Telenor Satellite Services Signs Service Agreement with KT Corporation

OSLO, Norway and ROCKVILLE, Maryland - Telenor Satellite Services today announced that it has entered a five-year agreement with KT Corporation (KT) to host its Inmarsat-based satellite communications traffic.

The agreement includes KT's land and maritime communications via Inmarsat throughout the Atlantic Ocean region and will be hosted through Telenor's Southbury, Connecticut, teleport. The area covered in this agreement encompasses Africa, Europe, and North and South America.

"KT is a premiere communications provider and Telenor Satellite Services is extremely pleased to be partnering with them," said Tore Hilde, chief executive officer of Telenor Satellite Services. "Telenor Satellite Services and KT first began working together in early 2004 when Telenor began hosting some of its maritime satellite communications. Based on this agreement, we are now expanding the existing agreement to include a full range of offerings over the Inmarsat system, giving KT a high-quality and extremely reliable global communications presence for these service offerings."

Telenor Satellite Services is a subsidiary of Telenor ASA of Norway, listed on the Oslo Stock Exchange (TEL) and NASDAQ (TELN).

About Telenor Headquartered in Oslo, Norway, Telenor is an international provider of high quality telecommunications, data and media communication services. Telenor is one of Norway's largest companies with 2004 revenues of approx NOK 61.3 billion (approximately US$ 9.1 billion) and a workforce of 20,900 located in Norway and abroad. Telenor is listed on the Oslo Stock Exchange (TEL) and NASDAQ in New York (TELN).

Telenor Satellite Services is the world's preferred provider of global communications via satellite for customers on land, at sea, and in flight. Telenor's expanded product portfolio offers broadband satellite solutions, on demand services, and an innovative menu of value-added services capable of meeting communications requirements of users around the globe. Telenor also offers The Source®, a Web-based account management system available exclusively to Telenor Service Providers. Telenor Satellite Services owns and operates a global network of teleports located at Eik (Norway) and Southbury (Connecticut) and Santa Paula (California) in the United States, and operates VSAT hubs at facilities in Nittedal (Norway) and Prague (Czech Rep). The company uses the satellite systems of Inmarsat, Intelsat, Iridium, New Skies, Satmex, Spacecom, Thuraya and Telenor's own satellites for its services. Telenor Satellite Services Web site is: www.telenor.com/satellite.

For more information or photos contact:

Tom Surface Director, Media & Public Relations Phone: +1 301 838 7805 Email: thomas.surface@telenor-usa.com