The Telenor Group Strategy

Telenor Group's ambition is to be a leading global mobile operator, while

delivering attractive returns to our shareholders.

To deliver on our ambitions, the Telenor Group’s main focus areas in 2010-2012
are to:
1. Capture growth in our three regions
2. Strengthen operational performance and leverage Group scale and
competence
3. Ensure capital discipline

Through the Going Dynamic process, we link strategy to quarterly performance

monitoring and forecasting. In addition, a combined financial and non-financial
scorecard has been established at Group level. For all operating companies in
the Group, the main ambition is to maintain or improve revenue market share
while improving cash flow margins. This will yield an increase in Group cash flow
over the period.

Telenor Group should maintain or improve our position in the following non-
financial areas:

• Customer satisfaction
• Brand preference
• Human resources: Strength of our leadership pipeline
• HSSE: Total Recordable Injury Frequency
• Climate change: Carbon intensity of our operations.

Content overview

• Capture growth in our three regions

• Strengthen operational performance and leverage Group scale and
competence
• Ensure capital discipline

Capture growth in our three regions

Telenor Group’s main growth initiative in the coming years is to develop our India
operation according to the established business plan.

In addition, Telenor will:

1. Maintain or improve voice market share and further develop data

positions in our existing markets
Fixed and mobile voice represents two-thirds of Telenor’s revenues and the
strategic focus is to keep or improve our voice positions. We will do this through
churn-reducing initiatives like attractive price plans that target customer
segments more precisely, and new distribution concepts.

In addition to defending and growing our voice revenues, the focus will be on
capturing the significant growth potential coming from data and Internet. Within
our footprint, we will increase our focus on small-screen data services by
leveraging netbooks (small PCs) and mobile phones as access devices.

Additionally, we will develop sustainable mobile broadband business and pricing

models.

2. Capture value-creating opportunities from related communication

services, with primary focus on M2M communications and financial
services

Telenor sees the potential for value-added services to support our core voice and
data services. We are likely to succeed with services that leverage our key
telecom network, technology skills, customer base, and distribution strengths.

Our two main priorities are in the areas of Machine-to-Machine (M2M)

communication and in providing a select set of financial services to the un- and
under-banked population in our emerging markets.

3. Capture value-creating opportunities emerging from telecom/media/IT

convergence, primarily through third-party applications and services

Outside the Nordic countries, Telenor positions itself more as an access provider
and service enabler than a full-service ICT and integrated media and telecoms
company. We control many valuable assets that can be further developed and
exploited together with third-party developers and content producers to defend
and expand our core revenues.

By opening up communications enablers to third parties and allowing them to

integrate with their software and Internet services, Telenor will grow revenues in
adjacent industries as well as increase demand for our core voice and data
services.

4. Capture local and regional consolidation opportunities

The next three years may present attractive consolidation opportunities in our
regions. Telenor will need strategic and financial flexibility to exploit these
opportunities.