Telenor ASA — Capital/Financing Update 2010

Mar 8, 2010

Launch of debt tender offer

Launch of debt tender offer

Telenor ASA (the 'Company') launches a debt tender

offer for any and all of its outstanding EUR500m

Floating Rate Notes due 2011 (XS0269251855)

(the '2011 Notes') and a debt tender offer and

consent solicitation for any and all of its

outstanding EUR500m 5.875% Notes due 2012

(XS0158765064) (the '2012 Notes'), together

the 'Offers'. The Offers are made on the terms and

subject to the conditions contained in the tender

offer memorandum dated 8 March 2010 (the 'Tender

Offer Memorandum').

The main purpose of the debt tender offer is to

extend the Company's debt maturity profile. The

intention is to finance any amounts due in relation

to the Offers to holders of the 2011 Notes or of the

2012 Notes by issuing new notes of the same nominal

amount with a longer maturity.

Detailed information about the debt tender offer is

available at the website of the Luxembourg Stock

Exchange.