Telenor-Group-Annual-Report-20141.xlsx

8/18/2019 Telenor-Group-Annual-Report-20141.xlsx

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Annual Report

CONTENTDear Shareholder /01/Report from the Board of Director 2014 /04/!"NANC"A# STATE$ENTS TE#ENOR %RO&'Conolidated "ncome Statement /24/Conolidated Statement of Compreheni(e"ncome /2)/Conolidated Statement of !inancial 'oition /2*/Conolidated Statement of Cah !lo+ /2,/Conolidated Statement of Chan-e in E.uit /2/Note to the Conolidated !inancial Statement /2/!"NANC"A# STATE$ENTS TE#ENOR ASA

"ncome Statement /102/Statement of Compreheni(e "ncome /10/Statement of !inancial 'oition /104/Statement of Cah !lo+ /10)/Statement of Chan-e in E.uit /10*/Note to the !inancial Statement /10,/Reponi3ilit Statement /121/Auditor Report for 2014 /122/Statement from the Corporate Aem3l of

Telenor ASA /124/

!inancial Calendar 201) /124/5e !i-ure /12)/Report on Social Reponi3ilit /12*/

Telenor %roup Operation /1*/



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The mo3ile indutr i in the midt of tranformation6 7e ha(e +itneed themo(e from 89ed communication tomo3ile: a hift that i rede8nin- 3oththe telecom indutr and ociet atlar-e: and no+ +e are tra(erin-throu-h time of di-ital diruption6Competition continue to emer-e fromne+ plaer: the a-ile internetcompanie that rie .uic;l and attractthe mae6 That coupled +ith thealread intene competition +ithin theindutr ma;e for an e9citin- andchallen-in- plain- 8eld6 $o3ileoperator are confronted +ith the

.uetion of +hat tpe of compan thehould 3ecome6 The +orld i -oin-di-ital and +e 3oth ena3le and dri(e it6

Telenor an+er to thi i and +illcontinue to 3e (er clear6 7e +ill focuon +hat i important to our cutomer6Our poition and relationhip +ith thecutomer i ;e: and +e continue toplace -reat importance on our retail

poition6 The cutomer hall 3e at thecenter of e(erthin- +e do6 Telenor hathree clear trate-ic am3ition< "nternetfor All: #o(ed 3 Cutomer: andE=cient Operation6

7e tri(e to connect our more than 1*million mo3ile cutomer to the er(ice

/'A%E 02/

TE#ENOR ANN&A# RE'ORT 20143aed operatin- model: attracti(emar;et o>erin- and a net+or;impro(ement pro-ramme6

Our in(etment in ?impelCom #td6 ha3een under preure in 20146



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?impelCom performance +ane-ati(el impacted 3 3oth the-eopolitical crii in the &;raine and theharp decline in the ru3le: a +ell aoperational challen-e in it ;emar;et6 A a minorit hareholder in

/'A%E 0/ TE#ENOR ANN&A# RE'ORT 2014

/'A%E 04/ TE#ENOR ANN&A# RE'ORT 2014Report from the Board of Director 2014

Report from theBoard of Director 2014!rom left< S(ein Aaer / Chairman @on Eri; Reinharden / Board mem3er Brit t3 !redri;enemploee repreentati(e Burc;hard Ber-mann / Board mem3er !ran; Dan-eard / Deput Ch

/'A%E 0)/ TE#ENOR ANN&A# RE'ORT 2014Report from the Board of Director 2014

The telecom indutr i currentl in tranition6 The mo(e from (oice to data i on: +hich ireultin- in i-ni8cant chan-e to our ecotem6 Throu-h thi ourne: Telenor %roup i

committed to the cutomer and their need6 Telenor continue to pro(e it a3ilit to launchne+ and rele(ant er(ice: ta a-ile and remain inno(ati(e6 "n 2014: Telenor e9perienced-ro+th and olid 8nancial reult: and the compan +ill ;eep it focu on -ro+in-pro8ta3ilit in the ear to come:S(ein Aaer: Chairman of the Board!rom left< Sall Da(i / Board mem3er Brn Andre Anderen / Board mem3er: emploee repBoard mem3er arald Sta(n / Board mem3er: emploee repreentati(e Bar3ara $ilian ThoraDa- @6 Opedal / Board mem3er

/'A%E 0*/

TE#ENOR ANN&A# RE'ORT 2014Report from the Board of Director 20145e 8-ure 2014 F or-anic re(enue -ro+th 20 million ne+ u3cri3er: ta;in- the total to 1* 1G million Re(enue of NO510*6) 3illion EB"TDA 3efore other income and other e9pene of NO5,6, 3illion



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Operatin- cah Ho+ of NO5206 3illion 'ropoed di(idend NO5,60 per hare: of +hich NO560 hall 3e paid in @une andNO56)0 in No(em3er2014 +a a ear of deli(erin- connecti(it and ne+ er(ice acro Europe andAia< Telenor %roup connected it 8rt cutomer in $anmar in Septem3er: andopened it 8rt +hollIo+ned 8nancial intitution: Telenor Ban;a: in Ser3ia6 Thecompan alo a-reed to mer-e it mo3ile operation +ith TeliaSonera AB inDenmar;: and entered into an e9panded oint (enture +ith Naper #td6: Schi3tedASA and Sin-apore oldin- #td6 on online clai8ed6$a;in- a local impact

Telecommunication continue to plaan increain-l important role inpeople li(e6 A a reult: e9pectationto Telenor %roup 3uine and theindutr at lar-e are increain-6 Telenor

ee 3uine opportunitie indeli(erin- (ital infratructure ander(ice: in area uch a mo3ile8nancial er(ice and mo3ilehealthcare6 Such er(ice are madepoi3le throu-h mo3ile connecti(itand the relationhip +ith cutomer:and the are 3aed on local need6

Telenor (ie+ thee tpe of er(ice

that dri(e local impact a ena3ler to ito(erall corporate trate- I "nternet for1G "ncludin- Denmar;

Telenor %roup i a3le to contri3ute tothe de(elopment 3 pro(idin-infratructure that +ill dri(e

connecti(it and ne+ opportunitie for$anmar6 Telenor +ill teadil introduceproduct and er(ice in $anmar that+ill include e(erone in the countrdi-ital future6 At the end of 2014:

Telenor $anmar had 64 million mo3ileu3cri3er6



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Secured pectrum"n other mar;et: Telenor continue toee; ne+ pectrum in order to pro(ide3etter connecti(it and er(ice6

Telenor 3uine and ucce dependlar-el on the uppl of pectrum madea(aila3le for mo3ile er(ice6

"n April 2014: Telenor 'a;itan +a-ranted % pectrum in the countr8rtIe(er ne9tI-eneration auctionconducted 3 the 'a;itan

Telecommunication Authorit:3ecomin- the fourth of Telenor i9

operation in Aia to hold % net+or;infratructure6 "n addition: Telenor"ndian operation Jno+ 100 per cento+ned 3 Telenor %roupG con8rmedthat it uccefull ac.uired additionalpectrum in the 100 me-ahertK J$KG3and in four of it i9 e9itin- circle in!e3ruar 20146 Thi ha tren-thenedit competiti(e ad(anta-e a a cote=cient operator and ena3led the

compan to o>er a>orda3le mo3ileer(ice to e(en more cutomer6 "nEurope: Telenor un-ar ac.uiredadditional pectrum in Septem3er 20146

The Nor+e-ian 'ot and Telecommunication Authoritannounced in Decem3er 201 that

Telenor 3id for the 00 me-ahertKfre.uenc 3and had 3een accepted6

Throu-hout 2014: Telenor focued onimpro(in- infratructure in it homemar;et of Nor+a: +ith -reater indoorco(era-e in rural area of the countr6




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Report from the Board of Director 2014partner on near 8eld communicationJN!CG ecotem6 "n addition: TelenorReearch i no+ a mem3er of e(eralne+ reearch conortia in theE&I8nanced oriKon 2020 pro-ram on)%L reearch needed to undertand ho+future net+or; technolo-ie +ill a>ect

Telenor and the mo3ile indutr atlar-e6

Throu-h an open inno(ation model: Telenor Reearch i colla3oratin- +iththe ar(ard School of 'u3lic ealth:!lo+minder and &N %lo3al 'ule to ue

telecom data for ocial -ood6 The aim ito 3etter undertand ho+ to meetocietal de(elopment need6 Durin-2014: +or; +a done on uin- telecomdata in undertandin- countrI+idepreadin- of infectiou dieae: a +ella in(eti-atin- human mo(ementdurin- and pot natural diater6

Durin- 2014: Telenor Reearch alo

continued to 3uild relationhip +ithNor+e-ian academia: uch a N:NTN& and the &ni(erit of Olo6Reearch i alo conducted throu-he9tended partnerhip pro-ramme +ithe(eral international intitution:includin- $"T: ar(ard: Northeaternand Cam3rid-e: a +ell a the "ntituteon Aian Conumer "ni-ht6

"nno(ation i crucial to the e(olution of Telenor 3uine model and toimpro(e operation in toda data andcutomerIcentric a-e6 "n 2014: Telenorpent NO5 61 3illion on inno(ation: of +hich NO5 06) 3illion +ere cot relatedto reearch and de(elopment6 "n



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comparion: the total pend oninno(ation +a NO5 26 3illion in 201:of +hich 064 3illion +ere cot related toreearch and de(elopment6

Reponi3le 3uine practice To uccefull na(i-ate in thechan-in- and often challen-in-

educatin- conumer a3out the3ene8t: and monetie ue +ith pricin-mechanim that are dei-ned for

cutomer undertandin-6

"n $alaia: Di-i demontrate ho+"nternet for All can tranform the core3uine model of a mo3ile operator 3claimin- an earl and clear internetpoition in it mar;et6 Amon- it rou-hl11 million cutomer: ome 4, per centare martphone uer and ) per centare internet uer6

dtac in Thailand er(e a population+ith a lar-e appetite for data er(ice6"n 201): martphone penetration ie9pected to pa )0 per cent: up from, per cent in 2014 2G 6 "n repone: dtacaim to deli(er the 3et internetnet+or; in metropolitan Ban-;o; and0 maor citie 3 e9pandin- it % and4% net+or;6 B +or;in- cloel +ith

maor content partner uch a!ace3oo; and #"NE: dtac tar-et e(en-reater ue of internet er(ice6

"n earl 2014: &ninor in "ndia launchedan "nternet for All o>er aimed atpro(idin- a>orda3le internet er(ice to



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tion in it circle6 7ith ne+ 3undlin-and pricin- o>er of popular er(iceuch a 7hatApp and !ace3oo;:&ninor i a3le to attract ne+ cutomere-ment +ho +ant to e9perience theinternet o(er their 2% net+or;6

"n 2014: the rollout of % er(ice-ained momentum in Ban-ladeh6 Of %rameenphone cutomer 3ae of )0million: 20 per cent are acti(e datauer6 The compan +or; to timulatefurther adoption 3 launchin- internetpac;a-e and a>orda3le handet to

the countr oun- population6 Thea(era-e re(enue per uer i hi-heramon- data uer than amon- nonIdata uer62G "DC 8-ure


Telenor i tranformin- it "T tructure

to 3ecome an ena3ler for uperiorcutomer e9perience6 "mpro(inho+

Telenor run "T i important in order toreduce cot and impro(e a-ilit6

Telenor aim to ha(e cot e=cientoperation +ith operational ner-ieacro 3order throu-h performancemana-ementL e=cienc impro(ementacro it 3uine unitL and -lo3al

acti(itie uch a %lo3al SharedSer(ice: %lo3al Sourcin-: %lo3al

Tra=c: %lo3al Bac;end and TelenorCommon Operation6

#at ear: Telenor throu-h %lo3alSourcin- achie(ed i-ni8cant

lar-e and often unconnected popula



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operational a(in- 3 dri(in- proectin the 3uine unit: uch a thenet+or; +ap in Bul-aria: rollIout andlaunch in $anmar and implementationof the T? platform in Telenor S+eden6

"n Europe: Telenor ha eta3lihed Telenor Common Operation: +hichpro(ide net+or; and "T operation:maintenance and data center er(iceto Telenor in un-ar: $ontene-ro:Ser3ia and Denmar;: a +ell a to

Telenor %lo3al Ser(ice6

"n 2014: Telenor completed the

implementation of one common temfor human capital mana-ement for allemploee: in addition to implementin-a ne+ operatin- model that hatranferred 3uine upport functionto a -lo3al (endor in Aia6 A %lo3al

Tra=c unit +a eta3lihed in $a toimpro(e the %roup (alue creation ininternational tra=c and roamin- in the

Telenor %roup6

Ne+ capa3ilit and methodolo-3uildin- +a tepped up in all mar;et in20146 A Net 'romoter Stem ha 3eenimplemented uniforml acro allmar;et: -i(in- the compan a 3etter

En-a-ement "nde9 JEE"G am3ition for2014 to 201*6 Stead EE" -ro+th ince2012 amidt -roupI+ide or-aniationde(elopment initiati(e ho+ that thefocu and e>ort -i(e reult6

Telenor (alue and promote emploee



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in(ol(ement and interaction6 Si-ni8cant

tep +ere ta;en +ith Di-i to 8nalie a

collecti(e 3ar-ainin- a-reement +ith it&nion: and Telenor Bul-aria 3ecame amem3er of the Telenor 7or; CouncilEurope: a forum +here mana-ementemploee repreentati(e can hareinformation on i-ni8cant de(elopmentin the compan6

!inancial informationRe(enue in 2014 +ere NO5 10*6)3illion: a reported -ro+th of ,6)F

compared to NO5 61 3illion in 2016

The or-anic re(enue -ro+th of F +a

the reult of tron- performance in theNor+e-ian operation: impro(ed -ro+thin "ndia and continued poiti(ede(elopment in Ban-ladeh and$alaia6 The reported re(enue -ro+th+a hi-her than the or-anic re(enue

-ro+th: due to the depreciation of theNor+e-ian 5rone to+ard mot of the3uine unit reportin- currencie: theincluion of the ac.uired mo3ile3uine in Bul-aria and the internetand ca3le 3uine in S+eden6 'oiti(ecurrenc e>ect on re(enue amounted

to NO5 26 3illion6

EB"TDA G 3efore other income ande9pene increaed 3 NO5 26 3illionto NO5 ,6, 3illion: +hile thecorrepondin- EB"TDA mar-in of )64Fimpro(ed li-htl from 201 dri(en 3poiti(e contri3ution from "ndia:Ban-ladeh and 'a;itan in addition to



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the fullIear e>ect of the incluion of the Bul-arian operation6

The operatin- pro8t +a NO5 2)603illion compared to NO5 2161 3illion inG See de8nition and reconciliation of EB"TDA in note ) to the conolidated 8nancial tatemen

/'A%E 12/ TE#ENOR ANN&A# RE'ORT 2014Report from the Board of Director 20142016 'ro8t 3efore ta9e +a NO5 16)3illion compared to NO5 1,6* 3illion in2016 Share of net income of aociatedcompanie in 2014 +a NO5 I6 3illioncompared to NO5 I162 3illion in 2016Net 8nancial e9pene decreaed

li-htl to NO5 16, 3illion from NO5 163illion in 2016 "ncome ta9e in 2014+ere NO5 *6* 3illion: up from NO5 )6,3illion in 2016 Net income tohareholder of Telenor ASA in 2014+a NO5 61 3illion: or NO5 *60 perhare6 The correpondin- 8-ure for201 +a a net income of NO5 6,3illion: or NO5 )6,4 per hare6

Total in(etment in 2014 amounted toNO5 2460 3illion: of +hich NO5 226)3illion +ere capital e9penditure Jcape9Gand NO5 16) 3illion +ere in(etment in3uinee6 The total cape9 increaed3 NO5 )6 3illion compared to 20167hen e9cludin- in(etment in ne+pectrum and licence in 2014 of NO5 )6, 3illion in total: cape9 increaed 3NO5 26* 3illion6 Capital e9penditure a a

proportion of re(enue: e9cludin-licence and pectrum: increaed from146F in 201 to 1)6F in 20146

Net cah inHo+ from operatin-acti(itie durin- 2014 +a NO5 63illion: a decreae of NO5 61 3illion



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compared to 2016 Thi i mainle9plained 3 a NO5 3illion reduction indi(idend recei(ed from ?impelCom #td6

Thi e>ect +a partiall o>et 3 hi-herEB"TDA 3efore other income and othere9pene of NO5 26 3illion: impro(ed+or;incapital 3 NO5 16 3illion andlo+er income ta9 paid of NO5 06 3illion6

Net cah outHo+ to in(etin- acti(itiedurin- 2014 +a NO5 21 3illion: anincreae of NO5 064 3illion compared to2016 The increae i mainl e9plained3 hi-her in(etment in net+or; aetand licence of NO5 )61 3illion:

ac.uiition of Tele2 83re and ca3le

li-htl a3o(e 62 million6 The hare of acti(e data uer increaed to a3o(e*F and the median data ua-e morethan dou3led compared to the pre(iouear: follo+in- e9panion of the 4%

net+or; and the num3er of 4% mo3ilephone urpain- % phone6

Total re(enue increaed 3 4F6Re(enue from the mo3ile operationincreaed 3 F: mainl a a reult of tron- -ro+th in data ua-e andcutomer chooin- u3cription +ithlar-er data 3uc;et6 !i9ed re(enueremained unchan-ed a increaed

re(enue from internet: T? and dataer(ice o>et the continuin- decline in89ed telephon and +holealere(enue6 The EB"TDA mar-in remainedta3le at 4F: a the -ro+th in mo3ileer(ice re(enue o>et a declinin-contri3ution from 89ed telephon and



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increaed operatin- e9penditure6 "n2014: Telenor Nor+a in(eted morethan NO5 462 3illion in infratructure for89ed and mo3ile er(ice6 4%population co(era-e increaed to 4F6

Throu-hout the ear: Telenor Nor+aincreaed the total 83re footprint andcutomer 3ae to a total of 106000u3cri3er6

S+eden Telenor S+eden continued to promotedata centric and harea3le mo3ileu3cription in the mar;et in 20146S+eden i one of the mot mature

telecommunication mar;et in the+orld and the martphone penetrationurpaed 0F: +hile the median dataconumption for a martphone uer icloe to 1 %B per month6 "n @anuar2014: Telenor S+eden completed theac.uiition of Tele2 reidential 83reand ca3le T? 3uine: and thui-ni8cantl tren-thened the poitiona one of the leadin- pro(ider of

3road3and and di-ital T? er(ice inS+eden6 Re(enue in local currenc

/'A%E 14/ TE#ENOR ANN&A# RE'ORT 2014Report from the Board of Director 2014u3cription in addition to u3idiin-u3cription fee6 At the end of 201:

Telenor in Ser3ia and $ontene-ro hadin total 6* million mo3ile u3cription:

+ith a hare of martphone uer in$ontene-ro and Ser3ia of repecti(el,F and 44F6 Telenor i etimated toha(e li-htl increaed it mar;et harein 3oth mar;et +ith a olid u3cri3er3ae and continued -ro+th in the hareof contract u3cription6 Re(enue in





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2014: Tele+in- had *6, millionu3cription6 The launch of !ace3oo;and 7hatApp ha contri3uted to

Tele+in- reachin- 22F acti(e internetpenetration6 The EB"TDA lo of NO5 422 million repreent an impro(ementof NO5 1* million compared to 2016Capital e9penditure: e9cludin- licenceand pectrum: increaed compared to201 to cater for the tron-u3cription -ro+th and the upta;e of data er(ice6

Tele+in- participated in a pectrumauction in !e3ruar 2014 and ecured

additional pectrum in the 100 $K3and in four of it e9itin- circle andtartup pectrum in Aam for a total of NO5 06 3illion6 Operatin- pro8t +apoiti(el inHuenced 3 an o>et of theinitial licence fee of "NR 1*6* 3illionJNO5 16, 3illionG paid 3 &nitech7irele in 2006

Telenor $anmar

On ) !e3ruar 2014: Telenor +a

cation licence in $anmar on the 00$K and 2100 $K pectrum follo+in-an e9teni(e conultation proce +iththe %o(ernment of $anmar andinternational or-aniation6 Telenorlaunched commerciall on 2,Septem3er: le than month after thelicence a+ard6 At the end of the ear:

Telenor had launched er(ice in thethree 3i--et citie: Man-on: $andalaand Na 'i Ta+ +ith a total 1:0)4 iteon air6

Telenor $anmar eno a tron-demand for it er(ice and recorded

a+arded a nation+ide telecommuni



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64 million u3cription at the end of 2014: after onl month in operation6

The EB"TDA lo and the cape9 for thefull ear reHect the tartIup and3uildIup phae of the compan: and thecape9 alo include the licence fee of &SD )00 million6

/'A%E 1*/ TE#ENOR ANN&A# RE'ORT 2014Report from the Board of Director 2014to ue the ran-e of mean a(aila3le to

Telenor a a hareholder in ?impelCom#td6 to follo+ up on Telenore9pectation on ?impelCom corporate

-o(ernance and ethical and reponi3le3uine practice6

The in(eti-ation of ?impelCom #td6and Telenor role ha(e raied mediaattention and alo prompted anin(itation in Decem3er 2014 to an openhearin- 3efore the Nor+e-ian'arliamentar Committee for Scrutinand Contitutional A>air6 Telenor

pro(ide information and re-ularupdate relatin- to the on-oin-?impelCom in(eti-ation on telenor6com< +++6telenor6com/media/inIfocu/(impelcomIltd/(impelcomIin(eti-ation6

!urther information on the formation of ?imeplCom #td6 to-ether +ith hitorical3ac;-round i pu3licl a(aila3le at<

+++6telenor6com/media/inIfocu/(impelcomIltd/hitoricalI3ac;-round6

Sutaina3ilitSince 201: lar-e companie are inaccordance +ith the Nor+e-ianAccountin- Act re.uired to report on



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corporate ocial reponi3ilit6Companie are to report on +hat thedo to inte-rate human ri-ht: emploeeri-ht and ocial condition: theprotection of the e9ternal en(ironmentand com3atin- of corruption into their3uine trate-ie: daItoIdaoperation and relationhip +ith theirta;eholder6

The tatement on ho+ Telenor ideli(erin- on it ocial reponi3ilit can3e found in a eparate and moredetailed ection of the Annual Reportfor 2014: ee pa-e 12*I1)6

Ri; !actor7hen operatin- acro multiple

%roup i not ucceful in ac.uirin- andretainin- pectrum licence or ire.uired to pa hi-her rate than

e9pected: thi mi-ht impact the %roup3uine trate-: and/or the %roupcould 3e re.uired to ma;e additionalin(etment to ma9imie the utiliationof e9itin- pectrum6

"n mot of the countrie +here the%roup operate: the +holeale mar;etJe6-6 copper and 83re acce: $TR: iteharin- etc6G i to ome e9tent

re-ulated6 Chan-e to term andcondition for +holeale acceJincludin- re-ulated priceG mane-ati(el impact the %roup 3uine6!urthermore: the tranition from (oiceto data er(ice i inHuenced 3 anum3er of re-ulator le(er: e6-6 $TR



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le(el and net neutralit pro(iion6

Se(eral -o(ernment and re-ulatorha(e ta;en an increaed interet inre-ulatin- croI3order data tranfer:+hich mi-ht ne-ati(el inHuence ouroperation6 Similarl: increaedconumer and re-ulator interet inpri(ac and data retention couldne-ati(el impact our operation6

"n the E&: a le-ilati(e proce iunder+a to eliminate roamin- fee andet rule on net neutralit6 Dependin-on ho+ thee element are

implemented the ma ne-ati(ela>ect the Telenor operation in Europe6

"n 'a;itan: the -o(ernment hare.uired the indutr +ithin 0 dae>ecti(e from @anuar 12 to (erif allS"$ card currentl unI(eri8ed throu-hthe 3iometrical (eri8cation temimplemented in 20146 The S"$(eri8cation re.uirement could ha(e a

i-ni8cant operational and 8nancialimpact on Telenor 'a;itan6

"n $anmar: in(etment frame+or; are

/'A%E 1/ TE#ENOR ANN&A# RE'ORT 2014Report from the Board of Director 2014upport the companie in +hich Telenorha in(eted or dia-ree +ith the

%roup trate- and 3uine plan6 Thi ma pre(ent thee companie fromoperatin- or competin- e>ecti(el andtemporaril or permanentl reduce the%roup cah Ho+ from thee companie6"n addition: local partner or othercoIhareholder ma poe a



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utaina3ilit ri; to the %roup houldthe %roup Code of Conduct not 3eadhered to6

Acro Telenor %roup portfolio of operation there i depth of e9perienceand ;no+led-e on a 3road ran-e of mar;etIrelated: technical and partneren-a-ement matter that ha(e directrele(ance 3eond indi(idual 3uineunit6 "na3ilit to le(era-e thi aetacro the %roup ma contri3ute tou3Ioptimiation6

Telenor %roup handle u3tantial

(olume of con8dential information6#o: mimana-ement or unauthorieddicloure of uch information: e6-6throu-h c3erecurit attac;: couldad(erel a>ect the %roup 3uineand reputation6

Concern ha 3een e9preed thatelectroma-netic i-nal from mo3ilehandet and 3ae tation ma poe

health ri;6 An u3tantiation of uchclaim ma ad(erel a>ect the %roup3uine and reult of operation6

The -ro+in- cale of Telenor %roupinternational operation 3rin- +ith itthe potential for e9poure to fraud andcorruption: 3oth internall and amon-e9ternal ta;eholder +ho ma ha(e adi>erin- et of 3uine (alue from

thoe under +hich Telenor %roupoperate6 !ailure to adhere to the(alue that Telenor %roup commit to inour -lo3al operation ma dama-ecutomer perception of the Telenor



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increaed fre.uenc of torm andmore e9treme +inter +eathercondition6

Electronic +ate contain to9icmaterial that ma preent health

important for Telenor to reue andreccle net+or; e.uipment and to

ducted accordin- to internationall

reco-nied tandard and re-ulation6

Ri; mana-ement Telenor ri; mana-ement o3ecti(e ito earn competiti(e return from it(ariou 3uine acti(itie ataccepta3le ri; le(el and +ithoutcompromiin- it (iion: (alue andcode and conduct6 Ri;mana-ement i inte-rated +ithin the

%roup annual trate- plannin-proce: and ;e ri; hi-hli-htedtherein 3 3uine unit are trac;edthrou-h (ariou %roup re(ie+procee6 Buine unit report theirtrate-ic ri; matri9 in their annualtrate- plan: 3aed on a thorou-hri; aement proce6 %roupStrate- a--re-ate ri; from the3uine unit trate- plan: anale

other i-ni8cant ri; acro the -roupand preent Telenor trate-ic ri;to the %roup E9ecuti(e $ana-ement:the Audit Committee and ultimatel tothe Board of Director6 Each 3uineunit i reponi3le for updatin- theircompan le(el ri; re-iter on a

haKard and run the ri; of en(ironmental dama-e throu-h land contamination or +ater and air pollution6 "t i

enure that thee procee are con







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Remuneration Committee: the Ethicand Sutaina3ilit Committee and theAudit Committee6 Telenor ASA Boarddecided in the autumn of 2014 toappoint an ad hoc u3Icommittee of the Board to earch tematicall for aucceor to the current 'reident andChief E9ecuti(e O=cer: +ho prolon-edhi contract throu-hout 201)6 "naddition: Telenor ASA Board appointeda decri3ed in Decem3er 2014 an adhoc u3Icommittee of the Boardrelated to the on-oin- ?impelComin(eti-ation6

The Board Committee report to theBoard of Director of Telenor ASA inconnection +ith the cope of +or;decri3ed in the ection a3o(e6 Eachmem3er of the Board ha acce to all+or;in- document includin- theminute from the Committee meetin-6

The %o(ernance and RemunerationCommittee

The %o(ernance and RemunerationCommittee i compoed of the follo+in-four mem3er of the Board< S(ein AaerJChairman of the CommitteeG:Burc;hard Ber-mann: Sall Da(i andBrn Andr Anderen Jemploee


conider %roup nonI8nancial 5'"6 TheCommittee ma alo addre otheriue it deem rele(ant for ful8llin- ito3li-ation: hereunder iue a>ectin-

Telenor reputation6 The Committeehall alo o(eree Telenor %roupe9ternal nonI8nancial reportin-:



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includin- nonI8nancial information inthe annual report: and o(eree that

Telenor reportin- practice areali-ned +ith and meet ta;eholdere9pectation and rele(ant re-ulation6

Durin- 2014: the Committee ha had aparticular focu on AntiICorruption: theEthic Compliance function: "nternalAudit: Social $edia and Sutaina3ilitReportin-: a +ell a a continued focuon ethic utaina3ilit in relation to

hed operation in $anmar and Telenor in(etment in ?impelCom #td6

The Audit Committee The Audit Committee i compoed of the follo+in- three mem3er of theBoard< Da- @6 Opedal JChairman of theCommitteeG: Bar3ara $ilian Thoralfon

tati(eG6 The Committee held i9meetin- in 20146 The a(era-eattendance at thee Committee

meetin- +a 4F6

The Committee upport the Board inful8llin- it reponi3ilitie +ith repectto 8nancial reportin-: internal controlo(er 8nancial reportin- and auditin-matter6 The Committee o(eree theprocedure to identif 8nancial andoperational ri; a +ell a undertandand ae ri; e9poure and

miti-atin- action6 The Committee aloupport the Board in ful8llin- itreponi3ilitie +ith repect to ethicand compliance: related to accountin-and auditin- matter accordin- to theCode of Conduct and accompanin--o(ernin- document6

Telenor entr into: and ne+l eta3li

and arald Sta(n Jemploee repreen



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e.ual to )0I0F of normalied netincome and aim for a earIonIear-ro+th in the di(idend per hare6 Tomaintain a tron- 8nancial poition toenure acce to fundin-: Telenormain priorit i to ;eep reported netde3t/EB"TDA 3elo+ 26096 A of 1Decem3er 2014 the reported net de3tratio +a 1619 J161)9 a of 1 Decem3er201G6

S(ein AaerChairman

@on Eri; ReinhardenBoard mem3erBar3ara $ilian ThoralfonBoard mem3er


!inancial Statement / Telenor %roupConolidated"ncome Statement

Telenor %roup 1 @anuar P 1 Decem3erNO5 in million: e9cept earnin- per hareRe(enueOperatin- e9peneCot of material and tra=c char-eSalarie and peronnel cotOther operatin- e9pene

Other incomeOther e9peneDepreciation and amortiation"mpairment loeOperatin- pro8tShare of net income JloG from aociated companie and oint (enture%ain JloeG on dipoal of aociated companie



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!inancial income and e9pene!inancial income!inancial e9peneNet currenc -ain JloeGNet chan-e in fair (alue of 8nancial intrumentNet -ain Jloe and impairmentG of 8nancial aet and lia3ilitieNet 8nancial income Je9peneG'ro8t 3efore ta9e"ncome ta9e'ro8t JloG from continuin- operation'ro8t JloG from dicontinued operationNet incomeNet income attri3uta3le to<NonIcontrollin- interetE.uit holder of Telenor ASA

Earnin- per hare in NO5 Baic from continuin- operationDiluted from continuin- operationEarnin- per hare in NO5 Baic from net incomeDiluted from net income

Conolidated Statementof Compreheni(e "ncome

Telenor %roup 1 @anuar P 1 Decem3erNO5 in millionNet incomeOther compreheni(e income JloG

Tranlation di>erence on net in(etment in forei-n operation"ncome ta9eAmount reclai8ed from e.uit to income tatement on dipoalNet -ain JloG on hed-e of net in(etment

