Lars Christian Iuel, CEO

Pakistan – Country overview

Population

. Population of 178 million

. 43% of the population below the age of 15 years Macro outlook . Sizeable market for consumer orientated businesses

. Real GDP growth 2012 at 4%

. Inflation rate stabilizing Regulation . Political and economic stability growing fragile

. Energy & power shortages

. Common industry approach towards the regulator on 3G

. Security situation forcing tougher regulation on the industry

1 Pakistan telecom market overview

Mobile penetration (%) 133 138 127 Mobile subscribers (m) 118 108 108 12 Warid 13 Zong 70% 71% 73% 67 66% 21 56% Telenor 42% 38 28 22 24% 8 14% 5% 34

2004 2005 2006 2007 2011 2012e 2013e 2014e 2015e 2011

Customer retention becoming top priority as market matures

Higher focus on non-voice including financial services and mobile Internet

Opex pressure largely due to country-specific costs

Telenor Pakistan aims to continue to outperform competition

Telenor Pakistan revenue development

Increase VAS contribution

% of total revenue • Increase revenue per activity

3% • Develop a content ecosystem 4% 7% 7% 10% 8% 9%

11% Mobile Internet • Build mobile Internet ecosystem • Access – Build the base 85% 81% 74% • Device • Content

Financial services 2011 2012e 2015e • Launch new products & segments FS * VAS • Grow mobile accounts Others Voice • Grow ARPU • Enhance agent footprint

* Financial services, excluding Tameer Bank

2 Opex and capex evolution to be impacted by network modernisation

Network modernisation Development in opex and capex started – targeting completion Capex/sales (%) by end of 2013 76 Opex/sales (%)

Ebitda margin (%) • Making the network 3G and LTE 53 52 ready 48 45 • Reducing energy footprint 37 • Catering for equipment reaching 31 30 end-of-life 24 18 • Driving further cost efficiency in 13 11 investment and operations 2008 2009 2010 2011

Future growth opportunities

1 2 3 Mobile Internet Industrialisation Financial services

3 1 The mobile Internet opportunity

Mobile Internet users (m) and Telenor I-Champ – providing Internet penetration (%)* training to young people

8.5

6.5

4.9

3.4 27% 1.9 22% 17% 13% 8%

2011 2012e 2013e 2014e 2015e

*) % of own subscriber base

1 Mobile Internet - Build an ecosystem

Targeting mobile Internet market share 5% higher than the GSM market share by 2015

Access

• Market development programs • Creative pricing – lowering the entry barrier

Device

• Conversion of feature phones to smart phones • Conversion of non-internet to internet capable phones

Content

• Actively facilitate the eco system • Content aggregators on WAP portal • Competitions to develop content – “Apportunity”

4 2 Benefitting from Telenor Group industrialisation

Asia billing Distribution 2.0

Future operating models Centralised sourcing

3 – Idea evolution

51% Attractive market potential identified in 2010

• 30 million bills per month Telenor acquired • Transfer money majority interest in • Domestically USD 7 bn per year TAMEER Bank to launch EasyPaisa • Internationally USD 9 bn per year as a Joint Venture Agent • Only 12% population has access to agreement formal financial services

Reliability in fund transfers

Convenience – Real time transactions

Empowering the customer

5 3 EasyPaisa – A successful venture

Basic financial services • Average transactions ~ 160,000 per day and growing

• Total 60 m transactions worth PKR 140 bn to date

Easypaisa shops > Over-the-counter or 18,000 and growing mobile phone based services for everyone!

Targeting the under-banked and the un-banked

Telenor Pakistan – ahead of 2013 targets

Targets for 2013 announced at CMD 2010:

10% revenue growth Y-o-Y

Operating cash flow 10% revenue growth YoY Capex/sales ratio <12% margin >25%

Revenue growth Operating cash flow margin Capex/sales ratio

18% 16% 18% 26% 27% 16% 13% 16% 11%

2010 2011 2012e 2010 2011 2012e 2010 2011 2012e

6 Raising the bar with ambitious targets for 2015

Increase revenue market share

Revenue growth CAGR >10%

Opex/sales < 36%

Operating cash flow margin > 40%

Operating cash flow defined as EBITDA before other items less capex, excl. spectrum fees.

Summary

• Strengthening number 2 position

• Taking leading positions in financial services and mobile Internet

• Focusing on operational excellence – sweating our assets

• “Karo Mumkin” our philosophy

7 Telenor Pakistan Lars Christian Iuel, CEO

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