"This exciting development strengthens VimpelCom’s position as a global player in the telecommunications industry. It provides us with renewed clarity on a strategy of growth and expansion," said Company Chief Executive Officer Boris Nemsic. "We are delighted that our two major shareholders have agreed on a framework to create a powerful new vehicle for growth with VimpelCom and Kyivstar joined together under the newly listed VimpelCom Ltd. as one group. We believe this transaction will have positive strategic, synergistic and operational value for both companies, their shareholders and their customers."

The Company’s Board of Directors has expressed its support for this proposal, based on the review by a special working group comprised of its three independent directors unaffiliated with either of Altimo or Telenor. This statement of support from the Board of Directors is based on current facts and circumstances, the proposed structure and terms of the transaction as disclosed by Altimo and Telenor and the diligence the Company and its advisers have conducted to date.