"ncome ta9eAmount reclai8ed from e.uit to income tatement on dipoalNet -ain on a(aila3leIforIale in(etmentAmount reclai8ed from e.uit to income tatement on dipoalShare of other compreheni(e income JloG from aociated companieAmount reclai8ed from e.uit to income tatement on dipoal"tem that ma 3e reclai8ed u3e.uentl to income tatement



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Remeaurement of de8ned 3ene8t penion plan"ncome ta9e"tem that +ill not 3e reclai8ed to income tatementOther compreheni(e income JloG: net of ta9e

Total compreheni(e income JloG Total compreheni(e income JloG attri3uta3le to<NonIcontrollin- interetE.uit holder of Telenor ASA

/'A%E 2*/ TE#ENOR ANN&A# RE'ORT 2014!inancial Statement / Telenor %roupConolidated Statementof !inancial 'oition

Telenor %roup a of 1 Decem3er

NO5 in millionASSETSDeferred ta9 aet%ood+ill"ntan-i3le aet'ropert: plant and e.uipmentAociated companie and oint (entureOther nonIcurrent aet

Total nonIcurrent aet'repaid ta9e

"n(entorie Trade and other recei(a3leOther current 8nancial aetAet clai8ed a held for aleCah and cah e.ui(alent

Total current aet Total aetEQ&"TM AND #"AB"#"T"ESE.uit attri3uta3le to e.uit holder of Telenor ASANonIcontrollin- interet

Total e.uit#ia3ilitieNonIcurrent interetI3earin- lia3ilitieNonIcurrent nonIinteretI3earin- lia3ilitieDeferred ta9 lia3ilitie'enion o3li-ation'ro(iion and o3li-ation



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Total nonIcurrent lia3ilitieCurrent interetI3earin- lia3ilitie

Trade and other paa3leCurrent ta9 paa3leCurrent nonIinteretI3earin- lia3ilitie'ro(iion and o3li-ation#ia3ilitie clai8ed a held for ale

Total current lia3ilitie Total e.uit and lia3ilitie

S(ein AaerChairman

@on Eri; ReinhardenBoard mem3erBar3ara $ilian Thoralfon

Board mem3er

Conolidated Statementof Cah !lo+

Telenor %roup 1 @anuar P 1 Decem3erNO5 in million'ro8t 3efore ta9e from continuin- operation

'ro8t 3efore ta9e from dicontinued operation'ro8t 3efore ta9e"ncome ta9e paidNet J-ainG lo from dipoal: impairment and chan-e in fair (alue of 8nancial aet and liaDepreciation: amortiation and impairment loeShare of net income and -ain on dipoal of aociated companie and oint (entureDi(idend recei(ed from aociated companieChan-e in in(entorie: trade recei(a3le: trade and other paa3leDi>erence 3et+een e9pened and paid penionNet currenc loe not relatin- to operatin- acti(itie

"nteret recei(ed"nteret paidChan-e in other operatin- +or;in- capitalNet cah Ho+ from operatin- acti(itie'roceed from ale of propert: plant and e.uipment and intan-i3le aet'urchae of propert: plant and e.uipment and intan-i3le aet'roceed from dipoal of u3idiarie and aociated companie: net of cah dipoed



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'urchae of u3idiarie: aociated companie and oint (enture: net of cah ac.uired'roceed from ale of other in(etment'urchae of other in(etmentNet cah Ho+ from in(etin- acti(itie'roceed from 3orro+in-Repament of 3orro+in-'urchae of treaur hareRepament of e.uit and di(idend paid to nonIcontrollin- interet in u3idiarieDi(idend paid to e.uit holder of Telenor ASANet cah Ho+ from 8nancin- acti(itieE>ect of e9chan-e rate chan-e on cah and cah e.ui(alentNet chan-e in cah and cah e.ui(alentCah and cah e.ui(alent a of 1 @anuarCah and cah e.ui(alent a of 1 Decem3erOf +hich cah and cah e.ui(alent in dicontinued operation a of 1 Decem3er

Cah and cah e.ui(alent in continuin- operation a of 1 Decem3er

/'A%E 2/ TE#ENOR ANN&A# RE'ORT 2014!inancial Statement / Telenor %roupConolidated Statementof Chan-e in E.uit

Telenor %roup P for the ear ended 1 Decem3er 201 and 2014

NO5 in millionE.uit a of 1 @anuar 201Net income for the periodOther compreheni(e income JloG for the period

Total compreheni(e income JloG for the period Tranaction +ith nonIcontrollin- interetE.uit adutment in aociated companieDi(idendShare 3u3ac;

ShareI3aed pament: e9ercie of hare option andditri3ution of hareE.uit a of 1 Decem3er 201Net income for the periodOther compreheni(e income JloG for the period

Total compreheni(e income JloG for the period Tranaction +ith nonIcontrollin- interet



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E.uit adutment in aociated companieDi(idendShare 3u3ac;ShareI3aed pament: e9ercie of hare option andditri3ution of hareE.uit a of 1 Decem3er 20141G

Note to the Conolidated!inancial Statement

Telenor %roup/00/

/'A%E 0/ TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roup/01/



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I Dicloure< "!RS 1) add a num3er of diclourere.uirement in annual and interim report: e6-6 todia--re-ate re(enue into cate-orie that depict ho+ thenature: amount: timin- and uncertaint of re(enue and cahHo+ are a>ected 3 economic factor6I Tranition method< "!RS 1) allo+ for either a full

retropecti(e approach +ith adutment to all periodpreented or a modi8ed approach +ith onl the currentperiod aduted6 The latter method re.uire dicloure thatreconcile all 8nancial line item in the ear of adoption tothe current tandard6 The method of application i till notconcluded upon6

"AS 1 Amendment< Emploee Contri3ution Je>ecti(e from 1 @ul2014G6 The amendment clarif the accountin- for contri3utionfrom emploee or third partie +hen the re.uirement for uch

contri3ution are et out in the formal term of a de8ned 3ene8tplan6 The o3ecti(e of the amendment i to pro(ide a moretrai-htIfor+ard alternati(e for accountin- +hen the emploeecontri3ution paa3le in a particular period are lin;ed olel tothe emploee er(ice rendered in that period6 The potentialimpact of the tandard on the %roup conolidated 8nancialtatement i: if an: limited6



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Amendment to "!RS 11 @oint Arran-ement< Accountin- forAc.uiition of "nteret Je>ecti(e from 1 @anuar 201*: 3ut notappro(ed 3 the E&G6 The amendment to "!RS 11 re.uire thata oint operator accountin- for the ac.uiition of an interetin a oint operation: in +hich the acti(it of the oint operationcontitute a 3uine mut appl the rele(ant principle for3uine com3ination accountin-6 The amendment appl to3oth the ac.uiition of the initial interet in a oint operationand the ac.uiition of an additional interet in the ame ointoperation6 Thee amendment are not e9pected to ha(e animpact to the %roup6 Amendment to "AS 1* and "AS < Clari8cation of Accepta3le$ethod of Depreciation and Amortiation Je>ecti(e from 1

@anuar 201*: 3ut not appro(ed 3 the E&G6 The amendment

clarif the principle in "AS 1* and "AS that re(enue reHect apattern of economic 3ene8t that are -enerated from operatin-a 3uine Jof +hich the aet i partG rather than the economic3ene8t that are conumed throu-h ue of the aet6 A areult: a re(enueI3aed method cannot 3e ued to depreciatepropert: plant and e.uipment and ma onl 3e ued in (erlimited circumtance to amortie intan-i3le aet6 Theeamendment are not e9pected to ha(e an impact to the %roup6 Amendment to "AS 2,< E.uit $ethod in Separate !inancialStatement Je>ecti(e from 1 @anuar 201*: 3ut not appro(ed

3 the E&G6 The amendment +ill allo+ entitie to ue thee.uit method to account for in(etment in u3idiarie: oint(enture and aociate in their eparate 8nancial tatement6

Thee amendment +ill not ha(e an impact on the %roupconolidated 8nancial tatement6 "mpro(ement to "!RS I 2010I2012 ccle Je>ecti(e from 1

@ul 2014: e9cept a tated a3o(eG6 The chan-e are primarilin order to remo(e inconitencie and to clarif the +ordin-of tandard and interpretation6 There are eparate tranitionpro(iion for each tandard6 Thee +ill not ha(e an e>ect for

the %roup6




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The criteria for held for ale clai8cation i re-arded a met onl

+hen the ale i hi-hl pro3a3le and the aet or dipoal -roupi a(aila3le for immediate ale in it preent condition6 Actionre.uired to complete the ale hould indicate that it i unli;el thati-ni8cant chan-e to the plan +ill 3e made or that the plan to ell+ill 3e +ithdra+n6 "n addition: the mana-ement i committed tothe plan: and it i e9pected that the ale +ill 3e completed +ithina ear6

'ropert: plant and e.uipment and intan-i3le aet are notdepreciated or amortied once clai8ed a held for ale6 The

e.uit method i dicontinued for aociated companie clai8eda held for ale6

A dipoal -roup .uali8e a dicontinued operation if it i a cah-eneratin- unit that ha either 3een dipoed of: or i clai8ed aheld for ale: and repreent a eparate maor line of 3uine or-eo-raphical area of operation6



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Dicontinued operation are e9cluded from the reult of continuin- operation and are preented a a in-le amount apro8t or lo after ta9 from dicontinued operation in the incometatement6 All conolidation procedure a preented a3o(e aretill applica3le: and onl e9ternal re(enue and e9pene areho+n a dicontinued operation6

Dicloure for the dicontinued operation are pro(ided in note46 All other note to the 8nancial tatement include amount forcontinuin- operation onl: unle other+ie mentioned6

Buine com3ination The ac.uiition of u3idiarie i accounted for uin- theac.uiition method6 Ac.uiition cot incurred are e9pened

and included in operatin- e9pene6 7hen the %roup ac.uirea 3uine: it aee the identi8a3le aet ac.uired andlia3ilitie aumed for appropriate clai8cation and dei-nation inaccordance +ith the contractual term: economic circumtanceand rele(ant condition a at the ac.uiition date6

The ac.uiree identi8a3le aet: lia3ilitie and contin-entlia3ilitie that meet the condition for reco-nition are reco-niedat their fair (alue at the ac.uiition date: e9cept for nonIcurrentaet that are clai8ed a held for ale and reco-nied at fair(alue le cot to ell: and deferred ta9 aet and lia3ilitie +hich

are reco-nied at nominal (alue6%ood+ill ariin- on ac.uiition i reco-nied a an aet meauredat the e9ce of the um of the conideration tranferred: the fair(alue of an pre(ioul held e.uit interet and the amount of an nonIcontrollin- interet in the a.uiree o(er the net amountof the identi8a3le aet ac.uired and the lia3ilitie aumed6 "f:after reaement: the %roup interet in the net fair (alue of theac.uiree identi8a3le aet: lia3ilitie and contin-ent lia3ilitiee9ceed the total conideration of the 3uine com3ination: thee9ce i reco-nied in the income tatement immediatel6

An contin-ent conideration +ill 3e reco-nied at fair (alue atthe ac.uiition date6 Su3e.uent chan-e to the fair (alue of contin-ent conideration +hich i not clai8ed a e.uit +ill3e reco-nied in the income tatement a 8nancial income ore9pene6 "f the contin-ent conideration i clai8ed a e.uit:it +ill not 3e remeaured and u3e.uent ettlement +ill 3e



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accounted for +ithin e.uit6

/'A%E 4/ TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roupAn -ood+ill i included in the carrin- amount of the in(etmentand i aeed for impairment a part of the in(etment6 At eachreportin- date the %roup e(aluate if there are indication thatthe in(etment ma 3e impaired6 "f there are uch indication: thereco(era3le amount of the in(etment i etimated in order todetermine the e9tent of the impairment lo Jif anG6

7here a %roup entit tranact +ith an aociate or oint (entureof the %roup: unrealied pro8t or loe are eliminated or deferredto the e9tent of the %roup interet in the rele(ant aociated

compan6 The hare of net reult: includin- amortiation of e9ce (alue:impairment loe and re(eral of impairment loe i preenteda a eparate line item in the income tatement 3et+een operatin-pro8t JloG and 8nancial item6 %ain and loe on dipoal arepreented eparatel6 The hare of other compreheni(e incomei reco-nied in the %roup compreheni(e income6 Other e.uitadutment in the in(etee are reco-nied in the tatement of chan-e in e.uit6!inancial tatement a of the reportin- date are for ome

in(etment not a(aila3le 3efore the %roup iue it .uarterl8nancial information6 "n uch intance: the hare of net incomeof the in(etment i reco-nied in the conolidated 8nancialtatement +ith a one .uarter la-6 Adutment are made for thee>ect of pu3licl a(aila3le information on i-ni8cant tranactionor e(ent that occur 3et+een the latet interim 8nancial reportin-of the in(etee and the date of the conolidated 8nancialtatement of the %roup6 To enure conitenc in reportin- in.uarterl and annual report: the 8-ure in the annual report arenot updated in ituation +here the 8nancial tatement for the

in(etee are made a(aila3le 3et+een the iuance of the .uarterlreport for the fourth .uarter and the iuance of the annualreport: unle the 8nancial tatement of the in(etee containinformation a3out i-ni8cant tranaction or e(ent6

%ood+ill%ood+ill ariin- in a 3uine com3ination i not amortied6



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%ood+ill doe not -enerate cah Ho+ independentl of otheraet or -roup of aet and i allocated to the cahI-eneratin-unit Jde8ned 3elo+G e9pected to 3ene8t from the ner-ie of thecom3ination that -a(e rie to the -ood+ill6 CahI-eneratin- unitto +hich -ood+ill ha 3een allocated are teted for impairmentannuall or more fre.uentl if there i an indication that thecahI-eneratin- unit ma 3e impaired6 "f the reco(era3le amountJthe hi-her of fair (alue le cot to ell and (alue in ueG of thecahI-eneratin- unit i le than the carrin- amount of the cahI-eneratin- unit an impairment lo i reco-nied6 The impairmentloe 8rt reduce the carrin- amount of an -ood+ill and thenreduce the carrin- amount of the other aet of the unit proIrata6 The carrin- amount of an indi(idual aet i not reduced3elo+ it indi(idual reco(era3le amount or Kero6 An impairment loreco-nied for -ood+ill i not re(ered in a u3e.uent period if the

fair (alue of the cahI-eneratin- unit reco(er6 An impairment ipreented a impairment loe in the income tatement6On dipoal of 3uinee: the attri3uta3le amount of -ood+ill iincluded in the determination of the -ain or lo on dipoal6

CahI-eneratin- unitA cahI-eneratin- unit i the mallet identi8a3le -roup of aetthat -enerate cah inHo+ that are lar-el independent of thecah inHo+ from other aet or -roup of aet6 "n identifin-

relati(e fair (alue: and reco-nition of the re(enue allocated tothe deli(ered item i limited to the amount that i not contin-enton the deli(er of additional item or other peci8ed performancecriteria6

DicountDicount are often pro(ided in the form of cah dicount or

free product and er(ice deli(ered 3 the %roup or 3 e9ternalpartie6 Dicount are reco-nied on a tematic 3ai o(er theperiod the dicount i earned6 Cah dicount are reco-nieda a reduction of re(enue6 !ree product and er(ice -i(en apart of ale tranaction are reco-nied a multiple elementarran-ement a decri3ed a3o(e6



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Page 39

'reentation The determination of +hether the %roup i actin- a principal ora-ent in a tranaction i 3aed on an e(aluation of the u3tanceof the tranaction: the reponi3ilit for pro(idin- the -ood orer(ice and ettin- price and the underlin- 8nancial ri; andre+ard6 7here the %roup act a a principal: the re(enue arereco-nied on a -ro 3ai6 Thi re.uire re(enue to comprie the-ro (alue of the tranaction 3illed to the cutomer: after tradedicount: +ith an related e9pene char-ed a operatin- cot67here the %roup act a an a-ent: the e9pene are o>et a-aintthe re(enue and the reultin- net re(enue repreent the mar-inor commiion earned for pro(idin- er(ice in the capacit of ana-ent6Re(enue from roamin- are: 3aed on the a3o(e: reco-nied -roin line +ith -eneral accepted accountin- principle +ithin the

telecommunication indutr6

Re(enue from tranit tra=c are aeed accordin- to the a3o(ecriteria and are reco-nied -ro or net dependin- on +hether the%roup act a a principal or a-ent in the tranaction6

#icence fee paa3le to telecommunication authoritie that arecalculated on the 3ai of re(enue hare arran-ement are noto>et a-aint the re(enue6 "ntead: the are reco-nied a licencecot 3ecaue the %roup i conidered to 3e the primar o3li-or6

"nteret and di(idend income"nteret income i accrued on a time proportion 3ai that reHectan e>ecti(e ield on the aet6 "nteret income related to the%roup 3an;in- operation are included +ithin re(enue: otherinteret income i included in 8nancial income in the incometatement6 Di(idend income from in(etment i reco-nied +henthe %roup ri-ht to recei(e pament ha(e 3een eta3lihedJdeclared 3 the %eneral $eetin- or other+ieG6

%o(ernment %rant%o(ernment -rant are reco-nied +here there i reaona3leaurance that the -rant +ill 3e recei(ed and all attachedcondition +ill 3e complied +ith6 7hen the -rant relate to ane9pene item: it i normall reco-nied a a reduction of thee9pene on a tematic 3ai o(er the period that the relatedcot: for +hich it i intended to compenate: are e9pened6 7hen





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A 8nancial intrument i de8ned a an contract that -i(e rieto a 8nancial aet of one entit and a 8nancial lia3ilit or e.uitintrument of another entit6 The %roup ha clai8ed 8nancialaet and lia3ilitie into the follo+in- clae< trade recei(a3leand other current and nonIcurrent 8nancial aet: a(aila3le forale in(etment Je.uit ecuritieG: cah and cah e.ui(alent:trade paa3le and other nonIinteret 3earin- lia3ilitie: interetI3earin- lia3ilitie and deri(ati(e6

The cate-oriation of the 8nancial intrument for meaurementpurpoe i done 3aed on the nature and purpoe of the 8nancialintrument and i determined at the initial reco-nition6 The %roupdoe not appl the fair (alue option6

The %roup ha 8nancial aet clai8ed in the follo+in-

cate-orie< fair (alue throu-h pro8t or lo: loan and recei(a3leand a(aila3leIforIale6 "n addition deri(ati(e are ued for hed-in-purpoe6 !inancial aet at fair (alue throu-h pro8t or lo conitof aet held for tradin- and include deri(ati(e not dei-nated forhed-in- purpoe6 #oan and recei(a3le conit of un.uoted nonIderi(ati(e aet +ith 89ed or determina3le pament6 !inancialaet clai8ed a a(aila3leIforIale conit of nonIderi(ati(eaet dei-nated a a(aila3leIforIale or aet that are notclai8ed in one of the other cate-orie6

The %roup ha 8nancial lia3ilitie clai8ed in the follo+in-cate-orie< 8nancial lia3ilitie at fair (alue throu-h pro8t or loand 8nancial lia3ilitie at amortied cot6 "n addition deri(ati(eare ued for hed-in- purpoe6 !inancial lia3ilitie at fair (aluethrou-h pro8t or lo conit of lia3ilitie held for tradin- and

Cah and cah e.ui(alent

Cah and cah e.ui(alent include cah: 3an; depoit: 89ed rate3ond and commercial paper +ith ori-inal maturit of three monthor le6

Trade paa3le and other nonIinteret 3earin- 8nanciallia3ilitie

Trade paa3le and other nonIinteret 3earin- 8nancial lia3ilitie



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include trade paa3le: lia3ilitie to aociated companie andother current and nonIcurrent nonIinteret 3earin- 8nanciallia3ilitie6 Thee lia3ilitie are a part of the cate-or 8nancial

ment of 8nancial poition at fair (alue: and u3e.uentl meauredat amortied cot uin- the e>ecti(e interet rate method6"nteretI3earin- lia3ilitie"nteretI3earin- lia3ilitie include 3ond and commercialpaper: 3an; loan and o(erdraft: and are clai8ed in thecate-or 8nancial lia3ilitie at amortied cot6 Thee lia3ilitieare initiall meaured at fair (alue net of tranaction cot:and are u3e.uentl meaured at amortied cot uin- thee>ecti(e interetIrate method6 "n addition: +here fair (alue hed-eaccountin- i applied the hed-ed lia3ilitie are alo adutedfor -ain and loe attri3uta3le to the ri; 3ein- hed-ed6 On

e9tin-uihment of de3t: in +hole or in part: the di>erence 3et+eenthe carrin- amount of the lia3ilit and the conideration paid ireco-nied in the income tatement6

Deri(ati(e The %roup ue deri(ati(e 8nancial intrument uch a for+ardcurrenc contract: interet rate +ap: cro currenc interet rate+ap and: to a mall e9tent: interet rate option to hed-e it ri;aociated +ith interet rate and forei-n currenc Huctuation6

The %roup doe not ue deri(ati(e 8nancial intrument for tradin-

purpoe6

The deri(ati(e 8nancial intrument are meaured at fair (alue6An -ain or loe ariin- from chan-e in fair (alue on deri(ati(ethat are not cah Ho+ hed-e or hed-e of net in(etmentare reco-nied in the income tatement a 8nancial income ore9pene6 The accountin- for fair (alue hed-e and hed-e of netin(etment are decri3ed 3elo+6

Deri(ati(e em3edded in other 8nancial intrument or other

nonI8nancial hot contract are treated a eparate deri(ati(e+hen their ri; and economic characteritic are not cloel relatedto thoe of the hot contract and the hot contract i not carriedat fair (alue +ith unrealied -ain or loe reco-nied in theincome tatement6 Currenc deri(ati(e em3edded in committedpurchae or ale contract are not 3ifurcated and reco-nied atfair (alue if the contract re.uire pament denominated in either

lia3ilitie at amortied cot and are initiall reco-nied in the tate



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the functional currenc of one of the partie to the contract or ina commonl ued currenc for purchae or ale in the rele(anteconomic en(ironment6

Deri(ati(e are reco-nied +ithout an o>ettin-L a aet +henthe (alue i poiti(e and a lia3ilitie +hen the (alue i ne-ati(e: alon- a the %roup ha no intention or le-all enforcea3le ri-ht toettle the contract net6ed-in-

The %roup applie hed-e accountin- for hed-e that meet thecriteria for hed-e accountin-6 The %roup ha fair (alue hed-e andhed-e of net in(etment in forei-n operation6

/'A%E / TE#ENOR ANN&A# RE'ORT 2014

Note to the !inancial Statement / Telenor %roup!or unditri3uted earnin- in u3idiarie: deferred ta9 i pro(idedfor to the e9tent it i e9pected that retained earnin- +ill 3editri3uted in the foreeea3le future6 !or unditri3uted earnin- inaociated companie: deferred ta9 i pro(ided for 3ecaue the%roup cannot control the timin- of the re(eral of the temporardi>erence6 Deferred ta9e are calculated on unditri3utedearnin- in forei-n u3idiarie and aociated companie 3aedon the etimated ta9ation on tranfer of fund to the parentcompan: 3aed on the u3tantiall enacted ta9 rate and

re-ulation a of the end of the reportin- period6

The %roup treat e9pene a ta9 deducti3le and income a notta9a3le 3aed on interpretation of rele(ant la+ and re-ulationand +hen it i aeed a pro3a3le that uch treatment +ill 3eutained in a ta9 re(ie+6 The %roup record pro(iion relatin- touncertain or diputed ta9 poition at the amount e9pected to 3epaid6 The pro(iion i re(ered if the diputed ta9 poition i ettledin fa(our of the %roup and can no lon-er 3e appealed6

Deferred ta9 aet are reco-nied in the tatement of 8nancialpoition to the e9tent it i more li;el than not that the ta9 aet+ill 3e utilied6 The enacted ta9 rate at the end of the reportin-period and undicounted amount are ued6

Deferred ta9 aet and lia3ilitie are o>et +hen there i a le-allenforcea3le ri-ht to o>et current ta9 aet a-aint current ta9



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lia3ilitie and the %roup i a3le to and intend to ettle it currentta9 aet and lia3ilitie on a net 3ai6

A chan-e in deferred ta9 aet and lia3ilitie a a reult of chan-ein ta9 rate i reco-nied in pro8t or lo: e9cept to the e9tentthat it relate to item that pre(ioul +a reco-nied in othercompreheni(e income or directl in e.uit6

"n(entorie"n(entorie are (alued at the lo+er of cot or net realia3le (aluefor product that +ill 3e old a a eparate item6 "n(entorie that+ill 3e old a part of a tranaction +ith e(eral item: +hich ie9pected to earn net income: are not conidered a an indicatorof +rite do+n: e(en thou-h the allocated ale price in thetranaction i lo+er than the cot6 Cot i determined uin- the

!"!O or +ei-hted a(era-e method: dependin- on the nature of thein(entorie6

Cot related to connection fee"nitial direct cot incurred in earnin- connection fee are deferredo(er the ame period a the re(enue: limited to the amount of the deferred re(enue6 Cot incurred conit primaril of the 8rtpament of ditri3utor commiion: cot for credit chec;: cotof the S"$ card: the cot of the printed ne+ cutomer informationpac;a-e: cot of intallation +or; and e9pene for order handlin-6

"n mot intance: the cot aociated +ith connection feee9ceed the re(enue and are e9pened a incurred6

Ad(ertiin- cot: mar;etin- and ale commiionAd(ertiin- cot: mar;etin- and ale commiion are e9peneda incurred6

'ropert: plant and e.uipment'ropert: plant and e.uipment are reco-nied at cot leaccumulated depreciation and accumulated impairment loe: if

an6 Depreciation i calculated to reduce the cot of aet: otherthan land +hich i not depreciated: to their etimated reidual

Reearch and de(elopment cot



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De(elopment e9penditure are capitalied onl +hen the criteriafor reco-nition i met: i6e6 that it i pro3a3le that the e9pectedfuture economic 3ene8t that are attri3uta3le to the aet +ill Ho+to the entit: the mana-ement ha committed itelf to completethe aet: the technicall feai3ilit of completin- the aet ha3een demontrated and that the cot can 3e meaured relia3l6

The aet are amortied o(er their e9pected ueful life oncethe aet i a(aila3le for ue6 Cot incurred durin- the reearchta-e of a proect: a +ell a maintenance and trainin- cot: aree9pened a incurred6

De(elopment cot that do not meet the criteria of capitaliationare e9pened a incurred6

"mpairment of propert: plant and e.uipment and intan-i3le

aet other than -ood+illAt each reportin- date the %roup e(aluate if there are identi8edindication that propert: plant and e.uipment or intan-i3le aetma 3e impaired6 "f there are uch indication: the reco(era3leamount of the aet i etimated in order to determine the e9tentof the impairment lo Jif anG6 "ntan-i3le aet +ith inde8niteueful life and intan-i3le aet not et 3rou-ht into ue areaeed for impairment annuall6 7here it i not poi3le toetimate the reco(era3le amount of an indi(idual aet: the %roupdetermine the reco(era3le amount of the cahI-eneratin- unit to

+hich the aet 3elon-6

An aet reco(era3le amount i the hi-her of fair (alue le cotto ell and (alue in ue6 "n aein- (alue in ue: the etimatedfuture cah Ho+ are dicounted to their preent (alue uin- adicount rate that reHect current mar;et aement of the time(alue of mone and the ri; peci8c to the aet or the cahI-eneratin- unit to +hich the aet 3elon-6

"f the reco(era3le amount of an aet Jor cahI-eneratin- unitG

i etimated to 3e le than it carrin- amount: the carrin-amount of the aet Jor cahI-eneratin- unitG i reduced to itreco(era3le amount6 The impairment loe are reco-nied in theincome tatement6 7here impairment loe are u3e.uentlre(ered: the carrin- amount of the aet JcahI-eneratin- unitGi increaed to the updated etimate of it reco(era3le amount othat the increaed carrin- amount doe not e9ceed the carrin-



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amount that +ould ha(e 3een reco-nied had no impairmentloe 3een reco-nied for the aet Jor cahI-eneratin- unitG inprior ear6 The re(eral of impairment loe are reco-nied in theincome tatement6'ro(iion'ro(iion uch a +or;force reduction: onerou contract andle-al claim are reco-nied +hen the %roup ha a preent le-al orcontructi(e o3li-ation a a reult of pat e(ent: it i pro3a3le thatan outHo+ of reource +ill 3e re.uired to ettle the o3li-ation: andthe amount ha 3een relia3l etimated6 'ro(iion are meauredat the mana-ement 3et etimate of the e9penditure re.uired toettle the o3li-ation at the reportin- date: and are dicounted topreent (alue6Aet retirement o3li-ationAn aet retirement o3li-ation e9it +here the %roup ha a le-al

or contructi(e o3li-ation to remo(e an aet and retore theite6 7here the %roup i re.uired to ettle an aet retiremento3li-ation: the %roup ha etimated and capitalied the netpreent (alue of the o3li-ation and increaed the carrin- (alue of the related aet6 The cah Ho+ are dicounted at a preIta9 ri;I




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A eniti(it anali for chan-e in certain actuarial aumptionand ho+ the inHuence the penion o3li-ation and the penioncot i included in note 2)6 The 3ai for the other aumption ialo decri3ed in thi note6

Depreciation and amortiation: ee note 1, and 1Depreciation and amortiation e9pene are 3aed on

mana-ement etimate of reidual (alue: depreciation andamortiation method and the ueful life of propert: plant ande.uipment and intan-i3le aet6 Etimate ma chan-e due totechnolo-ical de(elopment: competition: chan-e in mar;etcondition and other factor and ma reult in chan-e in theetimated ueful life and in the amortiation or depreciationchar-e6 Technolo-ical de(elopment are di=cult to predictand the %roup (ie+ on the trend and pace of de(elopmentma chan-e o(er time6 Critical etimate in the e(aluation of ueful li(e for tan-i3le and intan-i3le aet include: 3ut are not

limited to: remainin- licence or conceion period and e9pectedde(elopment in technolo- and mar;et6 The ueful li(e of propert: plant and e.uipment and intan-i3le aet are re(ie+edat leat annuall ta;in- into conideration the factor mentioneda3o(e and all other important rele(ant factor6 Etimated uefulli(e for imilar tpe of aet ma (ar 3et+een di>erent entitiein the %roup due to local factor uch a -ro+th rate: maturit of the mar;et: hitor and e9pectation for replacement or tranferof aet: climate and .ualit of component ued6 A chan-ein etimated ueful life i a chan-e in accountin- etimate: and

depreciation and amortiation plan are aduted propecti(el6

"mpairment: ee note 1): 1*: 1,: 1 and 1 The %roup ha made i-ni8cant in(etment in propert: plantand e.uipment: intan-i3le aet: -ood+ill: aociate and otherin(etment6 %ood+ill: intan-i3le aet +ith inde8nite ueful lifeand intan-i3le aet not et in ue are teted for impairment



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annuall or more often if indicator of impairment e9it: +hereaother aet are teted for impairment +hen circumtanceindicate there ma 3e a potential impairment6 !actor that indicateimpairment +hich tri--er impairment tetin- include the follo+in-<i-ni8cant fall in mar;et (alueL i-ni8cant underperformancerelati(e to hitorical or proected future operatin- reultLi-ni8cant chan-e in the ue of the aet or the trate- for theo(erall 3uine: includin- aet that are decided to 3e phaedout or replaced and aet that are dama-ed or ta;en out of ueLi-ni8cant ne-ati(e indutr or economic trendL i-ni8cant loof mar;et hareL i-ni8cant unfa(oura3le re-ulator and courtdeciion and i-ni8cant cot o(errun in the de(elopment of aet6

