Amsterdam, 4 June 2020 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON) announced today that its subsidiary VEON Holdings B.V. has successfully entered into a new RUB 100 billion, approximately USD 1.5 billion1, bilateral term loan agreement with Sberbank.  The loan will be used to refinance and extend the maturity of the existing loan between Sberbank and VEON Holdings, as well as to provide additional funds for general corporate purposes.

VEON Group Chief Financial Officer Serkan Okandan commented: ”This new loan agreement is a further milestone in our continued focus on improving VEON’s capital structure.  We are pleased with the strong ongoing commitment we have received from Sberbank in relation to this loan, which reinforces the Group’s objectives with respect to capital structure and financial flexibility.”

1 Based on USD/RUB=68.6540

About VEON

VEON is a NASDAQ and Euronext Amsterdam-listed global provider of connectivity and internet services.  For more information visit: www.veon.com.

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. Forward-looking statements are not historical facts, and include statements relating to, among other things, expectations regarding VEON’s financial position and capital structure. 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 date or to reflect the occurrence of unanticipated events.