Telenor ASA — Capital/Financing Update 2014

Sep 11, 2014

Telenor ASA - Buy back Commercial Paper ISIN NO0010709504

Telenor ASA - Buy back Commercial Paper ISIN NO0010709504

Telenor ASA have today purchased NOK 400,000,000 of

NO0010709504, final maturity 06 October 2014. Total

outstanding post buyback is NOK 1,600,000,000.

For further information:

Frode Borhaug, Director, Head of Funding, telephone

+47 67 89 25 18 / +47 916 38 645

Fornebu, 11 September 2014

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This announcement does not constitute an offer to

sell or the solicitation of an offer to buy any

securities of Telenor ASA nor shall there be any sale

of these securities in any jurisdiction in which such

offer, solicitation or sale would be unlawful prior

to registration or qualification under the securities

laws of such jurisdiction.

This information is subject of the disclosure

requirements acc. to §5-8 vphl (Norwegian Securities

Trading Act)