# EDGAR Filing Document

**Accession Number:** 0001468091
**File Stem:** 0001193125-23-037832
**Filing Date:** 2023-2
**Character Count:** 17177
**Document Hash:** 57a4541fb90e9dc7445eb9832e5eb52b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-037832.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001193125-23-037832

**CONFORMED SUBMISSION TYPE**: SC 13G/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**GROUP MEMBERS**: EXOR CAPITAL LLP

**GROUP MEMBERS**: EXOR INVESTMENTS LTD

**GROUP MEMBERS**: GIOVANNI AGNELLI B.V.

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VEON Ltd.
- **CENTRAL INDEX KEY:** 0001468091
- **STANDARD INDUSTRIAL CLASSIFICATION:** RADIO TELEPHONE COMMUNICATIONS [4812]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** D0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-85442
- **FILM NUMBER:** 23624370

**BUSINESS ADDRESS:**
- **STREET 1:** CLAUDE DEBUSSYLAAN 88
- **CITY:** AMSTERDAM
- **STATE:** P7
- **ZIP:** 1082 MD
- **BUSINESS PHONE:** 31 20 797 7200

**MAIL ADDRESS:**
- **STREET 1:** CLAUDE DEBUSSYLAAN 88
- **CITY:** AMSTERDAM
- **STATE:** P7
- **ZIP:** 1082 MD

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VimpelCom Ltd.
- **DATE OF NAME CHANGE:** 20091005

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** New Spring Co Ltd.
- **DATE OF NAME CHANGE:** 20090709
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Exor N.V.
- **CENTRAL INDEX KEY:** 0001589122
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** P7
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** SYMPHONY BUILDING
- **STREET 2:** GUSTAV MAHLERPLEIN 25
- **CITY:** AMSTERDAM
- **STATE:** P7
- **ZIP:** 1082 MS
- **BUSINESS PHONE:** 390115090345

**MAIL ADDRESS:**
- **STREET 1:** SYMPHONY BUILDING
- **STREET 2:** GUSTAV MAHLERPLEIN 25
- **CITY:** AMSTERDAM
- **STATE:** P7
- **ZIP:** 1082 MS

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Exor S.p.A.
- **DATE OF NAME CHANGE:** 20131011

------

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

------

**SCHEDULE 13G** 

**Under the Securities Exchange Act of 1934** 

**(Amendment No. 1)\*** 

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## VEON Ltd.
**(Name of Issuer)** 

**American Depositary Shares, or ADSs, each representing one common share** 

**(Title of Class of Securities)** 

**91822M106** 

**(CUSIP Number)** 

**December 31, 2022** 

**(Date of Event Which Requires Filing of this Statement)** 

------

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

☐ Rule 13d-1(b)

☒ Rule 13d-1(c)

☐ Rule 13d-1(d)

\* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("<u>Act</u>") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

------

CUSIP No. 91822M106

1. &nbsp;&nbsp;&nbsp;&nbsp; Names of Reporting Persons &nbsp;&nbsp;&nbsp;&nbsp; Giovanni Agnelli B.V.

2. &nbsp;&nbsp;&nbsp;&nbsp; Check the Appropriate Box
if a Member of a Group (See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; (a) ☐ (b) ☐

3. &nbsp;&nbsp;&nbsp;&nbsp; SEC Use Only

4. &nbsp;&nbsp;&nbsp;&nbsp; Citizenship or Place of
Organization &nbsp;&nbsp;&nbsp;&nbsp; The
Netherlands

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 5. | &nbsp;&nbsp;&nbsp;&nbsp;Sole Voting Power:<br>&nbsp;&nbsp;&nbsp;&nbsp;131,068,288 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 6. | &nbsp;&nbsp;&nbsp;&nbsp;Shared Voting Power:<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 7. | &nbsp;&nbsp;&nbsp;&nbsp;Sole Dispositive Power:<br>&nbsp;&nbsp;&nbsp;&nbsp;131,068,288 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 8. | &nbsp;&nbsp;&nbsp;&nbsp;Shared Dispositive Power:<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

