1. Company Presentation May 2005 Picture courtesy of NOKIA Norway’s leading low-cost mobile operator The Vollvik Group

2. Agenda Short 2004 1q-05 Financials Future

3. Status The acquisition of Sense has been the key focus of the management now –Negotiation of the deal and presenting to investors, especially through November –Due diligence and Post Merger Integration (PMI) planning, especially in November and December –PMI intense from Jan 1st to end February, choosing common system platforms, designing brand and marketing strategies, and dis-engaging of Sense employees –Negotiations with Telenor and NetCom from December to mid-February On the positive side, the PMI is developing according to plan, and the business combination is yielding good results on the cost synergy side On the negative side, the absorption of management that the deal and the PMI demanded resulted in a slow-down in customer growth due to little focus on sales, especially in the period Dec-Jan-Feb

4. Chess has delivered substantial revenue growth… Revenue development 1998-2004 NOK million Chess: Revenue 2003 ca. 330 mill. Revenue 2004 ca. 485 mill. Sense: Revenue 2003 ca. 618 mill. Revenue 2004 ca. 613 mill. * Includes NOKm 30 from GSM Sentrene AS, where the activities have been shut down. Adjusted (organic) growth rate H1/03 to H1/04 of 79%

5. …and increased profitability EBIT development 1998-2004 NOK million ***

6. Key figures 2004 whole year Vollvik GruppenSenseTotal Revenue483,7 mnok613,9 mnok1097,6 mnok COGS311,2 mnok350,8 mnok 662,0 mnok EBITDA 55,7 mnok 63,0 mnok 118,7 mnok EBIT 40,9 mnok 55,5 mnok 96,4 mnok EBIT Margin8,5%9,0%8,8%

7. One time charges in 2004 Non Recuring Items2004Q4 GSM Sentrene AS3.6 mnok0.9 mnok Deprecation of Invision ( CRM )2.6 mnok2.6 mnok Deprecation, changes of accounting principle0.9 mnok- Finance cost loan 340 mnok3.5 mnok3.5 mnok The opening balance for “the new Vollvik Group”, will include restructuring cost related to the integration of Sense in 2005, with some 10 mnok.

8. Section II 1q05 Financials

9. Key figures 1q 2005 Proforma Statement Sense and Chess - whole group NOK mill1q 2005 Operating revenue243,1 COGS140,6 Contribution102,5 Salaries18,2 Other operating costs47,2 EBITDA37,1 Depreciation4,4 EBITA32,7 Amortization of goodwill16,8 EBIT15,9 Net interest expense-3,2 EBT12,7

10. Key data 1q /4q - 2005 ChessSense Number of subscribers In total Q1: 148.005 Q4: 135.980 Q1: 208.400 Q4: 219.605 Number of post paid subscribersQ1: 128.264 Q4: 118.377 Q1: 159.455 Q4: 164.153 Net adds during 4q04Q1: 12.025 Q4: 7.884 Q1: - 11.205 Q4: - 15.184 SAC per gross addQ1: 191 Q4: 210 Q1: 443 Q4: 503 ARPU 1q-05310/ 136220/ 88 Gross margin 1q/4q-04Q1: 39,9% Q4: 31,0% Q1: 44,4% Q4: 41,0% Churn (annualised) based on 1q0519,8%41,5%

11. Balance sheet 31 March 05 Total fixed assetsNOK 472,3 mill GoodwillNOK 253,7 mill Cash on hand NOK 148,7 mill Debtors Accounts receivable NOK 172,4 mill Short term debt NOK 204,3 mill Long term debt NOK 344,9 mill ( Bank ) Equity NOK 257,6 mill

12. Key shareholders in Vollvik Gruppen Shareholders as of 01/5-05SharesOwnership (%) Idar Vollvik 45 286 91228.13 Chess Holding AS27 748 32717.24 Reitan Gruppen AS17 434.00010.83 Marshall Wace LLP17 351 97910.78 HBK – London10 000 0006.21 Oppenheim ACA Concept10 000 0006.21 Orkla ASA7 000 0004.35 Grieg Holding 3 111 1601.93 Lehmann Brothers3 046 2651.89 King Holding AS 1 250 0000.78 Svein Johnsen 1 000 0000.62 MP Pensjon 1 000 0000.62 Jarle Nordnes 1 000 0000.62 Bras AS1 000 0000.62 Sum, top 14 shareholders146 228 64390.85 Other 99 shareholders 14 731 2739.15 Total160 959 916100.0

13. Section III Status/ Future

14. Our customers are very happy

15. Opportunities One net-operator strategi Build own City-nets and Become an operator, with 1/3 of roaming income IP-telephony International discussions Bee a part of a trippel play company (quatro play )