Telenor in Europe. Kjell-Morten Johnsen, Head of Telenor Europe 28 May 2013

Telenor in Europe Kjell-Morten Johnsen, Head of Telenor Europe 28 May 2013 Disclaimer The following presentation is being made only to, and is only ...
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Telenor in Europe Kjell-Morten Johnsen, Head of Telenor Europe 28 May 2013

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. 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.

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Telenor Group 148 million consolidated mobile subscribers Revenues in 2012 of NOK 102 bn (USD 18 bn) Market cap of NOK 200 bn (USD 34 bn)

Revenues 2012 8% 44%

Operating cash flow 2012 1% 33%

25% 46% 23%

20%

VimpelCom Ltd. Norway Asia

Europe Other

Norway Asia

Europe Other

Telenor Group holds 33.0% economic and 43.0% voting stake in VimpelCom Ltd.

3

Telenor Group in Europe Telenor - Sweden

Telenor - Norway 50% revenue market share #1 position in the market 3.2 m customers

21% revenue market share #3 position in the market 2.4 m customers

Telenor - Denmark 25% revenue market share #2 position in the market 2 m customers

Vimpelcom 43 % voting stake (33% economic stake) 215 m mobile subscriptions in 17 markets

Telenor - Hungary 31% revenue market share #2 position in the market 3.3 m customers

Telenor - Serbia 43% revenue market share #1 position in the market 3.2 m customers

Telenor - Montenegro 44% revenue market share #1 position in the market 0.4 m customers

Revenue market shares and subsciber numbers referring to mobile operations 4

Telenor in Europe – Financial development Sweden - Revenues (NOK m) and EBITDA % 2 844

2 545

2 599

2 716

2 748

2 539

Denmark - Revenues (NOKm) and EBITDA % 1 713

1 501

1 429

1 330

1 468 1 192

-4%

-19%

19% Q4 11

25%

24%

Q1 12

Q2 12

30%

Q3 12

23% Q4 12

28%

Q1 13

Hungary - Revenues (NOK m) and EBITDA % 1 064

964

965

1 060

22%

20%

20%

23%

Q4 11

Q1 12

Q2 12

Q3 12

21%

Q4 12

Q1 13

Serbia - Revenues (NOK m) and EBITDA % 736

1 100

19%

930

656

674

720

686

+8%

-2% 36%

35%

28% Q4 11

Q1 12

Q2 12

30% Q3 12

28% Q4 12

Organic growth assuming fixed currency, adjusted for acquisitions and disposals. EBITDA and EBITDA margin before other items

38%

Q1 13

669

38%

39%

39%

39%

40%

40%

Q4 11

Q1 12

Q2 12

Q3 12

Q4 12

Q1 13

Organic revenue YoY 5

Executing on Telenor Group strategy Preferred by customers

Cost efficient operator

Monetise on mobile data

Continuous improvement

Take positions in new services

New operating models

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Initiatives in the region

7



Leverage competence and scale across the region



Common management of Telenor Montenegro and Telenor Serbia



Common shared service centre for network and IT services



Radical simplification in Denmark



Towards data centric pricing



Network sharing

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Acquisition of Globul in Bulgaria Globul financials



Agreement with OTE to acquire Globul, the second largest mobile operator in Bulgaria



Acquisition price EUR 717 million on a debt and cash free basis



Opportunity to leverage Telenor’s operational expertise in the CEE region



Consistent with value-driven and disciplined Group M&A strategy



EBITDA margin

40%

38%

36%

(EURm)

Telenor Hungary

Closing of transaction pending regulatory approval

Telenor Serbia

Telenor Montenegro

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8

33% economic stake in VimpelCom

• Market value of Telenor stake currently at USD 6 bn

VimpelCom Ltd reported net income (USD m)

• A very profitable investment for Telenor

801

• Acc. investments: NOK 14.9 bn • Dividends received: NOK 17.6 bn • Ownership structure clarified

538 488 408 318

• Supporting VimpelCom’s Value Agenda

Q1 12

Q2 12

Q3 12

Q4 12

9

Q1 13

Thank you

Telenor in Europe

Country

Year of investment

Market position

Sweden

2005

3

Denmark

2000

2

Hungary

1993

2

Serbia

2006

1

Montenegro

1996

1

1855

1

Norway

Revenue market share (%) 21 25 31 43 44

50

Subs (million)

Revenues 2012 (NOK bn)

EBITDA margin 2012 (%)

OCF margin 2012 (%)

2.4

10.6

25.3

14.4

2.0

5.7

20.2

10.2

3.3

4.1

32.2

24.9

3.2

2.7

39.5

31.4

0.4

0.6

42.0

34.1

3.2

25.5

42.4

26.3

Market position and subscribers at the end of Q4 2012. OCF = Operating cash flow (EBITDA before other items, less capex excl licence fees)

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