Notice of cancellation of guarantees

Amsterdam, 6 July 2017 – VimpelCom Holdings B.V. (the “Issuer”), a wholly owned subsidiary of VEON Ltd., today announces the termination of each of the Guarantees in respect of the following notes, each issued by the Issuer:

The RUB Notes, the 2019 Notes and the 2023 Notes are referred to herein as the “Notes”.

Unless otherwise defined herein, capitalised terms used in this notice shall have the meanings ascribed to them in each of the trust deeds entered into in respect of the Notes, between the Issuer, Public Joint Stock Company “Vimpel Communications” (formerly Open Joint Stock Company “Vimpel Communications”) and BNY Mellon Corporate Trustee Services Limited (the “Trustee”), each dated 13 February 2013 (together the “Trust Deeds” and each a “Trust Deed”).

The Issuer has exercised its option to terminate the Guarantees pursuant to clause 6(N) and 6(P) of each of the relevant Trust Deeds.

Please refer to the prospectus in respect of the Notes (dated 11 February 2013), specifically the section entitled Terms and Conditions of the Notes, which provides further information on the option of the Issuer to terminate the Guarantees.

In accordance with the provisions of the Trust Deed, the Guarantees automatically terminated on 30 June 2017, being the fifth Business Day after notice of such termination was delivered by the Trustee to the holders of each of the Notes (except that the Guarantees will continue to apply to the Issuer’s obligation to redeem Notes on exercise of the Put Option until the Put Option has expired or been satisfied).

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