A focus on people and innovation has made us one of the largest and fastest growing telecommunications companies.

Growth comes from truly understanding the needs of people, to drive relevant change Telenor Group is an international provider of tele, data and media communication services. Telenor Group has mobile operations in 1 1 markets in the Nordic region, Central and Eastern Europe and in Asia, as well as an economic stake of 31.67 per cent in VimpelCom Ltd., operating in 20 markets. Headquartered in Norway, Telenor Group is one of the world’s major mobile operators with 133 million mobile subscriptions in its consolidated operations per Q3 2011, revenues in 2010 of NOK 95 billion, and a workforce of approximately 31,000 man-year. For more information about Telenor Group, please visit www.telenor.com Built around people

It’s easy to make a claim that people are the basis of success, but at Telenor we also deliver on it. We focus on generating real insight into people’s lives to create relevant innovations and on maximising the participation of our staff to deliver value to customers and other stakeholders. Over the years, Telenor has developed in-depth expertise in mobile technology that enhances the way people live and communicate with each other and contributes to economic and social growth. This has been the source of our sustained business performance and it is this that will drive us in the future.

This brochure gives you a flavour of the Telenor Group and introduces you to some of the people and initiatives that make us unique.

Best Regards,

JON FREDRIK BAKSAAS PRESIDENT AND CEO TELENOR GROUP

2 3 The Telenor Group in the Nordics

The Nordic region has high mobile and fixed line penetration and the Telenor Group has a strong People presence in Norway, Sweden and Denmark as well as a leading position in the rapidly growing Scandinavian broadband market. Telenor is also among the leading providers of television and satellite broadcasting services in the region and Change operates the national terrestrial broadcast network Growth in Norway.

Our business is built around people The Telenor Group in Central and Eastern Europe The Telenor Group has operations in Hungary, Serbia and Montenegro, and holds an economic Everything we do at the Telenor Group stake of 31.67 per cent in VimpelCom Ltd., operating is based on the principle that in 20 markets. As an early entrant into the region (Hungary 1993), Telenor has secured strong by focusing on people’s needs positions. Across the region Telenor Group is focusing on growing data traffic and seizing mobile we can create growth for all our broadband opportunities. 3G services have been stakeholders and, together with launched in Serbia, Hungary, Montenegro and Russia. In Serbia we also have a licence for fixed customers, businesses and local line operations. communities, drive relevant change through innovative technology. The Telenor Group in Asia

The Telenor Group is one of the largest mobile operators in Asia with strong and growing operations in Pakistan, Bangladesh, Thailand, Malaysia and India. Our success has been built on applying our global telecoms expertise together with knowledge transfer within the region and local market insight to create value for different segments. We have achieved significant and rapid subscriber growth in all markets.

4 5 Telenor - Pakistan Uninor - India Telenor’s wholly owned subsidiary, Telenor holds a 67.25 per cent ownership Telenor Pakistan, is the second largest interest in Indian greenfield mobile People, change, growth mobile operator in Pakistan. operator Uninor. The company launched Grameenphone - its services in December 2009. Bangladesh Telenor holds a 55.8 per cent ownership interest in Grameenphone, the largest mobile operator in around the world Bangladesh. Grameenphone is listed on the Dhaka Stock Exchange (DSE) Ltd. and the Chittagong Stock Telenor - Norway Exchange (CSE) Ltd. Telenor’s wholly owned Norwegian mobile operation is the country’s leading telecommunications operator. Telenor - Sweden Telenor’s wholly owned subsidiary, Telenor Sweden, is Sweden’s third largest mobile operator. dtac - Thailand Telenor’s economic exposure in Thai mobile operator dtac is 65.5 per cent. dtac is the second largest mobile operator in Thailand and is listed on the Stock Exchange of Thailand and the Singapore Exchange. Telenor - Denmark Telenor’s wholly owned subsidiary, Telenor Denmark, is Denmark’s second largest mobile operator.

DiGi - Malaysia Telenor holds a 49 per cent ownership interest in DiGi, the third largest mobile operator in Malaysia. DiGi is listed on Bursa Malaysia. Telenor - Hungary Telenor’s wholly owned subsidiary, Telenor Hungary, is the country’s second largest mobile operator.

