Fornebu, 10 August 2023 - Telenor announces that all shares in software company
Working Group Two will be acquired by the global communications technology
company Cisco.  

Telenor sells its 44.6 per cent share of Working Group Two, in a transaction
where Cisco will acquire all shares in the company for an enterprise value of
150 million USD. Working Group Two will be incorporated fully into Cisco.  

Working Group Two started as a development project in Telenor before it was spun
out with Telenor as a cornerstone investor in 2017 along with Digital Alpha, a
leading digital infrastructure investment firm. The company, which offers mobile
operators a cloud-based core network platform designed to radically increase
product innovation and reduce time to the market, has since grown from around 5
to more than 90 employees with a global customer base in Europe, North America,
and Asia.  

"Working Group Two is a Telenor innovation and a Norwegian technology success
story that we are proud of being part of. Telenor and Cisco partnered on the
launch of the company and have enjoyed a fruitful collaboration on many areas
over the past few years. Cisco is an excellent future home for Working Group Two
with a shared vision for how the industry should evolve. This transaction
represents another milestone on our strategy of realising value in the Telenor
Amp portfolio", says EVP and head of Telenor Amp, Dan Ouchterlony.  

Media contact: 

David Fidjeland | Director Media Relations, Telenor Group 
+47 93 46 72 24 | david.fidjeland@telenor.com 

Investor contact: 

Frank Maaø | Head of Investor Relations Telenor Group
+47 91 67 40 45 | frank.maao@telenor.com