FORNEBU, Norway -- Telenor announced on 29 October 2008 that it expects closing of the Unitech Wireless transaction in India to take place by the end of 2008. The closing of the transaction is subject to certain conditions being fulfilled. Telenor and its partner, the Unitech Group, anticipate that not all conditions for closing will be fulfilled before year-end. The parties thus expect to close the transaction during January 2009.

Telenor furthermore announced on 26 November 2008 that it had retained Deutsche Bank to help reassess the alternative ways of funding the investment. The evaluation of alternatives, including the previously announced rights issue of NOK 12 billion, is ongoing and Telenor intends to announce a decision on the funding of the investment at, or prior to, the closing of the Unitech Wireless transaction.

Telenor Group (Nasdaq: TELN)