Telenor ASA. Update to credit analysis. CREDIT OPINION 22 January Update

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1 CORPORTES CREDIT OPINION Telenor S Update to credit analysis Update Summary Telenor S's (Telenor) 3 rating reflects the group's (1) moderate scale; (2) position as the incumbent integrated company in Norway; (3) leading mobile telephony operations in sia; (4) good geographical diversification; (5) expected continuation of good operating performance; (6) continued strong cash flow generation; (7) management's focus on maintaining solid credit ratios, with reported net debt/ebitd of below, broadly equivalent to 2.6x Moody'sadjusted gross leverage; and (8) excellent liquidity management. RTINGS Telenor S Domicile Norway Long Term Rating 3 Type Senior Unsecured - Fgn Curr Outlook Stable Telenor is a government-related issuer (GRI). The rating benefits from a one-notch uplift owing to government support. Exhibit 1 Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Leverage is expected to remain well within the rating band for Telenor's 3 rating Moody's-adjusted gross debt/ebitd evolution, from 2013 to months' forward view Debt/ EBITD Could change the rating up Could change the rating down 2.7x 2.5x 2.3x Contacts 2.2x 2.1x Carlos Winzer Senior Vice President carlos.winzer@moodys.com Ivan Palacios ssociate Managing Director ivan.palacios@moodys.com CLIENT SERVICES mericas sia Pacific Japan EME x 2.1x 1.9x 1.9x 1.8x 1.7x 1.5x Sources: Moody's Financial Metrics, Moody's Investors Service estimates LTM September month forward looking

2 CORPORTES Credit strengths» Moderate scale, integrated business model and broad geographical diversification» Leading market positions in most of its markets» Good progress in delivering cost-efficiency measures, which supports a higher-than-peer EBITD margin» Conservative financial policy and excellent liquidity management» Solid credit metrics, with Moody's-adjusted debt/ebitd of around 2.1x in the next months» Expected good operating performance in 2018 Credit challenges» High exposure to emerging market volatility, partially offset by management's track record of executing its international diversification strategy» Intense competition in some markets, including Denmark, Thailand, Malaysia and Myanmar» Potential spectrum constraint in Thailand in 2018 considering high auction prices in the country in the past Rating outlook The stable rating outlook reflects the strength of Telenor's financial ratios. We expect the group to exhibit adjusted retained cash flow (RCF)/debt in the mid-20s in percentage terms and debt/ebitd of around 2.1x over the next couple of years. Factors that could lead to an upgrade We would consider upgrading Telenor's rating if the group's credit metrics improve such that (1) adjusted RCF/debt is sustained in the high 30s in percentage terms, and (2) adjusted debt/ebitd drops consistently and comfortably below 2x. In addition to the factors listed above affecting Telenor's Baseline Credit ssessment (BC), the group's rating could be affected by changes in the rating of the supporting government, or changes in our assessment of default dependence and government support. Factors that could lead to a downgrade Negative rating pressure could develop if Telenor's (1) adjusted RCF/debt were to deteriorate to the low 20s in percentage terms for a sustained period of time, or (2) adjusted debt/ebitd were to increase significantly above 2.5x. Furthermore, meaningful investments in emerging market assets would also strain Telenor's current rating, even without considering the effect of such investments on the group's credit metrics. Key indicators Exhibit 2 Telenor S Revenue (USD Billion) Debt / EBITD RCF / Debt (EBITD - CPEX) / Interest Expense 12/31/2018 Expected 12/31/2017 Expected 9/30/2017(L) 12/31/ /31/ /31/ /31/2013 $15.1 $15.0 $15.7 $15.6 $15.9 $17.7 $ x 1.8x 2.2x 2.1x 1.9x 26.6% 31.9% 33.3% 26.5% 24.5% 23.3% 38.7% 7.2x 7.9x 7.8x 6.4x 8.0x 9.4x 7.9x ll ratios are based on 'djusted' financial data and incorporate Moody's Global Standard djustments for Non-Financial Corporations. Source: Moody's Financial Metrics This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on for the most updated credit rating action information and rating history. 2 Telenor S: Update to credit analysis

