Company Presentation May 2005

Picture courtesy of NOKIA

Norway’s leading low-cost mobile operator

The Vollvik Group

Agenda

• Short 2004

• 1q-05 Financials

• Future

Status

• The acquisition of Sense has been the key focus of the management now

– Negotiation of the deal and presenting to investors, especially through November

– Due diligence and Post Merger Integration (PMI) planning, especially in November and December

– PMI intense from Jan 1st to end February, choosing common system platforms, designing brand and marketing strategies, and dis-engaging of Sense employees

– Negotiations with Telenor and NetCom from December to mid-February

• On the positive side, the PMI is developing according to plan, and the business combination is yielding good results on the cost synergy side

• On the negative side, the absorption of management that the deal and the PMI demanded resulted in a slow-down in customer growth due to little focus on sales, especially in the period Dec-Jan-Feb

Chess has delivered substantial revenue growth…

Revenue development 1998-2004NOK million

Chess:

Revenue 2003 ca. 330 mill.

Revenue 2004 ca. 485 mill.

Sense:

Revenue 2003 ca. 618 mill.

Revenue 2004 ca. 613 mill.

•* Includes NOKm 30 from GSM Sentrene AS, where the activities have been shut down. Adjusted (organic) growth rate H1/03 to H1/04 of 79%

0

100

200

300

400

500

600

700

1998 1999 2000 2001 2002 2003 2004

ChessSense

…and increased profitability

EBIT development 1998-2004NOK million

•* •**

-30

-20

-10

0

10

20

30

40

50

60

1999 2000 2001 2002 2003 2004

ChessSense

Key figures 2004 whole year

Vollvik Gruppen Sense Total

Revenue 483,7 mnok 613,9 mnok 1097,6 mnok

COGS 311,2 mnok 350,8 mnok 662,0 mnok

EBITDA 55,7 mnok 63,0 mnok 118,7 mnok

EBIT 40,9 mnok 55,5 mnok 96,4 mnok

EBIT Margin 8,5% 9,0% 8,8%

One time charges in 2004

• Non Recuring Items 2004 Q4

• GSM Sentrene AS 3.6 mnok 0.9 mnok

• Deprecation of Invision ( CRM ) 2.6 mnok 2.6 mnok

• Deprecation, changes of accounting principle 0.9 mnok -

• Finance cost loan 340 mnok 3.5 mnok 3.5 mnok

•

• The opening balance for “the new Vollvik Group”, will include restructuring cost related to the integration of Sense in 2005, with some 10 mnok.

Section II1q05 Financials

Key figures 1q 2005

Proforma Statement Sense and Chess - whole group

NOK mill 1q 2005

Operating revenue 243,1COGS 140,6Contribution 102,5

Salaries 18,2Other operating costs 47,2

EBITDA 37,1

Depreciation 4,4

EBITA 32,7

Amortization of goodwill 16,8

EBIT 15,9

Net interest expense -3,2

EBT 12,7

Key data 1q /4q - 2005

Chess Sense

Number of subscribers

In total

Q1: 148.005

Q4: 135.980

Q1: 208.400

Q4: 219.605

Number of post paid subscribers Q1: 128.264

Q4: 118.377

Q1: 159.455

Q4: 164.153

Net adds during 4q04 Q1: 12.025

Q4: 7.884

Q1: - 11.205

Q4: - 15.184

SAC per gross add Q1: 191

Q4: 210

Q1: 443

Q4: 503

ARPU 1q-05 310/ 136 220/ 88

Gross margin 1q/4q-04 Q1: 39,9%

Q4: 31,0%

Q1: 44,4%

Q4: 41,0%

Churn (annualised) based on 1q05 19,8% 41,5%

Balance sheet 31 March 05

• Total fixed assets NOK 472,3 mill

• Goodwill NOK 253,7 mill

• Cash on hand NOK 148,7 mill

• Debtors Accounts receivable NOK 172,4 mill

• Short term debt NOK 204,3 mill

• Long term debt NOK 344,9 mill ( Bank )

• Equity NOK 257,6 mill

Key shareholders in Vollvik Gruppen

Shareholders as of 01/5-05 Shares Ownership (%)

Idar Vollvik 45 286 912 28.13

Chess Holding AS 27 748 327 17.24

Reitan Gruppen AS 17 434.000 10.83

Marshall Wace LLP 17 351 979 10.78

HBK – London 10 000 000 6.21

Oppenheim ACA Concept 10 000 000 6.21

Orkla ASA 7 000 000 4.35

Grieg Holding 3 111 160 1.93

Lehmann Brothers 3 046 265 1.89

King Holding AS 1 250 000 0.78

Svein Johnsen 1 000 000 0.62

MP Pensjon 1 000 000 0.62

Jarle Nordnes 1 000 000 0.62

Bras AS 1 000 000 0.62

Sum, top 14 shareholders 146 228 643 90.85

Other 99 shareholders 14 731 273 9.15

Total 160 959 916 100.0

Section III Status/ Future

Our customers are very happy

Opportunities

• One net-operator strategi

• Build own City-nets and

• Become an operator, with 1/3 of roaming income

• IP-telephony

• International discussions

• Bee a part of a trippel play company (quatro play )