Nomination of new Chairman of the Board and new Chairman of the Corporate Assembly in Telenor ASA

(Oslo, 15 May, 2012) The Nomination Committee in Telenor ASA proposes that Mr. Svein Aaser should be elected as Chairman of the Board in Telenor, succeeding Harald Norvik. The Nomination Committee also proposes that Mr. Anders Skjævestad succeeds Mr. Jan Erik Korssjøen as Chairman of the Corporate Assembly and thus Chairman of the Nomination Committee...

(Oslo, 15 May, 2012) The Nomination Committee in Telenor ASA proposes that Mr. Svein Aaser should be elected as Chairman of the Board in Telenor, succeeding Harald Norvik. The Nomination Committee also proposes that Mr. Anders Skjævestad succeeds Mr. Jan Erik Korssjøen as Chairman of the Corporate Assembly and thus Chairman of the Nomination Committee.

Silvija Seres, a member of the Corporate Assembly elected by the shareholders, is proposed as a new member of the Nomination Committee. Following the above proposals, the Nomination Committee will consist of: Anders Skjævestad (Chairman), Mette Wikborg, Rune Selmar and Silvija Seres.

Telenor's Corporate Assembly is responsible for electing Telenor's Board of Directors and the Corporate Assembly elects its own Chairman. Telenor's Corporate Assembly meets after the Annual General Meeting and both meetings take place on May 16, 2012.

About Svein Aaser
Svein Aaser was CEO at Den norske Bank and DnB NOR from 1998 to 2006. He was previously CEO at Nycomed from 1987 to 1996. He has also been the CEO at Storebrand Skade, Nora Matprodukter and Stabburet Nora. He has served as president at The Confederation of Norwegian Enterprise (NHO) and Finance Norway (FNO). Today, Aaser is the Chairman of the Board at Statkraft, Det Norske Oljeselskap and Ocean Yield. Moreover, he is the Chairman of the Board at the National Museum of Art and the Anders Jahre Humanitarian Foundation. Aaser received his MBA in 1970 from the Norwegian School of Economics (NHH). He is also a graduate from the Lausanne IMEDE's Program for Executive Development.

About Anders Skjævestad
Anders Skjævestad is the deputy CEO at DnB Livsforsikring. He was previously with Arthur Andersen and Price Waterhouse. He is a graduate from the Norwegian School of Economics (NHH) and the University of Agder. He has been a member of Telenor's Corporate Assembly and the Nomination Committee since 2009.

About Silvija Seres
Silvija Seres was previously a Director of Business Management at Microsoft and a VP of Product Marketing at Fast Search & Transfer. She is currently a director on a number of boards, including Statkraft, Norsk Tipping, Aschehoug, Dagbladet Medialab and Norman. She was previously an academic researcher at Oxford University as well as in the United States, China and Saudia Arabia. Seres has a PhD in Mathematics from Oxford, a Master's Degree from the University of Oslo and an MBA from INSEAD. She has been a member of Telenor's Corporate Assembly since 2011.

Contact:
Tor Odland, Vice President, Group Communications, Telenor Group. Mobile: +47 9909 0872.

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