%				596		573		573		3.7%
Service revenue		2,214		2,244		(1.3%)		1.5%		9,105		8,700		8,553		6.6%		1.9%
Russia		1,140		1,058		7.8%		(0.1%)		4,516		3,941		3,941		14.6%		0.3%
Pakistan		350		346		1.3%		2.9%		1,418		1,364		1,217		16.5%		4.6%
Algeria		210		244		(13.9%)		(10.7%)		898		1,031		1,031		(12.8%)		(11.6%)
Bangladesh		127		147		(14.0%)		(10.0%)		557		606		606		(8.0%)		(5.1%)
Ukraine		158		150		6.0%		10.3%		620		584		584		6.2%		10.5%
Uzbekistan		77		165		(53.2%)		20.9%		513		663		663		(22.7%)		18.9%
HQ
Other and eliminations		151		134		11.7%				583		511		511		13.8%
EBITDA		753		783		(3.8%)		0.4%		3,587		3,268		3,232		11.0%		7.5%
Russia		430		419		2.6%		(4.9%)		1,789		1,574		1,574		13.6%		(0.4%)
Pakistan		173		129		34.5%		36.5%		703		542		507		38.8%		30.5%
Algeria		92		125		(26.8%)		(24.1%)		426		547		547		(22.7%)		(21.1%)
Bangladesh		47		55		(14.5%)		(10.5%)		233		267		267		(12.8%)		(10.1%)
Ukraine		92		69		33.2%		39.1%		347		306		306		13.2%		18.1%
Uzbekistan		33		105		(68.4%)		(18.8%)		261		395		395		(33.9%)		(1.1%)
HQ		(125)		(92)		(35.0%)				(325)		(422)		(422)		(23.0%)
Other and eliminations		11		(27)		138.0%				154		57		57		165.0%
EBITDA margin		32.4%		33.3%		-0.8p.p.				37.9%		36.1%		36.4%		1.5p.p
Underlying EBITDA2		814		910		(10.5%)		(6.9%)		3,675		3,617		3,582		2.6%		(0.4%)
Russia		440		420		4.7%		(3.0%)		1,801		1,585		1,585		13.7%		(0.4%)
Pakistan		182		149		22.7%		24.5%		730		588		552		32.4%		25.1%
Algeria		100		127		(21.5%)		(18.4%)		435		562		562		(22.2%)		(21.6%)
Bangladesh		47		65		(27.9%)		(24.4%)		234		288		288		(18.6%)		(16.1%)
Ukraine		85		78		7.9%		12.2%		340		315		315		8.2%		12.6%
Uzbekistan		36		92		(61.5%)		(0.5%)		266		379		379		(30.0%)		5.6%
HQ		(93)		(71)		(31.0%)				(314)		(278)		(278)		13.1%
Other and eliminations		17		50		(64.5%)				182		179		179		2.4%
Underlying EBITDA margin		35.1%		38.7%		(3.6p.p.)		(3.1p.p.)		38.8%		40.0%		40.3%		(1.5p.p.)		(0.9p.p.)

¹  Organic change reflects changes in revenue and EBITDA excluding foreign currency movements and other factors, such as businesses under liquidation, disposals, mergers and acquisitions. See Attachment E for reconciliations.

² Underlying EBITDA excludes exceptional items in FY 2016 consisting of transformation costs of USD 349 million and exceptional items in FY 2017 of USD 88 million. See Attachment E for reconciliations. Underlying EBITDA excludes exceptional items in Q4 2016 consisting of performance transformation costs of USD 66 million and other exceptional items of USD 61 million, totalling USD 127 million. Exceptional items in Q4 2017 consists of performance transformation costs of USD 58 million and other exceptionals of USD 3 million, totalling USD 61 million. See Attachment E for reconciliations.

Group revenue for Q4 2017 decreased 1.4% year-on-year to USD 2.3 billion but increased by 1.2% organically, driven by revenue growth in Russia, Pakistan, Ukraine and Uzbekistan, but with continued pressure on revenue in Algeria and Bangladesh. Mobile data revenue showed good organic growth increasing 19.0% for the quarter, with total mobile customers increasing 1.5% to 211 million at the end of Q4 2017, primarily driven by growth in Pakistan, Bangladesh and Ukraine. Reported mobile data revenue increased by 14.8%.

FY 2017     8

Group revenue for FY 2017 increased 6.6% to USD 9.5 billion, partially driven by the consolidation of Warid and the positive effect from the RUB appreciation against the USD. Group revenue increased 1.9% organically, delivering on the FY 2017 target of low single digit growth, as a result of strong performances in Russia, Pakistan, Ukraine and Uzbekistan, partially offset by decreased performance in Algeria and Bangladesh. Mobile data revenue for the year showed strong organic growth of 26%.

Group EBITDA decreased 3.8% to USD 753 million in Q4 2017, compared to USD 783 million in Q4 2016. Underlying EBITDA totalled USD 814 million, reflecting an organic decline of 6.9% year-on-year of USD 119 million, excluding the impact of currency depreciation. The largest contributors to the year-on-year decrease in organic terms were Algeria, Bangladesh, Russia. These negative impacts from country performance, along with an increase in “Other” and HQ costs, more than offset the positive operational contribution from Pakistan and Ukraine. A more detailed explanation for these trends is provided in the following paragraphs. The reported underlying EBITDA decreased by 10.5%.

The underlying EBITDA margin was 35.1%, an organic decrease of 3.1 percentage points year-on-year. Exceptional items amounted to USD 61 million in Q4 2017 and mainly included USD 58 million of costs for the Group wide performance transformation program. In Q4 2016, the Group recognized exceptional items totalling USD 127 million, mainly related to the costs for Group wide performance transformation program of USD 61 million and a provision for the Iraqna litigation of USD 66 million.

Reported EBITDA for FY 2017 increased 11% to USD 3,587 million, while underlying EBITDA decreased 0.4% organically to USD 3,675 million. The FY 2017 underlying EBITDA margin was 38.8%, a decrease of 0.9 percentage points year-on-year, missing the FY 2017 target of flat to low single digit accretion, due to margin pressure in Russia, Algeria and Bangladesh. In FY 2016, the Group recognized exceptional items totalling USD 349 million, while in FY 2017 exceptional items totalled USD 88 million.

The FY 2017 underlying equity free cash flow excluding licenses increased 31.4% year-on-year to USD 1,067 million, well above the FY 2017 target of USD 850-950 million.

The reconciliation table for reported EBITDA and underlying EBITDA is set forth in Attachment E.

For the discussion of each country’s individual performances below, all trends are expressed in local currency.

In Russia, total revenue in Q4 2017 increased 0.4%, driven by an increase in mobile service revenue and sales of equipment and accessories. Mobile service revenue increased by 2.1%, driven by growth in mobile data, value added services and mobile financial services, offsetting the decrease in voice revenue. Mobile ARPU continued its growth trajectory in 2017, increasing by 2.0% during Q4 2017. Fixed-line service revenue decreased by 11.4%, mainly due to the competitive environment, a decrease in transit traffic, growing penetration of FMC in the customer base and the effect of the strengthened ruble on foreign currency contracts. EBITDA decreased 4.9% in Q4 2017. Underlying EBITDA, which is adjusted for exceptional costs related to the performance transformation program, costs related to rebranding and integration of approximately 200 Euroset stores and the impact of the change in definition for EBITDA, to align with the definition applied by the Group, decreased by 3.0%. The underlying EBITDA margin, which is excluding the exceptional costs mentioned above, was 36.5% in Q4 2017, representing a year-on-year decrease of 1.3 percentage points, mainly as a result of the associated costs related the commercial launch of VEON’s personal internet platform (~0.5 p.p. impact) and increased G&A and HR costs.

In July 2016, VEON acquired Warid, strengthening its leading market position in Pakistan, and as a result, Warid’s financial results have been consolidated into VEON´s financial statements with effect from 1 July 2016. Consequently, this is the second consecutive quarter in which the 2017 results of Pakistan are fully comparable year-on-year. Total revenue grew 4.2%, supported by continued growth in mobile data revenue which grew 27.8% year-on-year, driven by an increase in data customers through higher bundle engagement and the continued data network expansion. The reported EBITDA margin increased to 45.7% (+10.8 percentage points year-on-year), due to strong revenue growth, opex synergies and benefitting for the positive impact of PKR 1.1 billion from the release of historic SIM tax accruals. The margin reduction quarter-on-quarter is the result of a lower positive impact from the release of historic SIM tax accruals when compared to Q3 2017. Underlying EBITDA margin, which is excluding the negative impact of PKR 1.0 billion for performance transformation and integration costs, was 48.1% in Q4 2017, improving by 7.8 percentage points

FY 2017     9

year-on-year while the margin, excluding the above-mentioned release of historic SIM tax accruals, would have been 45.4%.

In Algeria, total revenue decreased by 9.9% year-on-year with a trend in line with Q3 2017. Price competition, in both voice and data, caused a continued reduction of ARPU and a year-on-year increase in churn. Data revenue growth was 36.0%, due to higher usage and a substantial increase in data customers as a result of the 3G and 4G/LTE network roll-out. This positive data revenue trend is also supported by the simplified data-centric pricing architecture. In Q4 2017, EBITDA decreased by 24.1% while underlying EBITDA, which in Q4 2016 was adjusted for exceptional costs of DZD 0.9 billion related to performance transformation, decreased 18.4% to DZD 11.5 billion primarily due to the decline in revenue. Underlying EBITDA margin was 46.7% and excluding the impact of the changes to indirect taxes with effect from 1 January 2017, the underlying EBITDA margin would have been 49.1%.

In Bangladesh, total revenue in Q4 2017 decreased by 9.5%, mainly attributable to the gap in 3G network coverage compared to the market leader and to network availability issues caused by the extreme weather conditions in the country. In addition, the market remains characterized by intense price competition especially on data, which accelerated following the SIM re-verification process and which more than offset the increase in data revenue of 14.6%. Underlying EBITDA in Q4 2017 decreased by 24.4%, which was mainly caused by the revenue decline together with additional technical expenses to improve network availability. As a result, the underlying EBITDA margin was 35.8%, which represents a year-on-year reduction of 7.1 percentage points.

In Ukraine, total revenue increased by 10.7%, mainly driven by continued strong growth of mobile data revenue, which increased by 64.5% as a result of growing number of data customers, and successful marketing activities driven by the continued 3G network roll-out and data-centric tariffs. Fixed-line service revenue increased by 5.4%, supported by broadband revenue which increased by 9.3% and which was driven primarily by the FMC launch. EBITDA increased by 39.1%, representing an EBITDA margin of 58.0%. Underlying EBITDA grew by 12.2% year-on-year, driven by higher revenue and cost efficiencies. Underlying EBITDA margin increased by 0.7 percentage points year on year to 53.1%.

Uzbekistan continued to report strong revenue growth, as the company´s tariffs were fixed at the foreign exchange rate of UZS 4,210 to the USD after the liberalization of the Uzbek som on 4 September 2017, which is a higher level compared to the prior year. Total revenue increased 21.3%, supported by successful marketing activities, increased revenues from interconnect services, value added services and mobile data revenue growth of 28.6%. Underlying EBITDA, adjusted for a reversal of a provision related to a court case of UZS 39.9 billion in Q4 2016, slightly decreased in local currency compared to the prior year and the underlying EBITDA margin was 45.7% in Q4 2017. The revenue growth was mainly offset by an increase in non-controllable costs, such as customer tax, interconnect costs, content costs, frequency fees and the negative impact from the currency liberalization.

The HQ segment includes the costs of VEON’s headquarters in Amsterdam and London, costs for digital, external costs for services and projects (e.g. M&A, legal costs, Enterprise Support System, global procurement). In Q4 2017, the amount increased by USD 22 million year-on-year largely due to increased HR costs related to variable remuneration plans, a significant increase in costs (mainly headcount) related to the digital strategy and external costs for services, more than offsetting a positive impact from a tax reversal for prior periods.

“Other” mainly includes the results of Kazakhstan, Kyrgyzstan, Armenia, Georgia, Tajikistan and intercompany eliminations.

FY 2017     10

INCOME STATEMENT & CAPITAL EXPENDITURES

USD million	4Q17		4Q16		Reported YoY		FY17		FY16 pro-forma Warid		FY16 reported		Reported YoY
Total revenue		2,320		2,354		(1.4%)		9,474		9,040		8,885		6.6%
Service revenue		2,214		2,244		(1.3%)		9,105		8,700		8,553		6.5%
EBITDA		753		783		(3.8%)		3,587		3,268		3,232		11.0%
EBITDA margin		32.4%		33.3%		(0.8p.p.)		37.9%		36.1%		36.4%		1.5p.p.
Depreciation, amortization, impairments and other		(542)		(692)		(21.7%)		(2,081)		(2,204)		(2,148)		(3.1%)
EBIT (Operating Profit)		211		91		130.9%		1,506		1,063		1,084		38.9%
Financial income and expenses		(237)		(196)		20.7%		(840)		(776)		(761)		10.4%
Net foreign exchange (loss)/gain and others		(103)		38		n.m		(168)		80		75		n.m
Share of (loss)/profit of joint ventures and associates		(156)		77		n.m.		(412)		(51)		48		n.m
Impairment of JV and associates		-		(99)		n.m.		(110)		-		(99)		n.m
Profit before tax		(285)		(89)		220.7%		(24)		316		347		(107.0%)
Income tax expense		(93)		(269)		(65.7%)		(472)		(639)		(635)		(25.7%)
(Loss)/Profit from continued operations		(378)		(358)		n.m		(496)		(323)		(288)		n.m
Profit from discontinued operations		-		1,904		n.m		-		2,708		2,708		n.m
(Loss)/Profit for the period attributable to VEON shareholders		(325)		1,557		(121%)		(483)		2,294		2,328		n.m
	4Q17		4Q16		Reported YoY		FY17		FY16 pro-forma Warid		FY16 reported		Reported YoY
Capex		473		770		(38.5%)		1,791		1,741		1,741		2.8%
Capex excl. licenses		466		754		(38.3%)		1,459		1,623		1,593		(8.4%)
LTM capex excl. licenses/revenue		15.4%		17.9%		(2.5p.p.)

Q4  2017 ANALYSIS

EBIT increased by 131% to USD 211 million in Q4 2017, as Q4 2017 was impacted by a lower level of impairments at USD 64 million, mainly related to Armenia and Kyrgyzstan due to revised business plans, compared to USD 177 million recorded in Q4 2016, mainly related to impairments for Georgia, Tajikistan and Kyrgyzstan.

The increase in losses before tax to USD 285 million was driven by an increase in net financial expenses of USD 41 million, higher year-on-year foreign exchange losses and other of USD 141 million and an increase in the loss in joint venture and associates of USD 134 million. The increase in financial expenses in Q4 2017 is the result of the revaluation of the put option liability for Warid in Pakistan of USD 38 million. Net foreign exchange losses and other gains of USD 103 million are driven by foreign exchange losses in HQ related to new non-USD debt, foreign exchange losses in Russia and a loss of USD 49 million related to the currency conversion of USD 200 million repatriated from Uzbekistan, which was recorded as a finance cost. The decrease in the share of loss of joint ventures and associates was driven by VEON’s 50% share of loss of the Wind Tre joint venture impacted by accelerated depreciation in respect of network modernization, amounting to USD 68 million, and loss of USD 70 million arising on early redemption of the Wind Tre group’s senior and junior secured third-party debt as part of the Italy joint venture´s refinancing of its debt.

Prior to the Wind Tre joint venture closing in November 2016, WIND had been accounted for as a discontinued operation and classified as held for sale under IFRS rules since Q3 2015. As a result, the Q4 2016 results were positively affected by the elimination of depreciation and amortization charges from the results of WIND. The “discontinued operations” accounting treatment was not applied in 2017 following the closing of the Wind Tre joint venture transaction.

Income tax expense decreased to USD 93 million in Q4 2017 mainly due to the utilization of tax assets and the loss caused by the foreign exchange devaluation in Uzbekistan, as well as lower taxable profit in Russia, Algeria and Bangladesh.

In Q4 2017, the company recorded a net loss for the period attributable to VEON´s shareholders of USD 325 million, while the net profit reported in Q4 2016 was attributable to a non-cash gain driven by the completion of the Wind Tre joint venture transaction.

Capex excluding licenses decreased to USD 466 million in Q4 2017 primarily due to improved capex planning with capex more evenly spread over the quarters, compared to end of year loaded capex in FY 2016.

The ratio of capex excluding licenses to revenue was 15.4% in FY 2017, reflecting improved capex efficiencies during 2017.

FY 2017     11

FINANCIAL POSITION & CASH FLOW

USD million	4Q17		3Q17		QoQ
Total assets		19,521		20,280		(3.7%)
Shareholders’ equity		4,352		4,809		(9.5%)
Gross debt		11,102		11,437		(2.9%)
Net debt		8,741		8,672		0.8%
Net debt/underlying LTM EBITDA		2.4		2.3
USD million	4Q17		4Q16		YoY		FY17		FY16		YoY
Net cash from/(used in) operating activities		479		445		34		2,475		1,875		600
from continued operations		479		384		95		2,475		1,192		1,283
from discontinued operations		-		61		(61)		-		683		(683)
Net cash from/(used in) investing activities		(1,326)		(1,001)		(325)		(3,016)		(2,671)		(345)
from continued operations		(1,326)		(931)		(395)		(3,016)		(2,022)		(994)
from discontinued operations		-		(70)		70		-		(649)		649
Net cash from/(used in) financing activities		(377)		(475)		98		(733)		(126)		(607)
from continued operations		(377)		(475)		98		(733)		(106)		(627)
from discontinued operations		-		-		-		-		(20)		20

Total assets decreased compared to Q3 2017 mainly driven by a decrease in the cash position, used for debt repayments in Russia, Algeria and GTH, partially offset by debt drawdowns at HQ, including a drawdown under the revolving credit facility in relation to the application for the GTH MTO.

Net cash from operating activities increased by USD 34 million year-on-year in Q4 2017, driven by USD 96 million higher cash flow from continued operations as a result of significant improvements in working capital, partially offset by the year-on-year decrease in net cash from discontinued operations as a result of the closing of the Wind Tre joint venture transaction in November 2016, which resulted in Italy no longer being accounted for as a discontinued operation.

Net cash flow used in investing activities increased year-on-year by USD 325 million, mainly due to outflow in deposits of USD 898 million in HQ Amsterdam driven by the GTH Mandatory Tender Offer collateral, partially offset by the decrease in net cash used in investing activities in discontinued operations.

Net cash used in financing activities decreased by USD 98 million year-on-year in Q4 2017, mainly due to debt repayments and capital restructuring activities that led to interest cost savings.

Net debt includes cash balances of USD 987 million pledged as collateral for the Mandatory Tender Offer. Excluding this net debt would have been USD 9,728 million and the net debt/underlying LTM EBITDA ratio would have been 2.6x.

FY 2017     12

COUNTRY PERFORMANCE

● Russia

● Pakistan

● Algeria

● Bangladesh

● Ukraine

● Uzbekistan

● Italy

RUSSIA

RUB million	4Q17		4Q16		YoY		FY17		FY16		YoY
Total revenue		70,415		70,130		0.4%		275,887		273,003		1.1%
Mobile service revenue		57,001		55,844		2.1%		224,186		218,192		2.7%
Fixed-line service revenue		9,608		10,840		(11.4%)		39,271		44,418		(11.6%)
EBITDA		25,108		26,401		(4.9%)		104,342		104,790		(0.4%)
Underlying EBITDA		25,698		26,487		(3.0%)		105,098		105,486		(0.4%)
EBITDA margin		35.7%		37.6%		(2.0p.p.)		37.8%		38.4%		(0.6p.p.)
Underlying EBITDA margin		36.5%		37.8%		(1.3p.p.)		38.1%		38.6%		(0.5p.p.)
Capex excl. licenses		13,435		21,615		(37.8%)		38,918		41,432		(6.1%)
LTM Capex excl. licenses /revenue		14.1%		15.2%		(1.1p.p.)		14.1%		15.2%		(1.1p.p.)
Mobile
Total revenue		60,771		59,276		2.5%		236,501		228,443		3.5%
- of which mobile data		15,344		14,088		8.9%		59,041		51,773		14.0%
Customers (mln)		58.2		58.3		(0.3%)		-		-		-
- of which data users (mln)		38.4		36.6		5.0%		-		-		-
ARPU (RUB)		324		317		2.0%		-		-		-
MOU (min)		323		335		(3.6%)		-		-		-
Data usage (MB/user)		3,047		2,308		32.0%		-		-		-
Fixed-line1
Total revenue		9,644		10,854		(11.1%)		39,386		44,560		(11.6%)
Broadband revenue		2,508		2,807		(10.7%)		10,269		11,615		(11.6%)
Broadband customers (mln)		2.2		2.2		2.8%
Broadband ARPU (RUB)		376		433		(13.0%)

The market conditions remained challenging in Russia, but Beeline continued to grow its mobile revenue during the fourth quarter.

Total revenue in Q4 2017 increased by 0.4% to RUB 70.4 billion, driven by an increase in mobile service revenue and sales of equipment and accessories. Mobile service revenue increased by 2.1% to RUB 57.0 billion, driven by growth in mobile data, value added services and mobile financial services, offsetting the decrease in voice revenue. Mobile ARPU continued its growth trajectory in 2017, increasing by 2.0% during the quarter.

Beeline has increased its focus on the B2B segment, improving its proposition with more customized offers and solutions to both small and large enterprises. As a result, mobile service revenue in the B2B segment showed growth in a stagnating market, growing by 5.8% year-on-year, driven by a growth of 9.5% in Beeline’s B2B customer base. Overall, B2B revenue contributed RUB 16.2 billion to revenue.

Mobile data revenue continued to grow, increasing by 8.9% to RUB 15.3 billion, as a result of an increased penetration of integrated bundles and smartphones, together with data traffic growth. Mobile ARPU showed continued improvement, growing by 2.0%, driven by successful upselling activities and continued efforts to simplify tariff plans, while being supported by increased penetration of bundled propositions in the customer base. Beeline’s mobile customer base was broadly stable year-on-year with 58.2 million customers.

FY 2017     13

Fixed-line service revenue decreased by 11.4% to RUB 9.6 billion, mainly due to increased competition, a decrease in transit traffic, growing penetration of FMC in the customer base to more than 877 thousand customers, and the effect of a strengthening ruble on foreign currency contracts.

Reported EBITDA decreased by 4.9% to RUB 25.1 billion, with a reported EBITDA margin of 35.7%. Underlying EBITDA, which is adjusted for exceptional costs related to the performance transformation program in both Q4 2016 (RUB 86 million) and Q4 2017 (RUB 158 million), costs related to rebranding and integration of approximately 200 Euroset stores (RUB 266 million), and the impact of change in definition for EBITDA (RUB 165 million), to align with the definition applied by the Group, decreased by 3.0%. The underlying EBITDA margin was 36.5% in Q4 2017, representing a year-on-year decrease of 1.3 percentage points, mainly as a result of the associated costs of the commercial launch of VEON’s personal internet platform (impact of 0.5 p.p.) and increased G&A and HR costs.

Beeline expects continued negative impact on EBITDA of approximately RUB 3.0 billion in FY 2018 due to the integration and rebranding costs for the Euroset stores into Beeline monobrand stores. Additionally, Beeline expects EBITDA margin pressure driven by the changing revenue mix, following the integration and rebranding of the Euroset stores. After the rebranding and integration of the Euroset stores, Beeline expects a positive effect on revenue going forward and, from 2019, on EBITDA driven by device sales acceleration and channel-mix improvement.

Capex excluding licenses decreased by 37.8% year-on-year during the quarter as a result of improved capex planning with capex more evenly spread over the quarters, in comparison to capex in FY 2016, which was weighted towards the the end of the year. The LTM capex excluding licenses to revenue ratio for FY 2017 was 14.1%.

From January 2018, the international interconnect and transit services revenues will be fully centralized in VEON Wholesale Services, a Group division centrally managing arrangements of VEON Group companies with international carriers, currently reported at the HQ level. The FY 2018 expected maximum impact on revenue for Russia is USD 53 million, while the expected maximum impact on EBITDA is USD 7 million.

PAKISTAN 

PKR billion	4Q17	4Q16	YoY	FY17	FY16 pro-forma Warid	YoY
Total revenue	40.3	38.7	4.2%	160.7	151.8	5.9%
Mobile service revenue	37.3	36.2	2.9%	149.4	142.8	4.6%
of which mobile data	6.4	5.0	27.8%	23.7	17.6	35.1%
EBITDA	18.4	13.5	36.5%	74.1	56.8	30.5%
Underlying EBITDA	19.4	15.6	24.5%	76.9	61.5	25.1%
EBITDA margin	45.7%	34.9%	10.8p.p.	46.1%	37.4%	8.7p.p.
Underlying EBITDA margin	48.1%	40.3%	7.8p.p.	47.9%	40.5%	7.4p.p.
Capex excl. licenses	6.6	10.1	(34.2%)	25.3	25.7	(1.9%)
LTM capex excl. licenses/revenue	15.7%	17.0%	(1.2p.p.)	15.7%	17.0%	(1.2p.p.)
Mobile
Customers (mln)	53.6	51.6	4.0%
- of which data users (mln)	28.5	25.1	13.3%
ARPU (PKR)	232	244	(4.6%)
MOU (min)1	515	540	(4.6%)
Data usage (MB/user)	672	464	45.0%

¹ MoU and ARPU have been adjusted in 2016 due to a change of components in the definition of traffic

In July 2016, VEON acquired Warid, strengthening its leading market position in Pakistan and, as a result, Warid’s

FY 2017     14

financial results have been consolidated into VEON´s financial statements with effect from 1 July 2016. Consequently, this is the second consecutive quarter in which the 2017 results of Pakistan are fully comparable year-on-year.

Jazz continued to show growth of both revenue and customers despite competitive market conditions. Revenue growth of 4.2% year-on-year was supported by continued growth in mobile data revenue which grew 27.8% year-on-year, driven by an increase in data customers through higher bundle penetration and continued data network expansion.

