Telenor ASA — Director's Dealing 2014

May 13, 2014

Mandatory trades by primary insiders

Mandatory trades by primary insiders

The following primary insiders in Telenor Group have

on 12 May 2014 purchased Telenor shares for NOK 146.25

per share for the performance bonus according to

Telenor's Long Term Incentive (LTI) programme

implemented in 2012:

Number of shares purchased / Holdings after the

acquisition (including related parties):

- Jon Fredrik Baksaas 5,499/231,008

- Sigve Brekke 5,237/101,870

- Kjell Morten Johnsen 2,774/58,358

- Berit Svendsen 2,832/29,454

- Rolv-Erik Spilling 2,341/23,521

- Richard Olav Aa 3,056/33,879

- Jon Erik Haug 2,450/21,311

- Hilde Tonne 2,651/27,090

- Pål Wien Espen 3,500/43,842

- Knut Giske 1,851/32,527

- Pål K. Kvalheim 2,047/14,539