Telenor Investor Presentation June 2012 Jon Fredrik Baksaas

Telenor – Investor Presentation June 2012 Jon Fredrik Baksaas, CEO

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. 2

Maintaining growth momentum Organic revenue growth • Strong operational performance in Q 1 • 8% organic revenue growth • 5. 6 million net subscriber growth • 21% operating cash flow margin • Restoring ownership position in Vimpel. Com • Awaiting final decision on auction format in India Mobile subscribers (mill) 3

Strategy built on two main operational ambitions Preferred by customers Cost efficient operator Customer centricity Business unit efficiency improvements Take positions in new services Cross border standardisation 4

Awaiting final decision on auction format in India Revenues (NOKm) • 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 EBITDA (NOKm) • Reserve price • Deferred payments • INR 155 bn peak funding maintained 5

Restoring ownership position in Vimpel. Com Ltd. Telenor ownership stakes in Vimpel. Com Ltd Voting Economic • 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 6

Healthy shareholder remuneration Dividend per share (NOK) Payout to shareholders (NOK bn) Dividend policy: • 3% share buybacks in 2011 • 50 -80% of normalised net income • Aiming for buybacks also in 2012 • Nominal Yo. Y increase in dividend *) Share buyback programme AGM 2011 – AGM 2012 7

Priorities in 2012 Opex/sales* 39% • Continue to deliver growth above peers 37% <35% • Clarify platform for continued operations in India • Manage transition from voice to data Capex/sales* • Execute on operational excellence 13% 11% ~10% *) Existing business not incl. India and licence fees 8

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

Telenor Norway Q 1 2012 Revenues (NOKm) and EBITDA% • 6 k net mobile subscription growth 0% • Stable mobile ARPU adjusted for onetime effects • Fixed development in line with previous quarters • EBITDA impacted by mobile campaign in Q 4 and storm-related costs EBITDA and capex (NOKm) EBITDA • Network investments focused on mobile capacity and fibre to the home CAPEX -7% Organic growth assuming fixed currency, adjusted for acquisitions and disposals. EBITDA and EBITDA margin before other items Capex excl licence fees Organic revenue / EBITDA growth Yo. Y 10

Migration to bundled mobile tariffs Mobile data users (1000’)* Mobile blended ARPU (NOK) Q 4 campaign Other *) Small screen data users – Consumer segment 11

Modernisation of networks Best mobile network 324 278 246 • Network swap completed Q 4 2011 • 3 G coverage close to 90% • LTE launch in 2 H 2012 • IP backhaul upgrade 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 324 278 • 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 possibilities 246 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 x. DSL quality in other areas to create a good alternative

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

The business environment is changing, and the industry is transforming • Globalization • Competent competition • Regulatory strain • Customer demands • ARPU pressure • Value chains shifting • Business models changing • Meeting customers needs • Technology driven

Driving operational excellence in all business units. . . Opex/sales* Capex/sales* 39% 13% 37% 11% ~10% <35% • Specific operational excellence targets for all business units • Capex/sales in 2011 -2012 impacted by network modernisation programmes *) Existing business not incl. India and licence fees 16

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 Local independence Group standards, local execution Operating model Strong group control

Group-wide industrialisation to leverage on scale • Managed Services • Network Sharing • AD/AM • Asia Billing • Shared Services (IT, Finance, HR) • Streamlining Customer Processes and Distribution 19

Telenor – Investor Presentation June 2012