Altimo and TeliaSonera to appeal the ruling of the Moscow Court

In November 2009, Altimo and TeliaSonera agreed on certain conditions for a merger of their ownership interests by contributing their respective direct and indirect interests in Turkcell and Megafon into a new company, with well functioning corporate governance. AF Telecom, the second largest shareholder of Megafon was also invited to join the new company.

In April 2010 AF Telecom through its majority owned company Telecominvest, filed a claim in a Moscow Court, stating that articles of the agreement between TeliaSonera and Altimo which relate to Megafon should be declared null and void. On 22 June, the Court ruled in favour of Telecominvest. The Court decision has not come into force yet.

Altimo and TeliaSonera disagree with the court’s decision and believe that it is based on an insufficient analysis of facts and applicable rules and statutes. The two parties believe that the agreement is fully valid and enforceable and does not contradict Russian or other applicable legislation or unlawfully infringe interests of any third party (including Telecominvest).
 
Both companies disagree that a general agreement of intent can be challenged in court as contradictory to the Russian Foreign Investments Law 

Altimo and TeliaSonera’s appeal will be submitted to the respective Court of Appeal within the timeframe provided by the law.

TeliaSonera's press office for journalists can be reached at + 46-771 77 58 30

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TeliaSonera provides network access and telecommunication services in the Nordic and Baltic countries, the emerging markets of Eurasia, including Russia and Turkey, and in Spain. TeliaSonera is also the leading European wholesale provider of quality cross-border voice, IP and capacity services, with a wholly-owned international carrier network. TeliaSonera’s services help people and companies communicate in an easy, efficient and environmentally friendly way. TeliaSonera creates value by focusing on providing world-class customer experience, securing quality in networks and achieving a best-in-class cost structure. In 2009, TeliaSonera’s net sales amounted to SEK 109 billion, and at the end of December 2009 the total number of subscriptions was 148 million in 20 countries. The TeliaSonera share is listed on NASDAQ OMX Stockholm and NASDAQ OMX Helsinki. Read more at www.teliasonera.com