Today's transaction represents 4 per cent of VEON's total outstanding common shares. The price at which Telenor will sell the common shares and ADSs has not yet been determined. This transaction follows Telenor's earlier sell-down of approximately 164 million VEON ADSs in September 2016. Telenor will not comment beyond today's announcement at this point in time. The pricing of the offering will be announced following the completion of the bookbuilding process. Citigroup and Morgan Stanley will act as joint global coordinators and joint bookrunners for the offering. The offering is being made pursuant to VEON's shelf registration statement on Form F-3 initially filed with the Securities and Exchange Commission (SEC) on 23 May 2014, as amended and most recently declared effective on 20 April 2016 (the "Registration Statement"). The common shares and ADSs will be offered only by means of a prospectus and accompanying prospectus supplement forming a part of the effective Registration Statement.