"n accordance +ith "AS * the reco(era3le amount of aet

and companie i the hi-her of (alue in ue and fair (alue lecot of dipoal6 ?alue in ue: particularl +hen dicounted cahHo+ method are ued: mut in part 3e 3aed on mana-emente(aluation: includin- determinin- appropriate cahI-eneratin-unit: determinin- the dicount rate: etimate of futureperformance: re(enue -eneratin- capacit of the aet andaumption of the future mar;et condition6 Receionar e>ectand increaed macroeconomic ri; ma impact the etimateof future performance and dicount rate ued in etimatin-reco(era3le amount of aet6

The ue of fair (alue le cot of dipoal re.uire etimatin-the fair (alue of aet and lia3ilitie uin- the aumptionthat mar;et participant +ould ue6 Thi entail coniderin-

/'A%E 42/ TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roupinformation on an i-ni8cant tranaction and e(ent that occur3et+een the latet interim 8nancial reportin- from ?impelCom and

the date of the %roup conolidated 8nancial tatement6 Suchadutment re.uire i-ni8cant ud-ement6 !or the fourth .uarterof 2014: the Ruian Ru3le and the &;rainian r(nia depreciatedi-ni8cantl and an etimate of the tranlation di>erence ha3een made 3aed on currenc rate a of 1 Decem3er 2014 andthe reported 8-ure for ?impelCom a of 0 Septem3er 20146

Ta9 uncertaint: le-al proceedin-: claim and re-ulator



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dicuion: ee alo note 1 and The %roup i u3ect to (ariou le-al proceedin-: dipute andclaim includin- re-ulator dicuion related to the %roup3uine: licence: ta9 poition: in(etment etc6: the outcomeof +hich are u3ect to i-ni8cant uncertaint6 $ana-emente(aluate: amon- other factor: the de-ree of pro3a3ilit of anunfa(oura3le outcome and the a3ilit to ma;e a reaona3leetimate of the amount of lo6 &nanticipated e(ent or chan-ein thee factor ma re.uire the %roup to increae or decreae theamount to 3e accrued for an matter or accrue for a matter thatha not 3een pre(ioul accrued 3ecaue it +a not conideredpro3a3le or a reaona3le etimate could not 3e made6

Throu-h the operation in man emer-in- mar;et: the %roup iin(ol(ed in le-al proceedin-: includin- re-ulator dicuion6

The le-al tem in thee countrie are: to (arin- de-ree:

le predicta3le than the Nor+e-ian le-al tem6 Accordin-l:mana-ement etimate relatin- to le-al proceedin- andre-ulator iue in thee countrie in(ol(e a relati(el hi-her le(elof uncertaint6

/04/



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/'A%E 44/



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TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roup

The reult of Telenor Denmar; for the ear 201 and 2014 are preented 3elo+<NO5 in millionRe(enueE9peneOperatin- pro8tShare of net income from aociated companieNet 8nancial income Je9peneG'ro8t or lo 3efore ta9"ncome ta9e'ro8t or lo from dicontinued operationEarnin- per hare in NO5 from dicontinued operationBaicDiluted

The maor clae of aet and lia3ilitie of Telenor Denmar; clai8ed a held for ale a 1 NO5 in millionAet'ropert: plant e.uipment"ntan-i3le aetOther nonIcurrent aet

Total nonIcurrent aet"n(entor

Trade and other recei(a3leCah and cah e.ui(alent

Total current aet Total aet clai8ed a held for ale#ia3ilitieNonIcurrent lia3ilitieCurrent lia3ilitie

Total lia3ilitie clai8ed a held for ale The net cah Ho+ -enerated 3 Telenor Denmar; are: a follo+<NO5 in millionNet cah Ho+ from operatin- acti(itieNet cah Ho+ from "n(etin- acti(itie

Net cah Ho+ from 8nancin- acti(itieNet cah inHo+Cumulati(e income and e9pene reco-nied in other compreheni(e income related to TelenAet held for aleE(r ASAOn Decem3er 2014: the 3oard of E(r ASA announced that it recommend all hareholder Bidco AS Jthe O>erorG at NO5 1* per hare for all outtandin- hare in E(r ASA6 Telenor: t



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'oten Nor-e AS: i-ned preIacceptance of the o>er on the condition that the O>eror recei(ein E(r after a (oluntar O>er 'eriod6 The O>eror ha the option to +ai(e the condition if acce201) F of the hareholder had accepted the (oluntar o>er and the O>eror +ai(ed the cothan 0 per cent of the Share and (otin- ri-ht in E(r ASA6 The tranaction +a 8nalied 1*

The %roup hold 062F of the hare in E(r ASA and E(r ASA ha 3een clai8ed a an aoASA i clai8ed a Aet eld for Sale +ith the carrin- amount of NO5 1 02 million6 The prmillion ha 3een re(ered a of 1 Decem3er 20146

/0)/

/'A%E 4*/ TE#ENOR ANN&A# RE'ORT 2014



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Note to the !inancial Statement / Telenor %roupSe-ment "nformation 2014

NO5 in millionNor+aS+edenun-arBul-aria G$ontene-ro Ser3iadtac I ThailandDi-i I $alaia%rameenphone I Ban-ladeh'a;itan"ndia

$anmarBroadcatOther unitElimination%roupSe-ment "nformation 201

NO5 in millionNor+a

S+edenun-arBul-aria G$ontene-ro Ser3iadtac I ThailandDi-i I $alaia%rameenphone I Ban-ladeh'a;itan"ndia$anmar

BroadcatOther unitElimination%roup1G See follo+in- ta3le for de8nition and reconciliation of EB"TDA6 EB"TDA 3efore other income2G "n(etment conit of cape9 and in(etment in 3uinee: licence and pectrum6G Bul-aria +a conolidated from 1t Au-ut 2016





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ThailandOther Aia 2GOther countrie

Total aet1G The aociated compan ?impelCom #td i included in Eatern Europe62G Other Aia include $alaia: Ban-ladeh: 'a;itan: "ndia and $anmar6

/'A%E 4/ TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roup/0*/

/0,/

/0/



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/0/

/10/

/11/

/'A%E )0/



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TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roup/12/

/1/

E>ecti(e ta9 rate The e>ecti(e ta9 rate increaed from 262F to 4F mainl due to loe in aociated compain $anmar and "ndia currentl not 3ein- in a ta9 pain- poition: partl o>et 3 the ta9 e>eincome in the income tatement and repreent a reduction in ta9 3ae of pectrum6



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The ta3le 3elo+ reconcile the reported income ta9 e9pene to the e9pected income ta9 e9peincome ta9 rate of 2,F J2F in 201G6 "t alo dicloe the main element of the ta9 e9peneta3le6NO5 in million"ncome ta9 e9pene at corporate income ta9 rate in Nor+a J2,FG

Ta9 rate outide Nor+a di>erent from 2,FE>ect of chan-e in ta9 rateShare of net income from aociated companie and oint (entureNonIta9a3le and nonIdeducti3le itemCurrent and deferred ta9e on retained earnin- in u3idiarie and aociated companieDeferred ta9 aet not reco-nied current earChan-e in pre(ioul not reco-nied deferred ta9 aet

Ta9 e>ect of licene refund Ta9 e>ect of lo on internal recei(a3leReolution of diputed item

Other"ncome ta9 e9peneE>ecti(e ta9 rate in F

Ta9 rate outide Nor+a di>erent from 2,FE>ect are related to the fact that dtac JThailand< 20FG: Di%i J$alaia< 2)FG: Telenor S+edenBul-aria J10FG ha(e nominal ta9 rate lo+er than the nominal ta9 rate for Nor+a of 2,F: +h

Telenor 'a;itan JFG ha(e hi-her nominal ta9 rate6E>ect of chan-e in ta9 rate'a;itan decreaed their nominal ta9 rate from 4F to F +ith e>ect from 1 @anuar 20146 "nominal ta9 rate in Ban-ladeh from )F to 40F and decreae in the nominal ta9 rate in Nor

Share of net income from aociated companie and oint (entureShare of net income from aociated companie and oint (enture i reco-nied on an after t%roup ta9 e9pene6NonIta9a3le and nonIdeducti3le item

The ta9 reduction due to the nonIta9a3le -ain on ale of the hare in Cona9 in the 8rt .uartCurrent and deferred ta9e on retained earnin- in u3idiarie and aociated companie

Thi line include current ta9e on di(idend recei(ed: a +ell a chan-e in deferred ta9 lia3ilreco-nied on unditri3uted earnin- in u3idiarie and aociated companie outide of Noru3idiarie for +hich deferred ta9e ha(e not 3een pro(ided amount to NO5 261 3illion a of Decem3er 201G6

Deferred ta9 aet not reco-nied current ear Thi line primaril relate to "ndia and $anmar in 2014 J"ndia in 201G6Chan-e in pre(ioul not reco-nied deferred ta9 aet!or 2014: the line mainl relate to reco-nition of deferred ta9 aet 3aed on temporar di>e

Ta9 e>ect of licene refund#icene refund in "ndia of NO5 16, 3illion ha 3een reco-nied a other income in the income 3ae of pectrum6 No deferred ta9 aet i reco-nied in "ndia on temporar di>erence6



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/'A%E )2/ TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roup

Ta9 e>ect of lo on internal recei(a3le"n 2012: Telenor ASA repaid: a -uarantor: all of &nitech 7irele interetI3earin- 3orro+in-aet amountin- to NO5 26) 3illion +a reco-nied in 2012 3aed on pro(iion for lo on inteit +a clear that the 3uine in &nitech 7irele +ould 3e +ound up u3e.uent to the comp&nitech 7irele to the ne+ "ndian entit Tele+in-6 "n 201: the 3uine tranfer from &nitehence the accumulated lo +a 8nall determined and treated a ta9 deducti3le in 2016Reolution of diputed ta9 itemAdutment of diputed item in 201 are related to refund of ta9e paid due to reaemenof 2010: Telenor ASA recei(ed a reaement 3 the Nor+e-ian ta9 authoritie of it 200* anReturn S+ap a-reement +ith O@SC ?impelCom hare a the underlin- o3ect6 !ollo+in- the a ta9 e9pene of NO5 06 3illion: +hich +a paid in 20106 Telenor dia-reed +ith the ta9 autho

"n 201: the Ta9 Appeal Board decided the 200*Ireaement in Telenor ASA fa(our: due torecei(ed a total repament of NO5 06) 3illion: +hich +a reco-nied a ta9 e9pene reductionincome +ith NO5 * million6 The rulin- upheld the reaement for 200, and Telenor ASA ha

Ta9 loe carried for+ard Ta9 loe carried for+ard in elected countrie e9pire a follo+ a of 1 Decem3er 2014<NO5 in million

2020 and laterNot timeIlimited

Total ta9 loe carried for+ardOn +hich deferred ta9 aet ha(e not 3een reco-nied

Ta9 loe on +hich deferred ta9 aet ha(e 3een reco-nied Ta9 loe carried for+ard in elected countrie e9pire a follo+ a of 1 Decem3er 201<NO5 in million

201 and laterNot timeIlimited

Total ta9 loe carried for+ardOn +hich deferred ta9 aet ha(e not 3een reco-nied



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Ta9 loe on +hich deferred ta9 aet ha(e 3een reco-nied"n 2014 ta9 lo carried for+ard increaed 3 NO5 160 3illion due to operatin- loe in "ndia o3illion: partl o>et 3 utiliation of ta9 loe carried for+ard in Nor+a of NO5 260 3illion6 Redecreaed 3 NO5 61 3illion mainl due to utiliation of ta9 loe in Nor+a and 'a;itan6

The ta9 loe carried for+ard increaed in Nor+a in 201 mainl due to the realiation of ta&nitech upon the completion of the 3uine tranfer from &nitech 7irele to Tele+in-6

Ta9 e>ect of temporar di>erence and ta9 loe carried for+ard a of 1 Decem3er

NO5 in million Tan-i3le and intan-i3le aet&nditri3uted earnin- in forei-n u3idiarie andaociated companieOther nonIcurrent item

Total nonIcurrent aet and lia3ilitie Total current aet and lia3ilitie Ta9 loe carried for+ard Total deferred ta9 aet/lia3ilitieNet deferred ta9 aet/lia3ilitie

Of +hich deferred ta9 aetOf +hich deferred ta9 lia3ilitieReco-nied deferred ta9 aet mainl relate to Nor+a and 'a;itan6Chan-e in net deferred ta9 aet/lia3ilitieNO5 in millionA of 1 @anuarReco-nied in the income tatementReco-nied in other compreheni(e incomeRecorded directl to e.uitAc.uiition and dipoal

Tranlation di>erence on deferred ta9e Ta9 e>ect related to dicontinued operationA of 1 Decem3er

/'A%E )4/ TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roup



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/14/

/1)/



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/'A%E )*/

TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roup/1*/



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Seniti(it anale of the cahI-eneratin- unit +ith i-ni8cant -ood+ill"n connection +ith the impairment tetin- of -ood+ill: eniti(it anale ha(e 3een carried Ser3ia: the %roup 3elie(e that no reaona3l poi3le chan-e in an of the ;e aumption



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carrin- amount of the cah -eneratin- unit to e9ceed it reco(era3le amount6 The etimated reco(era3le amount e9ceed the carrin- amount of the cah -eneratin- unit un-ar and NO5 ,00 million for Telenor Ser3ia6 The follo+in- ;e aumption are applied inun-ar and Telenor Ser3ia<5e aumption in 2014"n percentDicount rate pre ta9Re(enue -ro+th 1GEB"TDA mar-in -ro+th 1GNominal -ro+th rate in terminal (alue1G

The follo+in- chan-e in ;e aumption: in iolation: +ould lead to the reco(era3le amountand an chan-e 3eond thoe decri3ed 3elo+ ma lead to an impairment lo<

Telenor un-ar Decreae in re(enue 3 6* percenta-e point durin- the period

Decreae in EB"TDA mar-in 3 162 percenta-e point for the

"ncreae in dicount rate 3efore ta9 3 06 percenta-e point for

Decreae in nominal -ro+th rate in terminal (alue 3 162

/'A%E )/ TE#ENOR ANN&A# RE'ORT 2014

Note to the !inancial Statement / Telenor %roup/1,/



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dtac operate under a conceion ri-ht to operate and deli(er mo3ile er(ice in Thailand -raJCATG6 CAT allo+ dtac to arran-e: e9pand: operate and pro(ide the cellular telephone er(iceori-inall co(ered a 1)Iear period 3ut the a-reement +a amended on 2 @ul 1 and 22 3ein- e9tended to 22 and 2, ear: repecti(el6 Accordin-l: the conceion period under the!e3ruar 2011: the Ca3inet in Thailand appointed a committee to ne-otiate +ith the operatorConceion amendment6 "n @une 2011: the Ca3inet ac;no+led-ed that the Committee +a ua thee propoal +ere 3eond the Committee authorit6 o+e(er: the Committee opined treported to The National Broadcatin- and Telecommunication Commiion JNBTCG for conidmeaure6 At preent: the 8nal concluion of the Ca3inet or the +a the Ca3inet +ould e9ercithe %roup6 o+e(er: the %roup 3elie(e the amendment +ere entered into in -ood faith: thatate +a not harmed 3 them6

The er(ice conceion of dtac i accounted for under the "ntan-i3le Aet $odel accordin- to The carrin- amount of the conceion ri-ht i NO5 ,6* 3illion a of 1 Decem3er 2014 JNO5

amortied on a trai-htIline 3ai o(er the remainin- conceion period6 Replacement and eand amortied o(er the remainin- ueful life of the conceion6 Repair and maintenance are e

The carrin- amount of licence a of 1 Decem3er 2014 in "ndia and %rameenphone are NOand NO5 6* 3illion a of 1 Decem3er 201G repecti(el6 The carrin- amount of licence in dDecem3er 2014 i NO5 26* 3illion JNO5 26 3illion a of 1 Decem3er 201G6 The carrin- am3illion a of 1 Decem3er 20146 The follo+in- ta3le et forth the mo3ile pectrum licence thSpectrum J$KG

Telenor Nor+a

Telenor S+eden

Telenor un-ar

Telenor Ser3ia



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Telenor $ontene-ro

Telenor Bul-aria

/'A%E *0/ TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roup

dtac: Thailand

Di%i: $alaia

%rameenphone: Ban-ladeh

Telenor 'a;itan

&ninor: "ndia

Telenor $anmar

Telenor Denmar; Jclai8ed a held for aleG



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aG3GcGdGeGfG-GhG

iG G

/1/



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/'A%E *2/ TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roup/1/



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The %roup include ?impelCom pu3lihed reult +ith a one .uarter la-: ee note for furth?impelCom reco-nied durin- 2014 amount to a lo of NO5 26 3illion6 Share of net income of net income for the fourth .uarter of 201 Je9cludin- i-ni8cant tranaction and e(ent rec.uarter of 2014 and i-ni8cant tranaction and e(ent for the fourth .uarter of 2014 amounfurther detail6

On 2) !e3ruar 201): ?impelCom releaed 8nancial information for the fourth .uarter of 2014hareholder for the fourth .uarter +a &SD ) million: +hich include impairment lo of &SJ5i(tarG due to ad(ere macroIeconomic de(elopment in &;raine and impairment lo of &Saccordance +ith the accountin- polic for aociated companie: the %roup ha aduted it amountin- to &SD 201 million JNO5 16 3illionG +hich repreent the %roup hare of the impJNO5 260 3illionG partiall o>et 3 reco-nition of &SD 11, million JNO5 06, 3illionG related to 5i(tar to ?impelCom in 20106 The %roup +ill: in the 8rt .uarter of 201): reco-nie it hare&SD 2 million6

The %roup reco-nied lo of NO5 1161 3illion in other compreheni(e income durin- 2014 redi>erence ariin- from depreciation of local currencie a-aint &SD6 Thi include NO5 *6, 3

.uarter of 2014: in accordance +ith Telenor accountin- polic of one .uarter la-6 "n additionRu3le and &;rainian r(nia a-aint &SD durin- the fourth .uarter of 2014: the %roup reco-n2014 3aed on an etimate6

The lo of NO5 1161 3illion reco-nied durin- 2014 in other compreheni(e income i partl NO5 a-aint &SD6

The follo+in- ta3le et forth ummaried 8nancial information of ?impelCom: and reconciliatfor the %roup<NO5 in millionStatement of compreheni(e income informationRe(enue

Net income JloG from continuin- operation 1GOther compreheni(e income JloG 1G

Total compreheni(e income JloG 1G%roup hare of net income JloG from continuin- operation%roup hare of other compreheni(e income JloG%roup hare of total compreheni(e income JloGStatement of !inancial 'oition information



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Current aetNonIcurrent aetCurrent lia3ilitieNonIcurrent lia3ilitie

Total e.uitE.uit e9cludin- nonIcontrollin- interet%roup o+nerhip in F'roportion of the %roup o+nerhip%ood+ill related to the %roup in(etmentCarrin- amount of the in(etment1G E9cludin- nonIcontrollin- interet6Other aociated companie and oint (enture

The follo+in- ta3le et forth ummaried 8nancial information of the %roup hare of net incaociated companie and oint (enture6NO5 in million

Net income JloG from continuin- operationNet income JloG from dicontinued operationOther compreheni(e income JloG

Total compreheni(e income JloG

/'A%E *4/ TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roup

/20/



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/'A%E **/ TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roup/22/



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/2/



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/'A%E */ TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roupNet unrealied -ain/loe reer(e

Thi reer(e include fair (alue chan-e on a(aila3leIforIale 8nancial aet6 !or 2014: NO5 4fair (alue chan-e and NO5 1* million i reclai8ed from e.uit to income tatement on dipoEmploee e.uit 3ene8t reer(eShareI3aed pament repreent cot char-ed to income tatement o(er the (etin- period 3

for e.uitIettled hareI3aed pament pro(ided to emploee: includin- ;e mana-ement E9ercie of hare option and ditri3ution of hare to emploee repreent the (eted e.uitatifaction of (etin- condition6Refer to note 4 for further detail on thee pro-ramme6'enion remeaurement

Thi reer(e include the e>ect of remeaurement of penion o3li-ation ariin- due to chan-eterm demo-raphic trend6NO5 in millionE.uit a of 1 @anuar 201Other compreheni(e income JloG

E.uit a of 1 Decem3er 201Other compreheni(e income JloGE.uit a of 1 Decem3er 2014Refer to note 2) for further detail relatin- to penion o3li-ation6

Tranaction +ith nonIcontrollin- interet Thi reer(e include e>ect from tranaction +ith nonIcontrollin- interet6"n 201: tranaction +ith nonIcontrollin- interet relate to partial repament of loan pro(ided#td6Share of e.uit adutment and other compreheni(e income in aociated companie

Thi reer(e include underlin- adutment on e.uit in aociated companie: uch a othe

tranaction +ith nonIcontrollin- interet6

NO5 in millionE.uit a of 1 @anuar 201Other compreheni(e income: e9cludin- e>ect of dipoal



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Amount reclai8ed from e.uit to income tatement on dipoalOther compreheni(e income: net of ta9e durin- 201Other chan-e in other reer(eE.uit a of 1 Decem3er 201Other compreheni(e income JloG: e9cludin- e>ect of dipoalAmount reclai8ed from e.uit to income tatement on dipoalOther compreheni(e income: net of ta9e durin- 2014Other chan-e in other reer(eE.uit a of 1 Decem3er 2014Share of other compreheni(e income and other chan-e in e.uit durin- 2014 mainl relateOther e.uit tranaction

Thi reer(e include the decreae in other reer(e a a reult of ac.uiition and ale/cancela reult of tranfer from other paidIin capital: includin- tranfer from other paidIin capital reprice paid in e9ce of the nominal (alue of the hare reduce thi reer(e6

Cumulati(e tranlation di>erence

NO5 in millionE.uit a of 1 @anuar 201Chan-e durin- 201: e9cludin- e>ect of dipoalAmount reclai8ed from e.uit to income tatement on dipoal

Net chan-e durin- 201E.uit a of 1 Decem3er 201Chan-e durin- 2014: e9cludin- e>ect of dipoalAmount reclai8ed from e.uit to income tatement on dipoalNet chan-e durin- 2014E.uit a of 1 Decem3er 2014

The amount reclai8ed from e.uit to income tatement in 2014 +a related to dipoal of C The amount reclai8ed from e.uit to income tatement in 201 +a related to the deemed "n 2014: the tranlation di>erence on net in(etment in forei-n operation +a a>ected 3 dethe functional currencie of the %roup in(etment6 The appreciation of the &S Dollar 3 22F

3 2F a-aint Nor+e-ian 5rone had the mot i-ni8cant impact6"n 201: the tranlation di>erence on net in(etment in forei-n operation +a a>ected 3 dealmot all the functional currencie of the %roup in(etment6 The appreciation of the &S DoDanih 5rone 3 14F a-aint Nor+e-ian 5rone had the mot i-ni8cant impact6Di(idend paid and propoed

Di(idend



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Di(idend per hare in NO5 P paidDi(idend per hare in NO5P propoed 3 the Board of DirectorDi(idend of NO5 106* 3illion +a paid in 2014: +hile NO5 62 3illion +a paid in 2016

The Telenor Board of Director +ill propoe a di(idend of NO5 60 per hare JNO5 )6, 3illionG201): and paid out in @une 201)6 "n addition: the Board +ill a; the -eneral meetin- for an au+hich the Board plan to reol(e a di(idend of NO5 6)0 per hare JNO5 )6 3illionG to 3e paidordinar di(idend for the 8cal ear 2014 to NO5 ,60 per hare6 The total etimated di(idend

/'A%E ,0/ TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roupNonIcontrollin- interet

NO5 in millionDi%i6Com Bhd%rameenphone #td6

Total Acce Communication 'lc6 JdtacG&nitech 7irele 'ri(ate #td6Other

TotalDurin- 201: nonIcontrollin- interet hare of net income in &nitech 7irele 'ri(ate #td6 in

Tele+in- Communication Ser(ice 'ri(ate #td6 amountin- to NO5 ,4) million6

Summaried 8nancial information for u3idiarie +ith i-ni8cant nonIcontrollin- interetSummaried tatement of 8nancial poition a of 1 Decem3er<

NO5 in millionCurrent aetNonIcurrent aetCurrent lia3ilitieNonIcurrent lia3ilitie

Total e.uitAttri3uta3le to<E.uit holder of Telenor ASANonIcontrollin- interetSummaried compreheni(e income information 1 @anuar P 1 Decem3er<





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/'A%E ,2/ TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roup/2)/



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Emploee that lea(e the %roup 3efore the a-e of retirement recei(e a paidIup polic6 Telenorpolicie6 Thi i at the dicretion of the Telenor 'enion !und and doe not a>ect the %roup6 At%roup i relie(ed of an further o3li-ation to+ard thee people6 The fund and o3li-ation apolicie: and are dereco-nied from penion o3li-ation and plan aetChan-e in the de8ned 3ene8t o3li-ation and fair (alue of plan aet





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Net interet cotNet periodic 3ene8t cotContri3ution plan cot

Total penion cot char-ed to the income tatement for the ear7here of reported a other e9pene Jnote 10G7here of reported a penion cot Jnote G7here of reported a net interet cot Jnote 12G

The ta3le 3elo+ ho+ an etimate of the potential e>ect of chan-e in the ;e aumption The follo+in- etimate are 3aed on fact and circumtance a of 1 Decem3er 20146 Actuaetimate6

NO5 in millionChan-e in F i percenta-e pointChan-e in<

Bene8t o3li-ation Telenor 'enion !und +ei-hted a(era-e aet allocation a of 1 Decem3er: 3 aet cate-Aet cate-orie

Bond FE.uit ecuritie FRealIetate F

Total The 3ond in(etment are in ecuritie iued 3 the Nor+e-ian -o(ernment: Nor+e-ian munBond held in forei-n currencie are to a lar-e e9tent currenc hed-ed6 E.uit in(etment ar

Currenc hed-in- for forei-n e.uit ecuritie i e(aluated per in(etment6 The Telenor 'enion !und o+n realIetate pre(ioul held 3 the %roup6 The (alue of theeindependent 'roect and Contruction $ana-ement Compan6 Appro9imatel 40F of the 3uild%roup throu-h rental contract6

The %roup e9pect to contri3ute appro9imatel NO5 4 million to the Telenor 'enion !und i The follo+in- pament are e9pected 3ene8t pament from the Nor+e-ian de8ned 3ene8t pNO5 in million7ithin the ne9t 12 month Jne9t annual reportin- periodGBet+een 2 and ) earNe9t ) ear

Total e9pected pament ne9t 10 ear The a(era-e duration of the Nor+e-ian de8ned 3ene8t plan o3li-ation at the end of the repor

/2*/



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/'A%E ,*/ TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roup/2,/



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Current interetI3earin- lia3ilitie



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NO5 in millionCompan

Telenor ASA

Total Telenor ASADi%iDenmar;'a;itan'a;itandtacdtac

"ndia%rameenphone%rameenphone$anmarOther u3idiarie

Total u3idiarie Total current interetI3earin- lia3ilitieCurrent interetI3earin- lia3ilitie held for ale1GAnnual coupon pament on 3ond iued under Telenor ASA E$TN pro-ramme durin- the l

maorit of thee 3ond are +apped to Hoatin- rate6 The latet iuance +ere in 2014 +heninteret rate and maturit in 201: another SE5 26 3illion 3ond +ith a 26,)F coupon and miued +ith Hoatin- interet rate and maturit in 2016All outtandin- de3t iued 3 Telenor ASA i unecured6 The 8nancin- a-reement: e9cept foretrictin- the pled-e of aet to ecure future 3orro+in- +ithout -rantin- a imilar ecuredpled-eG and alo contain co(enant limitin- dipoal of i-ni8cant u3idiarie and aet6De3t iued under Telenor ASA E$TN pro-ramme i 3aed on documentation that i commoEuro3ond mar;et6 Telenor ASA outtandin- 3ond under it e9itin- E$TN 'ro-ramme are uChan-e of Control hall 3e deemed to ha(e occurred if a peron or entit: other than the 5in-ac.uire more than )0F of the iued ordinar hare capital of Telenor ASA: +here3 uch cha

do+n-rade 3elo+ in(etment -rade ratin-: the holder of uch 3ond can re.uire Telenor ASA taccrued interet6 The full de8nition of thi Chan-e of Control claue i decri3ed in the !inal TeDe3t in "ndia i mainl compried of licence o3li-ation JNO5 262 3illionG and e9ternal de3t to 8de3t in dtac i mainl compried of licence o3li-ation JNO5 06, 3illionG and e9ternal de3t to 8

The interetI3earin- lia3ilitie in u3idiarie are -enerall not -uaranteed 3 Telenor ASA anome of +hich limit the a3ilit to tranfer fund to Telenor ASA in the form of di(idend or loan



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/'A%E ,/ TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roup/2/



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$aturit pro8le of the %roup lia3ilitie Jin nominal (alueG

NO5 in million"nteretI3earin- lia3ilitieBan; loanBond and Commercial 'aper!inance leae lia3ilitieOther interetI3earin- lia3ilitie: includin-licene commitmentSum of interetI3earin- lia3ilitieNonIinteret 3earin- lia3ilitie

Trade and other paa3leOther current nonIinteretI3earin- lia3ilitieNonIcurrent deri(ati(e 8nancial intrumentOther nonIcurrent nonIinteretI3earin- lia3ilitieSum of nonIinteretI3earin- lia3ilitie

Total!uture interet pament

Total includin- future interet pament

NO5 in million"nteretI3earin- lia3ilitieBan; loanBond and Commercial 'aper!inance leae lia3ilitieOther interetI3earin- lia3ilitie includin- licenecommitment



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Sum of interetI3earin- lia3ilitieNonIinteret 3earin- lia3ilitie

Trade and other paa3leOther current nonIinteretI3earin- lia3ilitieNonIcurrent deri(ati(e 8nanacial intrumentOther nonIcurrent nonIinteretI3earin- lia3ilitieSum of nonIinteretI3earin- lia3ilitie

Total!uture interet pament


/'A%E 0/ TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roup"nteret rate ri;

The %roup i e9poed to interet rate ri; throu-h fundin- and cah mana-ement acti(itie6 Caet and lia3ilitie6 "nteret income and interet e9pene in the income tatement are inHue"n 2014: the a(era-e interet cot for the %roup +a 60F on all interet 3earin- lia3ilitie: inlatet 3ond iuance are decri3ed in note 2, "nteretI3earin- lia3ilitie6

The main o3ecti(e re-ardin- mana-ement of interet rate ri; i to reduce the 8nancial ri; amaorit of the de3t iued 3 the %roup i 89ed rate de3t J0F of outtandin- de3t 3efore +Decem3er 201G6 The %roup ue interet rate deri(ati(e to mana-e the interet rate ri; of rate +ap: 3oth +appin- Hoatin- interet rate to 89ed interet rate and (ice (era6 !or+aued to a leer e9tent6Accordin- to %roup 'olic: Telenor %roup portfolio of e9ternal de3t intrument hall ha(e an

+herea u3idiarie hall ha(e an interet rate duration 3elo+ 1 ear6 A of 1 Decem3er 20ear J260 ear a of 1 Decem3er 201G6 Telenor ASA duration +a 264 ear a of 1 DecDeri(ati(e intrument dei-nated a fair (alue hed-in- intrument

The maorit of de3t i iued uin- 89ed rate 3ond6 "n order to mana-e interet rate ri; a prate 3 uin- interet rate +ap6 !air (alue hed-e accountin- i applied +hen hed-e account

The ta3le 3elo+ ho+ the ine>ecti(e part of the %roup fair (alue hed-e6 The chan-e in fahed-ed o3ect i reco-nied a net chan-e in fair (alue of 8nancial intrument under 8nane>ecti(e part +ill 3e o>et 3 the chan-e in fair (alue of the underlin- hed-ed item6 E>ecti(3ai6!air (alue hed-in- relationhip