Telenor - Serbia Telenor - Montenegro Telenor’s wholly owned subsidiary, Telenor’s wholly owned subsidiary, VimpelCom Ltd. Telenor Serbia, is the country’s Telenor Montenegro, is the country’s Telenor Group holds an economic stake of second largest mobile operator. largest mobile operator. 31.67 per cent in VimpelCom Ltd.,operating in 20 markets.

6 7 Change is in our roots. We have long been pioneers in developing technologies and services that enable people to take

advantage of modern communications. Change We use the insights from our involvement with customers to drive entrepreneurial thinking and to challenge existing models.

8 9 CHANGE CHANGE Telenor Next – Mobile broadband Committed to for everyone innovation

The❝ uniqueness of Telenor❝ Klik Telenor is that we is a powerful understand risk demonstration of how and we know how to build an innovation to industrialise around people innovation ❞ ❞ Marek Slacik, Ingelin Drøpping, Chief Marketing Officer, Vice President, Telenor Serbia Telenor Next

At the same time as on airplanes, to our wireless While smart phones In Serbia, we have made it easy to use communications at sea operation, the mobile Internet on feature phones we develop our core Maritime Communications Partner (MCP), attract a lot of attention, by developing Telenor Klik, which business, we look to to Telenor Connexion, which provides the great majority of people combines an Opera web browser and Machine-to-Machine connectivity, a social and email aggregator. The realise the potential we have nurtured early-stage ideas around the world are still integrated service offers feature phone of new ways of using and then used our experience to using more standard users email, Facebook, Twitter, chat technology to change professionalise them and achieve feature phones. with MSN, Gtalk and fast web browsing. a critical mass. It is our knowledge of The success of Klik confirms that the people’s lives. risk management combined with our service has significant potential in other ability to adopt a bold and long-term countries, especially where there is low Over the last decade, Telenor has perspective that has given us the Internet penetration and infrastructure brought the skills and stamina required courage to invest in businesses which challenges. to succeed as a global telecommunications have since become world leaders in company to exciting and innovative their fields. concepts. From Aeromobile, which provides voice, text and data services

10 11 CHANGE CHANGE Changing Reducing global infrastructure CO emissions to enhance 2 The mobile industry can and unified communications. This focus ❝ is reflected in our business development ❝ People will soon experience help alleviate the threat and research activities. Energy efficiency We see business be able to take of climate change. has become a strategic priority for us opportunities in advantage of the since energy is one of the main network helping customers reduce their CO full range of At Telenor, we work to minimise operational costs. Telenor Group has 2 broadband services environmental impacts and offer contributed to the GSMA’s efforts to emissions through the climate-friendly technologies to develop a methodology to benchmark smart use of telecom ❞ our customers. We see business energy efficiency in mobile networks. solutions Frode Støldal, opportunities in helping customers Chief Technology reduce their CO emissions and 2 ❞ Officer, Telenor Norway energy costs through smart use of Mai Oldgard, telecom solutions, such as Vice President, Machine-to-Machine technology, Corporate Responsibility, telephone and video conferencing Telenor Group

As people increasingly To meet this need, Telenor is working to replace its existing technology with use mobile phones to a more advanced network, known as access the Internet Long Term Evolution (LTE), that makes new services possible. The new LTE and as social media, technology will consume less energy streaming and mobile and will become an integral part of the commerce grows, so the network. This ‘Internet swap’ will impact on our global operations so that people need for quality, speed in all geographies will be able to enjoy and stability in data a fast, affordable, user-friendly mobile transmission increases. web experience. In Norway, Telenor will launch its next generation mobile broadband technology in 2012.

12 13 Key to delivering on the idea of ‘built around people’ is our commitment to deliver mobile communication People services to all segments of society, including those people who have previously not had access to the benefits of mobile connectivity.

14 15 PEOPLE PEOPLE Banking Putting the anywhere, customer in anytime control To help customers in Discounts change with location and ❝ with time, with each cell phone tower ❝ Easypaisa envisions India to better manage broadcasting a different discount. The In highly competitive improving lives by their mobile telephony available discount is shown continuously markets, customer- making financial on the customer’s handset screen. focused innovation is services available to expenditure, Uninor has Rather than simply offering a standard the key to success the people of Pakistan developed a model known price, the service allows customers as ‘dynamic pricing.’ to decide when to make and when to ❞ ❞ defer making a call, based on their need Sharad Mehrotra, Aamir Ibrahim, This service provides customers with relative to cost. It’s an example of giving Chief Sales Officer, Vice President a variable discount on their calls of people more control over the way they Uninor Commercial Division & between 5 per cent and 60 per cent use mobile telephony. Chief Marketing Officer, based on the traffic on the network. Telenor Pakistan

The Pakistani Financial cities. Easypaisa has made it possible for the majority of the population to make Services market is hugely financial transactions for personal and underserved. business use, anywhere, anytime.

