CFO – Trond Westlie

The following presentations are 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 these presentations or any of its contents. Information in the following presentations 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.

The following presentations contain statements regarding the future in connection with Telenor'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. These factors include the risk factors relating to Telenor's activities described in Telenor's 2005 Annual Report on Form 20-F filed with the Securities and Exchange Commission in the USA under the headings “Cautionary Statement Regarding Forward-Looking Statements” and “Risk Factors” (available at www.telenor.com/ir/).

Strong Positions in the World’s Fastest Growing Mobile Markets

47%

N.A.

13%

37%

51%

78%

Revenuegrowth

N.A.10%TelenorPakistan

46%34%VimpelComRussia/CIS

35%30%DTACThailand

45%25%DiGiMalaysia

55%262%GrameenPhoneBangladesh

62%45%KyivstarUkraine

EBITDA-marginMarket share1CompanyCountry

- Q1 margin- Revenue growth in local currency Q1 YoY- VimpelCom Q4 figures

1Telenor Estimates

2Underlying EBITDA-margin

Solid Position in Scandinavia within Mobile, Broadband and Pay-TV

Mobile No. 1 No. 2 No. 3

Broadband No. 1 No. 3 No. 2

Pay-TV No. 1 No. 2 No. 2

Key Figures Q1 2006 (NOKm)

-77

55202305

540659700

1 3231 432

719

Ukraine

Norw

ay

Thailand

Malaysia

Bangladesh

Hungary

Denm

ark

Sweden

ProMonte

Pakistan

Broadcast7 %

Fixed21 %

Mobile64 %

Other8 %

Broadcast5 %

Fixed20 %

Mobile74 %

Other2 %

Broadcast2 %

Fixed17 %

Mobile77 %

Other4 %

External Revenues

CAPEX

EBITDA

Mobile EBITDA

Q1 2006

Strong Growth and Margin Improvement

Revenues (NOKm)/EBITDA %

15 270

21 872

33,4 %36,1 %

Q1 2005 Q1 2006

5 106

7 888

3 360 3 703

Q1 2005 Q1 2006

EBITDA CAPEX

• Revenue growth of 43% -underlying 15%

• EBITDA margin increased from 33% to 36%

• CAPEX/Sales of 17%

Outlook 2006

• Revenue growth: Around 30%

• EBITDA margin: Above 34%

• CAPEX/Sales: Above 20%

Highlights Nordic Operations

• Transformation from fragmented to full-scale Nordic operator

• Successful turnaround of Sonofon in Denmark

• Continued strong cash flow from Norwegian operations

• Revenue growth of 9%

• EBITDA margin increased by 7 p.p.

• Stable market share

• Increased ARPU

Mobile Norway

Strong margin improvementRevenues (NOKm)/ EBITDA%

1 1191 001 1 066

1 218 1 1861 323

172 194343

220

461

129

Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 Q1 06

EBITDA CAPEX

2 963 2 8383 049 3 121 3 235 3 105

38 % 35 % 35 %39 % 37 %

43 %

Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 Q1 06

Fixed Norway

Revenue Development Last Twelve Months

Q204-Q105 POTS Broadband Other Q205-Q106

NOKm

17 186

-1 395

+ 787 +53 16 631

-3.2%

Last twelve monthsNote: Adjusted for outsourced managed services

Targets Fixed Norway

• Maintain broadband market share

• Reduce cost base by NOK 1.5 Bn

• Further reduction of cost base from 2007 to 2010

Cash Flow Target of NOK 3.5 Bn

Turnaround of Mobile Sweden

Note: RevenueMarket shares as of Q1 2006

Telenor24 %

Tele224 %

TeliaSonera44 %

38 %

3G comparison Telia/Tele2 - Telenor

Telia/Tele2 April 24, 2006

(Source: Tele2)

Telenor April 1, 2006

• Stable market shares

• A superior 3G network

• Low profitability

• Potential for growth

Mobile Sweden

Turnaround Initiatives

1 Network optimization

IS/IT clean-up

Simplified billing

Web sales and self-services

Improved time to market

2

3

4

5

Mobile Sweden

Financial Targets

• Improve revenue market share

• Total OPEX and CAPEX savings of SEK 600 Mn

Medium term target:

Above 25% EBITDA margin

Nordic Operations

Medium Term Targets

• Maintain cash flow and market sharesNorway

• Increase Mobile EBITDA margin above 25%

• Considerably improve Fixed cash flowSweden

• Increase Mobile EBITDA margin above 25%Denmark

19,021,4

24,827,9

24,827,8

31,234,5

41,4

52,7

60,1

67,1

74,5

82,7

42,2

47,846,2

89,6

Q4 2004 Q1 2005 Q2 2005 Q3 2005 Q4 2005 Q1 2006

Mobile Operations

Passing 100 mill subs this year

Total Consolidated

Total Pro Rata

100% figures (all companies)