NO5 in millionNet -ain / JloG reco-nied in the income tatement on hed-ed itemNet -ain / JloG reco-nied in the income tatement on hed-in- intrumentAmount of hed-e ine>ecti(ene!air (alue of 8nancial intrument dei-nated a hed-in- intrument in fair (alue hed-e clcurrent interet 3earin- 8nancial lia3ilitie Jno current portion due to ne9t maturit in 201,G<



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NO5 in million!air (alue a of 1 Decem3er!air (alue hed-e intrument"nteret rate ri; eniti(it analiE>ect on chan-e in fair (alue

The %roup calculate the eniti(it on the chan-e in fair (alue of aet and lia3ilitie of a derele(ant currencie6 !or each imulation: the ame hift in interet rate are ued for all curreaet and lia3ilitie that repreent maor interetI3earin- poition6 Due to de3t intrument of hed-e accountin- and the meaurement of interetI3earin- de3t at amortied cot: the imthe chan-e in fair (alue a ho+n in the ta3le 3elo+<

NO5 in million"ncreae JdecreaeG in fair (alue of net lia3ilitie%ain JloG in income tatement

Seniti(it anali of chan-e in Hoatin- interet rate6

NO5 in million%ain JloG income tatement

E9chan-e rate ri;

The %roup i e9poed to chan-e in the (alue of NO5 relati(e to other currencie6 The carrinforei-n entitie and proceed from thee in(etment (arie +ith chan-e in the forei-n e9cha>ected 3 currenc Huctuation: a the pro8t and loe from forei-n operation are tranlatfor the period6 E9chan-e rate ri; related to ome net in(etment in forei-n operation i pacurrencie in(ol(ed: +hen thi i conidered appropriate6 Com3ination of mone mar;et intderi(ati(e Jforei-n currenc for+ard contract and cro currenc +apG are ued for thi puapplied +hen poi3le6 ShortIterm forei-n currenc +ap are fre.uentl ued for li.uidit maare dei-nated in relation to thee deri(ati(e6E9chan-e rate ri; alo arie +hen Telenor ASA or an of it u3idiarie enter into tranactioo+n functional currenc: includin- a-reement to ac.uire or dipoe aet in a forei-n curren

cah Ho+ in forei-n currenc e.ui(alent to NO5 )0 million or a3o(e: are hed-ed +ith for+ardaccountin- i applied for thee tranaction6!inancial intrument dei-nated a hed-in- intrument of net in(etment in forei-n operatiA of 1 Decem3er 2014 and 201: material hed-in- poition are dei-nated a net in(etmear endin- 1 Decem3er 2014 and 2016Net in(etment hed-in- relationhipNO5 in million



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Amount reco-nied directl to other compreheni(e incomeed-in- a decri3ed a3o(e i onl carried out in currencie that ha(e +ellIfunctionin- capitaderi(ati(e are dei-nated a hed-in- intrument6"nteretI3earin- de3t and deri(ati(e dei-nated a hed-in- intrument in net in(etment h

NO5 in millionA of 1 Decem3erNominal amount net in(etment hed-e intrument!air (alue net in(etment hed-e intrumentClai8cation of deri(ati(e dei-nated for net in(etment hed-e in the conolidated tatemeNO5 in millionA of 1 Decem3erOther nonIcurrent aetOther 8nancial current aetNonIcurrent nonIinteret 3earin- 8nancial lia3ilitie

Current nonIinteret 3earin- lia3ilite!air (alue net in(etment hed-e intrument

/'A%E 2/ TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roupE9chan-e rate ri; eniti(it anali

Thi anali doe not ta;e into account correlation 3et+een currencie6 Empirical tudie concurrencie that the %roup i e9poed to6E>ect on net currenc -ain JloeG

The %roup i e9poed to currenc Huctuation on monetar item in the tatement of 8nanciathe functional currenc6 The ta3le 3elo+ ho+ the e>ect on net currenc -ain JloeG if funother currencie<

NO5 in million!unctional CurrencNO5 BDT'5R$$5

TBE>ect due to forei-n e9chan-e tranlation on other compreheni(e income

Tranlation of u3idiarie from their functional currencie into the preentation currenc of thcompreheni(e income and e.uit6 "f functional currenc had +ea;ened / tren-thened 3 10%roup JNO5G: the decreae / increae in the carrin- amount of conolidated e.uit a of 1 Din(etment hed-e: +ould ha(e 3een appro9imatel NO5 62 3illion JNO5 )6 3illion a of 1 D

The ta3le 3elo+ ho+ the impact on OC" of net in(etment hed-e JN"G intrument if the fu



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NO5 in millionCurrenc e>ect on OC" J3efore ta9G of N" intrumentNO5 E>ect on other compreheni(e income JOC"GE>ect due to forei-n e9chan-e tranlation on net income

Tranlation of net income from u3idiarie +ith functional currenc other than NO5: alo reprreported 8-ure6 The eniti(it anali i onl carried out for the %roup maor u3idiarie3 10F a-aint all other currencie included in the anali: net income for the %roup +ould hJNO5 *4 million in 201G6Credit ri;Credit ri; i the lo that the %roup +ould u>er if a counterpart fail to perform it 8nanciae9poure to credit ri; to 3e a follo+<$a9imum credit e9poureNO5 in million

Cah and cah e.ui(alentBond and commercial paper month Jnote 21G!inancial deri(ati(e Jnote 21G

Trade and other current 8nancial recei(a3le Jnote 20G The %roup credit ri; lar-el arie from trade recei(a3le: 8nancial deri(ati(e and cah anCredit ri; related to trade recei(a3le i aeed to 3e limited due to the hi-h num3er of cuno further credit ri; pro(iion i re.uired in e9ce of the normal pro(iion for 3ad and dou3trecei(a3le in term of a-e ditri3ution and pro(iion for 3ad de3t6 Credit ri; related to ale oof dicountin- i conidered material: i alo aeed to 3e limited6 Credit ri; related to uchrate and reHected a reduced re(enue: ee note for information on the ri; related to re(en

intalment plan6Credit ri; ariin- from 8nancial deri(ati(e and cah depoit i mana-ed throu-h di(eri8caa +ell a credit ri; miti-ation tool6 The main ri; miti-ation tool include le-al nettin- and A of 1 Decem3er 2014 the %roup credit e9poure related to 8nancial deri(ati(e aet +aDecem3er 201G6 To reduce thi credit e9poure: NO5 162 3illion +a recei(ed a cah collateraet JNO5 162 3illion a of 1 Decem3er 201G6 The cah collateral i reco-nied a nonIcurconolidated tatement of 8nancial poition6 The %roup ha not paid an collateral for 8nancia

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/'A%E */ TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roup"n 201: the %roup paid NO5 4) million for pectrum in the 00: 00 and 100 $K 3and in2014: +ith a duration of 20 ear6

The %roup pro(ide mo3ile and 89ed telephon er(ice: leaed line: cutomer e.uipment: "er(ice to the tate and companie controlled 3 the tate in the normal coure of 3uine a

purchae er(ice: uch a potal er(ice: in the normal coure of 3uine and at armIlenincluded in thi note6 The %roup pro(ided in addition rental of real etate and related er(ice million in 201G and Statoil ASA for NO5 41 million in 2014 JNO5 *4 million in 201G6

The %roup old tranmiion capacit and related er(ice in the di-ital and analo- terretrialAS of NO5 2 million in 2014 and NO5 24, million in 2016

Tranaction +ith aociated companie and oint (enture



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NO5 in million

Amount recei(a3le from and amount due to aociated companie and oint (enture

NO5 in million

"n 2014 and 201: ale to aociated companie include net+or; acce char-e to Nor-e Tmillion: repecti(el6 "n addition: ale in 2014 and 201 include deli(er of Nordic Connect: $related er(ice to E(r ASA of NO5 1 million and NO5 20, million: repecti(el6 Sale to ?i2014 and NO5 0 million in 2016'urchae from aociated companie in 2014 and 201 include ditri3ution ri-ht from C $omillion: repecti(el JC $ore %roup AB +a dipoed of in @une 2014G6 'urchae in 2014 and E(r ASA of NO5 4*, million and NO5 4,4 million: repecti(el6 'urchae from ?impelCom %rNO5 *2 million in 2016 "n addition: a u3tantial part of the purchae in 2014 and 201 fromar;etin- upport for ditri3utor of the %roup product and er(ice in Nor+a and Thailan

The %roup ha pro(ided ful8lment -uarantee of NO5 ,) million in fa(our of the aociated co Tranaction +ith u3idiarie ha(e 3een eliminated on conolidation and do not repreent re'artie and note 1* Share in Su3idiarie in the 8nancial tatement of Telenor ASA for furthe

oint operation: ee note 16!or compenation of ;e mana-ement peronnel: ee note 46

//



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/'A%E / TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roupdtac1G Dipute 3et+een TOT: CAT and dtac re-ardin- Acce Char-e/"nterconnection

On 1, $a 200*: the National Telecommunication Commiion JNTCG Jpreentl ;no+n a th Telecommunication Commiion JNBTCGG iued the Noti8cation on &e and "nterconnection oJNoti8cationG applica3le to telecommunication licencee +ho ha(e it o+n telecommunicationinterconnect +ith each other on re.uet: +here the interconnection pro(ider i entitled to appcot6On 1, No(em3er 200*: dtac iued a +ritten noti8cation informin- TOT 'u3lic Compan #imit#imited JCATG that dtac +ould no lon-er appl the rate for calculatin- the acce char-e und+ith TOT on the 3ai that the rate and the collection of acce char-e under the Acce Charnum3er of repect6 dtac alo informed TOT and CAT that it +ould pa the interconnection chinto an interconnection char-e a-reement in accordance +ith the Noti8cation6 TOT ha refue

3een throu-h (ariou adminitrati(e and court proceedin-: +hich ha concluded that TOT i TOT till reect enterin- into an interconnection a-reement and ha appealed the matter to S The matter i no+ under conideration of the Court6On $a 2011: TOT 8led a plaint +ith the Central Adminitrati(e Court re.uirin- the court to to TOT: to-ether +ith the default interet: in the amount of appro9imatel NO5 2)6* 3illion6 d

@anuar 20126On 10 Octo3er 2014: dtac +a informed that TOT increaed it claim for the period $a 2011



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total claim amount to appro9imatel NO5 ))6) 3illion: plu default interet6 'reentl: thi cAdminitrati(e Court6 The net e>ect J3efore income ta9eG in ceain- to reco-nie the acce from 1 No(em3er 200* to 1 Decem3er 2014 ha 3een a reduction of dtac e9pene of ap2G Dipute 3et+een dtac and CAT re-ardin- re(enue harin- pament under Conceion A-rOn 11 @anuar 200: CAT u3mitted a claim to the Ar3itration "ntitute re.uetin- dtac to ma;12th P 1*th conceion ear J1* Septem3er 2002 to 1) Septem3er 200*G amountin- to NO5claim i the fact that re(enue hare paid 3 dtac to CAT +a made after deduction of e9cie ta3 (irtue of the reolution made 3 the Thai Council of $initer in !e3ruar 200 and a lette$a 2012: the Ar3itral Tri3unal rendered an a+ard in fa(our of dtac and dimied CAT claimo+e(er: on 1 Au-ut 2012: CAT 8led a la+uit +ith the Central Adminitrati(e Court in ordecae i under the court conideration6On 1 Au-ut 2011: CAT 8led a la+uit +ith the Ar3itration "ntitute re.uetin- dtac to pa adchar-e for the conceion ear 1*th J1* Septem3er 200* to 1) Septem3er 200,G in the amourate of 1)F p6a6 from 1* Decem3er 200, 3aed on the -round that dtac ha no ri-ht to deducand ha no ri-ht to e9clude interconnect re(enue from it re(enue to 3e calculated for the re(

CAT under the Conceion A-reement6 On 14 Au-ut 2014: the ar3itrator -a(e an a+ard in tof the claim from CAT6 dtac 8led an o3ection +ith the Central Adminitrati(e Court on 4 DecemOn 1* No(em3er 2012: CAT 8led a ne+ tatement of claim to the Ar3itration Tri3unal re.ueticonceion ear J1* Septem3er 200, to 1) Septem3er 200G in the amount of NO5 06 3illionrate of 1)F p6a6 On 2 April 201: CAT 8led a ne+ tatement of claim to the Ar3itration Tri3unfor the 1th conceion ear J1* Septem3er 200 to 1) Septem3er 200G from dtac in the amat the rate of 1)F p6a6 On 10 @anuar 2014: CAT ent a letter to dtac re.uetin- for additionaJ1* Septem3er 200 to 1) Septem3er 2010G in the amount of NO5 06 3illion6 On 1 $arch 20additional re(enue harin- for the 20th conceion ear J1* Septem3er 2010 to 1) Septem3e!e3ruar 201): CAT ent a letter to dtac re.uetin- for additional re(enue harin- for the 21th

Septem3er 2012G in the amount of NO5 161 3illion6CAT and dtac ha(e a num3er of dipute and dia-reement o(er undertandin- and reach ofho+ the ne+ % re-ime i to 3e undertood in relation to the conceion a-reement6 CAT haa-reement: due to alle-ed 3reache 3 dtac of thee a-reement and continue to preent cer(ed dtac notice to claim compenation from dtac due to portin- of it u3cri3er to it uDecem3er 2014 in the amount of NO5 26 3illion6 CAT ha alo 8led inunction petition +ith tand NBTC: aimin- at retrictin- dtac TriNet from uin- dtac net+or;6 The court ha o far re+hile inunction petition a-aint dtac i pendin-6 dtac i of the opinion that the compan i opre-ulation and refute an alle-ation from CAT that dtac i operatin- in (iolation of conce

/'A%E / TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roupG !orei-n o+nerhipOne of dtac competitor: True $o(e made a num3er of complaint to the Thai 'olice and the dtac i in 3reach of the !orei-n Buine Act J!BAG limitin- forei-n o+nerhip to 4F of the h"n addition: on 22 Septem3er 2011: one of dtac minorit hareholder Jholdin- 100 hare in



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a-enc: National Broadcatin- and Telecommunication Commiion JNBTCG: +ith the Central Aan adminitrati(e a-encG ha ne-li-entl not performed it dutie 3 allo+in- dtac to operatAdminitrati(e Court ha iued a ummon re.uetin- dtac to 3e a coIdefendant to thi cae6%roup o+nerhip tructure in dtac +a eta3lihed: and i: in accordance +ith Thai la+ a +"ndiaOn 2 !e3ruar 2012: the "ndian Supreme Court .uahed all 122 2% licence a+arded in 200:!ollo+in- thi deciion: the Supreme Court ordered that the 2% licence and pectrum hould+a completed in No(em3er 2012 and the %roup: throu-h Tele+in-: ecured pectrum licencundertandin- that the ori-inal licence pament of "NR 1*6* 3illion Jappro9imatel NO5 16, 3iallo+ed to 3e o>et a-aint pectrum pament in Tele+in- in auction held in No(em3er 20of Communication and "T on $arch 20146 The Supreme Court order dated 1) !e3ruar 201pament for the licence .uahed 3 the Supreme Court order on 2 !e3ruar 2012: applica3until ne+ licence +ere iued6 Department of Telecommunication in "ndia JDoTG iued a not7irele ee;inan e9planation a to +h retropecti(e pectrum fee pament of NO5 06 3iDoT a per direction of the Supreme Court dated 1) !e3ruar 201 for the licence .uahed 3

Telenor "ndia ha replied to the a3o(e notice on 2 Decem3er 2014 and ha challen-ed the DSupreme Court ud-ment6

Telenor 'a;itan The !ederal Board of Re(enue J!BRG: ha alle-ed that the Cellular $o3ile Operator JC$OG haJ!EDG in the total amount of NO5 6) 3illion in relation to the !ED +hich +a paa3le 3 themfor Telenor 'a;itan +a appro9imatel NO5 160 3illion6 The C$O oint poition i that all appon the er(ice pro(ided 3 them and: therefore: no further pament of !ED on interconnect cno e(aion of !ED ha ta;en place6 "n order to reol(e the iue: the C$O had pre(ioul a-r2012: ma;e the pament of !ED on interconnect char-e in accordance +ith the ne+ procedua-reement to do o: on 0 @une 2012 the !BR iued a Statutor Re-ulator Order JSROG e9em

lia3ilit for the !ED paa3le on interconnect char-e o(er the lat ) ear6 o+e(er: the SRO !BR: and there3 it did not attain the re.uiite le-al e>ect6 The National Accounta3ilit Bureauit had recei(ed information of alle-ed corrupt pament to the !BR for the iuance of the SRO

The C$O alo collecti(el decided to challen-e the char-ea3ilit of the !ED on interconnect i-h Court6 On @anuar 2014: the i-h Court declared reco(er notice from !BR null and (oi!BR on 24 @anuar 2014 and in a u3e.uent hearin- on 2, @anuar 2014: the court decided tdurin- 2014 the latet hearin- of intra court appeal +a held in Decem3er 2014 and +a adomaintained6

Telenor Nor-e AS The E!TA Sur(eillance Authorit JESAG and the Nor+e-ian Competition Authorit initiated on 4

Telenor Nor-e AS re-ardin- poi3le a3ue of dominant mar;et poition and/or poi3le antiIcon-oin- puruant to Article ) and )4 of the EEA A-reement and comprie mo3ile communNor+a: includin- (oice: S$S: $$S and data: a +ell a mo3ile er(ice old in 3undle that i

/'A%E 0/ TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roup



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Corporate Aem3lAnder S;U(etadRo-er Rnnin-

@an Otto Eri;enStein Eri; Olen$a-nhild (thu anene-e 5arita Otteen Jo3er(er from 126126201G

$ai Britt Thune Jo3er(erG Tor enri; an;en Jdeput mem3er from 126126201G$orten !alltein Jdeput mem3erG$aI"ren Arn Jdeput mem3er from 126126201GBerthe Randmel Jdeput mem3er from 126126201GBaard $hre Jdeput mem3erGEpen E-e3er- Chritianen Jdeput mem3erGDa- !redri;en Jdeput mem3er from 126126201GV;on Berdal Jdeput mem3erG1G Shareholdin- not included for repreentati(e +ho are no lon-er mem3er a of 1 Decem

Statement on the %roup CEO and %roup E9ecuti(e $ana-ement remuneration The tatement on the %roup CEO and %roup E9ecuti(e $ana-ement remuneration i eta3lih Nor+e-ian act on pu3lic limited lia3ilit companie Jallmenna;elo(enG The accountin- act Jre-n;aplo(enG The %o(ernment polic on the remuneration of leadin- peronnel iued 3 the Nor+e-iane>ect from 1 April 2011 1G The Nor+e-ian Code of 'ractice for Corporate %o(ernance16 Remuneration polic

The o3ecti(e of the %roup remuneration polic i to ecure that re+ard in Telenor %roup haretainin- the ri-ht emploee to deli(er utaina3le (alue for hareholder in accordance +ith

The follo+in- ;e remuneration principle appl<16 Re+ard for performanceRe+ard hall 3e 3aed on the reult of an indi(idual o(erall performance e(aluated a-ain26 Support 3alanced -oalRe+ard hould 3e tied to a 3alanced com3ination of -oal that ali-n indi(idual -oal +ith Teleinteret of it hareholder66 O>er competiti(e total re+ard



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Telenor ee; to o>er total re+ard pac;a-e that are attracti(e and competiti(e J+ithout ta;in+ell a in the local la3our mar;et626 Remuneration -o(ernance

The Board of Director Jthe BoardG ha appointed a eparate %o(ernance and Remuneration Cthe Board of Director and the %roup CEO: and i reponi3le for monitorin-: e(aluatin- and r%roup remuneration pro-ramme6

The committee comprie of the Chairman of the Board: t+o of the hareholder elected Board The %roup CEO normall attend the Committee meetin-6 Other repreentati(e of the manama dimi their attendance +hen appropriate: and li;e+ie call for attendance from other ra ecretar of the Committee unle other+ie a-reed61G Ne+ %o(ernment -uideline on the remuneration of leadin- peronnel iued 3 the Nor+e+ith e>ect from !e3ruar 1: 201)6 The remuneration for 201) hall 3e 3aed on a-reementaccordance +ith the -uideline pu3lihed 1 $arch: 20116

/'A%E 2/

TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roup%o(ernance model and reponi3ilitieRecipient%roup CEOOther %roup E9ecuti(e

The Committee ha no independent deciionIma;in- authorit: e9cept +here e9plicitl -ranteRemuneration Committee act a ad(ior for the Board and the %roup CEO: and i mainl rep E(aluate annuall the %roup CEO total remuneration and preent recommendation to the Conider and i-n o>: on 3ehalf of the Board: remuneration and related adutment for the

Be informed on remuneration de(elopment and mar;et ituation for e9ecuti(e and preene9ecuti(e to the Board for appro(al6 Conider %roup o(erall remuneration polic and pro-ramme: includin- 3onu pro-rammerecommendation to the Board for deciion6 O(eree and prepare the Board handlin- of principal matter relatin- to penion cheme Re(ie+ the $ana-ement propoal for the declaration re-ardin- the determination of alarpuruant to ection *I1*a in the Act relatin- to 'u3lic #imited Companie66 $ain remuneration principle comin- 8cal ear

The o(erall remuneration for Top $ana-ement reHect accounta3ilitie and impact of role andoperation6

The main remuneration element are 3aed on the ;e remuneration principle decri3ed a3o The national and international frame+or;6 The 3uine en(ironment the compan operate +ithin6 Both lon- and hort term 3uine focu and 3eha(iour6 Sutaina3ilit of reult and adherence to Telenor 7a Jthe %roup (alue: ethic: code of

The arran-ement are tranparent and in line +ith -ood corporate -o(ernance6 The main remmem3er of %roup E9ecuti(e $ana-ement include the follo+in-<



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ElementAnnual 3onu

#T" -rant

Bae alar61 !i9ed compenation!i9ed compenation conit of 3oth 3ae alar and 89ed lon- term incenti(e -rant J#T" -ranti6 Bae alar

The 3ae alar i re(ie+ed annuall 3aed on the role: rele(ant mar;et: 3uine en(ironmeperformance criteria are 3aed on an aement of utaina3le performance throu-h< Deli(er accordin- to 3uine am3ition Demontrated leaderhip and The Telenor 7a Buildin- and de(elopin- or-aniational capa3ilitie

The annual re(ie+ of 3ae alar for the %roup CEO and other %roup E9ecuti(e i e>ecti(e aconducted durin- 8rt .uarter6

ii6 #on- term incenti(e -rant J#T" -rantG The #T" -rant i a 89ed monetar compenation of 0F and 2)F of the annual 3ae alar forrepecti(el6 The participant recei(in- the #T" -rant i re.uired to in(et the net after ta9 amomar;et and i o3li-ed to hold for a loc;Iin period of four ear6 "f the e9ecuti(e are on an inte

the net alar and the compenation i hal(ed6Eli-i3ilit to the #T" -rant i limited to<16 %roup CEO and other %roup E9ecuti(e26 Other direct report to the %roup CEO6 $ana-ement and ;e e9pert of 3uine area: u3idiarie and -roup function accordin-

"f the participant lea(e Telenor durin- the loc;Iin period: the participant ha to repa to Telen(alue of hare held at the time of rei-nation6 "f the participant lea(e Telenor durin- the locthe participant i not o3li-ed to repa the (alue of the hare held662 ?aria3le pa / Annual 3onu

The (aria3le pa conit of the annual 3onu6 ?aria3le pa i annuall capped at )0F of the calculated 3aed on indi(idual 3onu corecard and lon- term performance of total harehol



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multiplierG6 The 3onu pament are u3ect to (acation pa: 3ut not included in the peniona3le earnin- The %roup CEO and other %roup E9ecuti(e hould at a minimum ha(e: and ;eep: hareholdin3ae alar6 "n order to ful8l thi re.uirement: the e9ecuti(e i re.uired to in(et up to 20F ofi6 "ndi(idual annual 3onu corecardEach indi(idual +ill ha(e a 3onu corecard +ith de8ned ;e performance indicator J5'"G6 Th+hich are de8ned at -roup: re-ion: 3uine unit or indi(idual le(el in the follo+in- 5'" area< Buine trate-"n addition: a holitic aement +ill 3e done 3aed on utaina3ilit of reult and adherenc

The peci8c dei-n of indi(idual 3onu corecard: +ith re-ard to 5'" and +ei-ht of thee: particular poition6 The indi(idual Wo(erall 3onu achie(ement i 3aed on performance e(aachie(ement ma ran-e 3et+een 0F I 100F6

Bonu potential for achie(ement of tar-et performance le(el for the %roup CEO and other %roJannual 3ae alar includin- the 89ed #T" -rantG6ii6 TSR multiplier

The indi(idual achie(ement in the 3onu corecard can 3e increaed 3 a Total Shareholder multiplier e>ect on the indi(idual achie(ement i 3aed on the a3olute and relati(e Total ShRe.uirement for the TSR multiplier to come into e>ect< Telenor ASA hare mut ha(e an a3olute poiti(e TSR o(er the t+o ear period from Decem Telenor ASA hare perform 3etter than the performance 3enchmar; Jinde9G6 2G

The TSR multiplier i calculated 3aed on TSR performance for the period from Decem3er 201ued in calculation for 3onu 201): paid out in 201*6

2G The performance 3enchmar; Jinde9G i the STOXXY Europe *00 Telecommunication inde9


TSR multiplier dei-n< "f the -ro return on the Telenor ASA hare de(elop 3etter than the performance 3enchma

The (alue of the TSR multiplier increae linearl 3et+een 0 and 1) percenta-e point6

The calculation of total 3onu achie(ement if a TSR multiplier come into e>ect i<ZBonu achie(ement in F[ 9 ZTSR multiplier[66 Other -eneral 3ene8t

The %roup CEO and other %roup E9ecuti(e are entitled to other 3ene8t uch a< 'enionI and inurance arran-ement Compan car or car allo+ance Electronic communication



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The eli-i3ilit criteria are a per local policie and countr peci8c practice for Nor+e-ian emi6 'enionI and inurance arran-ement

The %roup applied a de8ned contri3ution penion arran-ement for indi(idual hired e9ternall3alance of accrued compan contri3ution plu annual return on the accrual6 The annual accruF from * P 12 % J% i the 3ae amount of Nor+e-ian Social SecuritG6!ollo+in- the %o(ernment remuneration -uideline of 2011: the %roup doe not o>er ne+ pAll mem3er of the %roup E9ecuti(e $ana-ement e9cept 5ata Chritina Nord-aard ha(e a-re%o(ernment remuneration -uideline of 20116

Salar up to 12 % De8ned 3ene8t

Salar up to 12 % De8ned

contri3ution

Note< % i the 3ae amount of Nor+e-ian Social Securit6 The %roup CEO +ill retire on 1 Decem3er 201)6 The other E9ecuti(e emploed 3efore 2012indi(idual a-reement6 E9ecuti(e hired from 2012 ha(e a retirement a-e of *,6

The %roup CEO and other %roup E9ecuti(e are co(ered 3 the -eneral inurance arran-emeii6 Se(erance pa

The %roup CEO and ome other %roup E9ecuti(e are entitled to e(erance pa in cae of not The e(erance pa i calculated a from the e9pir of the notice period6 The emploment contract for %roup E9ecuti(e are to 3e re(ied to enure full compliance +

%o(ernment6

64 Emploee hare pro-ramme JES'G The pro-ramme i 3aed on common purpoe and -uideline for the Telenor %roup6i6 Support our (alueI and performanceI3aed culture 3 ali-nin- interet 3et+een the emploii6 Stimulate and re+ard -roup performance and cro 3uine unit indutrialiKation6iii6Stren-then the emploee interet in the lon- term de(elopment of the compan6

i(6Attract and retain talent6 The %roup operate a -eneral emploee hare pro-ramme for emploee: +hich i alo applicopportunit to purchae Telenor ASA hare for 1: 2: : or 4 percent of the annual -ro 3ae :000G +ith a dicount of ma9imum NO5 1:)006"f the Telenor ASA hare perform 3etter than the STOXXY Europe *00 Telecommunication inemploee +ill 3e -ranted an ES' 3onu +ith the follo+in- term< "f the Telenor ASA hare perform le than the inde9: no ES' 3onu i a+arded6



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"f the Telenor ASA hare perform 3etter than the inde9: the ES' 3onu i e.ual to the curren "f the Telenor ASA hare perform minimum 1) percenta-e point 3etter than the inde9: the the initial ES' hare6

The ES' 3onu i -ranted -i(en that the indi(idual i till emploed in the Telenor %roup646 Remuneration principle and implementation pre(iou 8cal ear

The remuneration principle applied in 2014 for the %roup CEO and other %roup E9ecuti(e a201)6Share 3aed pro-ramme a+arded 3onu hare to participant in 2014 for t+o pro-ramme ES' 2012 reulted in 3onu hare in 20146 "n 2014 the E9ecuti(e $ana-ement recei(ed paout from the lat acti(e #T" 3onu pro-rampro-ramme ha(e not 3een introduced ince 2016

Thee a+ard +ere 3aed on Telenor ASA hare performance from Decem3er 2011 to Decem3enchmar;ed inde9e: 3eatin- the 3enchmar;ed inde9 3 2 percenta-e point6 The participato purchae Telenor ASA hare for the net 3onu a+arded in each pro-ramme6 The participanloc;Iin period of t+o ear6

The cap on total (aria3le pa Jannual 3onu and #T" 3onuG +a e9ercied in 2014 a per the of leadin- peronnel6 The (aria3le pa for the %roup E9ecuti(e $ana-ement mem3er +a cacompenation term for the ear6 The (aria3le pa cap i enforced 3 calculatin- the annual 3o"ndi(idual term for the %roup CEO and %roup E9ecuti(e $ana-ementDurin- 2014: the %roup E9ecuti(e $ana-ement conited of the follo+in- mem3er<$em3er

@on !redri; Ba;aaRichard Ola( Aailde $6 Tonne

@on Eri; au-

Berit S(enden5ellI$orten @ohnenSi-(e Bre;;eenri; Clauen'Vl 7ien Epen5ata Chritina Nord-aardRol(IEri; Spillin-

/'A%E */ TE#ENOR ANN&A# RE'ORT 2014

Note to the !inancial Statement / Telenor %roup"ndi(idual term

Name



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@on !redri; Ba;aa

Richard Ola( Aa

ilde $6 Tonne

@on Eri; au-Berit S(enden5ellI$orten @ohnenSi-(e Bre;;e

enri; Clauen

'Vl 7ien Epen5ata ChritinaNord-aard

Rol(IEri; Spillin-Actual remuneration to %roup E9ecuti(e $ana-ement 2014

NO5 in thouand @on !redri; Ba;aaRichard Ola( Aailde $6 Tonne

@on Eri; au- aG

Berit S(enden5ellI$orten @ohnen 3GSi-(e Bre;;e G: ,aGenri; Clauen G: 4G: *G Jfrom 1) @une 2014G'Vl 7ien Epen 4G: *G: G Jfrom 1) $a 2014G5ata Chritina Nord-aard 4G: cG Jfrom 4 Au-ut 2014GRol(IEri; Spillin- 4G: dG Juntil 14 @une 2014G



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Actual remuneration to %roup E9ecuti(e $ana-ement 201


@on Eri; au- *G: aGBerit S(enden5ellI$orten @ohnen *G: 3GSi-(e Bre;;e GRol(IEri; Spillin- *G: dG$orten 5arlen Sr3 Juntil 1 Decem3er 201GNone of the mem3er of the %roup E9ecuti(e $ana-ement ha(e loan in the compan6All 8-ure are e9clui(e of ocial ecurit ta961G

2G

G

4G)G*G

,G

G



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GShare held durin- 2014


@on Eri; au-Berit S(enden5ellI$orten @ohnenSi-(e Bre;;eenri; Clauen Jfrom 1) @une 2014G

'Vl 7ien Epen Jfrom 1) $a 2014G5ata Chritina Nord-aard Jfrom 4 Au-ut 2014GRol(IEri; Spillin- Juntil 14 @une 2014G

