Major Shareholdings

As of 31 December 2011

  Shareholders   No. of shares % of total
1 Government of Norway 867 865 005 53.97 %
2 FOLKETRYGDFONDET 77 089 737 4.79 %
3 Franklin Resources 63 034 763 3.92 %
4 Fidelity Management & Research Company 37 615 603 2.34 %
5 UBS 28 611 020 1.78 %
6 Telenor Treasury Shares 23 954 781 1.49 %
7 BLACKROCK 21 162 124 1.32 %
8 DNB 19 485 901 1.21 %
9 State Street Corporation 19 225 002 1.20 %
10 SAFE Investment Company 18 911 592 1.18 %
11 WELLINGTON MANAGEMENT COMPANY 17 367 807 1.08 %
12 MANNING & NAPIER ADVISORS 15 039 510 0.94 %
13 Legal & General Investment Management 11 890 647 0.74 %
14 STOREBRAND KAPITALFORVALTNING 11 425 060 0.71 %
15 KLP 9 702 845 0.60 %
16 Nordea 8 652 553 0.54 %
17 SCHRODERS 8 005 930 0.50 %
18 APG ASSET MANAGEMENT 7 786 265 0.48 %
19 Bank Delen - Custodian 7 379 497 0.46 %
20 Standard Life Investments 7 211 569 0.45 %
  Total 20 largest   1 281 417 211 79.68 %
  Others   326 776 402 20.32 %
  Total shares   1 608 193 613 100.00 %
  The data is provided by Thomson Reuters and is obtained through an analysis of beneficial ownership and fund manager information provided in replies to disclosure of ownership notices issued to all custodians on the Telenor VPS share register. Every reasonable effort has been made to verify the data, however neither Telenor nor Thomson can guarantee the accuracy of the analysis.