Telenor Group has entered into an agreement to sell 100 percent of its mobile
operations in Myanmar to M1 Group for a total consideration of 105 million USD
(approximately 900 million NOK), of which 55 million USD (approximately 470
million NOK) is a deferred payment over five years. The transaction corresponds
to an implied enterprise value of approximately 600 million USD (approximately
5.2 billion NOK). M1 Group will acquire all the shares in Telenor Myanmar and
continue the current operation. 
 
On 4 May, Telenor Group announced an impairment of Telenor Myanmar. Telenor
underlined at the time that the operations in Myanmar continued, and that the
future presence would depend on the developments in the country and the ability
to contribute positively to the people of Myanmar. Further deterioration of the
situation and recent developments in Myanmar form the basis for the decision to
divest the company. In the present situation it has not been possible for
Telenor to conduct an ordinary sales process.

"The situation in Myanmar has over the past months become increasingly
challenging for Telenor for people security, regulatory and compliance reasons.
We have evaluated all options and believe a sale of the company is the best
possible solution in this situation. The agreement to sell to M1 Group will
ensure continued operations. Telenor entered Myanmar because we believed that
access to affordable mobile services would support the country's development and
growth. I wish to thank all employees and partners who have taken significant
efforts to build a company that has impacted the people of Myanmar and has
provided state of the art telco services during Telenor's years in the country",
says Sigve Brekke President and CEO of Telenor Group.

Since operations started in 2014, Telenor's funding to Myanmar has been around
5.3 billion NOK. After turning cashflow positive in 2017, Telenor Myanmar has
distributed approximately 3.2 billion NOK in dividend. With effect from second
quarter of 2021, Telenor Myanmar will be treated as an asset held for sale and
discontinued operations. The gain/loss calculation arising from the transaction
will be impacted, inter alia, by the accumulated translation differences related
to the Myanmar operation and will be finally determined at closing. The
transaction is subject to regulatory approvals in Myanmar.

Investor Relations: 
Øystein Myrvold, mobile: +47 992 30 460, oystein.myrvold@telenor.com 
Håkon Hatlevik, mobile: +47 901 46 070, hakon.hatlevik@telenor.com 
Kristine Devold, mobile: +47 900 50 780, kristine.devold@telenor.com

Media contact:
Tormod Sandstø, mobile: +47 90943215, tormod.sandsto@telenor.com