Telenor ASA — Director's Dealing 2010

Feb 22, 2010

Exercise of stock options

Telenor's stock option program introduced on 21 June

2003 was terminated on 22 February 2010. In total

374,856 stock options were exercised at price NOK

26.44.

The following primary insiders exercised stock

options on 22 February 2010:

Jon Fredrik Baksaas:

- 20,000 stock options in shares

- 180,000 stock options in cash

Jan Edvard Thygesen:

- 50,000 stock options in cash

Ragnar Korsæth:

- 20,000 stock options in shares

Pål Wien Espen:

- 20,000 stock options in shares

After exercising the stock options they are holding

the following number of stock options/shares:

Jon Fredrik Baksaas 100,000/141,704

Jan Edvard Thygesen 55,000/98,813

Ragnar Korsæth 40,000/43,300

Pål Wien Espen 25,000/33,156

Telenor has reduced its holding of treasury shares

with 131,667 shares due to exercise of stock

options. After the exercise Telenor holds 1,728,223

own shares.