Stay of enforcement denied - Telenor will continue to oppose any attempt to sell its shares in VimpelCom

(Fornebu, Norway; Moscow, Russia - April 28, 2009) On April 28, 2009, the Federal Arbitrazh Court of the West Siberian District in Tyumen upheld its denial to stay enforcement of the $1.73 billion damages awarded against Telenor East Invest AS. The court heard a complaint by Telenor East Invest AS against a previous denial of its request by the same court. The damages award was decided by the Eighth Arbitrazh Appellate Court in Omsk at the suit of Farimex Products, Inc., a holder of ADRs for 0.002% of VimpelCom shares.

 
On April 30, 2009, the Moscow City Arbitrazh Court will continue to hear Telenor East Invest's request to stay the enforcement proceedings commenced by Moscow's bailiff service under the writ of execution issued by the Omsk court to recover $1.73 billion from Telenor East Invest AS.
 
On May 26, 2009, the Federal Arbitrazh Court of the West Siberian District will hear Telenor's appeal against the decision of the Eighth Arbitrazh Appellate Court.
 
Contact information:
Dag Melgaard, Communication Manager, Telenor ASA
Tel: +47 901 92 000
E-mail: dag.melgaard@telenor.com
 
Evgenia Cheredkova, Marketing Communications Manager, Telenor Russia
Tel.: +7 (495) 937 9588
Email: evgenia.cheredkova@telenor.com