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Veon Ltd.

December 20, 2010

VimpelCom Supervisory Board approves non-shareholder related aspects of combination with weather investments; Telenor states opposition as a shareholder

Amsterdam and New York (December 20, 2010) – VimpelCom Ltd. (“VimpelCom” or the “Company”) (NYSE: VIP), announced today that its Supervisory Board (the “Board”) approved the proposed combination of VimpelCom and Weather Investments (the “Transaction”) but did not take a decision on certain shareholder-related issues.  Six of nine directors, including all three independent directors and the three Altimo-nominated directors, voted in favor of the Transaction, with the Telenor-nominated directors voting against the Transaction.  The Supervisory Board did not approve an amended Shareholder Agreement or vote on other shareholder-related agreements due to Telenor’s publicly stated position that, in its capacity as a shareholder of VimpelCom, it does not support the Transaction.

In light of Telenor's opposition as a shareholder, at this time no agreement has been reached with respect to the shareholder related agreements that were contemplated to be entered into in connection with the Transaction (the “Shareholder Related Agreements”). As a consequence, the Board has authorized the Company’s CEO to review and take into account the rights and obligations of the parties under the current VimpelCom Shareholders Agreement and bye-laws, and to negotiate further with Weather the terms and conditions under which Weather would be willing to enter into a revised transaction, taking into account that the Shareholder Related Agreements are unlikely to be signed and delivered. The Board has instructed the CEO to bring such revised terms, if any, back to the Board for consideration and approval.

 

 

 

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