VEON appoints PwC as 2023 auditors, provides updates on reporting timelines

Amsterdam, Netherlands, 14 March 2024 : VEON Ltd. (Nasdaq: VEON, Euronext Amsterdam: VEON), a global digital operator that provides converged connectivity and online services (the “Company”), announces that it has now appointed PricewaterhouseCoopers Accountants N.V. for the audit of the Group’s consolidated financial statements for the year ended December 31, 2023 in accordance with International Standards on Auditing (the “ISA Audit”).

The Company also announces that it expects to be delayed in reporting its audited consolidated financial statements for the year ended December 31, 2023 under PCAOB auditing standards and ISA (the “2023 PCAOB Audit,” and together with the 2023 ISA Audit, the “2023 Audit”), filing its annual report on Form 20-F with the U.S. Securities and Exchange Commission (the “SEC”) and filing its annual report with the Dutch Authority for the Financial Markets (“AFM”) in connection with its Euronext listing.

The delays arise from the difficulties that the Company has faced in identifying a suitable auditor due to the material changes in the Group’s portfolio of assets. For the 2023 PCAOB Audit in particular, the Company is required to identify an auditor who meets the principal auditor requirements under the PCAOB auditing standards and is a PCAOB-registered auditor in order to either perform (or assume responsibility for) the audit work in the countries where it had major assets or revenue in 2023, or alternatively divide responsibility with other auditors who are PCAOB-registered. A suitable auditor that is qualified to provide these services in the countries where VEON operates has not yet been identified.

As a result of the anticipated delays in its filings, the Company expects that it will not be in compliance with its listing requirements once the applicable deadlines have passed, and will focus on regaining compliance as soon as practicable.

VEON also expects to be delayed in delivering the audited consolidated financial statements of its subsidiary, VEON Holdings BV, to the holders of the outstanding notes of VEON Holdings BV (the “VEON Holdings Notes”) and its revolving credit facility (the “RCF”) creditors, as well as in the delivery of the Company’s 2023 audited financials to the RCF creditors. The Company will seek consents from its RCF creditors and the holders of the VEON Holdings Notes for the delayed delivery of the audited financial statements.