ice group: the disruptive challenger · 7 ice group: the disruptive challenger Norway: favourable market structure and strong mobile data growth Pure focus on 4G with no legacy technology

ice group: the disruptive challenger

2

Disclaimer No representation or warranty, express or implied, is given by or on behalf of ice group AS (the “Company”) or any of its parent or subsidiary undertakings or any of such person’s respective directors, officers, employees, agents or affiliates (together, the “Group”) or any party who has

provided input to the information herein or their respective directors, officers, employees, agents, affiliates or advisers, as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein nor as to the

reasonableness of any information contained herein and no responsibility or liability (including in respect of direct, indirect or consequential loss or damage) is assumed by any such persons for such information or opinions or for any errors or omissions.

Except where otherwise indicated , the information provided herein is based on matters as they exist at the date hereof and not as of any future date and will be subject to updating, revision, verification and amendment without notice and such information may change materially. The views

expressed herein are subject to change based upon a number of factors, including, without limitation, macroeconomic and equity market conditions, investor attitude and demand, the business prospects of the Group and other specific issues. Any statement, estimate or projection included

in these materials (or upon which any of the conclusions contained herein are based) with respect to anticipated future performance are based upon assumptions and may prove not to be correct and speak only as of the date hereof. Neither the Company nor any other member of the

Group is under an obligation to update or keep current the information contained herein. Nothing contained herein is or should be relied upon as a promise or representation as to the future. Neither the Company nor any of its affiliates has verified the achievability of any estimate or forecast

of future financial performance contained herein, nor of any of the methods underlying the preparation of any such estimate or forecast. This document has not been reviewed or approved by any regulatory or supervisory authority.

The information herein includes statements that are, or may be deemed to be, “forward looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “anticipates”, “expects”, “intends”, “plans”,

“may”, “will” or “should” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places and include, but are not limited to, statements regarding the Group’s

intentions, beliefs, opinions or current expectations concerning, amongst other things, results of operations, financial condition, liquidity, prospects, growth and strategies. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on

circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance and the actual results of operations, financial condition and liquidity, and the development of the industry in which the Group operates, may differ materially from

those made in or suggested by the forward-looking statements set out herein. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. There are a number of factors that could cause actual results and developments

to differ materially from those expressed or implied by these statements and forecasts. Past performance of members of the Group cannot be relied on as a guide to future performance. Forward-looking statements speak only as at the date hereof and the Group expressly disclaims any

obligations or undertaking to release any update of, or revisions to, any forward-looking statements herein. No statement herein is intended to be a profit forecast. As a result, you are cautioned not to place any undue reliance on such forward-looking statements. In addition, even if the

results of operations, financial condition and liquidity of the Group, and the development of the industry in which the Group operates, are consistent with the forward-looking statements set out herein, those results or developments may not be indicative of results or developments in

subsequent periods.

The information set out herein has been prepared on the basis of information held by the Group and also from publicly available information. This information, which does not purport to be comprehensive, has not been independently verified by or on behalf of the Group. These materials do

not purport to contain a complete description of the Group or the markets in which the Group operates, nor do they provide a valuation of the Company. The analyses contained in these materials are not, and do not purport to be, appraisals of the assets, securities or business of the Group

or any other person. The information herein does not constitute an audit or due diligence review and should not be construed as such.

These materials do not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the Company nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any

contract commitment or investment decision in relation thereto nor does it constitute a recommendation regarding the securities of the Company. The distribution of this document may be restricted by law and persons into whose possession this document comes should inform themselves

about, and observe, any such restrictions.

3

Highly experienced management team with proven track record

Source: Company information

JD FOUCHARD

CEO

JOHAN MICHELSEN

Deputy CEO

MURAT ERDEN

CFO

EIVIND HELGAKER

CEO | Norway

JEAN-MARC ENGELS

CTIO

Medici

Corporate

Company to provide

Strong combination of financial and operational

expertise and experience

Operational experience from developed and emerging

markets, combining growth and scalability

Track record of successful acquisitions

Experience with blue-chip large and listed companies

Majority of executives are also shareholders

354 551

699

2014 2015 2016

55.1 68.2 76.2 95.0 142.4 197.3 233.8 268.5 293.1

Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17

4

ice.net – growing pure 4G mobile data challenger

• Norway's #3 network operator

• Successfully transformed from MBB provider to a mobile challenger

• Mobile data, 4G-only network

• Customer centric approach

• Significant cost advantage and innovative

• Increased mobile market share to 5.1%2 as of Jun-17 since launch of

smartphone offering in June 2015

Service revenue for ice.net - Norway (NOKm)

