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The following presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated (’relevant persons’). Any person who is not a relevant person should not act or rely on this presentation or any of its contents. Information in the following presentation relating to the price at which relevant investments have been bought or sold in the past or the yield on such investments cannot be relied upon as a guide to the future performance of such investments.
This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in any company within the Telenor Group. The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about, and observe, such restrictions.
This presentation contains statements regarding the future in connection with the Telenor Group’s growth initiatives, profit figures, outlook, strategies and objectives. All statements regarding the future are subject to inherent risks and uncertainties, and many factors can lead to actual profits and developments deviating substantially from what has been expressed or implied in such statements.

148 million consolidated mobile subscribers
Revenues in 2012 of NOK 102 bn (USD 18 bn)
Market cap of NOK 200 bn (USD 34 bn)
Revenues 2012
44%
8%
25%
23%
Norway
Asia
Europe
Other
Operating cash flow 2012
46%
1%
33%
20%
Norway
Asia
Europe
Other
VimpelCom Ltd.
Telenor Group holds 33.0% economic and 43.0% voting stake in VimpelCom Ltd.
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Telenor - Sweden
21% revenue market share
#3 position in the market
2.4 m customers
Telenor - Denmark
25% revenue market share
#2 position in the market
2 m customers
Telenor - Hungary
31% revenue market share
#2 position in the market
3.3 m customers
Telenor - Serbia
43% revenue market share
#1 position in the market
3.2 m customers
Telenor - Norway
50% revenue market share
#1 position in the market
3.2 m customers
Vimpelcom
43 % voting stake (33% economic stake)
215 m mobile subscriptions in
17 markets
Telenor - Montenegro
44% revenue market share
#1 position in the market
0.4 m customers
Revenue market shares and subsciber numbers referring to mobile operations
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Sweden - Revenues (NOK m) and EBITDA %
2 844
2 545 2 599
2 716 2 748
2 539
-4%
19%
Q4 11
25% 24%
30%
Q1 12 Q2 12 Q3 12
23%
Q4 12
28%
Q1 13
Hungary - Revenues (NOK m) and EBITDA %
1 064
964 965
1 060
1 100
930
-2%
36%
28%
Q4 11 Q1 12
35%
30%
Q2 12 Q3 12
38%
28%
Q4 12 Q1 13
Organic growth assuming fixed currency, adjusted for acquisitions and disposals.
EBITDA and EBITDA margin before other items
Denmark - Revenues (NOKm) and EBITDA %
1 713
1 501
1 429
1 330
22%
Q4 11
20%
Q1 12
20%
Q2 12
23%
Q3 12
1 468
19%
Q4 12
1 192
-19%
21%
Q1 13
Serbia - Revenues (NOK m) and EBITDA %
736
38%
656
39%
674
39%
720
39%
686
40%
669
+8%
40%
Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13
Organic revenue YoY
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Preferred by customers Cost efficient operator
Monetise on mobile data
Take positions in new services
Continuous improvement
New operating models
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7
●
Leverage competence and scale across the region
●
Common management of Telenor
Montenegro and Telenor Serbia
●
Common shared service centre for network and IT services
●
Radical simplification in Denmark
●
Towards data centric pricing
●
Network sharing
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8
●
Agreement with OTE to acquire Globul, the second largest mobile operator in Bulgaria
●
Acquisition price EUR 717 million on a debt and cash free basis
● Opportunity to leverage Telenor’s operational expertise in the CEE region
●
Consistent with value-driven and disciplined Group M&A strategy
●
Closing of transaction pending regulatory approval
EBITDA margin
(EURm)
422
40%
Globul financials
38%
413
378
36%
168
158
135
2010
Revenue
2011
EBITDA
2012
Telenor Hungary
Telenor Serbia
Telenor
Montenegro
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• Market value of Telenor stake currently at USD 6 bn
• A very profitable investment for Telenor
•
Acc. investments: NOK 14.9 bn
•
Dividends received: NOK 17.6 bn
• Ownership structure clarified
• Supporting VimpelCom’s Value Agenda
VimpelCom Ltd reported net income (USD m)
801
488
538
408
318
Q1 12 Q2 12 Q3 12 Q4 12 Q1 13
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Country
Sweden
Denmark
Hungary
Serbia
Montenegro
Norway
2005
2000
1993
2006
1996
1855
Year of investment
Market position
Revenue market share (%)
Subs
(million)
Revenues
2012 (NOK bn)
EBITDA margin
2012 (%)
OCF margin
2012 (%)
21
3
2
2
1
1
1
25
31
43
44
50
2.4
2.0
3.3
3.2
0.4
3.2
10.6
5.7
4.1
2.7
0.6
25.5
25.3
20.2
32.2
39.5
42.0
42.4
14.4
10.2
24.9
31.4
34.1
26.3
Market position and subscribers at the end of Q4 2012.
OCF = Operating cash flow (EBITDA before other items, less capex excl licence fees)
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