Telenor ASA — AGM Information 2016

May 11, 2016

OFFICE TRANSLATION

MINUTES OF THE ANNUAL GENERAL MEETING

OF TELENOR ASA 11 MAY 2016

The Annual General Meeting was held on 11 May 2016 at Telenor's headquarters at Fornebu.

A list of the shareholders who attended in person or by proxy, and the voting results are attached as appendix 1 and 2 to the protocol.

In accordance with section 5-12, first paragraph of the Public Limited Companies Act and the Articles of Association, Article 8, first section, the Annual General Meeting was opened and chaired by the Chairman of the Corporate Assembly, Mr. Anders Skiævestad.

The agenda of the Annual General Meeting:

1. Approval of the notice of the Annual General Meeting and the agenda

The notice and agenda was approved.

2. Election of a representative to sign the minutes of the Annual General Meeting together with the Chairperson of the meeting

Mette I. Wikborg was elected to sign the minutes together with the Chairman.

3. Report from the CEO

Group CEO Sigve Brekke informed about the Company's business, strategy and priorities.

4. Approval of the financial statements and the report from the Board of Directors for the financial year 2015, including the Board of Director's proposal for distribution of dividend

In accordance with the proposal from the Board, the Annual General Meeting adopted the following resolution:

"The financial statements and report of Telenor ASA and the group for the financial year 2015, including the declaration of a dividend of NOK 4.00 per share, is approved."

5. Authorisation to distribute dividend

In accordance with the proposal from the Board, the Annual General Meeting resolved to issue the following power of attorney:

"Pursuant to the Public Limited Companies Act section 8-2 (2), the Board of Directors is authorised to resolve additional distribution of dividends based on the company's approved annual accounts for 2015. The authorisation includes, but is not limited to, the planned second

OFFICE TRANSLATION

semi-annual dividend of 3.50 per share, which if resolved, must be paid before 31 December 2016.

The Board of Directors shall make its decisions in accordance with the company's capital strategy and dividend policy, and shall consider if the company after the payment of dividends will have sufficient equity and liquidity.

The authorisation is valid until the next Annual General Meeting, but not beyond 30 June 2017."

6. Approval of remuneration to the company's auditor

The Annual General Meeting adopted the following resolution:

"The remuneration in the amount of NOK 4,800,000 to the auditor for the audit of Telenor ASA is approved."

7. Report on Corporate Governance

The Board of Director's report on corporate governance was considered by the Annual General Meeting. There were no objections to the report.

8. Statement regarding the determination of salary and other remuneration to the executive management

The Annual General Meeting adopted the following resolutions in accordance with the board's statement and proposal:

8.1. Advisory vote on the Board of Directors' statement regarding determination of salary and other remuneration to the executive management for the coming financial year:

"The Annual General Meeting adheres to the Board of Directors' guidelines for the determination salary and other remuneration to the executive management as described in Schedule 2 and item 3.3 in note 34 to the annual accounts."

8.2. Approval of guidelines for share related incentive arrangements for the coming financial vear:

"The Annual General Meeting approves the Board of Directors' guidelines for the share based incentive arrangements as described in Schedule 2 and item 3.3 in note 34 to the annual accounts."

9. Election of shareholder elected members and deputy members to the Corporate Assembly

The Annual General Meeting adopted the following resolution in accordance with the Nomination Committee's recommendations:

«The following persons are elected as members of the Corporate Assembly for a period of two years.

OFFICE TRANSLATION

Anne Kvam Maalfrid Brath (1. varamedlem)»

10. Determination of remuneration to the members of the Corporate Assembly and the Nomination Committee

The Annual General Meeting adopted the following resolution in accordance with the Nomination Committee's recommendations:

"The remuneration to the members of the Corporate Assembly shall remain:

Chairperson:	NOK 101,000 per year
	Deputy Chairperson: NOK 45,000 per year
Member:	$NOK$ 34,500 per year
Deputy member:	$NOK$ 7,200 per meeting
	The remuneration to the members of the Nomination Committee shall be adjusted as follows:
Chairperson:	NOK 5,800 per meeting, up from NOK 5,700 per meeting
Member:	NOK 5,000 per meeting, up from NOK 4,900 per meeting."

