3Q22 Results and Portfolio Strategy
AMENDMENTS OBJECTIVES
Amendments aim to provide additional time for the situation in Russia to
become clearer following recent developments and to maximize value for all
stakeholders whilst ensuring fair and equal treatment
VEON
Creating short-term maturity runway, allowing more time for the VimpelCom Disposal to complete
Avoiding risk of double principal repayment to NSD Noteholders of the 2023 Notes (estimated to
represent c.60%¹ of the 2023 Notes), i.e. by both VEON Holdings B.V. and PJSC Vimpel Com
Avoiding inefficient use of cash by having NSD-held portion of principal repayments trapped in
international clearing systems
Providing short-term stability and further optionality to implement asset monetisation strategy
thereby underpinning VEON's objectives to reduce leverage and maximize stakeholder returns
1.
Estimate based on custodian data from Kroll
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