3 CORPORTES Profile Telenor is the leading integrated telecommunications provider in Norway. The company delivers a full range of services and products, including mobile and fixed-line telephony, and broadband and datacom services for residential and business customers, as well as a broad range of wholesale services. Telenor is also a leading provider of television and broadcasting services in the Nordic region. In addition, the company is one of the leading international providers of mobile services, with around 176 million mobile subscribers worldwide as of September The company's activities outside its home market include mobile and fixed operations in Sweden and Denmark, and mobile operations in Hungary, Serbia, Montenegro, Bulgaria, Thailand (dtac), Malaysia (Digi), Bangladesh, Pakistan and Myanmar. Telenor is majority owned by the Government of Norway (aa stable), which holds a 54% stake in the company. Exhibit 3 Exhibit 4 Norway, Thailand and Bangladesh are the core contributors to Telenor's revenue Norway, Bangladesh and Malaysia are the core contributors to Telenor's EBITD minus capital spending Revenue breakdown by geography (12 months ended September 2017) EBITD minus capital spending breakdown by geography (12 months ended September 2017) Norway 20% Other units 7% Broadcast 5% Myanmar 5% Pakistan 9% Myanmar 5% Broadcast 5% Norway 20% Pakistan 6% Rest of Scandinavia 9% Rest of Scandinavia 14% Grameenphone Bangladesh 10% Grameenphone Bangladesh 20% Central & Eastern Europe 10% Digi - Malaysia 9% Central & Eastern Europe 9% dtac - Thailand 15% Digi - Malaysia 13% dtac - Thailand 9% Rest of Scandinavia: Sweden and Denmark; Central and Eastern Europe: Hungary, Bulgaria, Serbia and Montenegro. Source: Company reports Detailed credit considerations Scale, integrated business model and broad geographical diversification Telenor's rating reflects its moderate scale, with revenue of NOK124.4 billion in the 12 months ended September 2017, and good geographical diversification. The company's well-diversified revenue stream has been beneficial for the group, allowing it to offset slightly weaker revenue growth in its domestic market in Norway with the group's strong performance in emerging markets in sia. The company holds strong market positions in a number of countries: Telenor is the dominant company in Norway, where it operates an integrated business model, and is ranked number one or two in all the other countries where it operates in Europe and sia but Thailand (ranked number three). Exhibit 5 Telenor has a dominant position in its domestic market Norwegian telecom market share based on revenue (residential and business subscriptions combined) Fixed Broadband Mobile 80% 70% 60% 50% 40% 30% 20% 10% 0% Telenor Telia Phonero ICE Phonect NextGen Tel TDC/ Get Lyse Fiber Others Data as of December Source: Norwegian Communications uthority 3 Telenor S: Update to credit analysis

4 CORPORTES highlight of Telenor s expansion in sia is Myanmar, which was launched commercially in September The company has rapidly gained scale, with over 19.1 million mobile subscribers as of September 2017, while at the same time generating positive free cash flow (FCF) (achieved for the first time in the first quarter of 2016). This greenfield project provides solid growth prospects, but uncertainties remain regarding capital commitments and returns in the short to medium term. Competitive risk is also high as companies operating in Myanmar have started to implement aggressive offers to build up market share. The operating environment may deteriorate further with the entrance of a fourth company in The sharp reduction in RPU (NOK27 as of Q versus NOK52 as of Q1 2015) is a clear indicator of this underlying trend. Favourable revenue growth trends, despite intense competition in key markets Telenor delivered a relatively good set of results in the first three quarters of 2017, with organic revenue growth of 1.1% from the yearearlier period (0.8% in the first three quarters of 2016). Top-line growth was primarily driven by emerging markets in sia, particularly Bangladesh (13% in local currency from the year-earlier period in Q3 2017), on mobile subscriber growth (+16% from the year-earlier period in Q3 2017) and higher data usage. Pakistan and Myanmar also reported solid growth, despite the intense competition, with revenue up 7% year-over-year (organically assuming fixed currency and adjusted for the reversal of provisions) and +6% year-over-year in Q (local currency), respectively, owing to rapid growth in data demand and subscriber growth. In Telenor's core market, Norway, organic revenue has been relatively flat (Q3 2017: -0.6%; Q2 2017: -0.3%; Q1 2017: -1.6%) because growth in fixed-broadband revenue (9% in Q3 2017) owing to fibre rollout was offset by a slight decrease in mobile and traffic revenue (-1% in Q3 2017). In mobile, the company continued to benefit from higher RPU (1% in Q3 2017), resulting from the migration to higher data tariffs on the back of the 4G rollout; however, this increase was offset by subscriber losses (down 3% from the year-earlier period in Q3 2017), especially in prepaid subscriptions and standalone data cards. In mature sia, which includes Thailand (dtac) and Malaysia (Digi), performance has been somewhat weak because intense competition in the prepaid segment is resulting in subscriber losses. However, Telenor is taking steps to reverse this trend by shifting both brands towards the postpaid converged market, characterised by higher RPU, less aggressive device discounts and, therefore, double-digit revenue growth in percentage terms. In Thailand, total revenue was down 4% in Q3 2017, but postpaid revenue, which now exceeds revenue in the prepaid segment, has shown good momentum, with organic revenue growth of +16% in Q from the year-earlier period on the back of higher RPU (+4% in Q3 2017). In Malaysia, revenue trends in Q showed early signs of recovery (-3% from the year-earlier period in Q3 2017); prepaid revenue stabilised on the back of mitigation actions such a revamped internet offer, while growth in the postpaid market was solid (+14% organically). For the full year, management is guiding for organic revenue growth of 1%-2%. In the medium term, management aims to grow annual revenue in the low single digits in percentage terms. We expect organic revenue growth of 1%-1.5% per year, supported by (1) growth in data demand in emerging markets in sia on growing real smartphone penetration (estimated to be between 50% and 60% in Bangladesh, Pakistan and Myanmar) and more affordable smartphones; and (2) continued upselling in mobile in Norway on growth in data usage (at 1.4 gigabyte per month per customer in Q3 2017, around half of that in Sweden). 4 Telenor S: Update to credit analysis

