Offer document issued - Start of offer period for Unifon Holding's recommended
voluntary cash offer to acquire all outstanding shares in Nortel AS

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, INTO OR WITHIN CANADA, AUSTRALIA, NEW ZEALAND, SOUTH AFRICA, HONG
KONG, JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE
WOULD BE UNLAWFUL. PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THIS
ANNOUNCEMENT. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF U.S. SECURITIES LAW.

Oslo, 10 July 2023: Reference is made to the announcement made by Nortel AS
("Nortel" or the "Company") and Unifon Holding AS (the "Offeror") on 6 July
2023. The Offeror today announces its issue of the offer document (the "Offer
Document") and commencement of the offer period (the "Offer Period") for the
voluntary cash offer to acquire all outstanding shares of the Company (the
"Shares") at a price of NOK 27.50 per Share (the "Offer"). The Board of
Directors of the Company has unanimously recommended the shareholders of the
Company to accept the Offer, and shareholders representing approx. 70% of the
Shares have entered into conditional sales agreement to sell their Shares,
including all members of the Board and executive management of the Company.
The Offer Document will be sent to all shareholders of Nortel, as registered in
the Company's shareholder register in Euronext VPS as of 7 July 2023, in
jurisdictions where the Offer Document may be lawfully distributed. The Offer
Document will also be available at www.dnb.no/emisjoner. 
The Offer Period will commence on 10 July 2023 and expire at 16:30 hours (CEST)
on 14 August 2023, subject to extensions at the sole discretion of the Offeror.
The terms and conditions of the Offer, including the procedures for how to
accept the Offer, are set out in the Offer Document. 

Key terms of the Offer:
 The Offer Price of NOK 27.50 for the remaining outstanding shares will be
settled in cash