The customer base increased by 4.0% year-on-year driven by continued customer satisfaction as a result of a price simplicity and efficient distribution channel management. Jazz sees data and voice monetization among its key priorities, underpinned by the ambition to offer the best network in terms of both quality of service and coverage.

Reported EBITDA margin increased to 45.7% (+10.8 percentage points year-on-year), due to strong revenue growth, opex synergies and benefitting for the positive impact of PKR 1.1 billion from the release of historic SIM tax accruals. The margin reduction quarter-on-quarter is the result of a lower impact from the release of historic SIM tax accruals when compared to Q3 2017. Underlying EBITDA margin, which is excluding the negative impact of PKR 1.0 billion for performance transformation and integration costs, was 48.1% in Q4 2017, improving by 7.8 percentage points year-on-year while the margin, excluding the release of historic SIM tax accruals, would have been 45.4%.

Capex excluding licenses decreased to PKR 6.6 billion in Q4 2017 while the LTM capex excluding licenses to revenue ratio was 15.7% in Q4 2017 (12.3% excluding integration capex). At the end of the Q4 2017, 3G was offered in more than 350 cities while 4G/LTE was offered in over 50 cities (defined as cities with at least three base stations).

In Q3 2017, Jazz achieved the target annual run-rate of synergies announced alongside the transaction to merge Mobilink with Warid, and it completed the network integration by the end of 2017.

Finally, on 30 August 2017 VEON announced that Jazz had signed an agreement for the sale of its tower business (“Deodar”) to Tanzanite, a tower operating company owned by edotco and Dawood, for PKR 98.7 billion subject to adjustments. Following the classification of Deodar as a disposal group held-for-sale on 30 June 2017, VEON is no longer accounting for depreciation and amortization charges on these assets. Completion of the transaction is subject to the satisfaction or waiver of certain conditions including receipt of customary regulatory approvals. The approval process remains ongoing.

ALGERIA

DZD billion	4Q17		4Q16		YoY		FY17		FY16		YoY
Total revenue		24.5		27.2		(9.9%)		101.5		113.7		(10.8%)
Mobile service revenue		24.1		26.9		(10.7%)		99.6		112.7		(11.6%)
of which mobile data		3.3		2.4		36.0%		12.6		8.0		57.2%
EBITDA		10.5		13.9		(24.1%)		47.2		59.8		(21.1%)
Underlying EBITDA		11.5		14.0		(18.4%)		48.1		61.4		(21.6%)
EBITDA margin		42.9%		50.9%		(8.0p.p.)		46.5%		52.6%		(6.1p.p.)
Underlying EBITDA margin		46.7%		51.6%		(4.9p.p.)		47.5%		54.0%		(6.6p.p.)
Capex excl. licenses		4.0		6.2		(35.7%)		14.6		18.1		(19.4%)
LTM capex excl. licenses/revenue		14.4%		16.0%		(1.5p.p.)		14.4%		16.0%		(1.5p.p.)
Mobile
Customers (mln)		15.0		16.3		(8.0%)
- of which mobile data customers (mln)		7.2		7.0		3.1%
ARPU (DZD)		528		555		(4.8%)
MOU (min)1		430		323		33.1%
Data usage (MB/user)		561		447		25.4%

¹ MoU and ARPU have been adjusted in 2016 due to a change of components in the definition of traffic

Djezzy’s operational turnaround continued in Q4 2017, despite a challenging regulatory and macro-economic environment which remains characterized by strong competition and inflationary pressures. As previously stated, the new Finance Law (effective from January 2017), resulted in an increase in VAT from 7% to 19% on data services and an increase from 17% to 19% on voice services.

FY 2017     15

Taxes on recharges also increased from 5% to 7% as a result. The higher indirect taxes affected Djezzy’s performance in relation to both revenue and EBITDA as taxes could not be passed on to customers.

Revenue decreased by 9.9% year-on-year, in line with Q3 2017 trends. Price competition, in both voice and data, caused a continued reduction in ARPU and a year-on-year increase in churn. Djezzy’s Q4 2017 service revenue was DZD 24.1 billion, a 10.7% reduction, while data revenue growth was 36.0%, due to higher usage and a substantial increase in data customers as a result of the 3G and 4G/LTE network roll-out. This positive data revenue trend is also supported by the simplified data-centric pricing architecture.

The customer base in Algeria decreased by 8.0% to 15.0 million, due to competitive pressures in the market. ARPU declined by 4.8%, a lower decrease compared to Q3 2017, primarily caused by the intense price competition.

In Q4 2017, EBITDA decreased by 24.1% year-on-year while underlying EBITDA, which is adjusted for exceptional costs of DZD 0.9 billion related to performance transformation in Q4 2016, decreased by 18.4% to DZD 11.5 billion primarily due to the decline in revenues. Underlying EBITDA margin was 46.7% and excluding the impact of the changes to indirect taxes with effect from 1 January 2017, the underlying EBITDA margin would have been 49.1%.

At the end of Q4 2017, the company’s 4G/LTE services covered 28 wilayas and more than 24.6% of the country’s population, while the 3G network covers all 48 wilayas. In Q4 2017 capex excluding licenses was DZD 4.0 billion, a 35.7% year-on-year reduction, with a LTM capex excluding licenses to revenue ratio of 14.4%.

The mobile termination rate (“MTR”) symmetry in place from 31 October 2017, which has marked a further improvement of the regulatory environment in the country. Djezzy currently has symmetric MTRs with only one of the two major competitors in the market.

BANGLADESH

BDT billion	4Q17			4Q16		YoY		FY17		FY16		YoY
Total revenue		10.8			12.0		(9.5%)		46.5		48.7		(4.6%)
Mobile service revenue		10.4			11.6		(10.0%)		45.1		47.5		(5.1%)
of which mobile data		1.6			1.4		14.6%		6.3		4.9		28.5%
EBITDA		3.9			4.4		(10.5%)		18.8		21.0		(10.1%)
Underlying EBITDA		3.9			5.1		(24.4%)		18.9		22.5		(16.1%)
EBITDA margin		36.1	%		36.4%		(0.4p.p.)		40.5%		43.1%		(2.5p.p.)
Underlying EBITDA margin		35.8	%		42.9%		(7.1p.p.)		40.7%		46.3%		(5.6p.p.)
Capex excl. licenses		3.7			5.1		(26.6%)		8.2		10.7		(23.6%)
LTM capex excl. licenses/revenue		17.7	%		22.1%		(4.4p.p.)		17.7%		22.1%		(4.4p.p.)
Mobile
Customers (mln)		31.3			30.4		3.2%
- of which mobile data customers (mln)		16.9			14.9		13.4%
ARPU (BDT)		111			130		(14.7%)
MOU (min)		274			322		(14.7%)
Data usage (MB/user)		580			391		48.2%

FY 2017     16

In Bangladesh, Q4 2017 results continue to be affected by technical costs, required to restore network availability following flooding caused by severe monsoons earlier in the year, and the market continues to see intense competition, particularly focused around customer acquisition. During the quarter, Banglalink continued to focus on acquiring customers in a competitive market and restoring network availability.

The customer base grew by 3.2% year-on-year, and this increase was fuelled by competitive customer acquisition campaigns in the market by all operators.

Revenue in Q4 2017 decreased by 9.5% year-on-year, while Banglalink’s service revenue decreased by 10.0% year-on-year to BDT 10.4 billion. The decline in service revenue was mainly attributable to the gap in 3G network coverage compared to the market leader, in addition to network availability issues caused by the extreme weather conditions in the country. The market remains characterized by intense price competition especially in relation to data, which accelerated following the SIM re-verification process. Notwithstanding the competitive environment, data revenue increased by 14.6%, driven by increased smartphone penetration. Data revenue growth was driven by data usage growth of 48.2% along with 13.4% growth in active data users. ARPU decreased year-on-year by 14.7%, as a result of in market pricing pressure.

Banglalink’s underlying EBITDA in Q4 2017 decreased by 24.4% to BDT 3.9 billion, which was mainly caused by a decline in revenue and technical expenses to improve network availability. As a result, the underlying EBITDA margin was 35.8% in Q4 2017, which represents a year-on-year reduction of 7.1 percentage points.

In Q4 2017, capex excluding licenses decreased by 26.6% year-on-year to BDT 3.7 billion, with a LTM capex excluding licenses to revenue ratio of 17.7%. Banglalink continues to invest in efficient, high-speed data networks aiming to substantially improve its 3G network coverage and availability. The 3G network covered approximately 70% of the population at the end of Q4 2017.

The Ministry of Post, Telecommunications and Information Technology issued a public consultation on draft Regulatory and Licensing Guidelines for Tower Sharing. The industry has provided comments on these guidelines to the Government of Bangladesh and Guidelines have not been issued following the consultation.

On 24 December 2017, Banglalink entered into a new floating rate term facilities agreement of BDT 29.3 billion (approx. USD 353 million), divided into two tranches. The first tranche amounting to BDT 10.7 billion (approx. USD 129 million) has a three-year tenor and the second tranche amounting to BDT 18.6 billion (approx. USD 224 million) has a five-year tenor. The facilities agreement includes an option to increase the amount of the facilities up to a total amount of BDT 40 billion.

On 13 February 2018, Banglalink was awarded technology neutral spectrum in the 1800 and 2100 MHz bands. As a result of the auction conducted by the Bangladesh Telecommunication Regulatory Commission, Banglalink has been awarded 5.6 MHz paired spectrum in the 1800 MHz band and 5 MHz paired spectrum in the 2100 MHz band. The spectrum is technology neutral and allows Banglalink to double its 3G network capacity. Moreover, Banglalink has also acquired a 4G/LTE license in parallel allowing the company to launch a high-speed data network. The total investment amounts to USD 308.6 million for the spectrum, excluding VAT. An upfront payment of 60% for the spectrum is payable in approximately 30 days with the remaining 40% payable over four years. In addition, the company paid USD 35 million excluding VAT to convert its existing spectrum holding in 900 MHz and 1800 MHz into technology neutral spectrum and USD 1.2 million excluding VAT to acquire the 4G/LTE license. The investment is expected to be funded through locally available cash and local banking facilities.

FY 2017     17

UKRAINE

UAH million	4Q17			4Q16		YoY		FY17		FY16		YoY
Total revenue		4,297			3,881		10.7%		16,542		14,960		10.6%
Mobile service revenue		3,986			3,601		10.7%		15,338		13,851		10.7%
Fixed-line service revenue		285			270		5.4%		1,132		1,052		7.6%
EBITDA		2,494			1,793		39.1%		9,221		7,811		18.1%
Underlying EBITDA		2,281			2,033		12.2%		9,043		8,031		12.6%
EBITDA margin		58.0	%		46.2%		11.8p.p.		55.7%		52.2%		3.5p.p.
Underlying EBITDA margin		53.1	%		52.4%		0.7p.p.		54.7%		53.7%		1.0p.p.
Capex excl. licenses		534			836		(36.2%)		2,618		2,672		(2.0%)
LTM capex excl. licenses/revenue		15.8	%		17.9%		(2.0p.p.)		15.8%		17.9%		(2.0p.p.)
Mobile
Total operating revenue		4,012			3,611		11.1%		15,411		13,908		10.8%
- of which mobile data		1,202			731		64.5%		4,103		2,429		68.9%
Customers (mln)		26.5			26.1		1.7%		-		-		-
- of which data customers (mln)		12.5			11.2		11.5%						-
ARPU (UAH)		49			45		9.1%		-		-		-
MOU (min)		589			565		4.3%		-		-		-
Data usage (MB/user)		1,091			553		97.2%		-		-		-
Fixed-line
Total operating revenue		285			270		5.4%		1,132		1,052		7.6%
Broadband revenue		170			156		9.3%		678		604		12.2%
Broadband customers (mln)		0.8			0.8		0.8%
Broadband ARPU (UAH)		70			64		8.6%

Kyivstar continued to deliver robust results in Q4 2017 and, in an increasingly competitive environment, the company remains the clear leader in both customer market share and NPS.

Total revenue increased by 10.7% year-on-year to UAH 4.3 billion in Q4 2017 while mobile service revenue grew by 10.7% to UAH 4.0 billion. This was driven by continued strong growth of mobile data revenue, which increased by 64.5% as a result of growing data usage, and successful marketing activities driven by the continued 3G network roll-out and data-centric tariffs. As a result, data consumption per user more than doubled in Q4 2017 compared to the same quarter in the previous year.

Kyivstar´s mobile customer base increased by 1.7% to 26.5 million in Q4 2017, while mobile ARPU continued to increase by 9.1% year-on-year to UAH 49.

Fixed-line service revenue increased by 5.4% to UAH 285 million, supported by broadband revenue which increased by 9.3% and which was driven primarily by the FMC launch. The fixed broadband customer base is stable year-on-year at 0.8 million and fixed broadband ARPU increased by 8.6% year-on-year to UAH 70.

EBITDA increased by 39.1% to UAH 2.5 billion in Q4 2017, representing an EBITDA margin of 58.0%. Underlying EBITDA, adjusted for regulatory provisions grew by 12.2% year-on-year, driven by higher revenue and cost efficiencies. Underlying EBITDA margin increased by 0.7 percentage points year on year to 53.1%.

Q4 2017 capex excluding licenses was UAH 534 million with an LTM capex excluding licenses to revenue ratio of 15.8% as Kyivstar continued to roll out its 3G network, reaching a population coverage of 74% up from 61% in the same quarter last year.

On 31 January 2018 Kyivstar secured one of three licenses to provide nationwide 4G/LTE services, subject to final regulatory approvals. Kyivstar will pay UAH 0.9 billion (approximately USD 32.2 million) for 2x15MHz in the 2600 MHz band.

FY 2017     18

UZBEKISTAN

UZS bln	4Q17		4Q16		YoY		FY17		FY16		YoY
Total revenue		628		518		21.3%		2,342		1,967		19.1%
Mobile service revenue		621		514		20.8%		2,323		1,953		18.9%
- of which mobile data		162		126		28.6%		585		452		29.4%
Fixed-line service revenue		4		3		26.3%		15		13		13.6%
EBITDA		267		328		(18.8%)		1,160		1,173		(1.1%)
Underlying EBITDA		287		289		(0.5%)		1,187		1,124		5.6%
EBITDA margin		42.5%		63.5%		(21.0p.p.)		49.5%		59.6%		(10.1p.p.)
Underlying EBITDA margin		45.7%		55.8%		(10.0p.p.)		50.7%		57.2%		(6.5p.p.)
Capex excl. licenses		120		289		(58.5%)		304		533		(42.9%)
LTM Capex excl. licenses/revenue		13.0%		27.1%		(14.1p.p.)		13.0%		27.1%		(14.1p.p.)
Mobile
Customers (mln)		9.7		9.5		1.9%
- of which mobile data customers (mln)		5.0		4.6		10.1%
ARPU (UZS)		21,672		17,925		20.9%
MOU (min)		574		568		1.1%
Data usage (MB/user)		649		330		96.3%

Unitel continued to report strong revenue growth, as the company´s tariffs were fixed at the foreign exchange rate of UZS 4,210 to the USD after the liberalization of the Uzbek som on 4 September 2017, which is a higher level compared to the prior year. Total revenue increased by 21.3% and mobile service revenue increased by 20.8% to UZS 621 billion, supported by successful marketing activities, increased revenues from interconnect services, value added services and mobile data. Mobile data traffic more than doubled and mobile data revenue increased by 28.6% year on year during the fourth quarter, driven by the continued high-speed data network roll-out, increased smartphone penetration and the launch of new bundled offerings. The overall customer base increased by 1.9% to 9.7 million during the fourth quarter.

Underlying EBITDA, which is adjusted for a reversal of a provision related to a court case of UZS 39.9 billion in Q4 2016, slightly decreased compared to the prior year and the underlying EBITDA margin was 45.7% in Q4 2017. The revenue growth was mainly offset by an increase in non-controllable costs, such as customer tax, interconnect costs, content costs, frequency fees and the negative impact from the currency liberalization. Customer costs increased as a result of an 83.3% growth in customer tax to UZS 2,750 per customer per month during Q4 2017. The customer tax increased further to UZS 4,000 per customer starting from January 2018. Adjusting for this negative effect, underlying EBITDA growth would have been 12.9% and underlying EBITDA margin for Q4 2017 would have been 5.9 percentage points higher at 51.6%.

Capex excluding licenses totalled UZS 120.1 billion and the capex excluding licenses to revenue ratio was 13.0% in 2017. The company continued to invest in its high-speed data networks, improving the 4G/LTE coverage in Tashkent and increasing the number of nationwide 3G sites by 60% year-on-year. Further improvements to the high-speed data networks will continue to be a priority for Unitel in 2018.

The Republican Radiofrequencies Council in Uzbekistan delayed the implementation of the decision to redistribute radio frequencies in Uzbekistan to April 2018. This will result in a reallocation of Unitel’s radio frequencies to other cellular communications providers in the market. The Company prepared the network for this conversion and is analyzing the effect of this measure, which might lead to increased investments in network capacity.

In December 2017, PJSC VimpelCom successfully repatriated a net amount of approximately USD 200 million from Unitel, its wholly owned subsidiary. The remaining cash and deposits balances as per year end 2017 in Uzbekistan are USD 147 million in Uzbek som.

FY 2017     19

ITALY JOINT VENTURE¹

EUR million	4Q17		4Q16		YoY		2017		2016		YoY
Total revenue		1,556		1,749		(11.1%)		6,182		6,475		(4.5%)
Mobile service revenue		1,014		1,103		(8.1%)		4,179		4,367		(4.3%)
Fixed-line service revenue		272		279		(2.5%)		1,085		1,082		0.2%
EBITDA		526		551		(4.5%)		1,945		2,124		(8.4%)
EBITDA underlying2		592		611		(3.1%)		2,211		2,184		1.2%
EBITDA margin		33.8%		31.5%		2.3p.p.		31.5%		32.8%		(1.3p.p.)
EBITDA underlying2 margin		38.1%		34.9%		3.2p.p.		35.8%		33.7%		2.1p.p.
Capex excl. licenses		515		404		27.6%		1,257		1,172		7.3%
LTM capex excl. licenses/revenue		20.3%		18.1%		2.2p.p.		20.3%		18.1%		2.2p.p.
Mobile
Total revenue		1,248		1,440		(13.3%)		4,996		5,338		(6.4%)
- of which mobile data		398		341		16.8%		1,508		1,329		13.4%
Customers (mln)		29.5		31.3		(5.8%)		29.5		31.3		(5.8%)
- of which data customers (mln)		19.3		19.5		(0.8%)		19.3		19.5		(0.8%)
ARPU (EUR)		11.2		11.4		(1.8%)		11.3		11.4		0.9%
MOU (min)		284		288		(1.4%)		272		280		(3.1%)
Fixed-line
Total revenue		307		309		(0.6%)		1,185		1,137		4.2%
Total voice customers (mln)		2.68		2.69		(0.4%)		2.68		2.69		(0.4%)
ARPU (EUR)		27.6		28.8		(4.3%)		27.9		27.6		1.3%
Broadband customers (mln)		2.36		2.31		2.3%		2.36		2.31		2.3%
Broadband ARPU (EUR)		21.1		22.3		(5.4%)		21.7		21.2		1.9%

¹ The ‘’combined data’’ for Q4 2016 as well as 2016 FY, consists of the sum of the WIND Telecomunicazioni s.p.a. and H3G s.p.a. businesses results, respectively, for the three months ended 31 December 2016, prior to the merger of the two businesses. The Q4 2016 data related to H3G s.p.a. was obtained through due diligence performed as part of the merger process. The Company has included this “combined data” because it believes that financial information on the Wind Tre joint venture is relevant to its business and results for the financial quarter. Going forward, the Company expects to include financial information related to the Wind Tre joint venture in the publication of its financial results. It should be noted that the Company owns 50% of the Wind Tre joint venture, while the results above reflect the entire business

² Q4 2017 underlying EBITDA before integration costs of ~EUR 66 million

³  2017 EBITDA before approx. EUR 266 million of integration costs

Wind Tre’s total revenue in Q4 2017 decreased by 11.1% to EUR 1.6 billion, driven by a 8.1% decline in mobile service revenue and lower mobile CPE (consumer premises equipment) revenue. The mobile service revenue decline was primarily due to continuing aggressive competition in the market, which resulted in a customer base decline of 5.8% to 29.5 million, together with impact from the new EU roaming regulation. The mobile CPE revenue decline was primarily due to lower volume of gross additions and a more selective mobile customer scoring, aimed at reducing bad debt, in line with the company’ shift of focus from volume to value.

Mobile data revenue continued to show solid growth year-on-year with a 16.8% increase, driven by stable data customer base, data ARPU growth of 7.9% and data usage which grew by 50% to approximately 4.1 GB per customer per month. In Q4 2017, mobile ARPU slightly declined to EUR 11.2, a 1.8% year-on-year erosion, all attributable to voice component.

Fixed-line service revenue slightly declined by 2.5% year on year, as the increases in direct and broadband customers of 2.0% and 2.3% respectively driven by the increased demand for ultra-broadband connections, were more than offset by the unfavourable comparison with Q4 2016, when some commercial initiatives were undertaken. In Q4 2017, the fixed-line direct customer base and the broadband customer base reached 2.5 million and 2.4 million respectively. Fixed and broadband ARPU slightly declined as a consequence of the abovementioned unfavourable YoY comparison.

Underlying EBITDA declined by 3.1% year-on-year in Q4 2017 to EUR 592 million, mainly due to service revenue erosion, partially offset by opex synergies of EUR 69 million, which led to an increase in the underlying EBITDA margin of 3.2 percentage points to 38.1%.

Capex in the quarter totalled EUR 515 million and was primarily focused on expanding capacity and coverage of the 4G/LTE network, as well as modernizing and merging the former WIND and Tre networks. To be noted that in the cities, Trieste and Agrigento, where the network modernization has been performed, network performances recorded are at the top.

FY 2017     20

The net leverage ratio (net debt/underlying EBITDA) was 4.4x at the end Q4 2017, primarily due to the payment of call premia and one-off costs related to the refinancing of the entire capital structure of Wind Tre. This refinancing not only improved the maturity profile of the company but is expected to substantially reduce future interest costs by an annual amount of approximately EUR 270 million.

During the year 2017, Wind Tre generated opex synergies of approximately EUR 167 million, on track with the targets disclosed at the time of the announcement of the Wind Tre joint venture.

FY 2017     21

CONFERENCE CALL INFORMATION

On 22 February 2018, VEON will also host a live presentation by senior management in London at 14.00 CET (13.00 GMT), which will simultaneously be made available through video webcast on its website and through the following dial-in numbers. The call and slide presentation may be accessed at http://www.veon.com

2.00pm CET investor and analyst conference call

US call-in number: +1 (646) 828 8143

Confirmation Code: 8795299

International call-in number: +44 (0) 330 336 9411

Confirmation Code: 8795299

The conference call replay and the slide presentation webcast will be available until 1 March 2018.

The slide presentation will also be available for download on VEON’s website.

Investor and analyst call replay

US Replay Number: +1 719 457 0820

Confirmation Code: 8795299

UK Replay Number: 0800 101 1153

Confirmation Code: 8795299

CONTACT INFORMATION

INVESTOR RELATIONS Richard James ir@veon.com MEDIA AND PUBLIC RELATIONS Maria Piskunenko pr@veon.com

FY 2017     22

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 with respect to its transformation plan, among others; anticipated performance and guidance for 2018, including VEON’s ability to generate sufficient cash flow; 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; the effect of the acquisition of additional spectrum on customer experience; and VEON’s ability to realize its targets and strategic initiatives in its various countries of operation. The forward-looking statements included in this 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 demand for and market acceptance of VEON’s products and services; continued volatility in the economies in VEON’s markets; unforeseen developments from competition; governmental regulation of the telecommunications industries; general political uncertainties in VEON’s markets; government investigations or other regulatory actions and/or litigation with third parties; failure to realize the expected benefits of the Italy Joint Venture or the Warid transaction as expected or at all due to, among other things, the parties’ inability to successfully implement integration strategies or otherwise realize the anticipated synergies; 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, 2016 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 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. Non-IFRS measures are reconciled to comparable IFRS measures in VEON Ltd.’s earnings release published on its website on the date hereof. Furthermore, elements of this release contain or may contain, “inside information” as defined under the Market Abuse Regulation (EU) No. 596/2014.

As of 7 November 2016, VEON Ltd. owns a 50% share of the Italy Joint Venture (with CK Hutchison owning the other 50%) and we account for this JV using the equity method as we do not have control. All information related to the Italy Joint Venture is the sole responsibility of the Italy Joint Venture’s management, and no information contained herein, including, but not limited to, the Italy Joint Venture’s financial and industry data, has been prepared by or on behalf of, or approved by, our management. As a result of this, we do not provide any reconciliations for non-IFRS measures for the Wind Tre Joint Venture. For further information on the Italy Joint Venture and its accounting treatment, see “Item 5— Operating and Financial Review and Prospects—Key Developments and Trends—Italy Joint Venture” “Explanatory Note—Accounting Treatment of our Historical WIND Business and the new Italy Joint Venture” and Note 6 to our audited consolidated financial statements included in our Annual Report on Form 20-F for the year ended 31 December 2016.

All non-IFRS measures disclosed further in this release (including, without limitation, EBITDA, EBITDA margin, underlying EBITDA, underlying EBITDA margin, EBIT, EBT, net debt, equity free cash flow, organic 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 (including, without limitation, the expected impact on revenue, EBITDA and equity free cash flow from the currency liberalization in Uzbekistan, the sale of the tower business in Pakistan (the “Deodar” transaction), the consolidation of the Euroset stores after completing the transaction ending the Euroset joint venture).

FY 2017     23

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.

FY 2017     24

ABOUT VEON

VEON is a NASDAQ and Euronext Amsterdam-listed global provider of connectivity and internet services, with the ambition to lead the personal internet revolution for over 240 million customers it currently serves, and many others in the years to come.