…with consistent growth

Proven market challenger in Norway…

Aim to

replicate

Norway's

success in

highly

attractive

markets

Strong growth levers with footprint in

markets with ~587m people

Country4 Population5

(million)

2016A-2021E

Service Entry

year

(100%)

5.3

5.5

Smartphone +

MBB 2009

(30%)6

206.1

213.4

Smartphone +

MBB 2017

(51%)

258.2

269.8 MBB 2015

(52%)

102.3

110.0 MBB 2015

(100% / 92%)

10.0 / 5.7

10.7 / 5.8 MBB 2009

ice.net B2B and B2C smartphone subscribers development (k) and market share (%)2

Source: ice group Scandinavia Holdings AS' quarterly and annual reports, NKOM

(1) ice.net refers to subsidiaries in Norway: Ice communication Norge AS and ice Norge AS

(2) Figures for smartphone subscribers include other mobile telephony devices. Market share figures: Q4-16 source: NKOM (most recent imported data),

Q2-17 source: company's estimate, taking into account the acquisition of Hello AS in Jul-2017

(3) Range of figures indicated by dashed lines pro forma for the acquisition of Hello AS, completed in Jul-17. Migration to be completed by year end 2017

Subscribers (000') Market share (%)

79.3% 26.9% 55.5% na

YoY growth

Smartphone

launched in

Jun-15

4.1%2

328.1 - 333.13

133

239

Q1-16 Q1-17

1

1

(4) Percentages represent ice group Holdings AB's ownership stake

(5) Source: EIU. 2021 figures are estimates

(6) Option to increase the ownership to 60% for US$150m investment by 15-

Nov-2017

5.1%2

5

Strong track record of challenging industry norms

Access Industries acquires ice group as a focused 450MHz MBB player in

Norway, Sweden and Denmark

FOCUS ON MOBILE DATA ENTERING SMARTPHONE IN NORWAY INTERNATIONAL EXPANSION

Aim to

replicate

Norway's

success in

highly

attractive

markets

Feb-2009

ice.net wins 1/3 of 4G frequencies

in license

auction Dec-2013

ice.net secures substantial remedy package (Tele2’s network, NRA2 and

NwN2) 3Q14/1Q15

Soft launch of mobile telephony

offering in Norway Jun-2015

Finalized MBB network

upgrade from 3G to 4G Oct-2015

Launch of data rollover

Acquisition of Hello AS customer base

On-net share from 0 to 24% (Jun-17)4

328 -333k smartphone users (Jul-17)5

2Q/3Q-2017

Market entries done at attractive price groups Focus on mobile data Low risk approach and cost advantages with sub 1GHz frequencies

US$/MHz/

Pop 0.23

Entry in Indonesia in

partnership with PSTI Nov-2015 US$/MHz/

Pop <0.026

Entry in the Philippines in

partnership with Citadel

Dec-2015 US$/MHz/

Pop <0.02

Entry in data centric

4G business

Brazil Nextel

Jun-2017 US$/MHz/

Pop <0.106

Refocus from voice group to data over 450MHz on 3G technology

ahead of competition 2009

Source: Company's information, BMI Research figures issued in 2017, We are Social in partnership with Hootsuite in Jan 2017

(1) EBITDA margin % refers to ice.net. ice.net refers to subsidiaries in Norway: Ice communication Norge AS and ice Norge AS

(2) NRA stands for National roaming agreement. NwN stands for Network Norway

(3) Broadband penetration (source: BMI Research) includes blended mobile and fixed broadband, calculated as the number of

connections divided by population. Mobile social media penetration (source: We are Social in partnership with Hootsuite) calculated as the

number of active accounts on the top social media network in each country accessed via mobile compared to the population

(4) On-net traffic figure for blended B2B and B2C

Strategic focus on mobile data 8 years ago Increasing applicable market with >10x Relatively underserved large markets3

Growth, turnaround, scalability, network swaps 2009 - 2013

Jan. – Dec. 2016

Cost scalability demonstrated in Norway1

FY 2010 FY 2011 FY 2012 FY 2013 Run rateQ3 2014

EBITDA %

3.5%

11.5% 13.0%

35.2% 35.0%

52.0% 52.0% 57.5%

Indonesia Philippines Brazil North America

BB penetration Mobile social media penetration

(5) Figure pro forma for the acquisition of Hello AS, completed in Jul-17. Migration to be completed by year end 2017

(6) Based on enterprise value

(7) Source: Nkom "Ekomstatistikken 2016"

EBITDA margin (%)