/'A%E / TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roupShare held durin- 201

@on !redri; Ba;aa 1GRichard Ola( Aailde $6 Tonne

@on Eri; au-Berit S(enden5ellI$orten @ohnenSi-(e Bre;;eRol(IEri; Spillin- 2G$orten 5arlen Sr3 Juntil 1 Decem3er 201G1G

2GRemuneration earned and e9pened for the %roup E9ecuti(e $ana-ementA--re-ate remuneration earned and e9pened includin- penion cot for the %roup E9ecuti(eand NO5 *,6* million in 2016 The penion cot included in thee 8-ure +ere NO5 6* millioremuneration include the lon- term incenti(e e9pened in 2014 and 2016 See decription inE9pened remuneration to %roup E9ecuti(e $ana-ement 2014



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@on Eri; au-Berit S(enden5ellI$orten @ohnenSi-(e Bre;;e 4Genri; Clauen 4G: )G Jfrom 1) @une 2014G'Vl 7ien Epen )G: G Jfrom 1) $a 2014G5ata Chritina Nord-aard )G Jfrom 4 Au-ut 2014GRol(IEri; Spillin- )G Juntil 14 @une 2014GE9pened remuneration to %roup E9ecuti(e $ana-ement 201

NO5 in thouand


@on Eri; au-Berit S(enden5ellI$orten @ohnenSi-(e Bre;;e 4GRol(IEri; Spillin-$orten 5arlen Sr3 Juntil 1 Decem3er 201GAll 8-ure are e9clui(e of ocial ecurit ta96

1G2G

G

4G)G*G,G

GG



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/)/



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The 20 lar-et hareholder a 1 Decem3er 2014 from hareholder re-iter G

The 20 lar-et hareholder a 1 Decem3er 2014: 3ene8cial o+nerhip 4G



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1G Source< ?'S hare re-iter62G The data i pro(ided 3 Nada. Ad(ior Ser(ice and i o3tained throu-h an anali of 3ereplie to dicloure of o+nerhip notice iued to all cutodian on the Telenor ?'S hare re-ho+e(er neither Telenor nor Nada. can -uarantee the accurac of the anali6

/*/

/'A%E 102/ TE#ENOR ANN&A# RE'ORT 2014!inancial Statement / Telenor ASA"ncome Statement

Telenor ASA 1 @anuar P 1 Decem3erNO5 in millionRe(enueOperatin- e9peneSalarie and peronnel cotOther operatin- e9peneDepreciation: amortiation and impairment loe



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Total operatin- e9peneOperatin- pro8t JloG!inancial income and e9pene!inancial income!inancial e9peneNet currenc -ain JloeGNet chan-e in fair (alue of 8nancial intrumentNet -ain Jloe and impairmentG of 8nancial aetNet 8nancial income Je9peneG'ro8t 3efore ta9e"ncome ta9eNet income

Statement of Compreheni(e "ncome Telenor ASA 1 @anuar P 1 Decem3erNO5 in millionNet incomeOther compreheni(e income JloGNet -ain JloG on cah Ho+ hed-e"ncome ta9e"tem that ma 3e reclai8ed u3e.uentl to income tatementReImeaurement of de8ned 3ene8t penion plan

"ncome ta9e"tem that +ill not 3e reclai8ed to income tatementOther compreheni(e income JloG: net of ta9e

Total compreheni(e income JloG

/'A%E 104/ TE#ENOR ANN&A# RE'ORT 2014!inancial Statement / Telenor ASAStatement of !inancial 'oition

Telenor ASA a of 1 Decem3er

NO5 in millionASSETSNonIcurrent aetDeferred ta9 aet%ood+ill"ntan-i3le aet'ropert: plant and e.uipment



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Share in u3idiarieNonIcurrent interetI3earin- recei(a3le %roup companieOther nonIcurrent 8nancial aet

Total nonIcurrent aetCurrent aet

Trade recei(a3le %roup companie Trade recei(a3le e9ternalOther current 8nancial aet#i.uid aet and hortIterm placement

Total current aet Total aetEQ&"TM AND #"AB"#"T"ESE.uitNonIcurrent interetI3earin- e9ternal lia3ilitieNonIcurrent nonIinteretI3earin- e9ternal lia3ilitie

'enion o3li-ationOther pro(iion

Total nonIcurrent lia3ilitieCurrent interetI3earin- lia3ilitie +ithin the %roupCurrent interetI3earin- e9ternal lia3ilitieDra+in- on %roup cah poolCurrent nonIinteretI3earin- lia3ilitie +ithin the %roupCurrent nonIinteretI3earin- e9ternal lia3ilitie

Total current lia3ilitie Total e.uit and lia3ilitie

S(ein AaerChairman


Statement of Cah !lo+ Telenor ASA 1 @anuar P 1 Decem3erNO5 in million'ro8t 3efore ta9e"ncome ta9e paidNet J-ainG loe: impairment and chan-e in fair (alue of 8nancial aet and lia3ilitie



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Depreciation: amortiation and impairment loeNet currenc J-ainG loe not relatin- to operatin- acti(itieNet chan-e in interet accrual a-aint %roup companieChan-e in pro(iion for -uarantee and recoure claim"nteret recei(ed"nteret paidNet chan-e in other accrualNet cah Ho+ from operatin- acti(itie'roceed from ale of propert: plant and e.uipment and intan-i3le aet'urchae of propert: plant and e.uipment and intan-i3le aet'urchae of and capital increae in u3idiarie'roceed from ale of other in(etment'urchae of other in(etmentNet cah Ho+ from in(etin- acti(itie'roceed from 3orro+in-

Repament of 3orro+in-Net chan-e in %roup cah pool'urchae of treaur hareDi(idend paid to e.uit holder of Telenor ASANet cah Ho+ from 8nancin- acti(itieE>ect on cah and cah e.ui(alent of chan-e in forei-n e9chan-e rateNet chan-e in cah and cah e.ui(alentCah and cah e.ui(alent a of 1 @anuarCah and cah e.ui(alent a of 1 Decem3erSpeci8cation of cah and cah e.ui(alent<

#i.uid aet and hort term placementDra+in- from %roup cah poolCah and cah e.ui(alent a of 1 Decem3er

/'A%E 10*/ TE#ENOR ANN&A# RE'ORT 2014!inancial Statement / Telenor ASAStatement of Chan-e in E.uit

Telenor ASA P for the ear ended 1 Decem3er 201 and 2014

NO5 in million Je9cept for num3er of hareGE.uit a of 1 @anuar 201Net income for the periodOther compreheni(e income for the period

Total compreheni(e incomeDi(idend



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Share 3aed pamentShare 3u3ac;Cancellation of hareE9ercie of hare option and ditri3ution of hareE.uit a of 1 Decem3er 201Net income for the periodOther compreheni(e income for the period

Total compreheni(e incomeDi(idendShare 3aed pamentShare 3u3ac;Cancellation of hareDitri3ution of hareE.uit a of 1 Decem3er 2014Other compreheni(e income in other reer(e: ee note 106

Note to the!inancial Statement

Telenor ASA/00/

/01/



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/'A%E 10/ TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor ASA/02/

/0/



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/04/

/0)/


Note to the !inancial Statement / Telenor ASA/0*/



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/0,/



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/'A%E 112/ TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor ASA

The tatutor ta9 rate in Nor+a i 2,F e>ecti(e from 1 @anuar 20146Adutment of diputed item in 2014 are related to income from Telenor Brand rented out toha increaed the ta9a3le income +ith NO5 1: million for the period 2010 to 2012 reultin million6 Telenor ha pro(ided for thi a a ta9 e9pene6 !or 201 the ta9a3le income ha 3ecorrepondin- reduction in the ta9 lo carried for+ard6Telenor ha dia-reed +ith the ta9 autBoard JS;atte;la-enemndaG6

Adutment of diputed item in 201 are related to refund of ta9e paid due to reaemenof 2010: Telenor ASA recei(ed a reaement 3 the Nor+e-ian ta9 authoritie of it 200* anReturn S+ap a-reement +ith O@SC ?impelCom hare a the underlin- o3ect6 !ollo+in- the a ta9 e9pene of NO5 06 3illion: +hich +a paid in 20106 Telenor dia-reed +ith the ta9 autho"n 201: the Ta9 Appeal Board decided the 200*Ireaement in Telenor ASA fa(our: due torecei(ed a total repament of NO5 06) 3illion: +hich +a reco-nied a ta9 e9pene reductionincome +ith NO5 * million6 The rulin- upheld the reaement for 200, and Telenor ASA ha'ament on -uarantee pro(ided on 3ehalf of &nitech 7irele 'ri(ate #td6 +a e9ecuted durin10:*20 million6 The operation in &nitech 7irele 'ri(ate #td6 +a in 201 tranferred to Tele+

Telenor ASA ha onl recei(ed partial recoure for claim under the -uarantee6 #oe relate

commiion are hence 8nall determined: and +ere treated a ta9Ideducti3le loe on opera

/0/



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/0/


Note to the !inancial Statement / Telenor ASA/10/

/11/



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"nteretI3earin- lia3ilitie!air (alue of interetI3earin- lia3ilitie are 3aed on .uoted price +here a(aila3le6 "nteretIacti(e mar;et ha(e 3een calculated uin- ield cur(e: +hich incorporate etimate of the Te

3een e9trapolated uin- indicati(e price on de3t iuance 3 Telenor ASA for di>erent maturfrom cah and +ap cur(e o3er(ed in the mar;et for di>erent currencie and maturitie6

Trade recei(a3le and other current and nonIcurrent 8nancial aet!or trade recei(a3le and other current recei(a3le: the nominal amount i aeed to 3e a re>ect of not dicountin- i conidered to 3e immaterial for thi cla of 8nancial intrument6E.uit in(etment!air (alue for lited hare are 3aed on .uoted price at the end of the reportin- period6 !air



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commonl ued (aluation techni.ue: or meaured at cot if the in(etment doe not ha(e a fair (alue cannot 3e relia3l meaured6

Trade paa3le and other nonIinteret 3earin- 8nancial lia3ilitie!or trade paa3le and other nonIinteret 3earin- 8nancial lia3ilitie the nominal amount i afair (alue6 The e>ect of not dicountin- i conidered to 3e immaterial for thi cla of 8nanciCah and cah e.ui(alent

The fair (alue for thi cla of 8nancial intrument i aeed to 3e e.ual to the nominal amDeri(ati(e!air (alue of currenc +ap: forei-n currenc for+ard contract and interet rate +ap are (alue of future cah Ho+: uin- interet rate cur(e: e9chan-e rate and currenc pread a

The ta3le 3elo+ ho+ the maturit pro8le for Telenor ASA lia3ilitie in nominal (alue<

NO5 in million"nteretI3earin- lia3ilitie

Bond and Commercial 'aperOther interetI3earin- lia3ilitie

Total interetI3earin- lia3ilitie e9ternalOther interetI3earin- lia3ilitie Telenor %roupDra+in- on %roup cah pool"nteretI3earin- lia3ilitie Telenor %roupNonIinteretI3earin- lia3ilitie

Trade and other paa3le e9ternal Trade and other paa3le Telenor %roupDeri(ati(e 8nancial intrument nonIcurrent lia3ilitie

Other nonIcurrent nonIinteretI3earin- lia3ilitie Total nonIinteretI3earin- lia3ilitie Total!uture interet pament


/'A%E 11*/ TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor ASA



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/12/

/1/

/14/

/1)/



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/'A%E 11/ TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor ASA/1*/



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Telenor Communication "" AS

Telenor ?enture ?" AS Telenor Ne9t oldin- AS Telenor 5apitalfor(altnin- ASSmartcah AS G 4G

Telenor $edia "n(et AS T$$ AS Telenor Tra9ion AS Telenor Buine "nternet Ser(ice AS Telenor Online 'artner AS$icroEnure Aia #td 4G

Telenor Common Operation \rt Telenor !inancial Ser(ice AS Jpre(6 Telenor %lo3al !S Operation ASG G Telenor $edia 'artner AS 1G Telenor %O 'te #td 1G Telenor $o3ile oldin- ASNe Telenor $o3ile Communication """ AS

Telenor $o3ile Communication AS Telenor Eat "n(et ASNe Telenor $o3ile Communication "" AS

Telenor Nor-e AS

Telenor Danmar; oldin- A/S Telenor S(eri-e oldin- AB Telenor Eat oldin- "" AS Telenor Conne9ion oldin- AB Telenor Broadcat oldin- AS Telenor Satellite Broadcatin- AS Telenor &5 #td6



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Canal Di-ital ASNor;rin- ASCona9 AS 2G'remium Sport AS

Telenor Eiendom oldin- AS Telenor Eiendom !orne3u 5(artal 1 AS Telenor Eiendom !orne3u 5(artal 2 AS Telenor Eiendom !orne3u 5(artal AS Telenor Eiendom !orne3u 5(artal 4 AS Telenor Eiendom arel;;en AS Telenor Real Etate un-ar!ro-nereter(eien 2 AS 1G%rnne-ata )) AS 1G"lder(eien AS 1G5ir;e-ata 4) #illehammer AS 1G

5ir;e-ata ) AS 1G5on-en -ate / 5ir;e-aten AS 1G5on-en -ate 21 AS 1GNord3(eien 1 AS 1GN-aten 4 AS 1GS;ole-ata AS 1GSUlid(eien 40 AS 1G


Note to the !inancial Statement / Telenor ASA Telenor Di-ital AS Telenor !inancial Ser(ice AS Jpre(6 Telenor %lo3al !S Operation ASG G TS$ Nordic AS G: 4G Telenor Di-ital TS$ AS1G2GG4G

Other i-ni8cant u3idiarie Jo+ned throu-h holdin- companieG

Telenor S(eri-e AB Telenor A/SDi%i6Com Bhd

Telenor $a-arorK]- \rt Telenor d6o6o6



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Telenor 'a;itan J'ri(ateG #td6 Total Acce Communication 'lc6 JdtacG%rameenphone #td6&nitech 7irele 'ri(ate #imited

Tele+in- Communication Ser(ice 'ri(ate #td6 Telenor Bul-aria EAD Telenor $anmar #td6

Reponi3ilit Statement7e con8rm that: to the 3et of our ;no+led-e: the conolidated 8nancial tatement for the ha(e 3een prepared in accordance +ith "!RS a adopted 3 the E&: and that the 8nancial tatthe ear ended 1 Decem3er 2014 ha(e 3een prepared in accordance +ith the Nor+e-ian Ac

Nor+a: -i(e a true and fair (ie+ of the Compan and %roup aet: lia3ilitie: 8nancial pothat the Report of the Board of Director -i(e a true and fair re(ie+ of the de(elopment: perfthe Compan and the %roup: and include a decription of the principle ri; and uncertaintie

S(ein AaerChairman


/'A%E 122/ TE#ENOR ANN&A# RE'ORT 2014Auditor Report 2014 / Telenor %roupAuditor Report 2014Statautorierte re(iorerErnt Moun- AS

Dronnin- Eufemia -ate *: NOI011 OloOlo Atrium: '6O6Bo9 20: NOI00)1 Olo

/'A%E 12/ TE#ENOR ANN&A# RE'ORT 2014Auditor Report 2014 / Telenor %roup

/'A%E 124/



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TE#ENOR ANN&A# RE'ORT 2014Statement from the CorporateAem3l of Telenor ASAOn 1, $arch 201): the Corporate Aem3l of Telenor ASA paed the follo+in- reolution6

The Corporate Aem3l recommend that the Annual %eneral $eetin- appro(e the Board for Telenor %roup and Telenor ASA for 2014 a preented to the Corporate Aem3l 3 tranfearnin- and a di(idend pament of NO5 :0 per hare a di(idend in @une: and for the authopuruant to +hich the Board intend to reol(e a di(idend of NO5 6)0 pr6 hare to 3e paid in !inancialCalendar 201)0* $a 201)20 $a 201)22 @ul 201)2 Octo3er 201)

5e !i-ure

Or-anic re(enue -ro+th 2GEB"TDA 3efore other income and e9pene/Re(enue JFGEB"T mar-inCape9 e9cl6 licence and pectrum/Re(enue JFG

Operatin- cah Ho+ mar-in GNet interetI3earin- lia3ilitie 4GNet interetI3earin- lia3ilitie/EB"TDAEarnin- per hareROCE )G

Total Return *G1G2GG4G

)G

*GDiclaimer

Thi report contain tatement re-ardin- the future in connection +ith Telenor -ro+th initiatrate-ie and o3ecti(e6 All tatement re-ardin- the future are u3ect to inherent ri; andcan lead to actual pro8t and de(elopment de(iatin- u3tantiall from +hat ha 3een e9pre



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/'A%E 12*/ TE#ENOR ANN&A# RE'ORT 2014Sutaina3ilit ReportSutaina3ilitReport"ntroduction

The Nor+e-ian 'arliament adopted in201 a tatute creatin- a dut for lar-ecompanie to report on ho+ the follo+up material utaina3ilit iue6 Theechan-e to the Nor+e-ian Accountin-Act re.uire thi report to 3e pro(ided 3the Board of Director and to 3epu3lihed in the annual report or in

another pu3lic document referred to inthe report6

The amendment re.uire a lar-eenterprie to account for +hat thecompan i doin- to inte-rate repectfor human ri-ht: la3our ri-ht andocial iue: the en(ironment and antiIcorruption into their 3uine trate-ie:dail operation and relationhip +ith

ta;eholder6 The report hall at leat

ciple: procedure and tandard thecompan ue to inte-rate the a3o(econideration6 "n addition to the

Accountin- Act: Telenor %roup icommitted to the dicloure of it ocialand en(ironmental performance:focuin- on material iue and

communicatin- it pro-re in line +ithta;eholder e9pectation6

At the ame time +e reco-nie that

contain information on policie: prin

re.uirement of the Nor+e-ian



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there ma alo 3e a potential ne-ati(eimpact from our 3uine acti(itie6

Our commitment to repect humanri-ht i reHected in our Code of Conduct: Supplier Conduct 'rinciple:and policie and manual +hich are

ment therein reHect internationalframe+or; li;e the &N %lo3alCompact ten principle and the &N%uidin- 'rinciple on Buine andhuman ri-ht6

7e are maintainin- our focu on

undertandin- ri; and inte-ratin-miti-atin- action into our 3uineprocee: for e9ample throu-himplementin- human ri-ht duedili-ence acro our 3uine unit6 7eare approachin- thi from a continuoulearnin- and impro(ement perpecti(e6A a compan +e face manchallen-e: and a ri-ht repectin-approach can therefore 3e demandin-6

Challen-e related to pri(ac andfreedom of e9preion and to potentialmiue of acce to telecom data andnet+or; 3 authoritie continue to 3ehi-h on our a-enda6 Althou-htelecommunication ena3le thee9chan-e of idea and e9preion of opinion: +e ee that authorit re.uetfor acce to our data and net+or;

ma preent human ri-ht ri;6

!urthermore: +e ha(e maintained a hi-hle(el of attention to (ariou humanri-ht challen-e facin- u in ne+mar;et uch a $anmar6

applica3le %roupI+ide6 The re.uire



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Statu and am3ition"n 2014: +e focued on implementin-our human ri-htIrelated policre.uirement6 !or e9ample: +e initiatedhuman ri-ht due dili-ence at 3uineunit JB&G le(el 3 uin- our tool;it

/'A%E 12/ TE#ENOR ANN&A# RE'ORT 2014Sutaina3ilit ReportStatu and am3ition"n 2014 Telenor further de(eloped thedialo-ue +ith the Telenor 7or; CouncilP Europe JT7CIEG: +here Europeanemploee repreentati(e meet +ith

Telenor %roup $ana-ement6 T7CIEheld t+o meetin- in 2014 +ith theo3ecti(e of enhancin- informatione9chan-e and dicuion in relation totrannational iue6

"n 2014: Telenor continued the dialo-ue+ith &N" %lo3al &nion: 3aed on our-lo3al a-reement a a platform andframe+or; for dialo-ue on fundamental

la3our ri-ht and a-reed rule of en-a-ement6

"n 2014: Telenor maintained itcommitment to emploee in(ol(ementin it operation throu-hout the %roup:and in e(eral of our Aian operationemploee in(ol(ement i pro(ided forthrou-h local coIoperation 3odieJ'eople CouncilG: +here emploee

repreentati(e meet +ith themana-ement6

!urther: Di-i in $alaia haac;no+led-ed the eta3lihment of aDi%i union and after a ne-otiationproce the partie entered into a



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collecti(e a-reement at the end of 20146 "n Ban-ladeh: %rameenphone ia+aitin- a deciion 3 the #a3our Court:in a cae 8led 3 emploee of %rameenphone related to unionre-itration6

%oin- for+ard: +e aim to furtherde(elop emploee in(ol(ementthrou-hout Telenor %roup: utiliin-emploee e9perience and ini-ht: apart of enurin- decent +or; conditionfor our emploee6

Ethic and antiIcorruption

!rom policie to action Telenor endore the ten principle of

+++6telenor6com/antiIcorruption +++6telenor6com/+pIcontent/upload/2014/12/%o(ernanceIandIAntiICorruptionIinITelenor^

Summar6pdf

Statu and am3ition"n 2014 there +a a need for minoradutment to the Code of Conductdue to chan-e in Telenor -o(ernin-document and the need to reHect3uine de(elopment and chan-e inthe ociet: e6-6 a ne+ (iion andmiion and matter uch a antiI

corruption: conHict of interet:terrorim: c3ercrime and fraud6 Theadutment to the Code +ere adopted3 the Telenor ASA Board of Directoron 24 @une 2014 for further ditri3utionand implementation in the 3uineunit throu-h the %o(ernance 7or;



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'ro-ramme 20146 A the chan-e +ereminor: the updated Code did not re.uirea rei-nin- proce6

A maor up-rade of the Ethic andCompliance frame+or; +a conductedin 2012 and ne+ procedure andor-aniational chan-e +ereimplemented in 201 J%roup $anualEthic and Compliance and %roup%o(ernin- 'rincipleG6 %roup #e-altated in it trate- for 2014 that afurther up-rade of %roup Ethic andCompliance cope: mana-ement andcompetencie hould 3e e9plored6 One

of the Ethic and Compliance initiati(ein 2014 +a to enter into a proect +ithDeloitte to ae the compliancefunction +ithin elected companie+ithout del(in- deepl into the (arioucompliance area6 "nput from the3enchmar; and internal ur(e +ill 3eta;en into conideration in the on-oin-impro(in- e>ort of Ethic andCompliance in 201)6

Durin- 2014: the reportin- mechanimfor compliance incident ha 3een

/'A%E 10/ TE#ENOR ANN&A# RE'ORT 2014Sutaina3ilit Reportin(etment: 3ut our operation in'a;itan and Ban-ladeh ha(e tartedcalin- up their tranformation to olar

ener-6

7e alo focu on other en(ironmentalapect uch a +ate mana-ementand haKardou u3tance ine.uipment purchaed6 Electronic +atecontain to9ic material that ma



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preent health haKard and run the ri;of en(ironmental dama-e throu-h landcontamination or +ater and airpollution6 "t i important for Telenor toreue and reccle net+or; e.uipmentand handet6 7e enure that theeprocee are conducted accordin- tointernationall reco-nied tandardand re-ulation6

Statu and am3ition"n 2014: total ener- conumption in

Telenor %roup +a appro9imatel :200%7h6 The aociated emiion of -reenhoue -ae in Telenor %roup i

etimated to a total of 161 million tonneof CO 2 6

"n 2014: cloe to *0F of ourprocurement procee +ith a contract(alue -reater than &SD 2)0:000 ued apeci8ed et of utaina3ilit criteria6

"n 2014: more than 120:000 meetin-+ere carried out in Telenor -lo3al

or-aniation uin- (ideo conferencin-and (irtual meetin- olution intead of actual tra(el6

"n 2014: Telenor %roup once a-ainrecei(ed CD' top ran;in- for climatechan-e tranparenc and performancefor the -lo3al telecom ector6 Thiachie(ement i the reult of the e>ortof all 3uine unit in the ener-

e=cienc area6

"n 2014: %rameenphone +a a+ardedthe preti-iou -lo3al %reen $o3ile



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corruption +or; in the uppl chain6 Toecure the .ualit of thi: Telenorcarried out more than ):200 upplierinpection Jran-in- from imple ite(iit to more compreheni(einpection or auditG acro the %roupin 2014: of +hich ,)F +ereunannounced inpection6Appro9imatel )00 maor nonIconformitie +ere identi8ed durin- theinpection6 All maor nonIconformitieare follo+ed up +ith the upplier +ithmiti-ation plan and cloin- procee6

$ore than 2:)00 of thee inpection+ere carried out in $anmar: +here

Telenor ha a pecial focu on ri; in ituppl chain6 "n 2014: ) cae of childla3our: 2 cae of undera-e la3our and1* cae of upected undera-e la3our+ere found and miti-ated in $anmar6

Since 200: Telenor ha carried outmore than 1):000 utaina3ilit

inpection in our uppl chain6 "n 201):+e +ill continue to conduct a hi-hnum3er of upplier inpection andaudit6

Telenor ha a tron- focu ontranparenc6 A an e9ample: +ecarried out an open $anmarutaina3ilit update in Au-ut 20146 "nthi eion: Telenor e9ecuti(e

pro(ided information on theutaina3ilit ri; and miti-ation of ri;in thi area6

Telenor ha an A-reement onReponi3le Buine Conduct thatle-all 3ind our upplier to follo+ the



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Telenor SC' and to accept acti(emonitorin- 3 Telenor6 "n 2014: Telenori-ned a total of cloe to 1,:)00 ucha-reement on reponi3le 3uineconduct6

"n 2014: +e alo prioritied capacitI3uildin- amon- upplier 3 SSE

/'A%E 12/ TE#ENOR ANN&A# RE'ORT 2014Sutaina3ilit Report

Telenor 3elie(e that the mo3ile phonecan help tranform the li(e of indi(idual: allo+in- 8nancial incluion:

acce to ;no+led-e and ma;in- healther(ice a>orda3le and accei3le forall6 Brin-in- the 3ene8t of mo3ilecommunication to a +ider audience ione of Telenor ;e o3ecti(e6 Thi i+hat Telenor call Ena3le6

Telenor %roup_ o3ecti(e i to createhared (alue: includin- ma9imiin- theimpact of our communication er(ice

for ociet and our 3uine6 Ourproect are 3uilt around our coreer(ice and technolo- and ourtrate-ic approach i to +or; +ithtron- partner and throu-h +ellIfunctionin- net+or;6

Statu and am3itionA of 2014: Telenor had rolled out the4% mo3ile technolo- tandard in 8(e

countrie and % in ei-ht countrie: +ithmore countrie on the roadmap6 B201*: nearl all of our mar;et +ill ha(e% or 4%6 Si9 of our operation ha(ealo rolled out or are e(aluatin- 7iI!io>erin-6 "n our mature mar;et +e areaddin- net+or; capacit to utain and



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ence a net+or; 3ecome con-eted6

"n !e3ruar 2014 Telenor and &N"CE!i-ned a -lo3al partnerhip a-reement6B oinin- force +ith &N"CE!: +e +ihto le(era-e the reach and capa3ilit of connecti(it for children ur(i(al andde(elopment6

"n 2014: Telenor 'a;itan: &N"CE! andlocal authoritie launched a pilotproect in the pro(ince of Sindh and'una3 to au-ment 3irth re-itrationrate uin- cellular technolo-6

"n 2014: dtac in Thailand: &N"CE! andthe $initr of ealth tepped up thee>ort of the Bet tart initiati(e:

technolo-ie: 3uine model and dataHo+6

Toda: +itchin- from one mo3ileoperator to another can 3e done eailand fat6 ence conumer trut inoperator a3ilit to handle and protecttheir peronal data ha 3ecomeincreain-l important6 The di>erentapproache ta;en to addre datapri(ac concern directl inHuence+hether trut i tren-thened or

+ea;ened6

Telenor ta;e pride in it e>ort toafe-uard the inte-rit of the (at(olume of information +e collect andproce6 E(en thou-h nationalre.uirement (ar throu-hout our

impro(e the mo3ile data uer e9peri





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e(enl acro a 3road ta9 3ae6 Telenori committed to local -ro+th: crucialin(etment and fair ta9ation inaccordance +ith la+: on an e.ualfootin- +ith other companie andindutrie6

Durin- 2014: ome -o(ernmentprolon-ed the trend of e9cei(eta9ation a-aint elected indutrie: in atar-eted and nonIpredicta3le +a6

There i uni(eral upport for theprinciple of pain- for e9clui(e liceneand radio fre.uencie: or contri3utin- tothe real cot of re-ulation P a upport

hared 3 -o(ernment and indutrali;e6 But there i an increain- trend of ditorti(e ta9ation in e9ce of that: +ithdi(er-in- ta9 le(el 3et+een di>erentindutrie: +ithin the ame countr6SectorIpeci8c ta9ation include thele( of hi-her ta9e on ome indutriethan other: uch a import dutie:-ro re(enue ta9e: re(enue hare and

All 8-ure in NO5 millionNor+aS+edenDenmar;un-arBul-ariaSer3ia$ontene-ro

Thailand

$alaiaBan-ladeh'a;itan"ndia$anmar



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-ro+ the reilience of oun-er uer6 Thi ecoItem need to in(ol(e aran-e of di>erent ta;eholder6

At Telenor +e ee a role that +e canpla in e(eral area: and +e ha(eidenti8ed 8(e focu area +here +e+ant to ma;e pro-re -oin- for+ard6Acro Telenor %roup: our 3uineunit +ill tri(e to<

Reach out to chool to -ro+a+arene and pro(ide education to

children: parent: -uardian andteacher Enure -uidance on the a(aila3ilit of meanin-ful and eaItoIue parentalcontrol 'ro(ide acce to tollIfree childhelpline +ith capacit to upportchildren +ho ha(e 3een e9poed toharm $a;e a(aila3le e>ecti(e mechanim

for reportin- ille-al and harmfulcontent $aintain e>ecti(e mechanim topre(ent the pread of child e9uala3ue

Statu and am3ition"n 2014: Telenor %roup E9ecuti(e$ana-ement called on all Telenor3uine unit to de(elop their poition

+ithin the 8(e focu area pertainin- todi-ital reponi3ilit and child onlineafet6

"n No(em3er 2014: the %S$A formed apartnerhip +ith Child elpline



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S(ein AaerChairman


/'A%E 1*/ TE#ENOR ANN&A# RE'ORT 2014 Telenor %roup OperationA -lance at the

Telenor %roup TelenorNor+a

Telenor i the countr leadin-

telecommunication operator6 TelenorS+eden

Telenor i the third lar-etmo3ile operator in S+eden6

TelenorDenmar;

Telenor i the econd lar-etmo3ile operator in Denmar;6

Telenor

un-ar Telenor i the econd lar-etmo3ile operator in un-ar6

TelenorSer3ia

Telenor i the lar-et mo3ileoperator in Ser3ia6

Telenor$ontene-ro

Telenor i the lar-et mo3ile

operator in $ontene-ro6 The Telenor %roup i litedon the Olo Stoc; E9chan-e

/'A%E 1,/ TE#ENOR ANN&A# RE'ORT 2014 Telenor %roup Operation



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Telenor'a;itan

Telenor i the econd lar-etmo3ile operator in 'a;itan6&ninor"ndia

The "ndian -reen8eld mo3ile operator&ninor launched it er(ice in Decem3er200 and ha preence in e(en "ndiantelecom circle6%rameenphoneBan-ladeh%rameenphone i the lar-et mo3ileoperator in Ban-ladeh6%rameenphone i lited on the Dha;a

