TeliaSonera signs Memorandum of Understanding to increase its ownership in Kcell in connection with a planned IPO

TeliaSonera signs Memorandum of Understanding to increase its ownership
in Kcell in connection with a planned IPO

TeliaSonera and Kazakhtelecom have signed a binding Memorandum of
Understanding (MoU) regarding Kazakhtelecom's intention to conduct an
IPO of GSM Kazakhstan LLP, operating under the brand Kcell, in
accordance with the efforts of the Government of Kazakhstan to expand
and further develop the Kazakhstani stock market. The contemplated final
outcome of the transactions according to the MoU, is that Kazakhtelecom
will sell its shares in an Initial Public Offering (IPO), apart from 24%
plus one share that will be acquired by TeliaSonera (or by TeliaSonera's
subsidiary Fintur Holdings). The transactions will be completed at
market value. Any sale to TeliaSonera and IPO of shares are subject to a
number of conditions being fulfilled by both parties.

Presently, GSM Kazakhstan LLP is owned by Fintur Holdings (51%) and
Kazakhtelecom (49%). Fintur Holdings B.V. is owned by TeliaSonera
(58.55%) and Turkcell (41.55%).

“We are very pleased with the signing of this MoU, as it is a clear step
forward in TeliaSonera's strategy of increasing ownership in core
holdings. Kcell operates in the largest Eurasian market, has taken a
clear market leader position, and shown remarkable growth over the
years. A sale by Kazakhtelecom of an additional stake in Kcell to us
would increase our ownership in a company where we already have
management and operational responsibility. We are looking forward to
reaching another milestone in our Eurasia growth strategy,” said Tero
Kivisaari, President, TeliaSonera Eurasia.

TeliaSonera AB discloses the information provided herein pursuant to the
Swedish Securities Markets Act and/or the Swedish Financial Instrument
Trading Act. The information was submitted for publication at 08.30 a.m.
CET on 21 September 2011.

For more information, please call the TeliaSonera press office + 46-771
77 58 30, press@teliasonera.com (press@teliasonera.com)

Forward-Looking Statements
Statements made in the press release relating to future status or
circumstances, including future performance and other trend projections
are forward-looking statements. By their nature, forward-looking
statements involve risk and uncertainty because they relate to events
and depend on circumstances that will occur in the future. There can be
no assurance that actual results will not differ materially from those
expressed or implied by these forward-looking statements due to many
factors, many of which are outside the control of TeliaSonera.