4% 58%

MBB7 MBB +

Smartphone7

6

ice group corporate structure

Source: Company information

(1) Name change is underway (AINMT Holdings AB to become ice group Holdings AB, AINMT Scandinavia Holdings AS to become ice group Scandinavia Holdings AS, AINMT International Holdings

BV to become ice group International Holdings BV)

(2) PT Sampoerna Telekomnikasi Indonesia

Ownership is 100% unless otherwise noted

Transaction perimeter

ice group Holdings AB1

90.32%

PT STI2

35% held by PT Sampoerna

Telekomnikasi Indonesia

Broadband Everywhere

48% held by Citadel

51%

Nextel

70% held by NII

Access Industries Holdings ice group AS

~61% direct ownership

~65% total ownership

ice group International Holdings BV1 ice group Scandinavia Holdings AS1

30%

52%

Ice Communication

Ice Norge

Netett Sverige

Ice Danmark

~39%

~11%

7

ice group: the disruptive challenger

Norway: favourable market structure and strong mobile data growth

Pure focus on 4G with no legacy technology

Superior customer focus and experience

Emerging markets: opportunity believed to have the potential to drive a step-change in growth and value

Track record of significant growth and attractive economics with expected significant upside

5

6

8

Best-in-class management and blue-chip lead shareholder base 7

Large spectrum portfolio and secured nationwide coverage

Lean cost structure expected to provide significant cost advantages

1

2

3

4

21.8

9.4 9.9 8.5 7.5 10.3 10.8 11.1

77% 74% 59% 74%

37% 57%

47% 49%

Norway: favourable market structure and strong mobile data growth

…with a telecom market structure that is expected to have room for a

growing challenger

Top 3 players' Dec-16 mobile subscriber market share1

…with significant expected upside from data consumption

(1) Source: Ovum

(2) Western Europe avg includes Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden and UK

(3) Source: Analysys Mason. 4G penetration defined as 4G handset connections divided by total handset connections

(4) PP = percentage point

The highest ARPU market in Western Europe2…

2016 Mobile data ARPU (US$/month)1

The highest 4G penetration in Western Europe…

2016 4G penetration (%)3

WE

average2

2016A - 2021E CAGR Number of MNOs #1/#2 #3

3 4 3 4 4 3 4

2.0 3.6 3.8

8.0

0.7 1.5 1.2 2.0

WE

average2

21.4% 15.8% 46.7% 28.6% 40.1% 35.8% 34.7% 19.7%

WE

average2

2016A - 2021E CAGR

2016 average mobile data consumption/connection (GB/month)3

25.3% 21.9% 35.2% 26.7% 30.8% 25.4% 22.0% 16.2%

5.4% 6.7% 2.7% 2.9% 1.2% 8.0% 8.2% 3.6%

8

1

2016A - 2021E ∆ penetration pp4

96% 64% 68% 73% 74% 67% 66%

4%

21% 18% 27% 26% 23% 17%

23.7%

5.1%

LTE frequencies sub 2.1GHz Total subscribers

3G historical offering Swap to 4G Auction (Dec-13) New sites

9

Large spectrum portfolio and secured nationwide coverage A large spectrum portfolio acquired at competitive terms

Helping to enable ice.net to increase traffic significantly

ice.net believes it is in a unique position to take advantage of attractive

frequency portfolio

Competitive spectrum position acquired at very competitive terms due

to sealed bid auction format (Dec. 2013)

Yearly quantum of spectrum awarded in Norway

Advantageous auction, crucial for a data-only mobile operator

MHz

No new entrant

expected in

foreseeable future

# Gbits produced (illustrative)

New frequencies enable more than 100x Gbit/s produced with a 3-4x cost

2

Source: Company information

(1) Includes NOK65.8m of license fee, NOK3.8m of annual administrative charges and NOK1.5m of telecom fee

(2) Based on spectrum estimated by company being most appropriate for mobile smartphone as of Q2-17

(3) Total subscriber figures for B2B and B2C smartphone subscribers as of Q2-17. Source: company's estimate

Dec-15 Jan-15 Dec - 13 Oct - 12 May - 10 Dec - 08 Jun-04

800

900

1800

Total

Price paid

(NOKm)

2x10

2x5

2x20

2x35

705

Frequency

band (MHz)

• ice.net awarded 41% of all frequencies in 2013

Norwegian auction

• #3 player, Tele2 forced to exit the market

• Licenses with 20 years duration

• 40% population coverage obligation already met, 2

years ahead of schedule

• Annual licenses fee of NOK71.1m1

• USD/MHz/pop of 0.2

• Subsequently, ice.net secured 2x5 in 2.1GHz band

ice.net market share (%)

