Telenor ASA has today engagedDNB Markets , a part ofDNB Bank ASA ("DNB Markets ") to conduct a buyback of own shares to be used in the Company's share programs in 2022 for management and employees in theTelenor 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 shares will be transferred to the participants promptly after the buyback has been completed. Shares that are not allocated now, will be used in later rounds in the share programs. The buybacks in 2022 will be divided into three tranches: Tranche 1 - ESP and LTI shares to be purchased in the period 18th to24th May 2022 . Total amount of approximatelyNOK 38.4 million . Tranche 2 - ESP shares to be purchased in the period 15th to19th August 2022 . Total amount of approximatelyNOK 8.8 million . Tranche 3 - ESP shares to be purchased in the period 14th to18th November 2022 . Total amount of approximatelyNOK 8.8 million . ESP purchases are subject to the following adjustments: - The amount to be invested by ESP-participants outsideNorway is defined in local currency, and the final NOK amount will be determined based on exchange rates on 6 May, 3 August, and 2 November. - 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 withDNB Markets , henceTelenor cannot influence the determination of the final amount. The buyback will be done on basis of authorization granted atTelenor ASA's Annual General Meeting on11th May 2021 . The authorization is for buyback of up to 10,000,000 shares to be used in the share programs, at a share price of minimumNOK 50 and a maximumNOK 250 . The authorization has not been utilized to date, and the Company currently holds 748 treasury shares. For further information, please see the minutes of the AGM and the Annual Report for 2022, both available atTelenor's website: https://www.telenor.com/investors/shareholder-centre/annual-general-meeting/annu al-general-meeting-2022/
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