Mandate given to buy back shares in conjunction with share programme for employees

27 May 2024 08:30 CEST

Telenor ASA has today engaged DNB Markets, a part of DNB Bank ASA (“DNB
Markets”) to conduct a buyback of own shares to be used in the Company’s share
programmes in 2024 for employees in Telenor Group.

The shares shall be used to meet obligations towards employees who participate
in the Company’s long term investment incentive plan (LTI) and the employee
share plan (ESP).

The buybacks in 2024 will be divided into three tranches:

Tranche 1 – ESP and LTI shares to be purchased in the period 27th to 31st May
2024. Total amount of NOK 45.2 million.

Tranche 2 – ESP shares to be purchased in the period 12th to 16th August 2024.
Total amount of NOK 8.9 million.

Tranche 3 – ESP shares to be purchased in the period 11th to 15th November 2024.
Total amount of NOK 8.9 million.

The maximum number of shares to be acquired in the above three tranches is
1,259,436.

ESP purchases are subject to the following adjustments:

- The amount to be invested by ESP-participants outside Norway is defined in
local currency, and the final NOK amount will be determined based on exchange
rates on 29 April, 31 July, and 30 October.

- The amount will be adjusted downwards to reflect any leavers from the ESP
program. The criteria for the adjustments are predefined in the mandate
agreement with DNB Markets, hence Telenor cannot influence the determination of
the final amount.

The buyback will be done on basis of authorization granted at Telenor ASA’s
Annual General Meeting on 7th May 2024. The authorization is for buyback of up
to 10,000,000 shares to be used in the share programmes, at a share price of
minimum NOK 50 and a maximum NOK 250. The authorization has not been utilized to
date, and the Company currently holds 14,406,961 treasury shares, out of which
86,437 are related to the Company’s share programmes.

For further information, please see the minutes of the AGM and the Annual Report
for 2023, both available at Telenor’s website:
https://www.telenor.com/investors/shareholder-centre/annual-general-meeting/annu
al-general-meeting-2024/

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