Telenor ASA — Capital/Financing Update 2019

May 23, 2019

Telenor ASA - Issuance of bonds

Telenor ASA - Issuance of bonds

Telenor ASA has on 23 May 2019 issued the following bond tranches under the

company's EMTN programme:

- EUR 1,000,000,000, fixed coupon 0.75%, maturity 31 May 2026,

- EUR 1,000,000,000, fixed coupon 1.125%, maturity 31 May 2029,

- EUR 500,000,000, fixed coupon 1.75%, maturity 31 May 2034.

All tranches will settle on 31 May 2019. The proceeds will be used for general

corporate purposes, including acquisitions and repayment of existing indebtedness.

The bonds will be listed on Luxembourg Stock Exchange.

Global Coordinators: Barclays, Citi

Joint Book Runners : Barclays, Citi, MUFG, SMBC Nikko and Standard Chartered Bank

For further information: Frode Borhaug, Director, Head of Funding,

telephone +47 91638645