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12/13/2012 Forward in India 14 December 2012 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. 1

12/13/2012 Forward in India Jon Fredrik Baksaas, CEO of Telenor Group Content • Business update • The Indian wireless market • Ambition and strategy • Business plan and targets • Summary 2

12/13/2012 Telenor Group perspective on India • Value creation built on growth profile • Size and governance to manage new markets • Operational excellence • Learnings across the Group Rational approach to a challenging situation • Supreme Court ruling in February to quash licences awarded in 2008 • Uncertainty regarding conditions and timeline for licence quashing and re- auctioning of spectrum • Legal disputes with Unitech Ltd • Scale-down from 13 to 9 circles in July • Establishing a new platform for continued operations 3

12/13/2012 Secured spectrum in six best-performing circles • Acquired spectrum in six circles From 13 to 6 circles in India – Total population of 600 million – Real penetration of 40% UP West 90 UP East • Value driven and circle-by-circle Bihar Gujarat 123 approach in auction 139 62 96 • 5 MHz spectrum in 1800 MHz band, Maharashtra valid for 20 years Maharash 86 tra Andhra Pradesh • Winning bid INR 40 bn (NOK 4.2 bn) Population (m) Declining operating losses Revenues (INR billion) Operating cash flow (INR billion) 6 circles 9.5 Other Other circles 8.8 6 circles 8.1 8.1 6.9 5.7 -4.1 -5.4 -6.6 -7.7 Other 6 circles -8.7 6 circles Other circles -9.5 Q211 Q311 Q411 Q112 Q212 Q312 Q211 Q311 Q411 Q112 Q212 Q312 INR/NOK = 0.104 as of 10 December 2012 Operating cash flow defined as EBITDA before other items – capex. 4

12/13/2012 First circle reaching EBITDA breakeven • UP East EBITDA breakeven in November – 3 years after launch • 7.3 million subscribers* • No 5 position in the circle • Cost per minute of INR 0.15 • Maharashtra and Gujarat expected to break even in early 2013 *) Source: COAI October 2012 Seamless continuation of operations • Reached settlement with Unitech Ltd. • Business transfer from Uninor to Telewings expected in January 2013 • Transfer of assets at fair market value • Renegotiated contracts with vendors New partner in place, with targeted • ownership structure: Telenor 74% • Lakshdeep Investments 26% • 10 5

12/13/2012 Forward in India Sigve Brekke, Managing Director Uninor Content • Business update • The Indian wireless market • Ambition and strategy • Business plan and targets • Summary 6

12/13/2012 The Indian wireless market continues to grow Subscribers (million) Gross revenues (INR bn) 907 894 1026 959 747 853 815 +8% 754 521 376 370 397 341 368 304 322 302 272 206 +10% 133 2008 2009 2010 2011 LTM 2008 2009 2010 2011 Q312 6 circles Pan-India 6 circles Pan-India CAGR 2008-2012 • Several clean-ups in customer bases • Telecom spending 2.6% of GDP (vs. 4.1% impacting growth in 2H 2012 developing Asia average) Source: TRAI (subscribers and revenue), WCIS/EIU (telecom spending and GDP). LTM = Last twelve months Q411-Q312 Large untapped growth potential on voice services • 40% real penetration in our 6 circles • Data services have not taken off yet • Still significant room for growth in basic voice services 7

12/13/2012 Market concentration lower than in other markets “Top 3” revenue market share – 6 circles “Top 3” revenue market share - Asia UP East 68% Malaysia 99% UP West 68% Thailand 99% Gujarat 71% Bangladesh 92% Maharashtra 75% Pakistan 81% Bihar 66% India 70% Andhra Pradesh 69% Source: Local regulators and company estimates Cluster approach providing results at circle level Subscriber market share & rank* Revenue market share & rank* 5 6 UP East 10.1 % UP East 7.0 % UP West 6 7 9.5 % UP West 5.6 % Gujarat 6 Gujarat 6 7.7 % 4.7 % Maharashtra 7 Maharashtra 7 7.9 % 4.6 % Bihar 7 8.1 % Bihar 8 4.0 % Andhra Pradesh 7 5.9 % Andhra Pradesh 7 2.9 % 40-45% population coverage in these circles Target above 20% subscriber market share in clusters where present *) Source: TRAI Quarterly report September 2012 Revenue market share based on gross revenue 8

