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