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Dividend

The Annual General Meeting (AGM) 2008 of Telenor ASA has approved the Board's proposal of a dividend of NOK 3.40 per share. The dividend will be paid on 22 May 2008, to shareholders registered as holding shares on the date of the AGM. As of 9 May 2007, the Telenor share will be traded exclusive of dividend.

Tax treatment of distribution in 2007
The distribution of dividens made in 2007 of NOK 2.50 per share is for Norwegian tax purposes classified as repayment of paid-in capital. This because the distribution originates from capital previously paid upon subscription of the shares to the share premium fund in Telenor ASA, which were transferred to retained earnings (other equity) in 2006. The repayment is not subject to income taxation for Norwegian individuals (i.e. private persons), and shall therefore not be declared as dividens in their annual tax return for 2007. Instead the tax base of the shares are reduced with the repaid amount. For Norwegian individual shareholders, any unused risk free return (shielded deduction) for 2007 can be carried forward for use in subsequent years.

No withholding tax has been levied in Norway for the repayment in 2007 to foreign shareholders. Other tax consequences for foreign shareholders in their home country, depends on the internal tax legislation in the respective home country.

Dividend policy
On the basis of Telenor's financial situation and the expected capital requirements, the Board of Directors has decided that Telenor's objective is to distribute a dividend to its shareholders which is equal to 40-60% of normalised annual profits, and that the Group will be aiming for a relative even annual growth in the ordinary dividend per share.

Telenor has also established a programme for repurchase of own shares, authorised by Telenor's General Meeting of 23 May 2006. The Norwegian State, which is Telenor's largest owner, has undertaken to participate in the programme by cancelling a proportionate share of its own shareholding for the purpose of keeping its ownership share unchanged.