1. Telenor – Investor Presentation June 2012 Jon Fredrik Baksaas, CEO

2. 2 Disclaimer 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. In particular, the section ‘Outlook for 2012’ contains forward-looking statements regarding the Telenor Group’s expectations. 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.

3. Maintaining growth momentum Mobile subscribers (mill) Organic revenue growth Strong operational performance in Q1 8% organic revenue growth 5.6 million net subscriber growth 21% operating cash flow margin Restoring ownership position in VimpelCom Awaiting final decision on auction format in India 3

4. Strategy built on two main operational ambitions Cost efficient operator Preferred by customers Take positions in new servicesCross border standardisation Customer centricity Business unit efficiency improvements 4

5. Awaiting final decision on auction format in India Operational performance on track Licence extension to 7 September, aligned with auction timeline Auction conditions - Key elements Roll out obligations Spectrum Incumbents vs new players Reserve price Deferred payments INR 155 bn peak funding maintained 5 Revenues (NOKm) EBITDA (NOKm)

6. 6 Restoring ownership position in VimpelCom Ltd. 234 million preferred shares acquired from Weather Investments on 15 February 65 million common shares acquired from JP Morgan on 4 April In compliance with applicable rules and regulations Telenor ownership stakes in VimpelCom Ltd Economic Voting

7. Healthy shareholder remuneration Dividend policy: 50-80% of normalised net income Nominal YoY increase in dividend 7 3% share buybacks in 2011 Aiming for buybacks also in 2012 Dividend per share (NOK) *) Share buyback programme AGM 2011 – AGM 2012 Payout to shareholders (NOK bn)

8. Priorities in 2012 Continue to deliver growth above peers Clarify platform for continued operations in India Manage transition from voice to data Execute on operational excellence 8 13% ~10% Capex/sales* 39% <35% Opex/sales* 37% 11% *) Existing business not incl. India and licence fees

9. Telenor – Investor Presentation June 2012 Marius Gigernes and Frode Støldal, Telenor Norway

10. 6k net mobile subscription growth Stable mobile ARPU adjusted for one- time effects Fixed development in line with previous quarters EBITDA impacted by mobile campaign in Q4 and storm-related costs Network investments focused on mobile capacity and fibre to the home 10 Telenor Norway Q1 2012 Organic growth assuming fixed currency, adjusted for acquisitions and disposals. EBITDA and EBITDA margin before other items Capex excl licence fees Organic revenue / EBITDA growth YoY Revenues (NOKm) and EBITDA% 0% -7% EBITDA and capex (NOKm) EBITDA CAPEX

11. Migration to bundled mobile tariffs 11 Mobile data users (1000’)* Mobile blended ARPU (NOK) Q4 campaign Other *) Small screen data users – Consumer segment

12. Modernisation of networks Best mobile network Network swap completed Q4 2011 3G coverage close to 90% LTE launch in 2H 2012 IP backhaul upgrade 324 278 246 Fibre rollout Using both Telenor and Canal Digital brands 57,000 connections by end of 2012 Stream-lining of value chain

13. Simplification of processes and value chains Improve customer experience Develop state of the art web platform and shift volumes to web Implement the net promoter score index and enhance the utilization of customer feedback loops New tools in customer front to support a better customer communication and increase up-selling possibilities 246 278 324 Phase-out of copper network A dedicated program that focus primarily on phase-out activities Offer a mobile alternative (sim-fixed-phone) to areas were copper will be closed down Focus fiber roll-out on most profitable areas. Enhance xDSL quality in other areas to create a good alternative

14. Telenor – Investor Presentation June 2012 Hilde Tonne, EVP Group Industrial Development

15. The business environment is changing, and the industry is transforming

16. Driving operational excellence in all business units... 16 13% ~10% Capex/sales* 39% <35% Opex/sales* 37% 11% *) Existing business not incl. India and licence fees Specific operational excellence targets for all business units Capex/sales in 2011-2012 impacted by network modernisation programmes

17. Industrialization will facilitate both cost efficiency and improvement in market position Through joint deliveries we will release capacity to strengthen our local market execution

18. Striking the right balance: Capture scale benefits while increasing local agility Strong group control Local independence Group standards, local execution Operating model

19. Group-wide industrialisation to leverage on scale 19 Managed Services Network Sharing AD/AM Asia Billing Shared Services (IT, Finance, HR) Streamlining Customer Processes and Distribution

20. Telenor – Investor Presentation June 2012