Follow us:

on Twitter @veondigital

visit our blog @ blog.veon.com

go to our website @ http://www.veon.com

CONTENT OF THE ATTACHMENTS

Attachment A	VEON financial schedules	26
Attachment B	Debt overview	29
Attachment C	Customers	30
Attachment D	Definitions	30
Attachment E	Reconciliation tables	32
	Average rates and budget rates of functional currencies to USD

For more information on financial and operating data for specific countries, please refer to the supplementary file Factbook4Q2017.xls on VEON’s website at http://veon.com/Investor-relations/Reports—results/Results/.

FY 2017     25

ATTACHMENT A: VEON LTD FINANCIAL SCHEDULES

VEON LTD UNAUDITED CONSOLIDATED STATEMENT OF INCOME

USD million	4Q17			4Q16			FY17			FY16
Total operating revenues		2,320			2,354			9,474			8,885
of which other revenues		35			48			125			148
Operating expenses
Service costs, equipment and accessories		(543	)		(527	)		(2,139	)		(1,985	)
Selling, general and administrative expenses		(1,024	)		(1,044	)		(3,748	)		(3,668	)
Depreciation		(337	)		(367	)		(1,454	)		(1,439	)
Amortization		(133	)		(142	)		(537	)		(497	)
Impairment loss		(64	)		(177	)		(66	)		(192	)
Loss on disposals of non-current assets		(8	)		(6	)		(24	)		(20	)
Total operating expenses		(2,109	)		(2,263	)		(7,968	)		(7,801	)
Operating profit/(loss)		211			91			1,506			1,084
Finance costs		(262	)		(219	)		(935	)		(830	)
Finance income		25			23			95			69
Other non-operating (losses)/gains		15			(15	)		(97	)		(82	)
Shares of (loss)/profit of associates and joint ventures		(156	)		(22	)		(522	)		(51	)
Net foreign exchange gain/ (loss)		(118	)		53			71			(157	)
(Loss)/profit before tax		(285	)		(89	)		(24	)		347
Income tax expense		(93	)		(269	)		(472	)		(635	)
(Loss)/ profit from continued operations		(378	)		(358	)		(496	)		(288	)
Profit from discontinued operations		-			1,905			-			2,708
Profit/(loss) for the period		(378	)		1,546			(496	)		2,420
Non-controlling interest		(53	)		(11	)		(13	)		92
The owners of the parent		(325	)		1,557			(483	)		2,328

FY 2017     26

VEON LTD UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

USD million	31 December 2017		30 September 2017		31 December 2016
Assets
Non-current assets
Property and equipment		6,097		6,115		6,719
Intangible assets		2,168		2,289		2,257
Goodwill		4,394		4,457		4,696
Investments in associates and joint ventures		1,921		2,059		2,179
Deferred tax asset		272		273		343
Income Tax advances, non-current		28		25		25
Financial assets		34		126		306
Other assets		199		192		118
Total non-current assets		15,113		15,536		16,643
Current assets
Inventories		72		93		125
Trade and other receivables		745		745		685
Other assets		394		390		439
Current income tax asset		230		161		169
Other financial assets		1,130		245		190
Cash and cash equivalents		1,304		2,565		2,942
Total current assets		3,875		4,199		4,550
Assets classified as held for sale		533		545		-
Total assets		19,521		20,280		21,193
Equity and liabilities
Equity
Equity attributable to equity owners of the parent		4,352		4,809		5,960
Non-controlling interests		425		329		83
Total equity		3,927		4,480		6,043
Non-current liabilities
Debt		9,951		9,911		7,632
Other financial liabilities		411		356		438
Provisions		116		134		148
Other liabilities		83		94		44
Deferred tax liability		376		259		331
Total non-current liabilities		10,937		10,754		8,593
Current liabilities
Trade and other payables		1,497		1,522		1,737
Dividends payable		26		22		7
Debt		1,151		1,525		2,856
Other financial liabilities		117		179		190
Other liabilities		1,346		1,276		1,236
Current income tax payable		48		54		57
Provisions		422		410		474
Total current liabilities		4,607		4,988		6,557
Liabilities associated with assets held for sale		50		58		-
Total equity and liabilities		19,521		20,280		21,193

FY 2017     27

VEON LTD UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOW

USD million	4Q17			4Q16			FY17			FY16
Operating activities
Profit after tax		(378	)		(359	)		(496	)		(288	)
Income tax expenses		93			270			472			635
Profit/(loss) before tax		(285	)		(89	)		(24	)		347
Non-cash adjustment to reconcile profit before tax to net operating cash flows:
Depreciation		337			367			1,454			1,439
Amortization		133			142			537			497
Impairment loss		64			177			66			192
Loss from disposal of non current assets		8			6			24			20
Finance income		(25	)		(23	)		(95	)		(69	)
Finance cost		262			219			935			830
Other non operating losses/(gains)		(15	)		15			97			82
Net foreign exchange loss/(gain)		118			(53	)		71			(157	)
Share of loss of associates and joint ventures		156			(77	)		412			(48	)
Impairment of associates and joint ventures		-			99			110			99
Movements in provisions and pensions		(39	)		122			(119	)		(645	)
Changes in working capital		122			(208	)		197			(249	)
Net interest paid		(264	)		(222	)		(834	)		(789	)
Net interest received		32			19			89			63
Income tax paid		(125	)		(110	)		(445	)		(420	)
Changes due to discontinued operations from operating activity		-			61			-			683
Net cash from/(used in) operating activities		479			445			2,475			1,875
Proceeds from sale of property and equipment		(6	)		2			8			16
Proceeds from sale of intangible assets		-			(1	)		-			(1	)
Purchase of property, plant and equipment		(406	)		(467	)		(1,481	)		(1,310	)
Purchase of licenses		(19	)		(47	)		(359	)		(165	)
Purchase of other intangible assets		(53	)		(35	)		(197	)		(176	)
Outflow for loan granted		-			-			(2	)		-
Inflow from loan granted		-			1			-			1
Inflows/(outflows) from financial assets		8			(19	)		(99	)		(87	)
Inflows/(outflows) from deposits		(861	)		(40	)		(898	)		19
Acquisition of a subsidiary, net of cash acquired		-			-			-			7
Proceeds from sales of share in subsidiaries, net of cash		12			(325	)		12			(325	)
Receipt of dividends		-			-			-			-
Discontinued operations in investing activity		-			(70	)		-			(649	)
Net cash from/(used in) investing activities		(1,326	)		(1,001	)		(3,016	)		(2,671	)
Net proceeds from exercise of share options		-			-			-			-
Acquisition of non-controlling interest		-			(7	)		(259	)		(5	)
Gross proceeds from borrowings		949			16			6,249			1,913
Fees paid for the borrowings		(4	)		-			(56	)		(31	)
Repayment of borrowings		(1,289	)		(423	)		(5,948	)		(1,816	)
Dividends paid to equity holders		-			(60	)		(518	)		(61	)
Proceeds from sale of treasury stock		-			-			-			-
Dividends paid to non-controlling interests		(33	)		-			(202	)		(106	)
Proceeds from sale of non-controlling interests		-			-			1			-
Discontinued operations in financing activity		-			-			-			(20	)
Net cash from/(used in) financing activities		(377	)		(474	)		(733	)		(126	)
Net increase/(decrease) in cash and cash equivalents		(1,225	)		(1,030	)		(1,274	)		(922	)
Cash and cash equivalent at beginning of period		2,565			3,684			2,942			3,614
Net foreign exchange difference related to continued operations		(28	)		(45	)		(353	)		(61	)
Net foreign exchange difference related to discontinued operations		-			(6	)		-			(3	)
Cash and cash equivalent reclassified as Held for Sale at the beginning of the period		-			-			-			314
Cash and cash equivalent reclassified as Held for Sale at the end of the period		(9	)		340			(11	)		-

FY 2017     28

ATTACHMENT B: DEBT OVERVIEW

Type of debt/original lenders	Interest rate		Debt currency		Outstanding debt (million)		Outstanding debt (USD million)		Maturity date			Guarantor		Security
VEON Amsterdam B.V.
Loan from ING Bank N.V.		6 month LIBOR + 1.08%		USD		67		67		16.10.2023			EKN, VEON Holdings B.V.		None
Loan from China Development Bank Corporation		6 month LIBOR + 3.3%		USD		249		249		21.12.2020			PJSC VimpelCom		None
Loan from HSBC Bank plc		1.7200%		USD		159		159		31.07.2022			EKN, PJSC VimpelCom		None
VEON Holdings B.V.
Loan from CDB		5.7100%		CNY		424		65		23.09.2021			VEON Amsterdam B.V.		None
Loan from SberBank		10.0000%		RUB		95,000		1,649		19.05.2022			None		None
Loan from Alfa Bank		8.8000%		RUB		17,500		304		30.08.2022			None		None
Loan from VTB		8.7500%		RUB		30,000		521		30.08.2022			None		None
Loan from CCB		3 m EURIBOR +1.9%		EUR		100		120		10.11.2022			None		None
Syndicated Loan Facility (Term Loan)*		3m EURIBOR + 2.75%		EUR		527		632		16.02.2022			None		None
Syndicated Loan Facility (RCF)**		1m LIBOR +2.25%		USD		250		250		8.1.2018			None		None
Notes		9.0000%		RUB		12,000		208		13.02.2018			None		None
Notes		5.2000%		USD		571		571		13.02.2019			None		None
Notes		3.9500%		USD		600		600		16.06.2021			None		None
Notes		7.5043%		USD		628		628		01.03.2022			PJSC VimpelCom		None
Notes		5.9500%		USD		983		983		13.02.2023			None		None
Notes		4.9500%		USD		900		900		17.06.2024			None		None
PJSC VimpelCom
Loan from VIP Finance Ireland (funded by the issuance of loan participation notes by VIP Finance Ireland)		9.1250%		USD		166		166		30.04.2018			None		None
Loan from VIP Finance Ireland (funded by the issuance of loan participation notes by VIP Finance Ireland)		7.7480%		USD		377		377		02.02.2021			None		None
Other PJSC VimpelCom						81
GTH Finance B.V.
Notes		6.2500%		USD		500		500		26.04.2020			VEON Holdings B.V.		None
Notes		7.2500%		USD		700		700		26.04.2023			VEON Holdings B.V.		None
GTH SAE
Term Loan		1m LIBOR + 4.00%		USD		98		98		15.06.2018	***		International Wireless Communications Pakistan Ltd, Telecom Ventures Ltd		None
Pakistan Mobile Communications Limited (“PMCL”)
Sukuk Certificates		3 months KIBOR + 0.88%		PKR		4,600		42		20.12.2019			None		Certain assets of the borrower
Loan from Habib Bank Limited		6 months KIBOR + 0.90%		PKR		4,000		36		23.12.2020			None		Certain assets of the borrower
Loan from ING Bank N.V.		6 month LIBOR plus 1.9%		USD		212		212		31.12.2020			EKN		Certain assets of the borrower
Loan from MCB Bank Limited		6 months KIBOR + 0.8%		PKR		16,000		145		23.12.2020			None		Certain assets of the borrower
Loan from Habib Bank Limited		6 months KIBOR + 0.35%		PKR		5,000		45		29.06.2022			None		Certain assets of the borrower
Loan from Habib Bank Limited		6.0000%		PKR		5,818		53		31.12.2023			None		Certain assets of the borrower
Loan from Habib Bank Limited		6.0000%		PKR		3,856		35		31.12.2023			None		Certain assets of the borrower
Syndicated loan via MCB Bank Limited		6 months KIBOR + 0.35%		PKR		17,000		154		29.06.2022			None		Certain assets of the borrower
Other Pakistan Mobile Communications Limited (“PMCL”)								111
Banglalink Digital Communications Ltd. (“BDC”)
Senior Notes		8.63%		USD		300		300		06.05.2019			None		None
Optimum Telecom Algeria SpA
Syndicated Loan Facility		Bank of Algeria Re-Discount Rate + 2.0%		DZD		15,000		131		16.12.2019			Omnium Telecom Algérie S.p.A.		Certain assets of the borrower
Other loans, equipment financing and capital lease obligations								11

***This facility was extended to 15 June 2018 on 8 December 2017.

FY 2017     29

ATTACHMENT C: CUSTOMERS

	Mobile						Fixed-line broadband
million	4Q17		4Q16		YoY		4Q17		4Q16		YoY
Russia		58.2		58.3		(0.3%)		2.2		2.2		2.8%
Pakistan		53.6		51.6		4.0%
Algeria		15.0		16.3		(8.0%)
Bangladesh		31.3		30.4		3.2%
Ukraine		26.5		26.1		1.7%		0.8		0.8		0.8%
Uzbekistan		9.7		9.5		1.9%
Other		16.2		15.3		5.9%
Total consolidated		210.5		207.5		1.4%		3.4		3.3		3.7%
Italy		29.5		31.3		(5.8%)		2.4		2.3		2.2%
Total		240.0		238.8		0.5%		5.8		5.6		2.7%

Note: In Russia Fixed line and mobile customers have been restated in 2016 to align them with Group accounting policies

ATTACHMENT D: 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. Wind Tre defines mobile ARPU as the measure of the sum of the mobile revenue in the period divided by the average number of mobile customers in the period (the average of each month’s average number of mobile customers (calculated as the average of the total number of mobile customers at the beginning of the month and the total number of mobile customers at the end of the month) divided 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. Wind Tre measures mobile data customers based on the number of active contracts signed and includes customers who have performed at least one mobile Internet event during the previous month. For Algeria, mobile data customers are 3G customers who have performed at least one mobile data event on the 3G network during the previous four months.

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) excluding 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 E below.

Adjusted EBITDA (called EBITDA in this document) is a non-IFRS financial measure. VEON calculates Adjusted EBITDA as (loss)/profit before tax before depreciation, amortization, loss from disposal of non-current assets and impairment loss and includes certain non-operating losses and gains mainly represented by litigation provisions for all of its segments except for Russia. 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 E below.

EBITDA margin is calculated as EBITDA divided by total revenue, expressed as a percentage.

FY 2017     30

Underlying EBITDA is calculated as EBITDA excluding exceptional items consisting of transformation costs and other one-off items.

Gross Debt is calculated as the sum of long term notional debt and short-term notional debt.

Equity Free Cash Flow is derived from consolidated statements of cash flows and is cash flow before financing activities; net cash from operating activities less net cash used in investing activities. Reconciliation to the most directly comparable IFRS financial measure, is presented in the reconciliation tables section in Attachment E below.

Households passed are households located within buildings, in which indoor installation of all the FTTB equipment necessary to install terminal residential equipment has been completed.

MBOU (Megabyte of use) is calculated by dividing the total data traffic by the average mobile data customers during the period.

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.

MNP (Mobile number portability) is a facility provided by telecommunications operators, which enables customers to keep their telephone numbers when they change operators.

Mobile customers are generally customers in the registered customer base as at a given measurement date who engaged in a 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”)

MOU (Monthly Average Minutes of Use per User) measures the monthly average minutes of voice service use per mobile customer. We generally calculate mobile MOU by dividing the total number of minutes of usage for incoming and outgoing calls during the relevant period (excluding guest roamers) by the average number of mobile customers during the period and dividing by the number of months in that period. For our business in Italy, we calculate mobile MOU as the sum of the total traffic (in minutes) in a certain period divided by the average number of customers for the period (the average of each month’s average number of customers (calculated as the average of the total number of customers at the beginning of the month and the total number of customers at the end of the month)) divided by the number of months in that period.

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.

Reportable segments: the Company identified Russia, Pakistan, Algeria, Bangladesh, Ukraine, Uzbekistan and HQ based on the business activities in different geographical areas.

FY 2017     31

ATTACHMENT E: RECONCILIATION TABLES

RECONCILIATION OF CONSOLIDATED EBITDA

USD mln	4Q17			4Q16			FY17			FY16     reported
Unaudited
EBITDA		753			783			3,587			3,232
Depreciation		(337	)		(367	)		(1,454	)		(1,439	)
Amortization		(133	)		(142	)		(537	)		(497	)
Impairment loss		(64	)		(177	)		(66	)		(192	)
Loss on disposals of non-current assets		(8	)		(6	)		(24	)		(20	)
Operating profit		211			91			1,506			1,084
Financial Income and Expenses		(237	)		(196	)		(840	)		(761	)
- including finance income		25			23			95			69
- including finance costs		(262	)		(219	)		(935	)		(830	)
Net foreign exchange (loss)/gain and others		(259	)		16			(690	)		24
- including Other non-operating (losses)/gains		15			(15	)		(97	)		(82	)
- including Shares of loss of associates and joint ventures accounted for using the equity method, including impairments of JV and associates		(156	)		(22	)		(522	)		(51	)
- including Net foreign exchange gain		(118	)		53			(71	)		157
Profit before tax		(285	)		(89	)		(24	)		347
Income tax expense		(93	)		(270	)		(472	)		(635	)
Profit from discontinued operations		—			1,905			—			2,708
Profit/(loss) for the period		(378	)		1,546			(496	)		2,420
Profit/(Loss) for the period attributable to non-controlling interest		52			11			13			(92	)
Profit/(loss) for the year attributable to the owners of the parent		(325	)		1,557			(483	)		2,328

RECONCILIATION OF CONSOLIDATED REPORTED AND UNDERLYING EBITDA

USD mln, unaudited	4Q17		4Q16		FY17			FY16     pro-forma Warid
EBITDA		753		783		3,587			3,268
One off vendor adjustment		—		—		(106	)		—
Performance transformation and other costs, of which		58		66		184			245
HQ and Other		38		29		142			156
Russia		3		1		5			11
Emerging Markets		17		36		37			78
Other exceptionals		3		61		9			104
Underlying EBITDA		814		910		3,675			3,617

Note: Q2 2016 one-offs have changed to USD 118 million from USD 116 million after reclassification of Opex expenses in 2016

FY 2017     32

RECONCILIATION OF CAPEX

USD mln unaudited	4Q17		4Q16		FY17		FY16
Cash paid for purchase of property, plant and equipment and intangible assets	478		548		2,037		1,651
Net difference between timing of recognition and payments for purchase of property, plant and equipment and intangible assets	(5	)	221		(246	)	90
Capital expenditures	473		770		1,791		1,741
Less capital expenditures in licenses	(8	)	(16	)	(332	)	(148	)
Capital expenditures excl. licenses	466		754		1,459		1,593

RECONCILIATION OF ORGANIC AND REPORTED GROWTH RATES

	4Q17 vs 4Q16
	Total Revenue									EBITDA
	Organic			Forex & other			Reported			Organic			Forex & other			Reported
Russia		0.4	%		8.0	%		8.4	%		(4.9	%)		7.5	%		2.6	%
Pakistan		4.2	%		(1.6	%)		2.6	%		36.5	%		(2.0	%)		34.5	%
Algeria		(9.9	%)		(3.3	%)		13.1	%		(24.1	%)		(2.8	%)		(26.8	%)
Bangladesh		(9.5	%)		(4.1	%)		(13.6	%)		(10.5	%)		(4.1	%)		(14.5	%)
Ukraine		10.7	%		(4.4	%)		6.3	%		39.1	%		(5.9	%)		33.2	%
Uzbekistan		21.3	%		(74.3	%)		(52.9	%)		(18.8	%)		(49.7	%)		(68.4	%)
Total		1.2	%		(2.6	%)		(1.4	%)		0.4	%		(4.2	%)		(3.8	%)

	FY17 vs FY16
	Total Revenue									EBITDA
	Organic			Forex & other			Reported			Organic			Forex & other			Reported
Russia		1.1	%		14.4	%		15.4	%		(0.4	%)		14.1	%		13.6	%
Pakistan		5.9	%		11.9	%		17.8	%		30.5	%		8.3	%		38.8	%
Algeria		(10.8	%)		(1.2	%)		(12.0	%)		(21.1	%)		(1.0	%)		(22.7	%)
Bangladesh		(4.6	%)		(2.9	%)		(7.5	%)		(10.1	%)		(2.7	%)		(12.8	%)
Ukraine		10.6	%		(4.3	%)		6.2	%		18.1	%		(4.8	%)		13.2	%
Uzbekistan		19.1	%		(41.7	%)		(22.6	%)		(1.1	%)		(32.8	%)		(33.9	%)
Total		1.9	%		4.7	%		6.6	%		7.5	%		3.5	%		11.0	%

RECONCILIATION OF VEON CONSOLIDATED NET DEBT

USD mln	31 December 2017			30 September 2017			30 June 2017
Net debt		8,741			8,672			8,403
Cash and cash equivalents		1,304			2,565			2,873
Long - term and short-term deposits		70			199			348
Cash pledged as collateral for the Mandatory Tender Offer		987			—			—
Gross debt		11,102			11,437			11,624
Interest accrued related to financial liabilities		130			179			146
Other unamortised adjustments to financial liabilities (fees, discounts etc.)		(34	)		(34	)		(36	)
Derivatives not designated as hedges		310			311			309
Derivatives designated as hedges		60			40			33
Other financial liabilities		62			38			76
Total other financial liabilities		11,630			11,971			12,153

FY 2017     33

RECONCILIATION OF REPORTED CASH FLOW FROM CONTINUED OPERATIONS AND UNDERLYING EQUITY FREE CASH FLOW EXCLUDING LICENSES

USD million	4Q17			4Q16			FY17			FY16
Net cash from operating activities from continued operations		479			384			2,475			1,192
Exceptional items:
One off vendor adjustment		-			-			(66	)		-
PT costs		58			66			179			255
Settlement with DOJ/SEC/OM Investigation		-			-			-			795
IRAQNA provision		-			-			69			-
WHT on licence in Pakistan		-			-			30
Proceeds from sale of shares in subsdiaries					325						325
Other		19			-			41			33
Underlying net cash flow from operating activities		555			775			2,728			2,601
Net cash used in investing activities from continued operations		(1,325	)		(931	)		(3,016	)		(2,021	)
Adjustments:
Deposits & Financial assets		(853	)		(59	)		(997	)		(68	)
Purchase of license and other		(19	)		(47	)		(359	)		(165	)
Underlying net cash flow used in investing activities		(453	)		(825	)		(1,660	)		(1,788	)
Underlying Equity Free Cash Flow excluding licenses		101			(50	)		1,067			812

RECONCILIATION OF EQUITY FREE CASH FLOW (NEW DEFINITION FOR GUIDANCE 2018) TO UNDERLYING EQUITY FREE CASH FLOW EXCLUDING LICENSES

USD million	FY17			FY16			YoY
EBITDA		3,587			3,232			11.0%
Changes in working capital		197			(249	)		(179.1%	)
Movements in provision		(119	)		(645	)		(81.6%	)
Net interest paid received		(745	)		(726	)		2.6%
Income tax paid		(445	)		(420	)		6.0%
Cash flow from operating activities (excl.discontinued operations)		2,475			1,192			107.6%
Capex excl.licenses		(1,460	)		(1,593	)		(8.4%	)
Working capital related to Capex excl. license		(218	)		107			(304.1%	)
Proceeds from sale of PPE		8			15			(46.7%	)
Equity Free Cash Flow		804			(278	)		n.m.
Purchase of licenses		(359	)		(165	)		n.m.
Other investing activities		(987	)		(386	)		155.7%
Cash Flow before financing		(542	)		(830	)		(34.7%	)
Exceptional cash flow items		263			1,091			(75.9%	)
Underlying Equity Free Cash Flow		1,067			813			31.2%

FY 2017     34

RECONCILIATION OF REPORTED AND PRO-FORMA WARID INCOME STATEMENT FOR FY 2016

USD million	FY16             reported		Warid incl. intercompany eliminations		FY16         pro-forma
Total revenue		8,885		155		9,040
Service revenue		8,553		147		8,700
EBITDA		3,232		36		3,268
EBITDA margin		36.4%		-0.2%		36.1%
Depreciation, amortization, impairments and other		(2,148)		(56)		(2,204)
Operating profit		1,084		(21)		1,063
Financial income and expenses		(761)		(15)		(776)
Net foreign exchange (loss)/gain and others		75		5		80
Share of profit/(loss) of joint ventures and associates		48		(99)		(51)
Impairment of JV and associates		(99)		99		-
Profit/(loss) before tax		347		(31)		316
Income tax expense		(635)		(4)		(639)
Profit/(loss) from continued operations		(288)		(35)		(323)
Profit/(loss) from discontinued operations		2,708		-		2,708
Profit for the period attributable to VEON shareholders		2,328		(34)		2,294

RECONCILIATION OF WIND TRE JOINT VENTURE REPORTED NET RESULT TO VEON’S SHARE OF PROFIT/(LOSS) FROM JV AND ASSOCIATES

USD mln	4Q17			FY17
Italy JV reported net result		1,278			(3,054	)
50% of Italy JV reported net result		(639	)		(1,527	)
D&A - PPA adjustment		213			850
Financing - PPA adjustment		287			287
Other PPA adjustmnet		(17	)		-
Total PPA adjustment		483			1,137
VEON share of profit/(loss) from JV and associates		(156	)		(390	)

FY 2017     35

EBITDA RECONCILIATION FOR COUNTRY

Q4 2017

	Russia			Pakistan			Algeria			Bangladesh			Ukraine			Uzbekistan			HQ			Other			VEON Consolidated
USD mln
Underlying EBITDA		440			182			100			47			85			36			(93	)		17			814
Execptional costs		10			9			8			(0	)		(8	)		2			32			6			61
EBITDA		430			173			92			47			92			33			(125	)		11			753
Less
Depreciation		(206	)		(33	)		(22	)		(27	)		(13	)		(7	)		(1	)		(28	)		(337	)
Amortization		(39	)		(35	)		(27	)		(10	)		(10	)		(0	)		(3	)		(9	)		(133	)
Impairment loss		(14	)		(23	)		3			(1	)		1			-			-			(30	)		(64	)
Loss on disposals of non-current assets		(5	)		(1	)		0			(1	)		1			(0	)		-			(1	)		(7	)
Operating profit		165			82			46			8			70			26			(128	)		(58	)		211
Q4 2016
	Russia			Pakistan			Algeria			Bangladesh			Ukraine			Uzbekistan			HQ			Other			VEON Consolidated
USD mln
Underlying EBITDA		420			149			127			65			78			92			(71	)		48			910
Execptional costs		1			20			2			10			9			(12	)		21			77			127
EBITDA		419			129			125			55			69			105			(92	)		(27	)		783
Less
Depreciation		(183	)		(37	)		(33	)		(46	)		(20	)		(15	)		(1	)		(31	)		(367	)
Amortization		(39	)		(22	)		(32	)		(10	)		(27	)		(2	)		(1	)		(9	)		(142	)
Impairment loss		(17	)		(4	)		(2	)		(3	)		4			-			-			(155	)		(177	)
Loss on disposals of non-current assets		(7	)		1			0			(0	)		(0	)		1			-			(1	)		(6	)
Operating profit		173			67			58			(4	)		25			89			(94	)		(224	)		91

