Telenor Satellite Services to Be Acquired by Apax Partners

On Wednesday 25 October 2006, Telenor (Oslo Stock Exchange: TEL
and NASDAQ: TELN) entered into a definitive agreement with Apax
Partners France for the sale of Telenor Satellite Services (TSS) to
funds managed by Apax Partners for a cash consideration of USD 400
million (NOK 2,640 million). Since 2002 Telenor has defined Telenor
Satellite Services as non-core business. Apax Partners intends to
pursue the development of the company in Norway and abroad.

Telenor Satellite Services offers communication solutions via
satellite to land, air and sea. The transaction will not impact the
services provided by TSS and business relations with customers will
remain unchanged.

"Apax Partners is a very capable owner, and the sale of Telenor
Satellite Services is made in accordance with Telenor's strategy to
divest business operations that fall outside the scope of our core
activities. We are pleased that Telenor Satellite Services will now
have an owner that is well-positioned to continue the development of
the company," said Bjarne Aamodt, Chairman of Telenor Satellite
Services and Senior Vice President in Telenor.

"We are delighted to make a further investment in satellite
communication services by acquiring TSS. TSS is not only a major
provider of mobile satellite services, but also a leading competitor
in the high growth VSAT business segment, providing mission critical
satellite communication services to demanding clients worldwide. Apax
Partners will rely upon TSS' management and employees to pursue the
development of the company in Norway and abroad, and to continuously
enhance its services to meet the needs of its customers," said
Bertrand Pivin, Partner at Apax Partners in Paris.

The transaction is subject to approval from regulatory
authorities. Given the current exchange rate for USD, Telenor ASA will
be able to post a gain of approximately NOK 1.4 billion from the sale.
The transaction will not affect any other units of Telenor ASA that
use satellite as their communications platform, including Telenor
Broadcast/Telenor Satellite Broadcasting.

About Telenor Satellite Services

Telenor Satellite Services offers communication solutions via
satellite to land, air and sea. Unlike Telenor Satellite Broadcasting,
TSS does not own or operate satellites by itself. Telenor Satellite
Services currently has approximately 550 employees, operating in
offices located in Norway (232 employees), in the U.S. (168
employees), as well as in Europe, the Middle East, Asia and South
America. In 2005, Telenor Satellite Services generated revenues
amounting to USD 376.9 million (NOK 2,428 million) and an EBITDA of
USD 61.0 million (NOK 392.8 million). For the first nine months of
2006, TSS' revenues were USD 285.7 million (NOK 1,834 million) with an
EBITDA of USD 43.7 million (NOK 280.8 million). Similar figures for
the first nine months in 2005 were revenues of USD 281.3 million (NOK
1,792 million) and an EBITDA of USD 42.8 million (NOK 272.8 million).

About Apax Partners

Apax Partners is one of the world's leading private equity
investment groups. It operates across Europe, Israel, the United
States and Asia, and has more than 30 years of investing experience.
Funds under the advice of Apax Partners total EUR 16 billion around
the world. Apax Partners Funds provide long-term equity financing to
build and strengthen world-class companies. They invest in companies
across its global sectors of Tech & Telecom, Retail & Consumer, Media,
Healthcare and Financial & Business Services. Examples of investments
in telecoms include: TDC, Intelsat, Tim Hellas Communications, Bezeq,
Versatel, Q-Telecom and Outremer Telecom.

For more information visit: www.apax.fr and www.apax.com