consolidated statement of SHAREHOLDER’S EQUITY
Telenor Group

	Number of shares	Nom amount (NOK)	Share capital (NOK mill.)	Other paid capital (NOK mill.)
Balance as of 31 December 2000	1,802,151,899	6	10,813	18,613
Net income for the year 2001	-	-	-	-
Dividends	-	-	-	-
Translation adjustments	-	-	-	-
Employee share issue	578,753	6	3	17
Distribution of shares to the employees	-	6	-	(11)
Balance as of 31 December 2001	1,802,730,652	6	10,816	18,619
Net income for the year 2002	-	-	-	-
Dividends	-	-	-	-
Translation adjustments	-	-	-	-
Employee share issue	695,520	6	4	15
Consolidation Canal Digital	-	-	-	-
Balance as of 31 December 2002	1,803,426,172	6	10,820	18,634
Net income for the year 2003	-	-	-	-
Dividends	-	-	-	-
Translation adjustments	-	-	-	-
Employee share issues	595,109	6	4	22
Consolidation Comincom/Combellga	-	-	-	-
Consolidation GrameenPhone	-	-	-	-
Balance as of 31 December 2003	1,804,021,281	6	10,824	18,656

	Other equity (NOK mill.)	Cumulative translation adjustment (NOK mill.)	Treasury shares (NOK mill.)	Total (NOK mill.)
Balance as of 31 December 2000	6,565	-337	-180	35,474
Net income for the year 2001	7,079	-	-	7,079
Dividends	(621)	-	-	-621
Translation adjustments	-	192	-	192
Employee share issue	-	-	-	20
Distribution of shares to the employees	-	-	11	-
Balance as of 31 December 2001	13,023	-145	-169	42,144
Net income for the year 2002	(4,298)	-	-	-4,298
Dividends	(799)	-	-	-799
Translation adjustments	-	-2,723	-	-2,723
Employee share issue	-	-	-	19
Consolidation Canal Digital	(658)	-	-	-658
Balance as of 31 December 2002	7,268	-2,868	-169	33,685
Net income for the year 2003	4,560	-	-	4.56
Dividends	(1,776)	-	-	-1,776
Translation adjustments	-	816	-	816
Employee share issues	-	-	-	26
Consolidation Comincom/Combellga	(35)	-	-	-35
Consolidation GrameenPhone	(39)	-	-	-39
Balance as of 31 December 2003	9,978	-2,052	-169	37.237

	2003	2002	2001
Average number of shares primary (exclusive treasury shares)	1,775,340,935	1,774,637,008	1,772,330,267
Average number of shares fully diluted (exclusive treasury shares)	1,775,755,932	1,774,637,008	1,774,086,782
Dividend per share in NOK	1.00	0.45	0.35

Please see note 30 for further information about number of shares etc.

In 2003, Telenor increased its ownership interests in the subsidiaries Comincom/Combellga and GrameenPhone. The increase in net excess values beside goodwill was recorded directly against the shareholder’s equity in 2003.

In 2002, the shareholders’ equity decreased by NOK 658 million in connection with the consolidation of Canal Digital. As of 30 June 2002, the acquisition of the remaining 50% of Canal Digital was completed and Telenor obtained effective control. Due to the transfer of risk for the company’s results of operations at the time of entering into the agreement to acquire Canal Digital in June 2001, 50% of the company’s loss, amortization of net excess values and calculated financing expenses in the period between the agreement and consolidation has been recorded directly against the shareholder’s equity.

Equity available for distribution as dividends from Telenor ASA was NOK 11,611 million as of 31 December 2003.

In NOK millions	in % 31.12.03	Minority part of net income (loss) 2003	Minority part of net income (loss) 2002
Telenor Venture AS 1)	-	(30)	(6)
Telenor Venture II ASA	49.9	(32)	(67)
Kyvistar G.S.M. JSC	44.7	256	51
OJSC Comincom/Combellga 1)	-	14	15
DiGi.Com bhd	39.0	68	47
GrameenPhone Ltd 1)	49.0	283	162
EDB Business Partner ASA	48.2	(26)	(555)
Other		(43)	(5)
Total		490	(358)

In NOK millions	Minority part of net income (loss) 2001	Minority interests in the balance sheet 31.12.03	Minority interests in the balance sheet 31.12.02
Telenor Venture AS 1)	(83)	-	65
Telenor Venture II ASA	(7)	136	143
Kyvistar G.S.M. JSC	-	998	787
OJSC Comincom/Combellga 1)	6	-	160
DiGi.Com bhd	44	1,131	1,113
GrameenPhone Ltd 1)	126	448	328
EDB Business Partner ASA	(764)	888	914
Other	(43)	45	93
Total	(721)	3,646	3,603
1) In 2003, Telenor increased its ownership interest to 51.0% in GramenPhone Ltd. The voting interest remained unchanged at 51.0%. In August 2003, Telenor increased its ownership interests in the subsidiary Comincom/Combellga to 100%. Telenor sold its ownership interests in exchange for shares in the listed company Golden Telecom Inc. as of 1 December 2003. In December 2003, Telenor sold its ownership interests in Telenor Venture AS.