The Norwegian Ministry of Transport and Communications and Telenor today announced the appointment of global coordinators for the planned initital public offering (IPO) of Telenor AS. The listing is subject to approval by the Norwegian Government and Parliament (Stortinget).

Goldman Sachs and DNB Markets have been appointed joint global coordinators for the offering. The sale of shares in Norway will be handled by DnB Markets and Christiania Markets. The shares are intended to be sold on a broad basis in Norway.

The syndicate will be appointed at a later stage to assist in the IPO and listing. The lead banks have been selected at this early stage to enable thorough preparations prior to the listing, anticipated to take place during the second half of this year, subject to governmental and parliamentary approval and market conditions.

A fee of 1.50 per cent of the proceeds from the offering has been agreed. Of this, 0.15 per cent is an incentive fee which may be awarded upon the completion of the offering.

Telenor has also appointed Lazard as its corporate financial adviser in connection with the planned IPO.

Further information:

Eva Hildrum, Ministry of Transport and Communication, tel: (+47) 22 24 82 00

Dag Melgaard, Telenor AS, tel.: (+47) 22 77 85 90 or mobile: (+47) 901 92 000

Please note:

"This is not an offer of Securities for sale in the United States. Securities may not be offered or sold in the United States unless they are registered or exempt from registration. Any public offering of Securities in the United States will be made by means of a Prospectus that may be obtained from Telenor or the Norwegian State and that will contain detailed information about the Company and Management, as well as financial statements.