"We are pleased with today's progress," said Telenor Executive Vice President and Head of Telenor's Central/Eastern European Operations Jan Edvard Thygesen. "Both Telenor and VimpelCom agreed to continue the talks, which are being held in a constructive and positive atmosphere."

Telenor will also hold further talks with Altimo on the roadmap for the transaction and the separation mechanism in the near future. “Importantly, Altimo has agreed to three essential conditions for further discussions: that the market-based separation mechanism is a required condition for the transaction, that negotiations will be conducted in good faith, and that all agreements between Altimo and Telenor should be enforceable and fair to all VimpelCom shareholders,” said Thygesen. “Telenor believes that this transaction would enable VimpelCom to operate in Ukraine as the market leader, and we are encouraged that Altimo has agreed to these conditions for our talks going forward.”