* * * * *

There was no further business and the general meeting was closed.

Fornebu, 11 May 2016

Anders Skjævestad $(sign.)$

Mette I. Wikborg $(sign.)$

Appendixes:

• $\mathbf{1}$ List of the shareholders who attended in person or by proxy
• $\overline{2}$ The voting results

Total Represented

Ą

÷. $\vec{A}$ $\mathbf{R}$

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Ŕ $\ddot{\ddot{\cdot}}$

: ISIN:	the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company NO0010063308 TELENOR ASA
General meeting date: $11/05/2016$ 15.00
: Today:	11.05.2016 We have the structure of the contract of the contract in approximate the main and the contract of the main and

Number of persons with voting rights represented/attended: 55

$\sim 10^{11}$ km s $^{-1}$ km s

Contractor

the control of the control the contract of the contract of the the contract of the contract of the con-	the contract of the contract of the
	Number of shares % sc
Total shares	1,501,458,030
- own shares of the company	O
Total shares with voting rights	1.501,458,030
Represented by own shares	889,870,960	59.27%
Represented by advance vote	22,601	0.00%
Sum own shares	889,893,561	59.27%
Represented by proxy	26,956,459	1.80%
Represented by voting instruction	106,958,086	7.12%
Sum proxy shares	133,914,545	$8.92\%$
Total represented with voting rights	1,023,808,106 68.19 %
Total represented by share capital	1,023,808,106 68.19 %

Registrar for the company: NORDEA BANK NORGE ASA

Signature company: TELENOR ASA

Attendance List Attendance TELENOR ASA 11/05/2016

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Ref no	First Name.	Company/Last name	$\cdot$ Repr. by	Participant	Share	Swn	Proxy	Total	$\ldots$ and con- % sc	% represented	% registered
					Ordinær	22,601	$\circ$	22,601	$\sim$ 0.00%	0.00%	$0.00\%$
په	Chaiperson of the Board of Direct	Ms. Gurm Wærsted		Proxy Solicitor	Ordinær	$\circ$	1,945,317	95,839,475	638%	9.36%	9.36%
$\mathbf{S}$	The Chairperson	Mr. Anders Skjævestad		Proxy Solicitor	Ordinær	$\circ$	18,132	13,082,060	$\alpha$ 0.87%	1.28%	1.28%
$\mathbb{S}$		NÆRINGS-0G FISKERIDEPAR TEMENTET	Eksp.sjef Mette I. Wikborg	Share Holder	Ordinær	810,264.928	$\circ$	810,264,928	$\sim$ $\sim$ 53.97%	79.14%	79.14%
$\ddot{r}$		FOLKETRYGDF ONDET	Eivind Lotsberg	Share Holder	Ordinær	78,630,120	$\circ$	78,630,120	$\sim$ $\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\bar{\$ 5.24 %	7.68%	7.66%
1578		ANAXO CAPITAL AS	Ole Anker- Rasch	Share Holder	Ordinær	847,946	$\circ$	847,946	0.06%	0.08%	0.08%
10256	CHRISTIAN	STORM		Share Holder	Ordinær	14,631	$\circ$	14,631	$\alpha$ 0.00%	0.00%	0.00%
10736	MARTHA TONE	TAKVAM		Share Holder	Ordinær	12,126	$\circ$	12.126	0.00%	0.00%	0.00%
12013	THORLEIF	TARANGER		Share Holder	Ordinær	10,000	$\circ$	10,000	0.00%	0.00%	0.00%
12377	PER ANDERS	BJØRCK		Share Holder	Ordinær	9,428	$\bullet$	9,428	0.00%	$0.00\%$	0.00%
12633	RAGNAR	MOEN		Share Holder	Ordinær	8.914	$\circ$	8,914	$0.00\%$	0.00%	0.00%
12740	ALF BOY	ASHEIM		Share Holder	Ordinær	8.767	$\circ$	8,767	0.00%	0.00%	0.00%
14910	BJØRN	ELLEFSEN		Share Holder	Ordinær	6,239	$\circ$	6,239	0.00%	0.00%	0.00%
16436	TRYGVE ANDREAS SIQUELAND	KNUDSEN		Share Holder	Ordinær	5,339	$\circ$	5,339	0.00%	0.00%	0.00%