FY 2017     36

FY 2017

	Russia			Pakistan			Algeria			Bangladesh			Ukraine			Uzbekistan			HQ			Other			VEON Consolidated
USD mln
Underlying EBITDA		1,801			730			435			234			340			266			(314	)		182			3,675
Execptional costs		13			27			9			1			(6	)		4			10			30			88
EBITDA		1,788			703			426			233			347			261			(325	)		154			3,587
Less
Depreciation		(813	)		(186	)		(104	)		(128	)		(55	)		(49	)		(2	)		(118	)		(1,454	)
Amortization		(157	)		(134	)		(113	)		(40	)		(45	)		(4	)		(8	)		(35	)		(537	)
Impairment loss		(18	)		(23	)		3			(1	)		1			-			-			(28	)		(66	)
Loss on disposals of non-current assets		(23	)		2			0			(9	)		4			5			-			(4	)		(24	)
Operating profit		778			362			212			56			252			214			(335	)		(32	)		1,506
FY 2016
	Russia			Pakistan			Algeria			Bangladesh			Ukraine			Uzbekistan			HQ			Other			VEON Consolidated pro-forma Warid
USD mln
Underlying EBITDA		1,585			588			562			288			315			379			(278	)		179			3,617
Execptional costs		11			45			15			20			8			(16	)		144			122			349
EBITDA		1,574			542			547			267			306			395			(422	)		58			3,268
Less
Depreciation		(688	)		(253	)		(107	)		(139	)		(106	)		(59	)		(3	)		(134	)		(1,491	)
Amortization		(129	)		(79	)		(151	)		(40	)		(60	)		(11	)		(4	)		(27	)		(502	)
Impairment loss		(20	)		(4	)		(2	)		(6	)		2			0			-			(163	)		(192	)
Loss on disposals of non-current assets		(18	)		4			(0	)		(0	)		(1	)		(1	)		-			(4	)		(20	)
Operating profit		719			210			287			81			142			324			(428	)		(271	)		1,064

FY 2017     37

RATES OF FUNCTIONAL CURRENCIES TO USD¹

	Target rates		Average rates							Average rates							Closing rates
	2018		4Q17		4Q16		YoY			FY17		FY16		YoY			4Q17		4Q16		YoY
Russian Ruble		60		58.41		63.07		(7.4	%)		58.35		67.03		(13.0	%)		57.60		60.66		(5.0	%)
Euro		0.8		0.85		0.93		(8.5	%)		0.89		0.90		(1.9	%)		0.83		0.95		(12.4	%)
Algerian Dinar		110		114.77		110.58		3.8	%		110.92		109.43		1.4	%		114.76		110.40		4.0	%
Pakistan Rupee		105		106.42		104.78		1.6	%		105.35		104.72		0.6	%		110.70		104.37		6.1	%
Bangladeshi Taka		79		82.32		78.62		4.7	%		80.88		78.44		3.1	%		82.69		78.92		4.8	%
Ukrainian Hryvnia		27		26.96		25.89		4.1	%		26.59		25.55		4.1	%		28.07		27.19		3.2	%
Kazakh Tenge		340		334.40		335.07		(0.2	%)		326.08		341.76		(4.6	%)		332.33		333.29		(0.3	%)
Uzbekistan Som		8,748		8,079.91		3,129.4		158.2	%		5,121.14		2,965.66		72.7	%		8,120.07		3,231.5		151.3	%
Armenian Dram		480		483.10		478.84		0.9	%		482.68		480.45		0.5	%		484.10		483.94		0.0	%
Kyrgyz Som		70		69.22		68.83		0.6	%		68.87		69.90		(1.5	%)		68.84		69.23		(0.6	%)
Georgian Lari		2.4		2.59		2.50		3.9	%		2.51		2.37		6.0	%		2.59		2.65		(2.1	%)

¹ Functional currency in Tajikistan is USD

FY 2017     38

Veon
FY 2017 results and business update
London, 22 February 2018

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 with respect to its transformation plan, among others; anticipated performance and guidance for 2018, including VEON’s ability to generate sufficient cash flow; 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; the effect of the acquisition of additional spectrum on customer experience; and VEON’s ability to realize its targets and strategic 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 demand for and market acceptance of VEON’s products and services; continued volatility in the economies in VEON’s markets; unforeseen developments from competition; governmental regulation of the telecommunications industries; general political uncertainties in VEON’s markets; government investigations or other regulatory actions and/or litigation with third parties; failure to realize the expected benefits of the Italy Joint Venture or the Warid transaction as expected or at all due to, among other things, the parties’ inability to successfully implement integration strategies or otherwise realize the anticipated synergies; 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, 2016 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. Non-IFRS measures are reconciled to comparable IFRS measures in VEON Ltd.’s earnings release published on its website on the date hereof. As of 7 November 2016, VEON Ltd. owns a 50% share of the Italy Joint Venture (with CK Hutchison owning the other 50%) and we account for this JV using the equity method as we do not have control. All information related to the Italy Joint Venture is the sole responsibility of the Italy Joint Venture’s management, and no information contained herein, including, but not limited to, the Italy Joint Venture’s financial and industry data, has been prepared by or on behalf of, or approved by, our management. As a result of this, we do not provide any reconciliations for non-IFRS measures for the Wind Tre Joint Venture. For further information on the Italy Joint Venture and its accounting treatment, see “Item 5—Operating and Financial Review and Prospects—Key Developments and Trends—Italy Joint Venture” “Explanatory Note—Accounting Treatment of our Historical WIND Business and the new Italy Joint Venture” and Note 6 to our audited consolidated financial statements included in our Annual Report on Form 20-F for the year ended 31 December 2016. All non-IFRS measures disclosed further in this presentation (including, without limitation, EBITDA, EBITDA margin, underlying EBITDA, underlying EBITDA margin, EBIT, EBT, net debt, equity free cash flow, organic 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 (including, without limitation, the expected impact on revenue, EBITDA and equity free cash flow from the currency liberalization in Uzbekistan, the sale of the tower business in Pakistan (the “Deodar” transaction), the consolidation of the Euroset stores after completing the transaction ending the Euroset joint venture). 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. Disclaimer FY 2017 RESULTS

Opening Agenda Richard James - Head of IR 2017 Achievements & 2017 strategic priorities Jean-Yves Charlier - CEO Financial results and targets Trond Westlie - CFO Russia Update Kjell Johnsen – Head of Major Markets Italy update Jeffrey Hedberg - CEO Italy JV Final remarks Jean-Yves Charlier - CEO BREAK - 20 MINUTES Q&A - 40 MINUTES REFRESHMENTS FY 2017 RESULTS

Total revenue increased by 6.6% YoY; 1.9% YoY organic growth Mobile data revenue increased by 30.2% YoY; 25.7% YoY organic growth Reported EBITDA increased 11.0% YoY to USD 3,587 million (7.5% YoY organic growth), benefiting from revenue growth, exceptional cost reduction from a one-off adjustment to a vendor agreement in Q3 2017 and less transformation costs in 2017 Underlying EBITDA margin organically decreased 0.9 p.p. YoY due to a margin decrease in Russia, Algeria and Bangladesh Capex excl. licenses decreased by 8.4% YoY, resulting in 15.4% capex to revenue, closer to 15% FY 2017 underlying equity free cash flow excluding licenses increased to USD 1,067 million Final dividend of US 17 cents, totaling FY 2017 dividends to US 28 cents FY 2017: good results leading to US 28 cents total dividend 38.8% - 0.9 p.p. organic1 YoY - 1.5 p.p. reported YoY Capex excl. licenses (USD bILLION) 1.5 -8.4% reported YoY LTM capex/revenue: 15.4% Underlying equity free cash flow excluding licenSes3 (USD bILLION) 1.1 Total revenue (USD billion) 9.5 +1.9% organic1 YoY +6.6% reported YoY Underlying EBITDA margin2 (%) 1 Revenue and EBITDA organic growth are non-IFRS financial measures that exclude the effect of foreign currency movements and other factors, such as businesses under liquidation, disposals, mergers and acquisitions 2 Underlying EBITDA excludes exceptional items in Q4 2016 consisting of performance transformation costs of USD 66 million and other exceptional items of USD 61 million, totalling USD 127 million. Exceptional items in Q4 2017 consists of performance transformation costs of USD 58 million and other exceptional items of USD 3 million, totalling USD 61 million 3 Underlying equity free cash flow excluding licenses is defined as free cash flow from operating activities less free cash flow used in investing activities, excluding M&A transactions, transformation costs, inflow/outflow of deposits, financial assets and other one-off items FY 2017 RESULTS

Strategic framework to transform VEON Delivering robust underlying equity free cash flow growth, to underpin sustainable and progressive dividends REINVENTING A GLOBAL COMMUNICATIONS PIONEER Reinvent REVITALIZING OUR BUSINESS TO ACHIEVE WORLD CLASS STANDARDS Revitalize FY 2017 RESULTS

+6.6% YoY reported +1.9% YoY organically FY 2017 RESULTS Strategic framework delivering solid growth in underlying equity free cash flow and dividends 1 FY 2016 results assume full year consolidation of Warid 2 Underlying equity free cash flow excluding licenses is defined as free cash flow from operating activities less free cash flow used in investing activities, excluding M&A transactions, transformation costs, inflow/outflow of deposits, financial assets and other one-off items. In 2015 the reported UEFCF was USD 40 million. Due to change of definition, the Underlying Equity Free Cash Flow was adjusted accordingly TOTAL REVENUE1 DATA REVENUE1 CAPEX EXCL. LICENSES AND LTM CAPEX/REVENUE1 (%) +30.2% YoY reported +25.7% YoY organically +11.0% YoY reported +7.5% YoY organically REPORTED EBITDA1 UNDERLYING EFCF2 +31.4% YoY reported -8.4% YoY reported DIVIDENDS (DPS) +21.7% YoY USD MILLION US 23c US 28c US 3.5c

Revitalizing our business: significant progress in 2017 WORLD CLASS OPERATIONS CONSOLIDATING OUR PORTFOLIO & CREATING AN ASSET LIGHT MODEL ACCELERATING GROWTH SEGMENTS TRANSFORMING THE COST BASE Substantial increase in free float to 29.2% and dual listing on Euronext Amsterdam Capital structure improvements and Wind Tre successful refinancing Strong corporate governance with appointment of Ursula Burns as chairman and with majority of unaffiliated directors Continued strengthening of the compliance and control environment GTH share buy back and mandatory cash tender offer Agreement to sell Pakistan tower business for USD 940 million Transaction to upstream USD 200 million of cash from Uzbekistan following currency liberalization Disposal of non-strategic assets; Laos Mobile data revenue organic growth of 25.7% year on year B2B revenue organic growth of 3.9% year on year FMC revenue organic growth of 265% year on year Consolidation of monobrand strategy in Russia with Euroset transaction Forthcoming 4G/LTE launches in Ukraine and Bangladesh and stronger spectrum portfolios in Bangladesh, Pakistan and Ukraine Turnaround plans in Algeria and Bangladesh Successful capex reduction program, with a capex ratio reduced to 15.4% in 2017 (2014: 21.0%; 2015: 18.5%; 2016: 17.9%) Reduction in cost base funding the new digital initiatives Consolidation of purchasing on a global basis Consolidation of wholesale services on a global basis into a new division (VEON Wholesale Services) FY 2017 RESULTS

FY 2017 RESULTS Portfolio update Italy: competitive pressure hitting top-line, network modernization as well as merger synergies well on track and refinancing successfully completed Algeria: data pricing competition continues, challenging macro environment, operational turnaround gaining traction on the basis of 4G/LTE leadership Bangladesh: market pressure continues to impact financial results, network and spectrum investments paving the way for turnaround Pakistan: continued top-line growth and margin expansion; network integration completed, providing 3G and 4G/LTE to all customers Ukraine: sustained robust performance with solid margin expansion; 4G/LTE spectrum investment to further strengthen market position Russia: continued growth in mobile business driven by data-centric pricing initiatives, VEON launch, EBITDA margin impact due to Euroset store integration Kazakhstan: Market dynamics improving, mobile data customer growth accelerating, driven by data centric pricing initiatives. Growing mobile and fixed line revenue, leading in NPS and strengthening market share Uzbekistan: continued strong top-line growth with tax pressures impacting EBITDA margin; successful repatriation of ~USD 200 million of cash

Algeria Strategic plan to turnaround the business in difficult macro-economic environment and complex regulatory framework Regulatory Creating a level playing field for Djezzy Last major regulatory issue with MTR symmetry – partial symmety since November 2017 Need to create a modern regulatory framework including network sharing Commercial Management Cost Digital Challenge to build a leading network reflecting Djezzy’s strong market position now complete 3G network coverage above 75% of population Leading 4G/LTE network with over 25% population coverage New simplified offers and data monetization initiatives in place, fixing past commercial challenges and re-energizing the brand Roll-out of 52 new flaship stores in 2017, increasing the monobrand footprint by 50% Strong focus on B2B resulting in 7% YoY growth Strong management team now in place led by Matthieu Galvani All key executive positions in place Reduced on average 6 management layers leading to a much more agile and efficient organization Performance transformation initiatives have allowed for EBITDA underlying margin to remain solid at 47.5% in FY 2017 (46.7% in Q4) Workforce reduced by 25% since 2015 (from 4,000 to 3,000 FTEs) New digital IT infrastructure outsourced to Ericsson in 2018 Djezzy selfcare app reached #1 downloaded app position on Play Store in Algeria with a 4.1 rating DMP platform launched in 2017 New DBSS platform to be launched in April 2018 which is expected to bring simplification, agility, time to market, competitive speed and better customer service FY 2017 RESULTS Network & SpectrUM

Bangladesh Strategic plan to turnaround the #3 player Need to create a modern regulatory framework, including network sharing and tower disposals Regulatory framework to address the dominant market position Addressing the network quality and performance issues through significant investments and upgrades Strengthened the spectrum portfolio by acquiring 5 Mhz in 2100 band and 5.6 MHz in the 1800 band, doubling capacity on 3G and launching 4G/LTE in 2018; total investments ~USD 345 million1 Positioning Banglalink as the digital attacker brand Launched new simplified offers and value proposition Specific regional sub-strategies Revamped distribution network with 50% more points of sale Strong management team in place led by Erik Aas All key executive positions in place Agile organization, with several management layers eliminated Performance transformation initiatives enabled underlying EBITDA margin to remain at 40.7% in FY 2017 (35.8% in Q4) Workforce reduced by 47% since 2016 DMP platform launched in 2017 DBSS launch planned for end of 2018 Significant focus on self care app and customer experience FY 2017 RESULTS 1 Including ~USD 308.6 million for the spectrum, ~USD 35.0 million to convert the existing spectrum to technology neutral and ~USD 1.2 million to acquire the 4G/LTE license Regulatory Commercial Management Cost Digital Network & SpectrUM

FY 2017 RESULTS Update on the GTH Mandatory Tender Offer The GTH Mandatory Tender Offer remains subject to approval by the Egyptian Authorities VEON has taken all actions required for such approval and the matter is currently held up in connection with disputed GTH taxes Our desire is to find a path forward with the Egyptian Authorities and we are considering all options

VEON is fully committed to its digital transformation agenda FY 2017 RESULTS Transforming the brick & mortar to a digital business model from the customer touch points to the back-end systems Developing new digital services through an integrated messaging and marketplace platform STRATEGIC OBJECTIVES VEON engagement platform Data management platform (DMP) Digital Business Support System (DBSS) Enterprise Support System (ESS) Network virtualization STRATEGIC INITIATIVES REINVENT

FY 2017 RESULTS VEON platform strategy Re-engage with users Counter cannibalization in core communication services by OTTs Differentiate with content, offers, and ”free” Monetize with partners (global brands, small businesses/ local, influencers/ celebrities) through ”official accounts” MESSAGING MARKETPLACE Illustrative example

FY 2017 RESULTS VEON highlights 2017 Illustrative example 2.7 million downloads in Pakistan in less than 90 days Messaging in Georgia In-App offers in Russia 8.3 million downloads Over 3 million Monthly Active Users Content & In-App offers in Pakistan

>200 PARTNERSHIPS SIGNED 120 Content Partnerships 97 Offer Partnerships 28 Payment Partnerships Terms with over 100 new partners agreed FY 2017 RESULTS

Digitizing the core in a systematic and innovative manner Administrative systems & processes Customer-facing systems & processes network & IT systems AND processes FY 2017 RESULTS

Digitizing the core: focusing on both customer-facing & core systems Administrative systems & processes Customer-facing systems & processes network & IT systems AND processes New channels Improved self-service Near-real-time response Clean-sheeting the whole customer journey Making our networks 4G/LTE and 5G ready Revamping the core BSS and IT systems New ERP platform on a global basis Elevating Cyber-Security FY 2017 RESULTS

VEON’s technology initiatives are tightly interlinked NEW DIGITAL BSS DATA ANALYTICS AND AI (DMP) CLOUD ERP (ESS) INTEGRATED CUSTOMER CHANNELS AND PARTNER API’s VIRTUALIZED NETWORK DATA DATA DATA DATA DATA DATA DATA Global cyber security layer Scalable multi-purpose infrastructure FY 2017 RESULTS

VEON’s data analytics and AI (DMP) FY 2017 RESULTS Introduce data-driven decision making in every business process Elevate 360-degree customer insights to world-class standards Drive financial results through customer and network analytics Greater customer personalization resulting in better customer engagement and satisfaction Ideal platform to leverage partnership strategy for the VEON platform through quality of data insights Establishing 1% EBITDA impact in mid-term Raising operational efficiency (e.g., retail profitability) to the next level Optimizing the skill footprint by creating specialist Hubs Smart CAPEX planning introduced in major markets DMP platforms implemented in all operations, and Hubs created in Pakistan, Russia and Ukraine Over USD 200 million of incremental revenue generated through personalized offers1 KEY OBJECTIVES EXPECTED IMPACT INITIAL MILESTONES & RESULTS 1Additional revenue generated in 2017

VEON’s new digital BSS (DBSS) FY 2017 RESULTS Making core IT infrastructure internet-friendly to compete in the new age Reduce time-to-market and drive simplification of the business model Overcome structural issues in legacy IT architecture and fundamentally reduce costs Use one standard model across our markets Reduce BSS costs from >2% to 1% of revenue Provide for a far better customer experience with new digital self-service tools Opening new channels to customers Making real-time customer products possible Ericsson implementation on track Georgia was the first market successfully launched on new DBSS in January 2018 Algeria, Ukraine, and Bangladesh to go live next in 2018 KEY OBJECTIVES EXPECTED IMPACT INITIAL MILESTONES & RESULTS

Zoom-in on Georgia: our first market on new DBSS FY 2017 RESULTS Full implementation covering all business lines was completed in a record 8 months No disruption to the operations during the customer migration Dramatically simplified architecture fom 27 fragmented IT systems to 1 pre-integrated stack BSS IT costs reduced from 1.9% to 1% of revenue World-class self-service applications: almost everything can be done online, including full e-shop and e-care offerings Real-time product offerings launched Tariff structure extremely simplified Complex B2B offerings can be now changed within 1 day and tariff changes can be done instantly Simplified product offerings, reduced tariffs and services by 49% PROJECT RESULTS ACHIEVED

VEON core network virtualization FY 2017 RESULTS Decouple Hardware and Software to improve agility Reduce incremental spend on capacity through efficient pooling Prepare for 5G and IOT across our footprint Long-term savings in capex and opex compared to legacy Greater agility in the implementation of new services to customers 4G/LTE and 5G evolution readiness in our markets Virtual EPC (Virtualized Evolved Packed Core Network) tender TCO was a factor of 5x less than legacy TCO Virtualization applications launched: vMessaging, vSDM (virtualized Subscriber Data Management), vIMS (virtualized IP Multimedia Subsystem), and vEPC (virtualized Evolved Packed Core network) KEY OBJECTIVES EXPECTED IMPACT INITIAL MILESTONES & RESULTS 1 Virtualized Evolved Packed Core Network

FY 2017 RESULTS 2018 key strategic priorities Turnaround of Algeria and Bangladesh 1 Defend market position and accelerate synergies in Italy 2 Integration of Euroset stores in Russia 3 Further address the cost structure, particularly the corporate costs 4 Accelerate the implementation of the digital agenda 5 Unlock the GTH Mandatory Tender Offer 6

Opening Agenda Richard James - Head of IR 2017 Achievements & 2017 strategic priorities Jean-Yves Charlier - CEO Financial results and targets Trond Westlie - CFO Russia Update Kjell Johnsen – Head of Major Markets Italy update Jeffrey Hedberg - CEO Italy JV Final remarks Jean-Yves Charlier - CEO BREAK - 20 MINUTES Q&A - 40 MINUTES REFRESHMENTS FY 2017 RESULTS

FY 2017 RESULTS Reflections on VEON Company restructuring executed, capital structure improved 1 GTH Mandatory Tender Offer still pending 3 Cash flow significantly improved in the last two years 4 Focus on general and corporate costs optimization 5 We are in a mature industry, we have a digital agenda, striving for continuous improvement of the underlying operations Governance, controls and compliance strengthened 2

+1.9% Revenue evolution Organic growth in data revenue is the key driver 1 Other also includes intercompany eliminations 2 Other mainly includes the results of Kazakhstan, Kyrgyzstan, Georgia, Armenia, Tajikistan and intercompany eliminations Note: Total revenue 2016 consider 12 months of Warid USD MILLION +6.6% 1 2 FY 2017 RESULTS

FY 2017 RESULTS EBITDA evolution EBITDA growth supported by revenue USD MILLION 1 Includes 12 months Warid for FY 2016 2 FY 2017 total costs includes exceptional items consisting of USD 88 million, resulting from exceptional cost reduction of USD 106 million from a one-off adjustment to a vendor agreement, offset by costs of USD 194 million related to the performance transformation costs and other legal costs +11.0% 2 1

Revenue and EBITDA country trends 4Q16 1Q17 2Q17 3Q17 4Q17 4Q16 1Q17 2Q17 3Q17 4Q17 4Q16 1Q17 2Q17 3Q17 4Q17 4Q16 1Q17 2Q17 3Q17 4Q17 4Q16 1Q17 2Q17 3Q17 4Q17 4Q16 1Q17 2Q17 3Q17 4Q17 Revenue EBITDA FY 2017 RESULTS 4Q16 1Q17 2Q17 3Q17 4Q17 4Q16 1Q17 2Q17 3Q17 4Q17 4Q16 1Q17 2Q17 3Q17 4Q17 4Q16 1Q17 2Q17 3Q17 4Q17 4Q16 1Q17 2Q17 3Q17 4Q17 4Q16 1Q17 2Q17 3Q17 4Q17 RUSSIA (RUB BILLION) PAKISTAN (PKR BILLION) ALGERIA (DZD BILLION) BANGLADESH (BDT BILLION) UKRAINE (UAH BILLION) UZBEKISTAN (UZS BILLION) -4.9 YoY +36.5% YoY -24.1% YoY -10.5% YoY +39.1% YoY -18.8% YoY +0.4% YoY +4.2% YoY -9.9% YoY +10.7% YoY +21.3% YoY -9.5% YoY

FY 2017 RESULTS Corporate costs In FY 2017, VEON HQ costs amounted to USD 431 million1, increased by 2.5% YoY HQ Amsterdam and London Costs for digital Costs for services and projects (e.g. M&A, legal costs, ESS2, global procurement) 1 HQ EBITDA excluding the exceptional cost reduction from a one-off adjustment to a vendor agreement (USD 106 million) 2 ESS: Enterprise Support System We’re addressing the corporate cost base and aiming for a reduction of ~20% YoY in FY 2018

FY 2017 RESULTS Q4 2017 income statement 4Q17 4Q16 Reported YoY Organic1 YoY Revenue 2,320 2,354 (1.4%) 1.2% Service revenue 2,214 2,244 (1.3%) 1.5% EBITDA 753 783 (3.8%) 0.4% Depreciation, amortization and other (542) (692) (21.7%) Operating Profit 211 91 131.9% Net financial income and expenses (237) (196) 20.7% Net FOREX and other gains (103) 38 n.m. Share of loss from joint ventures and associates (156) 77 n.m. Impairment of JV and associates - (99) n.m. Loss before tax (285) (89) n.m. Tax (93) (269) n.m. Loss from continued operations (378) (359) n.m. Profit from discontinued operations - 1,904 n.m. Net profit attributable to VEON shareholders (325) 1,557 n.m. 1 Organic variation excludes the effect of foreign currency movements and other factors, such as businesses under liquidation, disposals, mergers and acquisitions; in the organic calculation. USD MILLION Operating profit increased, as Q4 2017 was impacted by a lower level of impairments Net FOREX and other gains of USD 103 million are driven by FOREX losses in HQ and Russia and a FOREX loss of USD 49 million related to the currency conversion in Uzbekistan Loss driven by VEON’s 50% share of loss of the Wind Tre joint venture, impacted by accelerated depreciation in respect of network modernization, amounting to USD 68 million, and loss of USD 70 million of costs arising from early redemption of debt as part of the refinancing Income tax expense decreased mainly due to the utilization of tax assets and the FOREX devaluation in Uzbekistan, as well as lower taxable profit in Russia, Algeria and Bangladesh The increase in financial expenses in Q4 2017 is the result of the revaluation of the put option liability for Warid transaction in Pakistan (USD 38 million) Prior to the Wind Tre joint venture closing in November 2016, WIND had been accounted for as a discontinued operation and classified as held for sale under IFRS rules since Q3 2015. As a result, the Q4 2016 results were positively affected by a non-cash gain. The “discontinued operations” accounting treatment was not applied in 2017 following the closing of Wind Tre joint venture transaction.

