Rakuten Symphony and Kyivstar Sign Letter of Intent to Deploy Open RAN to Rebuild Ukraine’s Digital Infrastructure

Companies intend to take the first steps in implementation in 2024

Barcelona, February 26, 2024 – VEON, (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides converged connectivity and online services, today announces that its wholly-owned subsidiary Kyivstar and Rakuten Symphony, a subsidiary of the leading internet services company Rakuten Group have signed of a Letter of Intent (LoI) that confirms Kyivstar’s interest in procuring and deploying Rakuten Symphony's Open Radio Access Network (Open RAN) technology in its network.

The LoI confirms Kyivstar’s intent to use Rakuten’s Open RAN and 5G technologies to help rebuild Ukraine's digital infrastructure, reinforcing both companies’ commitment to supporting Ukraine’s recovery and reconstruction. The companies intend to take the first steps in the implementation of their cooperation within 2024. Kyivstar and Rakuten Symphony are currently collaborating to define the scope of their initiative, which will involve both 4G and 5G Open RAN technology.

Rakuten and Kyivstar held a signing ceremony for the LoI in the presence of Fumio Kishida, Prime Minister of Japan, and Denys Shmyhal, Prime Minister of Ukraine, at the Japan-Ukraine Conference for Promotion of Economic Growth and Reconstruction, hosted in Tokyo on February 19, with Hideyuki Hirama, EVP, COO and CSO of Rakuten Symphony, and Sergiy Korsunsky, Ukrainian Ambassador to Japan, in attendance.

Mickey Mikitani, Chairman and CEO, Rakuten Group, said, “Rakuten is extremely proud to continue its support for Ukraine’s efforts to rebuild its infrastructure and in supporting Kyivstar’s vision for deploying Open RAN. We look forward to advancing collaboration between our two organizations and to realising Ukraine’s digital potential through the rebuilding of the country’s digital infrastructure.”

Kaan Terzioglu, Group CEO of VEON, said “We are now in the implementation phase of our 600 million USD investment commitment for the reconstruction of Ukraine. I share the excitement of our Kyivstar team, under the leadership of Kyivstar CEO Oleksandr Komarov, in working with Rakuten to rebuild the country’s infrastructure with Open RAN as a part of this commitment. We have a shared passion for building Ukraine’s digital future and I’m glad to see the progress in our joint effort.”

The signing follows a number of measures taken by Rakuten and VEON to support Ukraine throughout the war, demonstrating a commitment to its people, economy and post-war reconstruction. In August 2023, Rakuten Symphony and VEON, Kyivstar’s parent company, signed a Memorandum of Understanding to explore cooperation in Ukraine, with the goal of accelerating the reconstruction of the country’s infrastructure, through collaboration on Open RAN and digital services.

Rakuten Group Chairman and CEO Mickey Mikitani accompanied Japanese government officials on a diplomatic mission to Ukraine in September 2023. Serving as a representative of Japan’s private sector, Mikitani met with Ukraine leaders including President Volodymyr Zelenskyy and Minister Mykhailo Fedorov, Ukraine’s Vice Prime Minister for Innovation, Development of Education, Science and Technology and Minister of Digital Transformation.

Rakuten also launched the Ukraine Humanitarian Crisis Emergency Relief Fund through its online donation platform, Rakuten Clutch Special Charity Fund, and held a t-shirt donation drive to support Ukraine that raised more than 1.3 billion yen.

VEON’s Kyivstar, the largest telecommunications operator in Ukraine, has kept its 24 million customers connected at home and abroad throughout the past two years, and continued to invest heavily in its network and digital services. One of the largest taxpayers in Ukraine, Kyivstar also supports a number of charitable causes, most recently raising 4.8 million USD for the demining of Ukraine.

VEON has committed 600 million USD in investments over three years, supporting Ukraine’s reconstruction and recovery; and has announced the intention to widen the scope of its commitment to 1 billion USD in five years, if market conditions permit.

About VEON

VEON is a global digital operator that currently provides converged connectivity and online services to nearly 160 million customers in six dynamic markets. We are transforming people’s lives, empowering individuals, creating opportunities for greater digital inclusion and driving economic growth across countries that are home to more than 7% of the world’s population. Headquartered in Amsterdam, VEON is listed on NASDAQ and Euronext Amsterdam. For more information, visit: 

About Kyivstar

Kyivstar is the largest telecoms operator in Ukraine with 24 million mobile subscribers and over 1.1 million home internet subscribers. The company provides services based on mobile and fixed-line technologies, including 4G, as well as Big Data, IoT, cloud solutions, digital TV, digital health and others. Kyivstar is 100% owned by the international VEON Group, headquartered in the Netherlands and listed on NASDAQ and Euronext Amsterdam stock exchanges.  For more information visit:

About Rakuten

Rakuten Group, Inc. is a global leader in internet services that empower individuals, communities, businesses and society. Founded in Tokyo in 1997 as an online marketplace, Rakuten has expanded to offer services in e-commerce, fintech, digital content and communications to approximately 1.7 billion members around the world. The Rakuten Group has nearly 32,000 employees, and operations in 30 countries and regions. For more information visit /corp/

About Rakuten Symphony

Rakuten Symphony is reimagining telecom, changing supply chain norms and disrupting outmoded thinking that threatens the industry’s pursuit of rapid innovation and growth. Based on proven modern infrastructure practices, its open interface platforms make it possible to launch and operate advanced mobile services in a fraction of the time and cost of conventional approaches, with no compromise to network quality or security. Rakuten Symphony has operations in Japan, the United States, Singapore, India, Europe and the Middle East Africa region. For more information, visit:

Disclaimer

This 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. Forward-looking statements are not

historical facts, and include statements relating to, among other things, VEON’s investment and commercial plans. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON

might not even anticipate. The forward-looking statements contained in this release speak

only as of the date of this release. VEON does not undertake to publicly update, except as

required by U.S. federal securities laws, any forward-looking statement to reflect events or

circumstances after such dates or to reflect the occurrence of unanticipated events.

Contact information

VEON

Hande Asik

Group Director of Strategic Communication

Rakuten Symphony

Corporate Communications

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