Update on the transaction between Dtac and True in Thailand
On 22 November 2021 Telenor and CP Group announced their intention to support
the amalgamation of dtac and True in Thailand. As part of the amalgamation,
companies jointly owned by Telenor and CP Group planned to carry out a voluntary
tender offer (VTO) for the shares in Dtac and True under the tender offer
regulation of the Securities and Exchange Commission of Thailand.

The announced VTO was made subject to conditions precedent. The conditions
precedent to the VTO have not been satisfied within one year from 22 November
2021. In line with the tender offer regulations, the parties have declined to
carry out the VTO.
 
Telenor believes in the benefits from the merger and continues to actively
support the amalgamation of Dtac and True. Telenor and CP Group continue to
target an equal ownership share of around 30% of the merged company.
The parties aim to complete the transaction within the first quarter of 2023.

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

Media contact:
David Fidjeland		+47 93 46 72 24

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