5 CORPORTES Exhibit 6 Revenue growth in the nine months ended September 2017 was driven by growth in Bangladesh, Pakistan and Myanmar Organic revenue growth by region evolution, Q Q Q1 17 Q2 17 Q % 15.4% 15.0% 11.1% 13.0% 12.7% 9.9% 10.0% 10.6% 8.3% 7.2% 6.4% 5.7% 5.5% 3.1% 5.0% 2.1% 0.2% 1.0% 0.0% -1.6% -5.0% -0.3% -0.6% -1.9% -3.1% -3.6% -10.0% -4.8% -6.2% -8.9% -15.0% Norway Sweden dtac - Thailand DiGi - Malaysia Grameenphone Bangladesh Pakistan Myanmar Telenor Group Source: Company reports Cost-saving programme to support EBITD margin expansion Telenor's organic EBITD growth in the first three quarters of 2017 was strong (+5% year-to-date 2017), while the EBITD margin stood at 40.1%, above the European telecoms sector average of around 35%. EBITD growth was driven by service revenue growth and lower operating expenses on cost-efficiency measures implemented by management primarily in Norway, Malaysia, Denmark and Thailand. t the capital markets day held in Q1 2017, Telenor announced an ambitious cost-saving programme, which aims to reduce operating expenses by NOK1 billion in 2017 and 1%-3% annually between 2018 and 2020 (versus an increase of around 3% per year in recent years). Improved cost efficiency will stem from (1) workforce reductions, as the company shifts its customer service to digital channels; (2) lower marketing and sales spending; (3) a decrease in regulatory costs in Thailand owing to the shift from a concession regime to a licence regime; and (4) lower operating spending stemming from IT system simplification, among others. Telenor has so far demonstrated its ability to deliver on its strategy, having met its full-year target of NOK1 billion by Q Management expects this momentum to continue into Q4 2017, and for the full year is guiding an EBITD margin of 38%-39% (versus 36.7% in 2016). While there is uncertainty regarding the sustainability of operating spending reductions, Telenor remains confident that lower sales and marketing spending (accounting for 22% of the operating spending reduction) will not compromise the company's market position in countries with intense competition. We expect EBITD margins to increase to just over 39% by Exhibit 7 Telenor's cost-saving programme drives EBITD margin expansion EBITD before other income and other expenses and EBITD before other income and other expenses margin evolution, Q E EBITD (LHS) EBITD margin (RHS) 60, % 42.2% 50, % 37.6% 36.8% 39.0% 37.0% 30, % 33.6% 33.0% 20,000 11,629 11,381 12,307 10,649 11,462 12,719 EBITD margin 39.0% 36.9% 43.0% 41.0% 40.4% 39.4% 40,000 NOK millions 49,248 48, % 12, % 10, % % Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q E 2018E Source: Company reports 5 Telenor S: Update to credit analysis

