Telenor ASA — Director's Dealing 2016

May 13, 2016

Trades by primary insiders

Trades by primary insiders

The following primary insiders in Telenor ASA have on 12 May

2016 acquired Telenor shares in connection with a long-term

incentive programme for employees, at a price of NOK 135.06

per share.

Acquired shares/updated shareholding:

- Wenche Agerup 2,829 / 3,692

- Jon Gravråk 2,776 / 2,776

- Jesper Hansen 371 / 18,620*

*) The shareholding has been corrected for an error in

incoming balance when Hansen became a member of the Group

Executive Management on 12 October 2015. All trades have

been reported correctly.