Telenor and C.P. Group have agreed to explore the creation of a new company
comprising of dtac and True in Thailand. The transaction will create a company
with around 55 mill customers and pro-forma revenues of around USD 6.9 bn in
2020. 

Telenor believes there will be significant opportunities in Asia coming from
digitalization and technical advancements in the coming years, and the proposed
transaction will advance Telenor's value driven strategy to strengthen our
presence in Asia. 

The transaction aims to create a leading telecommunications service provider
with capabilities to accelerate Thailand's digital technology agenda in terms of
network performance, innovation, investment strength and employer brand. The
transaction will be a merger of equals and will bring the best of two companies
together to realise material synergies.

If the transaction proceeds, it will consist of a conditional voluntary tender
offer (VTO) for all outstanding shares of dtac and True, followed by an
amalgamation of the two companies. The VTO price for dtac will be THB 47.76,
which represents a 25 percent premium to the one-month VWAP for dtac shares, and
the VTO price for True will be THB 5.09, which represents a 25 percent premium
to the one-month VWAP for True shares.  The agreed exchange ratio is 10.221 True
shares per dtac share.

Depending on the tendering in the VTO, Telenor and C.P. group will aim for an
ownership share of around 1/3 each in the merged entity. The company will be
listed on The Stock Exchange of Thailand.

dtac and True will continue to run their businesses independently until the
transaction is completed. The parties aim to reach the necessary agreements by
the end of Q1 2022. The transaction will be subject to approvals by relevant
boards and shareholders, as well as customary regulatory approvals. The parties
acknowledge that there is no certainty as to the finalisation of the
transaction.

Telenor's Chief Financial Officer Tone Hegland Bachke will host a conference
call for analysts and investors at 09:00 CET today. To participate in the
conference call, please register 15 minutes before the conference starts by
click to join:

https://events.globalmeet.com/Public/ClickToJoin/ZW5jPXI5bXV5NEpaZk9JdERKTnRzdDY
1ZE5zaHl1NW5jVGVodEtGUTJ0WFZJNjR5UUQxV0c3cUNEZz09

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Confirmation Code: 	5156180


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