Subscription figures in millions

GrameenPhone - Bangladesh

1 099

913

674

516

2003 2004 2005 Q1 2006

ARPU

244

196

233227

2,62,9

3,8

4,8

2003 2004 2005 Q1 2006

MoU/APPM

1 141

2 388

5 542

6 427

62 % 62 % 62 %

62 %

2003 2004 2005 Q1 06

Subscriptions/Market share

12 695

19 302

29 524

65 % 60 %50 %

2003 2004 2005

8 269

11 592

14 667

3 545

11 636

20 890

2003 2004 2005

EBITDA CAPEX

Revenues/EBITDA% EBITDA and CAPEX

All figures according to local currency. 2003-figures are not according to same accounting principles and KPI definitions as 2004-2006.EBITDA and CAPEX adjusted for change in accounting treatment of lease in 2005

Kyivstar - Ukraine

68 67

49

40

2003 2004 2005 Q1 2006

83

110

98

56

0,40,5

0,8

1,2

2003 2004 2005 Q1 2006

3 037

6 252

13 92514 965

45 % 46 % 45 %

47 %

2003 2004 2005 Q1 06

2 001

3 341

5 769

60 % 61 % 56 %

2003 2004 2005

1 195

2 044

3 212

744

2 065

2 896

2003 2004 2005

EBITDA CAPEX

ARPU MoU/APPMSubscriptions/Market share

Revenues/EBITDA% EBITDA and CAPEX

All figures according to local currency. 2003-figures are not according to same accounting principles and KPI definitions as 2004-2006

DiGi - Malaysia

62 60 5854

2003 2004 2005 Q1 2006

166 162169175

0,330,340,360,36

2003 2004 2005 Q1 2006

2 205

3 239

4 7955 086

20 % 22 %25 % 25 %

2003 2004 2005 Q1 06

1 714

2 231

2 899

41 %44 % 43 %

2003 2004 2005

699

979

1 259

563 520688

2003 2004 2005

EBITDA CAPEX

ARPU MoU/APPMSubscriptions/Market share

Revenues/EBITDA% EBITDA and CAPEX

All figures according to local currency. 2003-figures are not according to same accounting principles and KPI definitions as 2004-2006

Mobile Operations

Strong Growth Potential

Source: Telenor estimates

• Current population footprint of 650 million

• Expect the total market to grow with

~130 million subscriptions by 2008

60

14

1215

18 20H

ungary

Malaysia

Thailand

Ukraine

Bangladesh

Pakistan

Russia

Expected Subscription Growthby 2008 (million)

Selective Expansion Criterias

• Market size and penetration growth

• Political stability

• Regulatory environment

• Cultural fit

• Strong business case

Egypt Opportunity

0

1000

2000

3000

4000

5000

6000

7000

8000

2003 2004 2005

Mobinil Vodafone

0 %

10 %

20 %

30 %

40 %

50 %

60 %

70 %

80 %

90 %

100 %

2003 2004 2005

Mobinil Vodafone

Subscriber development (000)

Market share (%)

Facts• Population 2005 (millions) : 75• Penetration 2005 : 17%• GDP/pop 2005 (USD) : 1380• GDP growth : 5%

Strategic Rationale• The MENA region has untapped potential• Low penetration• Large and fast growing market• Utilize Telenor’s greenfield expertise

Vietnam Opportunity

0

500

1000

1500

2000

2500

3000

3500

4000

2003 2004 2005

Vinaphone Mobifone Viettel S-fone

Subscriber development (000)

0 %

10 %

20 %

30 %

40 %

50 %

60 %

70 %

80 %

90 %

100 %

2003 2004 2005

Vinaphone Mobifone Viettel S-fone

Market share (%)

Facts• Population 2005 (millions) : 84• Penetration 2005 : 10%• GDP/pop 2005 (USD) : 616• GDP growth : 8%

Strategic Rationale• Within a core region• Low penetration• Large and fast growing market

Serbia Opportunity – Mobtel/Mobi63

0

500

1000

1500

2000

2500

3000

3500

2003 2004 2005

Mobtel/Mobi63 MTS (TelekoM Srbija)

Subscriber development (000)

Facts• Population 2005 (millions)* : 7.5• Penetration 2005 : 65%• GDP/pop 2005 (USD) : 2.500• GDP growth (2006-2007) : 5%

* Excluding Montenegro and Kosovo

0 %

10 %

20 %

30 %

40 %

50 %

60 %

70 %

80 %

90 %

100 %

2003 2004 2005

Mobtel/Mobi63 MTS (Telekom Srbija)

Market share (%)

Strategic Rationale• Within a core region• Synergies with Promonte and Pannon

Summary – Main Priorities

• Maintain cash flow in Norway

• Maintain our leading Scandinavian broadband position

• Profitable growth and selectiveinternational expansion in internationalmobile