About the changes in selection of certified auditor.

Joint Stock Company “VEF” (hereafter – VEF) informs that the sworn auditor Aleksejs Ļitvinovs (certificate no.190) who was elected in Annual general meeting of

shareholders held on April 25, 2016 despite of previously submitted written consent has refused to perform audit of VEF Annual report 2016.  The management

board of VEF has concluded agreement with SIA „BDO AUDIT ” (commercial company licence No.176) on audit of VEF Annual report 2016 for the remuneration

of  3800.00 EUR, excluding VAT and will propose to the shareholders to approve SIA „BDO AUDIT ” as auditor for Annual report 2016 in the Annual general meeting

of shareholders to be held on April 27, 2017.

The Management Board JSC VEF