12/13/2012 The path to consolidation has started • Recent spectrum auction resulted in fewer players • Operators scaling down in underperforming circles • M&A Regulations not defined, future spectrum outlays hampering M&A • Long term: 4-5 players in each circle • Pragmatic and value-driven approach to future consolidation Regulatory framework becoming clearer, with some uncertainties remaining • Auction of unsold spectrum, refarming and spectrum payment for incumbents • Mobile termination rates • TRAI recommendation to cut MTR from INR 0.20 to INR 0.10 • MVNO and spectrum sharing • M&A regulation not defined 9

12/13/2012 Content • Business update • The Indian wireless market • Ambition and strategy • Business plan and targets • Summary Our ambition Create value by taking a credible mass-market position 10

12/13/2012 Our strategy • Best in servicing basics • Best in mass market distribution • Best in low cost operations Position brand as best price on local voice • “ Sabse Sasta ” - most affordable • Build on-net communities • Become preferred second SIM in cluster • Network capacity-based pricing • Focus on recharge 11

12/13/2012 Reduce rotational churn and build customer loyalty ARPU 150-300 Loyals (1st or 2nd SIM) Prospects ARPU 50 -150 ARPU < 50 Rotational churners Location Business Intelligence leads to action at micro level Execution Monitoring • Traffic KPIs up-to smallest units • • Distribution • Execute immediately on • Customer behaviour micro level 12

12/13/2012 ARPU discount towards market to narrow ARPU development (INR)* Churn development* 15% 13% 11% 93 87 88 9% 9% 9% Q310 Q311 Q312 Sep'10 Sep'11 Sep'12 Prepaid market average • Very local traffic patterns – 80% of traffic stays within the local area • ARPU 30 – 40% below market, with potential for narrowing the gap *) 6 circles, on comparable basis Excellence in mass market distribution 350,000 outlets • • 8 million customer interactions every day Transformation System DMS 13

12/13/2012 Cluster approach Cluster profitability (illustrative)* • Very local traffic patterns – 80% of traffic stays within the local area Dec 2011 • Build positions in identified intra-circle clusters • Network coverage and capacity • Excellence in distribution July 2012 • Affordable prices (on-net focus) • Profitability followed up and measured at cluster (and site) level Oct 2012 *) Cluster profitability measured on contribution, i.e. revenues minus direct costs Best-in-class on spectrum efficiency Network efficiency (Example UP East) Erlang/Site/MHz vs Indian peers Feb'12 Jul'12 Nov'12 Network 78 % 83 % 87 % utilisation Erlang/TRX 5.2 5.6 6.0 Erlang/Site/MHz 10.5 12.4 13.6 • No new capacity sites in 2011-2012 0 2 4 6 8 10 12 14

12/13/2012 Extreme outsourcing enables cost efficient operations from smaller scale Application & Customer Sales, Business Operating Field Strategy Regulatory Plan Deploy Service Billing Care Marketing Centre Operations development Traditional In house Outsourced Partially outsourced Opex split (2012) Personnel • No legacy and established outsourcing business model give late entrant Marketing and Sales advantage Other – Creating scale from a small base Network Cost per minute already below incumbents cost per minute Q312 Uninor UP East 80 Incumbent 70 ~29 paise ~24 paise 60 >150m subs ~41m subs 50 40 30 24 20 15 10 - Jan Feb March April May June July Aug Sep Oct Nov Dec Jan Feb March April May June July Aug Sep Oct 2011 2012 Source: TRAI and company reportings 15