Business Product/Service

Telenor has a leading Nordic position in mobile, broadband and TV services, as well as
substantial activities in subsidiaries and joint venture operations, including mobile financial
services and online classifieds in the Asia region. Worldwide, Telenor Group and their
operations’ teams are 19,000 people strong.

Their purpose: Connecting you to what matters most. Empowering societies.

Connecting customers to what matters most has been the core of our business for more than 160
years. Today internet connectivity impacts nearly every part of our lives, and they believe in
making it personalized and relevant for their customers. It’s about more than good business; it’s
empowering societies. Their strategy towards 2020 is driven by the ambition to transform the
customer experience. They create value by becoming even more efficient in how they operate,
how they deliver their services and how customers experience them.

Telenor’s Board of Directors

The Board of Directors is responsible for the management of the Telenor Group. The Board of
Directors is responsible for safeguarding the proper organization of the business and shall
supervise the day-to-day management and Telenor’s business in general. The Board of Directors
issues instructions for its own work as well as for the Chief Executive Officer.

There are 9 Board of Directors -

1. Gunn Waersted (Chair of the Board)

2. Jorgen Kildahl (Deputy Chair of the Board)

3.Grethe Viksaas

4. Jacob Aqraou (Board Member)

5. Jon Erik Reinhardsen (Board Member)

6. Sally Davis (Board Member)

7. Anita Helen Steine (Board Member–employee representative)

8. Jan Otto Eriksen (Board Member –employee representative)

9. Esben Smistad (Board Member – employee representative)

Committees of the Board

The Board of Directors has established four committees of the Board: The People and
Governance Committee, Risk and Audit Committee, Sustainability and Compliance Committee
and Transformation & Innovation Committee, which all are preparatory working committees of
the Board.

Objectives and Strategies

Telenor’s Board of Directors has established clear objectives and strategic ambitions guided by
the purpose:
“Connecting you to what matters most. Empowering societies.” Customers want help in selecting
the right types of offers for their usage patterns and to better understand their options. Customers
want things to be easy, they want to trust us and know that their information is safe with us, and
they want to get help when they need it. This is what matters most to customers today, and it is
what drives our strategy.

2019 MILESTONES AND ACHIEVEMENTS (Overall market performance)

In the Nordic region, Telenor Norway’s mobile market share remains above 55 per cent, while
our operations in Sweden and Denmark each maintain approximately 20 per cent market share.
DNA’s market share in Finland is around 28 per cent. In Malaysia, Digi maintained a stable
market share at close to 27 per cent. In Thailand, dtac’s market share fell to approximately 22 per
cent in 2019. In Emerging Asia, Grameenphone maintained a market share of more than 50 per
cent. Telenor Pakistan and Telenor Myanmar maintained subscriber market
shares of almost 30 and 35 per cent respectively.

Portfolio optimization
In 2019, Telenor saw strategic achievements in mergers and acquisitions (M&A) that drove
efficiency and created new synergies and shareholder value. In the first quarter, Telenor
completed the sale of the Serbian commercial bank Telenor Banka to PPF Group. In the third
quarter, Telenor completed the acquisition of DNA and is now taking the opportunity to expand
service offerings to Finnish business customers. In the same quarter, Telenor entered into a joint
venture agreement with Nordic Entertainment Group, combining the satellite-based
entertainment businesses to extract synergies and deliver enhanced customer experience. Telenor
merged its online classifieds business, 701Search, with Carousell, one of Asia’s largest and
fastest-growing classifieds marketplaces, in the fourth quarter. The merger created a regional
leader in online classifieds, giving Telenora 32 per cent stake in the company.

Share capital
The share capital of Telenor is stated in the Articles of Association, Clause 4. The company’s
share capital at year-end 2019 is NOK 8,654,748,192 divided into 1,442,458,032 shares each

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with a par value of NOK 6.00. As a consequence of the share buyback programme conducted by
Telenor in 2018, the General Meeting on 7 May 2019 resolved to decrease the share capital by
cancellation of repurchased own shares and redemption of shares held by the Government, and a
decrease of other reserves. In total 28,999,999 shares were cancelled or redeemed.

Tax position
Telenor aspires to be a trusted company, recognized for strong business ethics. Telenor’s
ambition is to contribute to economic, environmental and social development in countries where
the company is present, acting with accountability and transparency. Telenor understands the
importance of taxes to support this development, and takes a responsible approach respecting its
obligations as a taxpayer.

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