THIS IS THE TELENOR GROUP

1

Among the major mobile operators in the world

More than 179 million mobile subscriptions

33 000 employees

Present in markets with 1.3 billion people

A voting stake of 43 per cent

(economic stake 33 per cent)

in VimpelCom Ltd. with 220

mill. mobile subscriptions in

14 markets

Telenor has an ambition to become

market leader

Uninor launched its services in December

Uninor has operations in seven circles

More than 179 million consolidated mobile subscriptions, Q3 2014

• 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 220 mill. mobile subscriptions in 14 markets

• Revenues 2013: NOK 104 bn

Telenor Group

Revenue distribution

24%

24%

43%

5%3%

Norway

Europe excl Norway

Asia

Broadcast

Other

3.2

2.5

1.89

4.0

3.2

3.7

50.3

34.4

36.4

27.8

11.3

Norway

Sweden

Denmark

Bulgaria

Hungary

Montenegro & Serbia

Bangladesh

India

Pakistan

Thailand

Malaysia

Norway

Serbia

Montenegro

Bangladesh

India

Pakistan

Thailand

Malaysia

Sweden

Denmark

Hungary

Bulgaria Myanmar

Subscription growth – consolidated companies

0.611.2

52

7080

91

120

147

166179

0

20

40

60

80

100

120

140

160

180

200

1995 2000 2007 2008 2009 2010 2011 2012 2013 pr. Q32014

No. of mobile subscriptions world wide, in millions

Strong revenue growth

14.2

36.2

55

75

86 88 9094

99 102 104

0

20

40

60

80

100

120

1995 2000 2005 2006 2007 2008 2009 2010 2011 2012 2013

Group Executive Management

(GEM)Telenor Group

Jon Fredrik Baksaas

Group Finance

Richard Aa

Norway

Berit Svendsen

Asia

Sigve Brekke

Group Industrial Development

Hilde Tonne

Group Strategy & Digital

Henrik Clausen

Europe

Kjell-Morten Johnsen

Group People Development

Jon Erik Haug

Group LegalPål Wien Espen

Group Corporate Affairs

Katja Nordgaard

Telenor will remain a growth company

and a retail operator

8

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

Improving customer

experience and

providing affordable

services

Hitting and

monetizing the next

growth curve

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

Competing for the

same customers in

saturating markets

INTERNET FOR ALL

There is great opportunity in providing people with

affordable internet connectivity

Stimulate

usage

Monetize

Enable use

2

3

1

In addition we will build positions in new service areas with attractive

stand-alone revenues, like Financial Services, M2M, etc.

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 2B

unbanked 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

Climate

contribute to reducing

climate change

Enable

positively impact underserved

groups through

telecommunications

Safe

provide safe services and

safe user experiences

Environment SocialHuman rights

Shared value

Telenor & Society