$\frac{1}{\tau}$

% registered 0.00 $%$ 0.00% 0.00% 0.00% 0.00% 0.00 % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0,00% 0.00% % represented $\Omega_{\rm g}$	0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00 % 0.00% 0.00% 0.00% 0.00 % 0.00% $0.00\%$ 0.00% 0.00 % 0.00%	0.00% 0.00%
$\alpha$ $\sim$ $\sim$ $\sim$ $\sim$ $\alpha$ ò. $\sim$ $\sim$ $\cdot$ 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% $0.00\,\%$ ×, 0.00% 0.00% 0.00% 0.00% 9.00% % sc 8.o	0.00% 0.00%
٠ ٠ $\blacksquare$ 5,000 5,000 4,300 3,600 2,950 4,307 2,708 Total 4,771 2,643 2,000 1,900 1,872 1,182 1,182 Ą	1,000 $\rm ^{8}$
ά, $\ddot{\phantom{a}}$ $\bullet_i$ $\bullet$ $\cdot$ $\mathcal{O}_{\mathcal{A}}$ Proxy ۰ $\bullet$ $\hbox{ }$ $\circ$ $\circ$ $\circ$ $\qquad \qquad \qquad \bullet$ $\circ$ $\circ$ $\circ$ $\circ$ o $\circ$ $\circ$ $\circ$	$\circ$
5,000 5,000 4,300 3,600 4.771 2,950 4.307 2708 2.643 2,000 1.900 Смп 1.872 1,182 1,000 1,182	800
$\boldsymbol{\cdot}$ $\overline{\phantom{a}}$ Ordinær Ordinær Ordinær Ordinær Ordinær Ordinær Ordinær Ordinær Ordinær Ordinær Ordinær Ordinaar Ordinær Ordinær Ordinær Share $\bullet$ $\star$ $\mathbf{r}$	Ordinær
$\ddot{\phantom{1}}$ $\cdot$ $\bullet$ $\cdot$ Share Holder Share Holder Share Holder Share Holder Share Holder Share Holder Share Holder Share Holder Share Holder Share Holder Share Holder Share Holder Share Hotder Share Holder Share Holder $\bullet$ Participant $\mathbb{R}^2$ $\tilde{\phantom{a}}$	Share Holder
$\cdot$ $\bullet$ Dag Ulvin Repr. by $\frac{1}{2}$ $\star$
$\ddot{\phantom{0}}$ Company/Last name $\bullet$ DAG ULVIN AS BJØRNSTAD LUND- MATHESEN $\bullet$ ANDERSEN ANDRESEN ASPELUND NYGAARD STIKSRUD AASTORP ØISTESØ IVERSEN $\epsilon$ NESET HOLE BORE $\mathsf{F}^{\mathsf{Q}}$ $\frac{1}{\sqrt{2}}$	JENSEN
ARNE SVERRE $\frac{1}{2}$ HANS PETTER GUDBRAND $\sim$ 4 LEIF ARNE First Name HALLVARD TORSTEIN JOHN INGEMAR GUNNAR LAUVAS KJERSTI IRENE $\star$ GRETE TERJE $\frac{1}{\sqrt{2}}\frac{1}{\sqrt{2}}$ RUNE ENOK PER $\cdot$	ANDERS SKOVSBØL
$\cdot$ $\hat{\mathcal{C}}_t$ $\ddot{\ddot{\text{}}}$ $\mathbf{r}=\mathbf{r}$ $\frac{1}{\epsilon}$ $\cdot$ ŕ, Ref no 17400 17889 18416 19489 19505 22558 27250 $\ddot{\phantom{0}}$ 28639 29355 39040 40378 40642 58214 67736 58131 ţ,	80440

