Telenor in EuropeKjell-Morten Johnsen, Head of Telenor Europe

28 May 2013

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Disclaimer

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. 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.

Telenor Group

VimpelCom Ltd.

Telenor Group holds 33.0% economic and 43.0% voting stake in VimpelCom Ltd.

148 million consolidated mobile subscribers

Revenues in 2012 of NOK 102 bn (USD 18 bn)

Market cap of NOK 200 bn (USD 34 bn)

3

25%

23%

44%

8%

Revenues 2012

Norway Europe AsiaOther

33%

20%

46%

1%

Operating cash flow 2012

Norway Europe AsiaOther

Telenor Group in Europe 50% revenue market share#1 position in the market3.2 m customers

Telenor - Norway

Vimpelcom 43 % voting stake (33% economic stake)215 m mobile subscriptions in 17 markets

21% revenue market share#3 position in the market2.4 m customers

Telenor - Sweden

25% revenue market share#2 position in the market2 m customers

Telenor - Denmark

31% revenue market share#2 position in the market3.3 m customers

Telenor - Hungary

43% revenue market share#1 position in the market3.2 m customers

Telenor - Serbia

44% revenue market share#1 position in the market0.4 m customers

Telenor - Montenegro

Revenue market shares and subsciber numbers referring to mobile operations4

Sweden - Revenues (NOK m) and EBITDA %

Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13

2 8442 545 2 599 2 716 2 748

2 539

19%25% 24%

30%23%

28%

Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13

1 7131 501 1 429 1 330

1 468

1 192

22% 20% 20% 23%19% 21%

Denmark - Revenues (NOKm) and EBITDA %

Telenor in Europe – Financial development

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

Organic revenue YoY

-4%

-19%

Hungary - Revenues (NOK m) and EBITDA % Serbia - Revenues (NOK m) and EBITDA %

Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13

1 064 964 965

1 060 1 100 930

28%36% 35%

30% 28%38%

Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13

736656 674 720 686 669

38% 39% 39% 39% 40% 40%

-2% +8%

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Executing on Telenor Group strategy

Cost efficient operatorPreferred by customers

Take positions in new services New operating models

Monetise on mobile data Continuous improvement

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Initiatives in the region

● Leverage competence and scale across the region

● Common management of Telenor Montenegro and Telenor Serbia

● Common shared service centre for network and IT services

● Radical simplification in Denmark

● Towards data centric pricing

● Network sharing

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Acquisition of Globul in Bulgaria

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● Agreement with OTE to acquire Globul, the second largest mobile operator in Bulgaria

● Acquisition price EUR 717 million on a debt and cash free basis

● Opportunity to leverage Telenor’s operational expertise in the CEE region

● Consistent with value-driven and disciplined Group M&A strategy

● Closing of transaction pending regulatory approval

Globul financials

422 413378

158 135168

2010 2011 2012

Revenue EBI TDA

(EURm)

EBITDA margin

40% 38% 36%

Telenor Serbia

Telenor Hungary

Telenor Montenegro

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VimpelCom Ltd reported net income (USD m)

33% economic stake in VimpelCom

• Market value of Telenor stake currently at USD 6 bn

• A very profitable investment for Telenor

• Acc. investments: NOK 14.9 bn

• Dividends received: NOK 17.6 bn

• Ownership structure clarified

• Supporting VimpelCom’s Value Agenda

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Q1 12 Q2 12 Q3 12 Q4 12 Q1 13

318

488 538

801

408

Thank you

Telenor in Europe

Market position and subscribers at the end of Q4 2012. OCF = Operating cash flow (EBITDA before other items, less capex excl licence fees)

Country Year of investment

Market position

Revenue market share (%)

Subs(million)

Revenues 2012 (NOK bn)

EBITDA margin2012 (%)

OCF margin 2012 (%)

Sweden 2005 3 21 2.4 10.6 25.3 14.4

Denmark 2000 2 25 2.0 5.7 20.2 10.2

Hungary 1993 2 31 3.3 4.1 32.2 24.9

Serbia 2006 1 43 3.2 2.7 39.5 31.4

Montenegro 1996 1 44 0.4 0.6 42.0 34.1

Norway 1855 1 50 3.2 25.5 42.4 26.3

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