6 CORPORTES Lower capital spending intensity to support cash flow generation, but the risk of a high spectrum price in Thailand remains Over the past few years, Telenor made substantial capital spending investments, including (1) the rollout of 3G and 4G coverage in Norway and Thailand; (2) capital spending in Myanmar to expand its network coverage and enhance its capacity to cope with the strong demand for voice and data; and (3) investments in its backhaul capacity. In Norway, Telenor has reached 99% population coverage on 4G and is ranked as the fastest network in the country, with average speeds of 54 megabytes per second. In Thailand, the company has reached 83% 4G population coverage, and in May 2017, was selected as the preferred partner by the Telecom Organization of Thailand for utilising the latter's 2.3 megahertz (MHz) spectrum. Telenor believes the deal will significantly strengthen its network position in Thailand through greater speeds. Nevertheless, we highlight that over 60% of the spectrum alloted to dtac (the 800 MHz and 1,800 MHz frequency bands) is coming up for auction in September s a result, dtac will have to be successful in the upcoming bids to preserve its market position. In addition, we acknowledge the potential for high spectrum pricing, given the high auction prices in the country in the past. Management believes capital spending peaked in 2015 and is guiding for capital spending/sales, excluding spectrum licence fees, of 15%-16% in 2017 (versus 17.4% revenue in 2016). In the medium term, management expects capital spending to account for around 15% of revenue, with investments focusing on fibre rollout in (1) Norway and Sweden to strengthen Telenor's market position; and (2) selective markets in emerging sian markets, such as Myanmar. Lower capital spending and EBITD growth have supported significant growth in year-to-date FCF generation (defined as companyadjusted EBITD net of cash tax and interest, dividends, working capital and capital spending) to NOK7.9 billion (versus NOK1.9 billion during the same period in the previous year). In the next two years, we expect healthy FCF of around NOK 4 billion-nok5 billion per annum, assuming capital (excluding spectrum)/sales of around 16%. Exhibit 8 Capital spending is expected to reduce to 16% in 2018E after reaching its peak in 2015 Capital spending (excluding spectrum, in NOK millions), and capital spending/sales evolution, Q E Capex excluding spectrum Capex/ sales 25,000 20,800 24% 20,584 20,000 22% 21% 20% 15,000 18% 17% 16% 10,000 16% 16% 5,138 5,049 5,000 4,533 4,886 16% 16% 15% 6,768 4,392 14% 14% 3,822 12% 12% - 10% Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q E 2018E Source: Company reports Conservative financial policy, underpinned by a solid balance sheet and a selective M& strategy Telenor follows a balanced financial policy between shareholders and creditors. The group's capital allocation priorities are (1) maintaining a solid balance sheet, with reported net debt/ebitd of below (versus 0.9x as of 30 September 2017), broadly equivalent to 2.6x Moody's-adjusted gross leverage; and (2) aiming for a year-on-year growth in dividend per share. On top of cash dividends, Telenor may occasionally consider share buybacks and special dividends. For instance, on 30 June 2017, the company announced a 2% share buyback programme (equivalent to around NOK5 billion) on the back of a solid balance sheet and proceeds from recent asset disposals. s part of management's strategic review of its portfolio of assets, we expect the group to look for opportunities to acquire businesses that strengthen Telenor's position in its core markets. In our view, the company's M& strategy will likely be very selective and cautious, consistent with the group's medium-term net debt/ebitd guidance. One such example was the acquisition of the marketing 6 Telenor S: Update to credit analysis