IFRS 15 The scope of IFRS 15 includes the timing of revenue recognition and costs of obtaining contracts with customers Contract costs are now required to be capitalized and amortized over the average customer life VEON will apply IFRS 15 for the first time in the 2018 financial statements, using the modified retrospective approach No material impact is expected in the accounting for revenues or costs, based on existing product and service offerings VEON estimates the additional asset stemming from capitalization of contract costs to amount to USD 95 million pre-tax as at 1 January 2018 (i.e. one-off gain to retained earnings in 2018) IFRS 9 & 15: expected impact for VEON IFRS 9 The scope of IFRS 9 includes new guidance to classify financial instruments on the balance sheet VEON will need to introduce the concept of Expected Credit Loss (“ECL”), where an allowance for doubtful debt is required for all debt-like instruments including unbilled receivables. VEON estimates the additional debt allowance to amount to USD 20 million pre-tax (i.e. one-off charge to retained earnings in 2018) In Italy (equity investment of VEON), the additional bad debt provision is preliminarily estimated at USD 96m on 100% basis (i.e. USD 48 million VEON’s share that will be recorded as a reduction of the investment value in 2018) The Group is in the process of assessing the impact of IFRS 16 FY 2017 RESULTS

FY 2017 RESULTS Cash flow reconciliation table FY2015 FY2016 FY2017 YoY EBITDA 2,875 3,232 3,587 11% Changes in working capital - 157 - 249 199 -179% Movement in provisions - 185 - 645 - 119 -82% Net interest paid-received - 758 - 726 - 745 3% Income tax paid - 671 - 420 - 445 6% Cash flow from operating activities (excl. discontinued operations) 1,104 1,192 2,474 107% Capex excl.licenses - 1,779 - 1,593 - 1,460 -8% Working capital related to Capex excl. licenses -204 107 -218 -149% Proceeds from sale of PPE 18 15 8 -47% Equity Free Cash Flow - 868 - 278 804 n.m. Purchase of licenses - 224 - 165 - 359 118% Other investing activities1 - 305 - 386 - 987 156% Cash flow before financing - 1,390 - 830 - 542 -35% Exceptional cash flow items 1,436 1,091 263 -76% Underlying Equity Free Cash flow2   568   812 1,067   31% A B A+B USD MILLION 1 Other investing activities consist of outflow/inflow from loan granted, inflow/outflow from financial assets, inflow/outflow from deposits, acquisition of a subsidiary, net of cash acquired, and proceeds from sales of share in subsidiaries, net of cash as presented in Cash Flow Statement 2 Underlying equity free cash flow excluding licenses is defined as free cash flow from operating activities less free cash flow used in investing activities, excluding M&A transactions, transformation costs, inflow/outflow of deposits, financial assets and other one-off items

VEON had structural constraints in upstreaming cash flow from its operations Ukraine cash upstream capped by Central Bank of Ukraine Uzbekistan currency restrictions prohibited any cash upstream GTH structure Improvements during the last 12 months In Ukraine the cap increased over time, and VEON is now able to upstream an amount close to its annual profits Uzbekistan cash upstream capability was unlocked since December 2017, after currency liberalization in September 2017 Kazakhstan & Kyrgyzstan voluntary restrictions removed MTO for GTH launched FY 2017 RESULTS Cash upstream developments

FY 2017 net debt evolution 1 2017 underlying EBITDA excludes exceptional items of USD 88 million 2 Dividends paid consist of dividends paid to equity holders of USD 518 million and dividends paid to non-controlling interests of USD 202 million 3 Other consist of GTH share buy back of USD 257 million, movements in provisions of USD 119 million, outflows from other financial assets of USD 99 million, fees paid for borrowings of USD 56 million and other of USD 169 million 4 Net debt includes cash balances of USD 987 million pledged as collateral for the Mandatory Tender Offer. Excluding this, net debt would have been USD 9,728 million and the net debt ratio would have been 2.6x NET DEBT EBITDA1 2.0x 2.6x 2 FY 2017 RESULTS USD MILLION 2.4x 3 4

Rebalanced capital structure Average cost of debt: 7.3% Average maturity: 2.3 years Average cost of debt: 6.6% Average maturity: 3.3 years YEAR-END 2016 YEAR-END 2017 Reduction of priority debt Improved currency mix1 1 2017 after taking into account currency swaps FY 2017 RESULTS

9,040 40.0% 812 Low single digit growth Flat to low single digit accretion 850 - 950 FY 2016 FY 2017 targets1 Total revenue Underlying EBITDA margin Underlying equity free cash flow excluding licenses2 1FY 2017 targets after Uzbekistan currency regime adjustment are based on pro-forma results for 2016, including 12 months of Warid contribution; organic targets for revenue and underlying EBITDA margin are at constant currency, excluding exceptional items, e.g. transformation costs and M&A. Underlying equity free cash flow excluding licenses is calculated at the target exchange rates for 2017 2 Underlying equity free cash flow excluding licenses is defined as free cash flow from operating activities less free cash flow used in investing activities, excluding M&A transactions, transformation costs, inflow/outflow of deposits, financial assets and other one-off items. Underlying equity free cash flow excluding licenses is calculated on the basis of the average exchange rates for 2016 and 2017 and targets rates for 2017. Please see appendix for 2017 actual exchange rates. USD MILLION UNLESS OTHERWISE STATED +1.9% organic YoY (0.9 p.p.) organic YoY 1,067 FY 2017 actuals FY 2017 RESULTS FY 2017 targets

FY 2018 targets 9,474 3,587 804 FY 2017 actual 1 Equity free cash flow is defined as free cash flow from operating activities less cash flow for net capex, excluding capex for licenses; see appendix for reconciliation table 2 FY 2018 revenue and EBITDA targets calculated on organic basis. Organic growth reflects changes in revenue and EBITDA excluding foreign currency movements and other factors, such as businesses under liquidation, disposals, mergers and acquisitions and other exceptional items. Major exceptional items currently known are the impact from the Uzbekistan currency liberalization, the Pakistan tower transaction (Deodar), the Euroset transaction and the one-off adjustment to a vendor agreement. FY 2017 RESULTS USD MILLION UNLESS OTHERWISE STATED D (impacts from UZB currency, Deodar, Euroset, one-off adjustment to a vendor agreement) ~9,350 ~3,200 ~470 FY 2017 pro-forma Flat-to-low single digit organic growth Flat-to-low single digit organic growth USD ~1 billion FY 2018 targets2 ~(120) ~(380) ~(335) Total revenue EBITDA Equity free cash flow1

Final dividend and dividend policy For the financial year ended 31 December 2017, the Company intends to pay a dividend in the aggregate amount of US 28 cents per share comprised of USD 11 cents per share paid as an interim dividend in September 2017 and US 17 cents per share as a final dividend to be paid in March 20181 VEON is committed to paying a sustainable and progressive dividend based on the evolution of the Company’s equity free cash flow 1 The record date for the Company’s shareholders entitled to receive the final dividend payment has been set as 5 March 2018; payment date 13 March 2018 FY 2017 RESULTS

Opening Agenda Richard James - Head of IR 2017 Achievements & 2017 strategic priorities Jean-Yves Charlier - CEO Financial results and targets Trond Westlie - CFO Russia Update Kjell Johnsen – Head of Major Markets Italy update Jeffrey Hedberg - CEO Italy JV Final remarks Jean-Yves Charlier - CEO BREAK - 20 MINUTES Q&A - 40 MINUTES REFRESHMENTS FY 2017 RESULTS

FY 2017 RESULTS Russia’s strategic priorities Focus on ARPU and value through data centric pricing Expanding our controlled distribution channel Fixed-line business turnaround Major improvement in network expansion, by smart investing Moving to digital self-care solution, Beeline becoming a leading digital operator Data-centric pricing Reinvented distribution Smart network roll-out Fixed - mobile convergence ARPU PULL NPS

Drivers of mobile ARPU turnaround: Improved customer quality High end ARPU customer base (RUB 500+) increased 4% YoY Continued solid growth of mobile data customers (+5% YoY) and traffic (+39% YoY) Focus on data centric price plans Cancelation unlimited data tariff plans in 2017 63% of customers on bundled tariff plan, up 16% YoY, representing 78% of mobile revenue > 12 million customers use bundled tariff plan introduced in April 2017 Mobile revenue turnaround ARPU (RUB) Rub +4.2% YoY -9.5% 2017 2016 306 2015 310 2014 323 2013 338 319 FY 2017 RESULTS

Modernization of 200+ MEN rings 35% wholesale capacity increase Increase network speed Fixed-line business turnaround: back to growth Connect 5,000 new buildings in 2018, 11,000 in 2019 (vs 1,100 in 2017) Cover additional 5,000 buildings by FVNO Connect 100 new business centers in 2018 Double fixed-line capex in 2018 vs 2017 Focus on FMC: 870K customers at YE 2017, target > 1 million in 2018 Digital household ecosystem development, TV content, family offer and others Time-to-market improving solutions (PmP, WTTx) 10x FY 2017 RESULTS FOOTPRINT EXPANSION PACE QUALITY IMPROVEMENT SUPERIOR OFFERING

Expanding our controlled distribution channel FY 2018 EBITDA negatively impacted by ~RUB 3.0 billion, due to integration and rebranding costs Positive immediate effect on revenue and from 2019 onwards on EBITDA driven by device sales acceleration and channel-mix improvement Beeline already rebranded ~200 Euroset stores into Beeline monobrand stores in Q4 2017 Rebranding 1,600 Euroset stores expected to be complete in Q2 2018, resulting in ~3,100 own Beeline monobrand stores Expected number of Beeline monobrand and franchise stores of ~5,500 in medium term Next stage: substitute physical stores with digital distribution VEON and MegaFon agreed to end their Euroset joint venture Integrate and rebrand acquired stores to Beeline monobrand stores Increasing the share of controlled distribution channels Shift focus from customer acquisition to customer retention Significant gross sales reduction in 2018 New incentive scheme for retail staff Stop “sales washing machine”, improve churn, lifetime, and customer value 2017 2016 2018E FY 2017 RESULTS 3M REVENUE FROM NEW CUSTOMERS

Capex optimization through network sharing Strong, globalized procurement process Well positioned in 800MHz and 1800Mhz bandwidth No overinvestments, 15% capex to revenue ratio sustainable Smart investing Use big data analytics to identify and locate our active core customers Prioritize network expansion within small geographical units Investments driven by customer needs Focus on delivering high speed mobile internet and video streaming to core customers Doubled roll out of base stations YoY in 2017 63% 4G/LTE population coverage, on par with competition Network customer satisfaction on par with competition High speed mobile internet and video streaming will be available for >70% of our core customers in 2018 FY 2017 RESULTS PRIORITIZE CORE CUSTOMERS EFFICIENT ROLL OUT RESULTS

Drivers of mobile ARPU turnaround: > 30% FTE reduction since 2015 through digitization and increased efficiencies, changing the profile of the organization Project Phoenix (managed services) brought ~2,900 FTE reduction in 2017 By the end of 2018 around 72% of FTE will be customer facing Interconnect balance halved year-on-year in H2 2017, despite growing bundle penetration Control addressable costs FTEs FY 2017 RESULTS Addressable costs increased ~2% in FY 2017 and expected to be flat to slightly down YoY in 20181 -31% 1 Excluding Euroset integration

Russia: continued growth in mobile business TOTAL REVENUE (RUB BILLION) MOBILE CUSTOMERS (MILLION) Mobile service revenue increased by 2.1% YoY, mainly driven by 8.9% mobile data revenue growth Mobile ARPU grew by 2.0% YoY Fixed-line service revenue decreased by 11.4% YoY, due to negative FOREX effect, impact of increased FMC penetration, competition and a decrease in transit traffic Underlying EBITDA decreased 3.0% mainly due to costs for the VEON personal internet platform roll-out and increased G&A and HR costs Capex excluding licenses decreased YoY in Q4 2017 as a result of more linear phasing compared to back-end loaded capex in FY 2016 +0.4% YoY -0.3% YoY -4.9% YoY -3.0% YoY (underlying)1 -37.8% YoY EBITDA AND EBITDA MARGIN (RUB BILLION AND %) CAPEX EXCL. LICENSES AND LTM CAPEX/REVENUE (RUB BILLION AND %) 1 Q4 2016 EBITDA negatively impacted by performance transformation costs of RUB 86m. Q4 2017 EBITDA negatively impacted by performance transformation costs of RUB 158m, the impact of the switch from OIBDA to EBITDA of RUB 165 million and Euroset rebranding and integration costs of RUB 266 million FY 2017 RESULTS

FY 2017 back to revenue growth TOTAL REVENUE (RUB BILLION) MOBILE CUSTOMERS (MILLION) +1.1% YoY -0.3% YoY -0.4% YoY -0.4% YoY (underlying)1 -6.1% YoY EBITDA AND EBITDA MARGIN (RUB BILLION AND %) CAPEX EXCL. LICENSES AND CAPEX/REVENUE (RUB BILLION AND %) 1 FY 2016 EBITDA negatively impacted by performance transformation costs of RUB 696 million. FY 2017 EBITDA negatively impacted by performance transformation costs of RUB 266 million, the impact of the switch from OIBDA to EBITDA of RUB 165 million and Euroset rebranding and integration costs of RUB 266 million and other of RUB 59 million FY 2017 RESULTS

My Beeline VEON BEELINE DATA MANAGEMENT PLATFORM (DMP) Targeting, triggering, scoring, risk-scoring, geo-analytics, CVM/DCVM Store rating (Google/iOS) 4.2/4.0 MAU (monthly active users) 7 Million Unique users (2017) 23 Million 2016 Best self-service app («RUNET raiting— 2016») 2017 Official Honoree (The Webby Awards) Offer Partners 100+ Content Channels/ Content Units 25/23K+ Registrations 1.7 Million Downloads 2.5 Million Beeline becoming a leading digital operator FY 2017 RESULTS

Five priority use cases for VEON personal internet platform VALUE TO THE CUSTOMER Retail & E-Commerce Proactively suggest a taxi ride (or ride share) based on user real time location and behavior (e.g., where they tend to travel) Reduce failed deliveries by allowing users to redirect deliveries based on their real time location Offer smart-phones with a bundled loan to existing Telco customer based on their user profile and priced according to behavioural scoring Offer targeted insurance to user and shares customer profile with insurers Propose users personalized dinner options at the right time and then pickup at the retail partner shop (based on profile, behavior and context) PARTNERS RIDER ACQUISITION PHYSICAL RETAIL TRAFFIC STIMULATION PARCEL DELIVERY PRODUCTIVITY INCREASE DEVICE FINANCING INSTANT CONTEXTUAL MICRO INSURANCE Rideshare & Logistics Insurance Telco FY 2017 RESULTS

FY 2017 RESULTS Regulatory update The proposed date (01.07.2018) for the law to come into force is likely to be rescheduled. The Government is yet to approve a number of supporting rulings, which is expected by the end of Q1 2018 National roaming prices decreased and differences between “home region” and “travel” roaming prices within Russia eliminated “On-net” roaming price decrease is still being discussed Proposed Russian Federation budget for 2018-2020 assumes increased income from spectrum allocation. Operators await spectrum fees increase and/or possible 4G/LTE & 5G spectrum auctions YAROVAYA LAW NATIONAL & ON-NET ROAMING SPECTRUM

FY 2017 RESULTS Strong management team Kjell Johnsen is VEON’s Head of Major Markets, with responsibility for the Group’s businesses in Russia and Italy. From September 2016 to December 2017, Kjell was the Chief Executive Officer of Beeline Vasyl Latsanych (former Group Vice President for Strategy and Marketing MTS) appointed Chief Executive Officer of Beeline from January 2018 Fabrizio Mambrini (former Chief Financial Officer of Beeline) appointed as CFO of Major Markets Andrey Larkin (former member of the Management Board of PJSC Ingosstrakh) appointed as Chief Financial Officer of Beeline from January 2018 Vasyl Latsanych Chief Executive Officer Russia Kjell Johnsen VEON Head of Major Markets Andrey Larkin Chief Financial Officer Russia Fabrizio Mambrini VEON CFO of Major Markets

Opening Agenda Richard James - Head of IR 2017 Achievements & 2017 strategic priorities Jean-Yves Charlier - CEO Financial results and targets Trond Westlie - CFO Russia Update Kjell Johnsen – Head of Major Markets Italy update Jeffrey Hedberg - CEO Italy JV Final remarks Jean-Yves Charlier - CEO BREAK - 20 MINUTES Q&A - 40 MINUTES REFRESHMENTS FY 2017 RESULTS

Highly competitive mobile market ahead of the new entrant Fierce underground attack (“below-the-line” offers) with aggressive pricing and highly generous data allowances In fixed, high promotional intensity to accelerate customers migration to fiber Intense competitive pressure in mobile (both SMEs and Large Enterprises) Regulatory changes on international roaming negatively impacting the whole industry GSM license renewal & re-farming paid to Government impacting cash flow of MNOs in Italy Wind Tre 2017: a deeper look at the market ~+20%1 MNPs vs. 2016 linked to intense underground activities ~-19%2 in Price / Gb vs. 2016 ~15-30% discount offered by several players on first months of Fiber offering Fiber pricing similar to ADSL Aggressive underground campaigns through consumer-like offers (30-50% discount) driving MNPs increase ~EUR -30 million revenue impact of roaming for Wind Tre (all players impacted) ~EUR -435 million FCF impact of GSM license re-farming for Wind Tre (all MNOs impacted) 1 Based on total market (Consumer + Business) 2 IDC Market FY 2017 RESULTS 34_84 39_84 40_84 41_84 CONSUMER MOBILE CONSUMER FIXED BUSINESS REGULATION

Wind Tre 2017: investing for the future 1 P3 test (3rd party network test) performed in Q4 2017 FY 2017 RESULTS 34_84 39_84 40_84 41_84 Shift of focus from volume to value, even if it entails negative short term financial impacts Retention efforts initiated through high-value customers tying programs and channels incentives revamp Bad debt reduction through more selective customer scoring Elimination of major drivers of distrust, with a short term negative revenue impact Simplification of VAS policy, increasing customer level of control Harmonization of extra-bundle charges Modernizing the network, now generating 50% of root causes of detraction for Wind Tre Starting our integration: many manual interventions required, impacting customer experience Refinancing completed SHIFT TO VALUE RESTORING CONFIDENCE FIXING OPERATIONS REFINANCING EUR -83 million CPE sales vs. 2016 mainly driven by more selective customer scoring ~+13pts NPS for our “3” customers acquired in 2017 vs. rest of customer base Leading network in consolidated cities1 60+ IT Systems consolidated EUR 270 million annual run-rate interest savings

Wind Tre financial highlights FY 2017 vs FY 2016 combined 35.8% +200bps vs 2016 +310bps vs Q4 2016 EBITDA1 (EUR bILLION) 2.2 +1.2% underlying vs 2016 -3.1% underlying vs Q4 2016 Operating cash flow (EBITDA1 – CAPEX) EUR BILLION 1.0 Total revenue (EUR BILLION) 6.2 -4.5% vs 2016 -11.1% vs Q4 2016 EBITDA margin, underlying1 (%) 1 2017 Underlying EBITDA net of approximately EUR 266 million of one-off integration costs. 2016 Underlying EBITDA net off approximately EUR 60 million of one-off integration costs. 4Q 2017 Underlying EBITDA net of approximately EUR 66 million of one-off integration costs. 4Q 2016 Underlying EBITDA net off approximately EUR 60 million of one-off integration costs. 2 Net debt/EBITDA calculated on Underlying EBITDA; net debt excluding approx. EUR 128 million related to backbone rights of way of TERNA 3 FY 2017 Net debt and leverage increase due to overall refinancing costs occurred in 4Q as a consequence of the refinancing of the entire company’s capital structure FY 2017 RESULTS -5.8% vs 2016 Mobile TLC revenue Total vs 2016 vs Q4 2016 EUR 4.2 billion -4.3% -8.1% Fixed TLC revenue Total vs 2016 vs Q4 2016 EUR 1.1 billion +0.2% -2.5% Leverage ratio2 (FY 2017) 4.4x FY 2016: 4.2x3

Mobile market outlook Mobile market expected to shrink in value in the coming years mainly due to growing competitive intensity driven by the new entrant Mobile market total SIM cards expected to increase following the new entrant and growing adoption of M2M SIM cards ARPU expected to decrease due to voice ARPU decline not completely offset by the growth in the data ARPU Competition expected to remain tough with main players focusing on convergence FY 2017 RESULTS 7_84 13_84 HIGHLIGHTS Other competitors MOBILE MARKET SHARES (DEC.-17)5 -2.3% +19.1% +4.9% -16.3% CAGR ’17-’19 MOBILE MARKET EXPECTATIONS1 (EUR BILLION) Prepaid Postpaid CUSTOMER MIX4 1 MOBILE SIMs (M) AND ARPU (EUR) 1 1 Source: IDC. Mobile Market includes incoming, excludes CPE. 2 Source: Ovum June 2017 3 Source IDC (including MNO and MVNO) divided by ISTAT population as of September 2017 4 Source AGCOM as of Sept. 2017: Customer mix on approx. 84 million human SIMs 5 Internal estimation based on consensus numbers from public available information (excluding MVNOs) MOBILE PENETRATION 2 3 0.7

Fixed market outlook Fixed market expected to grow slightly in total value in the coming years driven by the increase in broadband access Fixed broadband number of lines expected to grow following the enlarged availability of fiber in Italy Market expected to remain competitive with main players focusing/pushing on new UBB services on fiber technology FY 2017 RESULTS < 10 Mbps > 30 Mbps > 10 Mbps < 30 Mbps 9_84 36_84 HIGHLIGHTS +1.2% +5.1% +5.8% -5.8% CAGR ’17-’19 FIXED MARKET EXPECTATIONS1 (EUR BILLION) PENETRATION2 SPEED OF ACCESS3 FIXED BROADBAND MARKET SHARES (DEC.-17)4 Other competitors FIXED BROADBAND LINES AND BROADBAND ARPU 1 Source IDC. Fixed market : Total Revenues excluding CPE, Incoming and Wholesale.. Data revenues include Data Transmission and Data VAS (Cloud , Security and Managed Services), and is referred to Business Market. Broadband revenues include  Internet connectivity fees and Content. 2 Source Credit Suisse Telecom Factsheet 3Q17; Companies reports 3Q17; Penetration defined as Fiber/Broadband subscription over total households 3 Source AGCOM as of Sept. 2017 4 Internal estimation on consensus numbers from public available information, excl. FWA 1 1

2018: ready for the new entrant Likely commercial start in mobile: H1 2018 Expected marketing buzz around “trust” and “simplicity” Likely aggressive pricing & data generosity strategy Digital approach to “go-to-market” Fight plan vs. new entrant: key differentiators to bring value to our clients Attractive fixed-mobile convergent offers to address all family needs Best-in-class handset range through tying offers Dense distribution footprint Remedy contract with the new entrant, ensures significant cash flows in all scenarios providing us partial revenue recovery of our customers lost to the new entrant and incremental revenue from competitors’ customers churning to the new entrant. Revenues from the new entrant deriving from: Sale and co-location of sites Transfer of spectrum licenses Use of network New entrant likely to further disrupt the market in 2018… …But we are ready to fight and we will get benefits from their entry FY 2017 RESULTS

2018: a year of transformation INTEGRATE OPTIMIZE DIFFERENTIATE Bridge the gap with competition on mobile network Consolidate our systems Improve efficiency eliminating duplications in organization and processes Maximize extraction of synergies Accelerate on fixed-mobile convergence Strengthen differentiation on B2B segment Accelerate digital transformation with an eco-system of partners (personalized services, best self-care and online experience, differentiated mobile engagement platforms) FY 2017 RESULTS Make a step change in fiber coverage (ongoing negotiation with several players) Fix operational processes (e.g. provisioning, assurance) Secure our high value customers through data analytics (e.g. predictive value of customers) Eliminate underperforming and overlapping sales channels, incentivize customer retention rather than acquisition Ensure discipline in allocation of capital and resources Double-down on ultra-broadband products & services (Wind Tre as Digital Home enabler)

Build future-proof differentiating infrastructure 53_84 66_84 67_84 68_84 76_84 77_84 55_84 59_84 60_84 62_84 63_84 69_84 70_84 72_84 73_84 EARLY ACHIEVEMENTS PLAN Building Italy leading mobile network through consolidation and modernization Competitive differentiation Synergies through sites consolidation, decommissioning and handover to the new entrant Consolidate our systems, enable digital and omni-channel, move to cloud services Cost savings through rationalization and more efficient IT New revenue streams from data-driven business 1 As of January 2018 2 P3 test (3rd party network test) performed in Q4 2017 ~5k sites modernized1 95% 4G population coverage Leading network in consolidated cities2 98% 4G coverage by YE 2018 100% consolidation by YE 2019 +60 systems consolidated Data analytics use cases launched, generating revenue +50% of our infrastructure and app inventory consolidated and modernized Fast-growing data-driven revenue Mobile network IT OUR AMBITION FY 2017 RESULTS 21k sites for the largest NTW in Italy with single vendor 5G ready equipment

Accelerate on fixed-mobile convergence The hub to make families’ life easier The environment for tech- hungry adventure-seekers Breakthrough simple FMC offer on Fiber up to 1Gbps 100Giga/month data shareable within the family on Fiber up to 1Gbps 15Giga/month data each SIM (up to 5 SIMs) Finalize process improvements and step-up end-to-end customer experience E.g. fix provisioning and assurance Enlarge fiber footprint Ongoing negotiations with multiple fiber players Accelerate migration of our DSL customers to fiber Enrich offer of digital products & services to increase customer stickiness and drive ARPU E.g. strengthened TV offering, IoT, monitoring & security, top-notch set-top-box Further accelerate cross-sell through push in distribution, especially in the “3” network ~60% of our fixed customer base convergent ~10% of our mobile customer base convergent ~1.9 SIMs per convergent account ~50% lower churn on convergent customers (mobile & fixed) New growth engine Cross sell both ways between our mobile and fixed customer base Reduce massively churn on both mobile & fixed Boost ARPU through content, digital products & services… OUR AMBITION EARLY ACHIEVEMENTS PLAN FY 2017 RESULTS

+18% fixed customers in 2017 +3% mobile customers in 2017 ~70% of fixed customers are convergent ~25% reduction in SMEs network of third party agents (eliminating redundancies and low performers) Strengthen differentiation on B2B FY 2017 RESULTS OUR AMBITION EARLY ACHIEVEMENTS PLAN Double-down in B2B to turn B2B into a solid growth pillar Close the NPS gap vs. competitors in mobile and fixed State-of-the art mobile network post consolidation Enlarged fiber coverage Enriched offer Best-in-class processes All touchpoints rebranded “Wind Tre Business” Unified and revamped offer portfolio (data sharing, FMC, smart devices) Improved digital channels (e.g. top-notch self-care app for Small Enterprises) Unified and restructured the SME outbound distribution channels Drastically enhance experience of business customers Drastically improving mobile & fixed network performance Revamping fixed processes (esp. provisioning and assurance) Further push cross selling in our customer base Expand into adjacent segments (IoT, SaaS, Cloud, Security), scouting partners and solutions to improve speed/flexibility and control capital expenditures

~7% digital sales in 4Q 2017, leading the market ~20% digital top-up in 2017, and growing ~40% selfcare apps penetration, with market leading app store ratings and 30+ NPS 20+ skilled professionals fully dedicated to Big Data and analytics with ~30% total company's data already managed by the new DMP platform in three months Full agile way of working implemented across Digital, extending to wider organization Executing digital technology roadmap as in Digital Stack, Data Management, Knowledge Management, e-commerce, selfcare (bots) etc. Accelerate digital transformation FY 2017 RESULTS OUR AMBITION EARLY ACHIEVEMENTS PLAN To become a “Simple and Digital” company driving new revenue growth and cost savings Successfully scale up digital engagement to drive selfcare and NPS improvements New digital products and services, leveraging partnerships Improving customers experience and processes to simplify and reduce time to market Becoming a data driven company leveraging Big Data and advanced analytics Drive Digital Transformation in the company Increase digital sales and digital top-up through all available selfcare applications and web tools (VEON, Wind and 3) Increase selfcare adoption by enriching digital functionalities (customer recognition, virtual agent, Big Data, bots) Improve customer experience through seamless processes, procedures, UX and UI Manage 100% of customer and operational data, leveraging our own and third party sources Deliver the digital technology roadmap including OSS/ BSS (Digital Stack) to be launched

Reduction of ~2,200 employees in 2017, on a voluntary basis by offering severance package ~-24% employees ~+20% average span of control1 Improve organizational efficiency FY 2017 RESULTS OUR AMBITION EARLY ACHIEVEMENTS PLAN Have the best-in-class, future-proof organizational setup and speed up decision making process Streamlined and simplified structure Simplified processes enabling better cost efficiency and improved customer/employee experience Optimized sourcing model increasing productivity Future proof skillset enabled by a strong recruiting and development policy One winning company culture Reduction in headcount achieved to date higher than in the original synergies plan Further streamline organization Elimination of all duplicated activities Further optimization of span of control Review our sourcing model, enhancing internal skills and insourcing selected high-value activities E.g. insourcing of selected technical functions and network activities Strengthen our skillset through hiring/reskilling programs E.g. Young Digital Talents recruiting program E.g. new managerial & technical upskilling programs Build a strong, unified company culture 1 Span of control: a ratio indicating the number of employees per manager.

