THIS IS THE TELENOR GROUP

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More than 166 million consolidated mobile subscriptions, Q4 2013

• Mobile operations in 13 markets in Norway, Europe and Asia

• A voting stake of 43 per cent (economic stake 33 per cent) in VimpelCom Ltd. with 215 mill. mobile subscriptions in 17 markets

• Among the top performers on Dow Jones Sustainability Indexes

• Revenues 2013: NOK 105 bn

Telenor Group

Revenue distribution

23%

25%

44%

6%2%

NorwayEurope excl NorwayAsiaBroadcastOther

Norway

SwedenDenmarkBulgariaHungary

SerbiaMontenegro

BangladeshIndia

PakistanThailandMalaysia

3.2

2.41.8

3.93.23.1

0.374

47.128.0

33.427.9

10.9

Norway

Serbia

Montenegro

Bangladesh

India

Pakistan

Thailand

Malaysia

Sweden

Denmark

Hungary

Bulgaria Myanmar

3

Strong regional footprint and positions in Europe and Asia

Norway

Sweden

Denmark

Hungary

Serbia

Montenegro

Bulgaria

#1 or #2 positions in most markets

Thailand

Malaysia

Bangladesh

Pakistan

India

Myanmar

Subscription growth – consolidated companies

2007 2008 2009 2010 2011 2012 20130

20

40

60

80

100

120

140

160

180

52

7080

91

120

147

166

No. of mobile subscriptions world wide, in millions

Strong revenue growth

2005 2006 2007 2008 2009 2010 2011 2012 20130

20

40

60

80

100

120

55

75

86 88 90 9499 102 105

Group Executive Management (GEM)

Telenor GroupJon Fredrik Baksaas

Group FinanceRichard Aa

Group Communications

Pål Kvalheim

Group LegalPål Wien Espen

NorwayBerit Svendsen

AsiaSigve Brekke

Group Industrial DevelopmentHilde Tonne

DigitalRolv-Erik Spilling

Associated members of the Group Executive Management.

EuropeKjell-Morten Johnsen

Corporate

AdvisorJohan Rostoft

Group People DevelopmentJon Erik Haug

THE HISTORY

Learning the basics in Norway

Beliefs in the early 1990’s:

• Growth outside Norway

• Growth in mobile

1966

ManualMobile

Norway

1993

GSMNorway

1981

Automated MobileNorway

- 1970 1980 1990 2000 2010

Early international expansion

Taking positions in Europe and Asia

1994Russia

2000ThailandDenmark

1998Ukraine

1996Montenegro

AustriaBangladesh

1995Ireland

1993Hungary

1997Greece

Germany

- 1970 1980 1990 2000 2010

1999Malaysia

2009India

From minority to majority positions

2007EXIT

Austria

2006Serbia

2005Pakistan

2005Sweden

2004EXIT

Greece

- 1970 1980 1990 2000

2000EXIT

IrelandGermany

2010

2010VimpelCom Ltd.

established

2013Bulgaria

Myanmar

THE GEOGRAPHY

Norway - the home market A leading position in mobile, Internet and TV services

NorwayPopulation (mill.) Company Ownership

Subscriptions (thousands)

Market position

Mobile 5.0 Telenor 100% 3,216 1

Fixed telephony

5.0 Telenor 100% 800 1

Fixed Internet

5.0 Telenor 100% 864 1

TV 5.0 Telenor 100% 527 1

NorwayMobile, Fixed, Internet and TV

more than 3 million mobile subscriptions

EuropeA long-term presence

Europe* Mobile operations

more than 15 million subscribers

CountryPopulation (mill.) Company Ownership

Subscriptions (thousands)

Market position

Sweden 9.3 Telenor 100% 2,484 3

Denmark 5.5 Telenor 100% 1,828 2

Hungary 10 Telenor 100% 3,270 2

Serbia 7.5 Telenor 100% 3,171 1

Montenegro 0.6 Telenor 100% 374 1

Bulgaria 7.1 Globul 100% 3,995 2

* without Norway

Europe*Fixed Internet operations

Nearly 700 000 Subscriptions

CountryPopulation (mill.) Company Ownership

Subscriptions(in thousands) Market position

Sweden 9.3 Telenor 100% 530 2

Denmark 5.5 Telenor 100% 166 2

* without Norway

Europe*Fixed telephony

More than 400 000 subscribers

Country Population (mill.) Company OwnershipSubscriptions(in thousands)

Market position

Sweden 9.3 Telenor 100% 277 3

Denmark 5.5 Telenor 100% 111 2

* without Norway

AsiaA strong regional player

Asia Mobile operations

Country Population (mill.) Company Ownership Subs (mill.) Market position

Thailand 63 dtac 51,5%* 27,942 2

Malaysia 28 DiGi 49% 10,995 3

Bangladesh 162 Grameenphone 55.8% 47,110 1

Pakistan 168 Telenor Pakistan 100% 33,405 2

India 1 200 Uninor 67.25% 28,004 8

close to 150 million subscribers

* Economic stake

30.2%

Percentage = Telenor ownership as of Q4 2013

Maritime Communications Partner AS

100%

AeroMobile Ltd

100%

100%

100%

IV 51% - VII 100%

100%

Other companiesTelenor has an ownership of more than

50% in 220 companies

THE STRATEGY

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Telenor will remain a growth company and a retail operator

Telenor will continue to focus on growth and value creation.

