The Board of Directors of Telenor ASA calls for an extraordinary general meeting
to be held on 26 January 2023 at 16:30 CET. In the meeting, the Board of
Directors will ask the General Meeting for a share buyback authorisation.

The proposal for a share buyback authority relates to the agreement to divest
30% of Telenor Fiber AS in a transaction as described in stock exchange notice
of 7 October 2022. The transaction will generate proceeds of approximately NOK
10.8 billion to Telenor.

This transaction is in line with the strategy outlined on Telenor's Capital
Markets Day in September last year, about value crystallisation in the
infrastructure business. In addition to secure continued fibre roll out in
Norway the Board of Directors intends to use parts of the proceeds for share
buybacks.
  
The buyback will be conducted by way of purchase of shares in the market. In a
subsequent general meeting after the buyback has been completed, the company
will propose redemption of the shares acquired as well as a redemption of a
proportionate number of shares held by the Norwegian government such that the
Government's ownership interest in the company remains unchanged. The
authorisation has an upper limit of 3.4 % of the outstanding shares or NOK 4.3
billion, whichever is lowest, and will be valid until 31 December 2023.

Investor relation contacts

Øystein Myrvold +47 99 23 04 60
Håkon Hatlevik  +47 90 14 60 70

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