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Telenor ASA Director's Dealing 2016

Aug 1, 2016

Director's Dealing

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Trade by primary insider

Ingeborg Øfsthus, Executive Vice President of Telenor Group

and Chief Executive Officer of Telenor Montenegro and

Serbia, has on 29* July 2016 acquired 460 Telenor shares at

NOK 141.30 per share. After the transaction, Øfsthus (incl.

related parties) holds 3,549 shares in Telenor.

Members of Telenor's Group Executive Management should at a

minimum have, and keep, shareholdings in Telenor ASA

corresponding to the value of one annual base salary. The

share purchase was made to meet this requirement.

* Corrected