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$\alpha$ , $\alpha$ , $\alpha$

÷, $\blacksquare$
$\mathbb{R}^3$ $\cdot$	% registered	0.00%	0.00%	$0.00\%$	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	$0.00\%$	0.00%	0.00%	0.00%
Ì. $\bullet$	% represented	0.00%	0.00 %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	$0.00\%$	0.00%	$0.00\ \%$	$0.00 \%$	0.00%	z 0.00	0.00%	0.00%	$0.00\ \%$
$\frac{1}{\sqrt{2}}$ $\sim$ $\bar{\phantom{a}}$ .	an compositor % 36	$\alpha$ , $\beta$ , $\alpha$ 0.00%	$\alpha$ , $\beta$ , $\alpha$ $0.00\%$	×, 0.00	$\alpha = 1$ and 0.00%	0.00%	$\alpha$ 0.00%	0.00%	$\sim$ 0.00%	$\sim$ $\sim$ 0.00%	0.00%	$\sim$ $\sim$ 0.00%	0.00%	0.00%	$0.00\,\%$	0.00%	0.00%	0.00%
ł, $\mathbb{P}^2$ $\boldsymbol{\delta}$ $\bullet$ $\blacksquare$	Total	700	682	682	682	50	550	472	464	$\mathfrak{so}$	300	275	275	219	$\rm 50$	$200\,$	$132\,$	132
ì $\ddot{\phantom{0}}$ $\ddot{\phantom{0}}$	Proxy	$\circ$	$\bullet$	$\hskip 1.6cm \circ$	$\hbox{\large\ensuremath{\circ}}$	o	o	$\circ$	$\bullet$	$\circ$	$\circ$	$\circ$	$\qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad$	$\circ$	$\circ$	$\circ$	$\circ$	$\circ$
$\hat{\mathcal{F}}$ $\overline{\mathbf{v}}^*$ $\epsilon_{\rm in}$ $\frac{1}{2}$ Ö,	$\bullet$ Öwn	500	682	682	682	607	550	472	464	$\frac{2}{3}$	g	275	275	219	200	200	132	132
$\bullet$	Share	$\equiv$ Ordinæ	Ordinær	Ordinær	Ordinær	Ordinær	Ordinær	Ordinær	Ordinær	Ordinær	Ordinær	Ordinær	Ordinær	Ordinær	Ordinær	Ordinær	Ordinær	Ordinær
$\bullet$	Participant	Share Holder	Share Holder	Share Holder	Share Holder	Share Holder	Share Holder	Share Holder	Share Holder	Share Holder	share Holder	Share Holder	Share Holder	Share Holder	Share Holder	Share Holder	Share Holder	Share Holder
$\hat{\phantom{a}}$ ٠ $\bullet$ $\frac{1}{2}$	Repr. by
$\frac{1}{\sqrt{2}}$ $\cdot$ . $\cdot$	$\sim$ Company/Last name	Johansen	KAMPLI	RØSTE	ØSTBERG	BYE	KARLSRUD	Halvorsen	TØNSETH	REINERTSEN	GILBØ	HAUGEN	STRØM	HARBAK	DOVLAND	HOVIND	NARVEIM	$\overline{a}$
à, $\mathcal{I}_\bullet$ $\ddot{\cdot}$	$\tilde{\gamma}$ First Name	Bjøm Aleksander	VIGGO	ANDREAS	BJØRN	BIRGER	PER ASMUND	Svein Halvor	JAN HAKON	OLAV KRISTOFFER	TORE	GUNNAR MAGNUS	GURO DAHLE	TORSTEIN	SVEIN	PETTER GØDE	MARIA	WINIFRED LOUISE
	Pef no	85563	88138	98541	11617	127266	136515	152678	153270	170829	185934	196048	205781	246769	254458	254912	282434	309609

