Telenor ASA — M&A Activity 2010

Dec 20, 2010

Telenor does not support proposed VimpelCom acquisition of Weather Investments

As formally communicated to VimpelCom Ltd.'s

Chairman yesterday, based on the information

available to it and recent developments, Telenor ASA

has determined that the proposed acquisition by

VimpelCom Ltd. of Weather Investments S.p.A. is not

in the best interests of VimpelCom shareholders and

therefore does not intend to support the transaction.

"We strongly support VimpelCom's expansion in

accordance with the principles agreed at the time

the company was created. However, in our capacity as

a shareholder of VimpelCom Ltd., we do not believe

this transaction makes strategic or financial sense

for VimpelCom's shareholders," said Telenor

spokesman Dag Melgaard.

Telenor holds a 36% voting and 39.6% economic

interest in VimpelCom Ltd.