Karachi November 21, 2008: Telenor Pakistan has today entered into an agreement to acquire 51 per cent of the shares in Tameer Microfinance Bank for a foreign direct investment (FDI) of USD 12.5 million (PKR 1 billion approximately) through a direct rights issue. The proceeds from the rights issue will be used to finance the further development of the bank. The transaction is subject to full regulatory approval.

"The acquisition of 51 per cent of the shares in Tameer Microfinance Bank is part of our strategy to offer financial services in Pakistan," said Jon Eddy Abdullah, CEO of Telenor Pakistan.

"We are pleased with the deal we have entered. Telenor is a solid partner for further growth, and we have a common view about how financial and telecommunication sectors together can improve customer offerings by combining services," said Nadeem Hussain, President and Chief Executive Officer Tameer Bank.

About Telenor Pakistan: Telenor Pakistan is a 100% subsidiary of Telenor Group and a leading mobile operator in Pakistan with more than 18 million subscribers. Telenor Pakistan has 2500 employees. The Telenor Group has close to 160 million mobile subscribers worldwide, with revenues of NOK 105 billion (approximately USD 19 billion) in 2007 (including Kyivstar). The Telenor Group has more than 35800 employees, of which 25600 operate outside Norway. Telenor is listed on Oslo Stock Exchange. Read more about Telenor Pakistan at www.telenor.com.pk