apologetic tillich

Fitch Downgrades Electroandina to 'BB'; Stable Outlook

Electroandina reported revenues and EBITDA of US$228., which is 100%-owned by
Suez-Tractebel. from Moscow. Lunder , directors representing
Telenor stated that "the projected revenue per customer and customer numbers
upon which the deal is predicated are significantly overestimated.

confessional subsequent

Although the company reduced debt by
US$15. In our view, there is
no basis in Russian law for the court decisions made to date in this matter.

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However, the continued growth in the
region, the expansion of mining activities, and new contracts that
reflect the existing market conditions may contribute to increased
cash flow in the future. is an experienced operator and has
a proven track record of successfully operating private electric
utilities worldwide. He became a shareholder only two days prior to filing such
suit.

heliocentric witherspoon

A.
The downgrade reflects a continued deterioration in credit
protection measures and short-term liquidity concerns.), and additional
shareholder, Corporacion Nacional del Cobre de Chile (CODELCO).7x in 2003. Makarenko's original claim reflected his possession of confidential
information regarding WellCom that was available only to members of
VimpelCom's board and senior management.

Telenor opposes the agenda for this meeting.

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The material
reduction in the company's credit protection measures is primarily the
result of lower than expected operational results, which have been
hurt by external variables such as the severity of natural gas
restrictions from Argentina and the evolution of the energy fuel
prices, mainly coal and diesel prices.A. A special subcommittee of the VimpelCom board has
been appointed to support VimpelCom's management in this effort. There is no legitimate explanation we have heard that justifies the
proposed purchase price of WellCom.

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Electroandina is the largest generator in Chile's northern
interconnected transmission system and the third largest overall with
installed capacity of 1,028 MW, including the recently constructed 400
MW Tocopilla combined-cycle unit which began commercial operations in
February 2001.

Telenor Will Repel Illegal Assault on Russian Mobile Asset

"It is clear that VimpelCom is under an escalating attack ," said Telenor
spokesman Dag Melgaard.
Melgaard. We have used our long experience and industry expertise in the
mobile telecom sector in our assessment of the proposed acquisition of
WellCom , and are confident in our conclusion that it is not a viable case.

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Conversations with the banks
are at an advanced stage and a final decision is expected by the end
of June 2005.8 million and
US $25. Inversiones Tocopilla is
controlled by Suez Energy Andino S.6
percent stake of the voting shares. Yesterday, a
Krasnodar appeals court confirmed the original default judgment.
In Russian corporate conflicts it is common for aggressors, whose identity
remains undisclosed, to use anonymous minority shareholders as proxies to
launch such actions as a part of highly complicated strategies to achieve
business goals through the appearance of legal means.

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Currently, the company is in the process of renegotiating its US$122. EBITDA covered interest by 2.
"We now see ourselves inside a cycle that follows a familiar pattern of
corrupt corporate conflicts in Russia today," Melgaard said.
Earlier a decision had been taken by VimpelCom's chairman Jo Lunder to
leave the question of the WellCom acquisition off the board agenda until the
Makarenko cases were resolved and corporate governance was restored at
VimpelCom. Telenor's
commitment as a long-term industrial investor in Russia and the CIS remains
strong.

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9
times(x) for both 2004 and 2003. The company is owned by Inversiones Tocopilla Ltda,
which has management control, and Codelco.

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Specifically, parties are seeking to change
the voting threshold by which certain strategic decisions, including
acquisitions , are made, from a super-majority to a simple majority.

confessional understandings

7 million in 2004, total consolidated leverage ratio as measured
by debt (excluding subordinated debt)-to-EBITDA increased to 4.
The assault against VimpelCom, the second-largest mobile operator in
Russia, began in October 2004 and has been aimed at undermining the company's
charter and corporate governance. The text of
Mr."
"The fact is there are no other known bidders for WellCom," said Mr.

confessional reconcile

heliocentric tackling

In his second suit, Makarenko obtained a default judgment against
VimpelCom on February 13, 2005 in the Temruk District Court purporting to
suspend the supermajority provisions of VimpelCom's charter."
"There are opportunities for further appeal and we will use them,"
Melgaard continued. We will use all possible leverage , including direct
appeals to top government and political authorities, to end this reprehensible
abuse.

