Announcement of Currency Exchange Option

09/06/2023

09 Jun 2023

Announcement of Currency Exchange Option Amsterdam, 9 June 2023 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides converged connectivity and online services, today provides some further details regarding our ruble denominated notes.

We would like to reiterate the currency election terms for the holders of the following ruble denominated notes:

RUB10,000,000,000 6.50% Senior Unsecured Notes;

RUB20,000,000,000 6.30% Senior Unsecured Notes; and

RUB20,000,000,000 8.125% Senior Unsecured Notes (the Notes )

Each issued under the U.S.$6,500,000,000 Global Medium Term Note Programme (the Programme ) of VEON Holdings B.V. (the Issuer )

RUB10,000,000,000 6.50% due 2025

Regulation S Global Note: 222671639 / Rule 144A Global Note: 222671299

Regulation S Global Note: XS2226716392 / Rule 144A Global Note: XS2226712995

RUB20,000,000,000 6.30% due 2025

Regulation S Global Note: 218490018 / Rule 144A Global Note: 218490026

Regulation S Global Note: XS2184900186 / Rule 144A Global Note: XS2184900269

RUB20,000,000,000 8.125% due 2026

Regulation S Global Note: 234353250 / Rule 144A Global Note: 234353446

Regulation S Global Note: XS2343532508 / Rule 144A Global Note: XS2343534462

Reference is made to the above Notes issued by the Issuer under the Programme pursuant to the trust deeds dated 16 April 2020 (the 2025 Notes Trust Deed ) and 7 September 2021 (the 2026 Notes Trust Deed and together with the 2025 Notes Trust deed, the Trust Deeds ), respectively. Capitalised terms used but not defined herein shall be deemed to be defined as set forth in the base offering memorandum dated 16 April 2020 and the first supplemental offering memorandum dated 8 June 2020, the second supplemental offering memorandum dated 1 September 2020 and the base offering memorandum dated 7 September 2021.

Further reference is made to the announcements by Euroclear and Clearstream dated 3 February 2023 (as updated on 8 February 2023) and 6 February 2023, respectively, that with immediate effect Euroclear and Clearstream are no longer accepting nor processing RUB payments. Under the Conditions (as defined in each of the respective Trust Deeds), this is being treated as Euroclear and Clearstream having made an effective U.S. dollar currency election (as set out below) on behalf of each of the respective Noteholders holding through them, since no other payment is possible.

The Conditions (as defined in each of the respective Trust Deeds) provide the ability for Noteholders (or any of them), through the notification procedures of Euroclear and/or Clearstream, on or before the tenth Business Day prior to an Interest Payment Date or any date for the repayment of principal of the relevant notes, to give an irrevocable election to the Principal Paying Agent to receive such payment in U.S. dollars (the U.S. dollar currency election ). As of today's date, Euroclear and Clearstream are still not accepting nor processing RUB payments, and as such are deemed to have given such notice on behalf of all Noteholders with respect to all Interest Payment Dates until further notice.

In accordance with Condition 13 (Notices) of the respective Trust Deeds, the Principal Paying Agent for each of the respective Notes shall upon request provide to the Noteholders the Exchange Amount and the U.S. Dollar Amount applicable to the respective Interest Payment Dates.

Disclaimer

This 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 the U.S. dollar currency election. 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 and except as set forth above, any forward-looking statement to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.

Whilst the Trustee for the Notes approves the circulation of this notice to Noteholders for the purposes of clause 14.1(e) of each of the respective Trust Deeds, the Trustee does not express or give any opinion as to the effectiveness, validity, or binding nature of any of the Issuer's statements as set out in this notice, or the election notices purported to be served by Euroclear and Clearstream on behalf of Noteholders in respect of the U.S. dollar currency election for the purposes of the respective Conditions and Issuers payment obligations in respect of the Notes.

About VEON

VEON is a global digital operator that currently provides converged connectivity and online services to over 160 million customers in six dynamic markets. We are transforming people's lives, empowering individuals, creating opportunities for greater digital inclusion and driving economic growth across countries that are home to more than 7% of the world's population. Headquartered in Amsterdam, VEON is listed on NASDAQ and Euronext Amsterdam. For more information visit: www.veon.com.

