Telenor has agreed to sell a portfolio consisting of 85 development properties
in Norway. The divestment is part of Telenor's simplification and modernization
program, and encompasses properties that are not needed once the planned copper
net decommissioning is completed. Four of the properties are sold on behalf of
Telenor's Pension Fund.  
Buyer under the agreement is a group consisting of (in alphabetical order)
FagerStad Utvikling AS, Fredensborg AS, Fredensborg Bolig AS, Johan Johannson
Eiendom AS and Norgesgruppen Eiendom AS, all professional property owners and
developers. 
Gross property value in the transaction is NOK 1.4 billion, including NOK 360
million allocated to Telenor Pensjonskasse and an earn-out fee related to future
development and certain criteria regarding volume. Payment under the earn-out is
expected within 4 years. A customary tax rebate will be deducted from the gross
property value.  
Completion of the transaction will take place on or about 1 September. Telenor
will then lease back the 85 properties in their entirety for a period of up to 5
years. The buyer will in parallel re-zone and develop the properties so that
these may be better utilized. After the initial lease period, Telenor will only
rent small and limited areas to host fiber and mobile equipment, reducing
Telenor's cost base.  
The divestment will be recognized in Telenor's financial statements upon
completion of the transaction. Telenor's accounting gain will be around NOK 500
million. 
 
Arctic Securities and UNION Norsk Næringsmegling have acted as Telenor's
financial advisors and Haavind Law firm as Telenor's legal advisor. 

Investor Relations 
Øystein Myrvold, +47 99230460 
Kristine Devold, +47 90050780

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