Telenor (OSL:TEL) Two Shareholders' Meetings Held To Establish Basis For Restoring Kyivstar Corporate Governance

Telenor (OSL:TEL) (Kiev, Ukraine and Fornebu, Norway - 16 December 2008) After two successful Extraordinary General Meetings of Shareholders (EGMS) of Kyivstar on Tuesday, Kyivstar's charter has been amended and a new board elected. Accounts and budgets have been properly approved, as well as dividends for the fiscal years 2004 and 2005.

For the first time since 2005, successful shareholders meetings in Kyivstar have been held. As a result, a new Board of Directors has been elected and necessary charter amendments to Kyivstar's charter have been approved.

The company's accounts for fiscal years 2004 and 2005 were successfully approved, and based on these accounts, dividends of UAH 3.46 billion (NOK 2.9 billion) in total were approved by the EGMS. 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 are happy that the accounts are properly approved and that we can start distributing dividends", said Jan Edvard Thygesen, Executive Vice President and Head of Telenor's Central and Eastern European operations.

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

US: Nasdaq:TELN