7 CORPORTES technology company Tapad in February 2016 for $360 million. Similarly, we do not expect the group to undertake large-scale acquisitions, given the lack of greenfield opportunities, such as Myanmar, available. Liquidity analysis Telenor's liquidity profile is robust and benefits from (1) cash and cash equivalents of NOK29.8 billion as of 30 September 2017; (2) annual funds from operations (defined as cash flow from operations before changes in working capital) of around NOK40.0 billion per year; and (3) full availability under its 2.0 billion committed revolving credit facility maturing in pril The facility is not subject to material adverse change clauses or financial covenants. Proceeds from further asset disposals, on the back of management s strategy to exit regions that are of less strategic importance, could provide further support to Telenor's liquidity. In the first nine months of 2017, Telenor completed the sell down of VEON Ltd. (Ba2 stable, former VimpelCom Ltd.) as part of its simplification strategy, reducing its total share of capital to 14.6%. Earlier in the year, Telenor also announced the sale of its Indian operations to Bharti irtel Ltd. (Baa3 negative, closing expected in Q1 2018) and its exit from Latin merica, among others. Exhibit 9 Telenor's debt maturity profile over the next months is well covered with existing liquidity sources Debt maturity profile as of 30 September 2017 (NOK billions) Subsidiaries Telenor S and Beyond Excluding the $1 billion exchangeable bond due in September 2019, with remaining VEON shares as underlying security. Source: Company's Q results presentation Rating methodology and scorecard factors Methodology grid In assessing Telenor's credit quality, we apply the Telecommunications Service Providers rating methodology. The methodology grid outcome of 3 is one notch above the BC of baa1. The difference incorporates the risks of operating in emerging markets, such as currency fluctuations, regulatory and political risks, M& event risk and execution risks associated with greenfield investments such as Myanmar. 7 Telenor S: Update to credit analysis

8 CORPORTES Exhibit 10 Rating factors grid Telenor S Telecommunications Service Providers Industry Grid [1][2] Factor 1 : Scale (12.5%) Moody's Month Forward View s of 12/19/2017 [3] Current LTM 9/30/2017 Measure Score Measure Score $15.7 Baa $15.2 Baa a) Business Model, Competitive Environment and Technical Positioning a a a a b) Regulatory Environment Ba Ba Ba Ba c) Market Share a) Revenue (USD Billion) Factor 2 : Business Profile (27.5%) Factor 3 : Profitability and Efficiency (10%) a) Revenue Trend and Margin Sustainability Factor 4 : Leverage and Coverage (35%) a) Debt / EBITD b) RCF / Debt c) (EBITD - CPEX) / Interest Expense 1.8x 2.1x Baa 33.3% Baa 25% - 26% Baa 7.8x a 7.2x a Factor 5 : Financial Policy (15%) a) Financial Policy Rating: a) Indicated Outcome from Scorecard 2 3 b) ctual Rating ssigned Government-Related Issuer a) Baseline Credit ssessment 3 Factor baa1 b) Government Local Currency Rating aa c) Default Dependence Low d) Support Low e) Final Rating Outcome 3 [1] ll ratios are based on 'djusted' financial data and incorporate Moody's Global Standard djustments for Non-Financial Corporations. [2] s of 09/30/2016. [3] This represents Moody's forward view; not the view of the issuer; and unless noted in the text, does not incorporate significant acquisitions and divestitures. Sources: Moody's Financial Metrics, Moody's Investors Service estimates Government-related issuer inputs Telenor qualifies as a GRI under our methodology because it is 54.0% government owned. Our 3 rating for the company reflects the combination of the following GRI inputs: (1) BC of baa1, (2) the aa stable local-currency rating of the Norwegian government, (3) low default dependence between Telenor and the government, and (4) the likelihood that the government will provide a low level of support to the company if needed. The low level of default dependence between Telenor and the government reflects the weak correlation between the company's credit profile and Norwegian economic trends, which is mainly a result of the group's strong liquidity and increasing market diversity. More specifically, our assessment that there is a low level of default dependence between Telenor and the government is based on the lack of financial and operational links between the two. Telecom operators generally have a fairly low level of correlation with the sovereign. In particular, we observe that direct and indirect fiscal transfers and government telecom spending represent a low proportion of Telenor's revenue. More generally, the company and the government are not exposed to the same revenue base and do not share the same credit risks as demonstrated by the fact that 80% of Telenor's revenue in the 12 months ended September 2017 was generated outside of Norway. Our assessment of a low level of government support available to Telenor in the event of stress is based on the following observations: (1) There is no explicit support from the government, (2) we are not aware of any formal verbal or written confirmation that the government 8 Telenor S: Update to credit analysis