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Pel no:	First Name	Company/Last name	Repr. by	Participant	Share	S	Proxy	l, Total	٠. % sc k,	% represented	% registered
357202	BJØRN	AHLQUIST		Share Holder	Ordinær	$\frac{8}{5}$	$\circ$	ĝ	0.00%	0.00%	0.00%
357699	ANDERS	SKJÆVESTAD		Share Holder	Ordinær	00	$\circ$	$\overline{100}$	$\hat{\phi}$ 0.00%	0.00%	0.00%
375121	ARILD	ELVERUM		Share Holder	Ordinær	8	$\circ$	8	0.00%	0.00%	0.00%
392415	kristine Røed	BRUN		Share Holder	Ordinær	ą	$\circ$	Ş	$\sim$ $\alpha$ 0 00 %	0.00%	0.00%
40094	THORBJØRN FRITZØE	NIELSEN		Share Holder	Ordinær	$\mathbb{S}^2$	$\circ$	$\mathbb{S}^2$	$0.00\%$	0.00%	0.00%
424846	NASIR DASWANDI	IFTIKAR		Share Holder	Ordinær		$\circ$	ᡪ	$0.00\%$	0.00%	0.00 %
442673	Karl C.	Høgtun		Proxy Solicitor	Ordinær	$\Rightarrow$	12,782,113	12,782,113	$\alpha$ $\sim$ $\sim$ 0.85%	1.25%	1.25%
442681	Jeanett Stensrud	Bergan		Proxy Solicitor	Ordinær	O	12,210,215	12,210,215	0.81%	1.19%	1.19%
442699	Bjøm	Østberg		Proxy Solicitor	Ordinær	$\circ$	682	682	0.00%	0.00%	0.00%

$\ddot{\phantom{0}}$

is a simple polarization of the space of the space of the space of the space of $\mathcal{A}$

Protocol for general meeting TELENOR ASA

ISIN:	NO0010063308 TELENOR ASA
General meeting date: 11/05/2016 15.00
Todav:	11.05.2016
Shares class	FOR	Against $\alpha$ , and $\alpha$ , and $\alpha$	Abstain Poll in $\alpha$ , $\beta$ , $\alpha$	and a state $\sim$	and a state of Poll not registered Represented	with voting +
Agenda item 1 Approval of the notice and the agenda
Ordinær	1,023,807,712	80	314	1,023.808.106	0	1,023,
votes cast in %	100.00 %	$0.00 \%$	0.00%
representation of sc in %	100.00 %	$0.00 \%$	$0.00 \%$	100.00 %	$0.00 \%$
total sc in %	68.19%	0.00%	0.00%	68.19 %	0.00%
Total	1,023,807,712	80		314 1,023,808,106	0	1,023,8
Agenda item 3 Approval of the financial statements and report from the Board of Directors for the financial year including distribution of div
Ordinaer	1,023,804,636	3,170	300	1,023,808,106	0	1.023.
votes cast in %	100.00 %	$0.00 \%$	0.00%
representation of sc in %	100.00 %	$0.00 \%$	$0.00 \%$	100.00%	$0.00 \%$
total sc in %	68.19%	$0.00 \%$	$0.00 \%$	68.19%	$0.00 \%$
Total	1.023,804,636	3,170		300 1,023,808,106	0	1,023,8
Agenda item 4 Authorisation to distribute dividend
Ordinær	1,023,807,726	80.	300	1,023,808,106	0	1.023,
votes cast in %	100.00 %	0.00 %	0.00%
representation of sc in %	100.00 %	$0.00 \%$	$0.00 \%$	100.00 %	$0.00 \%$
total sc in %	68.19%	$0.00 \%$	$0.00 \%$	68.19%	$0.00 \%$
Total	1.023.807,726	80		300 1,023,808,106	0	1,023,8
Agenda item 5 Approval of the remuneration to the companys auditor
Ordinær	1,020,753,431	2,821,236 233,439		1,023,808,106	0	1,023,
votes cast in %	99.70 %	$0.28 \%$	0.02%
representation of sc in %	99.70 %	$0.28 \%$	0.02%	100.00 %	$0.00 \%$
total sc in %	67.98%	0.19%	0.02%	68.19%	0.00%
Total	1.020.753.431			2,821,236 233,439 1,023,808,106	0	1,023,8
Agenda item 7.1 Advisory vote on the Board of Directors statement regarding determination of salaryand other remuneration to the executive man.
Ordinær	1,016,309,186	7,264,447	234,473	1,023,808,106	0	1,023,
votes cast in %	99.27 %	0.71%	0.02%
representation of sc in %	99.27 %	0.71%	0.02%	100.00 %	0.00%
total sc in %	67.69%	0.48%	0.02%	68.19%	0.00%
Total	1.016.309.186			7,264,447 234,473 1,023,808,106	$\mathbf o$	1,023,8
Agenda item 7.2 Approval of guidelines for share related incentive arrangements for the coming financial year ( 3.3 of the statement)
Ordinær	953,469,881	70,101,676	228,260	1,023,799,817	26,964,748	1,050,
votes cast in %	93.13%	6.85%	0.02%
representation of sc in %	90.74 %	6.67%	0.02%	97.43 %	2.57 %
total sc in %	63.50 %	4.67 %	0.02%	68.19%	1.80 %
Total				953,469,881 70,101,676 228,260 1,023,799,817	26,964,748	1,050,7

