Telenor Broadcast Q1 2015

Input from Finance

Q1 2015

Broadcast

• Revenues and EBITDA in line with last year adjusted for Conax divestment.

• 7k DTH subscriber loss in Q1

• Capex reduction due to completed DAB rollout in Norkring, lower investment in satellite ground equipment and lower platform investments in Canal Digital.

• Successful launch of Thor 7 satellite on April 26th.

Revenues (NOK m) and EBITDA margin

EBITDA and capex (NOK m)

Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15

1 595 1 535 1 529 1 537 1 550 1 530

28% 30% 31% 33%30% 30%

Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15

446 462 469512

458 457

153 14077

111 79 75

EBITDA CAPEX

-2 %

-4 %

Organic growth

Organic growth assuming fixed currency, adjusted for acquisitions and disposals. EBITDA and EBITDA margin before other items.

Revenues (NOKm) and EBITDA%

EBITDA and capex (NOKm)

Q1 2015

Canal Digital DTH

Q413 Q114 Q214 Q314 Q414 Q115

151174 177

197181

167

1327

-5-36

10 11

EBITDACAPEX

Q413 Q114 Q214 Q314 Q414 Q115

1151

1128

11091122

1135

1114

13.1 %15.4 % 16.0 % 17.5 % 15.9 % 15.0 %

• Revenues decreased by 1% due to lower subscriber base and less hardware sale, partly offset by price increases and currency.

• EBITDA margin 15%, and on level with Q1 last year.

• 7K DTH subscriber loss in Q1 15

Organic growth assuming fixed currency, adjusted for acquisitions and disposals. EBITDA and EBITDA margin before other items.

-2%

-5%

Canal Digital DTHCompetitive market and stable DTH ARPU- 7K DTH subscriber loss in Q1 15

DTH 905,000

(920,000)

NOK 368

(NOK 367)

79.000(86,000)

54,000(52,000)

SubscribersMonthly

ARPU

464,000(477,000)

308,000(306,000)

*in brackets: Q114

Revenues (NOKm) and EBITDA%

EBITDA and capex (NOKm)

Q1 2015

Satellite Broadcasting

Q413 Q114 Q214 Q314 Q414 Q115

172158 160 167 165 159

34 33 26

82

20 16

EBITDACAPEX

Q413 Q114 Q214 Q314 Q414 Q115

247238 239 238

244 244

69.4 % 66.3 % 67.1 % 70.2 % 67.4 % 65.1 %

• Revenues increased by 3% mainly driven by strong dollar.

• EBITDA margin decreased by 1 p.p. due to higher operating cost partly related to Thor 7 launch.

• CAPEX decreased due to lower investments in ground infrastructure.

• Successful Thor 7 launch on April 26th enabling growth in DTH broadcasting and maritime VSAT services.

Organic growth assuming fixed currency, adjusted for acquisitions and disposals. EBITDA and EBITDA margin before other items.

-4%

-6%

Revenues (NOKm) and EBITDA%

EBITDA and capex (NOKm)

Q1 2015

Norkring

Q413 Q114 Q214 Q314 Q414 Q115

131 140 145 153

122138

9469

56 6649 47

EBITDACAPEX

Q413 Q114 Q214 Q314 Q414 Q115

282 283295 291 287 288

46.4 % 49.2 % 49.1 % 52.5 %

42.6 %48.0 %

• Revenues increased by 2% due to DAB roll out and more tenants on Norkring's towers.

• EBITDA margin decreased by 1 p.p. due to higher maintenance cost.

Organic growth assuming fixed currency, adjusted for acquisitions and disposals. EBITDA and EBITDA margin before other items.

+2%

-1%