Out of a population of 170 million, only To date six services have been launched 14 per cent of Pakistanis are using the in the retail market: bill payment, financial products or services of a formal domestic money transfer, international financial institution. In October 2009 home transfer, mobile account, donations easypaisa was launched as Pakistan’s and air time top-up. Currently, there are first mobile based branchless banking close to 12,000 easypaisa agents in 560 service. Easypaisa offers reliability, cities across the country. Since launch, convenience and empowerment and it is around 10 million people have used already transforming the way Pakistanis the service to carry out transactions manage their financial needs. The service worth PKR 17 billion. CNN has labelled provides access to both the un-banked easypaisa ‘the model of the future’. in rural areas and the under-banked in

16 17 Growth is vital for the Telenor Group, but it is also important for both economic and social development in the countries where we do business. Our services enable Growth people to be better connected to each other and also enhance educational and health opportunities and improve living conditions.

18 19 GROWTH GROWTH Improving Mobile lives marketing

In developing countries Our mobile relations Mobile learning provides a fun way to build ❝ employees’ product knowledge, so that ❝ Healthcare is a there are opportunities business MORE, provides they are better able to deliver customer Our goal is to help huge challenge in to overcome the lack of clients with the opportunity satisfaction. The mobile dialogue service, businesses grow Bangladesh, and which is available throughout the Nordic by using mobile Grameenphone will medical infrastructure to conduct a dialogue region, is easy to use and lets our clients technologies to build continue to play an and to improve people’s with their customers tailor and market their products and effective relationships important role in behaviour and access to and employees through services. It has been used in over 800 easing the burden mobile campaigns to involve and engage ❞ on healthcare health care services. mobile marketing and consumers, to run customer clubs and to Marit Ursin, through technology learning. target consumer offers more precisely. CEO, MORE and innovation Telenor has taken a lead in this process MORE offers its clients a total mobile through its pioneering work on the With mobile marketing, we help clients marketing service that covers strategy, ❞ development of what has become recruit customers, enable interaction creative development, technology and Peter Dindial, CEO, known as mHealth – the delivery of and build longer-term relationships. implementation. Grameenphone IT health related information and services via mobile telecommunications. In Bangladesh we have established ‘Healthline’ services that provide advice, information and consultations for patients and Safe Motherhood and Infant Care initiatives for parents. We have also established a simple SMS solution to help the Government of Bangladesh make people aware of immunization and vaccination alerts. The success of these initiatives has led to the knowledge transfer of mHealth services to Pakistan and Serbia, where they have also been widely used. mHealth offers significant opportunities also in the developed world in such areas as health care, preventative medicine, fitness and lifestyle.

20 21 21 GROWTH Enhancing knowledge

In Thailand more than 60 The goal of the service is to help farmers ❝ improve productivity, reduce costs The service per cent of the population and increase their income. Subscribers shows how we work in agriculture. receive regular agricultural information successfully integrate and can also access a network of best information and Most still rely on old-fashioned farming practice and advice from farmers and telecommunication methods with high production costs. academics. There are now more than technologies to There is little awareness of how to 200,000 active subscribers using the benefit society as improve farming techniques and how service. This is having an impact on the a whole to market produce. To help farmers farmers and their families and helping realize better revenues, Telenor economic and social growth. ❞ operator, dtac, together with partners, Perapong Klinla-or, has created a service, known as *1677 Vice President, Farmer Information Superhighway, Corporate Responsibility which provides valuable information Division, dtac on agriculture via mobile phones.

22 23 The future

Our commitment to society shared value for society and for Telenor by extending the full benefits of mobile The mobile phone has the power telecommunications to new audiences to transform society. Harnessing that and underserved groups. We do this power to deliver new opportunities by improving access and reach in all our and enhanced quality of life is at the markets, by offering safe and innovative heart of Corporate Responsibility products and services and by focusing at Telenor Group. As a value-based on sustainability and tackling harmful company we strive to ensure responsible climate change. Over the last decade business practices across all parts Telenor Group has consistently been of our operations, and we are firmly among the top performers in mobile committed to drive for continuous telecommunications on the Dow Jones improvement. We also aim to create Sustainability Indexes.

