Investors

• Issue of Provisional Measures Order in favour of Axiata UK and Ncell by Tribunal constituted by the International Centre for the Settlement of Investment Disputes

Reference is made to our announcements of 22 April 2019, 26 April 2019, 8 May 2019 and 22 November 2019.

Axiata wishes to inform that the Tribunal in the BIT Arbitration has today, granted  Axiata UK and Ncell’s application for a Provisional Measures Order (“PMO”) ordering that Nepal, its agencies and officials, including the Large Taxpayer Office of Nepal (“LTPO”) and the Inland Revenue Department ("IRD"), be restrained (until an Award or a reconsideration by the Tribunal of its decision) from:

a) taking any steps to enforce or otherwise give effect to the demand letter served by the LTPO against Ncell dated 6 December 2019 in which the LTPO demanded that Ncell pay NPR 22,445,397,955.05 in allegedly outstanding capital gains tax (including interest and penalties) in connection with the sale by TeliaSonera Norway Nepal Holdings AS to Axiata UK of 100% of the share capital of Reynolds Holdings Limited in 2016; and

b) taking any steps which would alter the status quo between Axiata UK, Ncell and Nepal or aggravate the present dispute.

Nepal and its agencies and officials (including the LTPO and the IRD) are obliged under international law to comply with the PMO.

This announcement is dated 19 December 2019.