Maximize synergies and reduce costs 96_84 99_84 102_84 109_84 112_84 113_84 115_84 116_84 121_84 122_84 124_84 125_84 127_84 Network & IT Commercial SG&A & HR Network & IT Opex Capex EUR 490 million Annual run-rate Opex synergies 90% Annual run-rate Opex synergies realized by year end 2019 EUR 210 million Annual run-rate Capex synergies1 25% from Commercial 50% from SG&A and HR 25% from Technology EUR 167 million Opex synergies realized in 2017 corresponding to EUR 260 million Annual run-rate Opex synergies Mobile network consolidation & modernization Fiber deployment Insourcing of key operational activities w/o associated human resources Rationalization of points of sales Leverage of complementary brands Improved customer touchpoints Organizational streamlining Facilities consolidation Automation & process improvement Network and IT consolidation and modernization 1 CAPEX synergies are calculated as difference between Wind Tre CAPEX at the end of the plan and 2016 CAPEX of Wind and H3G on a stand-alone basis OUR AMBITION EARLY ACHIEVEMENTS PLAN FY 2017 RESULTS Announced On top Financial expenses EUR 700 million of total synergies EUR 270 million in interest savings on top of

Focus on cash generation 24_84 1 Notional amounts. USD tranche has been converted at Cross Currency Swaps EUR/USD Exchange Rate 2 Defined as: Net debt/EBITDA. Target required to be reached per VEON-CKH Shareholders Deed on a pro-forma basis for distribution under 3 FCF defined as: Net cash from operating activities less net cash used in investing activities. Maximum % of FCF available for distribution 4 Nominal annual interest rate including hedging costs Leverage target of net leverage ratio <3.0x in the long-term Full refinancing executed in Q4 2017 optimizing maturity with 50% reduction in annual interest costs (EUR 270 million) vs.2016 Shareholder distribution based on the following: <4.0x 40% <3.5x 60% <3.0x 80% Leverage2 % FCF3 EUR 6 billion in 5 years (2017-2021) 0.45 0.60 1.95 1.6 2.2 1.8 1.7 ~2.7% average interest rate4 Bank loans Bonds ~ ~ ~ CAPEX PLAN (EUR BILLION) DEBT MATURITY PROFILE1 (EUR BILLION) DE-LEVERAGE DISTRIBUTION TO PARENTS FY 2017 RESULTS

FY 2017 RESULTS Final remarks Clear strategy & execution plan to accelerate cash generation Strategy Strong focus on quality as a key enabler to drive value and differentiation Processes reengineering underway to improve cost efficiency and customer experience Operations Transformation into a lean & efficient organization initiated, powered by a strong, unified culture On track to deliver target synergies: EUR 700 million annual run-rate Cash & Deleverage Refinancing completed: EUR 270 million annual run-rate interest savings on top of synergies Deleverage ambition: <3x leverage ratio in the long term

Opening Agenda Richard James - Head of IR 2017 Achievements & 2017 strategic priorities Jean-Yves Charlier - CEO Financial results and targets Trond Westlie - CFO Russia Update Kjell Johnsen – Head of Major Markets Italy update Jeffrey Hedberg - CEO Italy JV Final remarks Jean-Yves Charlier - CEO BREAK - 20 MINUTES Q&A - 40 MINUTES REFRESHMENTS FY 2017 RESULTS

Appendix

Pakistan: continuous growth and margin expansion 1 Q4 2016 EBITDA negatively impacted by performance transformation costs of PKR 2.1 billion. Q4 2017 EBITDA negatively impacted by performance transformation costs of PKR 1 billion TOTAL REVENUE (PKR BILLION) MOBILE CUSTOMERS (MILLION) +4.2% YoY +4.0% YoY +36.5% YoY +24.5% YoY underlying -34.2% YoY 38.7 41.2 40.3 EBITDA AND EBITDA MARGIN (PKR BILLION AND %) CAPEX EXCL. LICENSES AND LTM CAPEX/REVENUE (PKR BILLION AND %) Continued revenue growth, despite the aggressive market, fuelled by strong data revenue growth (+27.8% YoY) Network integration completed overall sites reduced by >3 thousands enabled 3G for ex-Warid and 4G/LTE for ex-Mobilink customers Strong underlying EBITDA YoY increase due to revenue growth and synergies Underlying EBITDA margin expansion to 48.1%, +7.8 p.p. YoY +2.7 p.p. of Q4 margin impact due to release of historic SIM tax accruals QoQ margin reduction by 7 p.p. mainly due to lower impact in Q4 vs Q3 from SIM tax accruals release FY 2017 RESULTS

Algeria: data pricing competition continues, challenging macro environment 1 Q4 2016 EBITDA negatively impacted by performance transformation costs of DZD 0.2bn. Q4 2017 EBITDA negatively impacted by performance transformation costs of DZD 0.9bn TOTAL REVENUE (DZD BILLION) MOBILE CUSTOMERS (MILLION) -9.9% YoY -8.0% YoY -24.1% YoY -18.4% YoY underlying1 -35.7% YoY 0.5 0.2 EBITDA AND EBITDA MARGIN (DZD BILLION AND %) CAPEX EXCL. LICENSES AND LTM CAPEX/REVENUE (DZD BILLION AND %) Top line remains under pressure Customer base decreased due to increased churn, fuelled by high competitive pressure on data pricing Data revenue +36% YoY with 4G/LTE network population coverage leadership Challenging macro environment Economic slowdown coupled with continued high inflation and weakened currency Telecom share of wallet under pressure from new taxes and food basket inflation Underlying EBITDA margin of 46.7% The Finance law impact has contributed to a decrease of 2.4 p.p. of EBITDA margin, which would otherwise have been of 49.1% Mobile termination rate partial symmetry 13.9 FY 2017 RESULTS

Bangladesh: continued competitive pressure impacting results 1 Q4 2016 EBITDA negatively impacted by performance transformation of BDT 0.8bn. TOTAL REVENUE (BDT BILLION) MOBILE CUSTOMERS (MILLION) -9.5% YoY +3.2% YoY -10.5% YoY -24.4% YoY Underlying1 -26.6% YoY 11.7 12.0 10.8 EBITDA AND EBITDA MARGIN (BDT BILLION AND %) CAPEX EXCL. LICENSES AND LTM CAPEX/REVENUE (BDT BILLION AND %) Revenue YoY trend deteriorated vs Q3 2017 Continued competition on customer acquisition driving multi-SIM and diluted share of wallet Data revenue +14.6% YoY, with acceleration of data customer growth at 13.4% YoY Underlying EBITDA decline due to revenue trend and technology expenses to improve network availability 3G network availability substantially restored at year-end Underlying EBITDA margin at 35.8% Banglalink acquired additional spectrum and 4G/LTE license, positioning the company for the turnaround FY 2017 RESULTS

Ukraine: sustained robust performance 1 Q4 2016 EBITDA negatively impacted by UAH 240m related to provisions for penalties and tax related issues. Q4 2017 EBITDA positively impacted by UAH 213m due to a provision related to a regulatory fine TOTAL REVENUE (UAH BILLION) EBITDA AND EBITDA MARGIN (UAH BILLION AND %) MOBILE CUSTOMERS (MILLION) CAPEX EXCL. LICENSES AND LTM CAPEX/REVENUE (UAH BILLION AND %) +10.7% YoY +1.7% YoY +39.1% YoY +12.2% YoY (underlying)1 -36.2% YoY Leader in NPS and clear market leader with customer market share above 47% Improved churn driving customer growth Mobile service revenue growth of 10.7% YoY, driven by data revenue growth of 65% ARPU increased by 9.1% YoY to UAH 49 Fixed service revenue increased 5.4% YoY Underlying EBITDA increased 12.2% YoY driven by revenue growth, improving cost efficiency EBITDA margin of 58.0% positive impacted by UAH 213 million release of a provision related to a regulatory case 3G population coverage reached 74% On 31 January 2018, Kyivstar secured 4G/LTE license in the 2,600MHz band to provide nationwide services FY 2017 RESULTS

Uzbekistan: Tax and cost pressure impacting EBITDA margin TOTAL REVENUE (UZS BILLION) MOBILE CUSTOMERS (MILLION) 625 518 628 EBITDA AND EBITDA MARGIN1 (UZS BILLION AND %) CAPEX EXCL. LICENSES AND LTM CAPEX/REVENUE (UZS BILLION AND %) Revenue grew 21.3% YoY driven by increased tariffs, which were pegged to USD until the Uzbek som liberalization on 4 September 2017 Mobile data revenue increased 28.6% YoY Underlying EBITDA broadly stable YoY, driven by revenue growth, mainly offset by a.o. 83% YoY increase in customer tax to UZB 2,750, increased service and business costs, and the negative impact from the currency liberalization VEON successfully repatriated USD 200 million from Uzbekistan 1 Q4 2016 EBITDA positively impacted by reversal of provision related to a court case of UZS 39.9 billion. Q4 2017 EBITDA positively impacted by UZS 20.3 billion related will a penalty provision FY 2017 RESULTS +21.3% YoY +1.9% YoY -18.8% YoY -58.5% YoY

Italy: synergies on track partially offsetting top line pressure TOTAL REVENUE (EUR MILLION) -11.1% YoY MOBILE CUSTOMERS (MILLION) 1 EBITDA negatively impacted by integration costs of ~EUR 66 million; in Q4 2017 and of ~EUR 60 million in 4Q 2016 2 CPE = Customer Premises Equipment 3 Calculated as Net Debt / LTM EBITDA before ~EUR 266 million integration costs; 2017 total net leverage excludes approximately EUR 128 million related to the Terna’s fibre backbone right of way Note: starting from Q2 2017 results, minor changes in accounting policies were adopted and for a proper comparison previous period results were adjusted accordingly +27.6% YoY -5.8% YoY 1,749 1,556 -4.5% YoY -3.1% YoY Underlying1 1,543 EBITDA AND EBITDA MARGIN (EUR BILLION AND %) CAPEX EXCL. LICENSES AND LTM CAPEX/REVENUE (EUR BILLION AND %) 2 Service revenue decline of 7.0% YoY with: Mobile service revenue decline of 8.1% YoY mainly due to continued highly competitive environment with aggressive underground offers Fixed service revenue decrease of 2.5% YoY mainly due to tough comparison with 4Q16 when some commercial initiatives were undertaken Other & CPE2 revenue decline mainly driven by lower volume of gross additions and to a more selective mobile customer scoring Underlying EBITDA1 declined 3.1% YoY due to the decline in mobile segment as a consequence of top line pressure partially offset by synergies and costs efficiencies Net leverage ratio at 4.4x3 Contribution to VEON P&L of a loss of USD 156m for Q417 FY 2017 RESULTS

Feb 2017 Jun 2017 May 2017 Aug 2017 RCF/Term loan at HQ GTH share buy-back USD bonds issue at HQ Alfa Bank & VTB loans in RUB at HQ Sberbank loans in RUB at HQ Key financing activities and transactions of 2017 Nov 2017 VEON submits MTO on GTH Dec 2017 Cash repatriation from Uzbekistan Syndicated loans in BDT in Bangladesh Tender offer on PJSC and PJSC guaranteed bonds FY 2017 RESULTS

Group debt maturity schedule Group debt maturity schedule by currency1 AS AT 31 DECEMBER 2017, USD BILLION 2018 2019 2020 2021 2022 >2022   USD 0.7 1.1 0.7 0.4 0.7 2.6 55% EUR 0.0 0.0 0.3 1.1 0.1 0.0 12% RUB 0.2 0.0 0.5 1.2 0.8 0.0 25% PKR 0.1 0.2 0.2 0.1 0.1 0.0 6% OTHER 0.0 0.1 0.0 0.0 0.0 0.0 2% 1 After effect of cross currency swaps FY 2017 RESULTS

Liquidity analysis Group cash breakdown by currency 31 DECEMBER, 2017 Unused RCF headroom at the end of Q4 2017: Unused VF/CF headroom at the end of Q4 2017: Group cash: USD 1.3 billion1 VEON – Syndicate USD 1.44 billion VEON - Sberbank RUB 15 billion (USD 0.26 billion) Pakistan – facility PKR 15 billion (USD 0.13 billion) Banglalink – Syndicated TL Facility BDT 29 billion (USD 0.35 billion) 1 Net of USD 987m on deposit as USD collateral for the MTO. FY 2017 RESULTS

Debt by entity Outstanding debt (millions) Type of debt/lender AS AT 31 DECEMBER 2017, USD MILLION Entity Bonds Loans Other Total VEON Amsterdam B.V. - 475 - 475 VEON Holdings B.V. 3,891 3,542 - 7,432 GTH Finance B.V. 1,200 - - 1,200 GTH - 98 - 98 PJSC VimpelCom 562 - 61 623 Pakistan Mobile Communications Limited 42 790 - 832 Banglalink Digital Communications Ltd. 300 - - 300 Optimum Telecom Algérie S.p.A. - 131 - 131 Others - 7 4 11 Total 5,994 5,042 66 11,102 FY 2017 RESULTS

Underlying equity free cash flow (excluding licenses) reconciliation table 4Q17 4Q16 FY17 FY16 Net cash from operating activities from continued operations 479 384 2,475 1,192 Exceptional items: One-off adjustment to a vendor agreement1 - - (66) - PT costs 58 66 179 255 Settlement with DOJ/SEC/OM Investigation - - - 795 WHT on license in Pakistan 30 IRAQNA Provision 69 Proceeds from sale of shares in subsidiaries - 325 - 325 Other 19 - 41 33 Underlying Net Cash Flow from operating activities 555 775 2,728 2,601 Net cash used in investing activities from continued operations (1,325) (931) (3,016) (2,021) Adjustments: Purchase of license (19) (47) (359) (165) Deposits, Financial assets and other (853) (59) (997) (68) Underlying net cash flow used in investing activities (453) (825) (1,660) (1,788) Underlying Equity Free Cash Flow (excluding licenses) 101 (50) 1,067 812 1 One-off adjustment to a vendor agreement refers to USD 106m of exceptional cost reduction of which USD 66m have been paid in Q3 2017 and the remaining USD 40m will be paid in 2018 FY 2017 RESULTS

Cash flow USD mln   FY17       Operating activities     Profit after tax   (496) Income tax expenses   472 Profit before tax   (24) Non-cash adjustment to reconcile profit before tax to net operating cash flows:     Depreciation   1.454 Amortization   537 Impairment loss   66 Loss/(Gain) From disposal of non current assets   24 Finance income   (95) Finance cost   935 Other non operating losses / (Gains)   95 Net foreign exchange loss / (gain)   71 Share of loss of associates, joint ventures and impairments   522 Movements in provisions and pensions   (119) Changes in working capital   199 Net interest paid   (834) Net interest received   89 Income tax paid   (445) Changes due to discontinued operations from operating activity   - Net cash from operating activities   2.475       Proceeds from sale of property and equipment   8,0 Proceeds from sale of intangible assets   - Purchase of property, plant and equipment   (1.481) Purchase of licenses   (359) Purchase of other intangible assets   (197) Outflow for loan granted   (2,0) Inflow from loan granted   - Inflows/(outflows) from financial assets   (99) Inflows/(outflows) from deposits   (898) Acquisition of a subsidiary, net of cash acquired   - Proceeds from sales of share in subsidiaries, net of cash   12,0 Receipt of dividends   - Discontinued operations in investing activity   - Net cash used in investing activities   (3.016)       Net proceeds from exercise of share options   - Acquisition of non-controlling interest   (259) Gross proceeds from borrowings   6.248 Fees paid for the borrowings   (56) Repayment of borrowings   (5.948) Dividends paid to equity holders   (518) Proceeds from sale of treasury stock   1 Dividends paid to non-controlling interests   (202) Proceeds from sale of non-controlling interests   - Discontinued operations in financing activity   - Net cash from/(used in) financing activities   (734) Net increase in cash and cash equivalents   (1.275) A B A+B FY2017 EBITDA 3,587 Changes in working capital 199 Movement in provisions - 119 Net interest paid-received - 745 Income tax paid - 445 Cash flow from operating activities (excl. discontinued operations) 2,474 Capex excl.licenses - 1,460 Working capital related to Capex excl. licenses -218 Proceeds from sale of PPE 8 Equity Free Cash Flow 804 Purchase of licenses - 359 Other investing activities1 - 987 Cash flow before financing - 542 Exceptional cash flow items 263 Underlying Equity Free Cash flow2 1,067  

4Q17 4Q16 FY17 FY16 Pro-forma Warid EBITDA 753 783 3587 3,268 One-off vendor adjustment - - (106) - Performance Transformation costs of which: 58 66 184 245 HQ and Other 38 29 142 156 Russia 3 1 5 11 Emerging Markets 17 36 37 78 Other exceptional 3 61 9 104 EBITDA underlying 814 910 3,676 3,617 Underlying EBITDA reconciliation table FY 2017 RESULTS

Russian ruble Algerian dinar Pakistan rupee Bangladeshi taka Ukrainian hryvnia Kazakh tenge Uzbekistan som Armenian dram Kyrgyz som Georgian lari Target rates FY 2018 60.00 110.00 105.00 79.00 27.00 340.00 8,748 480 70.00 2.40 Average rates 4Q17 4Q16 YoY 58.41 63.07 (7.4%) 114.77 110.58 3.8% 106.42 104.78 1.6% 82.32 78.62 4.7% 26.96 25.89 4.1% 334.40 335.07 (0.2%) 8,079.91 3,129.4 158.2% 483.1 478.84 0.9% 69.22 68.83 0.6% 2.59 2.50 3.9% Closing rates 4Q17 4Q16 YoY 57.60 60.66 (5.0%) 114.76 110.40 4.0% 110.70 104.37 6.1% 82.69 78.92 4.8% 28.07 27.19 3.2% 332.33 333.29 (0.3%) 8,120.07 3,231.5 151.3% 484.1 483.94 0.0% 68.84 69.23 (0.6%) 2.59 2.65 (2.1%) Forex FY 2017 RESULTS

VEON Ltd.

Index sheet

Average and closing rates of functional currencies to USD

			Average rates							Average rates							Closing rates
			4Q17		4Q16		YoY			FY17		FY16		YoY			4Q17		4Q16		YoY
Consolidated VEON ltd	Russian Ruble	RUB		58.41		63.07		-7.4	%		58.35		67.03		-13.0	%		57.60		60.66		-5.0	%
Customers	Euro	EUR		0.85		0.93		-8.5	%		0.89		0.90		-1.9	%		0.83		0.95		-12.4	%
EBITDA reconciliation	Algerian Dinar	DZD		114.77		110.58		3.8	%		110.92		109.43		1.4	%		114.76		110.40		4.0	%
Russia	Pakistan Rupee	PKR		106.42		104.78		1.6	%		105.35		104.72		0.6	%		110.70		104.37		6.1	%
Pakistan	Bangladeshi Taka	BDT		82.32		78.62		4.7	%		80.88		78.44		3.1	%		82.69		78.92		4.8	%
Algeria	Ukrainian Hryvnia	UAH		26.96		25.89		4.1	%		26.59		25.55		4.1	%		28.07		27.19		3.2	%
Bangladesh	Kazakh Tenge	KZT		334.40		335.07		-0.2	%		326.08		341.76		-4.6	%		332.33		333.29		-0.3	%
Ukraine	Uzbekistan Som	UZS		8,079.91		3,129.41		158.2	%		5,121.14		2,965.66		72.7	%		8,120.07		3,231.48		151.3	%
Italy	Armenian Dram	AMD		483.10		478.84		0.9	%		482.68		480.45		0.5	%		484.10		483.94		0.0	%
Laos	Kyrgyz Som	KGS		69.22		68.83		0.6	%		68.87		69.90		-1.5	%		68.84		69.23		-0.6	%
	Georgian Lari	GEL		2.59		2.50		3.9	%		2.51		2.37		6.0	%		2.59		2.65		-2.1	%

VEON

index page

(in USD millions, unless stated otherwise, unaudited)

Consolidated*	1Q15			2Q15			3Q15			4Q15			1Q16 (pro-forma Warid)			2Q16 (pro-forma Warid)			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			FY15			FY16 Pro-forma Warid			FY17
Total operating revenue		2,312			2,570			2,442			2,296			2,096			2,228			2,361			2,354			2,281			2,417			2,456			2,320			9,606			9,040			9,474
Service revenue		2,260			2,515			2,364			2,188			2,022			2,158			2,276			2,244			2,202			2,331			2,358			2,214			9,313			8,700			9,105
EBITDA		938			1,069			58			811			778			811			896			783			861			931			1,042			753			2,875			3,268			3,587
EBITDA margin (%)		40.6	%		41.6	%		41.7	%		35.3	%		37.1	%		36.4	%		37.9	%		33.3	%		37.8	%		38.5	%		42.4	%		32.4	%		29.9	%		36.1	%		37.9	%
EBIT		308			530			(480	)		166			297			269			406			91			345			389			561			211			524			1,063			1,506
Profit/(Loss) before tax		(8	)		329			(834	)		(82	)		137			82			186			(89	)		130			(193	)		324			(285	)		(595	)		316			(24	)
Net income/(loss)		184			108			(1,005	)		58			169			122			445			1,557			(5	)		(278	)		125			(325	)		(655	)		2,294			(483	)
Capital expenditures (CAPEX)		263			590			459			709			203			348			422			770			269			644			406			473			2,033			1,741			1,791
CAPEX excluding licenses		210			462			448			671			158			329			382			754			265			332			398			466			1,801			1,623			1,459
CAPEX excluding licenses / revenue		9.1	%		18.0	%		18.3	%		29.2	%		7.5	%		13.8	%		16.2	%		32.0	%		11.6	%		13.7	%		16.2	%		20.1	%		18.7	%		17.7	%		15.4	%

*Notes:

The financial results for Q1 2016 and Q2 2016 are also presented on a pro-forma basis assuming that the results of Warid have been consolidated (including intercompany eliminations) within VEON’s results with effect from 1 January 2016, in order to assist with the year on year comparisons.

