Company presentation AMONG THE MAJOR MOBILE Revenue distribution OPERATORS IN THE WORLD Norway 3% 5% . More than 211 million consolidated mobile 20% Europe excl subscriptions, Q2 2016 Norway Asia . 36 000 employees 22% 50% Broadcast . Present in markets with 1.3 billion people Other . Mobile operations in 13 markets in Norway, Europe and Asia Mobile subscriptions . An economic stake of 33% in VimpelCom 16.8 Malaysia 12.3 Ltd. with 200+ mill. mobile subscribers in Thailand 24.9 14 markets Pakistan 37.9 India 44.9 . Revenues 2015: NOK 128 billion Bangladesh 56.9 (USD 14 billion) Montenegro & Serbia 3.4 Hungary 3.8 . Market cap 2015: NOK 202 billlion Bulgaria 3.5 Denmark 1.8 (USD 22 billion) Sweden 2.6

Norway 3.1 211 MILLION CUSTOMERS IN 13 MARKETS

Sweden Entry: 2001 Subs: 2.6 mn

Norway Subs: 3.1 mn

Denmark Subs: 1.8 mn Hungary Entry: 1994 Montenegro/Serbia Subs: 3.8 mn Entry:1996/2006 Subs: 3.4 mn Bulgaria Entry: 2013 Bangladesh Subs: 3.5 mn Pakistan Entry: 1996 Entry: 2004 Subs: 56.9 mn Subs: 37.9 mn Myanmar India Entry: 2013/14 Entry: 2009 Subs: 16.8 mn Subs: 44.9 mn Thailand Entry: 2000 Holds economic stake of 33% in VimpelCom Subs: 24.9 mn Ltd. with 200+ mill. subscriptions in 14 markets Malaysia Entry: 1999 Subs: 12.3 mn 211 MILLION CUSTOMERS IN 13 MARKETS

Sweden Entry: 2001 Subs: 2.6 mn

Norway Subs: 3.1 mn

Denmark Subs: 1.8 mn Hungary Entry: 1994 Montenegro/Serbia Subs: 3.8 mn Entry:1996/2006 Subs: 3.4 mn Bulgaria Entry: 2013 Bangladesh Subs: 3.5 mn Pakistan Entry: 1996 Entry: 2004 Subs: 56.9 mn Subs: 37.9 mn Myanmar India Entry: 2013/14 Entry: 2009 Subs: 16.8 mn Subs: 44.9 mn Thailand Entry: 2000 Holds economic stake of 33% in VimpelCom Subs: 24.9 mn Ltd. with 200+ mill. subscriptions in 14 markets Malaysia Entry: 1999 Subs: 12.3 mn SUBSCRIPTION GROWTH – CONSOLIDATED COMPANIES No. of mobile subscriptions world wide, in millions

250

203 200 186 166 147 150 120

100 91 80 70 52 50

11.2 0.6 0 1995 2000 2007 2008 2009 2010 2011 2012 2013 2014 2015 GEOGRAPHIC SPLIT OF KEY FINANCIALS IN 2015

Revenues EBITDA 3 % 5% -1% 21% 28%

20% 55% 51 % 18%

Operating cash flow Norway Europe Asia Broadcast Other -6% Norway Europe Asia Other

29%

53% 23%

Norway Europe Asia Other

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

STRONG REVENUE GROWTH

NOK in billion

140 128

120 104 107 99 102 100 94 90 86 88

80 75

60 55

40 36.2

20 14.2

0 1995 2000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 NORWAY – THE HOME MARKET

More than 3 million subscriptions

Country Population Company Ownership Subscriptions Market (mill.) (thousands) 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 EUROPE* - A LONG- TERM PRESENCE Close to 15 million subscriptions

* Without Norway

Country Population Company Ownership Subscriptions Market (mill.) (thousands) 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 ASIA – A STRONG REGIONAL PLAYER

More than

190subscriptions million

Country Population Company Ownership Subscriptions Market (mill.) (thousands) position

