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Telenor – First Quarter 2012 Jon Fredrik Baksaas, CEO 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. 2 1

Q1 2012 Maintaining growth momentum Organic revenue grow th 7.6 % • Strong operational performance 6.6 % • 8% organic revenue growth • 5.6 million net subscriber growth • 21% operating cash flow margin • Restoring ownership position in Q1 11 Q1 12 VimpelCom Mobile subscribers ( m ill) • Urging Government to set acceptable auction conditions in India 146 120 Q1 11 Q1 12 3 Q1 2012 – Nordic New operating models to drive efficiency Revenues ( NOKm ) and EBI TDA m argin • Improvement in Norway after mobile promotions in Q4 1 710 1 672 1 749 1 501 -1% 26% 22% -12% • Subscriber growth in Sweden despite 31% 25% 26% 20% aggressive competition • Addressing cost base through new Q1 11 Q1 12 Q1 11 Q1 12 Broadcast Denm ark operating models 6 293 6 222 • Network sharing in Sweden and Denmark 0% 2 545 2 508 • Partnership on customer service 41% 39% + 5% in Denmark 26% 23% 26% 25% • Strong performance in Broadcast Q1 11 Q1 12 Q1 11 Q1 12 Norw ay Sw eden Organic revenue growth YoY Organic growth assuming fixed currency, adjusted for acquisitions and disposals. EBITDA and EBITDA margin before other items 4 2

Q1 2012 - Norw ay Operational development in line with plans Mobile data users ( 1000’) * 350 • Migration to bundled mobile tariffs 448 • Stable mobile ARPU adjusted for Q4 575 574 campaign effects 361 119 • Fixed revenue decline continues - Q1 11 Q3 11 Q1 12 increased efficiency required Subscription PayGo • Investing in network infrastructure Revenue developm ent ( NOKm ) + 49 6 293 6 222 -120 6 2 9 3 6 2 2 2 Q1 11 Mobile Fixed Q1 12 * ) Small screen data users – Consumer segment 5 Q1 2012 – CEE Network swaps completed in Serbia and Hungary Revenues ( NOKm ) and EBI TDA m argin • First quarter since 2007 with positive revenue growth in Hungary 657 656 • Strong handset and tablets sales in Serbia 1 078 + 7% 964 • 1.8 MHz acquired in GSM 900 auction 42% 39% in Hungary 0% • Challenging macroeconomic and Q1 11 Q1 12 regulatory environment Serbia 36% 35% 133 120 -7% 36% 37% Q1 11 Q1 12 Q1 11 Q1 12 Hungary Montenegro Organic revenue growth YoY Organic growth assuming fixed currency, adjusted for acquisitions and disposals. EBITDA and EBITDA margin before other items 6 3

Q1 2012 Restoring ownership position in VimpelCom Ltd. Telenor ow nership stakes in Vim pelCom Ltd Voting Economic 39.58 % 39.51 % 36.03 % 36.36 % 35.66 % 31.67 % 31.67 % 25.01 % Pre Wind transaction Post Wind Post acq. of pref Post acq. of shares transaction shares from Weather from JP Morgan • 234 million preferred shares acquired from Weather I nvestments on 15 February • 65 million common shares acquired from JP Morgan on 4 April 7 Q1 2012 – Asia Strong performance in Asian operations Revenues ( NOKm ) and EBI TDA m argin 4 209 • 14% organic revenue growth excl 3 692 India 2 968 2 687 • Continued subscriber growth in + 14% + 10% Bangladesh and Pakistan 47% 45% 37% 36% • Handset bundles driving data usage in Malaysia and Thailand 30% • 34% operating cash flow margin Q1 11 Q1 12 Q1 11 Q1 12 in Pakistan Malaysia Thailand 1 627 1 659 1 387 1 179 + 12% + 23% 41% 55% 33% 48% Q1 11 Q1 12 Q1 11 Q1 12 Bangladesh Pakistan Excl rev share increase Organic revenue growth YoY Organic growth assuming fixed currency, adjusted for acquisitions and disposals. EBITDA and EBITDA margin before other items 8 4