9. &nbsp;&nbsp;&nbsp;&nbsp; Aggregate Amount Beneficially Owned by Each Reporting Person &nbsp;&nbsp;&nbsp;&nbsp; 131,068,288

10. &nbsp;&nbsp;&nbsp;&nbsp; Check if the Aggregate
Amount in Row (9) Excludes Certain Shares (See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; ☐

11. &nbsp;&nbsp;&nbsp;&nbsp; Percent of Class
Represented by Amount in Row (9) &nbsp;&nbsp;&nbsp;&nbsp; 7.49%\*

12. &nbsp;&nbsp;&nbsp;&nbsp; Type of Reporting Person
(See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; HC, CO

\* Based on 1,749,127,404 common shares outstanding at June 30, 2022 as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission ("<u>SEC</u>") on August 4, 2022.

Page 2 of 9 pages

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CUSIP No. 91822M106

1. &nbsp;&nbsp;&nbsp;&nbsp; Names of Reporting Persons &nbsp;&nbsp;&nbsp;&nbsp; Exor N.V.

2. &nbsp;&nbsp;&nbsp;&nbsp; Check the Appropriate Box
if a Member of a Group (See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; (a) ☐ (b) ☐

3. &nbsp;&nbsp;&nbsp;&nbsp; SEC Use Only

4. &nbsp;&nbsp;&nbsp;&nbsp; Citizenship or Place of
Organization &nbsp;&nbsp;&nbsp;&nbsp; The
Netherlands

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 5. | &nbsp;&nbsp;&nbsp;&nbsp;Sole Voting Power:<br>&nbsp;&nbsp;&nbsp;&nbsp;131,068,288 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 6. | &nbsp;&nbsp;&nbsp;&nbsp;Shared Voting Power:<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 7. | &nbsp;&nbsp;&nbsp;&nbsp;Sole Dispositive Power:<br>&nbsp;&nbsp;&nbsp;&nbsp;131,068,288 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 8. | &nbsp;&nbsp;&nbsp;&nbsp;Shared Dispositive Power:<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

9. &nbsp;&nbsp;&nbsp;&nbsp; Aggregate Amount Beneficially Owned by Each Reporting Person &nbsp;&nbsp;&nbsp;&nbsp; 131,068,288

10. &nbsp;&nbsp;&nbsp;&nbsp; Check if the Aggregate
Amount in Row (9) Excludes Certain Shares (See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; ☐

11. &nbsp;&nbsp;&nbsp;&nbsp; Percent of Class
Represented by Amount in Row (9) &nbsp;&nbsp;&nbsp;&nbsp; 7.49%\*

12. &nbsp;&nbsp;&nbsp;&nbsp; Type of Reporting Person
(See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; HC, CO

\* Based on 1,749,127,404 common shares outstanding at June 30, 2022 as reported in the Issuer's Form 6-K filed with the SEC on August 4, 2022.

Page 3 of 9 pages

------

CUSIP No. 91822M106

1. &nbsp;&nbsp;&nbsp;&nbsp; Names of Reporting Persons. &nbsp;&nbsp;&nbsp;&nbsp; Exor Investments Limited

2. &nbsp;&nbsp;&nbsp;&nbsp; Check the Appropriate Box
if a Member of a Group (See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; (a) ☐ (b) ☐

3. &nbsp;&nbsp;&nbsp;&nbsp; SEC Use Only

4. &nbsp;&nbsp;&nbsp;&nbsp; Citizenship or Place of
Organization &nbsp;&nbsp;&nbsp;&nbsp; United
Kingdom

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 5. | &nbsp;&nbsp;&nbsp;&nbsp;Sole Voting Power:<br>&nbsp;&nbsp;&nbsp;&nbsp;131,068,288 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 6. | &nbsp;&nbsp;&nbsp;&nbsp;Shared Voting Power:<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 7. | &nbsp;&nbsp;&nbsp;&nbsp;Sole Dispositive Power:<br>&nbsp;&nbsp;&nbsp;&nbsp;131,068,288 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 8. | &nbsp;&nbsp;&nbsp;&nbsp;Shared Dispositive Power:<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

