Notice of cancellation of guarantees

06 Jul 2017

Notice of cancellation of guarantees Amsterdam, 6 July 2017 - VimpelCom Holdings B.V. (the Issuer ), a wholly owned subsidiary of VEON Ltd., today announces the termination of each of the Guarantees in respect of the following notes, each issued by the Issuer:

Notes represented by the Unrestricted Global Note Certificate Notes represented by the Restricted Global Note Certificate

RUB 12,000,000,000 9.00% notes due 2018

(the RUB Notes ) ISIN: XS0889402029

Common Code: 088940202 ISIN: XS0889402458

Common Code: 088940245

USD 600,000,000 5.20% notes due 2019

(the 2019 Notes ) ISIN: XS0889401054

Common Code: 088940105 ISIN: US92718WAD11

Common Code: 088995449

CUSIP: 92718W AD1

USD 1,000,000,000 5.95% notes due 2023

(the 2023 Notes ) ISIN: XS0889401724

Common Code: 088940172 ISIN: US92718WAE93

Common Code: 088995945

CUSIP: 92718W AE9

The RUB Notes, the 2019 Notes and the 2023 Notes are referred to herein as the Notes .

Unless otherwise defined herein, capitalised terms used in this notice shall have the meanings ascribed to them in each of the trust deeds entered into in respect of the Notes, between the Issuer, Public Joint Stock Company Vimpel Communications (formerly Open Joint Stock Company Vimpel Communications ) and BNY Mellon Corporate Trustee Services Limited (the Trustee ), each dated 13 February 2013 (together the Trust Deeds and each a Trust Deed ).

The Issuer has exercised its option to terminate the Guarantees pursuant to clause 6(N) and 6(P) of each of the relevant Trust Deeds.

Please refer to the prospectus in respect of the Notes (dated 11 February 2013), specifically the section entitled Terms and Conditions of the Notes, which provides further information on the option of the Issuer to terminate the Guarantees.

In accordance with the provisions of the Trust Deed, the Guarantees automatically terminated on 30 June 2017, being the fifth Business Day after notice of such termination was delivered by the Trustee to the holders of each of the Notes (except that the Guarantees will continue to apply to the Issuer's obligation to redeem Notes on exercise of the Put Option until the Put Option has expired or been satisfied).

Contact information

Investor Relations

VEON Ltd.

Bart Morselt

ir@veon.com

Media and Public Relations

VEON Ltd.

Maria Piskunenko

pr@veon.com

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LINK:	http://www.vimpelcom.com/Media-center/Press-releases/2017/Notice-of-ca...
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