Shares class	FOR	Against	Abstain	Poll in	Poll not registered Represented	with voting i
Agenda item 8 Election of shareholder elected members and deputy members to the Corporate Assembly in line
the Nomination Committees proposal
Ordinær	1,023,793,446	11.390	3,270	1,023,808,106	0	1,023,
votes cast in %	100.00 %	$0.00 \%$	0.00%
representation of sc in %	100.00 %	$0.00 \%$	0.00%	100.00%	$0.00 \%$
total sc in %	68.19 %	$0.00 \%$	0.00%	68.19%	0.00%
Total	1.023.793.446	11.390		3,270 1,023,808,106	o	1,023,8
Agenda item 8a Anne Kvam
Ordinær	1,023,794,726	10.110	3,270	1,023,808,106	0	1.023,
votes cast in %	100.00%	0.00 %	0.00%
representation of sc in %	100.00 %	0.00%	0.00%	100.00%	$0.00 \%$
total sc in %	68.19 %	$0.00 \%$	0.00%	68.19 %	$0.00 \%$
Total	1.023,794,726	10,110		3,270 1,023,808,106	0	1,023,8
Agenda item 8b Maalfrid Brath
Ordinær	1,023,793,446	11,390	3,270	1,023,808,106	0	1.023,
votes cast in %	100.00 %	0.00%	$0.00 \%$
representation of sc in %	100.00 %	$0.00 \%$	0.00%	100.00%	0.00 %
total sc in %	68.19%	$0.00 \%$	$0.00 \%$	68.19%	0.00 %
Total	1.023,793,446	11,390		3,270 1,023,808,106	0	1,023,8
Agenda item 9 Determination of remuneration to the members of the Corporate Assembly and the Nomination
Committee in line with the Nomination Committees
Ordinær	1,023,578,159	2.294	227,653	1,023,808,106	$\theta$	1,023,
votes cast in %	99.98%	$0.00 \%$	0.02%
representation of sc in %	99.98%	0.00 %	0.02%	100.00%	$0.00 \%$
total sc in %	68.17 %	$0.00\%$	0.02%	68.19%	$0.00 \%$
Total	1.023,578,159			2,294 227,653 1,023,808,106	0	1,023,8

Registrar for the company:	Signature company:
NORDEA BANK NORGE ASA	TELENOR ASA

	Share information
--	-------------------	--

$\sim$

	Share information
Name	and the company of the company of the company of the company of the company of the company of the company of the Total number of shares Nominal value Share capital		Voting rights
Ordinær	1,501,458,030	6.00 9.008,748.180.00 Yes
Sum:	1000 PM 2010 PM 2010 PM 2010 PM 2010 PM 2010 PM 2010 PM 2010 PM 2010 PM 2010 PM 2010 PM 2010 PM 2010

§ 5-17 Generally majority requirement
requires majority of the given votes

§ 5-18 Amendment to resolution
Requires two-thirds majority of the given votes
like the issued share capital represented/attended on the general meeting