Buybacks

	Number of shares	NOK million	Total number of shares
Initial Public Offering 4 Dec 2000			1 802 151 899
Share buyback 2003-2004
Repurchased in the open market for cancellation	12 810 000	620
Redemption of shares from Norwegian state	14 531 792	695
Cancellation of addional treasury shares	28 103 172
Shares for cancellation following AGM in May 2004	55 444 964	1 316	1 749 272 646
Share buyback 2004-2005
Repurchased in the open market for cancellation	20 191 700	1 014
Redemption of shares from Norwegian state	23 672 725	1 185
Shares for cancellation following AGM in May 2005	43 864 425	2 199	1 706 570 293
Share buyback 2005-2006
Repurchased in the open market for cancellation	12 105 182	653
Redemption of shares from Norwegian state	14 190 541	766
Shares for cancellation following AGM in May 2006	26 295 723	1 419	1 680 274 570
Share buyback 2007-2008
Repurchased in the open market for cancellation	10 305 222	1 149
Redemption of shares from Norwegian state	12 080 502	1 347
Shares for cancellation following AGM in May 2008	22 385 724	2 495	1 657 888 846
Share buyback 2010-2011
Repurchased in the open market for cancellation	22 877 098	2 156
Redemption of shares from Norwegian state	26 818 135	2 528
Shares for cancellation following AGM in May 2011	49 695 233	4 684	1 608 193 613
Share buyback 2011-2012
Repurchased in the open market for cancellation	22 209 858	2 020
Redemption of shares from Norwegian state	26 035 950	2 369
Shares for cancellation following AGM in May 2012	48 245 808	4 389	1 559 947 806
Share buyback 2012-2013
A 3% buyback programme (approx 47 million shares incl shares from the Norwegian state) was announced in July 2012
For updated status we refer to latest stock exchange notification at www.newsweb.no.

About buybacks in Telenor

Prior to any share buybacks the Management and the Board of Telenor reviews the Group’s cash flow and capital allocation priorities, such as dividends, total shareholder remuneration, leverage and credit profile.

Historically, Telenor Group’s Annual General Meetings (AGM) have been held in May every year, where the Board of Telenor, if deemed appropriate, has asked shareholders for authorisation to acquire own shares for cancellation. Shares have then been repurchased throughout the year until May the year after, whereby the repurchased shares are cancelled, subject to approval by shareholders

Furthermore, the Norwegian state as Telenor’s the largest shareholder, has historically participated in the share buybacks on a proportionate basis by way of redeeming such a number of shares so that the Norwegian state’s ownership in Telenor has been unaffected.

The shares that are repurchased by Telenor in the open market have immediate cash effect whereas the redeemed pro rata shares from the Norwegian state have been paid by Telenor simultaneously with the capital reduction, estimated to occur in July-August following the May AGM.

For more information about the latest share buyback programme for 2012-2013 we refer to Telenor’s notification made on 24 July 2012
Telenor initiating 2012 share buy-back programme