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Telenor – Fourth Quarter 2010 Jon Fredrik Baksaas, President and 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 2011’ 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

Q4 2010 Strong momentum confirmed in fourth quarter Organic revenue grow th Fourth quarter • 8% organic revenue growth 8 % 6 % • 7.6 million mobile subscribers added • 29% EBITDA margin 1 % 0 % 2009 2010 Q409 Q410 Full year 2 0 1 0 • 6% organic revenue growth Operating cash flow m argin • 19% operating cash flow margin • Operational excellence progressing 19 % 16 % towards targets 14 % • Proposed dividend of NOK 3.80 per 7 % share Q409 Q410 2009 2010 Operating cash flow from continuing operations, excluding licences and spectrum Operating cash flow defined as EBITDA before other items - capex Q4 2010 – Nordic NOK 10 bn cash flow in 2010 despite network swaps Revenues ( NOKm ) / EBI TDA% • Continued growth in mobile data and 2257 2531 smartphone usage 6 657 6677 + 4% • Increased competition in Norway and 23% 22% Denmark 0% • Mobile network swaps on track Q4 09 Q4 10 Sw eden • 4G services launched in Sweden 39% 38% • Focus on cost efficiency measures 1870 1855 + 5% 27% 26% Q4 09 Q4 10 Q4 09 Q4 10 Norw ay Denm ark Organic revenue growth YoY Organic growth assuming fixed currency, adjusted for acquisitions and disposals. EBITDA and EBITDA margin before other items 4

Q4 2010 – CEE Rebound in Serbia, while Hungary still challenging Revenues ( NOKm ) / EBI TDA% • 14% revenue growth in Serbia 1384 725 • Market conditions in Hungary still 703 challenging 1224 • Hungarian crisis telecom tax for + 14% 2010 booked in Q4 - 5% 38% 41% • Good execution on operational excellence 36% Q4 09 Q4 10 35% • Network modernisation projects Serbia initiated in Hungary and Serbia 154 158 13% + 6% 45% 35% Q4 09 Q4 10 Q4 09 Q4 10 Hungary Montenegro Organic revenue growth YoY Organic growth assuming fixed currency, adjusted for acquisitions and disposals. EBITDA and EBITDA margin before other items 5 Q4 2010 Improved operational performance required in VimpelCom Vim pelCom share price developm ent • Interim dividend of NOK 1.4 bn USD 24 VimpelCom MTS Eurostoxx Telco received in Q4 • Underperformance in Russia 22 • Acquisition of Wind Telecom 20 approved by VimpelCom 0 .5 % Supervisory Board 18 • Telenor has taken legal action to protect shareholder rights 16 ( 1 4 % ) 14 ( 2 3 % ) 12 apr.10mai.10jun.10 jul.10 aug.10sep.10okt.10 nov.10des.10 jan.11 6

Q4 2010 – Asia 13% revenue growth from established operations Revenues ( NOKm ) / EBI TDA% • 3.4 million net subscriber growth 3755 • Data and smartphones fuelling 2900 2 719 + 12% revenues in Malaysia and Thailand 2 082 + 15% • Pick-up in Pakistan after the severe floods in Q3 45% 42% 35% 33% • Continued high SIM tax subsidies in Bangladesh Q4 09 Q4 10 Q4 09 Q4 10 DTAC DiGi • New CEOs appointed in DTAC, 1647 Grameenphone and Pakistan 1 378 1 173 1 058 + 17% + 11% 52% 49% 29% 28% Q4 09 Q4 10 Q4 09 Q4 10 Gram eenphone Pakistan Organic revenue growth YoY Organic growth assuming fixed currency, adjusted for acquisitions and disposals. EBITDA and EBITDA margin before other items 7 Q4 2010 Gaining momentum in India Revenues ( NOKm ) and ARPU ( I NR) ARPU 400 Revenues 99 97 90 • 4.3 million net subscriber growth 77 214 • Go-to-market model gradually improving 103 56 • Prevailing multi-SIM behaviour • Positioning Uninor as a low-cost operator Q1 10 Q2 10 Q3 10 Q4 10 • More clarity on regulatory framework Subscribers* and share of net adds* * expected in 1H 12.3 7.9 3.9 2.2 1 5 % 1 4 % 7 % 5 % Q1 10 Q2 10 Q3 10 Q4 10 * ) Million subscribers, based on 30 days definition of active subscribers * * ) Based on GSM subscriber numbers reported by COAI. Please note that this definition of active subs is not consistent with Telenor’s 30 days definition

