Group Overview Jon Fredrik Baksaas – President and CEO

A history of growth

Learning the basics in Norway Selective international Consolidating mobile

expansion 2000 positions • 1970’s: Pioneer in satellite EXIT 2004 communication Ireland EXIT • 1980’s: Pioneer in mobile (NMT and Germany Greece GSM) 1993 1995 2007 • 1990’s: Digitalisation of the fixed Hungary Ireland 1997 2005 EXIT Montenegro Greece Sweden Austria network

-1970 1980 1990 2000 2007 2008

1966 1981 1993 1994 1998 2005 Manual Automated GSM Russia Ukraine Pakistan Mobile Mobile Norway Germany Norway Norway 1996 2000 2006 Austria Thailand Serbia Bangladesh Malaysia Denmark

1 Strong regional positions

Nordic • Advanced markets • Focus on cost efficiency • NOK 10 bn cash flow target

Asia • Continued strong subs growth • No 2 in 3 years in CEE Pakistan • Strong Kyivstar • Largest global performance operator • Subs growth slowing down • Entry into mobile broadband

One of the world's largest operators

China Mobile

Vodafone

Singtel

Telefonica 143 150

China Unicom 115

America Movil 83

53 Telenor 31 22 T-Mobile

Orange 2002 2003 2004 2005 2006 2007May08

TeliaSonera

0 50 100 150 200 250 300 350 400 mill

Source: Wireless Intelligence, Q4 2007. Operators are only included if ownership is 20% or more

2 A typical day for Telenor

300 000 000 50 000 25 calls new customers new base stations

Solid financial performance

Annual growth rate since IPO

+37% +16% +46%

143 105 10.72

37

16 0.75

2000 2007 2000 2007 2000 2007

Mobile subscribers (mill) Revenues (NOK mill) EPS (NOK)

3 Our priorities

• Deliver growth above peers • Execute on operational excellence • Brand preference exceeding market share • Recognise our responsibilities • Nurture a unique performance culture

Continued growth from increased usage

Mobile penetration (Q108) MoU (Q108)

Norway DTAC

Denmark Grameenphone

Sweden Telenor Norway

Montenegro DiGi

Malaysia Telenor Sweden

Ukraine Telenor Denmark

Hungary Telenor Pakistan

Serbia Pannon

Thailand Kyivstar

Pakistan Promonte

Bangladesh Telenor Serbia

0 % 50 % 100 % 150 % 200 % 0 100 200 300 400 500 Real penetration SIM penetration

4 Leveraging on our core assets

150 million subscribers 500 000 points of sale

World class infrastructure Brand strength

Significant mobile broadband potential

98% 99% 90% 90% 90% 86%

64%

50%

30%

17%

7% 1% 0,04% 0,03%

Sweden Hungary Malaysia Thailand Ukraine Pakistan Bangladesh

Fixed broadband household penetration

3G/EDGE population coverage

5 Promising entry into basic financial services

Opportunities in connecting objects

Example Nordic region

25 million people

200 million objects waiting to be connected

6 Actively exploring M&A opportunities

• Expansion within existing regional clusters • Complementary businesses in existing markets • More flexible approach to control • Selectively looking at Africa

Secure industry leadership on operational excellence

• Proactively manage costs to meet declining prices • Benchmarking and best practices • Leverage on scale in procurement • Set high leadership expectations and standards

7 Recognising our responsibilities

• Contribute to local development • Implement and follow-up of codes of conduct • Active approach to environment

Summary

• One of the fastest growing mobile operators • Strong regional positions • Leverage on core assets to develop new services • Actively explore expansion opportunities

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