Telenor ASA — Director's Dealing 2011

Jan 5, 2011

Trades by primary insiders (corr)

(Clarification to today's earlier stock exchange

notification: the shares are allocated as bonus

shares, and not acquired at market price by the

primary insider.)

Pursuant to a share programme for employees the

following primary insiders in Telenor Group have been

allocated* bonus shares on 5 January 2011:

Number of shares allocated* / Holdings after the

transaction (including related parties):

- Jon Fredrik Baksaas 4.496 / 153.268

- Morten Karlsen Sørby 2.716 / 42.550

- Jan Edvard Thygesen 2.388 / 105.154

- Ragnar H. Korsæth 1.686 / 33.574

- Sigve Brekke 1.592 / 48.053

- Hilde Tonne 1.592 / 19.138

- Knut Giske 1.428 / 13.389

- Pål K. Kvalheim 1.019 / 7.847

- Pål Wien Espen 946 / 21.926

- Irene Vold 897 / 3.713

- Frøydis Orderud 395 / 2.016

- Bjørn Andre Anderssen 331 / 1.832

*Correction