Telenor has agreed to sell remaining nine per cent of Cosmote

Telenor announced today an agreement to sell the remaining nine percent shareholding (29.7 mill. shares) in the leading Greek mobile operator, Cosmote. The transaction will provide Telenor with total sales proceeds of approximately NOK 3.1 bn and will represent a financial gain before tax of approximately NOK 2.6 bn.

Published: 26 February 2004

Telenor acquired 22 percent of Cosmote in May 1997, and the company commenced commercial operation in April 1998. Telenor invested in total NOK 500 million in Cosmote and will have received total proceeds from this investment including, dividend and sales proceeds, in the amount of NOK 6.1 bn.

Further information:

Executive Vice president, Telenor Mobile, Dag Vangsnes, tel (+47) 917 89 427

Telenor ASA:

Headquartered in Oslo, Norway, Telenor is an international provider of high quality telecommunications, data and media communication services. Telenor is one of Norway’s largest companies with revenues in 2003 of approx. NOK

53.1 billion and a work-force of 19,450 domestically and abroad

. Telenor is listed at the Oslo Stock Exchange (TEL) and Nasdaq in New York (TELN).

Telenor Mobile:

The business area Telenor Mobile constitutes Telenor’s main axis for internationalisation and further growth. Telenor Mobile is one of the world’s most advanced mobile operators with operations in 11 countries in Europe and Asia – including the following consolidated companies: Telenor Mobil AS, SONOFON, Kyivstar GSM, GrameenPhone, DiGi, Telenor Mobile Sweden and Pannon GSM. The total number of subscribers as of December 2003 was 15,5 million, based on proportionate Telenor Mobile ownership share in the companies

This press release is for information purposes and does not constitute an offer to sell or the solicitation of an offer to buy shares of Cosmote in the US or in any jurisdiction in which such an offer or solicitation is unlawful. This press release does not in any manner constitute an invitation to invest or an advertisement notification, statement or announcement soliciting investment in the shares of Cosmote. The shares referred to in this press release have not been and will not be registered under the US Securities Act of 1933 and may not be offered or sold in the US absent registration or an exemption from registration. No public offering of the shares is being made into the United States.