Telenor to introduce share option programme

One third of the options may be exercised each of the coming three years after the assignment date. The latest possible exercise date is seven years after the assignment date. The exercise quotation price corresponds to the average closing price at Oslo Stock Exchange, five trading days prior to the time of assignment, with the addition of an interest per commenced month answering to 1/12 of 12 months NIBOR (Norwegian interbank interest rate). The options may only be exercised four times a year, during a ten-day period after the disclosure of the company's quarterly results.

At the exercise of options Telenor maintains the right to redeem options by paying an amount in cash corresponding to the difference between exercise quotation price and closing price on the day the notification reached the company.