Telenor (OSL:TEL) VRT Selects Norkring As Network Operator Partner

Telenor (OSL:TEL) (Fornebu, 17 December 2008) The Flemish Radio and Television Network (VRT) today announced that Norkring, a subsidiary of Telenor and Norway's leading provider of terrestrial broadcasting services, has been selected as private sector partner for VRT's transmitter network. The new network operator will be owned by the VRT (51 %) and Norkring (49 %).

The VRT's transmitter network consists of real estate, transmission infrastructure, headends and on-going leasing and letting contracts. All broadcasting network assets and services related to the designing, construction and maintenance of transmitter networks will be removed from the VRT's range of duties, and transferred to the new network operator.

The network operator will be established as a limited company under Belgian private law. The company will have the infrastructure it needs to perform all of its activities, including the continued transmission of existing VRT Radio and TV output. The current VRT services will be guaranteed by a service contract between the VRT and the network operator.

- In Norkring we are fortunate to have found a partner who believes in the digital future of the media. Norkring is a vigorous and stable company that will ensure that the transmitter network will be of service to the entire Flemish media landscape. We are looking forward to a smooth and successful collaboration with Norkring, says Dirk Wauters, Managing Director of VRT

- The VRT has conducted a solid tender process, and I am very pleased that they selected Norkring as their partner for the new network operator. This partnership marks an important milestone in Norkring's expansion outside the Nordic region. I believe that the new network operator will develop and strengthen its position in the Flemish media landscape, says Torbjørn Teigen, CEO of Norkring.

Norkring has aquired 49 per cent of the new network operator for a consideration of EUR 9.8 million and has an option to increase its holding to 75 per cent. The transaction is conditional on the approval of Belgian and European competition authorities.

Press contacts:

Glenn Mandelid, Head of Communication in Telenor Broadcast Holding, Tel: (+ 47) 92 66 13 00

Diane Waumans, Spokesperson in VRT Tel: (+ 32) 478 881 068

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

Telenor

http://www.telenor.com

ISIN: NO0010063308

Stock Identifier: OSE.TEL

US: Nasdaq:TELN