4x 8x 4x 32x >100x

From 500 to 2,000 4G sites

2 x 85

2 3

Large spectrum portfolio and secured nationwide coverage

40%

80%

Today Target

40%

80%

60%

20%

Today Target

10

2

Target of 70% of all data traffic on own network in Norway

Population coverage obligation in Norway already met and aiming to

achieve 80% target

Source: Company information, Omnitele technical due diligence

(1) Omnitele has completed over 1,000 projects in over 80 countries around the globe, providing consulting and expert services for telecom operators and regulators in network strategy, design and quality

assurance

(2) As of Q4 2016

(3) On-net traffic figure for blended B2B and B2C

Attractive long-term national roaming agreement with Telia helping to

secure nationwide coverage while ice.net builds its own network

• 6 year term, helping to enable the optimisation of own network prior to

taking traffic on-net

• Possibility for exclusion areas

• Access to all network improvements Telia might introduce

• Allows legacy 3G/2G and 4G voice group users on Telia's network while

pure 4G data through own network

ice.net's network is future-ready

• "Current ice group network

[...] are future proof and the

design and deployment are

in line with proven industry

practice group to enable

high service availability

and quality"

• Increasing on-net share is

expected to improve gross margins

• ~80% population coverage target

by Q4-17/ Q2-18

• Limited capex requirement after

roll-out completion

• All voice on NRA

• From 0% to ~24% on–net

traffic3 in Q2 2017

• Network optimisation is

expected to increase on-net

traffic to ~70%, further driving

margins

Population coverage (%)

ice.net NRA

Omnitele key takeaways1

Attractive long-term national roaming complements fast growing own network

• Modern high capacity networks

(4.5G ready), supporting voice

group over 4G (VoLTE) with no

legacy technology

• 100% resilient/redundant, high

availability, all-IP Core, helping

evolution to 5G

• Seamless connection with Telia's

Radio Access networks (2G/3G/4G)

24%

70%

ice.net pop coverage ice.net on-net traffic

2

2

11

Pure focus on 4G with no legacy technology Supported by a legacy-free 4G LTE only network in Norway, ice.net is able to achieve 4x larger data output at a lower cost

3

Multiband increases output and contributes to economies of scale

State of the art IT

Enables disruptive product offerings

450MHz

MBB

450, 800, 900, 1800MHz

MBB + SMARTPHONE

• Capacity

amount:10 Mhz

• Technology: 3G

• Max speeds: 9.1

Mbs

• Applicable 2016

market3: 4%

• Capacity

amount:80 Mhz

• Technology: 4G

• Max speeds: 290

Mbs

• Applicable 2016

market3: 58%

Significant cost advantages with lean operating model1

Less BTS

(Pure 4G, low

frequencies)

Less FTEs

(Pure 4G, state of

art IT)

One technology

(IT)

4G 3G 2G

4G 3G 2G

• In June 2016, ice.net launched bit's Business Support Solution platform,

including a new billing system

• A customer-centric system, designed to support business intelligence, self-

service and customer service portals. Information is then fed into "big data"

aware services in order to tailor communication to individual customers

• Rollover in Q2-17 took 4 weeks to implement, test and launch, supported

by a rapid and incremental development strategy

Live trial with Nokia in Oct-17 to achieve 3GB/s

Source: Company's information, Telia's and Telenor's reports

(1) The figures refer to the Norway entity, ice.net. ice.net refers to subsidiaries in Norway: ice communication Norge AS and ice Norge AS

(2) ice.net also has access to additional BTS through the NRA

(3) Source: Nkom "Ekomstatistikken 2016"

• A pure 4G operation and new support systems reduces the complexity and makes it possible to run with less FTEs and using less BTSs

• One technology (4G) with better spectrum efficiency at low frequency resulting in less BTS2

• One technology (4G) with no legacy requiring less FTE's to operate

38%

34%

17%

10% 2%

Retail Websales Inbound Outbound Other

Lean cost structure expected to provide significant cost advantages

Advantageous business model focused on creating a cost leader

Supported by a cost effective distribution strategy …

… and media spend per sale at a very attractive level

12

4

• No legacy retail distribution

network

• Increasing focus on digital

technology is an efficient and

cost effective way of:

• upselling to higher

subscriptions

• cross-selling MBB with

voice group services

Sales channel breakdown1 – H1 17 Cost per GB produced (illustrative index)

2G Edge 3G 4G @ 10 MHz 4G @ 80 MHz

4G is the most cost efficient technology when producing data…

3 3

3 3 3 3

3 3 3 3

Ice.net is the only

100% pure 4G

network operator

in Norway

Media spend per sale - NOK

314

717

1,263

309

659

342

117

Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17

Source: Company information

(1) Breakdown as a % of volume of sales

Superior customer focus and experience ice.net has embarked on a new program: creating one of the most customer-centric communications company in Norway

