STATEMENT OF SHAREHOLDER’S EQUITY
Telenor ASA

	Number of shares	Nom Amount (NOK)	Share Capital (NOK mill.)	Other paid capital (NOK mill.)
Equity at establishment considering
contribution in kind 3 October, 2000	1,400,000,000	6	8,400	5,600
Shares dividend issue 10 November, 2000	30,000,000	6	180	(180)
Treasury shares	-	6		180
Shares issue December 2000	372,151,899	6	2,233	13,013
Net income for 2000 (21.07–31.12)	-	-	-	-
Dividends	-	-	-	-
Balance as of 31 December, 2000	1,802,151,899	6	10,813	18,613
Net income for the year 2001	-	-	-	-
Dividends	-	-	-	-
Employee share issue	578,753	6	3	17
Distribution of own shares	-	6	-	(11)
Balance as of 31 December, 2001	1,802,730,652	6	10,816	18,619
Net income for the year 2002	-	-	-	-
Dividends	-	-	-	-
Employee share issue	695,520	6	4	15
Balance as of 31 December, 2002	1,803,426,172	6	10,820	18,634
Net income for the year 2003	-	-	-	-
Dividends	-	-	-	-
Employee share issue	595,109	6	4	22
Balance as of 31 December, 2003	1,804,021,281	6	10,824	18,656

	Other equity (NOK mill.)	Treasury shares (NOK mill.)	Total (NOK mill.)
Equity at establishment considering
contribution in kind 3 October, 2000	4,611	-	18,611
Shares dividend issue 10 November, 2000	-	-	-
Treasury shares	-	-180	-
Shares issue December 2000	-	-	15,246
Net income for 2000 (21.07–31.12)	3,984	-	3,984
Dividends	(532)	-	-532
Balance as of 31 December, 2000	8,063	-180	37,309
Net income for the year 2001	5,900	-	5,900
Dividends	(621)	-	-621
Employee share issue	-	-	20
Distribution of own shares	-	-11	-
Balance as of 31 December, 2001	13,342	-169	42,608
Net income for the year 2002	(2,626)	-	-2,626
Dividends	(799)	-	-799
Employee share issue	-	-	19
Balance as of 31 December, 2002	9,917	-169	39,202
Net income for the year 2003	5,115	-	5,115
Dividends	(1,776)	-	-1,776
Employee share issue	-	-	26
Balance as of 31 December, 2003	13,256	-169	42,567