Operational priorities in 2011 Opex/ sales* 39% • Modernisation of mobile networks 37% • Deliver on operational excellence < 35% ambitions • Increase revenues and improve business processes in India 2009 2010 2013 • Capture growth from Asia and mobile data Capex/ sales* 13% 11% ~ 10% 2009 2010 2013 * ) Existing business not incl. India and spectrum fees Richard Olav Aa Executive Vice President and CFO

Q4 2010 Delivering on guidance for 2010 Group Outlook Actual  Organic revenue Around 5% 5.7% growth  EBI TDA margin 30 - 31% 30.8%  Capex / sales Around 12% 12.0% I ndia Outlook Actual  EBI TDA loss Around NOK 4.5 bn NOK 4.2 bn  Capex NOK 1.5 - 2.0 bn NOK 1.6 bn * ) EBITDA before other items. Capex excl. licences and spectrum. Q4 2010 8% organic revenue growth Revenues ( NOKm ) and Organic revenue grow th breakdow n organic revenue grow th ( % ) 24 858 24 096 23 550 22 767 22 339 22 418 0.2 pp 7.6 % 4.7 pp 1.7 pp 8 % 6 % 6 % 3 % 0.1 pp 0.9 pp 1 % 1 % Nordic CEE India Other Broadcast Rev Asia & Other growth Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q410 Organic revenue growth in fixed currency, adjusted for acquisitions and disposals. EBITDA and EBITDA margin before other items 12

Q4 2010 29% EBITDA margin EBI TDA breakdow n EBI TDA ( NOKm ) and EBI TDA% 7 885 7 885 7 151 7 179 7 006 6 933 + 151 + 802 -307 -53 -349 7 1 7 9 6 9 3 3 3 3 % 3 2 % 3 3 % 3 1 % 3 0 % 2 9 % EBITDA India Other Nordic CEE Broadcast EBITDA Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q409 Asia / Other Q410 EBITDA and EBITDA margin before other items 13 Q4 2010 Capex driven by network modernisation projects Capex ( NOKm ) and capex/ sales ( % ) Capex breakdow n ( NOKm ) 5 455 2 % 4 % + 430 8 % 4 430 -5 3 783 -846 -282 4 4 % -971 2 887 2 383 2 302 3 3 % 5 4 5 5 3 7 8 3 2 4 % 1 9 % 9 % 1 5 % 1 2 % 1 1 % 1 0 % Capex India Other Nordic CEE Broadcast Capex Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q409 Asia / Other Q410 Capex from continuing operations Capex and capex/ sales ratio excluding licence fees. 14

Q4 2010 Strong cash flows from established operations 4 quarters rolling operating cash flow ( NOKbn) : Nordic CEE Asia - 0.1 NOKbn + 1.8 NOKbn - 0.5 NOKbn 10.5 10.4 10.5 10.1 9.9 10.0 9.3 9.3 8.4 8.0 7.3 6.0 3.1 3.0 3.0 2.9 2.9 2.5 4.5 3.3 3.0 2.7 1.7 1.1 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q410 Change YoY Not including I ndia greenfield Operating cash flow from continuing operations, excluding licences and spectrum Operating cash flow defined as EBITDA before other items - capex 15 Q4 2010 Reported income statement NOKm Q4 1 0 Q4 0 9 Revenues 24 858 22 418 • Workforce reductions (NOK –66m), EBITDA before other items 7 179 6 934 loss contract (NOK -52), loss / gains on disposal of assets (NOK -98m) Other items -217 -360 EBITDA 6 962 6 575  Net contribution from Q310 figures for Depreciation -4 145 -3 787 VimpelCom of NOK 1,238m EBIT 2 803 2 816 Associated companies 1 130 432  Kyivstar/ VimpelCom net contribution Net financials -492 -394 of NOK 492m Profit before taxes 3 442 2 855 Taxes -1 237 -365  Full year effect of reduced corporate Profit from continuing operations 2 205 2 490 tax rate in Grameenphone booked in Q4 Net income to Telenor 2 104 2 167 EPS from cont. operations (NOK) 1.22 1.33 16