Customer centric approach …strong brand awareness, at par with the big players

within record time…

% who would consider to switch to the brand

Base: Not a customer of the brand, but has brand awareness1

… with a focus on NPS…

ice.net's smartphone NPS score2 (%)

5

…and lower churn than expected

Annualized churn B2C3 (%)

ice.net is the Customer Company in the business of customer experiences: "We

operate our business from the customers' point of view in line with our values"

Bold Trust

Share Fair

Customer

centric

Trust: Clear, transparent, direct and simple service

Data is kept safe and not abused

Fair: Considerate, considered, straightforward, open and accessible treatment

We ensure that customers keep

what they've paid for

Bold: Confident, empowering, positive and focused strategy

With competition copying our

Rollover launch, we quickly added

MBB and B2B

Share: Understanding, welcoming, warm and empathetic service

Existing customers got Rollover news first, then the market

12

20

9

3

-1

9 12

Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17

21% 17%

23% 20%

30% 30%

23%

Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17

Sources: Company information, Telia's 2016 annual report

(1) Source: Company information

(2) Net Promoter Score (NPS) is based on the scale from 0-10, with 0-6 being detractors, 7-8 neutral and 9-10 promotors

(3) Churn is defined as the percentage of subscribers who move their subscription from one operator to another

13

10.1

7.3 6.8 7.8 8.4

8.8 9.9 9.8

8.7 7.9

8.0 9.8 9.7

11.2 9.9

8.8

8.6 9.1 9.6 8.2 7.7

8.5

12.1

14.9 14.0 14.3

11.6 12.4

13.8 14.4

13.3 11.6

10.1

Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17ice.net Telia Telenor

NPS decrease in

response to

increasing prices

• Strong development in orders for new subscriptions

• All sales channels are delivering increased sales and conversion rates

• Awards received H1 16 as illustration of reception in the market

• High customer satisfaction with the aim of creating a “snowball effect”

14

ice.net is an attractive mobile network operator for customers, well

received by customers Successful introduction of higher price group plan improving ARPU

Award-winning growth story and market perception translating in increased customer share and brand loyalty

Ap

r-15

Ma

y-1

5

Jun

-15

Jul-

15

Au

g-1

5

Se

p-1

5

Oct-

15

Nov-1

5

Dec-1

5

Jan

-16

Fe

b-1

6

Ma

r-1

6

Ap

r-16

Ma

y-1

6

Jun

-16

Jul-

16

Au

g-1

6

Se

p-1

6

Oct-

16

Nov-1

6

Dec-1

6

Jan

-17

Fe

b-1

7

Ma

r-1

7

Ap

r-17

Ma

y-1

7

Jun

-17

Jul-

17

Consumer subscriber development (#)

April 2016

3 x test1

winner

April 2017

2 x “Best

customer

care” 2

Apr, May, Jun,

Jul 2017

“Best Mobile

Subscription”3

(1) The tests are: TV2 Hjelper deg (source: TV2, April 2016), TEK – Besti test (source: TEK.no, April 2016) and Dinside.no – Besti test (source: Dinside, April 2016)

(2) Source: Seeyou, 2017

(3) Test: TEK – Besti test (source: TEK.no, April – July 2017)

(4) Percentages of new sales for the given month

Current trend towards higher price plans

• Seeking to converge with incumbents' ARPU level through:

• Conversion of low-ARPU price group plans in existing subscriber plans

• Increase new sales share of high-ARPU price group plans

• As mobile data requires more capacity in the network than voice,

incumbent mobile network operators are expected to make large capital

expenditures which is expected to drive a desire to grow ARPU in order to

support a return on capital

2% 4% 2%

22% 8%

15%

5%

19% 84%

23%

17%

Jan-16 Jul-17

0.5 GB

1 GB

2 GB

5/6 GB

3/4 GB

10/12 GB

B2C price plan development4

Superior customer focus and experience 5

26.0% 17.6%

Emerging markets: opportunity believed to have the potential to drive a step-change in growth and value

(1) Source: EIU. Emerging APAC avg includes: Bangladesh, Indonesia, Malaysia, Myanmar, Philippines, Sri Lanka, Thailand and Vietnam. LatAm average includes; Argentina, Bolivia, Brazil, Colombia, Chile, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala,

Honduras, Jamaica, Mexico, Nicaragua, Peru, Paraguay, Panama, Trinidad & Tobago, Uruguay, Venezuela

