Svein Aaser resigns as Chairman of Telenor ASA

(Oslo - 30 October 2015) Svein Aaser has today announced that he will resign from the position as Chairman of the Board effective immediately. Svein Aaser has served as Chairman of Telenor ASA since May 16, 2012.

"Telenor's Board of Directors recently initiated a strategic review of the company's ownership in VimpelCom Ltd. As a result of this review, Telenor's Board together with the new CEO decided to divest the company's minority stake in VimpelCom Ltd. As part of the review, I also assessed my own position. The VimpelCom case has been ongoing for several years, and it has been demanding and complex to manage,'' said Svein Aaser.

"As Chairman, my priorities have been to appoint the new CEO and prepare for Telenor's decision to divest its shares in VimpelCom to focus on creating value in core operations. Telenor's transition from a telecommunications operator towards a global internet service provider has been my most important task. I believe we have succeeded creating a foundation for this transition," said Aaser.

"VimpelCom has been under investigation for several years, and this has been challenging for Telenor. I would like to emphasize that it is VimpelCom that is under investigation and that Telenor has fully cooperated with investigating authorities as a witness. The company continues to await the outcome of the investigation," said Aaser.

"The Ministry and I have had different views on the handling of the VimpelCom issue. I have informed the Minister of Trade and Industry, Monica Mæland, about my decision. Beyond today's statement, I have no further comments," said Aaser.

Svein Aaser