9. &nbsp;&nbsp;&nbsp;&nbsp; Aggregate Amount Beneficially Owned by Each Reporting Person &nbsp;&nbsp;&nbsp;&nbsp; 131,068,288

10. &nbsp;&nbsp;&nbsp;&nbsp; Check if the Aggregate
Amount in Row (9) Excludes Certain Shares (See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; ☐

11. &nbsp;&nbsp;&nbsp;&nbsp; Percent of Class
Represented by Amount in Row (9) &nbsp;&nbsp;&nbsp;&nbsp; 7.49%\*

12. &nbsp;&nbsp;&nbsp;&nbsp; Type of Reporting Person
(See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; CO, FI

\* Based on 1,749,127,404 common shares outstanding at June 30, 2022 as reported in the Issuer's Form 6-K filed with the SEC on August 4, 2022.

Page 4 of 9 pages

------

CUSIP No. 91822M106

1. &nbsp;&nbsp;&nbsp;&nbsp; Names of Reporting Persons. &nbsp;&nbsp;&nbsp;&nbsp; Exor Capital LLP

2. &nbsp;&nbsp;&nbsp;&nbsp; Check the Appropriate Box
if a Member of a Group (See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; (a) ☐ (b) ☐

3. &nbsp;&nbsp;&nbsp;&nbsp; SEC Use Only

4. &nbsp;&nbsp;&nbsp;&nbsp; Citizenship or Place of
Organization &nbsp;&nbsp;&nbsp;&nbsp; United
Kingdom

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 5. | &nbsp;&nbsp;&nbsp;&nbsp;Sole Voting Power:<br>&nbsp;&nbsp;&nbsp;&nbsp;131,068,288 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 6. | &nbsp;&nbsp;&nbsp;&nbsp;Shared Voting Power:<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 7. | &nbsp;&nbsp;&nbsp;&nbsp;Sole Dispositive Power:<br>&nbsp;&nbsp;&nbsp;&nbsp;131,068,288 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 8. | &nbsp;&nbsp;&nbsp;&nbsp;Shared Dispositive Power:<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

9. &nbsp;&nbsp;&nbsp;&nbsp; Aggregate Amount Beneficially Owned by Each Reporting Person &nbsp;&nbsp;&nbsp;&nbsp; 131,068,288

10. &nbsp;&nbsp;&nbsp;&nbsp; Check if the Aggregate
Amount in Row (9) Excludes Certain Shares (See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; ☐

11. &nbsp;&nbsp;&nbsp;&nbsp; Percent of Class
Represented by Amount in Row (9) &nbsp;&nbsp;&nbsp;&nbsp; 7.49%\*

12. &nbsp;&nbsp;&nbsp;&nbsp; Type of Reporting Person
(See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; PN, FI

\* Based on 1,749,127,404 common shares outstanding at June 30, 2022 as reported in the Issuer's Form 6-K filed with the SEC on August 4, 2022.

Page 5 of 9 pages

------

**Item 1.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Name of Issuer:** 

VEON Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Address of Issuer's Principal Executive Offices** 

Claude Debussylaan 88

1082 MD, Amsterdam

The Netherlands

**Item 2.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Name of Person Filing** 

Giovanni Agnelli B.V.

Exor N.V.

Exor Investments Limited

Exor Capital LLP

Exor Capital LLP, which acquired the securities being reported on, is 99.7% owned by Exor Investments Limited. Exor Investments Limited is a wholly owned subsidiary of Exor N.V., which in turn is controlled by Giovanni Agnelli B.V.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Address of Principal Business Office or, if none, Residence** 

