T E L E N O R

Company presentation

20%

22% 50%

5% 3%

Norway

Europe exclNorway

Asia

Broadcast

Other

A M O N G T H E M A J O R M O B I L E O P E R ATO R S I N T H E W O R L D

More than 211 million consolidated mobile subscriptions, Q2 2016

36 000 employees

Present in markets with 1.3 billion people

Mobile operations in 13 markets in Norway, Europe and Asia An economic stake of 33% in VimpelCom

Ltd. with 200+ mill. mobile subscribers in 14 markets Revenues 2015: NOK 128 billion

(USD 14 billion) Market cap 2015: NOK 202 billlion

(USD 22 billion)

Mobile subscriptions

Revenue distribution

3.1

2.6 1.8

3.5 3.8

3.4

56.9 44.9

37.9 24.9

12.3 16.8

Norway

SwedenDenmarkBulgariaHungary

Montenegro & Serbia

BangladeshIndia

PakistanThailandMalaysiaMyanmar

2 11 M I L L I O N C U S TO M E R S I N 1 3 M A R K E T S

Pakistan Entry: 2004 Subs: 37.9 mn

India Entry: 2009 Subs: 44.9 mn

Bangladesh Entry: 1996 Subs: 56.9 mn

Myanmar Entry: 2013/14 Subs: 16.8 mn

Thailand Entry: 2000 Subs: 24.9 mn

Malaysia Entry: 1999 Subs: 12.3 mn

Norway Subs: 3.1 mn

Sweden Entry: 2001 Subs: 2.6 mn

Hungary Entry: 1994 Subs: 3.8 mn

Denmark Subs: 1.8 mn

Montenegro/Serbia Entry:1996/2006 Subs: 3.4 mn Bulgaria

Entry: 2013 Subs: 3.5 mn

Holds economic stake of 33% in VimpelCom Ltd. with 200+ mill. subscriptions in 14 markets

2 11 M I L L I O N C U S TO M E R S I N 1 3 M A R K E T S

Pakistan Entry: 2004 Subs: 37.9 mn

India Entry: 2009 Subs: 44.9 mn

Bangladesh Entry: 1996 Subs: 56.9 mn

Myanmar Entry: 2013/14 Subs: 16.8 mn

Thailand Entry: 2000 Subs: 24.9 mn

Malaysia Entry: 1999 Subs: 12.3 mn

Sweden Entry: 2001 Subs: 2.6 mn

Hungary Entry: 1994 Subs: 3.8 mn

Denmark Subs: 1.8 mn

Montenegro/Serbia Entry:1996/2006 Subs: 3.4 mn Bulgaria

Entry: 2013 Subs: 3.5 mn

Holds economic stake of 33% in VimpelCom Ltd. with 200+ mill. subscriptions in 14 markets

Norway Subs: 3.1 mn

S U B S C R I P T I O N G R O W T H – C O N S O L I D AT E D C O M PA N I E S No. of mobile subscriptions world wide, in millions

0.6 11.2

52 70

80 91

120

147 166

186 203

0

50

100

150

200

250

1995 2000 2007 2008 2009 2010 2011 2012 2013 2014 2015

G E O G R A P H IC SPLIT OF KEY FINANCIALS IN 2015

21%

20% 51 %

5% 3 %

Revenues

Norway Europe Asia Broadcast Other

28%

18% 55%

-1%

EBITDA

Norway Europe Asia Other

29%

23% 53%

-6%

Operating cash flow

Norway Europe Asia Other

Continued operations. EBITDA before other items ‘Other’ includes Broadcast, Other Units/Group functions and eliminations

S T R O N G R E V E N U E G R O W T H

14.2

36.2

55

75 86 88 90 94

99 102 104 107

128

0

20

40

60

80

100

120

140

1995 2000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

NOK in billion

N O RWAY – T H E H O M E M A R K E T

Country Population (mill.)

Company Ownership Subscriptions (thousands)

Market position

Mobile 5.0 Telenor 100% 3.105 1

Fixed telephony 5.0 Telenor 100% 581 1

Fixed Internet 5.0 Telenor 100% 859 1

TV 5.0 Telenor 100% 527 1

3 million More than

subscriptions

Country Population (mill.)

