Disclaimer

While Telenor's formal annual report for 2003 is the print version, this electronic version of the annual report contains all the information found in the printed edition including information on Telenor's services and other aspects of the company.

An issue of the printed document is also available electronically in pdf-format.

This report contains statements regarding the future prospects of Telenor, involving growth initiatives, profit figures, strategies and objectives. The risks and uncertainties inherent in all statements regarding the future can lead to actual profits and development deviating substantially from what has been expressed or implied. The risk factors associated with Telenor’s business activities are also described in form 20-F, which has been submitted to the Securities and Exchange Commission: (Available on: www.telenor.com/ir/annual_reports)

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