VimpelCom statement on preferred shares redemption

18 Apr 2016

VimpelCom statement on preferred shares redemption Amsterdam (April 18, 2016) - VimpelCom Ltd. (NASDAQ: VIP) made the statement below following its recent preferred shares redemption:

As previously disclosed, Telenor did not give notice to VimpelCom of its intention to convert its 305,000,000 voting preferred shares. The preferred shares have been redeemed by VimpelCom at a redemption price of US$0.001 per share and are no longer outstanding.

VimpelCom's issued share capital now consists of 1,756,731,135 common shares held as follows:

ShareholderCommon shares% of common and voting shares

Free Float 189,579,732 10.8%

Telenor(1) 580,578,840 33.0%

LetterOne(2) 840,625,001 47.9%

Stichting(3) 145,947,562 8.3%

Total 1,756,731,135 100%

* Certain amounts and percentages that appear in this table have been subject to rounding adjustments. As a result, certain numerical figures shown as totals may not be exact arithmetic aggregations of the figures that precede or follow them.

(1) As reported on Schedule 13D, Amendment No. 29, filed on October 5, 2015, by Telenor East Holdings II AS with the U.S. Securities and Exchange Commission (the SEC ), Telenor East Holdings II AS is the direct beneficial owner of 580,578,840 common shares and 305,000,000 preferred shares. Pursuant to the terms of VimpelCom's bye-laws, as of April 15, 2016, the 305,000,000 preferred shares held by Telenor have been redeemed by VimpelCom at a redemption price of US$0.001 per share and have ceased to be outstanding.

(2) As reported on Schedule 13D, Amendment No. 19, filed on April 1, 2016, by L1T VIP Holdings S. r.l. with the SEC, L1T VIP Holdings S. r.l. is the direct beneficial owner of 840,625,001 common shares. Letterone Investment Holdings S.A. ( LetterOne ) is the sole shareholder of L1T VIP Holdings S. r.l. and, in such capacity, may be deemed to be the beneficial owner of the common shares held for the account of L1T VIP Holdings S. r.l. LetterOne is a Luxembourg company, with its principal business to function as a holding company.

(3) As reported on Schedule 13G, filed on April 1, 2016, by Stichting Administratiekantoor Mobile Telecommunications Investor (the Stichting ), with the SEC, the Stichting is the direct beneficial owner of 145,947,562 common shares. As the holder of depositary receipts issued by the Stichting, L1T VIP Holdings S. r.l. is entitled to the economic benefits (dividend payments, other distributions and sale proceeds) of such common shares. The Stichting is a foundation (stichting) incorporated under the laws of the Netherlands.

About VEON

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

Follow us on Twitter @veondigital, visit our blog blog.veon.com or go to our website www.veon.com.

Disclaimer

VEON considers portions of this press release to contain 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 can be identified by the use of words such as may, will, plan, should, expect, anticipate, estimate, continue or comparable terminology and include statements relating to, among other things, the development of VEON's compliance function. 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. Although VEON believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, it can give no assurance that such expectations will be achieved. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements as a result of risks and uncertainties. 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 dates or to reflect the occurrence of unanticipated events. Furthermore, elements of this release contain, or may contain, inside information as defined under the Market Abuse Regulation (EU) No. 596/2014.

Contact Information

Investor Relations

Bart Morselt

ir@veon.com

Media and Public Relations

Maria Piskunenko

pr@veon.com

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