Telenor – Investor Presentation June 2012

Jon Fredrik Baksaas, CEO

The following presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated (’relevant persons’). Any person who is not a relevant person should not act or rely on this presentation or any of its contents. Information in the following presentation relating to the price at which relevant investments have been bought or sold in the past or the yield on such investments cannot be relied upon as a guide to the future performance of such investments. This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in any company within the Telenor Group. The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about, and observe, such restrictions. This presentation contains statements regarding the future in connection with the Telenor Group’s growth initiatives, profit figures, outlook, strategies and objectives. In particular, the section ‘Outlook for 2012’ contains forward-looking statements regarding the Telenor Group’s expectations. All statements regarding the future are subject to inherent risks and uncertainties, and many factors can lead to actual profits and developments deviating substantially from what has been expressed or implied in such statements.


Maintaining growth momentum Organic revenue growth • Strong operational performance in Q1 • 8% organic revenue growth • 5.6 million net subscriber growth • 21% operating cash flow margin • Restoring ownership position in VimpelCom • Awaiting final decision on auction format in India Mobile subscribers (mill) 3 .

Strategy built on two main operational ambitions Preferred by customers Cost efficient operator Customer centricity Take positions in new services Business unit efficiency improvements Cross border standardisation 4 .

aligned with auction timeline • Auction conditions .Key elements • Roll out obligations • Spectrum • Incumbents vs new players • Reserve price • Deferred payments • INR 155 bn peak funding maintained EBITDA (NOKm) 5 .Awaiting final decision on auction format in India Revenues (NOKm) • Operational performance on track • Licence extension to 7 September.

Telenor ownership stakes in VimpelCom Ltd Voting Economic • • • 234 million preferred shares acquired from Weather Investments on 15 February 65 million common shares acquired from JP Morgan on 4 April In compliance with applicable rules and regulations 6 .Restoring ownership position in VimpelCom Ltd.

Healthy shareholder remuneration Dividend per share (NOK) Payout to shareholders (NOK bn) Dividend policy: • 50-80% of normalised net income • Nominal YoY increase in dividend • • 3% share buybacks in 2011 Aiming for buybacks also in 2012 *) Share buyback programme AGM 2011 – AGM 2012 7 .

India and licence fees 8 .Priorities in 2012 Opex/sales* 39% • Continue to deliver growth above peers • Clarify platform for continued operations in India • Manage transition from voice to data • Execute on operational excellence 13% 37% <35% Capex/sales* 11% ~10% *) Existing business not incl.

Telenor – Investor Presentation June 2012 Marius Gigernes and Frode Støldal. Telenor Norway .

adjusted for acquisitions and disposals. EBITDA and EBITDA margin before other items Capex excl licence fees Organic revenue / EBITDA growth YoY 10 .Telenor Norway Q1 2012 Revenues (NOKm) and EBITDA% • 6k net mobile subscription growth • Stable mobile ARPU adjusted for onetime effects • Fixed development in line with previous quarters • EBITDA impacted by mobile campaign in Q4 and storm-related costs • Network investments focused on mobile capacity and fibre to the home EBITDA and capex (NOKm) EBITDA 0% CAPEX -7% Organic growth assuming fixed currency.

Migration to bundled mobile tariffs Mobile data users (1000’)* Mobile blended ARPU (NOK) Q4 campaign Other *) Small screen data users – Consumer segment 11 .

Modernisation of networks Best mobile network 324 • 278 246 Network swap completed Q4 2011 3G coverage close to 90% LTE launch in 2H 2012 IP backhaul upgrade • • • Fibre rollout • • Using both Telenor and Canal Digital brands 57.000 connections by end of 2012 • Stream-lining of value chain .

Enhance xDSL quality in other areas to create a good alternative .Simplification of processes and value chains Improve customer experience • 324 278 246 Develop state of the art web platform and shift volumes to web Implement the net promoter score index and enhance the utilization of customer feedback loops New tools in customer front to support a better customer communication and increase up-selling possibilities • • Phase-out of copper network • A dedicated program that focus primarily on phase-out activities • • Offer a mobile alternative (sim-fixed-phone) to areas were copper will be closed down Focus fiber roll-out on most profitable areas.

Telenor – Investor Presentation June 2012 Hilde Tonne. EVP Group Industrial Development .

and the industry is transforming • • • • • Globalization Competent competition Regulatory strain Customer demands ARPU pressure • • • • Value chains shifting Business models changing Meeting customers needs Technology driven .The business environment is changing.

.. Opex/sales* 39% 13% 37% <35% 11% ~10% Capex/sales* • Specific operational excellence targets for all business units • Capex/sales in 2011-2012 impacted by network modernisation programmes *) Existing business not incl.Driving operational excellence in all business units. India and licence fees 16 .

Industrialization will facilitate both cost efficiency and improvement in market position Through joint deliveries we will release capacity to strengthen our local market execution .

Striking the right balance: Capture scale benefits while increasing local agility Local independence Group standards. local execution Strong group control Operating model .

Finance. HR) • Streamlining Customer Processes and Distribution 19 .Group-wide industrialisation to leverage on scale • • • Managed Services Network Sharing AD/AM • • Asia Billing Shared Services (IT.

Telenor – Investor Presentation June 2012 .