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Telenor Facilitates Landmark Telecom Transaction in Russia

As Golden Telecom is a US-listed and Delaware-registered company, the USD 4.3 billion transaction ranks as the second-biggest international acquisition ever made by a Russian company and the largest outside the energy and natural resources sector.

(Fornebu, Norway and Moscow, Russia - 5 February 2008) Telenor ASA confirms that it has tendered all its shares in Golden Telecom, Inc. (Nasdaq:GLDN), pursuant to Lillian Acquisition, Inc.'s tender offer for 100 percent of Golden Telecom. Lillian Acquisition is a wholly owned subsidiary of VimpelCom, a leading Russian mobile operator.
 
"We have today tendered all our shares in Golden Telecom," said Jan Edvard Thygesen, Executive Vice President and head of Telenor's CEE operations. "We are proud to be a part of this major transaction in the New Economy in Russia," Thygesen said.
 
As Golden Telecom is a US-listed and Delaware-registered company, the USD 4.3 billion transaction ranks as the second-biggest international acquisition ever made by a Russian company and the largest outside the energy and natural resources sector.
 
Telenor owns 18.3 percent of Golden Telecom's shares of common stock. Lillian Acquisition has made an all cash offer of USD 105 per share. If the tender offer is completed and all conditions to it have been met or waived, Telenor should receive a total of USD 773,847,060 for its Golden Telecom shares. If the acquisition of 100 percent of Golden Telecom is successful, Telenor will indirectly own 33.6 percent of Golden Telecom through Telenor's ownership of 33.6 percent of VimpelCom's common stock (29.9 percent of VimpelCom's voting stock).
 
Further details of Telenor's tender of its shares in Golden Telecom are available in an amendment to Telenor's filing on Schedule 13D, which Telenor has today filed with the US Securities and Exchange Commission.

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