1. Telenor in Europe Kjell-Morten Johnsen, Head of Telenor Europe 28 May 2013

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. 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. Telenor Group VimpelCom Ltd. Telenor Group holds 33.0% economic and 43.0% voting stake in VimpelCom Ltd. 148 million consolidated mobile subscribers Revenues in 2012 of NOK 102 bn (USD 18 bn) Market cap of NOK 200 bn (USD 34 bn) 3

4. Telenor Group in Europe 50% revenue market share #1 position in the market 3.2 m customers Telenor - Norway Vimpelcom 43 % voting stake (33% economic stake) 215 m mobile subscriptions in 17 markets 21% revenue market share #3 position in the market 2.4 m customers Telenor - Sweden 25% revenue market share #2 position in the market 2 m customers Telenor - Denmark 31% revenue market share #2 position in the market 3.3 m customers Telenor - Hungary 43% revenue market share #1 position in the market 3.2 m customers Telenor - Serbia 44% revenue market share #1 position in the market 0.4 m customers Telenor - Montenegro Revenue market shares and subsciber numbers referring to mobile operations 4

5. Sweden - Revenues (NOK m) and EBITDA % Denmark - Revenues (NOKm) and EBITDA % Telenor in Europe – Financial development Organic growth assuming fixed currency, adjusted for acquisitions and disposals. EBITDA and EBITDA margin before other items Organic revenue YoY -4% -19% Hungary - Revenues (NOK m) and EBITDA % Serbia - Revenues (NOK m) and EBITDA % -2% +8% 5

6. Executing on Telenor Group strategy Cost efficient operatorPreferred by customers Take positions in new servicesNew operating models Monetise on mobile dataContinuous improvement 6

7. Initiatives in the region 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 7

8. Acquisition of Globul in Bulgaria 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 Globul financials (EURm) EBITDA margin 40%38%36% Telenor Serbia Telenor Hungary Telenor Montenegro 8

9. VimpelCom Ltd reported net income (USD m) 33% economic stake in VimpelCom 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 9

10. Thank you

11. Telenor in Europe Market position and subscribers at the end of Q4 2012. OCF = Operating cash flow (EBITDA before other items, less capex excl licence fees) 11