Stoc; E9chan-e JDSEG #td and theChitta-on- Stoc; E9chan-e JCSEG #td6

Telenor$anmar#icene i-ned in !e3ruar 2014 ander(ice launched month later6Am3ition to 3ecome mar;et leader6dtac

Thailanddtac i the econd lar-et mo3ile

operator in Thailand and ilited on the Stoc; E9chan-e of

Thailand6Di-i$alaiaDi-i i the third lar-et mo3ile operator in$alaia6 Di-i i lited on Bura $alaia6?impelCom

Telenor %roup hold an economic ta;e of per cent in ?impelCom #td6 +ith 222

million cutomer JQ4 2014G in 14 mar;et61, $arch 201)

+++6telenor6com



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Dear hareholder: Telenor %roup performance in 2014 con8rm our poition a oneof Europe fatet -ro+in- telco: +ith or-anic re(enue -ro+th of

)F durin- the 8nal .uarter and F for the full ear6 Telenorreported re(enue and earnin- in line +ith our -uidance for theear6 Durin- 2014: +e added 20 million ne+ mo3ile u3cri3er:ta;in- the total num3er of cutomer to 1* million6 Telenor hada olid operatin- cah Ho+ of NO5 21 3illion: a tron- 3alanceheet and +e -enerated another ear of competiti(e hareholderremuneration6



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the +ant and need6 To meet thi-ro+in- demand: +e need to continuethe i-ni8cant in(etment in ournet+or; and infratructure6 7ith thefoundation of tron- net+or; capacit:+e can 3uild and add attracti(eer(ice that ma;e our cutomer li(eeaier and create opportunitie6 7e eene+ emer-in- er(ice doin- ut that:includin- photo tora-e Capture inNor+a and 8nancial er(ice TelenorBan;a in Ser3ia6

7e alo entered into an e9panded oint(enture +ith Naper #td6: Schi3ted

ASA and Sin-apore oldin- #td6 ononline clai8ed in ;e mar;et:includin- Thailand and Ban-ladeh6 Be9plorin- ne+ er(ice on our o+n andalo partnerin- +ith other: Telenor itranformin- itelf into omethin- morethan a pro(ider of connecti(it6

'erhap thi ear -reatettranformation happened in $anmar:

+here million of people dico(ered thepo+er of mo3ile connecti(it6 "t i here:in thi relati(el untapped mar;et: that+e can trul ee the enormou impactof a mo3ile phone and ho+ it canempo+er ocietie6 $anmar ha;ipped the traditional de(elopmentpath een in more mature mar;et and

?impelCom: +e ta;e the in(eti-ationinto ?impelCom in(etment in&K3e;itan (er erioul6 7e continueto cooperate +ith the in(eti-atin-authoritie a a +itne6 Durin- mtenure a CEO of Telenor: " ha(e al+a



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emphaied that +e run our 3uine inan ethical and reponi3le +a6 Thi ha3een: and i: the Telenor 7a6 "t i ourtrademar; and our 3uine culture6

7e ha(e the capa3ilitie to continue on @on !redri; Ba;aa'reident CEO of Telenor %roup



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All: #o(ed 3 Cutomer andOperational E=cienc I and a a meanof 3rin-in- poiti(e chan-e to theocietie +here it operate6

?ital for ociet

Due to the -ro+in- reliance ontelecommunication around the +orld:it i a top priorit for Telenor to deli(eron it core 3uine6 Telenor i focuedon maintainin- and up-radin- itnet+or; to enure relia3ilit and the3et .ualit for it cutomer6

Telenor pro(ide infratructure that iincreain-l critical to ociet6 Thi i

ho+n epeciall durin- naturaldiater: uch a Hoodin- in Ser3ia:

"nno(ation'ro(idin- people +ith a>orda3lemartphone and internet connecti(it

i an important catalt for -ro+th andde(elopment: a +ell a deploin-cala3le and commercial model for8nancial er(ice: health: a-ricultureand education6

Telenor mer-ed it Strate- and Di-ital



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unit durin- 2014: 3rin-indi-italde(elopment e(en cloer to it core6

Telenor di-ital arm aim to de(elop-lo3all cala3le olution in the areaof communication er(ice: clouder(ice: eIcommerce and the "nternetof Thin- J+hich o>er ad(ancedconnecti(it of de(ice: tem: ander(iceG6 "t alo ena3le -lo3alditri3ution of it o+n and thirdIparter(ice and upport ne+ (enture+ithin di-ital entrepreneurhip6

$o3ile 8nancial er(iceBaed on the e9perience from

Eapaia in 'a;itan Jthe (enture3et+een Telenor 'a;itan and Tameer$icro8nance Ban;G: Telenor %rouplaunched mo3ile 8nancial er(ice in

Thailand J@ae+G and Telenor Ban;a inSer3ia in 20146 $o3icah in Ban-ladehentered into partnerhip +ith i9 3an;to re-iter and er(e 3an; cutomer6

Eapaia reached 12 million cutomer

and launched a com3ined a(in- andinurance product and AT$ card:mo(in- 3eond peronItoIperonmone tranfer6 "n Nor+a: Telenor i inpartnerhip +ith local 3an; dri(in- themo3ile +allet and cahle pament?alou6 To+ard the end of the ear:

Telenor alo launched 8nancial er(ice(ia it Telenor $Card and $7alleto>erin- in un-ar6

O+n er(ice and partnerhip"n 2014: the ne+ cloud tora-e er(iceCapture +a launched in Nor+a: Ser3ia



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en(ironment around Telenor and to3uild an or-aniation that +ill 3e a3le tocapitalie on the opportunitie: thecompan ha de8ned a tron- platformfor future -ro+th6 Thi i ummaried inthe Telenor 7a: +hich i compried of the compan (iion: it miion:(alue: leaderhip attitude and code of conduct6 "t de8ne the companapiration and et the tandard forho+ Telenor doe 3uine6

Thi ear: Telenor launched a re(italied Telenor 7a and a rene+ed e>ort to

promote the Telenor 7a in all of it3uine unit6 Thi +a done throu-h+or;in- eion: leaderhip dialo-ueand emploee e(ent6

Telenor culture and the Telenor 7aare ma;in- it mot (ii3le impact in

Telenor ne+et mar;et: namel$anmar and Bul-aria6 "n 2014:%#OB&# completed it re3randin- to

Telenor: +ith a ne+ loo;: feel and +a of +or;in-6 7all +ere literall torn do+nin the Telenor Bul-aria 3uildin-: a (ii3le+a of mar;in- the culture of Telenor6!rom their 8rt da on the o3: all

Telenor $anmar emploee +ereonI3oarded in the Telenor 7a of +or;in-: educatin- them not onl in thecompan (iion and miion: 3ut aloin ethical conduct and maintainin- an

open and tranparent culture6

Telenor alo aim to addre thepoi3le ne-ati(e impact of theincreain- ue of the internet6 Theinitiati(e Safe "nternet i a toppriorit for Telenor and the compan



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acti(el run proect in all of it3uine unit to deli(er afere9perience for children and oun-adult6 Thi i motl done 3 Telenor3rin-in- the afe internet mea-in-and education directl to children6

Throu-h it e9perience +ith afeinternet and outreach pro-ramme in

"n Telenor European mar;et includin-Scandina(ia: the compan i focued onecurin- pectrum and up-radin-

net+or;: increae martphonepenetration: timulatin- ua-e throu-helected thirdIpart and o+nde(eloped er(ice and -ro+in-pro8ta3ilit throu-h data centric priceplan6

E=cient Operation Telenor %roup continue to focu onincreain- e=cienc and impro(inho+

cutomerIfacin- and operationalprocee are run6 A 3etter cotpoition +ill pro(ide the compan +iththe tren-th and capacit to in(et in a3etter cutomer e9perience and in turn:impro(e -ro+th and (alue creation6

"n order to dri(e pro8ta3le data -ro+th: Telenor +ill continue to in(et innet+or;: pro(ide and de(elop rele(ant

o>erin- and health pricin-: a +ell areduce le-ac cot 3 moderniin-product: procee and "T tem6

Telenor i pro-rein- on it cote=cienc a-enda and tar-et -roa(in- of NO5 ) 3illion in the period201 to 201)6 Total operatin- e9pene



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+ere NO5 40 3illion in 20146

The mi-ration to the ne+ % licence in Thailand continue to dri(e re-ulatorcot a(in-: +hile the completion of the net+or; moderniation inBan-ladeh ha reulted in reducedoperation and maintenance cot for%rameenphone in 20146 A in pre(iouear: Telenor aim to further reduceener- cot in it net+or;: a theerepreent around 0F of Telenor totalener- conumption6

"n it le de(eloped mar;et: Telenor

remain committed to rollin- outer(ice and net+or; a cote=cientl a poi3le6 "n it maturemar;et portfolio the compan i

foundation for harin- 3et practice in

cutomer e9perience mana-ement6

i-her -ro+th relie on the a3ilit to +inne+ and retain e9itin- mo3ileu3cri3er: and to tren-then the tie3et+een Telenor and it cutomer Pdeli(erin- +hat the trul (alue6 Solidini-ht are needed to create moretar-eted product and price pac;a-ethat aim to impro(e the cutomer

e9perience and retention: and dri(ecot e=cienc6

#at ear Telenor tarted to deploer(ice dei-n methodolo- and to3rin- the cutomer (oice to the core of all de(elopment6 A competence hu3



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+a eta3lihed in Aia to e9ploit anddeplo ini-htIdri(en: cutomerIoriented Bi- Data capa3ilitie6

'eople De(elopmentB earIend 2014: Telenor %roupemploed a3out ):000 people acro1 mar;et6 Thi +or;force repreent-reat di(erit: in re-ard to nationalit:education: -ender: a-e and cultural3ac;-round6 Some 2) per cent of

Telenor ASA emploee are nonINor+e-ian: * per cent of the total+or;force i female and the hare of +omen in mana-erial poition i 2* per

cent: up from 21 per cent lat ear6 Thehare of +omen in the Board of Director remain at * per cent6 "n2014: the ic;ne a3ence rate for the+hole Telenor %roup +a 16) per cent6

To upport Telenor 3uine andor-aniational am3ition -oin- for+ard:

Telenor aim i to further de(elop adi>erentiated culture: enure unri(alled

competence and de(elop an adapta3leor-aniation6

De(elopin- leaderhip and e9perttalent i prioritied 3 Telenor and itematicall implemented6 Concrete


Nor+a P creatin- (alue from

increain- data ua-e

Nor+a i a technolo-icall ad(anced countr and Telenor Nor+a hata;en an acti(e role in thi de(elopment 3 3uildin- critical net+or;



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infratructure and introducin- ne+ product and er(ice Je6-6 marttechnolo-: health care productG6 $oreo(er: recent e(ent in Nor+a ha(e

re(ealed that the countr ha 3ecome (ulnera3le to e9treme +eather andthat there i a need for ro3ut infratructure com3ined +ith emer-encpreparedne6

One third of Nor+e-ian +or; outide the o=ce: hence capacit andco(era-e i (ital6 The compan ha e.uipped 2)00 3ae tation acroNor+a +ith 4% co(era-e o(er the pat t+o ear: -i(in- more than 0 percent of the population acce to 4%6 Data tra=c in Telenor Nor+a mo3ilenet+or; ha increaed 3 0 per cent in the pat ear and for the 8rt timee(er there are more 4% phone in Telenor Nor+e-ian net+or; than %phone6 Similarl: data tra=c in the 89ed net+or; increaed 3 )0 per cent6

The maorit of data tra=c till occur o(er the 89ed net+or;: +ith tra=c

o(er mo3ile net+or; accountin- for 2I per cent of the total data tra=c6 "tremain important for Telenor Nor+a to tren-then it 89ed poition and

modernie it infratructure: +hile retainin- a tron- mo3ile poition6

Telenor Nor+a +ill continue to in(et in 89ed and mo3ile net+or;infratructure to meet hi-h cutomer demand and e9pectation for datacapacit and co(era-e6 The ac.uiition of 00 $hK pectrum I to increaeco(era-e of 4% to-ether +ith dataIcentric mo3ile pricin- plan I ha 3eena ucceful +a to capture -ro+th and increae re(enue6 The planned

+or; to reduce operational e9pene and modernie the infratructure iproceedin- a planned6 Thee e=cienc impro(ement +ill 3ene8t the

trate-icall to reduce the di-ital -ap in ociet 3 helpin- cutomer -etonline and 3ecome con8dent in uin- technical de(ice uch a ta3let andmartphone6

The 4% de(elopment: increaed focu on 83re and the uccefulupellin- from ADS# to ?DS# demontrate ho+ Telenor Nor+a continueto deli(er hi-h .ualit on mo3ile and 89ed net+or; olution6 To enure

freedom of choice for cutomer Telenor Nor+a announced a deciion todeI3undle the ale of 3road3and acce and T? in the near future6

Ne+ 83re mar;et re-ulation +a introduced at the end of 2014: and it +adecided that Telenor Nor+a ha to open for acce to it 83re net+or;6

uer and future in(etment6 !urthermore: Telenor Nor+a +ill +or;



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3uine and in(etment in onlineclai8ed oint (enture of NO5 1643illion6 Thoe e>ect are partl o>et3 the ac.uiition of %lo3ul in Bul-ariaof NO5 46) 3illion and in(etment inonline clai8ed oint (enture of NO5

16) 3illion in 2016

Net cah outHo+ to 8nancin- acti(itiedurin- 2014 +a NO5 16 3illion6 Thi imainl e9plained 3 di(idend paid tohareholder in Telenor ASA of NO5 106* 3illion and to nonIcontrollin-interet of NO5 64 3illion: hare3u3ac; of NO5 1 3illion: partiall o>et3 net proceed from 3orro+in- of

NO5 161 3illion6

Cah and cah e.ui(alent decreaed3 NO5 061 3illion durin- 2014 to NO5 116 3illion a of 1 Decem3er 20146

At the end of 2014: total aet in theconolidated tatement of 8nancialpoition amounted to NO5 16 3illion:+ith an e.uit ratio Jincludin- nonI

controllin- interetG of )6Fcompared to NO5 1160 3illion and 4F:repecti(el: at the end of 2016 TotalnonIcurrent lia3ilitie at the end of 2014 +ere NO5 ,260 3illion compared toNO5 )6* 3illion at the end of 2016 NetinteretI3earin- lia3ilitie increaed



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from NO5 64 3illion at the end of 201to NO5 4,61 3illion 3 the end of 20146Di(idend of NO5 106* 3illion +ere paidout to hareholder of Telenor ASA in20146 "n the Board (ie+: Telenor %roupha a atifactor 8nancial poition6 "naccordance +ith ection Ia of theNor+e-ian Accountin- Act: the Boardcon8rm that the prere.uiite for the-oin- concern aumption e9it andthat the 8nancial tatement ha(e 3eenprepared 3aed on a -oin- concern3ai6

Telenor annual report for 201

contained a 8nancial outloo; for 2014

increaed 3 )F6 Aduted for theac.uiition of Tele2 89ed 3uine:re(enue +ere ta3le6 Re(enue fromthe mo3ile operation increaed 3 2Fdri(en 3 hi-her u3cription and tra=c

re(enue6 Re(enue from 89edoperation increaed 3 1*F: 3utdeclined )F or-anicall due to acontinued reduction in the num3er of telephon and DS# u3cription6 TheEB"TDA mar-in +a ta3le at 0F in20146 Aduted for the ac.uiition of the89ed 3uine: Telenor S+edenimpro(ed the EB"TDA mar-in 3 1percenta-e point due to impro(ed -ro

pro8t and impro(ed cot e=cienc6

Capital e9penditure increaed 3 F aa reult of continued "S/"T in(etment:inte-ration of the ac.uired 89ed3uine: and continued hi-h acti(itrelated to the % +ap and





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in -eo-raphie +ith tron- demand andade.uate de(ice a(aila3ilit6 B earIend: Di-i mo3ile u3cri3er 3aereached 1164 million: of +hich )*F of the u3cri3er +ere acti(e internetuer6 Re(enue in local currencincreaed 3 4F: dri(en 3 hi-h demandfor mo3ile internet and handet ale a+ell a a lar-er u3cription 3ae6 TheEB"TDA mar-in remained ta3le at 4)Ffollo+in- health er(ice re(enue-ro+th: lo+er tra=c cot ande=cienc meaure o>ettin- hi-herhandet cot and a moderate increaein operatin- e9penditure6 Capital

e9penditure +a mainl related toe9panion of net+or; co(era-e andcapacit: 3ac;haul tranmiion andmoderniation of "T tem6

%rameenphone I Ban-ladeh2014 +a the ear +hen %rameenphonecroed the )0 million u3criptionmar;6 7ith real mo3ile penetrationetimated at 4*F: there i till lar-e

untapped potential for future -ro+th of telecom in Ban-ladeh 3 increain-the rural co(era-e6 After the uccefulcommercial launch of % er(ice: athe 8rt operator in Ban-ladeh inOcto3er lat ear: e(eral initiati(e todri(e data -ro+th ha(e 3een launchedincludin- pro(idin- a>orda3le %phone: content er(ice and 3uildin-internet a+arene6 21F of

%rameenphone u3cri3er are no+acti(e data uer +ith an etimatedmartphone penetration of around F6



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!or upplementar e-mentinformation: reference i made to note )to the conolidated 8nancialtatement6

?impelCom Telenor hold a 60)F economic ta;ein ?impelCom #td6 J?impelComG6 Athi i a minorit ta;e +ithoutoperational control: ?impelCom iincluded a an aociated compan in

Telenor 8nancial reult6 "n 2014:?impelCom 8nancial reultcontri3uted a lo of NO5 26 3illion tothe Telenor 8nancial reult6 "n

addition to currentl +ea; reult: thein(etment alo preent challen-eand ri;6

Since 201: Telenor economic and(otin- interet ha remainedunchan-ed at 60)F and 426)Frepecti(el6 On 1) Octo3er 201:

Telenor entered the con(erion +indo+for it 0) million preferred hare:

+hich remain open until midIApril201*6 Durin- 2014: Telenor recei(edNO5 14) million J&SD 20 millionG indi(idend from ?impelCom6 Telenorhare of ?impelCom reco-nied in thetatement of 8nancial poition a of 1Decem3er 2014 correpond to &SD)60 per hare after ta;in- etimatedtranlation di>erence for the fourth.uarter of 2014 into conideration6 The

hare price a of 1 Decem3er 2014 +a&SD 461 per hare: compared to &SD1264 per hare a of 1 Decem3er2016 The de(elopment in the mar;et(alue durin- 2014 reHect the-eopolitical uncertaint and hei-htenedri; related to the Ruian and



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&;rainian economie6

?impelCom #td6 Super(ior Boardconit of nine mem3er: of +hichthree are nominated 3 Telenor %roupincludin- E?' and ead of Europe 5ellI$orten @ohnen and ead of Ruia Ole

mar;et: Telenor %roup i e9poed to aran-e of 8nancial: re-ulator:operational: indutr and reputationalri; that ma ad(erel a>ect the

3uine6 See alo note for criticalaccountin- ud-ment and ;e ourceof etimation uncertaint: note 2 formana-incapital and 8nancial ri;mana-ement and note for le-aldipute and contin-encie6

!inancial Ri;!inancial ri; are continuoulmonitored and analed6 !inancial ri;

include credit ri;: li.uidit ri;:currenc ri; and interet rate ri;6$eaure are ta;en to miti-ate theeri; and reduce the pro3a3ilit for8nancial loe6

Telenor %roup i e9poed to credit ri;mainl related to account recei(a3le:depoit +ith 8nancial intitution:8nancial deri(ati(e and in(etment in

%o(ernment de3t ecuritie6 "n 2014: Telenor %roup had no credit loe dueto default of 8nancial intitution or%o(ernment ecuritie6

!inancial He9i3ilit i a ;e priorit for Telenor %roup6 The li.uidit ri; i lo+



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and 8nancial He9i3ilit i maintainedthrou-h a di(eri8ed et of fundin-ource6 A of 1 Decem3er 2014:

Telenor net de3t/EB"TDA ratio +a1626 Thi i +ell +ithin the cap of 2609 atated in the %roup 8nancial polic6

*F of the %roup re(enue arederi(ed from operation +ith afunctional currenc other than theNor+e-ian 5rone6 Currenc Huctuationa>ect the (alue of in(etment in forei-noperation +hen tranlatin- 8nancialtatement into Nor+e-ian 5roner6

Telenor %roup ee; to hed-e it net

in(etment in forei-n operation 3allocatin- currenc de3t on the 3ai of rele(ant mar;et (alue and mar;et

till in de(elopment and +ea;intitutional capacit remain achallen-e6 !urther: not meetin- the

licence o3li-ation in the mo3ile licencecontitute a ri;6

"n Thailand follo+in- the o(erthro+ of the elected -o(ernment in $a 2014 :

cation ector are 3ein- re(ied 3 thene+ -o(ernment6 Chan-e to e9itin-la+ and re-ulation could ha(e ane-ati(e impact on dtac operation6 "n

addition the !orei-n Dominancere-ulation contitute a ri; depite thematter 3ein- u3ect to dicuion atthe Council for Trade in Ser(ice J7TOGin %ene(a6

!urther: CAT Telecom 'u3lic Compan

the la+ -o(ernin- the telecommuni



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#imited and dtac ha(e a num3er of dipute and dia-reement o(erundertandin- and reach of theconceion a-reement: a-reement+hich -i(e CAT o+nerhip to certainnet+or; aet and infratructure andare et to e9pire in Septem3er 2016

Thi alo include ho+ the ne+ %re-ime i to 3e undertood in relation tothe conceion a-reement6 dtac i of the opinion that the compan ioperatin- in accordance +ith applica3lela+ and re-ulation and refute analle-ation from CAT that dtac ioperatin- in (iolation of conceion

a-reement6 dtac ha a dipute +ith TOT 'u3lic Compan #imited related topament of acce char-e to TOT6 dtac

connection Char-e re-ime in force ince$a 200*: replace the pre(iou accechar-e re-ime: and that the claim from

TOT i +ithout merit6

Operational Ri;

The introduction of ne+ 3uinemodel and technolo-ie in the telecomector ma lead to tructural chan-eand di>erent competiti(e dnamic

3rand: a +ell a ad(erel impact the%roup reult of operation6

Telenor %roup operate in countrie+here there i a hitor of politicalinta3ilit and (iolence6 An recurrenceor ecalation of uch e(ent: includin-ocial unret: terrorit attac; and +ar:ma pre(ent the %roup from operatin-

i of the opinion that the "nter





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procee locall6 All mana-er arere.uired to aume reponi3ilit forri; mana-ement +ithin their area of reponi3ilit and enure that ri;mana-ement i em3edded in da toda 3uine procee6

Share and Shareholder iue The Telenor hare i lited on the OloStoc; E9chan-e JOSEG6 "ncludin-rein(eted di(idend: the total returnof the Telenor hare +a 10F in 2014:+herea the 3enchmar; inde9 STOXX

Europe *00 Telecommunication "nde9%ro Return JSX5%RG increaed 31,F6 The Olo Stoc; E9chan-eBenchmar; "nde9 JOSEBXG increaed3 )F6 The Telenor hare cloed atNO5 1)16)0 at earIend 2014:correpondin- to an e.uit (alue of NO5 22, 3illion6

At earIend: Telenor hare capital

+a NO5 :00:,4:10: di(ided into1:)01:4):00 hare6 The harecapital +a reduced 3 NO5 0:,,:44* in 20146 Thi +a done 3cancellin- *:1:,4 o+n hare and3 redeemin- :14:4 hare held3 the 5in-dom of Nor+a throu-h the$initr of Trade and !iherie6

The compan had appro9imatel

,:200 hareholder at earIend: adecline of around 12F from thepre(iou ear6 The 20 lar-ethareholder held ,4F of there-itered hare6 Nor+e-ianintitutional in(etor: includin- theNor+e-ian tate: held *F of the total



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iued hare capital at earIend6North American intitutional in(etoro+ned 11F: +hile &5 intitutionalin(etor and other Europeanintitutional in(etor held *F and 11Fof the hare: repecti(el6 Telenordoe not hold an treaur hare aof 1 Decem3er 20146

Telenor ha operational control6 "ncompanie +here Telenor doe not ha(e

operational control: 3oard mem3ernominated 3 Telenor hall acti(elpromote adoption of rele(ant -o(ernin-document and Telenor i continuoul+or;in- on ho+ to achie(e thee -oalin thee companie6

Telenor +or; continuoul to impro(eit -o(ernance re-ime: and to enurethat document: trainin- and control

mechanim are current and ade.uate6 To upport thi: Telenor haimplemented a %o(ernance 7or;'ro-ramme P an annual procedi(ided into three phae< De(elopmentand appro(alL ditri3ution andimplementationL and monitorin- andreportin-6

The Board +ill continue it focu on

maintainin- and further de(elopin- Telenor tron- ethical platform andcorporate -o(ernance tandard a one;e factor for Telenor 3uineinte-rit and continuin- tron-performance6



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Compoition and +or; of the Boardof directorRole and Reponi3ilit of the Board

The Board of Director of Telenor ASA ireponi3le for the adminitration of the

Telenor %roup and for afe-uardin- theproper or-aniation of the 3uine6 TheBoard of Director hall uper(ie thedaItoIda mana-ement and Telenor3uine in -eneral6 The Board hall: tothe de-ree necear: appro(etrate-ie: 3uine plan and rollin-forecat for the acti(itie of thecompan and it u3idiarie6 The

Telenor %roup trate- J201)I201,G i

a(aila3le at +++6telenor6com/a3outIu/ourItrate-6

The Board of Director iueintruction for it o+n +or; a +ell a

repreentati(eG6 The Committee held

e(en meetin- in 20146 The a(era-eattendance at the Committee meetin-+a 100F6

The Committee o(eree that Telenoret -enerall accepted hi-h tandardof Corporate %o(ernance and maintaina corporate culture that encoura-e-ood corporate -o(ernance6 "t i alothe ta; of the Committee to enure

that Telenor ha rele(ant mana-ementand control 3odie and procee andto o(eree the %roup CEO authorit andreponi3ilit6 The Committee hall alopro(ide upport to the Board onmatter relatin- to lon- termde(elopment of culture and leaderhip6



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!urther: the Committee conider Telenor remuneration polic andpro-ram: includin- 3onu pro-ramand hareI3aed cheme: andpreent recommendation to theBoard of Director for deciion6 TheCommittee annuall e(aluate the'reident and CEO total remunerationand preent recommendation to theBoard of Director for deciion6

Durin- 2014: the Committee ha had aparticularl focu on implementation of e9ecuti(e 3onu plan: ucceionplannin-: culture and de(elopment of

-o(ernance procee6 Succeionplannin- +a dicued 3aed ondetailed e(aluation a3out theperformance and potential of e9ecuti(emana-ement in the +hole %roup6 Theproce ha contri3uted to a ro3utleaderhip pipeline in Telenor %roup6Baed on a -roup +ide cultural ur(ethe Committee dicued ho+ the

Telenor 7a could 3e tren-thened

acro all 3uine unit6 TheCommittee alo dicued corporate-o(ernance impro(ement 3aed on a3enchmar;in- of -o(ernance procee+ith other multinational companie6

"n addition to ful8llin- it reponi3ilitiea decri3ed a3o(e: the AuditCommittee had a particular focu ontrate-ic ri; and 8nancial prioritie andam3ition for the period 201)I201,6

The ?impelCom ad hoc Committee





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Di(idend for 2014 The Telenor Board of Director +illpropoe a di(idend of NO5 60 perhare JNO5 )6, 3illionG to 3e reol(ed 3the -eneral meetin- in $a 201): andpaid out in @une 201)6 "n addition: theBoard +ill a; the -eneral meetin- foran authorit to reol(e furtherdi(idend: puruant to +hich the Boardplan to reol(e a di(idend of NO5 6)0per hare JNO5 )6 3illionG to 3e paid in

$arit ?aa-enBoard mem3erBrn Andr AnderenBoard mem3er

Note

1,: 11): 1,: 1



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Note

2: 2



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2: 2)









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of the Nor+e-ian Act relatin- to 'u3lic #imited #ia3ilit Companie6 The Compan principal o=ce are located at Snar(eien0: NI1*0 !orne3u: Nor+a6 Telephone num3er< `4, *, 00006 Telenor i a telecommunication compan and the principalacti(itie of the Compan and it u3idiarie Jthe %roupG aredecri3ed in note ) Se-ment6

Thee conolidated 8nancial tatement ha(e 3een appro(ed foriuance 3 the Board of Director on 1, $arch 201) and i u3ectto appro(al 3 the Annual %eneral $eetin- on 20 $a 201)6

Statement of compliance!rom 1 @anuar 200): a re.uired 3 the European &nion "ASRe-ulation and the Nor+e-ian Accountin- Act: the Compan haprepared it conolidated 8nancial tatement in accordance +ith

"nternational !inancial Reportin- Standard J"!RSG a adopted3 the European &nion JE&G6 Reference to "!RS hereafterhould 3e contrued a reference to "!RS a adopted 3 the E&6

Adoption of ne+ and re(ied tandard and interpretation The accountin- policie adopted are conitent +ith thoe of the pre(iou 8nancial ear: e9cept for implementation of ne+accountin- tandard a decri3ed 3elo+6

The follo+in- tandard and interpretation adopted +ith e>ectfrom 1 @anuar 2014 had no implementation impact on the %roup

conolidated 8nancial tatement< "n(etment Entitie JAmendment to "!RS 10: "!RS 12 and

O>ettin- !inancial Aet and !inancial #ia3ilitie P



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No(ation of Deri(ati(e and Continuation of ed-e Accountin- P

6

/'A%E 1/ TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roup "mpro(ement to "!RS P 2011I201 ccle Je>ecti(e from 1

@ul 2014: e9cept a tated a3o(eG6 The chan-e are primarilin order to remo(e inconitencie and to clarif the +ordin-of tandard and interpretation6 There are eparate tranitionpro(iion for each tandard6 Thee +ill not ha(e an e>ect forthe %roup6

"mpro(ement to "!RS I 2012I2014 ccle Je>ecti(e from 1 @ul201*: 3ut not appro(ed 3 the E&G6 $inor chan-e to 4 "!RS:ho+e(er thee amendment +ill not ha(e an i-ni8cant e>ectfor the %roup6

"!R"C 21 #e(ie Je>ecti(e from 1 @anuar 201)G"!R"C 21 clari8e that an entit reco-nie a lia3ilit for a le(+hen the acti(it that tri--er pament: a identi8ed 3 therele(ant le-ilation: occur6 !or a le( that i tri--ered upon

reachin- a minimum threhold: the interpretation clari8e thatno lia3ilit hould 3e anticipated 3efore the peci8ed minimumthrehold i reached6 Retropecti(e application i re.uired for"!R"C 216 Thi interpretation +ill not ha(e an e>ect on the%roup conolidated 8nancial tatement6

The mana-ement anticipate that thee tandard and



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interpretation +ill 3e adopted at the date tated a3o(e pro(idedthat the tandard and interpretation are appro(ed 3 the E&6

Summar of i-ni8cant accountin- policieBai of preparation



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The conolidated 8nancial tatement ha(e 3een prepared on ahitorical cot 3ai: e9cept for 8nancial aet a(aila3le for aleJprimaril hare o+ned le than 20FG and deri(ati(e 8nancialintrument: +hich are carried at fair (alue6 #oan: recei(a3le andother 8nancial lia3ilitie are carried at amortied cot6

The conolidated 8nancial tatement are preented in Nor+e-ian5roner JNO5G6 Amount are rounded to the nearet million: unleother+ie tated6 A a reult of roundin- di>erence: amount andpercenta-e ma not add up to the total6

