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Regulatory press release

TEL: Divestment of Telenor Pakistan

14.12.2023, 06.50
Telenor
Telenor has concluded the strategic review process of Pakistan. Telenor Pakistan
B.V. (a privately limited company organised under the laws of the Netherlands)
has signed an agreement to sell 100% of Telenor Pakistan (Private) Limited to
Pakistan Telecommunications Company Ltd, the national telecommunications and ICT
company in Pakistan. The buyer is a part of technology and investment group e&
and have assets that include Ufone, a mobile operator in Pakistan with over 20
million customers.

The transaction values Telenor Pakistan at NOK 5.3 billion on a
cash-and-debt-free basis. This includes repayment of intercompany loans of NOK
3.5 billion and reduced interest-bearing liabilities of NOK 1.8 billion
including leases. The agreement is subject to regulatory approvals and other
customary terms and conditions. The transaction is expected to close during
2024. Telenor Pakistan will continue its business as usual and focus on
delivering services to its 45 million customers.

In the first nine months of 2023, Telenor Pakistan contributed with NOK 2.6
billion in service revenues and NOK 1.4 billion in EBITDA to the group accounts.
The transaction is not estimated to have a significant impact on financials for
2023.

The transaction is in line with Telenor's strategy in Asia, which is to build
leading positions in the markets in which we operate, while de-risking and
focusing on cash generation. Telenor will continue to execute on this strategy,
being an active owner and build strong local digital champions to deliver
innovative services to consumers, businesses, and governments in the region.
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