Company Ownership Subscriptions (thousands)

Market position

Sweden 9.3 Telenor 100% 2.555 3

Denmark 5.5 Telenor 100% 1.779 2

Hungary 10 Telenor 100% 3.178 2

Montenegro & Serbia 8.1 Telenor 100% 3.385 1

Bulgaria 7.1 Telenor 100% 3.502 2

15 million Close to

subscriptions

E U R O P E * - A L O N G - T E R M P R E S E N C E

* Without Norway

A S I A – A S T R O N G R E G I O N A L P L AY E R

Country Population (mill.)

Company Ownership Subscriptions (thousands)

Market position

Thailand 63 dtac 51.5%* 24.953 2

Malaysia 28 DiGi 49% 12.347 3

Bangladesh 162 Grameenphone 55.8% 56.284 1

Pakistan 168 Telenor Pakistan 100% 37.914 2

India 1 200 Telenor India 100% 44.907 8

Myanmar 51 Telenor Myanmar 100% 16.889 1

190 million More than

subscriptions

* Economic stake

Percentage = Telenor ownership as of Q2 2016

Maritime Communications

Partner AS

100%

48.2%

100%

100%

Other companies Telenor has an ownership of more than

50% in 220 companies

Telenor Common Operations

100%

Telenor Eiendom (Telenor Real Estate)

100% Global Wholesale

Focus on Growth and Value Creation

TELENOR GROUP

Strong retail operator, with a great share of Communication and Connectivity Services

New digital services

S T R AT E G I C A M B I T I O N S 2 0 1 6 - 2 0 2 0

Securing growth as the customers’ favourite partner in digital life

President & CEO Sigve Brekke

Finance*

Acting Chief Financial Officer (CFO)

Morten Karlsen Sørby

People

Chief People Officer (CPO)

Jon Erik Haug

Markets

Chief Marketing

Officer (CMO)

Vivek Sood

Asia

Technology

Chief Technology

Officer (CTO)

Ruza Sabanovic

Digital Businesses

Chief Digital Officer (CDO)

Jon Gravråk

Asia

Corporate Affairs

Chief Corporate

Affairs Officer (CCAO)

Wenche Agerup

Business Units X 12

G R O U P E X E C U T I V E M A N A G E M E N T ( G E M )

*incl. Telenor Broadcast Holding

Points of Presence (PoP) Oslo, London, Frankfurt, Budapest,

Amsterdam, Hong Kong and Singapore

Telenor Global Wholesale

Wholesale provider International voice, roaming, roaming connect

solutions, connectivity services

Gateway To and from Telenor Group operations

worldwide

G L O B A L W H O L E S A L E – A G R O W I N G C O M PA N Y

Miami

Dubai

Oslo Stockholm

Singapore

London Budapest

Nairobi

Madrid Bangkok

Dublin

Podgorica

Beograd

I P X G A T E W A Y F O R T H E T E L E N O R G R O U P C O M P A N I E S

Enables you to reach

211 million subscribers via our IPX

connecting Telenor Myanmar to the rest of the world making it possible for people throughout the country to enjoy international quality voice and SMS services.

Challenging market

In close collaboration with our suppliers we have developed new technical solution to cater for geographical challenges.

55

Collaboration Myanmar - «Digital IPX-Frontrunner». Through “All IP” and increased connectivity people throughout the country are now able to reach family members living and working in the neighbouring countries.

Lack of infrastructure and technical solutions. Low voice quality and high rates.

Estimated population of app. 55 mill. people in Myanmar

50 % mobile penetration 50

Innovation

Telenor has shown innovation on technical solutions in markets where such solutions has not been an obtainable option

C U T T I N G E D G E T E C H N O L O G Y I N G R E E N F I E L D M A R K E T S - connecting millions of people to the digital world

G L O B A L V O I C E Guaranteed high quality termination to our worldwide voice connections

Focus on high quality termination through the use of our direct routes and carefully selected quality focused partners

Quality and Service Management teams ready to offer you their expert support

Pressure on the bottom line means competitive rates - we provide competitive pricing while keeping quality in focus

G L O B A L V O LT E I N T E RW O R K I N G & R O A M I N G Maximizing the customer experience for international calls

Allows for VoLTE calling internationally. Enables roamers to access their services

while they are travelling Faster call set up time Better call Quality HD Voice Simultaneous Voice and Data sessions Enables delivery of Rich Communication

Services e.g. video calling, file transferring, real time language translation, video voicemail and instant messaging

Improved battery life Multi-party conferencing

G L O B A L H D V O I C E Enabling high definition voice internationally

Feels like you are in the same room More effective conference calls Noise reducing capabilities Increased billable minutes by extended and

higher quality voice calls Improved quality of conference calls Use of wideband technology provides deeper

clarity and better audio Add depth and nuance to the transmitted

sound while reducing bandwidth requirements

G L O B A L V O I P X Ready for the next generation of high quality voice services while continuing to support traditional needs

Flexibility to meet customer needs - supports both HD voice and traditional voice

Class of Service (CoS) – real time traffic prioritization and IP Packet Marking to ensure optimal transport functions

Multi-VPN - access to several separate VPNs via the same access line.

