Telenor (OSL:TEL) Unitech Wireless Transaction Update

Telenor (OSL:TEL) (Fornebu, 23 December 2008) Closing of the Unitech Wireless transaction in India is expected to occur during January 2009

Telenor announced on 29 October 2008 that it expects closing of the Unitech Wireless transaction in India to take place by the end of 2008. The closing of the transaction is subject to certain conditions being fulfilled. Telenor and its partner, the Unitech Group, anticipate that not all conditions for closing will be fulfilled before year-end. The parties thus expect to close the transaction during January 2009.

Telenor furthermore announced on 26 November 2008 that it had retained Deutsche Bank to help reassess the alternative ways of funding the investment. The evaluation of alternatives, including the previously announced rights issue of NOK 12 billion, is ongoing and Telenor intends to announce a decision on the funding of the investment at, or prior to, the closing of the Unitech Wireless transaction.

Contact:

Pål Kvalheim, Vice President Group Communication, Telenor ASA, Phone: +47 970 44 970 E-mail: pal.kvalheim@telenor.com Esben Tuman, Information manager, Telenor ASA, Phone: + 47 90 50 84 00 E-mail: Esben.tuman@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