24 25 Telenor Brand Academy Global To build a marketing culture and enhance brand building skills, highlights Telenor established in-house marketing training in 2007 with, among others, London Business School. So far more than 1100 people have attended the courses, which enjoy very high ratings among participants, not least because of the high quality of the trainers. A benchmarking study has rated the programme in the top 1 per cent in Best Place to Work the world. The value of the Telenor Thailand Brand Academy is that it helps to ensure a strong customer focus in In 2002, Telenor moved into its everything that we do. innovative Headquarters in Oslo. The offices were designed to reflect the culture of the company: open, Phone Recycling Montenegro non-hierarchical and informal. Other offices in Bangladesh, India, To promote environmental Hungary and Malaysia have adopted responsibility, Telenor has been the same principles. One of the encouraging its customers around most recent is the dtac house in the world to recycle their old phones Bangkok. Accommodating some and batteries. As an example, in 2000 employees, the open offices Montenegro, an award-winning facilitate better communications and project has had widespread take-up. knowledge sharing. As in Oslo there Every phone that people hand in is is no allocated seating and staff can either refurbished or recycled – up sit and work anywhere. There is also to 90 per cent of the components a recreation floor where people can can be re-used. Telenor then exercise and relax and spend time provides money to support national after work. environmental protection projects.

Online and Afloat Bangladesh In the Sunamgonj and Kishoregonj districts of Bangladesh, people are increasingly boarding boats to get online. The boats, which are a result of a partnership between Grameenphone and CARE, serve as information hubs for the people residing in these rural riverside communities, providing them with the opportunity to learn, share and communicate.

26 27 Global highlights

Raising our Profile Asia In 2010, we decided to raise the profile of the Telenor Group among our key stakeholders in Asia, where we have five fast growing operations, through an advertising campaign. Under the theme of ‘Built around people’, we developed Reducing Digital Bullying from sending messages and has communications using our own Norway supported a campaign to promote employees in print, online and awareness of the problem among broadcast media. The advertising Since 2008, Telenor and partner parents and children in secondary appeared on CNN, the BBC and in organisations in Norway have been schools. Research indicates that Asian editions of such publications trying to tackle the widespread 20 per cent of 10 to 15 year olds are as Time and The Economist. The problem of digital bullying among now aware of the campaign and the campaign enhanced awareness of, children and young people. Telenor scale of digital bullying has shown and interest in, the group and also has provided a free bully filter which a decline of 10 per cent. generated pride among staff. can blacklist mobile phone users

1 Degree West and a hotspot position in Central Nordic region and Eastern Europe. TSBc also delivers end user connectivity and Telenor Satellite Broadcasting application services via satellite in (TSBc) provides extensive television Europe and the Middle East. Telenor broadcasting services throughout has a total of 71 transponders in Europe, utilising a hybrid network, orbit, providing capacity to facilitate comprising terrestrial circuits, both organic growth and expansion. earth stations and the satellite fleet. TSBc operates at the prime orbital location, 1 degree West, the leading position in the Nordic region

28 29 Telenor Group is an international provider of tele, data and media communication services. Telenor Group has mobile operations in 1 1 markets in the Nordic region, Central and Eastern Europe and in Asia, as well as an economic stake of 31.67 per cent in VimpelCom Ltd., operating in 20 markets. Headquartered in Norway, Telenor Group is one of the world’s major mobile operators with 133 million mobile subscriptions in its consolidated operations per Q3 2011, revenues in 2010 of NOK 95 billion, and a workforce of approximately 31,000 man-year. For more information about Telenor Group, please visit www.telenor.com Telenor - Norway Grameenphone - Bangladesh Telenor - Denmark DiGi - Malaysia Telenor - Sweden Telenor - Pakistan Telenor - Hungary dtac - Thailand Telenor - Serbia Uninor - India Telenor - Montenegro VimpelCom Ltd.*

*Telenor Group holds an economic stake of 31.67 per cent in VimpelCom Ltd, headquartered in the Netherlands and operating in in 20 markets.