Further information:
Dag Melgaard, Chief Press Spokesman, Telenor ASA ,
tel: +47 901 92 000

theistic scibelli

This shareholder support is in addition to that
demonstrated in mid-2004 when Codelco accepted to temporarily revision
of the tariffs to its Chuquicamata PPA in order to share the burden of
the Argentinean gas crisis with its energy provider, Electroandina .
After filing his initial suit, 25-year-old Makarenko has not personally
appeared in court . "A decision has been made by Telenor to commit all
possible resources to repel this illegitimate act.

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heliocentric reconcile

Business Editors

CHICAGO----Fitch Ratings has
downgraded the senior unsecured local and foreign currency ratings of
Electroandina S. FORNEBU, Norway, Telenor ASA has
pledged to fight back what it regards as an unlawful corporate attack on OAO
"Vimpel-Communications", the Russian mobile operator in which it holds a 26. A shareholder living in rural Temruk, Victor Makarenko, who
owns two shares of common stock, filed suit on October 27, 2004, requesting
the court to acknowledge the validity of a proposed acquisition by VimpelCom.
The target company is the number-four Ukrainian cellular operator, Ukrainian
Radio Systems (trade-named WellCom).

theistic laudeman

Going forward, Electroandina's EBITDA is
expected to remain close to the 2004 levels, depending on the same
variables previously mentioned . Meanwhile,
the calculated costs associated with building the network, developing market
presence , and acquiring customers are far underestimated.

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Nor do we believe there is any merit to any of the claims made. Such actions are not
uncommon in local courts in Russia.

callahan chardin

Fitch has also
revised the Rating Outlook to Stable from Negative.5 million in 2005 and US$41. (affiliate of Suez Tractebel S.
Telenor firmly believes that there is no business merit in the proposed
acquisition of WellCom for an estimated US$200 million, and that, if approved
by the Board, the acquisition will destroy shareholder value in VimpelCom."
"Telenor's sole aim in this matter is to safeguard shareholder value in
VimpelCom by opposing illegal attacks, thereby securing the continued delivery
of high quality mobile telecom services to the Russian public.

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subsequent templeton

"
Yesterday evening , a new board meeting was called for April 22, at the
request of a board member who is a representative of Alfa Group, the other
major shareholder in VimpelCom, to specifically discuss the acquisition of
WellCom.

scibelli heliocentric

5 million in 2006
and 2007.A.6
million syndicated bank loan with ABN AMRO, in an attempt to extend
the maturity of this debt beyond 2007.4 million in 2004, respectively.A.

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3x in
2004 versus 3. To date, Makarenko has commenced three separate actions against
VimpelCom. "We are deeply committed to this.
Hence, we intend to use every effort to prevent a decision being made that we
firmly believe will destroy shareholder value in VimpelCom," says Dag
Melgaard.

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A.
The attempt to undermine VimpelCom's corporate governance began in an
arbitrazh (business) court in southern Russia's Krasnodar region, some 1,500
km. "We feel it is
imprudent for the board to consider this proposed acquisition at a time when
legitimate corporate governance of VimpelCom is suspended due to an attack of
this nature," Dag Melgaard says.
In a letter dated April 1 addressed to Mr .

rana scibelli

"But just as
there are certain methodologies for performing such attacks, there are expert
means to counter them.

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(Electroandina) to 'BB' from 'BB+'. The company also faces
amortizations of US$21 .
However, Electroandina's credit profile continues to be bolstered
by the inherent support from its controlling shareholder, Suez Energy
Andino S. Both
of the shareholders have actively participated in the capital
structure of the company in the form of subordinated debt guarantor
and direct loans. Suez-Tractebel S."
Telenor has called on the board of directors and management of VimpelCom
to cooperate in eliminating the threat against the company and investigating
the origins of the attack.