New share and incentive programmes at Telenor

The Long-Term Incentive programme (LTI programme) has a duration of one year, and includes approximately 100 employees holding national and international managerial positions. The managers will be offered a fixed element which will amount to between 15 to 30 per cent of their base salary, and which shall be used to purchase Telenor shares with a lock-in period of three years. On Friday, Telenor's Compensation Committee determined that the share price that forms the basis for the share purchase is the volume-weighted average of the five calendar days from 5 November 2007.

The aim of the LTI programme is to develop and promote the joint interests shared by managers throughout the Telenor Group, and furthermore, to align the interests between the managers and the owners, thereby maintaining Telenor's focus on long-term value creation. The programme is part of a comprehensive remuneration package, which is an important element in ensuring that Telenor is capable of recruiting and retaining key personnel, both nationally and internationally.

The principles of the LTI programme were outlined in the statement on Telenor executive management remuneration, which was presented to the Annual General Meeting. No objections were raised against the statement.

The Share Purchase Programme is an offer to Telenor employees worldwide. Employees are offered the opportunity to purchase discounted Telenor shares for an amount that corresponds to up to four per cent of their base salary. The aim of this programme is to align the interests between employees and owners, as well as to enhance employees' interests in the long-term development of the company.

Contact
Dag Melgaard, Chief Press Spokesman
Tel: +47 901 92000, e-mail: dag.melgaard@telenor.com