Following the successful transaction of divesting 30% of Telenor Fiber AS,
Telenor Group has decided to initiate a 2023-2024 share buyback programme. The
programme size will be limited to NOK 3.7 billion and up to 47 million shares.

Telenor has on 7 February 2023 entered into a non-discretionary agreement with a
third party for the repurchase of up to 21.6 million Telenor shares in the
market for a maximum pecuniary amount of NOK 1.7 billion. The third party will
manage the programme and make trading decisions independently of, and
uninfluenced by, Telenor. The buyback mandate will commence on 8 February 2023
and will end no later than on 31 December 2023. 

Pursuant to an agreement between Telenor and the Ministry of Trade, Industry and
Fisheries the remaining up to 25.4 million shares in the share buyback programme
will be redemption of shares from the Norwegian State on a proportionate basis.
This ensures that the State's ownership interest in Telenor of 53.97% remains
unchanged. The compensation for the State's shares and the following redemption
of these shares is expected to occur mid-2024. In May 2024 Telenor will seek
approval from the AGM for cancellation of the repurchased shares, including
shares owned by the Norwegian state. 

The buy-back programme is based on an authorization granted to the Board of
Directors at the Extraordinary General Meeting 26 January 2023. According to the
authorization, the maximum number of shares to be purchased in the market is 47
million, the minimum price that can be paid per share is NOK 50, and the maximum
price is NOK 150. The authorization is valid until 31 December 2023.

The buyback programme will return up to NOK 3.7 billion to shareholders. This
comes in addition to the FY 2022 ordinary dividend of NOK 9.40 per share, of
which NOK 5.00 will be paid in May 2023 and remaining NOK 4.40 will be paid out
in October 2023. 

Transactions will be conducted in accordance with applicable safe harbour
conditions, and as further set out i.a. in the Norwegian Securities Trading Act
of 2007, EU Commission Regulation (EC) No 2016/1052 and the Oslo Stock
Exchange's Guidelines for buy-back programmes and price stabilisation February
2021. 

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

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© Oslo Bors ASA, source Oslo Stock Exchange