Amsterdam, 25 November 2019 - VEON Ltd. (NASDAQ and Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, announces that its free float has increased to 43.8%.

On Friday, 22 November 2019, Telenor announced the sale of the balance of their shares in the VEON Group. Telenor held approximately 157 million of VEON Ltd.’s shares, representing approximately 8.9% of VEON’s total outstanding equity. This transaction is in line with Telenor’s previously announced intention to fully divest its holding in VEON. With this sale, the free float of the VEON Group has increased from approximately 34.9% to 43.8%. The shares were placed at USD 2.35 per share, an effective discount of 3.7% to the previous day’s closing price.

Ursula Burns, VEON’s Chairman and Chief Executive Officer, said: “With Telenor’s sale our free float has increased from approximately 34.9% to 43.8%, representing an effective increase of approximately 25%. With the removal of the market overhang from Telenor’s anticipated divestment holding, we believe this final sale by Telenor, which has been anticipated for some time,  is a positive development for the Group.”

About VEON

VEON is a NASDAQ and Euronext Amsterdam-listed global provider of connectivity and internet services, headquartered in Amsterdam. Our vision is to empower customer ambitions through technology, acting as a digital concierge to guide their choices and connect them with resources that match their needs. For more information visit: http://www.veon.com.

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 are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not even anticipate, including the expected benefits from the divestment. 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.