Annual General Meeting

Press release 15 mai, 2007

Fornebu

4 minute read

The Annual General Meeting of Telenor ASA was held today, Tuesday 15 May 2007, at Fornebu. All proposals on the agenda were adopted, cf. notice of the Annual General Meeting that was sent to Oslo Stock Exchange on 27 April 2007.

The Annual General Meeting (AGM) of Telenor ASA has today approved the financial statements and annual report of Telenor ASA and the Group for 2006 and the Board's proposal of a dividend of NOK 2.50 per share. The dividend, which will be treated as repayment of paid in capital,will be paid on 29 May 2007 to shareholders registered as holding shares on the date of the AGM. As of 16 May 2007, the Telenor share will be traded exclusive of dividend.

Reduction of share premium reserve
The AGM has decided to reduce the share premium reserve by NOK 5,000,000,000 through a transfer of the same amount to other equity.

Purchase of own shares
The AGM has decided to give the Board an authorization to purchase 165,000,000 own shares with a nominal value of a total of NOK 990,000,000, corresponding to approximately 9.8 per cent of the Group's share capital. Shares acquired based on this authorization shall either be cancelled or used as payment in connection with acquisitions of businesses. This authorization is valid until 1 July 2008 and will replace the authorization given by the AGM on 23 May 2006.

In addition the AGM decided to give the Board an authorization to purchase 2,500,000 own shares with a nominal value of a total of NOK 15,000,000 corresponding to approximately 0.15 per cent of the company's share capital. Up to 1,500,000 shares with a nominal value of NOK 9,000,000 may be used in connection with the fulfillment of the company's obligations pursuant to Telenor's option programs for 2002, 2003 and 2004. In addition, 1,000,000 own shares may be used in connection with Telenor's general share program for employees. This authorization is valid until 1 July 2008 and will replace the authorization given by the AGM on 23 May 2006.

Election of shareholder representatives and deputy shareholder representatives to the Corporate Assembly
The AGM has, in line with the recommendation from the election committee, elected the following members and deputies to the Corporate Assembly of Telenor ASA:
- Jan-Erik Korssjøen

- Olaug Svarva

- Randi Braathe

- Jostein Devold

- Knut Schrøder

- Nils-Edvard Olsen

- Signe Marie Jore Ritterberg

- Stener Lium

- Hanne Harlem

- Inger-Grethe Solstad

- Siri Pettersen Strandenæs, first deputy

- Ingvild Nybø Holth, second deputy

- Gry Mølleskog, third deputy

The AGM has also elected Reier Søberg and Rune Selmar as two of the four members of Telenor`s nominating committee. In addition, the Annual General Meeting has approved the amended remuneration to the members of the Corporate Assembly.

Contact:
Scott Engebrigtsen, Vice President Corporate Communications
Tel.: +47 90 04 34 84