Bai of conolidation and nonIcontrollin- interet The conolidated 8nancial tatement include the 8nancialtatement of Telenor ASA and entitie controlled 3 Telenor ASAJthe %roupG6 Control i achie(ed +hen the compan i e9poed:

or ha ri-ht: to (aria3le return from it in(ol(ement +ith thein(etee and ha the a3ilit to a>ect thoe return throu-h itpo+er o(er the in(etee6 Control normall e9it +hen the %roupha more than )0F of the (otin- po+er throu-h o+nerhip ora-reement: e9cept +here nonIcontrollin- interet are uch thata nonIcontrollin- hareholder i a3le to pre(ent the %roup frome9erciin- control6

"n addition control ma e9it +ithout ha(in- )0F (otin- po+erthrou-h o+nerhip or a-reement a a cone.uence of de facto

control6 De facto control i the a3ilit to e9ercie control throu-hthe maorit of the (ote at the %eneral $eetin- and at the Boardof Director meetin-: +ithout the le-al ri-ht to e9ercie unilateralcontrol6 Control ma alo e9it throu-h potentiall (otin- ri-ht:uch a option6 Such potential (otin- ri-ht are onl conidered if the are u3tanti(e6

The 8nancial tatement of the u3idiarie are prepared forthe ame reportin- period a the parent compan6 Conitentaccountin- policie are ued6 The reult of u3idiarie ac.uired or

dipoed of durin- the ear are included in the income tatementfrom the date +hen control i o3tained and until the controlceae: repecti(el6 "ntercompan tranaction: 3alance:re(enue and e9pene and unrealied %roup internal pro8t orloe are eliminated on conolidation6

NonIcontrollin- interet in u3idiarie are preented +ithin



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e.uit eparatel from the e.uit attri3uta3le to the o+nerof the parent6 NonIcontrollin- interet conit either of theproportionate fair (alue of net identi8a3le aet or of fair (alueof thoe interet at the date of the 3uine com3ination and thenonIcontrollin- interet hare of chan-e in e.uit ince the dateof the 3uine com3ination6 The principle for meaurin- nonIcontrollin- interet i determined eparatel for each 3uinecom3ination6

A chan-e in o+nerhip interet of a u3idiar: +ithout a lo of control: i accounted for a an e.uit tranaction6 Coniderationin e9ce of or lo+er than carrin- amount of nonIcontrollin-interet i reco-nied a-aint the e.uit attri3uta3le to theo+ner of the parent6 "f the %roup loe control o(er a u3idiarit dereco-nie the aet: lia3ilitie: nonIcontrollin- interet and

reclaif to pro8t or lo: or tranfer directl to retained earnin-a appropriate: the amount reco-nied in other compreheni(eincome in relation to the u3idiar6 An in(etment retained at thedate +hen control i lot i meaured at fair (alue and a -ain/loi reco-nied6

/'A%E / TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roup"f the 3uine com3ination i achie(ed in ta-e: the fair (alue

of the %roup pre(ioul held e.uit interet in the ac.uireei remeaured to fair (alue at the ac.uiition date throu-h theincome tatement6

"n(etment in aociated companieAn aociated compan i an entit o(er +hich the %roupha i-ni8cant inHuence and that i not a u3idiar or a ointarran-ement6 Si-ni8cant inHuence i the po+er to participate in the8nancial and operatin- polic deciion of the in(etee 3ut +ithoutthe a3ilit to ha(e control o(er thoe policie6 Si-ni8cant inHuence

normall e9it +hen the %roup ha 20F to )0F (otin- po+erthrou-h o+nerhip or a-reement6 "n(etment in aociatedcompanie are accounted for uin- the e.uit method6

"nteret in oint arran-ementA oint arran-ement i a contractual arran-ement +here3 the%roup and other partie underta;e an economic acti(it that i





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thee aociated companie or oint (enture6

+hether cah inHo+ from an aet Jor -roup of aetG are lar-elindependent of the cah inHo+ from other aet Jor -roup of aetG: the mana-ement conider (ariou factor includin- ho+mana-ement monitor the entit operation Juch a 3 productor er(ice line: 3uinee or -eo-raphical areaG6 %ood+ill imonitored and teted for the -roup of cahI-eneratin- unitcom3ined in mar;et +here the 89ed and mo3ile operation aremonitored and reported a one operatin- e-ment6 The -roup of cahI-eneratin- unit i in an cae not lar-er than an operatin-e-ment determined in accordance +ith "!RS Operatin-

Se-ment6Re(enue reco-nition and meaurementRe(enue are reco-nied +hen -ood are deli(ered or er(icerendered: to the e9tent that it i pro3a3le that the economic3ene8t from the tranaction +ill Ho+ to the %roup and there(enue can 3e relia3l meaured6 Re(enue are meaured atthe fair (alue of the conideration recei(ed or recei(a3le: net of dicount and ale related ta9e6 The conideration i dicounted+ith a dicount rate reHectin- the credit ri; +hen appropriate:normall +hen credit term e9ceed 12 month6 Sale related ta9e

are re-arded a collected on 3ehalf on the authoritie6

Re(enue primaril comprie ale of Ser(ice< u3cription and tra=c fee: connection fee:interconnection fee: roamin- char-e: fee for leaed line andleaed net+or;: fee for data net+or; er(ice and fee for T?ditri3ution and atellite er(ice6 Cutomer e.uipment i primaril mo3ile de(ice/phone6

Su3cription and tra=c fee

Re(enue from u3cription fee are reco-nied o(er theu3cription period +hile re(enue from (oice and nonI(oiceer(ice are reco-nied upon actual ue6 Conideration from theale of prepaid card to cutomer +here er(ice ha(e not 3eenrendered at the reportin- date i deferred until actual ua-e or+hen the card are e9pired or forfeited6



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Connection feeConnection fee that are char-ed and not allocated to the otherelement of an arran-ement are deferred and reco-nied o(er theperiod in +hich the fee are e9pected to 3e earned6 The earnin-period i the e9pected period of the cutomer relationhip and i3aed on pat hitor of churn and e9pected de(elopment in theindi(idual %roup companie6

Cutomer e.uipmentRe(enue from ale of cutomer e.uipment are normallreco-nied +hen the e.uipment: includin- the related i-ni8cantri; and re+ard of o+nerhip: i tranferred to the 3uer and the%roup retain neither continuin- mana-erial in(ol(ement to thede-ree uuall aociated +ith o+nerhip nor e>ecti(e control o(erthe -ood old6 7hen cutomer e.uipment are old on intalment

plan: the recei(a3le i dicounted if material: normall +hen theintalment period i more than 12 month6$ultiple element arran-ement7hen the %roup deli(er multiple er(ice and/or e.uipment apart of one contract or arran-ement: the conideration i allocatedto the eparate identi8a3le component if the deli(ered item ha(alue to the cutomer on a tandalone 3ai and there i o3ecti(eand relia3le e(idence of the fair (alue of the undeli(ered item6 Theconideration i allocated 3et+een the element 3aed on their

/'A%E )/ TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roup'enion

The %roup operate (ariou potIemploment plan: includin-3oth de8ned 3ene8t and de8ned contri3ution plan6 The %rouplia3ilit reco-nied in the tatement of 8nancial poition relatedto de8ned 3ene8t plan i the preent (alue of the de8ned 3ene8to3li-ation at the end of the reportin- period le the fair (alue of plan aet6 The de8ned 3ene8t o3li-ation i calculated annuall

3 independent actuarie uin- the proected unit credit method6 The preent (alue of the de8ned 3ene8t o3li-ation i determined3 dicountin- the etimated future cah outHo+ uin- interetrate of hi-hI.ualit corporate 3ond that are denominated in thecurrenc in +hich the 3ene8t +ill 3e paid: and that ha(e termto maturit appro9imatin- to the term of the related peniono3li-ation6





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The %roup a leorRecei(a3le on aet leaed to other under 8nance leae arepreented at an amount e.ual to the net in(etment in the leae6

The 8nance income i allocated uin- a contant periodic rateof return on the net in(etment o(er the leae term6 Direct cot

include deri(ati(e not dei-nated for hed-in- purpoe6 !inanciallia3ilitie meaured at amortied cot conit of lia3ilitie that arenot a part of the cate-or at fair (alue throu-h pro8t or lo6

The 8nancial intrument are reco-nied in the %roup tatement

of 8nancial poition a oon a the %roup 3ecome a part tothe contractual pro(iion of the intrument: uin- trade dateaccountin-6 !inancial aet and lia3ilitie are o>et and the netamount preented in the tatement of 8nancial poition +hen the%roup ha the intention and le-all enforcea3le ri-ht to ettlethe contract net: other+ie the 8nancial aet and lia3ilitie arepreented -ro6

Trade recei(a3le and other current and nonIcurrent8nancial aet

Trade recei(a3le and other current and nonIcurrent 8nancial

aet include trade recei(a3le: other 8nancial nonIcurrentinteretI3earin- and nonIinteretI3earin- aet Jincludin-3ond and commercial paper +ith ori-inal maturit 3eond threemonth and e9cludin- capital contri3ution to the Telenor 'enion!und: +hich i a part of the cla e.uit ecuritieG6 Thee aetare part of the cate-or loan and recei(a3le and are meauredon initial reco-nition at fair (alue includin- directl attri3uta3letranaction cot and u3e.uentl meaured at amortied cotuin- the e>ecti(e interet rate method aduted for pro(iion foran impairment6 "mpairment for etimated irreco(era3le amount

i reco-nied in the income tatement +hen a lo e(ent ando3ecti(e e(idence that the aet i impaired: e9it6 The impairmenti calculated 3 ta;in- into account the hitoric e(idence of thele(el of 3ad de3t e9perienced for cutomer tpe and the a-in- of the recei(a3le 3alance6 "ndi(idual trade recei(a3le are impaired+hen mana-ement ae them not to 3e +holl or partiallcollecti3le6



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E.uit ecuritieE.uit ecuritie include a(aila3le for ale in(etment andcapital contri3ution to Telenor 'enion !und that are a part of thecate-or 8nancial aet a(aila3leIforIale in(etment: andaet held for tradin- that are a part of the cate-or 8nancialaet at fair (alue throu-h pro8t or lo6

E.uit ecuritie in the cate-or 8nancial aet a(aila3leIforIale are initiall meaured at fair (alue plu directl attri3uta3letranaction cot: and are u3e.uentl meaured at fair (alue6&nrealied -ain and loe ariin- from chan-e in fair (alueare reco-nied directl in other compreheni(e income until thein(etment i dipoed of or i determined to 3e impaired: at +hichtime the cumulati(e -ain or lo pre(ioul reco-nied in other

compreheni(e income i reco-nied in the income tatementfor the period6 E.uit ecuritie a(aila3le for ale are conideredimpaired and an impairment lo i ta;en to the income tatementif the reduction in (alue i i-ni8cant or prolon-ed6 "mpairmentloe reco-nied for e.uit in(etment clai8ed a a(aila3leIforIale are not u3e.uentl re(ered throu-h the incometatement6

E.uit ecuritie in the cate-or 8nancial aet at fair (aluethrou-h pro8t or lo are initiall and u3e.uentl meaured at

fair (alue6 %ain and loe ariin- from chan-e in fair (alue arereco-nied in the income tatement on the line net chan-e in fair(alue of 8nancial intrument at fair (alue throu-h pro8t or lo6

/'A%E ,/ TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roup

At the inception of each hed-e relationhip: the %roupdei-nate and document the hed-e accountin- relationhip:ri; mana-ement o3ecti(e and trate- for underta;in- thehed-e6 The documentation include identi8cation of the hed-in-intrument: the hed-ed item or tranaction: the nature of theri; 3ein- hed-ed and ho+ the entit +ill ae the hed-in-intrument e>ecti(ene in o>ettin- the e9poure to chan-e



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in the hed-ed item fair (alue or cah Ho+ attri3uta3le to thehed-ed ri;6 Such hed-e are e9pected to 3e hi-hl e>ecti(e inachie(in- o>ettin- chan-e in fair (alue or cah Ho+ and areaeed on an on-oin- 3ai to determine that the actuall ha(e3een hi-hl e>ecti(e throu-hout the 8nancial reportin- period for+hich the +ere dei-nated6ed-e relationhip that meet the re.uirement for hed-eaccountin- are accounted for in the %roup conolidated 8nancialtatement a follo+<

!air (alue hed-e!air (alue hed-e are hed-e of the %roup e9poure tochan-e in the fair (alue of a reco-nied aet or lia3ilit or anunreco-nied 8rm commitment: or an identi8ed portion of uch:that i attri3uta3le to a particular ri; and could a>ect the income

tatement6 !or fair (alue hed-e: the carrin- amount of thehed-ed item i aduted for -ain and loe attri3uta3le to theri; 3ein- hed-ed6 The deri(ati(e i alo meaured at fair (alue and-ain and loe from 3oth the hed-in- intrument and the hed-editem are reco-nied in the income tatement6

The %roup dicontinue fair (alue hed-e accountin- if the hed-in-intrument e9pire or i old: terminated or e9ercied: the hed-eno lon-er meet the criteria for hed-e accountin- or the %roupre(o;e the dei-nation6 "f the hed-ed item till e9it and i not

old: the fair (alue adutment to the hed-ed item attri3uta3le tothe ri; 3ein- hed-ed at deIdei-nation +ill 3e amortied in theincome tatement o(er the remainin- time to maturit6

ed-e of a net in(etmentA hed-e of a net in(etment in a forei-n operation i accountedfor in a imilar +a to a cah Ho+ hed-e6 !orei-n e9chan-e -ain orloe on the hed-in- intrument relatin- to the e>ecti(e portionof the hed-e are reco-nied directl in other compreheni(eincome +hile an forei-n e9chan-e -ain or loe relatin- to the

ine>ecti(e portion are reco-nied in the income tatement6 Ondipoal of the forei-n entit: the cumulati(e forei-n e9chan-e-ain or loe reco-nied in other compreheni(e income ireclai8ed to the income tatement6

"ncome ta9eCurrent ta9 aet and lia3ilitie are meaured at the amount



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e9pected to 3e reco(ered or paid to the ta9 authoritie6 Deferredta9 aet and lia3ilitie are calculated uin- the lia3ilit method+ith full allocation for all temporar di>erence 3et+een theta9 3ae and the carrin- amount of aet and lia3ilitie in theconolidated 8nancial tatement: includin- ta9 loe carriedfor+ard6 Deferred ta9 aet and lia3ilitie are not reco-nied if thetemporar di>erence arie from the initial reco-nition of -ood+illor in repect of temporar di>erence aociated +ith in(etmentin u3idiarie: aociate or oint (enture +here the timin- of the re(eral of the temporar di>erence can 3e controlled and iti pro3a3le that the temporar di>erence +ill not re(ere in theforeeea3le future6

(alue: if an: o(er their etimated ueful li(e6 The cot to 3ecapitalied a part of the aet: include direct and incrementalcot: 3orro+in- cot for .ualifin- aet and the initial etimateof the cot of dimantlin- and remo(in- the item and retorin- theite on +hich it i located6 "f pament i deferred 3eond normalcredit term: it cot i the cah price e.ui(alent6 Depreciationcommence +hen the aet are read for their intended ue6

Aet held under 8nance leae and leaehold impro(ement are

depreciated o(er their e9pected ueful li(e on the ame 3ai ao+ned aet or: +here horter: the term of the rele(ant leae6

The -ain or lo ariin- on the dipoal or retirement of an itemof propert: plant and e.uipment i determined a the di>erence3et+een the ale proceed and the carrin- amount of theaet and i reported a other income Je9peneG in the incometatement a part of operatin- pro8t or lo6

Etimated ueful life: depreciation method and reidual (alue are

e(aluated at leat annuall6 The trai-htIline depreciation methodi ued a thi 3et reHect the conumption of the aet: +hichoften i the paa-e of time6 Reidual (alue i etimated to 3eKero for mot aet: e9cept for commercial 3uildin- and (ehicle+hich the %roup doe not e9pect to ue for the aet +holeeconomic li(e6



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Repair and maintenance i e9pened a incurred6 "f ne+ part arecapitalied: replaced part are dereco-nied and an remainin-net carrin- amount i reco-nied in operatin- pro8t JloG a loon dipoal6

An e9chan-e of aet i reco-nied at fair (alue if the tranactionha commercial u3tance and the (alue of the aet can 3emeaured relia3l6 "f thee criteria are not met: the carrin- amountof the replaced aet i carried for+ard for the ne+ aet6

"ntan-i3le aet"ntan-i3le aet ac.uired eparatel are meaured initiall atcot6 The cot to 3e capitalied a part of the aet: include directand incremental cot and: for .ualifin- aet: 3orro+in- cot6"f pament of an intan-i3le aet i deferred 3eond normal credit

term: it cot i the cah price e.ui(alent6 The cot of intan-i3leaet ac.uired in a 3uine com3ination i the fair (alue atthe date of ac.uiition6 !ollo+in- initial reco-nition: intan-i3leaet are carried at cot le an accumulated amortiation andaccumulated impairment loe: if an6

"ntan-i3le aet +ith 8nite li(e are amortied o(er the uefulli(e6 &eful li(e and amortiation method for intan-i3le aet+ith 8nite ueful life are re(ie+ed at leat annuall6 The trai-htIline amortiation method i ued for mot intan-i3le aet a

thi 3et reHect the conumption of the aet6 The amortiationperiod for cutomer 3ae i the e9pected cutomer relationhipand the amortiation method i 3aed on hitorical e9perience of churn for the indi(idual 3uinee6

%ain and loe ariin- from dereco-nition of an intan-i3le aetare meaured at the di>erence 3et+een the net ale proceedand the carrin- amount of the aet and are reported a otherincome Je9peneG in the income tatement a part of operatin-pro8t6

/'A%E / TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roupfree rate a ri; are reHected in the cah Ho+6 Su3e.uent to the









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the preentation of the %roup 8nancial poition and reultand re.uire mana-ement mot di=cult: u3ecti(e or comple9

ud-ement: often a a reult of the need to ma;e importantetimate 3aed on aumption a3out the outcome of matter

/'A%E 41/ TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roupmar;et participant (ie+ on the particular cah -eneratin-unit: technolo-ical and indutr trend: and the re-ulator andmacroeconomic en(ironment in +hich the cah -eneratin-unit i operatin-: a +ell a the actual performance of the cah-eneratin- unit6

Chan-e in circumtance and in mana-ement and mar;et

participant e(aluation and aumption ma -i(e rie toimpairment loe in the rele(ant period6 A i-ni8cant part of the %roup operation i in countrie +ith emer-in- mar;et6 Thepolitical: re-ulator and economical ituation in thee countriema chan-e rapidl and -lo3al 8nancial turmoil and receion maha(e a i-ni8cant impact on thee countrie6

There are i-ni8cant (ariation 3et+een di>erent mar;et +ithrepect to -ro+th: mo3ile penetration: AR'&: mar;et hare andimilar parameter: reultin- in di>erence in EB"TDA mar-in6

The future de(elopment of EB"TDA mar-in are important in the%roup impairment aement: and the lon-Iterm etimate of EB"TDA mar-in are hi-hl uncertain6 "n particular: thi i the caefor emer-in- mar;et that are till not in a mature phae6

Deferred ta9 aet: ee note 1Deferred ta9 aet are reco-nied to the e9tent that it i pro3a3lethat the ta9 aet +ill 3e realied6 Si-ni8cant ud-ement ire.uired to determine the amount that can 3e reco-nied anddepend foremot on the e9pected timin-: le(el of ta9a3le pro8t

a +ell a ta9 plannin- trate-ie and the e9itence of ta9a3letemporar di>erence6 The ud-ement relate primaril to ta9loe carried for+ard in ome of the %roup forei-n operation67hen an entit ha a hitor of recent loe the deferred ta9 aetariin- from unued ta9 loe i reco-nied onl to the e9tent thatthere i con(incin- e(idence that u=cient future ta9a3le pro8t+ill 3e -enerated6 Etimated future ta9a3le pro8t i not conidered



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a con(incin- e(idence unle the entit ha demontrated thea3ilit of -eneratin- i-ni8cant ta9a3le pro8t for the current earor there are certain other e(ent pro(idin- u=cient e(idence of future ta9a3le pro8t6 &ncertaint related to ne+ tranaction ande(ent and the interpretation of ne+ ta9 rule ma alo a>ectthee ud-ement6

Aociated companie: ee note 1 The %roup ha a of 1 Decem3er 2014 an o+nerhip interetof 60)F in ?impelCom #td6 J?impelComG and account for thein(etment in ?impelCom in accordance +ith the e.uit method6!inancial tatement of ?impelCom a of the reportin- date+ere not a(aila3le 3efore the Board of Telenor ASA appro(ed itunaudited interim conolidated 8nancial tatement for the fourth.uarter 20146 ?impelCom i lited JNe+ Mor; Stoc; E9chan-eG

and the compan i not a3le to pro(ide 8nancial information toone in(etor +ithout pro(idin- e.ui(alent information to all otherin(etor at the ame time6 A a cone.uence: the hare of netincome from ?impelCom ha 3een reco-nied in the conolidated8nancial tatement of the %roup +ith a one .uarter la-6 Thu:hare of net income from ?impelCom for the ear include hare of net income for the period 1 Octo3er to 0 Septem3er6

?impelCom doe not pro(ide information on a .uarterl 3airelated to other compreheni(e income6 o+e(er: Telenor

reco-nie it hare of the etimated tranlation di>erence 3aedon ?impelCom reported 8-ure +ith one .uarter la- for 20146

Adutment are made for the e>ect of pu3licl a(aila3le



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Buine com3ination and dicontinued operationAc.uiition in 2014

Ac.uiition of Tele2 ca3le and 83re 3uineOn 2 @anuar 2014: Telenor ac.uired 100F of Tele2 S+edihreidential 83re and ca3le T? 3uine for NO5 ,4, million6 The3uine included ,0:000 connected houehold: +ith 12):000

89ed 3road3and u3cri3er: ,):000 di-ital T? u3cri3er and220:000 analo-ue T? houehold6 The ac.uiition tren-then

Telenor poition a one of the leadin- pro(ider of 3road3and anddi-ital T? er(ice in S+eden6

The purchae price allocation +a performed +ith aitance from

third part (aluation e9pert6 The fair (alue of the identi8a3leaet and lia3ilitie of the 3uine a at the date of ac.uiition+ere<NO5 in millionCutomer Bae'ropert: 'lant E.uipmentOther aet



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Total aet

Deferred ta9 lia3ilitCurrent #ia3ilitie

Total lia3ilitieNet identi8a3le aet%ood+ill

Total conideration for the hare: ati8ed 3 cah

The -ood+ill of NO5 million comprie the (alue of e9pectedner-ie ariin- from the ac.uiition6 None of the -ood+ill ie9pected to 3e deducti3le for income ta9 purpoe6

"n 2014: the ac.uired ca3le and 83re 3uine contri3uted NO5 )) million to Re(enue and NO5 I1,2 million to 'ro8t 3efore ta9 of the %roup6Other 3uine com3inationDurin- 2014: Telenor completed other minor 3uinecom3ination in Nor+a and $ontene-ro6 The total conideration:paid in cah: +a NO5 2) million6

Ac.uition in 201On 1 Au-ut 201: Telenor ac.uired 100F of the (otin- hare

of Como Bul-aria $o3ile EAD J%lo3ulG and %ermano TelecomBul-aria EAD J%ermanoG: t+o pri(ate companie in Bul-aria:for NO5 )61 3illion6 The ac.uiition related tranaction cot +aNO5 2 million6 %lo3ul +a the econd lar-et mo3ile operatorin Bul-aria6 %ermano: +hich +a a retail net+or;: +a a maorcommercial partner of %lo3ul in Bul-aria6 Durin- 2014 Telenormer-ed thee t+o companie and re3randed %lo3ul and %ermanoto Telenor Bul-aria6 The ac.uiition tren-then Telenor poitionin Europe6

The purchae price allocation: +hich +a performed +ith aitance

from thirdIpart (aluation e9pert and preented in the annualreport 201: +a 3aed on a pro(iional aement6 There ha(e3een no chan-e to the purchae price allocation durin- 20146 Thefair (alue of the identi8a3le aet and lia3ilitie of Telenor Bul-ariaa at the date of ac.uiition +ere<



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4 04J) 011GJ10GJ2GJ,GJ11,G

J100G

J060,GJ060,G

J)0,G



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/'A%E 4)/ TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roupSe-ment

The e-ment information for the period 201 to 2014 i reported in accordance +ith the repooperatin- deciionIma;erG and i conitent +ith 8nancial information ued 3 them for aeSe-ment reult i de8ned a EB"TDA 3efore other income and other e9pene6

The %roup primar reporta3le e-ment are 3aed on the 3uine acti(itie and -eo-raphiare mo3ile communication: 89ed line communication and 3roadcatin- acti(itie6 "n addition te-ment6

Telenor $ontene-ro and Telenor Ser3ia are reported a one operatin- e-ment Telenor $ont3oth are re(ie+ed to-ether 3 %roup E9ecuti(e $ana-ement6 $anmar: reported under Otha one reportin- e-ment from 1 @anuar 20146 The %roup 8-ure for pre(iou period are r"n Decem3er 2014 Telenor and TeliaSonera entered into an a-reement to mer-e their Danih Denmar; i clai8ed a dicontinued operation: ee note 46 ence: the 8-ure for Telenor Dreportin- for 201 and 20146On 1 Au-ut 201 the %roup ac.uired 100F of the (otin- hare in %lo3ul P Bul-aria and thi

reporta3le e-ment from thi date6 The %roup mo3ile communication 3uine mainl include (oice: data: internet: content eNor+a and S+eden: the 89ed line 3uinee are reported to-ether +ith mo3ile operation6

T?: leaed line a +ell a data er(ice and mana-ed er(ice6Broadcat comprie Canal Di-ital DT in the Nordic: atellite 3roadcatin- and terretrial raOther unit conit of "nternational +holeale: Telenor Di-ital: Corporate !unction and Other6 +ithin international communication er(ice: machine to machine communication a +ell a inone of +hich are material enou-h to 3e reported a eparate e-ment6 Corporate !unctionhared er(ice: reearch and de(elopment: trate-ic %roup proect: %roup Treaur: the inteOther include mainl mo3ile communication 3uine at ea conducted 3 $aritime Commu

Deli(erie of net+or;I3aed re-ulated er(ice +ithin the %roup are 3aed on cot oriented pAll other tranaction 3et+een the e-ment are 3aed on mar;et condition6%ain and loe ariin- from internal tranfer of 3uinee: -roup contri3ution and di(idendtatement for the e-ment6



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Re(enue2* 1*11 ,24 22 ,2 4)01, )*21 )1 *,* 2144 200

* 0) )J4 0G10* )40

Re(enue2) 0,1

10 ,4 0221 1)1 1 11212 ))*, 24) 40* 001I

* ,)4 0J )G 1



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NonIcurrent aet e9cludin- deferred

ta9 aet and other nonIcurrent aet

2 ,01 *4

20 4)021 )



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20 0))) )4

142 024

Re(enueNO5 in million$o3ile communication!i9ed telephon: "nternet and T?Satellite and T?Iditri3ution

Other Total er(iceCutomer e.uipment

Total productRe(enue$o3ile communication< "nclude re(enue from (oice and nonI(oice tra=c: u3cription and ctra=c from other mo3ile operator6!i9ed telephon: "nternet and T?< !i9ed telephon include re(enue from tra=c: u3cription o(er "nternet 'rotocol J?o"'G6 "nternet and T? include re(enue from u3cription fee for 9DSchar-e for "nternet tra=c a +ell a re(enue from T? er(ice6

Satellite and T? ditri3ution< "nclude re(enue from Nordic DT u3cri3er and houehold er(ice: re(enue from terretrial radio and T? tranmiion and ale of encrption and condCutomer e.uipment include mainl ale of mo3ile de(ice6Other include re(enue mainl from leaed line: leaed net+or;: data er(ice: mana-ed e

The %roup ha onl limited operatin- leae re(enue6 Thee are primaril leae of ome coppoperator: coIlocation: leae of e.uipment: primaril in the atellite 3uine and leae of prore(enue cate-or in the ta3le a3o(e and not ho+n eparatel due to their immaterialit6 $oand future minimum leae re(enue are immaterial6Cot of material and tra=c char-eNO5 in million

Tra=c char-eCot of material etc

Total cot of material and tra=c char-e Tra=c char-e include operatin- leae e9pene relatin- to the leae of dedicated net+or; ana3out operatin- leae commitment6Salarie and peronnel cotNO5 in million





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!inancial income and e9peneNO5 in million"nteret income on cah and cah e.ui(alentOther 8nancial income

Total 8nancial income"nteret e9pene on 8nancial lia3ilitie meaured at amortied cotOther 8nancial e9pene

Total 8nancial e9pene!orei-n currenc -ain!orei-n currenc loeNet forei-n currenc -ain JloeGNet chan-e in fair (alue of 8nancial intrument at fair (alue throu-h pro8t or loNet chan-e in fair (alue of hed-in- intrument and hed-e item

Net chan-e in fair (alue of 8nancial intrumentNet -ain Jloe and impairmentG of 8nancial aet and lia3ilitieNet 8nancial income Je9peneG

The decreae in 8nancial income in 2014 compared +ith 201 i mainl due to decreaed inte The decreae in 8nancial e9pene in 2014 compared +ith 201 i mainl due to decreaed inderi(ati(e6Net forei-n currenc loe are caued 3 intercompan poition and unhed-ed e9ternal po%ro currenc mo(ement are hi-h compared to the net amount6 The main reaon i that cuare o>et 3 currenc e>ect of intercompan recei(a3le in the internal 3an;6"ncome ta9e

NO5 in million'ro8t 3efore ta9eCurrent ta9eDeferred ta9e"ncome ta9 e9pene"n 201 current ta9 +a lo+er due ta9 repament from Nor+e-ian Ta9 Authoritie after fa(ourJS;atte;la-enemdaG on the 200* ta9 return reaement concernin- -ain on a Total ReturnShare a the underlin- o3ect: and due the reco-nition of ta9 deducti3le loe on internal r7irele: upon the completion of the 3uine tranfer to Tele+in-6 !or more information ee




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J) 2)GJ2GJ41GJ1 040G

J40*GJ)0G

IJG

JGJ* *14G



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Page 208

Nor+aIIII

II* *,* *,1 ,**4 1



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Deferred

ta9 aet1 )

I 0*4 ,11 *44 20)10 22)

411J2 )0)G



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Page 210

Earnin- per hareEarnin-!rom continuin- operation

The calculation of the 3aic and diluted earnin- per hare from continuin- operation attri3ASA are 3aed on the follo+in- income<NO5 in million: e9cept earnin- per hare'ro8t JloG from continuin- operation attri3uta3le to the e.uit holder of Telenor ASANet income for the purpoe of diluted earnin- per hare from continuin- operationBaic earnin- per hare from continuin- operationDiluted earnin- per hare from continuin- operation!rom dicontinued operation

The calculation of the 3aic and diluted earnin- per hare from dicontinued operation areNO5 in million: e9cept earnin- per hare'ro8t JloG from dicontinued operationNet income for the purpoe of diluted earnin- per hare from dicontinued operation

Baic earnin- per hare from dicontinued operationDiluted earnin- per hare from dicontinued operation!rom net income

The calculation of the 3aic and diluted earnin- per hare attri3uta3le to the ordinar e.uitfollo+in- income<NO5 in million: e9cept earnin- per hareNet income attri3uta3le to the e.uit holder of Telenor ASANet income for the purpoe of diluted earnin- per hareBaic earnin- per hareDiluted earnin- per hare

Num3er of hare"n thouand7ei-hted a(era-e num3er of hare for the purpoe of 3aic earnin- per hareE>ect of potential diluti(e hare<Share option and 3onu hare7ei-hted a(era-e num3er of hare for the purpoe of diluted earnin- per hare

The denominator for the purpoe of calculatin- 3oth 3aic and diluted earnin- per hare hof treaur hare6

