Telenor ASA — Board/Management Information 2016

Aug 2, 2016

Jørgen C. Arentz Rostrup appointed new Chief Financial Officer of Telenor Group

Jørgen C. Arentz Rostrup appointed new Chief Financial Officer of Telenor Group

Telenor Group has appointed Jørgen C. Arentz Rostrup (50) as

new Chief Financial Officer (CFO), effective no later than 1

November 2016.

Rostrup comes from the position as President of Yara North

America, Inc., and will join the Telenor Group Executive

Management team no later than 1 November 2016, reporting to

President and Chief Executive Officer Sigve Brekke. Acting

CFO, Morten Karlsen Sørby, will continue until Rostrup

commences the position. He will then assume a new role as

Chief Transformation Officer.

"I am pleased that Jørgen Rostrup has decided to take on the

position as Telenor Group's new CFO. Jørgen has a strong

background from managerial posts in some of Norway's leading

companies, both locally in Norway and globally from four

continents. Both his exposure to international management

and not the least his experience serving as CFO in Hydro for

several years make him very well suited as our new CFO,"

said Sigve Brekke, President and CEO of Telenor Group.

Jørgen Rostrup has more than 20 years of business experience

in an international context. His current position as

President of Yara North America, Inc. follows a broad range

of management positions in two of Norway's leading

companies, including Country Manager for Yara Ghana Ltd.,

CFO in Norsk Hydro AS, Executive Vice President Energy in

Hydro and CFO for Hydro's Norwegian oil and gas activity.

Rostrup has also been on several boards, including positions

within the private equity and investment banking area.

Jørgen Rostrup holds a Master's Degree in Economics and

Business Administration from the Norwegian School of

Economics (NHH).

"I am pleased to join one of the most successful global

companies in Norway these last few decades. With my

international background both in the finance and business

development areas, and from significant exposure to

governance and corporate responsibility issues, I look

forward to making a valuable contribution to the management

team in Telenor Group as well as to creating value for

Telenor's shareholders and ensure solid financial guidance,"

said newly appointed EVP and CFO of Telenor Group, Jørgen

Rostrup.

Acting CFO, Morten Karlsen Sørby, will assume the role as

Chief Transformation Officer as soon as Rostrup joins

Telenor. In his new role, Karlsen Sørby will work closely

with the Group President & CEO to lead the ongoing

transformation process Telenor has initiated to meet the new

digital opportunities facing the company. Karlsen Sørby will

be part of the Telenor Group Executive Management Team, and

he will report to President & CEO Brekke.

"I would like to thank Morten for his very valuable

contribution as acting CFO in a challenging period for

Telenor Group. I am also confident that Morten will take on

his new responsibility with the same knowledge and energy as

he has demonstrated in several previous leading positions in

the company. With his broad experience, both financially and

operationally, he will play an important role in Telenor

going forward," said Sigve Brekke.