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Telenor (Nasdaq:TELN) (Fornebu, 4 August 2008) In connection with Telenor's long-term incentive programme for Telenor managers, Telenor's Group Executive Management and other managers have purchased shares in the company.
The Long-Term Incentive programme (LTI programme) includes approximately 100 employees holding national and international managerial positions. The managers are offered a fixed element which will amount to between 15 to 30 per cent of their base salary, and which shall be used to purchase Telenor shares with a lock-in period of three years.
The objective of the LTI programme is to develop and promote the joint interests shared by managers throughout the Telenor Group, and furthermore, to align the interests between the managers and the owners, thereby maintaining Telenor's focus on long-term value creation. The programme is part of a comprehensive remuneration package, which is an important element in ensuring that Telenor is capable of recruiting and retaining key personnel, both nationally and internationally.
The principles of the LTI programme were a part of the statement on Telenor executive management remuneration, which was presented to the Annual General Meeting on 8 May 2008.
The shares are purchased at NOK 78,94, which is the volume-weighted average of the five calendar days from 28 July to 1 August 2008.
The table below lists the primary insiders who have purchased shares in connection with the LTI programme (acquired shares/updated shareholding including related parties):
+-----------------------------------------------------------------+ | Jon Fredrik Baksaas, President & CEO | 7,517/71,786 | |-------------------------------------------------+---------------| | Jan Edvard Thygesen, Executive Vice President | 4,200/64,015 | |-------------------------------------------------+---------------| | Morten Karlsen Sørby, Executive Vice President | 4,776/22,629 | |-------------------------------------------------+---------------| | Trond Ø. Westlie, Executive Vice President | 4,347/25,795 | |-------------------------------------------------+---------------| | Ragnar H. Korsæth, Executive Vice President | 2,794/6,663 | |-------------------------------------------------+---------------| | Bjørn Magnus Kopperud, Executive Vice President | 3,117/11,094 | |-------------------------------------------------+---------------| | Hilde M. Tonne, Executive Vice President | 2,800/5,415 | |-------------------------------------------------+---------------| | Sigve Brekke, Executive Vice President | 5,859/8,636 | |-------------------------------------------------+---------------| | | | |-------------------------------------------------+---------------| | Pål Wien Espen, Group General Counsel | 2,611/7,356 | |-------------------------------------------------+---------------| | Knut Giske, Group Controller | 1,507/6,227 | +-----------------------------------------------------------------+
Contact: Scott Engebrigtsen, Vice President Group Communications, Tel: +47 90 04 34 84, e-mail: scott.engebrigtsen@telenor.com
