(Fornebu, 27 January 2009) Telenor has decided to fund its investment
in Unitech Wireless in India through a combination of cash flow and
issuance of additional debt.


As a result of this Telenor withdraws the previously proposed rights
issue of NOK 12 billion.

Telenor has  decided to  propose that  there will  be no  payment  of
dividend to  shareholders  for  2008. Furthermore,  it  is  Telenor's
intention that  no  dividend  will  be proposed  for  2009.  A  final
decision on dividend proposal for 2009 will be made after closing  of
the financial accounts for 2009.

Telenor has signed a NOK 8 billion three-year term loan, which may be
used to finance the investment in Unitech Wireless.
Closing of the Indian transaction is subject to certain conditions
being fulfilled, and as communicated on 23 January 2009 Telenor
anticipates that this will take place during the first quarter of
2009. Telenor remains confident that all conditions will be met
within the indicated timeframe.

For further information please contact:
Pål Kvalheim, Vice President Communication, Telenor ASA, Phone: +47
970 44 970


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