Telenor initiates compulsory acquisition of remaining 10 per cent of shares in Utfors AB

(Oslo/Stockholm, 16 December 2003) Telenor has acquired another 150 shares in the Swedish company Utfors AB at a rate of SEK 0,99 per share. Telenor hereafter holds more than 90 per cent of the shares and votes in Utfors. In accordance with Swedish law, Telenor has therefore decided to initiate a compulsory acquisition procedure for the remaining 87,012,723 shares in Utfors, equivalent to just under 10 per cent of total amount of shares, at a rate of SEK 0,99.

As an offer to those shareholders who do not wish to wait for the compulsory acquisition procedure to end, and who wish to sell without commission, Telenor has decided to give a cash offer of SEK 0,99 per Utfors share.  The offer is without any conditions. The tender period runs from 7th to 27th January 2004. Some time after closing of the transaction, Utfors shares will be removed from "Nya Marknaden".
 
Contacts
Telenor ASA: Chief Press Spokesman, Dag Melgaard, tel.: (+47) 901 92 000
Telenor AB:  Communications Officer, Markus Boberg, tel.: (+46) 734 41 81 00