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Telenor: Telenor commences sale of a portion of its stake in VimpelCom Ltd.

(Fornebu, 12 September 2016) -- Telenor ASA today announced that it has
commenced a public offering in the United States of 142,500,000 of its
VimpelCom Ltd. American Depository Shares (ADSs).

Telenor currently owns approximately 580 million ADSs, or 33 per cent of
VimpelCom's total outstanding common shares. The transaction announced today
represents 24.5 per cent of the ADSs that Telenor owns (8.1 per cent of
VimpelCom's total outstanding common shares).

Telenor intends to grant the underwriters an option to purchase up to
21,375,000 additional ADSs at the public offering price, less underwriting
discounts and commissions. The price at which Telenor will sell the ADSs has
not yet been determined.

Before pricing of the ADS offering, Telenor may also launch a 3-year bond
exchangeable into VimpelCom ADSs in an aggregate principal amount of up to
USD 1,000,000,000, with an exchange premium which could be up to 35 per cent.
The exchangeable bond will be launched outside the United States to non-US
persons, pursuant to Regulation S under the U.S. Securities Act.

This transaction follows Telenor's announcement on 5 October 2015 of its
intention to divest its stake in VimpelCom, which is listed on NASDAQ in the
United States under the ticker "VIP".

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.

Morgan Stanley and J.P. Morgan will act as joint global coordinators and joint
lead bookrunners, and Citigroup and Credit Suisse will act as joint
bookrunners for the offering.

The offering is being made pursuant to VimpelCom'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 ADSs will be
offered only by means of a prospectus and accompanying prospectus supplement
forming a part of the effective Registration Statement. Prospective investors
should read the prospectus included in the Registration Statement, the
preliminary prospectus supplement and other documents that VimpelCom has
filed with the SEC for more information. The Registration Statement, the
preliminary prospectus supplement and the documents incorporated by reference
therein are available at the SEC's website

Alternatively, a copy of the prospectus and related preliminary prospectus
supplement may be obtained, when available, from Morgan Stanley&Co. LLC, 180
Varick Street, 2nd Floor, New York, NY 10014, Attention: Prospectus
Department; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions,
1155 Long Island Avenue, Edgewood, NY 11717, toll-free: (866) 803-9204,
email:; Citigroup Global Markets Inc., c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717,
toll-free: (800) 831-9146; or Credit Suisse Securities (USA), LLC, Attn:
Prospectus Department, One Madison Avenue, New York, NY 10010, Phone: (800)
221-1037, Email:

This press release shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of these securities in any
state or other jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of any such state or other jurisdiction.

For readers in the European Economic Area:

In any EEA Member State that has implemented the Prospectus Directive, this
communication is only addressed to and directed at qualified investors in
that Member State within the meaning of the Prospectus Directive. The term
"Prospectus Directive" means Directive 2003/71/EC (and amendments thereto,
including Directive 2010/73/EU, to the extent implemented in each relevant
Member State), together with any relevant implementing measure in the
relevant Member State.

For readers in the United Kingdom

: This communication is being directed only at (i) persons who are outside the
United Kingdom or (ii) investment professionals falling within Article 19(5)
("Investment professionals") of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 (the "Order") or (iii) certain high value
persons and entities who fall within Article 49(2)(a) to (d) ("High net worth
companies, unincorporated associations etc") of the Order; or (iv) any other
person to whom it may lawfully be communicated (all such persons in (i) to
(iv) together being referred to as "relevant persons"). The ADSs are only
available to, and any invitation, offer or agreement to subscribe, purchase
or otherwise acquire such ADSs will be engaged in only with, relevant
persons. Any person who is not a relevant person should not act or rely on
this document or any of its contents.

Investor Relations

Marianne Moe
Mobile: (+47) 9161 7631

Helge Øien
Mobile: (+47) 9131 9242

Media Contact

Glenn Mandelid
Mobile: (+47) 9266 1300


This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Telenor via Globenewswire

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