Telenor (OSL:TEL) Kyivstar Shareholders Meet In Kiev To Establish Basis For Restoring Corporate Governance

Telenor (OSL:TEL) (Kyiv, Ukraine and Fornebu, Norway - 16 December 2008) For the first time since 2005, a meeting of shareholders of Ukrainian mobile operator Kyivstar has been held. The meeting amended the company's charter and elected a new Board of Directors.

To comply with the requirements of Ukrainian law, the Board of Directors of Kyivstar now consists of five Telenor companies and four Storm companies. The shareholders meeting (EGMS) also elected an auditing commission. The next EGMS, called for 1400 local time today, may then approve accounts and dividends for the years 2004 and 2005. The company's fiscal years 2006 and 2007 require external audits by an internationally recognized audit firm to be performed before dividends for those years can be approved.

"We hope that we have seen the end of attacks on Kyivstar's corporate governance," said Jan Edvard Thygesen, Executive Vice President and Head of Telenor's Central and Eastern European operations. "If so, today's resolutions should form the basis for its restoration."

Telenor holds 56.5 per cent of the shares in Kyivstar. The remaining 43.5 per cent is held by Alfa affiliate Storm.

Contacts: Pål Kvalheim, Vice President, Telenor Group Communications, tel: (+47) 970 44 970, email: pal.kvalheim@telenor.com Anastasiya Gogoleva, Head of Communications Telenor Ukraine, tel: (+380) 67467 6666, email: anastasiya.gogoleva@telenor.com

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

Telenor

http://www.telenor.com

ISIN: NO0010063308

Stock Identifier: OSE.TEL

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