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

23 May 2025 17:21 CEST

Telenor ASA has today engaged DNB Carnegie, a part of DNB Bank ASA (“DNB
Carnegie”) to conduct a buyback of own shares to be used in the Company’s share
programmes for employees in Telenor Group and executive compensation element in
2025.

The shares shall be used to meet obligations towards employees who participate
in the Company’s long term incentive plan (LTI), the employee share plan (ESP),
and the executive compensation element: Salary Substitute as restricted shares.

The buybacks in 2025 will be divided into three tranches:

Tranche 1 – ESP, LTI, and Salary Substitute shares to be purchased in the period
26th to 30th May 2025. Total amount of NOK 47.5 million.

Tranche 2 – ESP and Salary Substitute shares to be purchased in the period 11th
to 15th August 2025. Total amount of NOK 12.6 million.

Tranche 3 – ESP and Salary Substitute shares to be purchased in the period 10th
to 14th November 2025. Total amount of NOK 12.6 million.

The maximum number of shares to be acquired in the above three tranches is 1 454
000.

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 11 April, 21 July, and 20 October.

- The amount may be adjusted downwards to reflect any leavers from the ESP
program. The criteria for the adjustments are predefined in the mandate
agreement with DNB Carnegie, 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 21st May 2025. The authorization is for buyback of up
to 10 000 000 shares to be used in the share programmes and executive
compensation element, 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
90 657 treasury shares.

This is information that Telenor ASA is obliged to make public pursuant to the
EU Market Abuse Regulation and subject to the disclosure requirements pursuant
to Section 5-12 of the Norwegian Securities Trading Act.

For further information, please see the minutes of the AGM and the Annual Report
for 2024, both available at Telenor’s website: Annual General Meeting 2025 -
Telenor Group

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