New CEO in Pannon GSM

Ove Fredheim (42) is Norwegian and has 12 years experience from Telenor including several years in Telenor's affiliated companies abroad. Mr. Fredheim will take on the role as CEO of Pannon GSM from his current position as the company's COO. Ove Fredheim was Vice President and Marketing Director in Ukrainian mobile operator, Kyivstar, from 1999 to 2001. He has been Senior Vice President in Telenor Mobile Holding until he returned to Kyivstar in 2003 as Vice President and Marketing Director. Ove Fredheim has 19 years of experience within sales and marketing as well as product development and strategic management.

"I will continue the work that Klaus Rasmussen has initiated in a bid to offer high quality mobile services to the Hungarian consumer and business customers. Pannon GSM is operating in a highly competitive market, and I am looking forward to meeting the challenges the company faces," said Pannons new CEO, Ove Fredheim.

Klaus Holgaard Rasmussen (49) has held the CEO position in Pannon GSM since September 2002. Rasmussen commented that he has enjoyed the challenges of the CEO position in one of Hungary's leading companies. However, he has decided to accept the offer of the CEO position in the international fashion company IC Companys A/S based in Denmark. IC Companys A/S carries brands such as InWear, Jackpot, Matinique, Cottonfield, Tiger, Peak Performance among others, with an annual revenue of DKK 2.7 billion and 2000 employees (2003). He steps into his new position on May 1, and is looking forward to moving back to Denmark with his family after several years of working abroad.

"We regret that Klaus Rasmussen is leaving us, but we would like to take the opportunity to thank him for his efforts and contribution towards the success of Pannon GSM in a very challenging and competitive period for the company, says CEO of Telenor Mobile, Arve Johansen.

Pannon GSM:

Pannon GSM is Hungary's number two mobile operator, and a 100 per cent Telenor owned company. At the end of 2003 Pannon GSM had 2.618 million customers and a market share of approximately 36 per cent. The company's revenue in 2003 was NOK 5.370 billion. The number of employees is approximately 1500. Mobile penetration in Hungary is 78.5 per cent(December 2003).

Telenor ASA:

Headquartered in Oslo, Norway, Telenor is an international provider of high quality telecommunications, data and media communication services. Telenor is one of Norway's largest companies with revenues in 2003 of approx. NOK 53.1 billion and a work-force of 19,450 domestically and abroad. Telenor is listed at the Oslo Stock Exchange (TEL) and Nasdaq in New York (TELN).

Telenor Mobile:

The business area Telenor Mobile constitutes Telenor's main axis for internationalisation and further growth. Telenor Mobile is one of the world's most advanced mobile operators with operations in 11 countries in Europe and Asia - including the following consolidated companies: Telenor Mobil AS, SONOFON, Kyivstar GSM, GrameenPhone, DiGi, Telenor Mobile Sweden and Pannon GSM. The total number of subscribers as of December 2003 was 15,5 million, based on proportionate Telenor Mobile ownership share in the companies