Telenor ASA — Director's Dealing 2010

Aug 20, 2010

Primary insider trading

The following primary insiders in Telenor ASA have

on 19 August 2010 acquired Telenor shares in

connection with a long-term incentive programme at

share price of NOK 93.33.

________________________________________

Acquired shares/updated shareholding (including

related parties):

- Jon Fredrik Baksaas, President & CEO

7,068/148,772

- Jan Edvard Thygesen, Executive Vice President

3,953/102,766

- Sigve Brekke, Executive Vice President

3,601/46,461

- Kristin Skogen Lund, Executive Vice President

3,468/3,468

- Morten Karlsen Sørby, Executive Vice President

4,092/39,834

- Richard Olav Aa, Executive Vice President

3,468/3,468

- Bjørn Magnus Kopperud, Executive Vice President

2,983/38,633

- Hilde M. Tonne, Executive Vice President

2,028/17,546

- Ragnar H. Korsæth, Senior Vice President

2,134/31,888

- Pål Wien Espen, Group Legal Director

2,316/21,926

- Knut Giske, Group Controller

1,327/11,961