Contact Information

VEON

Investor Relations

Nik Kershaw

ir@veon.com

This website stores cookies on your computer. These cookies are used to improve vour website experience and provide more personalized services to you, both on this website and through other media. To find out more about the cookies we use, see our Privacy Policy

We wont track your information when you visit our site. But in order to comply with your prefer

LINK:	https://www.veon.com/media/media-releases/2023/announcement-of-currenc...
	See more stories from vimpel

Most recent headlines

05/01/2027

Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be demoed at CES 2026

Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...

01/06/2026

Dolby Sets the New Standard for Premium Entertainment at CES 2026

January 6 2026, 05:30 (PST) Dolby Sets the New Standard for Premium Entertainment at CES 2026 Throughout the week, Dolby brings to life the latest innovatio...

02/05/2026

Dalet Flex LTS Delivers Smarter Search, Faster Editing, and an AI-Ready Foundation for Modern Media

Dalet, a leading technology and service provider for media-rich organizations, t...

01/05/2026

NBCUniversal's Peacock to Be First Streamer to Integrate Dolby's Full Suite of Premium Picture and Sound Innovations

January 5 2026, 18:30 (PST) NBCUniversal's Peacock to Be First Streamer to ...

01/04/2026

DOLBY AND DOUYIN EMPOWER THE NEXT GENERATON OF CREATORS WITH DOLBY VISION

January 4 2026, 18:00 (PST) DOLBY AND DOUYIN EMPOWER THE NEXT GENERATON OF CREATORS WITH DOLBY VISION Douyin Users Can Now Create And Share Videos With Stun...

18/03/2026

Net Insight Names Larissa GrnerMeeus CPO

Newly named chief product officer (CPO), Larissa G rner Meeus will return to Net Insight on May 4. Larissa G rner Meeus will become CPO of Net Insight on May 4...

18/03/2026

SVG Europe's The Football Summit 2026: Select Sessions Now Available to Watch on SVG PLAY

SVG Europe's The Football Summit 2026 explored how the sports broadcasting i...

18/03/2026

SVG's SportsTech@NABShow Blog Goes Live as Countdown to Vegas Heats Up

The 2026 NAB Show kicks off one month from today and SVG is once again set to cover the show from every angle. SVG's SportsTech@NAB Show Blog is now live - ...

18/03/2026

The Premiere of Dead Lover Showcases Grave Robbing and Sex With a Giant Finger

(L-R) The cast and crew of Dead Lover at The Ray Theater for its premiere at the 2025 Sundance Film Festival. (Photo by Robin Marshall/Shutterstock for Sundan...

18/03/2026

Music Row Piano from Wiltone Productions

Yamaha C7 captured in Nashville Wiltone Productions have announced the release of Music Row Piano, a deeply sampled Yamaha C7 piano library that's been ...

18/03/2026

Techivation introduce T-Warmer Mk2

Bass-enhancement plug-in upgraded Along with a steady stream of new releases, Techivation have recently been revisiting some of the older plug-ins in their ...

18/03/2026

Tonal Balance Control 3 from iZotope

Mix-reference plug-in overhauled iZotope's powerful mix-referencing plug-in has just reached its third major version, and now boasts a new capture proce...

18/03/2026

Toontrack Transistor Organ EKX

Latest EZKeys 2 expansion arrives Toontrack's staggering collection of EZKeys 2 expansions has grown once again, and the latest instalment delivers a on...

18/03/2026

Jess Ho explores the politics of food in new SBS Audio podcast For The Culture

Jess Ho explores the politics of food in new SBS Audio podcast For The Culture 18 March, 2026 Media releases New SBS Audio podcast For The Culture, hosted ...

18/03/2026

Future-ready broadcasts with ATSC 3.0 and enhanced services from Rohde & Schwarz at NAB 2026

Future-ready broadcasts with ATSC 3.0 and enhanced services from Rohde & Schwarz...

18/03/2026

LCTWS 2026

London Calling - When The Industry Convened to Help Streaming Find its MoJo In this blog, Laura Rognoni reflects on key discussions from the Connected TV World...

18/03/2026

SMPTE Unveils 2026 NAB Show Educational Presentations

SMPTE Unveils 2026 NAB Show Educational Presentations Brie Clayton March 18, 2026 0 Comments SMPTE , the home of media professionals, technologists, a...

18/03/2026

Auditel Ad Campaign Shot on Blackmagic PYXIS 12K

Auditel Ad Campaign Shot on Blackmagic PYXIS 12K Brie Clayton March 18, 2026 0 Comments LED wall virtual production blends 12K open gate acquisition w...

18/03/2026