(2) Source: Analysys Mason. Emerging APAC avg includes: Bangladesh, Indonesia, Malaysia, Myanmar, Philippines, Sri Lanka, Thailand and Vietnam. 4G penetration defined as 4G handset connections divided by total handset connections

(3) Source: Ovum. LatAm average includes: Anguilla, Antigua and Barbuda, Argentina, Brazil, Honduras, Jamaica, Mexico, Montserrat, Netherland Antilles, Nicaragua, Panama, Paraguay, Peru, Puerto Rico, Saint Kitts and Nevis, Saint Lucia, Saint Vincent & the Grenadines,

Suriname, Trinidad & Tobago, Turks & Caicos Islands, U.S Virgin Islands, Uruguay and Venezuela

(4) Source: Cisco VNI Global Traffic Forecast. LatAm average includes the same countries as Ovum data along with: Costa Rica, Cuba, Dominica, Dominican Republic, Ecuador, El Salvador, Falkland Islands, French Guinea, Grenada, Guadeloupe, Guatemala, Haiti, Martinique,

Saint Pierre & Miquelon and U.S Virgin Islands. Avg data consumption/connection is the average of smartphone and mobile connected tablets and laptops

(5) PP = percentage point

15

6

2.7 2.4

…high expected growth in 4G penetration… …and upside expected from increasing data

consumption

2016 penetration (%)3 2016 avg. data consumption/connection (GB/m)4

LatAm

average

LatAm

average

54.1% 44.9% 20.9% 21.2%

8.71 8.67

Fast-growing economy…

2016 nominal GDP/capita (US$ '000) 1

3.1% 2.2%

LatAm

average

Bra

zil

2016A-2021E avg. nominal GDP growth 2016A - 2021E ∆ penetration pp5 2016A - 2021E CAGR

…in healthy, growing economies… Significantly underpenetrated wireless and

fixed broadband infrastructure…

…and upside expected from increasing data

consumption

2016 nominal GDP/capita (US$ '000)1 2016 penetration (%)2 2016 avg. data consumption/connection (GB/m) 2

3.6 2.9

3.8

8.6% 5.6% 6.4%

2016A-2021E avg. nominal GDP growth

Emerging APAC

average

Emerging APAC

average Emerging APAC

average

4G Fixed broadband 2016A - 2021ECAGR

43.3% 43.4% 43.0% 3.1% 39.0% 3.3% 21.0% 1.6% 26.9%

Ind

on

es

ia &

th

e P

hilip

pin

es

3.0%

6.0% 6.7%

2.6%

7.3% 5.6%

2016A - 2021E CAGR

0.5 0.3

0.5

Best-in-class management and blue-chip shareholder base 7

16

JD Fouchard

CEO

7

Johan Michelsen

Deputy CEO

Murat Erden

CFO

x Years at ice group

5 -

Linus Jönsson

CEO Sweden

6

Jean-Marc Engels

CTIO

René Kappelgård

CEO Denmark

5

8

Larry Ridwan

CEO Indonesia

2

Eivind Helgaker

CEO Norway

Tirso Antiporda Jr

CEO The Philippines

9

2

Roberto Rittes

CEO Brazil Nextel

Best-in-class management team with extensive experience across blue-chip telecom companies...

...supported by a shareholder with a track record of investing in

disruptive companies

Stan Miller

Chairman

Managing Director at Leaderman and

Director at MTS Russia;

former CEO of KPN International

Jorg Mohaupt2

Non-Executive Director

Director at Deezer, Gettaxi, Perform

Group and WMG

Source: Company information

(1) 9 board members in total

(2) Present on the board of ice group AS

-

ice group Holdings AB selected board representatives1

Hans-Holger Albrecht

Non-Executive Director

CEO of Deezer

Former CEO of Millicom International

Phil Hewinson

Non-Executive Director

Head of partnerships at Monzo Bank

Former strategic partner manager and

other roles at Facebook

Track record of significant growth and attractive economics with expected significant upside

2.19

1.55

0.66 0.55

0.23 0.05 0.01 <0.02

17

Jan 2015 Dec 2015 Dec 2015 Nov 2015 Dec 2013 ice group

Entry Nov 2013 Dec 2013

1700 /

1800 MHz 900 MHz 1800 MHz 1800 MHz

800 / 900 /

1800 MHz

800 / 1800 /

2100 MHz 450MHz 450MHz

Acquiring attractive spectrum positions at very attractive terms1

Country

USD/MHz/pop

Year

Frequency

Band

Significant license capex inflation: 450MHz could prove valuable given advancements of technological ecosystems

0.18

0.56

1.58

2012:

