Amsterdam, 21 April 2022 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides mobile connectivity and services, today announces changes to its capital structure.

Two group-level loan agreements with Sberbank and Alfa Bank totaling RUB 90 billion have been novated to PJSC VimpelCom, with the former borrower (VEON Finance Ireland) and the former guarantor (VEON Holdings BV) having been released. While neither of the banks are subject to EU sanctions directed at their corporate lending portfolios, the winding down of these loans has allowed us to ensure that the majority of the Group's RUB liabilities are held within Russia and as such are matched to the market where RUB revenues are generated.

Following this process, HQ external debt now includes USD 4.0 billion in dollar bonds, RUB 50 billion in ruble bonds and USD 0.4 billion related to the RCF drawdown. The group has no material further debt maturities at the HQ level in 2022.

Serkan Okandan, VEON's Chief Financial Officer, said: "The novation of the ruble loans more closely aligns ruble liabilities with ruble revenues and reduces HQ external debt."

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VEON Ltd. published this content on 21 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 April 2022 06:14:06 UTC.