The Ministry of Transport and Communications, after considering all relevant factors, plans to launch the sale of shares in Telenor AS towards the end of October 2000, at the earliest.

The Ministry desires a fair and orderly Initial Public Offering, without any questions being raised as to whether the Government has more information than the investment community. This timing allows for the government's 2001 budget proposal to be known to the financial markets prior to the placement. It will also allow for Telenor Q3 1999 figures to be included in the prospectus. The final timetable will be subject to market conditions, says Terje Moe Gustavsen, Minister of Transport and Communications.