Telenor ASA — Director's Dealing 2010

Feb 23, 2010

Mandatory notification of trade

The following primary insiders in Telenor have on 23

February 2010 traded Telenor shares related to

exercise of stock options on 22 February 2010:

Ragnar Korsæth, EVP of Telenor ASA, sold 20,000

shares at volume weighted average price of NOK 75.80

per share and purchased 6,454 shares at average

price of NOK 76.00 per share. After these

transactions Ragnar Korsæth holds 29.754 shares in

Telenor (including related parties).

Pål Wien Espen, Group Legal Director of Telenor ASA,

sold 20,000 shares at volume weighted average price

of NOK 75.80 per share and purchased 6,454 shares at

average price of NOK 76.00 per share. After these

transactions Pål Wien Espen holds 19.610 shares in

Telenor (including related parties).

The stock options were granted on 21 June 2003 at

exercise price of NOK 26.44.