VEON

Consolidated*	1Q15			2Q15			3Q15			4Q15			1Q16 Reported			2Q16 Reported			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			FY15			FY16			FY17
Total operating revenue		2,312			2,570			2,442			2,296			2,017			2,153			2,361			2,354			2,281			2,417			2,456			2,320			9,606			8,885			9,474
Service revenue		2,260			2,515			2,364			2,188			1,947			2,086			2,276			2,244			2,202			2,331			2,358			2,214			9,313			8,553			9,106
EBITDA		938			1,069			58			811			758			795			896			783			861			931			1,042			753			2,875			3,232			3,587
EBITDA margin (%)		40.6	%		41.6	%		41.7	%		35.3	%		37.6	%		37.0	%		37.9	%		33.3	%		37.8	%		38.5	%		42.4	%		32.4	%		29.9	%		36.4	%		37.9	%
EBIT		308			530			(480	)		166			304			283			406			91			345			389			561			211			524			1,084			1,506
Profit/(Loss) before tax		(8	)		329			(834	)		(82	)		154			95			186			(89	)		131			(193	)		324			(285	)		(595	)		347			(23	)
Net income/(loss)		184			108			(1,005	)		58			187			137			445			1,557			(4	)		(278	)		125			(325	)		(655	)		2,328			(482	)
Capital expenditures (CAPEX)		263			590			459			709			195			350			425			770			269			644			406			473			2,033			1,195			1,792
CAPEX excluding licenses		210			462			448			671			150			284			382			754			265			332			398			466			1,801			1,136			1,459
CAPEX excluding licenses / revenue		9	%		18	%		18	%		29	%		7.5	%		13.2	%		16	%		32	%		12	%		14	%		16	%		20	%		19	%		13	%		15	%

VEON Ltd.

index page

(in millions)

Mobile Customers*	1Q15		2Q15		3Q15		4Q15		1Q16		2Q16		3Q16		4Q16		1Q17		2Q17		3Q17		4Q17		FY15		FY16		FY17
Russia		55.7		57.2		59.0		59.8		57.7		57.5		58.4		58.3		57.0		58.3		58.8		58.2		59.8		58.3		58.2
Algeria		17.1		17.1		17.0		17.0		16.7		16.3		15.9		16.3		16.1		15.5		15.2		15.0		17.0		16.3		15.0
Pakistan		38.2		33.4		35.2		36.2		48.3		49.3		51.0		51.6		52.5		52.5		53.1		53.6		36.2		51.6		53.6
Bangladesh		31.8		32.0		32.3		32.3		31.6		31.1		29.0		30.4		30.5		30.7		31.4		31.3		32.3		30.4		31.3
Ukraine		26.1		26.1		25.7		25.4		25.3		25.4		26.3		26.1		26.0		26.1		26.4		26.5		25.4		26.1		26.5
Uzbekistan		10.4		10.3		10.2		9.9		9.5		9.3		9.6		9.5		9.5		9.6		9.5		9.7		9.9		9.5		9.7
Other		15.6		15.8		15.9		15.5		15.0		15.1		15.5		15.1		14.9		15.4		15.7		16.20		6.0		15.1		16.2
Total without Italy**		194.9		191.8		195.3		196.1		204.1		204.2		205.6		207.2		206.5		208.1		210.3		210.5		186.6		207.2		210.5
Italy		21.4		21.4		21.3		21.1		20.9		20.9		20.7		31.3		30.9		30.3		29.8		29.5		21.1		31.3		29.5
Total on combined basis		216.3		213.2		216.7		217.2		225.0		225.1		226.3		238.8		237.4		238.4		240.1		240.0		207.7		238.8		240.0
Fixed line Customers*		1Q15		2Q15		3Q15		4Q15		1Q16		2Q16		3Q16		4Q16		1Q17		2Q17		3Q17		4Q17		FY15		FY16		FY17
Russia		2.3		2.2		2.2		2.2		2.2		2.2		2.1		2.2		2.2		2.2		2.2		2.2		—		2.2		2.2
Algeria		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Pakistan		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Bangladesh		—		—		—		—		—		—		—		—		—		—		—		—		0.8		—		—
Ukraine		0.8		0.8		0.8		0.8		0.8		0.8		0.8		0.8		0.8		0.8		0.8		0.8		0.2		0.8		0.8
Uzbekistan		0.0		0.0		0.0		0.0		—		—		—		—		—		—		—		—		0.2		—		—
Other		0.4		0.4		0.4		0.4		0.4		0.4		0.4		0.4		0.4		0.4		0.5		0.3		2.2		0.1		0.3
Total without Italy**		3.5		3.4		3.4		3.4		3.4		3.4		3.3		3.4		3.4		3.4		3.4		3.4		3.4		3.1		3.4
Italy		2.2		2.2		2.2		2.3		2.3		2.3		2.3		2.3		2.4		2.7		2.7		2.7		—		2.3		2.7
Total on combined basis		5.7		5.6		5.6		5.7		5.7		5.7		5.7		5.7		5.8		6.2		6.1		6.1		3.4		5.4		6.1

VEON Ltd.

EBITDA Underlying Reconciliation

	(USD mln)																																									( LCCY mln)
	1Q15		2Q15			3Q15			4Q15			1Q16			2Q16		3Q16			4Q16			1Q17		2Q17		3Q17			4Q17			FY15			FY16			FY17			1Q15		2Q15			3Q15			4Q15			1Q16			2Q16		3Q16		4Q16			1Q17		2Q17		3Q17			4Q17			FY15			FY16			FY17
Russia
EBITDA Reported		421		524			455			424			328			414		413			419			409		471		480			430			1,823			1,574			1,789			26,130		27,536			28,466			28,012			24,410			27,269		26,710		26,401			24,070		26,925		28,239			25,108			110,145			104,790			104,342
Site capitalization										(30	)																							(30	)		—			—											(2,152	)																						(2,152	)		—			—
Other										2																					7			2			—			7											132																				432			132			—			432
PT Costs													1			3		6			1			2.6		0.9		(0.6	)		2.7			—			11			6														53			177		379		86			154		49		(37	)		158			—			695			325
EBITDA Underlying		421		524			455			396			328			417		419			420			412		472		480			440			1,795			1,585			1,801			26,130		27,536			28,466			25,992			24,463			27,446		27,090		26,487			24,224		26,975		28,202			25,698			108,125			105,486			105,098
Algeria																																					—			—																																								—
EBITDA reported		169		175			178			162			158			128		135			125			114		104		115			92			684			547			426			15,723		17,199			18,330			17,302			17,060			14,019		14,868		13,851			12,545		11,400		12,696			10,514			68,554			59,798			47,156
PT Costs										6						0		13			2			—		—		0			8			6			15			9											677						10		1,432		195			6				47			941			677			1,637			993
Other										6																								6			—			—											593																							593			—			—
EBITDA Underlying		169		175			178			174			158			128		148			127			114		104		116			100			696			562			435			15,723		17,199			18,330			18,572			17,060			14,029		16,300		14,045			12,551		11,400		12,743			11,455			69,824			61,435			48,149
Pakistan																																					—			—																																								—
EBITDA reported		96		106			103			104			136			130		147			129			154		167		209			173			409			542			703			9,725		10,828			10,620			10,872			14,240			13,635		15,387		13,509			16,188		17,495		21,967			18,446			42,044			56,772			74,096
SIM re-verification costs		8		6																														14			—			—			766		611																													1,377			—			—
PT Costs										2			3			15		7			20			6		5		7			9			2			45			27											188			339			1,532		770		2,069			608		569		716			950			188			4,709			2,843
Other				(9	)		(7	)																										(16	)		—			—					(916	)		(666	)																									(1,582	)		—			—
EBITDA Underlying		103		103			97			106			139			145		154			149			160		172		216			182			409			588			731			10,491		10,522			9,954			11,060			14,579			15,167		16,156		15,578			16,796		18,064		22,683			19,396			42,027			61,481			76,939
Bangladesh																																					—			—																																								—
EBITDA Reported		60		63			69			51			70			69		73			55			69		61		56			47			242			267			233			4,635		4,930			5,339			3,967			5,500			5,386		5,721		4,357			5,517		4,908		4,515			3,901			18,871			20,964			18,841
PT Costs										4			4			2					10			—		—		1			(0	)		4			16			1											333			351			131				771							101			(26	)		333			1,252			75
Sim verification																4																		—			4			—																	333																	—			333			—
SIM tax provision							2			12																								14			—			—								156			923																							1,079			—			—
A/R and inventory provision										7																								7			—			—											526																							526			—			—
EBITDA Underlying		60		63			71			74			75			75		73			65			69		61		57			47			267			288			234			4,635		4,930			5,495			5,749			5,850			5,849		5,721		5,128			5,517		4,908		4,616			3,875			20,809			22,549			18,916
Ukraine																																					—			—																																								—
EBITDA Reported		63		70			84			75			71			80		86			69			77		87		91			92			292			306			347			1,278		1,512			1,835			1,706			1,822			2,027		2,170		1,793			2,073		2,305		2,349			2,494			6,332			7,811			9,221
PT Costs													0			0												0			(0	)		—			0			0														1			1							1		2		5.61			(4.80	)		—			2			3
Reversal of tax provisions													(1	)																				—			(1	)		—														(22	)																			—			(22	)		—
Other																					9					1					(8	)					9			(7	)																				240					26					(208	)		—						(182	)
EBITDA Underlying		63		70			84			75			70			80		86			78			77		87		91			92			292			315			347			1,278		1,512			1,835			1,706			1,801			2,027		2,170		2,033			2,074		2,333		2,355			2,281			6,332			8,031			9,043
Uzbekistan																																					—			—																																								—
EBITDA reported		105		113			99			121			100			94		96			105			79		83		67			33			437			395			261			256,637		284,201			255,021			327,858			284,934			273,119		286,793		328,420			264,633		312,518		316,230			266,746			1,123,718			1,173,267			1,160,126
Legal provision							16																											16			—			—								43,066																										43,066			—			—
Return of litigation losses													(2	)							(12	)		—		—		—			—			—			(14	)		—														(5,159	)						(39,881	)		—		—		—			—			—			(45,040	)		—
Other													(1	)										2							3			—			(1	)		5														(3,948	)									6,706							20,250			—			(3,948	)		26,956
EBITDA Underlying		105		113			115			121			97			94		96			92			81		83		67			36			453			379			266			256,637		284,201			298,087			327,858			275,827			273,119		286,793		288,539			271,339		312,518		316,230			286,996			1,166,784			1,124,279			1,187,082
HQ and other																																					—			—
Uzbekistan Provision							900			11																								911			—			—
PT Costs							44			65			35			54		45			23			19		38					38			109			157			96
Other													1			40		(5	)		2					1					2						38			3
Iraqna litigation provision																					66																66			—
One- off adjustment to a vendor agreement																												(106	)											(106	)
Other HQ																					7							49						—			7			49
VEON Group Reported		938		1,069			58			811			758			795		896			783			861		931		1,042			753			2,875			3,268			3,587
One-offs		8		(3	)		960			86			40			118		66			127			30		46		(49	)		61			1,051			349			88
VEON Group Underlying		945		1,066			1,018			897			799			913		962			910			891		977		993			814			3,926			3,617			3,675

Russia

index page

(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED	1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			FY15			FY16			FY17
Total operating revenue		1,061			1,288			1,150			1,084			885			1,008			1,091			1,112			1,097			1,197			1,229			1,206			4,583			4,097			4,728
EBITDA		421			524			455			424			328			414			413			419			409			471			479			430			1,823			1,574			1,789
EBITDA margin (%)		39.6	%		40.7	%		39.6	%		39.1	%		37.0	%		41.1	%		37.9	%		37.7	%		37.3	%		39.4	%		39.0	%		35.7	%		39.8	%		38.4	%		37.8	%
Capital expenditures (CAPEX)		84			216			202			403			48			115			149			350			117			141			191			237			906			662			685
CAPEX excluding licenses		80			212			198			343			43			109			146			345			114			138			185			230			833			643			667
MOBILE	1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			FY15			FY16			FY17
Total operating revenues		859			1,066			961			902			733			843			914			940			932			1,023			1,058			1,040			3,789			3,430			4,054
Service Revenue (Mobile)		829			1,031			918			846			696			816			879			886			890			974			1,003			976			3,624			3,276			3,843
Data Revenue (Mobile)		164			198			177			180			160			187			208			223			236			254			259			263			719			778			1,012
Customers (mln)		55.7			57.2			59.0			59.8			57.7			57.5			58.4			58.3			57.0			58.3			58.8			58.2			59.8			58.3			58.2
Mobile data customers (mln)		29.7			30.8			33.3			34.3			32.6			33.7			36.2			36.6			36.4			38.1			39.1			38.4			34.3			36.6			38.4
ARPU (USD) **		4.8			6.0			5.2			4.7			3.9			4.7			5.0			5.0			5.1			5.6			5.7			5.5			n.a.			n.a.			n.a.
MOU, min		303			320			319			319			315			337			336			335			324			337.71			325.32			323			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly), %		15.8	%		12.8	%		13.4	%		13	%		16	%		14	%		14	%		15	%		16	%		13	%		15	%		15	%		n.a.			n.a.			n.a.
MBOU		1,483			1,490			1,607			1,790			1,931			1,906			2,037			2,308			2,565			2,716			2,816			3,047			n.a.			n.a.			n.a.
FIXED-LINE	1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			FY15			FY16			FY17
Total operating revenue		202			222			189			182			152			165			178			172			165			173			172			165			794			667			675
Service revenue		201			221			188			179			151			165			177			172			164			173			172			164			789			665			673
Broadband revenue		53			56			43			41			43			45			43			45			46			45			44			43			193			177			177
Broadband customers (mln)		2.3			2.2			2.2			2.2			2.2			2.2			2.1			2.2			2.2			2.2			2.2			2			2.2			2.2			2
Broadband ARPU (USD)		7.6			8.3			6.4			6.2			6.6			6.9			6.8			7.0			7.0			6.8			6.7			6.4			n.a.			n.a.			n.a.
FTTB revenue		51			55			42			41			43			44			43			45			45			44			43			43			189			175			175
FTTB customers (mln)		2.2			2.2			2.2			2.2			2.2			2.1			2.1			2.2			2.2			2.2			2.2			2.2			2.2			2.2			2.2
FTTB ARPU (USD)		7.6			8.3			6.4			6.2			6.5			6.9			6.7			6.9			6.9			6.7			6.6			6.4			n.a.			n.a.			n.a.
(in RUB millions, unless stated otherwise, unaudited)
CONSOLIDATED	1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			FY15			FY16			FY17
Total operating revenue		65,916			67,805			72,091			71,429			65,921			66,423			70,529			70,130			64,507			68,407			72,559			70,415			277,241			273,003			275,887
EBITDA		26,130			27,536			28,466			28,012			24,410			27,269			26,710			26,401			24,070			26,925			28,239			25,108			110,145			104,790			104,342
EBITDA margin (%)		39.6	%		40.6	%		39.5	%		39.2	%		37.0	%		41.1	%		37.9	%		37.6	%		37.3	%		39.4	%		38.9	%		35.7	%		39.7	%		38.4	%		37.8	%
Capital expenditures (CAPEX)		5,425			11,396			12,645			27,308			3,551			7,556			9,652			21,938			6,834			8,087			11,234			13,847			56,775			42,697			40,003
CAPEX excluding licenses		5,179			11,164			12,358			23,368			3,181			7,191			9,444			21,615			6,695			7,882			10,906			13,435			52,069			41,432			38,918
MOBILE	1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			FY15			FY16			FY17
Total operating revenues		53,364			56,135			60,246			59,450			54,586			55,537			59,044			59,276			54,822			58,491			62,417			60,771			229,195			228,443			236,501
Service revenue		51,488			54,304			57,549			55,690			51,835			53,730			56,784			55,844			52,348			55,674			59,164			57,001			219,031			218,192			224,186
Data Revenue		10,204			10,420			11,113			11,844			11,942			12,316			13,426			14,088			13,903			14,510			15,284			15,344			43,581			51,773			59,041
Customers (mln)		55.7			57.2			59.0			59.8			57.7			57.5			58.4			58.3			57.0			58.3			58.8			58.2			59.8			58.3			58
Mobile data customers (mln)		29.7			30.8			33.3			34.3			32.6			33.7			36.2			36.6			36.4			38.1			39.1			38.4			34			37			38
ARPU (RUB) **		300			316			325			309			293			309			324			317			302			320			334			324			n.a.			n.a.			n.a.
MOU (min)		303			320			319			319			315			337			336			335			324			338			325			323			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		15.8	%		12.8	%		13.4	%		13	%		16	%		14	%		14	%		15	%		16	%		13	%		15	%		15	%		n.a.			n.a.			n.a.
MBOU		1,483			1,490			1,607			1,790			1,931			1,906			2,037			2,308			2,565			2,716			2,816			3,047			n.a.			n.a.			n.a.
FIXED-LINE	1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			FY15			FY16			FY17
Total operating revenue		12,553			11,670			11,845			11,978			11,335			10,886			11,485			10,854			9,685			9,916			10,142			9,644			48,046			44,560			39,386
Service revenue		12,501			11,627			11,806			11,814			11,271			10,848			11,459			10,840			9,660			9,889			10,114			9,608			47,748			44,418			39,271
Broadband revenue		3,168			3,060			2,869			2,886			3,061			2,941			2,806			2,807			2,650			2,579			2,532			2,508			11,983			11,615			10,269
Broadband customers (mln)		2.3			2.2			2.2			2.2			2.2			2.2			2.1			2.2			2.2			2.2			2.2			2.2			2.2			2.2			2.2
Broadband ARPU (RUB)		459			451			428			432			463			452			436			435			405			392			384			376			n.a.			n.a.			n.a.
FTTB revenue		3,095			3,005			2,820			2,841			3,013			2,897			2,775			2,776			2,623			2,548			2,508			2,484			11,761			11,460			10,163
FTTB customers (mln)		2.2			2.2			2.2			2.2			2.2			2.1			2.1			2.2			2.2			2.2			2.2			2			2.2			2.2			2.2
FTTB ARPU (RUB)		459			451			428			432			461			450			436			433			403			390			383			375			n.a.			n.a.			n.a.

** ARPU calculations include MFS revenues starting from Q1 2017

Pakistan

index page

(in USD millions, unless stated otherwise, unaudited)

MOBILE	1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			FY15			FY16			FY17
Total operating revenue		249			257			252			256			351			361			368			369			370			386			391			379			1,014			1,450			1,525
Service revenue		236			244			238			241			332			341			345			346			345			359			363			350			960			1,364			1,418
EBITDA		96			106			103			104			136			130			147			129			154			167			208			173			409			542			703
EBITDA margin (%)		38.5	%		41.3	%		41.0	%		40.5	%		38.7	%		36.0	%		40.0	%		34.9	%		41.8	%		43.3	%		53.3	%		45.8	%		40.4	%		37.4	%		46.1	%
Capital expenditures (CAPEX)		26			79			65			68			20			57			73			96			35			360			78			63			238			246			535
CAPEX excluding licenses		26			79			65			68			20			57			73			96			35			65			78			63			238			246			240
Data Revenue		18.7			20.6			21.6			24.8			38.8			37.6			43.8			47.7			49.9			54.9			60.5			60			85.6			167.9			225
Customers (mln)		38.2			33.4			35.2			36.2			48.3			49.3			51.0			51.6			52.5			52.5			53.1			53.6			36.2			51.6			53.6
ARPU (USD)		2.0			2.2			2.2			2.2			2.4			2.3			2.3			2.3			2.2			2.3			2.3			2.2			n.a.			n.a.			n.a.
MOU (min)*		559			658			684			689			580			566			522			540			515			520			512			515			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		3.8	%		21.6	%		3.7	%		5.5	%		5.5	%		3.7	%		6.0	%		6.0	%		4.1	%		6.1	%		6.1	%		6.8	%		n.a.			n.a.			n.a.
MBOU		297			298			350			341			304			292			421			464			465			509			573			672			n.a.			n.a.			n.a.

(in PKR billions, unless stated otherwise, unaudited)

MOBILE	1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			FY15			FY16			FY17
Total operating revenue		25.3			26.2			25.9			26.8			36.8			37.8			38.5			38.7			38.7			40.4			41.2			40			104.2			151.8			161
Service revenue		24.0			24.9			24.5			25.3			34.7			35.7			36.1			36.2			36.2			37.7			38.2			37			98.6			142.8			149
EBITDA		9.7			10.8			10.6			10.9			14.2			13.6			15.4			13.5			16.2			17.5			22.0			18			42.0			56.8			74
EBITDA margin (%)		38.5	%		41.3	%		41.0	%		40.5	%		38.7	%		36.0	%		40.0	%		34.9	%		41.8	%		43.3	%		53.3	%		45.7	%		40.4	%		37.4	%		46.1	%
Capital expenditures (CAPEX)		2.6			8.1			6.7			7.2			2.1			5.9			7.6			10.1			3.6			37.7			8.2			7			24.5			25.7			56
CAPEX excluding licenses		2.6			8.1			6.7			7.2			2.1			5.9			7.6			10.1			3.6			6.8			8.2			7			24.5			25.7			25
Data Revenue		1.9			2.1			2.2			2.6			4.1			3.9			4.6			5.0			5.2			5.8			6.4			6			8.8			17.6			24
Customers (mln)		38.2			33.4			35.2			36.2			48.3			49.3			51.0			51.6			52.5			52.5			53.1			53.6			36.2			51.6			53.6
ARPU (PKR)**		203			225			230			228			247			245			241			244			231			238			240.9			232			n.a.			n.a.			n.a.
MOU (min)*		559			658			684			689			580			566			522			540			515			520			512			515			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		3.8	%		21.6	%		3.7	%		5.5	%		5.5	%		3.7	%		6.0	%		6.0	%		4.1	%		6.1	%		6.1	%		6.8	%		n.a.			n.a.			n.a.
MBOU		297			298			350			341			304			292			421			464			465			509			573			672			n.a.			n.a.			n.a.

* MOU calculation is aligned with group accounting policy

** ARPU was adjusted accordingly following Warid consolidation in 2016

Mobilink standalone

(in USD millions, unless stated otherwise, unaudited)

MOBILE	1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			FY14			FY15
Total operating revenue		249			257			252			256			273			285			1,010			1,014
Service revenue		236			244			238			241			257			269			966			960
EBITDA		96			106			103			104			116			115			386			409
EBITDA margin (%)		38.5	%		41.3	%		41.0	%		40.5	%		42.6	%		40.2	%		38.2	%		40.4	%
Capital expenditures (CAPEX)		26			79			65			68			12			34			651			238
CAPEX excluding licenses		26			79			65			68			12			34			351			238
Data Revenue		18.7			20.6			21.6			24.8			32.7			31.0			48.7			85.6
Customers (mln)		38.2			33.4			35.2			36.2			38.1			39.1			38.5			36.2
ARPU (USD)		2.0			2.2			2.2			2.2			2.2			2.2			n.a.			n.a.
MOU (min)*		559			658			684			689			692			677			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		3.8	%		21.6	%		3.7	%		5.5	%		4.0	%		5.0	%		n.a.			n.a.
MBOU		297			298			350			341			297			292			n.a.			n.a.

(in PKR billions, unless stated otherwise, unaudited)

MOBILE	1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			FY14			FY15
Total operating revenue		25.3			26.2			25.9			26.8			28.6			29.8			102.1			104.2
Service revenue		24.0			24.9			24.5			25.3			27.0			28.1			97.6			98.6
EBITDA		9.7			10.8			10.6			10.9			12.2			12.0			39.0			42.0
EBITDA margin (%)		38.5	%		41.3	%		41.0	%		40.5	%		42.6	%		40.2	%		38.2	%		40.4	%
Capital expenditures (CAPEX)		2.6			8.1			6.7			7.2			1.3			3.6			n.a.			24.5
CAPEX excluding licenses		2.6			8.1			6.7			7.2			1.3			3.6			n.a.			24.5
Data Revenue		1.9			2.1			2.2			2.6			3.4			3.2			4.9			8.8
Customers (mln)		38.2			33.4			35.2			36.2			38.1			39.1			38.5			36.2
ARPU (PKR)		203			225			230			228			234			233			125			n.a.
MOU (min)*		559			658			684			689			692			677			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		3.8	%		21.6	%		3.7	%		5.5	%		4.0	%		5.0	%		n.a.			n.a.
MBOU		297			298			350			341			297			292			n.a.			n.a.

* MOU calculation is aligned with group accounting policy

Algeria

index page

(in USD millions, unless stated otherwise, unaudited)

MOBILE	1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			FY15			FY16			FY17
Total operating revenue		323			328			325			299			279			251			264			246			232			232			238			214			1,273			1,040			915
Service revenue		320			326			321			292			276			248			263			244			228			228			233			210			1,259			1,031			898
EBITDA		169			175			178			162			158			128			135			125			114			104			115			92			684			547			426
EBITDA margin (%)		52.3	%		53.4	%		54.8	%		54.3	%		56.8	%		51.1	%		51.3	%		50.9	%		49.2	%		45.1	%		48.5	%		42.9	%		53.7	%		52.6	%		46.5	%
Capital expenditures (CAPEX)		45			46			33			69			27			43			76			56			26			29			42			35			192			202			132
CAPEX excluding licenses		45			46			33			69			27			43			39			56			26			29			42			35			192			165			132
Data Revenue		8.0			11.5			13.1			13.3			16.2			15.7			19.3			21.9			25.1			29.8			29.9			28.7			45.9			73.1			113
Customers (mln)		17.1			17.1			17.0			17.0			16.7			16.3			15.9			16.3			16.1			15.5			15.2			15.0			17.0			16.3			15.0
ARPU (USD)*		6.1			6.3			6.1			5.7			5.4			5.0			5.4			5.0			4.7			4.8			5.0			4.6			n.a.			n.a.			n.a.
MOU (min)		344			387			390			375			351			339			335			323			365			379			415			430			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		11.6	%		8.7	%		9.6	%		9.1	%		9.0	%		9.8	%		9.4	%		9.9	%		9.9	%		10.6	%		10.4	%		11.0	%		n.a.			n.a.			n.a.
MBOU		208			273			255			288			295			304			345			447			573			478			515			561			n.a.			n.a.			n.a.

