Telenor – Investor Presentation June 2012Jon Fredrik Baksaas, CEO

2

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. In particular, the section ‘Outlook for 2012’ contains forward-looking statements regarding the Telenor Group’s expectations. 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.

Maintaining growth momentum

Mobile subscribers (mill)

Organic revenue growth

• Strong operational performance in Q1

• 8% organic revenue growth

• 5.6 million net subscriber growth

• 21% operating cash flow margin

• Restoring ownership position in VimpelCom

• Awaiting final decision on auction format in India

3

Strategy built on two main operational ambitions

Cost efficient operatorPreferred by customers

Take positions in new services Cross border standardisation

Customer centricityBusiness unit efficiency

improvements

4

Awaiting final decision on auction format in India

• Operational performance on track

• Licence extension to 7 September, aligned with auction timeline

• Auction conditions - Key elements

• Roll out obligations

• Spectrum

• Incumbents vs new players

• Reserve price

• Deferred payments

• INR 155 bn peak funding maintained

5

Revenues (NOKm)

EBITDA (NOKm)

6

Restoring ownership position in VimpelCom Ltd.

• 234 million preferred shares acquired from Weather Investments on 15 February

• 65 million common shares acquired from JP Morgan on 4 April

• In compliance with applicable rules and regulations

Telenor ownership stakes in VimpelCom Ltd

EconomicVoting

Healthy shareholder remuneration

Dividend policy:

• 50-80% of normalised net income

• Nominal YoY increase in dividend

7

• 3% share buybacks in 2011

• Aiming for buybacks also in 2012

Dividend per share (NOK)

*) Share buyback programme AGM 2011 – AGM 2012

Payout to shareholders (NOK bn)

Priorities in 2012

• Continue to deliver growth above peers

• Clarify platform for continued operations in India

• Manage transition from voice to data

• Execute on operational excellence

8

13%

~10%

Capex/sales*

39%

<35%

Opex/sales*

37%

11%

*) Existing business not incl. India and licence fees

Telenor – Investor Presentation June 2012Marius Gigernes and Frode Støldal, Telenor Norway

• 6k net mobile subscription growth

• Stable mobile ARPU adjusted for one-time effects

• Fixed development in line with previous quarters

• EBITDA impacted by mobile campaign in Q4 and storm-related costs

• Network investments focused on mobile capacity and fibre to the home

10

Telenor Norway Q1 2012

Organic growth assuming fixed currency, adjusted for acquisitions and disposals. EBITDA and EBITDA margin before other itemsCapex excl licence fees

Organic revenue / EBITDA growth YoY

Revenues (NOKm) and EBITDA%

0%

-7%

EBITDA and capex (NOKm)

EBITDA CAPEX

Migration to bundled mobile tariffs

11

Mobile data users (1000’)* Mobile blended ARPU (NOK)

Q4 campaign

Other

*) Small screen data users – Consumer segment

Modernisation of networks

Best mobile network

• Network swap completed Q4 2011

• 3G coverage close to 90%

• LTE launch in 2H 2012

• IP backhaul upgrade

324278

246

Fibre rollout

•Using both Telenor and Canal Digital brands

•57,000 connections by end of 2012

•Stream-lining of value chain

Simplification of processes and value chains

Improve customer experience

• Develop state of the art web platform and shift volumes to web

• Implement the net promoter score index and enhance the utilization of customer feedback loops

• New tools in customer front to support a better customer communication and increase up-selling possibilities246

278324

Phase-out of copper network•A dedicated program that focus primarily on phase-out activities

•Offer a mobile alternative (sim-fixed-phone) to areas were copper will be closed down

•Focus fiber roll-out on most profitable areas. Enhance xDSL quality in other areas to create a good alternative

Telenor – Investor Presentation June 2012Hilde Tonne, EVP Group Industrial Development

The business environment is changing, and the industry is transforming

Driving operational excellence in all business units...

16

13%

~10%

Capex/sales*

39%

<35%

Opex/sales*

37% 11%

*) Existing business not incl. India and licence fees

• Specific operational excellence targets for all business units

• Capex/sales in 2011-2012 impacted by network modernisation programmes

Industrialization will facilitate both cost efficiency and improvement in market position

Through joint deliveries we will release capacity to strengthen our local market execution

Striking the right balance: Capture scale benefits while increasing local agility

Strong group controlLocal independence Group standards, local execution

Operating model

Group-wide industrialisation to leverage on scale

19

• Managed Services

• Network Sharing

• AD/AM

• Asia Billing

• Shared Services (IT, Finance, HR)

• Streamlining Customer Processes and Distribution

Telenor – Investor Presentation June 2012