Telenor ASA — Board/Management Information 2015

May 12, 2015

Sigve Brekke new Telenor Group CEO

Sigve Brekke new Telenor Group CEO

(Oslo, 12 May 2015) The Board of Directors of Telenor

Group (Telenor) today announces the appointment of Mr.

Sigve Brekke as the company's new Group President and

Chief Executive Officer. He will succeed Mr. Jon Fredrik

Baksaas by 17 August 2015.

Sigve Brekke is the Executive Vice President and Head of

Telenor Group's Asia operations. He joined Telenor in 1999

and has held several executive positions in the company

since then.

"Sigve Brekke has a solid track-record as the Head of

Telenor's Asia operations and part of Group Management

since August 2008. His leading role in our Asian success

story combined with his vast international experience and

leadership capabilities will be of great value as the

company continues its profitable growth journey," said

Svein Aaser, Chairman of the Board of Directors in Telenor

Group.

Sigve Brekke has been instrumental in establishing Telenor

Group as a leading international mobile operator. Under

Brekke's leadership, Telenor has added more than 100

million subscribers in Asia. The value creation from Asia

has been significant and the region now represents more

than 40 percent of the total enterprise value of Telenor

Group. Telenor is well positioned to monetise on the next

growth wave - providing internet for all.

"It is a great honour to be asked to lead Telenor. Our

company's Norwegian and international success is a result

of Telenor Group's ability to provide digital

communication services that are valuable to our customers.

Telenor's strategy, including our financial priorities,

form a solid platform for value creation for our

shareholders and continued growth in Norway, Europe and

Asia. We are poised to capture value from the

opportunities arising from strong demand for internet

services and I look forward to executing our strategy

together with our 33,000 employees," said Sigve Brekke.

Jon Fredrik Baksaas, steps down after 13 years as the

company President and CEO. In September 2014, he extended

his tenure for another year, until the end of 2015. In

preparation of Baksaas' retirement, Telenor's Board of

Directors initiated a thorough process with a broad set of

internal and external candidates to find his successor.

Baksaas will continue as advisor to the Board of Directors

until the end of 2016 and will serve as Chairman of GSMA,

the global industry organisation for mobile operators.

"Jon Fredrik Baksaas has internationalised Telenor and

transformed us into a modern, world-class telecom company

and widely known consumer brand originating from Norway. I

believe Fredrik is one of the most important industry

leaders in Norway in modern times," said Svein Aaser.

Jon Fredrik Baksaas has served as President and CEO of

Telenor Group since June 2002. Prior to becoming the

President and CEO, Baksaas served as Telenor's Deputy CEO

and Chief Financial Officer. Under his leadership, Telenor

has grown substantially both in terms of number of

customers, revenue and market value. Telenor is a leading

mobile telecom company with mobile operations in 13

markets and 192 million mobile subscriptions worldwide.

Revenues have increased from NOK 49 billion to NOK 107

billion and market capitalisation from NOK 45 billion to

NOK 270 billion during Baksaas' leadership. A significant

contributor to this development has been the company's

growth in Asia.

"To lead Telenor during a period of rapid growth and major

technological changes has been both exciting and

rewarding. In Sigve Brekke, the Board of Directors has

found the perfect candidate to continue Telenor's growth

and value creation. We have worked closely for many years,

and his knowledge of the business, customer focus and

hands-on management style will ensure a great future for

the company", said Jon Fredrik Baksaas.

Sigve Brekke's annual base salary will be NOK 5.9 million.

In addition he will be entitled to a long- term incentive

grant of 30 per cent of his annual base salary. His

maximum annual bonus is 50 per cent of annual base salary.

His existing pension agreement will be continued, however

his pensionable income will be capped at NOK 5 million.

Sigve Brekke's retirement age is 65 years.

Brekke served as the Deputy Minister (State Secretary) of

Defence from 1993 to 1996. He holds a Master of Public

Administration from the John F. Kennedy School of

Government at Harvard University, where he also served as

an Associate Research Fellow.

Telenor will host a press conference today at 10.30 CET at

Telenor Expo at Snarøyveien 30, Fornebu, Norway. Chairman

Svein Aaser, President and CEO Jon Fredrik Baksaas and

Sigve Brekke will be present. The press conference will be

webcasted and available on the company's web site.