Telenor ASA above 96.6 per cent of shares and votes in Glocalnet AB. Telenor ASA extends the acceptance period for the offer

Not for release, directly or indirectly, in or into the United States, Australia, Canada or Japan. • Glocalnet AB’s shares tendered under Telenor ASA’s public offer and shares held by Telenor ASA represent in aggregate approximately 96.69 per cent of the shares and votes in Glocalnet AB

Telenor ASA’s (”Telenor”) public offer (the “Offer”), through its wholly owned Swedish subsidiary TBS Infrastructure AB, to the shareholders and warrant-holders of Glocalnet AB (publ) (“Glocalnet”) in accordance with the offer document dated February 27, 2006 has during the ordinary acceptance period been accepted by shareholders representing 25,408,989 shares, corresponding to approximately 10.07 per cent of the shares and votes in Glocalnet. The Offer has been accepted by warrant-holders representing 158,226 warrants (corresponding to 173,630 shares), corresponding to approximately 43.56 per cent of outstanding warrants. At the time of the announcement of the Offer Telenor held 126,476,210 shares in Glocalnet, equivalent to 50.10 per cent of shares and votes. Since the announcement Telenor has acquired 92,193,326 shares in Glocalnet and holds 218,669,536 shares in Glocalnet, equivalent to 86.63 per cent of shares and votes. Including shares tendered Telenor holds 244,078,525 shares in Glocalnet, corresponding to approximately 96.69 per cent of shares and votes. Telenor expects to commence settlement on April 3, 2006 to those shareholders and warrant-holders who have accepted the Offer during the ordinary acceptance period. To enable those shareholders and warrant-holders who have not yet submitted their acceptance to participate in the Offer, Telenor has decided to extend the acceptance period until 5 p.m. CET on April 21, 2006. Telenor expects to commence settlement on or about April 28, 2006 to those shareholders and warrant-holders who accept the Offer during the extended acceptance period. Regardless of the extended acceptance period, it is Telenor’s intention to initiate compulsory purchase of the remaining outstanding minority shares in Glocalnet shortly. It is Telenor’s intention to delist the Glocalnet share from the Stockholm Stock Exchange. Telenor may acquire additional Glocalnet shares in the market. Oslo and Stockholm, March 28 2006 Telenor ASA TBS Infrastructure AB