Best in class: Telenor Investor Relations

In a formal ceremony Tuesday, the prizes were handed over to the proud winners, represented by IR directors Erling Thune and Tolle Grøterud (photo enclosed - see below). Telenor has been in the finals for the past four years but this year took the top spots in both "Best Overall Performance" and "Best IR Team". The head of the Norwegian Society of Financial Analysts, Hild F. Kinder, says Telenor won with a strong margin and with high score on all main points. In their reasoning, the jury said, "Telenor is especially distinguished in accounts and notes and by giving open, reliable and consistent information through reports and press releases having high quality and information value."

"This is a great reward for all our efforts through the years and clear evidence that we have been working in the right direction. Telenor has put much weight on reporting according to both Norwegian and US accounting principles as well as fulfilling all SOA demands of disclosure and transparency. We are also pleased that Telenor ranks high on ethical indexes like the FTSE4good and the Dow Jones Sustainability index, where we hold second position among the telecom companies ranked there. We share this prize and honour with many colleagues in Telenor and promise to keep up the high standards in reports and information also in the years to come," says IR Director Erling Thune.

Telenor is one of the world's largest telecom companies with mobile operations in 13 countries in Europe and Asia and counting over 100 million mobile subscriptions. Annual turn-over in 2005 was nearly 69 billion NOK, equivalent to approx 10.7 billion USD.

Telenor has been listed on the Oslo Stock Exhange (TEL) and the Nasdaq (TELN) in New York since December 2000.

For further information on the Norwegian Society of Financial Analysts, see www.finansanalytiker.no

Further information:

IR Director Erling Thune, tel.: +47909 71969