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Merrill Lynch TMT Conference, 2.39 MB Telenor Group Jon Fredrik Baksaas President and CEO 2 Strong regional positions Nordic Mobile subscribers (mill) • 6.6 mill mobile subscribers 164 143 • 41% of Group revenues* 115 • 36% of Group EBITDA* 83 53 31 CEE 22 • 93 mill mobile subscribers 2002 2003 2004 2005 2006 2007 2008 • 17% of Group revenues • 32% of Group EBITDA Asia • 67 mill mobile subscribers • 30% of Group revenues • 28% of Group EBITDA* • Nordic consists of the mobile and fixed operations. Subscriber figures as at the end of Q1 2009. 3 • Revenues and EBITDA before other items for Q1 2009 (excl. eliminations, incl. Kyivstar) Q1 2009 Strong cash flow in a challenging environment Revenues (NOKm) and EBITDA % 26 292 27 119 • Stable organic revenue development • Recession impacting telecom spending in some of our markets 35,1 % 34,2 % • Maintained market positions and margins Q1 08 Q1 09 • Adjusting cost and capex levels to secure cash flow EBITDA and capex (NOKm) EBITDA CAPEX 9 230 9 268 5 089 3 291 Q1 08 Q1 09 All figures including Kyivstar EBITDA and EBITDA margin before other items 4 Q1 2009 Stable organic revenues and EBITDA margin Revenues (NOKm) and EBITDA (NOKm) and EBITDA% organic revenue growth (%) 10 033 29 907 9 782 9 317 9 268 27 620 9 230 26 914 27 178 27 119 8 831 26 292 12 % 35 % 36 % 33 % 34 % 33 % 34 % 7 % 7 % 4 % 4 % 0 % Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 All figures including Kyivstar. Organic revenue growth in fixed currency, adjusted for acquisitions and disposals. EBITDA and EBITDA margin before other items 5 Steady increase in operating cash flow 4 quarters rolling op. cash flow (NOKm) 4Q rolling op. cash flow Q109 (NOKm) 19 518 17 682 16 812 14 989 14 722 14 561 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Nordic CEE Asia Operating cash flow including Kyivstar and excluding licences and spectrum Operating cash flow defined as EBITDA before other items - capex 6 Solid cash flow improvement in Asia 4Q rolling operating cash flow margin: Nordic CEE Asia 42 % 31 % 32 % 35 % 29 % 25 % 22 % 17 % 20 % 9 % 7 % i y y n k n ia e C G e tar b t A tan wa wa d ar r Di hone is r e m ivs e on DT or o n anno S ak N N Sw e Ky P om enp P e D or r e r l ed P m o bi x len a n -49 % o le M Fi Te Gr Te 4Q rolling Q208-Q109 4Q rolling Q207-Q108 Operating cash flow including Kyivstar and excluding licences and spectrum Operating cash flow defined as EBITDA before other items - capex 7 Magnitude of macro slowdown varies Nordic GDP growth (%) CEE GDP growth (%) Asia GDP growth (%) 10 10 10 8 8 8 6 6 6 4 4 4 2 2 2 0 0 0 2008 2009 2010 2011 2008 2009 2010 2011 2008 2009 2010 2011 -2 -2 -2 -4 -4 -4 -6 -6 -6 India Norway Russia -8 -8 -8 Pakistan Sweden Ukraine Bangladesh Serbia -10 Denmark -10 -10 Thailand Hungary Malaysia 8 Source: IMF World Economic Outlook, April 2009 Adjusting to economic slowdown Sales & marketing • Scaling down sales and marketing activities • Minimising use of consultants and -12% temporary staff • Aligning capacity investments to lower Q1 08 Q1 09 traffic growth • Postponing equipment deliveries in dialogue with vendors Capex • Strict prioritising of projects -17% Q1 08 Q1 09 All figures including Kyivstar Capex excl. satellite in Q108 9 Strengthened focus on operational excellence • Active best practice implementation • Group procurement for devices, IS/IT and networks • Site and network sharing initiatives in most markets • Optimising price plans to network capacity • Making broadband profitable • Understanding customer choices and align resource (capex and opex) prioritisation • Distribution and marketing concepts 10 Towards service launch in India • Consolidation of Unitech Wireless at transaction closing in March • Ownership in Unitech Wireless increased to 49% in May • Ongoing recruitment • Equipment and IT vendors selected • Service launch in a limited number of circles late 2009 • Current market net subscriber uptake 10-15 million per month 11 Continuing to defend investment in Russia • Ongoing shareholder conflict with Russian co shareholder Alfa Group • Omsk court ruling on 20 February held Telenor liable for alleged damages of USD 1.7 bn to VimpelCom • Telenor’s VimpelCom shares arrested on 11 March by Russian bailiff • Hearing of stay of bailiff execution in Moscow adjourned until 3 June • Hearing of appeal of Omsk court ruling in Tyumen adjourned until 10 June 12 Operational focus in 2009 • Maintain revenue market shares • Adjust cost and capex levels to economic slowdown • Implement measures to achieve sustainable cash flow improvements • Successful launch of operations in India Streamlining operations to meet market recovery 13 Telenor Group Jon Fredrik Baksaas President and CEO Q1 2009 – Nordic Solid performance in Norwegian operations Revenues (NOKm)/EBITDA% • 6% revenue growth in business segment in Mobile Norway 3 631 3 681 3 120 3 219 • Strong EBITDA margins in Norway -1% + 3% • Integration of fixed and mobile operations on track in Denmark 36 % 39 % 35 % 36 % • Still challenging in Sweden Q1 08 Q1 09 Q1 08 Q1 09 Mobile Norway Fixed Norway 2 360 2 160 2 016 1 818 -5% -2% 21 % 23 % 22 % 18 % Q1 08 Q1 09 Q1 08 Q1 09 Sweden Denmark Organic revenue growth YoY 15 Q1 2009 - CEE Maintaining strong EBITDA margins Revenues (NOKm)/EBITDA% 3 093 • Revenues in Kyivstar hit by -6% 2 348 recession and weakened currency - 4% 1 380 1 322 • MTR cut impacting revenues in 61 % 58 % Pannon 42 % 42 % • Increased usage and revenues in Serbia Q1 08 Q1 09 Q1 08 Q1 09 • Strong focus on cost and capex Kyivstar Pannon management 698 720 + 4% -10% 164 166 41 % 43 % 35 % 41 % Q1 08 Q1 09 Q1 08 Q1 09 Telenor Serbia Promonte Organic revenue growth YoY 16 Q1 2009 - Asia Stabilising trend in usage and revenues Revenues (NOKm)/EBITDA% • Maintained margins from Q4 in 3 219 Pakistan and Bangladesh 3 036 2 307 -6% • Continued growth on postpaid in 1 921 + 4% Malaysia • Flat organic revenues vs Q4 in 48 % 45 % 33 % Thailand 29 % • Significant capex reductions in all Q1 08 Q1 09 Q1 08 Q1 09 operations DTAC DiGi 1 574 1 042 1 121 1 153 + 6% + 6% 59 % 21 % 47 % 17 % Q1 08 Q1 09 Q1 08 Q1 09 Grameenphone Telenor Pakistan Organic revenue growth YoY 17.
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