Telenor refutes Alfa's false and misleading statements

First, Alfa Telecom stated that Telenor had proposed to Alfa that Telenor and Alfa together purchase a Ukrainian mobile operator known as WellCom. This statement is not true. As Telenor has repeatedly stated, it has no confidence in the merits of the business case for WellCom, regardless of the identity of the acquirer.

Second, Alfa Telecom said that Telenor has a conflict of interest in respect to the potential acquisition by VimpelCom of WellCom. This is not true. If this acquisition would create value for VimpelCom, Telenor, as VimpelCom's largest shareholder, would obviously support it.

Third, Alfa Telecom stated that Telenor, Alfa and VimpelCom have had negotiations concerning a potential merger between VimpelCom and Kyivstar. This statement is not true. No such negotiations took place.

Fourth, Alfa Telecom stated on the call that it has no intention of taking control of VimpelCom. This statement contradicts an amendment to Alfa Telecom's filing on Schedule 13D filed with the SEC on May 26, 2005 in which Alfa Telecom stated that "Eco Telecom would like to obtain control of VimpelCom ...."

Telenor refers investors to Telenor's June 6, 2005 letter to shareholders of VimpelCom, which outlines in detail what Telenor believes to be Alfa's strategy concerning VimpelCom, and proposes a course of action for VimpelCom's upcoming AGM that Telenor believes will protect the interests of all of VimpelCom's shareholders. This letter is accessible on Telenor's website ( https://www.telenor.com ).

Further information:

Chief Press Spokesman, Telenor ASA, Dag Melgaard, Tel (+47) 901 92 000