Moscow City Arbitrazh Court Denies Stay of Enforcement - Telenor Will Appeal ruling

(Fornebu, Norway and Moscow, Russia - June 3, 2009) On June 3, 2009, the Moscow City Arbitrazh Court denied the request by Telenor East Invest AS to stay 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 following the action brought by Farimex Products, Inc., holder of ADRs equal to 0.002% of VimpelCom shares. The hearings started 14 April and continued 30 April, 6 and 8 May until today's decision.

Telenor will soon appeal the Moscow court's ruling to the Ninth Arbitrazh Appellate Court in Moscow.
 
On June 10, 2009, the Federal Arbitrazh Court of the West Siberian District in Tyumen will hear the complaint of Telenor East Invest AS on the Omsk ruling.
 
Earlier, on May 26, 2009 the proceeding of the Telenor East Invest AS case in Tyumen was adjourned because of the inappropriate notification of the third party (the representative of A. Reznikovich and M. Fridman) by the court.
 
Contact information:
Dag Melgaard, Communication Manager, Telenor Group
Tel: +47 901 92 000
E-mail: dag.melgaard@telenor.com
 
Anna Ivanova-Galitsina, PR and Communications Director, Telenor Russia
Tel: +7 495 937 9588
E-mail: anna.galitsina@telenor.com