24/7 monitoring of the service from the Network Operation Centre (NOC)

G L O B A L LT E R O A M I N G E X C H A N G E LTE roaming coverage to your mobile end user through our Diameter Signalling Services.

Enables LTE roaming for voice, video, data and messaging

Access to a high quality Diameter signalling network

Quality interconnect via IPX

SLA’s and security based on GSMA recommended parameters

Gateway to Telenor MNOs

Reporting and performance management

Access to a wide range of on-net and off-net LTE networks

G L O B A L D ATA R O A M I N G Secure access to data roaming services to empower your mobile end users to roam like home when abroad.

Worldwide data roaming coverage (2G, 3G and 4G) CoS and QoS over S8 interface as defined in GSMA

IR.34 Fully compliant and dedicated IPX Transport network

isolated from the public internet Redundant Root DNS service Telenor GRX supports GTP v0, GTP v1 and GTP v2

(S8). VoLTE ready network “Insight”: Online IP monitoring tool - with CoS Experienced GRX provider, since 2000 24/7 NOC with proactive monitoring

G L O B A L G S M R O A M I N G S I G N A L L I N G Offer worldwide roaming coverage to your mobile end user through our extensive signalling network

State of the art SMS filtering Enable roaming voice, messaging and data Access to a secure and high quality SS7

international signalling network Direct destinations Extensive experience and highly skilled

professionals Worldwide coverage through one connection Global Roaming Quality reports - easy to

access via Web GUI

G L O B A L S M S Increase your global reach through the SMS hub

Single point of connection with quick access to more than 900 destinations

Less commercial and technical resources required Two-way destinations Enabling interworking between operators using

different technologies (GSM/CDMA) Mobile Number Portability support 24/7 monitoring of the service Advanced election tool Opportunities to increase SMS revenue GSMA Open Connectivity certified SMS Hub Provider

G L O B A L E N T E R P R I S E M E S S A G I N G Making it easy to reach Telenor Group

One interconnect with Telenor Direct connection to Telenor Operators, secure delivery

and accurate delivery reports The one and only gateway to all Telenor BU’s, e.g

Telenor Myanmar Best price for white termination to the Telenor Group Secure way for delivery

S M S P R O T E C T

Enables customers to allow SMS traffic from only the sending operators which have signed AA19 agreements to reach their network.

A globally partnered Telenor SMS Hub as an alternative to AA19 agreement.

Detection of Spam, Spoof, Flooding, Faking.

Management of black/white listing on GT, MSISDN, OA & DA.

Blocking of traffic for all grey routes securing revenue.

Efficient control of both A2P and P2P traffic from carriers, operators, aggregators, hubs, etc.

Service features

Platform capabilities

O U R V I S I O N : E M P O W E R S O C I E T I E S

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

W E ’ R E H E R E TO H E L P O U R C U S TO M E R S

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

B E R E S P E C T F U L

K E E P P R O M I S E S

M A K E I T E A S Y

B E I N S P I R I N G

I P C O R E N E T W O R K

AMSTERDAM 1 Telecity Science Park 120 1098 XG Amsterdam AMSTERDAM 2 Vancis Science Park 121 1098 XG Amsterdam BUDAPEST T-Systems/Dataplex 13 Asztalos Sándor street room 1F, Budapest Hungary

FRANKFURT Equinix Telehouse Kleyerstrasse 90 60326 Frankfurt am Main Germany HONG KONG HKcolo Ltd Sino Favour Centre 1 on Yip Street Chai Wan, Hong Kong LONDON Telecity 6&7 Harbour Exchange Lime Harbour London E14 9GE United Kingdom

OSLO 1 Kirkegata 9 0581 Oslo Norway

OSLO 2 Østre Aker vei 18B Økern 0581 Oslo Norway

SINGAPORE Equinix Singapore Pte. 20 Ayer Rajah Crescent, 139964 Singapore