(in DZD billions, unless stated otherwise, unaudited)

MOBILE	1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			FY15			FY16			FY17
Total operating revenue		30.0			32.2			33.4			31.9			30.0			27.4			29.0			27.2			25.5			25.3			26.2			24.5			128			114			101
Service revenue		29.8			32.0			33.1			31.2			29.7			27.2			28.9			26.9			25.0			24.9			25.6			24.1			126			113			100
EBITDA		15.7			17.2			18.3			17.3			17.1			14.0			14.9			13.9			12.5			11.4			12.7			10.5			69			60			47
EBITDA margin (%)		52.3	%		53.4	%		54.8	%		54.3	%		56.8	%		51.1	%		51.3	%		50.9	%		49.2	%		45.1	%		48.5	%		42.9	%		53.7	%		52.6	%		46.5	%
Capital expenditures (CAPEX)		4.2			4.5			3.4			7.3			2.9			4.7			8.3			6.2			2.9			3.1			4.6			4.0			20			22			15
CAPEX excluding licenses		4.2			4.5			3.4			7.3			2.9			4.7			4.3			6.2			2.9			3.1			4.6			4.0			20			18			15
Data Revenue		0.7			1.1			1.4			1.4			1.7			1.7			2.1			2.4			2.8			3.2			3.3			3.3			4.6			8.0			13
Customers (mln)		17.1			17.1			17.0			17.0			16.7			16.3			15.9			16.3			16.1			15.5			15.2			15.0			17.0			16.3			15.0
ARPU (DZD)*		569			617			620			612			586			546			593			555			513			522			553.4			528			n.a.			n.a.			n.a.
MOU (min)		344			387			390			375			351			339			335			323			365			379			414.9			430			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		11.6	%		8.7	%		9.6	%		9.1	%		9	%		10	%		9	%		10	%		10	%		11	%		10.4	%		11	%		n.a.			n.a.			n.a.
MBOU		208			273			255			288			295			304			345			447			573			478			514.7			561			n.a.			n.a.			n.a.

* ARPU calculations include MFS revenues starting from Q1 2017

Bangladesh

index page

(in USD millions, unless stated otherwise, unaudited)

MOBILE	1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			FY15			FY16			FY17
Total operating revenue		147			151			154			153			155			157			157			152			151			148			144			131			604			621			574
Service revenue		145			149			151			151			153			152			153			147			147			144			140			127			596			606			557
EBITDA		60			63			69			51			70			69			73			55			69			61			56			47			242			267			233
EBITDA margin (%)		40.6	%		41.9	%		44.7	%		33.2	%		45.3	%		43.7	%		46.7	%		36.4	%		45.9	%		41.1	%		38.6	%		36.1	%		40.1	%		43.1	%		40.6	%
Capital expenditures (CAPEX)		12			32			49			42			17			33			22			65			10			18			28			46			134			137			101
CAPEX excluding licenses		12			32			49			42			17			33			22			65			10			18			28			46			134			137			101
Data Revenue		8.6			9.3			11.5			12.2			13.6			14.9			16.6			17.5			19.2			19.0			20.5			19.2			42			63			78
Customers (mln)		31.8			32.0			32.3			32.3			31.6			31.1			29.0			30.4			30.5			30.7			31.4			31.3			32.3			30.4			31.3
ARPU (USD)		1.5			1.5			1.6			1.5			1.6			1.6			1.7			1.6			1.6			1.6			1.5			1.3			n.a.			n.a.			n.a.
MOU (min)*		295.2			300.5			308.7			305.2			311.4			315.7			321.9			321.7			305.4			285.4			280.1			274.3			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		4.5	%		5.7	%		5.7	%		6.4	%		4.5	%		4.7	%		13.9	%		4.6	%		5.5	%		5.4	%		5.9	%		6.9	%		n.a.			n.a.			n.a.
MBOU		66			60			104			134			157			167			254			391			304			364			523			580			n.a.			n.a.			n.a.
(in BDT billions, unless stated otherwise, unaudited)
MOBILE	1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			FY15			FY16			FY17
Total operating revenue		11.4			11.8			11.9			12.0			12.2			12.3			12.3			12.0			12.0			12.0			11.7			10.8			47.1			48.7			46
Service revenue		11.3			11.6			11.8			11.8			12.0			11.9			12.0			11.6			11.7			11.6			11.3			10.4			46.4			47.5			45
EBITDA		4.6			4.9			5.3			4.0			5.5			5.4			5.7			4.4			5.5			4.9			4.5			3.9			18.9			21.0			19
EBITDA margin (%)		40.6	%		41.9	%		44.7	%		33.1	%		45.3	%		43.7	%		46.7	%		36.4	%		46.0	%		41.1	%		38.6	%		36.1	%		40.1	%		43.1	%		40.5	%
Capital expenditures (CAPEX)		0.9			2.5			3.8			3.3			1.3			2.6			1.7			5.1			0.8			1.4			2.3			3.7			10.5			10.7			8
CAPEX excluding licenses		0.9			2.5			3.8			3.3			1.3			2.6			1.7			5.1			0.8			1.4			2.3			3.7			10.5			10.7			8
Data Revenue		0.67			0.7			0.9			1.0			1.1			1.2			1.3			1.4			1.5			1.5			1.7			1.6			3.3			4.9			6
Customers (mln)		31.8			32.0			32.3			32.3			31.6			31.1			29.0			30.4			30.5			30.7			31.4			31.3			32.3			30.4			31.3
ARPU (BDT)		119			120			121			121			125			126			133			130			128			127			121			111			n.a.			n.a.			n.a.
MOU (min)*		295			300			309			305			311			316			322			322			305			285			280			274			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		4.5	%		5.7	%		5.7	%		6.4	%		4.5	%		4.7	%		13.9	%		4.6	%		5.5	%		5.4	%		5.9	%		6.9	%		n.a.			n.a.			n.a.
MBOU		66			60			104			134			157			167			254			391			304			364			523			580			n.a.			n.a.			n.a.

* Starting from 1Q15 MOU is reported (not MOU billed) due to alingment with the Group policies.

Ukraine

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(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED	1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			FY15			FY16			FY17
Total operating revenue		151			154			166			152			135			146			155			150			143			153			167			159			622			586			622
EBITDA		63			70			84			75			71			80			86			69			77			87			91			92			292			306			347
EBITDA margin (%)		41.3	%		45.6	%		51.0	%		49.2	%		52.5	%		55.0	%		55.4	%		46.3	%		53.6	%		56.8	%		54.4	%		58.0	%		47.0	%		52.3	%		55.7	%
Capital expenditures (CAPEX)		45			178			38			38			10			30			34			33			29			38			27			20			298			106			114
CAPEX excluding licenses		32			54			36			38			9			29			33			32			27			27			25			20			160			104			98
MOBILE	1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			FY15			FY16			FY17
Total operating revenue		140			143			155			141			125			136			144			139			132			143			156			149			578			545			580
Service revenue		139			142			154			140			125			135			144			139			132			142			155			148			576			542			577
Data Revenue		14.0			14.0			19.0			19.7			19.3			21.5			25.9			28.2			31.2			35.3			43.4			44.6			66			95			154
Customers (mln)		26.1			26.1			25.7			25.4			25.3			25.4			26.3			26.1			26.0			26.1			26.4			26.5			25.4			26.1			26.5
ARPU (USD)		1.8			1.8			1.9			1.8			1.6			1.7			1.8			1.7			1.7			1.8			1.9			1.8			n.a.			n.a.			n.a.
MOU (min)		536			530			537			562			572			559			544			565			574			573			570			589			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		5.4	%		5.0	%		6.6	%		6.4	%		5.0	%		4.5	%		2.6	%		6.2	%		5.3	%		4.4	%		4.4	%		5.0	%		n.a.			n.a.			n.a.
FIXED-LINE	1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			FY15			FY16			FY17
Total operating revenue		11			11			11			11			10			10			10			10			11			10			11			11			45			41			43
Service revenue		11			11			11			11			10			10			10			10			11			10			11			11			45			41			43
Broadband revenue		6			6			6			6			6			6			6			6			6			6			6			6			24			24			26
Broadband customers (mln)		0.8			0.8			0.8			0.8			0.8			0.8			0.8			0.8			0.8			0.8			0.8			0.8			0.8			0.8			0.8
Broadband ARPU (USD)		2.3			2.5			2.5			2.5			2.3			2.5			2.5			2.5			2.6			2.6			2.7			2.6			n.a.			n.a			n.a
(in UAH millions, unless stated otherwise, unaudited)
CONSOLIDATED	1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			FY15			FY16			FY17
Total operating revenue		3,092			3,315			3,595			3,472			3,468			3,689			3,922			3,881			3,871			4,058			4,316			4,297			13,475			14,960			16,542
EBITDA		1,278			1,512			1,835			1,706			1,822			2,027			2,170			1,793			2,073			2,305			2,349			2,494			6,332			7,811			9,221
EBITDA margin (%)		41.3	%		45.6	%		51.0	%		49.1	%		52.5	%		54.9	%		55.3	%		46.2	%		53.6	%		56.8	%		54.4	%		58.0	%		47.0	%		52.2	%		55.7	%
Capital expenditures (CAPEX)		1,033			3,999			833			875			264			745			868			847			782			1,009			697			535			6,740			2,723			3,023
CAPEX excluding licenses		742			1,176			778			869			249			727			860			836			737			705			643			534			3,566			2,672			2,618
MOBILE	1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			FY15			FY16			FY17
Total operating revenue		2,859			3,077			3,357			3,215			3,209			3,427			3,661			3,611			3,576			3,781			4,042			4,012			12,508			13,908			15,411
Service revenue		2,851			3,069			3,348			3,206			3,199			3,399			3,652			3,601			3,560			3,768			4,024			3,986			12,475			13,851			15,338
Data Revenue		281.4			303.7			408.2			449			496			544			659			731			845			933			1,123			1,202			1,442			2,429			4,103
Customers (mln)		26.1			26.1			25.7			25.4			25.3			25.4			26.3			26.1			26.0			26.1			26.4			26.5			25.4			26.1			26.5
ARPU (UAH)*		36.0			38.7			42.2			40.7			41.6			43.8			46.2			45.2			44.9			47.5			50.0			49.3			n.a.			n.a.			n.a.
MOU (min)		536			530			537			562			572			559			544			565			574			573			570			589			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		5.4	%		5.0	%		6.6	%		6.4	%		5.0	%		4.5	%		2.6	%		6.2	%		5.3	%		4.4	%		4.4	%		5.0	%		n.a.			n.a.			n.a.
FIXED-LINE	1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			FY15			FY16			FY17
Total operating revenue		233			238			238			257			259			262			261			270			295			277			275			285			967			1,052			1,132
Service revenue		233			238			238			257			259			262			261			270			295			277			275			285			967			1,052			1,132
Broadband revenue		117			132			132			143			148			150.7			150.0			156			170			169			167			170			524			604			678
Broadband customers (mln)		0.8			0.8			0.8			0.8			0.8			0.81			0.80			0.8			0.8			0.8			0.8			0.8			0.8			0.8			0.8
Broadband ARPU (UAH)		48			53			54			59			61			61.9			62.18			64			69			70			69			69.8			n.a.			n.a			n.a

* ARPU calculations include MFS revenues starting from Q1 2017

Uzbekistan

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(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED	1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			FY15			FY16			FY17
Total operating revenue		167			175			186			183			165			164			169			165			153			152			130			78			711			663			513
EBITDA		105			113			99			121			100			94			96			105			79			83			67			33			437			395			261
EBITDA margin (%)		62.7	%		64.3	%		53.2	%		66.0	%		60.8	%		57.1	%		57.1	%		63.3	%		51.5	%		54.2	%		51.2	%		42.5	%		61.5	%		59.6	%		50.9	%
Capital expenditures (CAPEX)		0			1			34			20			30			16			38			91			22			16			10			15			54			174			63
CAPEX excluding licenses		0			1			34			20			30			16			38			91			22			16			10			15			54			174			63
MOBILE	1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			FY15			FY16			FY17
Total operating revenue		166			174			184			182			164			163			168			164			152			151			129			77			706			659			510
Service revenue		165			174			183			182			164			163			168			164			152			151			129			77			704			659			509
Data Revenue		34.3			33.8			34.2			33.6			36.4			37.3			38.3			40.2			40.0			36.9			31.0			20.1			136			152			128
Customers (mln)		10.4			10.3			10.2			9.9			9.5			9.3			9.6			9.5			9.5			9.6			9.5			9.7			9.9			9.5			9.7
Mobile data customers (mln)*		5.2			5.0			4.8			4.7			4.4			4.3			4.5			4.6			4.6			4.5			4.7			5.0			4.7			4.6			5.0
ARPU (USD)		5.2			5.6			6.0			6.0			5.6			5.7			5.9			5.7			5.3			5.3			4.5			2.7			n.a.			n.a.			n.a.
MOU (min)*		498			553			550			501			482			535			580			568			545			578			581			574			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)		12	%		11	%		12	%		12	%		12	%		12	%		10	%		12	%		12	%		13	%		15	%		14	%		n.a.			n.a.			n.a.
FIXED-LINE	1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			FY15			FY16			FY17
Total operating revenue		1.4			1.4			1.3			1.3			1.2			1.1			1.1			1.0			1.0			1.0			0.8			0.5			5.4			4.5			3
Service revenue		1.4			1.3			1.3			1.2			1.2			1.1			1.1			1.0			1.0			1.0			0.8			0.5			5.3			4.5			3
(in UZS billions, unless stated otherwise, unaudited)
CONSOLIDATED	1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			FY15			FY16			FY17
Total operating revenue		409			442			480			497			469			479			502			518			513			576			625			628			1,829			1,967			2,342
EBITDA		257			284			255			328			285			273			287			328			265			313			316			267			1,124			1,173			1,160
EBITDA margin (%)		62.7	%		64.3	%		53.1	%		65.9	%		60.8	%		57.1	%		57.1	%		63.5	%		51.6	%		54.3	%		50.6	%		42.5	%		61.5	%		59.6	%		49.5	%
Capital expenditures (CAPEX)		0			3			87			53			85			47			112			289			75			60			50			120			143			533			304
CAPEX excluding licenses		0			3			87			53			85			47			112			289			75			60			50			120			143			533			304
MOBILE	1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			FY15			FY16			FY17
Total operating revenue		406			439			476			494			465			475			499			514			510			572			621			624			1,815			1,954			2,327
Service revenue		405			439			475			493			465			475			499			514			510			572			620			621			1,811			1,953			2,323
Data Revenue		84.1			85.3			88.5			91.0			103.4			108.7			114.0			126.1			134.2			139.4			149.4			162			349			452			585
Customers (mln)		10.4			10.3			10.2			9.9			9.5			9.3			9.6			9.5			9.5			9.6			9.5			9.7			9.9			9.5			9.7
Mobile data customers (mln)*		5.2			5.0			4.8			4.7			4.4			4.3			4.5			4.6			4.6			4.5			4.7			5.0			4.7			4.6			5.0
ARPU (UZS)		12,819			14,092			15,393			16,237			15,877			16,720			17,527			17,925			17,767			19,847			21,484			21,672			n.a.			n.a.			n.a.
MOU (min)*		498			553			550			501			482			535			580			568			545			578			581			574			n.a.			n.a.			n.a.
Churn 3 months active base (quarterly) (%)*		12	%		11	%		12	%		12	%		12	%		12	%		10	%		12	%		12	%		13	%		15	%		14	%		n.a.			n.a.			n.a.
FIXED-LINE	1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			FY15			FY16			FY17
Total operating revenue		3.5			3.5			3.4			3.4			3.5			3.3			3.3			3.2			3.4			3.7			3.9			4.0			13.8			13.3			15
Service revenue		3.4			3.4			3.4			3.4			3.5			3.3			3.3			3.2			3.4			3.7			3.9			4.0			13.4			13.2			15

* Previous periods were restated due to alignment with the Group definition.

Italy

index page

(in EUR millions, unless stated otherwise, unaudited)

CONSOLIDATED	1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			3Q16			4Q16*			1Q17*			2Q17*			3Q17			4Q17			FY14			FY15			FY16*			FY17*
Total operating revenue		1,078			1,082			1,090			1,178			1,064			1,092			1,160			1,749			1,548			1,535			1,543			1,556			4,633			4,428			6,475			6,182
EBITDA		406			397			427			441			381			399			473			551			458			442			519			526			1,804			1,671			2,124			1,945
EBITDA margin (%)		37.7	%		36.7	%		39.1	%		37.4	%		35.8	%		36.6	%		40.8	%		31.5	%		29.6	%		28.8	%		33.6	%		33.8	%		38.9	%		37.7	%		32.8	%		31.5	%
Capital expenditures (CAPEX)		172			186			170			251			172			192			151			404			240			266			236			515			757			779			1,172			1,257
CAPEX excluding licenses		172			186			170			251			172			192			151			404			240			266			236			515			757			779			1,172			1,257
MOBILE	1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			FY14			FY15			FY16			FY17
Total operating revenue		781			800			818			880			796			824			875			1,440			1,253			1,239			1,256			1,248			3,328			3,279			5,338			4,996
Service revenue		705			720			752			736			703			714			765			1,103			1,043			1,042			1,080			1,014			2,975			2,913			4,367			4,179
Data Revenue		154			159			172			168			174			179			204			341			352			367			390			398			573			652			1,329			1,508
Customers (mln)		21.4			21.4			21.3			21.1			20.9			20.9			20.7			31.3			30.9			30.3			29.8			29.5			21.6			21.4			31.3			29.5
Data customers (mln)		10.9			11.0			11.3			11.6			11.6			12			12			19			20			19			19			19			10.2			11.6			19			19
ARPU (€)		10.9			11.2			11.6			11.4			11.0			11.3			12.1			11.4			11.0			11.2			11.8			11.2			n.a.			n.a.			n.a			n.a.
of which:
ARPU voice (€)		6.3			6.6			6.7			6.6			6.2			6.4			6.6			5.7			5.4			5.3			5.5			5.1			n.a.			n.a.			n.a			n.a.
ARPU data (€)		4.5			4.6			4.9			4.8			4.8			4.9			5.5			5.7			5.6			5.9			6.3			6.1			n.a.			n.a.			n.a			n.a.
MOU (min.)		267			275			263			274			270			280			267			288			264			274			266			284			n.a.			n.a.			n.a			n.a.
Total traffic (mln. min.)		17,188			17,538			16,853			17,448			17,026			17,538			16,673			27,058			24,693			25,134			23,897			25,200			n.a.			n.a.			n.a			n.a.
Churn, annualised rate (%)		35.1	%		25.2	%		27.9	%		28.8	%		30.3	%		29.7	%		31.5	%		34.9	%		33.2	%		39.9	%		39.0	%		32.0	%		n.a.			n.a.			n.a			n.a.
MBOU		1,392			1,436			1,635			1,628			1,742			1,905			2,252			2,768			2,896			3,179			3,955			4,144			n.a.			n.a.			n.a			n.a.
FIXED-LINE	1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			FY14			FY15			FY16			FY17
Total operating revenue		297			283			272			298			269			268			285			309			295			296			287			307			1,305			1,150			1,137			1,185
Service revenue		278			277			272			268			263			264			269			279			270			268			274			272			1,192			1,095			1,082			1,085
Total voice customers (mln)		2.8			2.8			2.8			2.8			2.8			2.8			2.8			2.7			2.7			2.7			2.7			2.7			2.8			2.8			2.7			2.7
of which :
Total DIRECT voice customers (mln)		2.4			2.4			2.4			2.4			2.5			2.5			2.5			2.5			2.5			2.5			2.5			2.5			2.4			n.a.			n.a			2.5
Total INDIRECT voice customers (mln)		0.4			0.4			0.4			0.4			0.3			0.3			0.3			0.2			0.2			0.2			0.2			0.2			0.4			n.a.			n.a			0.2
Total fixed-line ARPU (€)		27.9			27.9			27.8			28.0			27.3			26.9			27.3			28.8			28.1			27.6			28.4			27.6			n.a.			n.a.			n.a			n.a.
Total Traffic (mln. min.)		3,137			2,819			2,357			2,763			2,633			2,503			2,040			2,422			2,286			2,092			1,757			1,928			n.a.			n.a.			n.a			n.a.
Total Internet customers (mln)		2.2			2.2			2.3			2.3			2.3			2.3			2.3			2.3			2.4			2.4			2.4			2.4			2.2			2.3			2.3			2.4
of which:
Broadband (mln)		2.2			2.2			2.2			2.3			2.3			2.3			2.3			2.3			2.4			2.4			2.4			2.4			2.2			2.3			2.3			2.4
Broadband ARPU (€)		21.1			21.2			21.1			20.9			20.5			20.9			21.2			22.3			21.8			21.8			21.9			21.1			n.a.			n.a.			n.a			n.a.
Dual-play customers (mln)		2.0			2.0			2.0			2.0			2.1			2.1			2.1			n.a.			n.a.			n.a.			n.a.			n.a.			1.9			2.0			n.a.			n.a.

	Pro-forma Combined entity															Actual Wind Tre S.p.A.
CONSOLIDATED	4Q15*			1Q16*			2Q16			3Q16			4Q16*			1Q17			2Q17			3Q17			4Q17
Total operating revenue		1,741			1,515			1,562			1,648			1,749			1,548			1,535			1,543			1,556
Underlying EBITDA		568			471			493			609			611			517			523			579			592
Underlying EBITDA margin (%)		32.6	%		31.1	%		31.5	%		37.0	%		34.9	%		33.4	%		34.0	%		37.5	%		0
Capital expenditures (CAPEX)		360			276			264			228			404			240			266			236			515
CAPEX excluding licenses		360			276			264			228			404			240			266			236			515
MOBILE	4Q15			1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17
Total operating revenue		1,443			1,244			1,292			1,362			1,440			1,253			1,239			1,256			1,248
Service revenue		1,091			1,049			1,065			1,150			1,103			1,043			1,042			1,080			1,014
Data Revenue		313			315			319			355			341			352			367			390			398
Customers (mln)		31.2			31.1			31.3			31.4			31.3			30.9			30.3			29.8			30
Data customers (mln)		18.5			18.6			18.9			19.2			19.5			19.5			19.3			19.4			19
ARPU (€)		11.4			11.0			11.2			12.0			11.4			11.0			11.2			11.8			11
of which:
ARPU voice (€)		5.9			5.7			5.8			6.0			5.7			5.4			5.3			5.5			5
ARPU data (€)		5.4			5.3			5.4			6.0			5.7			5.6			5.9			6.3			6
MOU (min.)		277			276			286			272			288			264			274			266			284
Total traffic (mln. min.)		25,951			25,782			26,800			25,618			27,058			24,693			25,134			23,897			25,200
Churn, annualised rate (%)		34.7	%		32.9	%		32.8	%		33.1	%		34.9	%		33.2	%		40.0	%		39.0	%		0
MBOU		n.a.			2,058			2,278			3			2,768			2,896			3,179			3,955			4,144
FIXED-LINE	4Q15			1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17
Total operating revenue		298			272			271			286			309			295			296			287			307
Service revenue		268			266			267			270			279			270			268			274			272
Total voice customers (mln)		2.8			2.8			2.8			2.7			2.7			2.7			2.7			2.7			3
of which:
Total DIRECT voice customers (mln)		2.4			2.5			2.5			2.5			2.5			2.5			2.5			2.5			3
Total INDIRECT voice customers (mln)		0.4			0.3			0.3			0.3			0.2			0.2			0.2			0.2			0
Total fixed-line ARPU (€)		28.0			27.3			26.9			27.3			28.8			28.1			27.6			28.4			28
Total Traffic (mln. min.)		2,763			2,633			2,503			2,040			2,422			2,286			2,092			1,757			1,928
Total Internet customers (mln)		2.3			2.3			2.3			2.3			2.3			2.4			2.4			2.4			2
of which:
Broadband (mln)		2.3			2.3			2.3			2.3			2.3			2.4			2.4			2.4			2
Broadband ARPU (€)		20.9			20.5			20.9			21.2			22.3			21.8			21.8			21.9			21

NOTES

In Q4 2015 underlying EBITDA excludes approximately restructuring costs of EUR 19 million

In Q4 2016 underlying EBITDA excludes approximately EUR 60 million of integration costs

In Q1 2017 underlying EBITDA excludes approximately EUR 59 million of integration costs

In Q2 2017 underlying EBITDA excludes approxiamtely EUR 81 million of integration costs

In Q3 2017 underlying EBITDA excludes approximately EUR 60 million of integration costs

In Q4 2017 underlying EBITDA excludes approximately EUR 66 million of integration costs

Starting from Q2 2017 results, minor changes in accounting policies were adopted and for a proper comparison previous period results were adjusted accordingly

* The pro-forma “combined data” for Q4 2015 and the four quarters of 2016, consists of the sum of the WIND and H3G businesses results, respectively. The Q4 2015 and the four quarters of 2016 data related to H3G were obtained through due diligence performed as part of the merger process. The company has included this “combined data” because it believes that financial information on the Italy joint venture is relevant to its business and results for the financial quarter. Going forward, the company expects to include financial information related to the Italy joint venture in the publication of its financial results. It should be noted that the company owns 50% of the Italy joint venture, while the results above reflect the entire business.

Laos

index page

(in USD millions, unless stated otherwise, unaudited)

CONSOLIDATED	1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			FY15			FY16			FY17
Total operating revenue		5.1			4.7			4.3			4.1			3.8			3.5			3.1			3.7			3.5			3.5			2.8			2.6			18.2			14.1			12.4
EBITDA		2.0			1.5			0.9			1.0			0.6			0.3			-0.1			0.8			0.5			0.5			0.0			0.1			5.4			1.6			1.2
EBITDA margin (%)		38.5	%		31.2	%		21.2	%		25.1	%		15.6	%		9.1	%		-4.6	%		22.0	%		15.3	%		15.0	%		1.4	%		6	%		29.6	%		11.2	%		10	%
MOBILE	1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			FY15			FY16			FY17
Customers (mln)		0.2			0.2			0.2			0.2			0.2			0.2			0.2			0.3			0.3			0.3			0.3			0.2			0.2			0.3			0.2