Thailand 63 51.5%* 24.953 2

Malaysia 28 DiGi 49% 12.347 3

Bangladesh 162 55.8% 56.284 1

Pakistan 168 100% 37.914 2

India 1 200 100% 44.907 8 Telenor Myanmar 51 100% 16.889 1 Myanmar

* Economic stake 48.2%

Telenor Common Operations 100% 100% Other companies Telenor has an ownership of more than 50% in 220 companies

Telenor Eiendom Global Wholesale (Telenor Real Estate) 100% 100% Maritime Communications Partner AS

Percentage = Telenor ownership as of Q2 2016 100% TELENOR GROUP

Focus on Growth and Value Creation

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

New digital services STRATEGIC AMBITIONS 2016- 2020

Securing growth as the customers’ favourite partner in digital life

GROUP EXECUTIVE MANAGEMENT (GEM)

President & CEO Sigve Brekke

Finance* People Markets Technology Digital Corporate Business Businesses Affairs Units X 12

Acting Chief Chief People Chief Chief Chief Digital Chief Financial Officer Marketing Technology Officer Corporate Officer (CPO) Officer Officer (CDO) Affairs (CFO) (CMO) (CTO) Officer (CCAO)

Morten Jon Erik Vivek Ruza Jon Wenche Karlsen Haug Sood Sabanovic Gravråk Agerup Sørby Asia Asia

*incl. Telenor Broadcast Holding

Wholesale provider International voice, roaming, roaming connect solutions, connectivity services

Gateway Telenor To and from Telenor Group operations Global Wholesale worldwide

Points of Presence (PoP) Oslo, London, Frankfurt, Budapest, Amsterdam, Hong Kong and Singapore

GLOBAL WHOLESALE – A GROWING COMPANY

Oslo Stockholm

Dublin London Budapest Podgorica

Miami Madrid Beograd Dubai Bangkok Singapore

Nairobi IPX GATEWAY FOR THE TELENOR GROUP COMPANIES

Enables you to reach 211 million subscribers via our IPX CUTTING EDGE TECHNOLOGY IN GREENFIELD MARKETS - connecting millions of people to the digital world

Estimated Lack of infrastructure population 50 % mobile penetration Challenging and technical of app. 55 mill. 55 50 solutions. Low voice people in Myanmar market quality and high rates.

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

Myanmar - «Digital IPX- Frontrunner». Through “All IP” Collaboration and increased connectivity people throughout the country In close collaboration with our suppliers are now able to reach family we have developed new technical solution members living and working in to cater for geographical challenges. the neighbouring countries. GLOBAL V OICE 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

GLOBAL VOLTE INTERWORKING & ROAMING 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 GLOBAL HD VOICE 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

GLOBAL VOIPX 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) GLOBAL LTE ROAMING EXCHANGE 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

GLOBAL DATA ROAMING 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

GLOBAL GSM ROAMING SIGNALLING 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 GLOBAL SMS 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

GLOBAL ENTERPRISE MESSAGING 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

SMS PROTECT

 Enables customers to allow SMS traffic from only the sending operators which have signed AA19 Service agreements to reach their network. features  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. Platform  Blocking of traffic for all grey routes securing capabilities revenue.

 Efficient control of both A2P and P2P traffic from carriers, operators, aggregators, hubs, etc. OUR VISION: EMPOWER SOCIETIES

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

WE’RE HERE TO HELP OUR CUSTOMERS BE RESPECTFUL KEEP PROMISES MAKE IT EASY BE INSPIRING IP CORE NETWORK

AMSTERDAM 1 FRANKFURT OSLO 1 Telecity Equinix Telehouse Kirkegata 9 Science Park 120 Kleyerstrasse 90 0581 Oslo 1098 XG 60326 Frankfurt am Main Norway Amsterdam Germany OSLO 2 AMSTERDAM 2 HONG KONG Østre Aker vei 18B Vancis HKcolo Ltd Økern Science Park 121 Sino Favour Centre 0581 Oslo 1098 XG 1 on Yip Street Norway Amsterdam Chai Wan, Hong Kong SINGAPORE BUDAPEST LONDON Equinix T-Systems/Dataplex Telecity Singapore Pte. 13 Asztalos Sándor street 6&7 Harbour Exchange 20 Ayer Rajah Crescent, room 1F, Budapest Lime Harbour 139964 Singapore Hungary London E14 9GE United Kingdom