Telenor ASA — Board/Management Information 2015

Nov 11, 2015

Two Telenor managers temporarily relieved of their responsibilities

Two Telenor managers temporarily relieved of their responsibilities

(Fornebu, 11 November 2015): As a result of Telenor Group's

previously announced external review by Deloitte of the Group's

handling and oversight of its minority ownership in VimpelCom

Ltd., Telenor has today temporarily relieved the former Telenor

nominees to the VimpelCom Executive Committee, Mr. Fridtjof

Rusten and Mr. Ole Bjørn Sjulstad of their responsibilities.

VimpelCom, in which Telenor Group is a minority shareholder, is

under investigation by Dutch and American authorities in

relation to its operations in Uzbekistan. Telenor is a witness

in the ongoing investigation and has shared all information

requested by the investigating authorities.

"We have no reason to believe that these two managers have been

involved in the alleged corruption in VimpelCom. They are

trusted managers with a solid track record in Telenor. Questions

have however been raised about how Telenor handled concerns

related to VimpelCom's investment in Uzbekistan. In order to

address this, the Board has, among a series of measures,

assigned Deloitte to perform an independent review of the

handling of Telenor's minority ownership in VimpelCom. To avoid

questions being raised about the review we have come to a mutual

understanding that Fridtjof and Ole Bjørn be temporarily

relieved of their responsibilities until the review have

established the facts," says Sigve Brekke, President and CEO of

Telenor Group.

Mr. Rusten and Mr. Sjulstad express that they have contributed

to handling concerns related to VimpelCom's investment in

Uzbekistan in a correct manner.

The two will maintain their salary and other benefits during the

period of leave of absence.

The investigation of VimpelCom is ongoing and Telenor therefore

cannot comment on details related to the case.