3 bidders,

3 licenses

Nov/Dec'15;

4 bidders,

2 licenses 3x

• China Unicom, for instance, holds the only 450MHz block in

China and has initiated a process to use the 450MHz license on

4G/LTE mobile data

• Significant expected advantages for ice group: lower

equipment price groups and increased likelihood of

smartphone integration

• Infrastructure equipment for LTE over 450MHz already available

from large suppliers, such as Huawei and Alcatel-Lucent

• Both Qualcomm3 and Altair Semiconductor have the technology

to deliver chipsets with support for 450MHz, although not

integrated into handsets as of today

Current 450MHz alliance members

Case study: Overview of Thai telecom auction 2012-15

USD/MHz/pop

Integration of LTE450 in smartphones would help ice group benefit from significant expected increase in valuation of 450MHz frequencies

Source: Company information

(1) Not adjusted for spectrum lifetime or frequency costs. For Brazil and Indonesia, figures are based on the enterprise value

(2) Dashed line indicates auctions in which ice group participated

(3) Qualcomm is one of the global leaders in LTE baseband chipsets and had its first chipsets ready for LTE 450MHz in February 2014

8

Expected upside reinforced by attractive entry terms

2

0.01 <0.10 <0.02

Track record of significant growth and attractive economics with expected significant upside

19

455 461

2014 2015 2016

229 437 385 397

335

2014 2015 2016

18 Source: ice group Scandinavia Holdings AS' annual and quarterly reports and ice Communications Norway AS' annual report

(1) Smartphone accounted only for 7 months in 2015

(2) Assuming transmission is defined as a fixed cost

Total revenues (NOKm)

EBITDA (NOKm)

Key takeaways

• ice.net entered the smartphone market in June 2015, which has

required large investments and increased the cost base, hence

the expected positive effect on financials has been delayed

• Smartphone share of revenues sharply increased from 37%

in 2015 to 57% in 2016

• In parallel, the number of base stations has increased from 551

in 2014 to 1,200 in 4Q 2016

• However, a large portion of cost base is fixed2 (96%), helping

to enable increased EBITDA margins along with the uptake in

scale

• Income from B2C revenue streams is growing faster than the

company average

• Capex mainly related to the acquisition of sites and LTE swap

completed in 2015/2016

• The majority of expansion capex has already been made in the

past three years

• A completely new and pure 4G network implies limited expected

capex going forward

• c.1,200 sites were 4G equipped in 2016, additional 650

needed in order to achieve 80% population coverage. It is

estimated that NOK200m of capex will be required for these

additional sites

YoY growth total /smartphone (%)

EBITDA margin (%)

Smartphone

launched in

Jun-15

Smartphone share(%) Other

revenue

Smartphone1

related revenue

15%

na

63%

37%

23%

57%

(4.2%)

51%

83%

69%

EBITDA

25% 5% (38%) (19%) (41%)

Smartphone

launched in

Jun-15

70 173 67

78

Q1-16 Q1-17

95 32

(297)

2014 2015 2016

(26)

(104)

Q1-16 Q1-17

385

626 772 137

251

Total revenue

Capex (NOKm)

Capex as % of revenues Capex

5% 73% 60% 71% 71% Smartphone

launched in

Jun-15

97 178

Q1-16 Q1-17

91% 147%

8

ice group in a nutshell

What are the differentiating factors?

• Fewer base stations required

• Expected lower risk deployment: build as you grow

• Significant coverage

• Strong brand awareness

• Low churn and high NPS

• Seeking to continue to increase in ARPU

• More efficient mobile data technology

• Less complexity and no legacy

• Data is the fastest growing segment of telecom

• Diversified between wealthy developed markets and high growth large emerging markets

• Favourable benign market structure

Large spectrum

portfolio

Superior customer

focus

4G only

19

Attractive asset base

Significant cost advantages / lowest

cost per GB produced

Able to compete on price group and

product at par with big players

Small dynamic organization with

customer centric culture

Several value levers

What are the benefits?

Higher ARPU

Lower churn

Higher NPS

Higher growth

• Cost-efficient 4G data technology

• Digital focused distribution network that facilitates cross-selling

• Low media spend per sale

Lean cost structure

Markets

• Management experience across blue-chip telecom companies

• Shareholders with track record of investing in similar companies

Management and

shareholder base Well-positioned to capitalize on

opportunities

What are the

future goals?

