Notification to the Oslo Stock Exchange re purchase of own shares

(Fornebu. 2 March 2004) Telenor ASA has on 1. March 2004 purchased 450,000 own shares at an average price of NOK 49.21 per share. After this transaction, Telenor ASA owns a total of 30,948,172 shares. The transaction is part of a buyback authorisation approved by Telenor`s Annual General Meeting on May 8, 2003.

Telenor`s largest shareholder, the Kingdom of Norway, has committed to participate in the buyback by cancelling a proportionate part of its shares, leaving their ownership unchanged. The compensation for the Kingdom of Norway`s shares to be cancelled will be determined by the average price paid in the market under the buyback, plus an interest based on NIBOR +0,5 percent p.a., calculated from the dates of purchases under the buyback until payment to the Kingdom of Norway at the time of cancellation.
 
Any further buyback transactions under this authorisation will be disclosed at Oslo Stock Exchange and on www.telenor.com.
 
Contact:
Chief Press Spokesman, Dag Melgaard tel: (+47) 901 92 000