Telenor 15 years in Russia

Telenor first invested into the Russian market by establishing modern and digital fixed line connections to Murmansk and the Kola Peninsula in Russia's north. In St. Petersburg, Telenor was an owner from 1994 of North-West GSM, a company that later became MegaFon. Two other acquisitions, in Stavropol and Kaliningrad, were later consolidated into VimpelCom, following Telenor's first investment in that company in 1998. In 2003, Telenor merged the earlier acquired Comincom into the integrated services provider Golden Telecom.

Today, Telenor holds 29.9% of the voting shares in VimpelCom and 18.4% of the shares in Golden Telecom.

During its 15 years in Russia, Telenor has seen its asset value rise to over $10 billion, thus becoming the largest investor into the Russian telecoms.

The Norwegian Minister of Trade and Industry Dag Terje Andersen, who is currently in Moscow to celebrate Telenor Russia's anniversary, said: "Telenor has been a long-term investor in Russia - both during periods of prosperity and periods of periods recession. Telenor has contributed with capital, knowledge, technology and value creation in the Russian telecom sector." He added: "I want to wish Telenor success in Russia in the future and congratulate it with its 15th anniversary in Russia."

Telenor's CEO and President Jon Fredrik Baksaas, also in Moscow for the anniversary, added: "This is a great day for our business in Russia. And this is part of a long-term industrial relationship. We at Telenor are strong believers in the potential of the Russian market and want to continue being part of it for as long as we can."

"The Russian telecommunications market is heading for its next step - growth through quality rather than user number. Russia may benefit from such a loyal industrial partner as Telenor," said Kjell Morten Johnsen, Senior Vice President for Telenor Central and Eastern Europe and head of Telenor Russia.

Telenor is one of the fastest growing mobile operators in the world, with mobile operations in 12 different countries in Europe and Asia, serving more than 136 million subscriptions. Telenor is headquartered in Norway and is listed on the Oslo Stock Exchange.


Contactpersons:
Dag Melgaard, Vice President Group Communications, Telenor ASA
tel: +47 901 92000, e-mail: dag.melgaard@telenor.com

Anna Ivanova-Galitsina, PR and Communications Director, Telenor Russia AS
tel: +7903 680 0033, e-mail: anna.galitsina@telenor.com