Appendix

Assets

NOK (m) 2015 2016 Q1-162 Q1-172

Investments in associated

companies 1,001.8 2,271.2 1,075.1 2,261.8

Loans to associated companies 359.7 353.3 357.5 363.8

Total non-current assets 1,361.5 2,624.4 1,432.6 2,625.6

Cash and Cash equivalents 4.7 3.9 4.3 3.4

Total current assets 4.7 3.9 4.3 3.4

Total assets 1,366.2 2,628.3 1,436.9 2,629.0

Equity and liabilities

Share capital 23.5 42.8 24.8 42.8

Other contributed capital 995.5 2,283.3 1,072.2 2,283.3

Retained earnings (12.5) (211.7) (47.5) (274.9)

Total equity 1,006.5 2,114.5 1,049.5 2,051.3

Derivative 58.7 197.8 72.6 -

Convertible debt 301.0 315.3 314.9 327.9

Total long-term liabilities 359.7 513.1 387.4 577.2

Trade payables 0.0 0.7 0.0 0.6

Total current liabilities 0.0 0.7 0.0 0.6

Total equity and liabilities 1,366.2 2,628.3 1,436.9 2,629.0

21

ice group AS – P&L and Balance Sheet Profit and loss Balance sheet

Source: ice group AS' annual and quarterly reports

(1) Financial year 2015 accounted from 24 March 2015 to 31 December 2015

(2) Q1 figures are unaudited

NOK (m) 20151 2016 Q1-162 Q1-172

Operating Revenue 0 0 0 0

Fees and other expenses (0.8) (1.4) (0.4) (0.1)

Share of result in associated

companies (12.2) (37.9) (9.4) (4.8)

Operating loss (12.9) (39.3) (9.8) (4.9)

Financial income 4.3 27.1 28.8 21.1

Financial expenses (3.9) (187.0) (82.3) (51.2)

Net financial items 0.4 (159.9) (53.5) (30.1)

Income before tax (12.5) (199.2) (63.2) (35.0)

Income tax 0 0 0 0

Net income for the year (12.5) (199.2) (63.2) (35.0)

Total comprehensive income (12.5) (199.2) (63.2) (35.0)

22

Excellent 4G coverage, at par with the incumbent, can be achieved by

exploiting 450 MHz

Source: Company information and Telenor website

(1) Includes external antenna

(2) Source: Company information

(3) Source: Telenor Norway website is www.telenor.no

Low frequencies have multiple advantages

3 4 10 12

20

800 MHz 900 MHz 1800 MHz 2100 MHz 2600 MHz

• Lower average capex and annual opex per base station

• Ideal for challenger and for underserved markets

• Higher frequencies can be added to existing sites to increase capacity,

without any additional costs

800 MHz

900 MHz

1,800 MHz 2,100 MHz

2,600 MHz

2. Fewer base stations required to cover the same area

3. Lower costs

4. Propagation characteristics–enhanced indoor coverage

5. Expect to help enable a lower risk "build as you grow" strategy

Illustrative

Advantageous frequencies

When compared to area covered by one 450MHz station

ice.net 4G – MBB coverage1 Telenor 4G – basic coverage -110 dBm3 -117 dBm2 1. Longer geographic reach

Large spectrum portfolio and secured nationwide coverage

23

Highly experienced management team with proven track record

Source: Company information

• 10 years’ telecom

experience

• CEO of ice group since

2011

• BoD of ice group since

2009

• Access Industries

2007-2011

• UBS telecom

investment banking

group

• Morgan Stanley

Capital Partners

• 18 years’ telecom

investment experience

• Deputy CEO

from 2017

• CFO of ice group from

2013-2017

• Partner at Pareto

Securities 2009-2012

• Founder of Medici

Corporate

• Rated best telecom

equity analyst in

Norway 2001-2005

• 16 years' telecom

experience

• CFO since 2017

• Group CFO, numerous

BoD positions and

group director of

treasury, risk

management &

procurement at Turkcell

over 15 years

• Founder Turkcell’s

consumer finance

company

• Deutsche Bank

• Bankers Trust

• 17 years’ operational

telecom experience

• Managing director of

ice group since 2009

• Canal+ Norway:

country manager 2007-

2009

• Seven years with

Tele2:

• Marketing director

• Product manager

fixed / Voip / ADSL:

Tele2 Versatel

• Product manager

Internet

• 25 years’ international

telecom experience

• ice group since 2013

• Isco International

• Ericsson Belgium &

Luxembourg:

• President

2004-2011

• VP 2000-2004

• Ericsson Japan 1995-

2000

• Ericsson China,

service director, 1992-

1995

JD FOUCHARD

CEO

JOHAN MICHELSEN

Deputy CEO

MURAT ERDEN

CFO

EIVIND HELGAKER

CEO | Norway

JEAN-MARC ENGELS

CTIO