9 CORPORTES will support the company in the event of a default on its financial debt, and (3) the company does not have any special legal status that would suggest a closer link with the state or an implicit form of support. The government's 54% ownership of Telenor and its willingness to behave as a rational shareholder suggest that the government would not be the sole provider of support under a stress scenario. Instead, the government would likely only consider providing support jointly with other shareholders in the form of a capital increase. lthough Norway s parliament has approved a possible reduction in the state ownership of Telenor to 34% in the event of a strategic transaction, we are not aware of any plans for further privatisation. There are EU policy barriers to the provision of direct financial support, and the government is likely to obey these rules. We consider the Norwegian government to be non-interventionist, despite holding significant ownership stakes in several companies. In our view, it is unlikely that the government's solid reputation would be damaged in the event of default by Telenor. The company's economic and social importance in Norway has diminished over the recent years. This reduction is a result of the increasing presence of viable, privately owned competitors with significant market shares and the group's presence in emerging markets. ppendix Exhibit 11 Peer snapshot: Telenor S (12 months ended September 2017) (in USD millions) Revenue Telenor S Swisscom G Telia Company B Elisa Corporation Proximus S de droit public 3 Stable 2 Stable Baa1 Stable Baa2 Stable 1 Stable LTM LTM LTM LTM LTM Dec-15 Dec-16 Sep-17 Dec-15 Dec-16 Jun-17 Dec-15 Dec-16 Jun-17 Dec-15 Dec-16 Sep-17 Dec-15 Dec-16 Sep-17 $15.9 $15.6 $15.7 $12.1 $11.8 $11.7 $10.3 $9.8 $9.3 $1.7 $1.8 $1.9 $6.6 $6.4 $6.4 EBITD $6.0 $6.0 $6.6 $4.7 $4.6 $4.7 $3.1 $3.2 $3.1 $0.7 $0.7 $0.8 $2.1 $2.0 $2.1 Total Debt $10.9 $12.6 $12.3 $12.5 $11.3 $12.8 $13.8 $12.8 $12.4 $1.3 $1.5 $1.7 $3.2 $2.8 $3.3 EBITD Margin 37.4% 38.1% 41.8% 38.6% 39.1% 40.0% 30.0% 32.8% 33.4% 37.4% 38.0% 39.9% 31.4% 31.4% 32.5% FFO + Int Exp / Int Exp 14.2x 13.9x 14.3x 14.3x 15.6x 17.3x 11.4x 10.6x 10.2x 17.3x 19.1x 22.7x 13.7x 18.0x 22.1x EBITD - CPEX/Int. Exp. 8.0x 6.4x 7.8x 5.7x 6.6x 8.0x 1.7x 2.8x 2.6x 10.8x 12.4x 14.3x 6.5x 7.6x 10.4x Debt / EBITD 2.2x 1.8x 2.8x 2.5x 2.7x 4.5x 4.2x 3.8x 2.2x 1.6x 1.5x 1.5x FCF / Debt 2.7% 1.6% 6.2% 1.0% 1.4% 3.4% 2.7% -6.4% -4.4% 4.5% 4.0% 0.9% -4.6% 1.9% -2.0% RCF / Debt 24.5% 26.5% 33.3% 24.5% 25.4% 24.3% 20.6% 10.5% 13.4% 25.1% 22.3% 26.2% 31.8% 44.0% 39.6% ll figures are calculated using Moody s estimates and standard adjustments. Source: Moody s Financial Metrics Exhibit 12 Telenor's Moody's-adjusted debt breakdown Dec-13 Dec-14 Dec-15 Dec-16 LTM Ending Sep-17 58,292 68,587 76,428 86,361 75,545 Pensions 2,736 3,563 2,424 2,585 2,585 Operating Leases 9,135 13,678 15,315 17,334 17, ,236 2,605 2,061 2,625 70,309 87,064 96, ,341 98,089 (in NOK Millions) s Reported Debt Non-Standard djustments Moody's-djusted Debt Source: Moody s Financial Metrics. ll figures are calculated using Moody s estimates and standard adjustments 9 Telenor S: Update to credit analysis

10 CORPORTES Exhibit 13 Telenor's Moody's-adjusted EBITD breakdown (in NOK Millions) s Reported EBITD Pensions Operating Leases Unusual Non-Standard djustments Moody's-djusted EBITD Dec-13 Dec-14 Dec-15 Dec-16 LTM Ending Sep-17 32,729 36,722 35,894 42,402 46, ,045 3,653 4,808 5,778 5, (2,708) 161 3,384 4,164 1,226 3,798 7,070 (1,517) (1,997) 37,778 41,907 47,933 50,104 54,523 ll figures are calculated using Moody s estimates and standard adjustments. Source: Moody s Financial Metrics Ratings Exhibit 14 Category TELENOR S Outlook Senior Unsecured Commercial Paper Moody's Rating Stable 3 P-2 Source: Moody's Investors Service 10 Telenor S: Update to credit analysis

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