Notification to the Oslo Stock Exchange re purchase of own shares

After this transaction Telenor ASA owns a total of 51,523,072 shares, of which 40,913,172 shares were decided cancelled at the Annual General Meeting May 6, 2004. These shares will be cancelled during July 2004 at the expiry of the notice to creditors.

 

Telenor`s largest shareholder, the Kingdom of Norway, has committed to participate in the buyback by cancelling a proportionate part of its shares, leaving their ownership unchanged. The compensation for the Kingdom of Norway`s shares to be cancelled will be determined by the average price paid in the market under the buyback, plus an interest based on NIBOR +1.0 percent p.a., calculated from the dates of purchases under the buyback until payment to the Kingdom of Norway at the time of cancellation.

 

Any further buyback transactions under this authorisation will be disclosed at Oslo Stock Exchange and on www.telenor.com.