Share buyback agreement

The agreement assumes that the General Meeting on 20 May 2005, authorises Telenor's Board of Directors to buyback own shares. The Kingdom of Norway is committed to vote in favour of such authorisation. The Kingdom of Norway is committed to participate in a buyback on a proportionate basis by way of cancelling a proportionate number of its shares at the subsequent General Meeting. The Kingdom of Norway's ownership percentage in Telenor will thus remain unaffected.

The agreement states that upon a share buyback by Telenor, the subsequent General Meeting will be invited to approve cancellation of the buyback shares. The Kingdom of Norway is committed to vote in favour of such a cancellation.

The compensation for the Kingdom of Norway's shares to be cancelled will be determined by the average price paid in the market under the buyback, plus an interest based on NIBOR + 1 percent p.a., calculated from the dates of purchases under the buyback until payment to the Kingdom of Norway at the time of cancellation. The agreement expires at the date of the General Meeting in 2006.

The agreement will be annulled if Telenor uses own shares to other purposes than cancellation, and/or in order to fulfil obligations relating to option programs for managers and key employees and/or to share programs for employees.

Contact:

Head of Information Scott Engebrigtsen - Tel: +47 90 04 34 84