The document summarizes Telenor Group, a major mobile operator with over 179 million mobile subscriptions across 13 markets. It has over 33,000 employees and its operations reach 1.3 billion people. Telenor aims to provide affordable internet access to more people and additionally expand into new digital service areas like financial services and machine-to-machine communication to continue its growth. The company strives to be a leader in efficient operations while positively impacting societies and empowering communities through increased connectivity and access to services.

1. THIS IS THE TELENOR GROUP
1

2. Among the major mobile operators in the world
More than 179 million mobile subscriptions
33 000 employees
Present in markets with 1.3 billion people
Uninor launched its services in December
Uninor has operations in seven circles
Telenor has an ambition to become
market leader
A voting stake of 43 per cent
(economic stake 33 per cent)
in VimpelCom Ltd. with 220
mill. mobile subscriptions in
14 markets

3. More than 179 million consolidated mobile
subscriptions, Q3 2014
Telenor Group
• Mobile operations in 13 markets in Norway,
Europe and Asia
• A voting stake of 43 per cent (economic stake
33 per cent) in VimpelCom Ltd. with 220 mill.
mobile subscriptions in 14 markets
• Revenues 2013: NOK 104 bn
Revenue distribution
24%
24%
43%
5%
3%
Norway
Europe excl Norway
Asia
Broadcast
Other
3.7
3.2
4.0
1.89
2.5
3.2
50.3
36.4
27.8
34.4
11.3
Malaysia
Thailand
Pakistan
India
Bangladesh
Montenegro & Serbia
Hungary
Bulgaria
Denmark
Sweden
Norway
Norway
Serbi
a
Montenegro
Bangladesh
India
Pakistan
Thailand
Malaysia
Sweden
Denmark
Hungary
Bulgaria Myanmar

4. Subscription growth – consolidated companies
0.6
11.2
52
70
80
91
120
147
166
179
200
180
160
140
120
100
80
60
40
20
0
1995 2000 2007 2008 2009 2010 2011 2012 2013 pr. Q3
2014
No. of mobile subscriptions world wide, in millions

5. Strong revenue growth
14.2
36.2
55
75
86 88 90
94
99 102 104
120
100
80
60
40
20
0
1995 2000 2005 2006 2007 2008 2009 2010 2011 2012 2013

6. Group Executive Management
(GEM) Telenor Group
Jon Fredrik Baksaas
Group Finance
Richard Aa
Norway
Berit Svendsen
Asia
Sigve Brekke
Group Industrial
Development
Hilde Tonne
Group Strategy
& Digital
Henrik Clausen
Europe
Kjell-Morten
Johnsen
Group People
Development
Jon Erik Haug
Group Legal
Pål Wien Espen
Group Corporate
Affairs
Katja Nordgaard

8. Telenor will remain a growth company
and a retail operator
8
Telenor will continue to focus on
growth and value creation.
Telenor will maintain being a retail
operator, with the main share of
revenues coming from
communication and connectivity
services.
We will provide new selected digital
services to defend this position.

9. 2014-2016 Strategic ambitions
Internet for All Loved by Customers Efficient Operations
Passionate employees
Impact Societies
ENABLERS STRATEGY

10. Strong industry and company rationale for
the 2014-2016 Strategic ambitions
Internet for All Loved by Customers Efficient Operations
Improving customer
experience and
providing affordable
services
Hitting and
monetizing the next
growth curve
STRATEGY
Competing for the
same customers in
saturating markets
Passionate employees
Impact Societies
ENABLERS
Need for new skills and more customer orientation
Playing an increasingly important role in the societies

11. INTERNET FOR ALL
There is great opportunity in providing people with
affordable internet connectivity
Stimulate
usage
Monetize
Enable use
2
3
1
In addition we will build positions in new service areas with attractive
stand-alone revenues, like Financial Services, M2M, etc.

13. The communications opportunity
Mobile access
• Increased mobile penetration can contribute to
faster economic growth
• Mobile phones can improve access to social
services – e.g. health and education
Internet
• A 10 pt increase in Internet penetration can create:
• 3-10% productivity increase
• 1% increase in new business creation
Financial Services
• Two billion unbanked mobile users could be served
by mobile financial services (MFS)
• MFS can help families overcome income
uncertainty and financial shocks
Access to Communications
Potential job creation from Internet adoption
Enabling services
Over 2.5B adults
(~72%) in
developing world
are unbanked
Almost 2.5B people
in developing world
have mobile phones
Up to 2B
unbanked mobile
phone users
+10 pp
+1.2 pp
(K)
Potential decrease in maternal mortality from mHealth
adoption
* Source: Telenor/Deloitte/Boston Consulting Group
Mobile health services
• Can reduce maternal mortality by up to 30%
• Doctors can treat twice as many rural patients per
doctor
• Data collection costs can be reduced by 25%
-30%
As Is mHealth

14. Telenor Group CR Strategy
Shared value
Telenor & Society
Extending the benefits of mobile
telecommunications
Ensure responsible business practices
across the organisation
Climate
contribute to reducing
climate change
Enable
positively impact underserved
groups through
telecommunications
Safe
provide safe services and
safe user experiences
Human rights Environment Social