Amsterdam (April 7 2017) - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON) - VEON Ltd. (“VEON” or the “Company”), a leading global provider of telecommunications and digital services headquartered in Amsterdam and serving over 235 million customers, today announced the pricing of the previously announced offering by selling shareholder Telenor East Holding II AS (“Telenor”) of 70,000,000 common shares in the form of American Depositary Shares (“ADSs”) listed on the NASDAQ Global Select Market and common shares (“common shares”) listed on Euronext Amsterdam at a public offering price of USD 3.75 per ADS or common share. Each ADS represents one common share of the Company. Today's transaction represents 4 per cent of VEON's total outstanding common shares, leaving Telenor with approximately 346.7 million VEON ADSs (19.7 per cent of VEON's total outstanding common shares), including the VEON ADSs that are underlying Telenor's USD 1 billion, 3-year exchangeable bond due 2019. The offering is expected to close on April 12, 2017.

The Company is not offering any ADSs or common shares and will not receive any proceeds from the offering, and Telenor's sale of ADSs and common shares will not result in dilution of the Company’s issued and outstanding common shares.

Citigroup and Morgan Stanley acted as joint global coordinators and joint bookrunners for the offering.

The offering is being made pursuant to the Company’s shelf registration statement on Form F-3 initially filed with the Securities and Exchange Commission (the “SEC”) on May 23, 2014, as amended and most recently declared effective on April 20, 2016 (the “Registration Statement”). The ADSs and common shares are being offered only by means of a prospectus and an accompanying prospectus supplement forming a part of the effective Registration Statement. Prospective investors should read the prospectus included in the Registration Statement, the final prospectus supplement and other documents that the Company has filed with the SEC for more complete information about the Company and the offering. The Registration Statement, the final prospectus supplement and the documents incorporated by reference therein are available on the SEC’s website at: http://www.sec.gov.

When available, copies of the final prospectus supplement and the accompanying prospectus may be obtained from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, toll-free: (800) 831-9146; or Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, Attention: Prospectus Department.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About VEON

VEON is a NASDAQ and Euronext Amsterdam-listed global provider of connectivity, with the ambition to lead the personal internet revolution for the 235 million+ customers it currently serves, and many others in the years to come.