VEON : subsidiaries in Ukraine and Kazakhstan sign bilateral long-term loan agreements in local currencies for around USD 170 mill

Amsterdam, 24 December 2020 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, announces that its operating company in Ukraine, Kyivstar, has signed three bilateral unsecured loan agreements with Raiffeisen Bank Aval Joint Stock Company ('Raiffeisen'), Joint Stock Company Alfa-Bank ('Alfa-Bank') and Joint Stock Company OTP Bank ('OTP'), for an aggregate amount of UAH 4.1 billion (approximately USD 145 million¹). The loan agreement with Raiffeisen has a 5-year term, and the loan agreements with Alfa-Bank and OTP have a 3-year term.

Similarly, VEON's subsidiary in Kazakhstan, KaR-Tel, has signed a bilateral unsecured loan agreement with Forte Bank JSC for KZT 10 billion (approximately USD 25 million¹), which has a 3-year term.

Both Kyivstar and KaR-Tel will continue to monitor the local debt markets for further borrowing opportunities, in line with VEON's strategy to improve its capital structure via long-term borrowings in local currencies.

¹Based on USD/UAH = 28.1 and USD/KZT = 421.2.

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.