VEON announces the refinancing of its RUB 30 billion loan agreement with VTB

Amsterdam, 9 July 2020 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON) announced today that its subsidiary VEON Holdings B.V. has successfully refinanced its existing RUB 30 billion, approximately USD 422 million¹, bilateral term loan agreement with VTB Bank. This refinancing will extend the maturity and reduce the cost of the existing loan between VTB Bank and VEON Holdings.

VEON Group Chief Financial Officer Serkan Okandan commented: “This transaction is another step in our continued focus on improving VEON’s capital structure and enhancing our RUB financings.  We are pleased with the strong support we have received from VTB in relation to this transaction, which further reinforces the Group’s objectives with respect to capital structure and financial flexibility.”

¹Based on USD/RUB=71.1664

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.