**Giovanni Agnelli B.V.**

Gustav Mahlerplein 25

Amsterdam, 1082 MS

The Netherlands

**Exor N.V.**

Gustav Mahlerplein 25

Amsterdam, 1082 MS

The Netherlands

**Exor Investments Limited**

28 Headfort Place

London, SW1X 7DH

United Kingdom

**Exor Capital LLP**

28 Headfort Place

London, SW1X 7DH

United Kingdom

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Citizenship** 

Giovanni Agnelli B.V. – the Netherlands

Exor N.V. – the Netherlands

Exor Investments Limited – United Kingdom

Exor Capital LLP – United Kingdom

Page 6 of 9 pages

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Title of Class of Securities** 

American Depositary Shares, or ADSs, each representing one common share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **CUSIP Number** 

91822M106

**Item 3.** **If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:** <br>

&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

**Item 4.** **Ownership.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Amount beneficially owned:** 

See the responses to Item 9 on the attached cover pages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Percent of class:** 

See the responses to Item 11 on the attached cover pages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Number of shares as to which the person has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Sole power to vote or to direct the vote** 

See the responses to Item 5 on the attached cover pages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Shared power to vote or to direct the vote** 

See the responses to Item 6 on the attached cover pages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Sole power to dispose or to direct the disposition of** 

See the responses to Item 7 on the attached cover pages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **Shared power to dispose or to direct the disposition of** 

See the responses to Item 8 on the attached cover pages.

**Item 5.** **Ownership of Five Percent or Less of a Class.** <br>

Not Applicable

**Item 6.** **Ownership of More than Five Percent on Behalf of Another Person.** <br>

Not Applicable

**Item 7.** **Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company.** <br>

See Item 2.

**Item 8.** **Identification and Classification of Members of the Group.** <br>

Not Applicable

**Item 9.** **Notice of Dissolution of Group.** <br>

Not Applicable

Page 7 of 9 pages

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**Item 10.** **Certification.** <br>

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

Page 8 of 9 pages

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**SIGNATURE** 

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: February 14, 2023

---

| | |
|:---|:---|
| Giovanni Agnelli B.V. | Giovanni Agnelli B.V. |
| By | /s/ Guido de Boer |
| Name: Guido de Boer | Name: Guido de Boer |
| Title: Authorised Signatory | Title: Authorised Signatory |
| Exor N.V. | Exor N.V. |
| By | /s/ Guido de Boer |
| Name: Guido de Boer | Name: Guido de Boer |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| Exor Investments Limited | Exor Investments Limited |
| By | /s/ Guido de Boer |
| Name: Guido de Boer | Name: Guido de Boer |
| Title: Director | Title: Director |
| Exor Capital LLP | Exor Capital LLP |
| By | /s/ Enrico Vellano |
| Name: Enrico Vellano | Name: Enrico Vellano |
| Title: Co-CEO | Title: Co-CEO |

---

Page 9 of 9 pages

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**INDEX TO EXHIBITS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1 Joint Filing Agreement

## Exhibit 99.1

**EXHIBIT 99.1** 

**JOINT FILING AGREEMENT** 

In accordance with Rule 13d-1(k)(1) promulgated under the Securities Exchange Act of 1934, the undersigned agree to the joint filing of a Statement on Schedule 13G (including any and all amendments thereto) with respect to the American Depositary Shares, or ADSs, each representing one common share of VEON Ltd. and further agree to the filing of this agreement as an Exhibit thereto. In addition, each party to this Agreement expressly authorizes each other party to this Agreement to file on its behalf any and all amendments to such Statement on Schedule 13G.

Date: February 14, 2023

---

| | |
|:---|:---|
| Giovanni Agnelli B.V. | Giovanni Agnelli B.V. |
| By | /s/ Guido de Boer |
| Name: | Guido de Boer |
| Title: | Authorised Signatory |
| Exor N.V. | Exor N.V. |
| By | /s/ Guido de Boer |
| Name: | Guido de Boer |
| Title: | Chief Financial Officer |
| Exor Investments Limited | Exor Investments Limited |
| By | /s/ Guido de Boer |
| Name: | Guido de Boer |
| Title: | Director |
| Exor Capital LLP | Exor Capital LLP |
| By | /s/ Enrico Vellano |
| Name: | Enrico Vellano |
| Title: | Co-CEO |

---