Telenor will maintain being a retail operator, with the main share of revenues coming from communication and connectivity services.

We will provide new selected digital services to defend this position.

2014-2016 Strategic ambitions

Internet for All Loved by Customers Efficient Operations

Passionate employees

Impact Societies

ST

RA

TE

GY

EN

AB

LE

RS

Strong industry and company rationale for the 2014-2016 Strategic ambitions

Internet for All Loved by Customers Efficient Operations

ST

RA

TE

GY

Passionate employees

Impact Societies

EN

AB

LE

RS

Need for new skills and more customer orientation

Playing an increasingly important role in the societies

Hitting and monetizing the next growth curve

Competing for the same customers in saturating markets

Improving customer experience and providing affordable services

INTERNET FOR ALL

There is great opportunity in providing people with affordable internet connectivity

Stimulate usage

Monetize

Enable use

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3

1

In addition we will build positions in new service areas with attractive stand-alone revenues, like Financial Services, M2M, etc.

INDUSTRIALISATION

Quality and efficiency through new operating models

Deliver on customer needs

Leverage scale and volume

We are on our way

Future Customer Service

CORPORATERESPONSIBLITY

“Creating Shared Value is integral to a company's profitability and competitive position”Michael E. Porter & Mark R. Kramer, Harvard Business Review, 2011

“The cell phone is the single most transformative technology for development”- Prof. Jeffrey Sachs, Columbia University

Internet• A 10 pt increase in Internet penetration can create:

• 3-10% productivity increase• 1% increase in new business creation

Mobile access• Increased mobile penetration can contribute to

faster economic growth• Mobile phones can improve access to social

services – e.g. health and education

Financial Services• Two billion unbanked mobile users could be served

by mobile financial services (MFS)• MFS can help families overcome income

uncertainty and financial shocks

Over 2.5B adults (~72%) in

developing world are unbanked

Almost 2.5B people in developing world have mobile phones

Up to 2Bunbanked mobile

phone users

+10 pp

+1.2 pp

(K)

* Source: Telenor/Deloitte/Boston Consulting Group

Potential job creation from Internet adoption

Mobile health services• Can reduce maternal mortality by up to 30%• Doctors can treat twice as many rural patients per

doctor • Data collection costs can be reduced by 25%

-30%

Potential decrease in maternal mortality from mHealth adoption

As Is mHealth

Access to Communications

Enabling services

The communications opportunity

Telenor Group CR Strategy

Extending the benefits of mobile telecommunications

Ensure responsible business practices across the organisation

Climatecontribute to reducing

climate change

Enablepositively impact underserved

groups through telecommunications

Safeprovide safe services and

safe user experiences

Environment SocialHuman rights

Shared valueTelenor & Society

Telenor Group on Dow Jones Sustainability Indexes (DJSI) for the 11th year running

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

THE TELENOR WAY

Throughout our Group we set a high ambition both for our business performance and the ethics by which we must operate.

To help us meet these ambitions we have defined a set of guidelines, principles and standards that together describe how we work.

We call this way of working “The Telenor Way”.

A shared approach to our work

The Telenor Way

• Our Codes of Conduct set a high ethical standard across all companies

Strong on Ethics

• Our Vision, Mission and Values communicate the importance of customer focus

Customer centric

• The Leadership Expectations stress empowerment and passion as main influencing styles

Empowering leadership

Empower societiesWe provide the power of digital communication, enabling everyone to improve their lives, build societies and secure a better future for all.

Our vision to empower societies is a clear call to action. We bring vital infrastructure, new services and products that stimulate progress, change and improvement.

Our Vision is a picture of what we aim to achieve through our work. It sets the direction for what we do.

Our Vision

We’re here to help our customersWe exist to help our customers get the full benefit of being connected. Our success is measured by how passionately they promote us.

Our Mission

The Values are a guide for our everyday work.

They describe how we should serve our customers and work together as colleagues.

Make it easy

Keep promises

Be inspiring

Be respectful

The Company Values

The Leadership Expectations describe the additional attitudes and behaviors we expect from our leaders when we work the Telenor Way.

Passion for Business

Change and continuous improvement

Excellent execution

Empower People

Integrity and Accountability

The Leadership Expectations

Our business serves a bigger purpose

“Cell phones are one of the most effective advancements in history to lift people out of poverty.

PHONES MEAN FREEDOM”

Bill Clinton, Time Magazine 1 Oct 2012

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