Q1 2012 - I ndia Urging Government for acceptable auction conditions Revenues ( NOKm ) 1 009 • Operational performance on track 936 837 698 • 3.2 million net subscriber growth 548 400 • Total subscriber base of 31 million • Underlying EBITDA improvement • Licence extension to 7 September, Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 aligned with auction timeline EBI TDA ( NOKm ) • Unacceptable TRAI recommendation on auction format • INR 155 bn peak funding maintained -582 -622 -849 -965 -1 026 -1 019 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Based on 30 days definition of active subscribers EBITDA before other items 9 Q1 2012 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 10 5

Telenor – First Quarter 2012 Richard Olav Aa, CFO Q1 2012 Financial highlights Organic revenue grow th 7.6 % • 8% organic revenue growth 6.6 % • 21% operating cash flow margin • Write-down of NOK 3.9 bn in India (NOK 2.6 bn after minorities) • Net income to Telenor of NOK 3.2 bn Q1 11 Q1 12 excluding write-down Operating cash flow m argin 20.9 % 20.6 % Q1 11 Q1 12 12 6

Q1 2012 Improving performance in Norway after Q4 campaign Mobile blended ARPU ( NOK) EBI TDA developm ent* ( NOKm ) 2 609 291 2 442 + 118 + 2 285 -70 -64 -151 -7 Q111 Q4 campaign Other Q112 Q4 Other Q111 Q4 O&M Fixed gross Mobile Q112 campaign campaign margin subscriptions • Increased O&M costs mainly • Stable mobile ARPU excl spillover related to storm Dagmar effect from Q4 campaign • Reduction in fixed gross margin in • Price pressure in business segment line with previous quarters offset by increased data usage * EBITDA before other items 13 Q1 2012 8% organic revenue growth, driven by Asia Revenues ( NOKm ) and revenue grow th ( % ) Revenue breakdow n ( NOKm ) + 461 25 433 25 119 24 858 24 631 24 359 + 973 24 092 -46 -248 -113 2 5 1 1 9 2 5 1 1 9 2 4 8 1 7 2 4 0 9 2 2 3 8 4 4 2 3 8 4 4 2 3 7 3 1 8 % 8 % 7 % 7 % 7 % 7 % Q111 DK HUN Asia excl India India Other Q112 DK HUN Asia India Other Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 excl India Organic revenue growth in fixed currency, adjusted for acquisitions and disposals. 14 14 7

Q1 2012 31% EBITDA margin and 5% growth in EBITDA EBI TDA ( NOKm ) and EBI TDA m argin ( % ) EBI TDA breakdow n 8 292 + 397 7 739 + 175 7 417 + 171 7 457 7 359 7 179 -63 -167 -133 7 7 3 9 7 7 3 9 7 3 5 9 3 4 % 3 1 % 3 1 % 3 1 % 2 9 % 2 9 % Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q111 NOR DK DiGi PAK India Other Q112 EBITDA and EBITDA margin before other items 15 Q1 2012 Investments focused on network modernisation Capex ( NOKm ) and capex/ sales ( % ) Capex breakdow n ( NOKm ) + 94 3 783 + 77 3 638 + 130 -179 -38 2 722 2 678 2 487 2 403 2 5 2 5 2 4 8 7 2 4 8 7 2 4 0 3 1 5 % 1 4 % 1 1 % 1 1 % 1 0 % 1 0 % Q1 11 NOR DTAC GP India Other Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Capex from continuing operations Capex and capex/ sales ratio excluding licence fees. 16 8

Q1 2012 21% operating cash flow margin OCF ( NOKm ) and OCF m argin ( % ) OCF 4Q rolling ( NOKm ) 19 381 5 571 19 085 18 712 18 700 5 252 18 053 17 865 4 956 4 779 3 780 3 395 2 3 % 2 1 % 2 1 % 2 0 % 1 4 % 1 5 % Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q410 Q111 Q211 Q311 Q4 11 Q1 12 Operating cash flow from continuing operations, excluding licence fees Operating cash flow defined as EBITDA before other items - capex 17 Q1 2012 Impairment write-down of NOK 3.9 bn in India NOKm Impairment write down of fixed and intangible assets -3 862 Non-controlling interests’ share of write-down -1 265 Net loss attributable to Telenor -2 597 No further accounting exposure after tax and minority as of 31 March 2012 18 9