VEON : liquidity update

Amsterdam, 2 March 2022 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, today provides an update on its current liquidity position.

As at 27 February 2022, VEON had approximately USD 2.1 billion of cash and deposits, including USD 1.5 billion of USD and EUR denominated cash and deposits held at the level of its headquarters ("HQ") in Amsterdam. The HQ cash and deposits are held in bank accounts, money market funds and on-demand deposits at a diversified group of international banks from the European Union, the United States and Japan.

In addition to the above cash and deposits, VEON has a USD 1.250 billion committed revolving credit facility ("RCF") available to it from a group of diversified lenders headquartered in the United States, Europe and Asia.

VEON has utilized USD 430 million under its RCF on 28 February 2022¹ and used these funds to repay its USD 417 million notes which matured on 1 March 2022, and to pay the accrued interest on these notes. Following this utilization, USD 820 million remains undrawn under the RCF.

Following this repayment, VEON has no additional debt maturities at its HQ level during 2022. The first HQ maturity in 2023 is the USD 529 millon 5.95% VEON Holdings' notes maturing in February 2023.

Serkan Okandan, VEON's Chief Financial Officer, said: "The USD 1.5 billion HQ cash and deposit balance and USD 0.8 billion undrawn credit line under the RCF will allow us to maintain a prudent liquidity position in these times of macroeconomic uncertainty."

¹ The RCF drawdown may be rolled over until the final maturity of the facility. In February 2022, the original March 2024 maturity was extended to March 2025.