Annual General Meeting

The Annual General Meeting (AGM) of Telenor ASA has today approved the financial statements and annual report of Telenor ASA and the Group for 2007 and the Board's proposal of a dividend of NOK 3.40 per share. The dividend will be paid on 22 May 2008 to shareholders registered as holding shares on the date of the AGM. As of 9 May 2008 the Telenor share will be traded exclusive of dividend.

Reduction of the share capital by cancelling of own shares as well as redemption of shares owned by the Kingdom of Norway through the Ministry of Trade and Industry
The General Meeting further resolved to reduce the company's share capital with NOK 134,314,344 by (i) cancellation of 10,305,222 own shares and (ii) redemption of 12,080,502 shares owned by the Kingdom of Norway through the Ministry of Trade and Industry against payment of an amount of NOK 1,346,632,133 to the Kingdom of Norway. The amount corresponds to an average volume weighted price at the time of the company's repurchase of own shares in the market after the previous Annual General Meeting, together with compensation for interest. The amount that exceeds the nominal value of the shares shall be covered by the share premium reserve. The share premium reserve will thereby be reduced with NOK 1,274,149,121.

Reduction of share premium reserve
The AGM has decided to reduce the share premium reserve by NOK 3,000,000,000 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 160,000,000 own shares with a nominal value of a total of NOK 960,000,000, corresponding to approximately 9.5 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 the Annual General Meeting in 2009 and will replace the authorization given by the AGM on 15 May 2007.

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 1,000,000 shares with a nominal value of NOK 6,000,000 may be used in connection with the fulfillment of the company's obligations pursuant to Telenor's option programs for 2002 and 2003. In addition, 1,500,000 own shares with a nominal value of NOK 9,000,000 may be used in connection with Telenor's general share program for employees. This authorization is valid until the Annual General Meeting in 2009 and will replace the authorization given by the AGM on 15 May 2007.

The AGM has also elected Mette I. Wikborg as member of Telenor`s nominating committee for a period of one year, as replacement for Reier Søberg.

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