%ood+ill

NO5 in millionAccumulated cotA of 1 @anuar 201



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Tranlation di>erenceAriin- on ac.uiition of u3idiarieReallocation of -ood+illDereco-nied on dipoal of u3idiarieA of 1 Decem3er 201

Tranlation di>erenceAriin- on ac.uiition of u3idiarieDereco-nied on dipoal of u3idiarieA of 1 Decem3er 2014Accumulated impairment loeA of 1 @anuar 201

Tranlation di>erenceDereco-nied on dipoal of u3idiarieA of 1 Decem3er 201

Tranlation di>erence

Dereco-nied on dipoal of u3idiarie"mpairment loeA of 1 Decem3er 2014Carrin- amountA of 1 Decem3er 2014A of 1 Decem3er 2011G Other include primaril Di%i J$alaiaG: Telenor $ontene-ro and Telenor Nor+a JDatameSee note 1* for impairment tetin-6

"mpairment tetin-%ood+ill ac.uired throu-h 3uine com3ination ha 3een allocated to indi(idual cahI-ener!air (alue le cot of dipoal i mainl applied to determine the reco(era3le amount of tholited companie6 !air (alue le cot of dipoal ha 3een deri(ed from .uoted mar;et priceon the Stoc; E9chan-e in Thailand and Sin-apore6 Di%i i lited on the Stoc; E9chan-e in $a(alue le cot of dipoal +hen determinin- reco(era3le amount of "ndia: +here no -ood+ill Dicounted cah Ho+ model are applied to determine the (alue in ue for the remainin- cahha proected cah Ho+ 3aed on 8nancial forecat and trate- plan co(erin- a threeIea

three ear: the cah Ho+ are e9trapolated uin- contant nominal -ro+th rate6 The (alue in ue etimate ha(e 3een compared +ith mar;et (aluation and multiple for peerreaona3lene65e aumption5e aumption ued in the calculation of (alue in ue are -ro+th rate: EB"TDA mar-in: cap%ro+th rate P The e9pected -ro+th rate for a cahI-eneratin- unit con(er-e from it curreto the lon-Iterm -ro+th le(el in the mar;et the entit operate6 The -ro+th rate ued to e9tr



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e9plicit forecat period are 3aed on mana-ement pat e9perience: aumption in term ofde(elopment in +hich the entit operate6 The -ro+th rate ued to e9trapolate cah Ho+ ine9pected lon-Iterm -ro+th in the mar;et in +hich the entit operate6A(era-e EB"TDA mar-in P The EB"TDA mar-in repreent the operatin- mar-in 3efore depreci3aed on the current mar-in le(el and e9pected future mar;et de(elopment: +hich alo ta;ee=cienc pro-ramme6 Chan-e in the outcome of thee initiati(e ma a>ect future etimatCapital e9penditure JCape9G P A normalied Cape9 to ale ratio JCape9 a a percenta-e of Chan-e in tra=c (olume and num3er of u3cription durin- a -ro+th phae +ill a>ect the ca3le T? operation i le capitalIinteni(e and the Cape9 to ale ratio i therefore not one of3uine6 Etimated Cape9 doe not include Cape9 that i-ni8cantl enhance current performincluded in the cah Ho+ proection6Dicount rate P Dicount rate are 3aed on 7ei-hted A(era-e Cot of Capital J7ACCG deri(eJCA'$G methodolo-6 The cot of a compan e.uit and de3t: +ei-hted to reHect it capital +ei-hted a(era-e cot of capital6 "n economie +here ri;Ifree ield do not e9it: the 7ACC are 3aed on a &S 10Iear ri;Ifree interet rate: aduted for inHation di>erential and countr

account the de3t premium: mar;et ri; premium: -earin-: corporate ta9 rate: and aet 3eta6currentl e9perience hi-h inHation rate and e9pect lo+er future inHation: rollin- dicount rate

The reco(era3le amount for the cahI-eneratin- unit ha(e 3een determined 3aed on the f-ro+th rate for the ear 2014 and 201<

Telenor un-ar Telenor S+edenBroadcat

Telenor Ser3ia Telenor Bul-aria"n the reco(era3le amount aement: the %roup ha applied etimated cah Ho+ after ta9 reco(era3le amount +ould not chan-e i-ni8cantl if preIta9 cah Ho+ and preIta9 dicoundicount rate are etimated uin- an iterati(e method6"mpairment loe

The %roup ha not reco-nied an i-ni8cant impairment lo in 2014 and 2016 "n 2012: an intan-i3le aet in "ndia of NO5 6 3illion +a reco-nied6 "n 2014: indication of further impdurin- 2014 and continuin- uncertaint related to the underlin- cah Ho+6 The reco(era3lefair (alue le cot of dipoal: e9ceed the carrin- amount and no impairment ha 3een rec



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Repreent the compound annual -ro+th rate durin- the e9plicit forecat period of three ear

201)P201,6

+hole period includin- terminal (alue6

the +hole period includin- terminal (alue6

percenta-e point

"ntan-i3le aet

NO5 in millionAccumulated cotA of 1 @anuar 201Reclai8cation 4GAdditionAddition internall de(eloped

Addition throu-h ac.uiition of u3idiarie Tranlation di>erenceDereco-nitionA of 1 Decem3er 201Reclai8cation 4GAdditionAddition internall de(eloped



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Addition throu-h ac.uiition of u3idiarie Tranlation di>erenceDereco-nitionReclai8ed a aet held for aleA of 1 Decem3er 2014Accumulated amortiation and impairment loeA of 1 @anuar 201Reclai8cation 4GAmortiation from continuin- operationAmortiation from dicontinued operation"mpairment loe

Tranlation di>erenceDereco-nitionA of 1 Decem3er 201Reclai8cation 4G

Amortiation related to continuin- operationAmortiation related to dicontinuedoperation"mpairment loe related to continuin-operation

Tranlation di>erenceDereco-nitionReclai8ed a aet held for aleA of 1 Decem3er 2014Carrin- amount

A of 1 Decem3er 2014A of 1 Decem3er 201Amortiation period in ear1G

2GG4G

The addition of licence in 2014 +ere primaril related to ac.uiition of pectrum under the

ac.uiition of additional pectrum in "ndia under the 100 $K 3and in four e9itin- circle anthe 00: 00 and 2*00 $K 3and in un-ar and the 2100 $K in 'a;itan6 The addition ofac.uiition of pectrum under the 2100 $K 3and in Ban-ladeh: e9tenion of pectrum undeac.uiition of pectrum under the 00: 00 and 100 $K 3and in Nor+a6

The addition in oft+are ac.uired in 2014 +ere mainl ac.uiition in Telenor Nor+a6



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Band+idth J$KG

21021061 ` 2)

210 ` 210216240

2910 aG29* 3G ` 2)2) ` 220 ` 2910 cG216 ` 1)2940 dG

2102 ` 216222021) ` 1)220



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26* eG210 eG21) ` 1) eG

26* ` 26*220 ` 26*21) ` 1) ` 210

264 ` 216210210





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A of 1 @anuar 201Reclai8cation 2GDepreciation related tocontinuin- operationDepreciation related todicontinued operation

Tranlation di>erenceDereco-nitionA of 1 Decem3er 201Reclai8cation 2GDepreciation related tocontinuin- operationDepreciation related todicontinued operation"mpairment lo

Tranlation di>erenceDereco-nitionReclai8ed a aetheld for aleA of 1 Decem3er 2014Carrin- amountA of 1 Decem3er 2014A of 1 Decem3er 201Depreciation period inear G

1G2GG

The %roup ha 8nance leae +ith carrin- amount of NO5 0 million a of 1 Decem3er 2201G6 Thee aet are a of 1 Decem3er 2014 primaril 83re optic net+or; Jlocal: re-ional%rameenphone in Ban-ladeh and Di%i in $alaia JNO5 44 million in 201G: and propertiein 201G6A of 1 Decem3er 2014: the preent (alue of future minimum leae pament under 8nancemillion JNO5 *2 million a of 1 Decem3er 201G6

Aociated companie and oint arran-ementAociated companie and oint (entureNO5 in million



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Balance a of 1 @anuarAdditionDipoalShare of net income JloG 1GShare of net income related to dicontinued operationShare of other compreheni(e incomeE.uit tranaction includin- di(idend

Tranlation di>erenceReclai8ed a aet held for aleBalance a of 1 Decem3erof +hich in(etment carried at a ne-ati(e (alue 2GCarrin- amount of in(etment in aociated companie and oint (entureof +hich in(etment in ?impelCom #td6of +hich in(etment in Other1G Share of net income JloG include the %roup hare of net income JloG after ta9e: amo

di>erence in accountin- policie62G Carrin- amount of in(etment in Ri; T? AS Jan aociated companG i carried at ne-ati(u3tance form part of the capital in(eted Jclai8ed a-aint lon-Iterm recei(a3le on aocAddition in 2014 primaril related to the %roup hare of in(etment in SnT Clai8ed andthe %roup remainin- etimated committed fundin- of thee t+o companie amount to appDurin- 201: the %roup ac.uired interet of )060F and 6F in SnT Clai8ed and ,01 Seaconideration of NO5 16) 3illion: in cooperation +ith Schi3ted $edia %roup and Sin-apore 'r.ualit online clai8ed er(ice in elected ;e mar;et in Aia and South America6

The reclai8cation of aet held for ale relate to E(r ASA: an aociated compan: +ith a aociated companie in Denmar; +ith a carrin- amount of NO5 1 million6 See note 4 for fu

The reco(era3le amount: for impairment aement of ?impelCom #td: ha 3een etimated 3?alue in ue i etimated 3aed on ?impelCom #td reported tar-et for 201) on i-ni8cant ;eaddition to Telenor e9pectation on the lon- term de(elopment of thee ;e aumption6 Tthe carrin- amount of the in(etment reco-nied at NO5 216 3illion: hence no impairment hhare of ?impelCom #td reported impairment6 The .uoted mar;et price of ?impelCom #td in(etment in ?impelCom #td +a NO5 1 3illion a of 1 Decem3er 20146 Durin- 201): the price of Telenor in(etment +a NO5 226, 3illion a of 1* $arch 201): 3aed on the e9chan-?impelCom #td6?impelCom #td6 J?impelComG i an aociated compan to the %roup +hich i accounted foincorporated in Bermuda: head.uartered in the Netherland: and i lited on the NASDAQI100

compan pro(idin- ran-e of +irele: 89ed and 3road3and internet er(ice in 14 mar;et ac"n $arch 2014: ?impelCom dicloed that it i u3ect to in(eti-ation 3 the &nited State S&nited State Department of @utice and Dutch pu3lic proecutor o=ce and that in(eti-atio?impelCom reported that it i una3le to predict the duration: cope or reult of thee in(eti-ma impact ?impelCom internal control: 3uine: and the reult of operation or 8nanciait cannot 3e aured that uch in(eti-ation +ill not 3e 3roader in cope than the currentl commenced in thi or other uridiction6 The in(eti-ation are till on-oin- and ?impelCom



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penaltie or an di-or-ement of pro8t a the mana-ement of ?impelCom doe not et ha(uch amount6A of 1 Decem3er 2014: the %roup o+n 60)F of ?impelCom Jeconomic o+nerhip intere0) million con(erti3le preferred hare of ?impelCom: +ith (otin- ri-ht 3ut no entitlement tthee preferred hare into common hare at pre(ailin- mar;et price durin- the time period 201*6 Durin- 2014: di(idend of NO5 061 3illion +a recei(ed from ?impelCom JNO5 61 3illion


11 00

J 4,*GJ 4)GJ41 *GJ2 10GJ11 0)GJ1 *G



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* 0412 0)*J,4 1GJ1 1,1G ,24) 00

1) 1,0* ,*)21 )

J*GIJ44GJ1G

@oint operation The %roup i part of three oint arran-ement for net+or; harin- in S+eden and Denmar;6 T

eparate (ehicle6 The acti(itie are dei-ned for the pro(iion of output to the in(etor and operation6

@oint Operation% "nfratructure Ser(ice AB

Net4$o3ilit B

TT Net(Ur;et '/S 2G1G &nder S+edih la+: all partner in a partnerhip are ointl and e(erall lia3le for all o3li-a2G TT Net(Ur;et '/S i clai8ed a dicontinued operation and held for ale to-ether +ith Tel

Trade and other recei(a3leNO5 in million

Trade recei(a3le'ro(iion for 3ad de3t

Total trade recei(a3leOther current recei(a3le"nteretI3earin- recei(a3le



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Accrued re(enueRecei(a3le on emploeeOther nonIinteretI3earin- recei(a3le'ro(iion for 3ad de3t

Total other current recei(a3le'repaid e9peneDeferred cot related to connection re(enue'repaid leae that are amortied'repaid e9pene

Total prepaid e9pene Total trade and other recei(a3le1G2GSpeci8cation of pro(iion for 3ad de3t<NO5 in million

'ro(iion a of 1 @anuarChan-e durin- the earChan-e durin- ear related to dicontinued operationJAc.uiitionG and dipoal of u3idiarieReclai8ed to aet/lia3ilitie held for aleCurrenc and other e>ect'ro(iion a of 1 Decem3erRealied loe for the earReco(ered amount pre(ioul pro(ided

Speci8cation of the a-e ditri3ution of trade recei(a3le<

NO5 in millionA of 1 Decem3er 2014


Total trade recei(a3leA of 1 Decem3er 201


Total trade recei(a3le!or the trade and other current recei(a3le that are not impaired or pat due: there are no indde3tor +ill not 3e a3le to meet their pament o3li-ation6



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Other nonIcurrent aet and current 8nancial aetNO5 in millionNonIcurrent 8nancial aetA(aila3leIforIale in(etment 1G!inancial deri(ati(e!inancial deri(ati(e dei-nated for net in(etment hed-eOther 8nancial nonIinteretI3earin- nonIcurrent aet 2G!air (alue hed-e intrumentOther 8nancial interetI3earin- nonIcurrent aet 2G

Total nonIcurrent 8nancial aet'repaid e9pene

Total other nonIcurrent aetOther current 8nancial aetAet held for tradin-Bond and commercial paper month

!inancial deri(ati(e!inancial deri(ati(e dei-nated for hed-in- purpoe

Total other current 8nancial aet1G2G

G4G)G

Additional cah Ho+ informationAc.uiition and dipoal of u3idiarie: aociated companie and oint (enture

The ta3le 3elo+ ho+ the e>ect on the conolidated tatement of 8nancial poition from acac.uiition and dipoal of aociated companie and oint (enture and capital inection in'leae refer to note 1 for information on aociated companie and oint (enture6NO5 in million

'urchae of u3idiarie: aociated companie and oint (enture'urchae of and capital inection in aociated companie and oint (entureOther nonIcurrent aetCurrent aet#ia3ilitie%ain reco-nied on 3ar-ain purchae

Total conideration





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4*4 million a of 1 Decem3er 2016Di(idend paid to nonIcontrollin- interet in u3idiarieDurin- 2014: di(idend paid to nonIcontrollin- interet in u3idiarie amounted to NO5 64 3controllin- interet in Di%i 3 NO5 260 3illion: dtac 3 NO5 06, 3illion and %rameenphone 3 Durin- 201: di(idend paid to nonIcontrollin- interet in u3idiarie amounted to NO5 26, 3controllin- interet in Di%i 3 NO5 162 3illion: dtac 3 NO5 06 3illion and %rameenphone 3 Si-ni8cant nonIcah tranactionDurin- 2014 licence +ere ac.uired +ith deferred pament totallin- NO5 26) 3illion6 The defin "ndia 3 NO5 06* 3illion: in 'a;itan 3 NO5 06) 3illion and in $anmar 3 NO5 16) 3illion6

There +ere no i-ni8cant nonIcah tranaction durin- 2016Additional e.uit information'aidIin capital

NO5 in million: e9cept num3er of hareE.uit a of 1 @anuar 201

Share 3u3ac;Share option e9ercied and ditri3uted hare to emploeeCancellation of hareE.uit a of 1 Decem3er 201Share 3u3ac;Share option e9ercied and ditri3uted hare to emploeeCancellation of hareE.uit a of 1 Decem3er 2014Nominal (alue per hare i NO5 *6

The hareholder in the Annual %eneral $eetin- on 14 $a 2014 appro(ed the propoed canc

Other reer(e

NO5 in millionE.uit a of 1 @anuar 201Other compreheni(e income JloG: net of ta9e

ShareI3aed pamentE9ercie of hare option and ditri3ution of hare to emploee

Tranaction +ith nonIcontrollin- interetShare 3u3ac;Other chan-e in other reer(e durin- 201E.uit a of 1 Decem3er 201Other compreheni(e income JloG: net of ta9e



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ShareI3aed pamentE9ercie of hare option and ditri3ution of hare to emploee

Tranaction +ith nonIcontrollin- interetShare 3u3ac;Other chan-e in other reer(e durin- 2014E.uit a of 1 Decem3er 2014

'enion remeaurement1 0)J1 24*G

J2,GJ*G



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Page 227

!orei-n currenctranlationJ11 )4G, 4*

, ))2J G10 10)JG10 022* 0



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Countr of

incorporationand operation$alaiaBan-ladeh

Thailand"ndia

Di%i6Com Bhd2 * ,)1J* )21GJ1 141G

2 0,

1 2



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Di%i6Com Bhd1 )1 14 11

2 0**

Di%i 6Com Bhd) 2J1 ,)GJ 24G

'ro(iion and o3li-ationNonIcurrent

NO5 in million'ro(iion for +or;force reduction: onerou contract and le-al diputeAet retirement o3li-ationOther pro(iion

Total nonIcurrent pro(iion and o3li-ationCurrentNO5 in million'ro(iion for +or;force reduction: onerou contract and le-al diputeAet retirement o3li-ationOther pro(iion

Total current pro(iion and o3li-ationDe(elopment

NO5 in millionA of 1 @anuar



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O3li-ation ariin- durin- the ear and e>ect of chan-e in etimate 1GAccretion e9peneAmount utiliedOther chan-e and tranlation di>erenceChan-e durin- the ear related to dicontinued operationReclai8ed a held for aleA of 1 Decem3er1GAet retirement o3li-ation

The %roup ha aet retirement o3li-ation relatin- primaril to e.uipment and other leaehoite and in adminitrati(e and net+or; 3uildin-6 Thoe leae -enerall contain pro(iion tretore the ite to their ori-inal condition at the end of the leae term6 The ta3le a3o(e preeo3li-ation6"n mot ituation: the timin- of the aet remo(al +ill 3e +ell into the future and there i i-o3li-ation +ill 3e paid6 The actual -ro remo(al cot that the %roup +ill incur ma 3e i-ni8

e9ample due to ne-otiation of price for a lar-e amount of remo(al or a-reement that reduactual timin- of the remo(al ma alo di>er i-ni8cantl from the etimated timin-67or;force reduction'ro(iion for +or;force reduction included appro9imatel 1 000 emploee a of 1 Decem3of 1 Decem3er 2016

'enion o3li-ation

The Nor+e-ian companie in the %roup are o3li-ated to follo+ the Act on $andator compancheme follo+ the re.uirement a et in the Act6

The %roup pro(ide penion plan for emploee in Nor+a6 "n addition: the Nor+e-ian -o(erretired Nor+e-ian citiKen6 Such pament are calculated 3 reference to a 3ae amount annJ%Ire-ulationG6 Bene8t are determined 3aed on the emploee len-th of er(ice and compee9pened o(er the period that the emploee render er(ice and 3ecome eli-i3le to recei(e

Telenor 'enion !und in Nor+a: a de8ned 3ene8t plan o>ered to all emploee in Nor+a +ade8ned contri3ution plan +ith inurance companie +ere eta3lihed a replacement6:0 of the %roup emploee +ere mem3er of the contri3ution plan in Nor+a a of 1 De"n 2014: 2:42* of the %roup emploee +ere co(ered throu-h the de8ned 3ene8t plan fund

201G6 "n addition the Telenor 'enion !und paid out penion to 1:*) peron in 2014 J1:4plan +ith * acti(e mem3er in 2014 J2, in 201G6 "n other companie outide Nor+a and

The funded de8ned 3ene8t plan in Nor+a ha a net 3ene8t lia3ilit of NO5 2:0)* million a o1 Decem3er 201G6 The er(ice cot +a NO5 1,, million in 2014 JNO5 22 million in 201G million and a poiti(e pat er(ice cot of NO5 ) millionG and net interet cot +a NO5 )0 mfor 2014 relate mainl to +or; force reduction in Nor+a6&nfunded de8ned 3ene8t plan ha(e pre(ioul 3een o>ered to e9ecuti(e emploee6 The pla



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net de8ned 3ene8t lia3ilit reco-nied in the tatement of 8nancial poition +a NO5 )04 mil"n Nor+a: the %roup i a mem3er of a ne+ a-reementI3aed earl retirement plan Jne+ ANor+e-ian emploee lifeIlon- 3ene8t from the a-e of *2 in addition to other plan6 The pla3 pri(ate ector emploer: +here alo The Nor+e-ian -o(ernment contri3ute6 The pri(ate fundin- re.uirement and the Nor+e-ian -o(ernment 1/6 The contri3ution for 2014 +a 262 3et+een 1 and ,61 time the 3aic amount J%G to the emploee6 !or 201) the contri3ution ide8ned 3ene8t multiIemploer plan +ith limited fundin- and +here plan aet are not e-reproportional hare of the plan and account for the plan a a de8ned 3ene8t plan i not a(aila3the plan i accounted for a a de8ned contri3ution plan6

The de8ned 3ene8t plan in S+eden ha a net 3ene8t lia3ilit of NO5 , million in 2014 JNO52 million and net interet cot +a NO5 1, million in 2014 JNO5 24 million and NO5 1, millio+ithin the recommended le(el accordin- to S+edih actuarie6 The dicount rate ued for th+a 26,)F J460F in 201G and e9pected alar increae +a et to 60F J60F in 201G6Some of the S+edih companie ha(e multiIemploer 3ene8t plan6 The adminitrator are nand lia3ilitie and thee plan are cone.uentl accounted for a de8ned contri3ution plan6

The %roup implemented in 201 the ne+ ri; ta3le 5201 for mortalit for the Nor+e-ian pla3aed on Telenor 'enion !und hitorical 8-ure6 The ne+ mortalit ta3le and ri; ta3le for dio3li-ation of NO5 1:1)4 million in 201: reco-nied in other compreheni(e income a remeae9pected lifetime in the ri; ta3le are * ear for men and 0 ear for +omen6 The ta3le 3certain a-e -roup 3ecomin- dia3led or din-: +ithin one ear: a +ell a e9pected lifetime6

A-e

The plan aet +ere meaured at 1 Decem3er 2014 and 1 Decem3er 2016 Calculation of Decem3er 2014 +a 3aed on the mem3er 3ae at No(em3er 2014 Jat 2 Octo3er 201G6

The actuarial calculation for the Telenor 'enion !und o3li-ation +ere carried out 3 indepeproected de8ned 3ene8t o3li-ation: and the related current er(ice cot and pat er(ice comethod6





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Dicount rate

1 )

Trade and other paa3le and nonIinteret 3earin- lia3ilitie



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NonIcurrent nonIinteretI3earin- lia3ilitieNO5 in million!inancial deri(ati(e!inancial deri(ati(e dei-nated for hed-in- purpoeOther nonIcurrent nonIinteretI3earin- lia3ilitie

Total nonIcurrent nonIinteretI3earin- lia3ilitie Trade and other paa3leNO5 in million

Trade paa3leAccrued e9pene

Total trade and other 8nancial paa3leDeferred connection re(enue'repaid re(enue%o(ernment ta9e: ta9 deduction etc6

Total other paa3le

Total trade and other paa3leCurrent nonIinteret 3earin- lia3ilitieNO5 in million!inancial deri(ati(e!inancial deri(ati(e dei-nated for hed-in- purpoeOther current nonIinteretI3earin- lia3ilitie

Total current nonIinteretI3earin- lia3ilitie1G2GG

4G

"nteretI3earin- lia3ilitie

NO5 in million

"nteretI3earin- lia3ilitie meaured at amortied cotBan; loan!inance leae o3li-ationBond and Commercial 'aper 1G#icence o3li-ation 2GOther lia3ilitie

Total interetI3earin- lia3ilitie



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Page 235

!air ?alue of De3tof +hich fair (alue hierarch le(el 1 Gof +hich fair (alue hierarch le(el 2 G1G "nclude interet 3earin- lia3ilitie in fair (alue hed-e relationhip62G Net preent (alue of future pament for mo3ile licene in dtac: "ndia: 'a;itan: $anmarG !or information a3out the fair (alue le(el of 8nancial intrument: ee note 26NonIcurrent interetI3earin- lia3ilitie

NO5 in millionCompan

Telenor ASA

Total Telenor ASADi%i%rameenphone%rameenphoneDenmar;S+eden

'a;itan'a;itan"ndiadtacdtac$anmarOther u3idiarie

Total u3idiarie Total nonIcurrent interetI3earin- lia3ilitieNonIcurrent interetI3earin- lia3ilitie held for ale

1G Telenor ASA de3t poition in Nor+e-ian 5rone i a net aet poition +hen includin- curre



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Currenc

NO5 SE5 &SDE&R 1G

$MRD55 &SD'5R&SD

TB

"NRBDT&SD&SD

D55 Telenor ASA current de3t poition in E&R i a net aet poition +hen includin- currenc +a



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$ana-incapital and 8nancial ri; mana-ement$ana-incapital

Telenor %roup capital allocation prioritie are<16 $aintain a tron- 8nancial poition26 O>er an attracti(e hareholder remuneration6 Diciplined and electi(e approach in term of mer-er and ac.uiition J$AG

The main priorit of maintainin- a tron- 8nancial poition i tar-eted 3 ;eepin- reported neacce to fundin-6 A of 1 Decem3er 2014: the reported net de3t/EB"TDA ratio +a 161 J161lon- term credit ratin- +a A/ta3le outloo; 3 $ood "n(etor Ser(ice and A/ta3le ofrom $ood +a unchan-ed throu-hout the ear: +hile S' chan-ed it ratin- from AI/po

The %roup capital tructure conit of interet 3earin- de3t a dicloed in note 2,: cah anhareholder of Telenor ASA a preented in the conolidated tatement of chan-e in e.uit

"n order to adut the capital tructure: the %roup ma adut the amount of di(idend paid toac.uire or ell treaur hare or iue ne+ hare6 "n 2014 Telenor total hareholder remunordinar di(idend paid out in $a 2014 JNO5 ,600 per hareG6 No hare 3u3ac; pro-ramme+a a cah e>ect of NO5 160 3illion in midI2014 related to the pament for the Nor+e-ian Sta

The remainin- NO5 06 3illion open mar;et part of the 201I2014 3u3ac; pro-ramme had c Telenor ASA ha an a-reement +ith the 5in-dom of Nor+a throu-h the $initr of Trade: "nd3u3ac; +ith the purpoe to cancel thee hare throu-h +riteIdo+n of the hare capital to and ) for further decription6

The Telenor Board of Director +ill propoe a di(idend of NO5 60 per hare JNO5 )6, 3illionG$a 201): and paid out in @une 201)6 "n addition: the Board +ill a; the -eneral meetin- for a

puruant to +hich the Board plan to reol(e a di(idend of NO5 6)0 per hare JNO5 )6 3illio+ill 3rin- the ordinar di(idend for the 8cal ear 2014 to NO5 ,60 per hare JNO5 1160 3illio

Telenor hareholder remuneration +ith the compan cah Ho+ pro8le throu-hout the earmana-ement in the %roup6 Telenor polic i to ditri3ute di(idend to it hareholder e.ualfor a earIonIear -ro+th in the di(idend per hare6!inancial ri;

Telenor ASA treaur function i reponi3le for fundin-: forei-n e9chan-e ri;: interet rateparent compan and for companie o+ned more than 0F directl or indirectl 3 Telenor ASAha(e tandIalone 8nancin-6 The %roup ha limited acti(itie related to interet rate and curre#i.uidit ri;

The %roup emphaie 8nancial He9i3ilit6 An important part of thi emphai i to minimie ldi(eri8ed et of fundin- ource6 Telenor ASA iue de3t in the dometic and international c'aper and 3ond6 The %roup ue Euro Commercial 'aper: &6S6 Commercial 'aper: Euro $ediucapital mar;et to ecure atifactor 8nancial He9i3ilit6 Telenor ASA ha committed ndicate26 3illion: of +hich E&R 260 3illion +ith maturit in 201 and the remainin- E&R 06 3illion +ifacilitie ha(e 3een ued a of 1 Decem3er 201467hen permii3le 3 local rule and re-ulation: u3idiarie o+ned 0F or more are part of



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a-reement6 The participate in Telenor ASA cah pool tem and place their e9ce li.uidiSu3idiarie o+ned le than 0F ha(e eta3lihed their o+n cah mana-ement frame+or; apool tem and place their e9ce li.uidit e9ternall6

Telenor ASA and each u3idiar hall ha(e u=cient ource of li.uidit to co(er e9pected neac.uiition i conidered eparatel6

The de3t portfolio of Telenor ASA and each u3idiar +ith e9ternal de3t hall ha(e a 3alancehall 3e pread relati(el e(en o(er a time horiKon of at leat 10 ear 3 iuin- 3ond and cre8nancin- ri;6 The de3t maturit pro8le i preented on the follo+in- pa-e6 !or information rate ri;6

Total

a of 1612614

12 **44 *

, ,** 441

, 21*1 2042 21

41 *010 04, 4,11) )*

Totala of

161261

* ,441 240

04



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), 4

1 ,0*1 0,0

4 02)1 1 4*100 ,







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!air (alue of 8nancial intrument'rinciple for etimatin- fair (alueBaed on the characteritic of the 8nancial intrument that are reco-nied in the 8nancial -rouped into clae and cate-orie6 The etimated fair (alue of the %roup 8nancial intrumthe (aluation methodolo-ie per cla are decri3ed 3elo+6!air (alue hierarch



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The %roup meaure fair (alue uin- the follo+in- fair (alue hierarch that reHect the i-ni8#e(el 1<#e(el 2<

#e(el <"nteretI3earin- lia3ilitie!air (alue of interetI3earin- lia3ilitie a ho+n in note 2, are 3aed on .uoted price +hernot traded in an acti(e mar;et ha(e 3een etimated uin- ield cur(e +hich incorporate eticredit cur(e ha(e 3een e9trapolated uin- indicati(e price on de3t iuance 3 Telenor ASA3een interpolated from cah and +ap cur(e o3er(ed in the mar;et for di>erent currencie

Trade recei(a3le and other current and nonIcurrent 8nancial aet!or trade recei(a3le and other current recei(a3le: the carrin- amount i aeed to 3e a re>ect of not dicountin- i conidered to 3e immaterial for thi cla of 8nancial intrument6

Trade paa3le and other nonIinteretI3earin- 8nancial lia3ilitie!or trade paa3le and other nonIinteretI3earin- 8nancial lia3ilitie: the carrin- amount i a

fair (alue6 The e>ect of not dicountin- i conidered to 3e ini-ni8cant for thi cla of 8nancE.uit in(etment!air (alue for lited hare are 3aed on .uoted price at the end of the reportin- period6 !aircommonl ued (aluation techni.ue: or meaured at cot if the in(etment doe not ha(e a fair (alue cannot 3e relia3l meaured6Cah and cah e.ui(alent

The fair (alue for thi cla of 8nancial intrument i aeed to 3e e.ual to the nominal amDeri(ati(e!air (alue of currenc +ap: forei-n currenc for+ard contract and interet rate +ap i et(alue of future cah Ho+: uin- interet rate cur(e: e9chan-e rate and currenc pread a

'led-e and -uaranteeNO5 in million"nteretI3earin- lia3ilitie ecured 3 aet pled-ed!inance leae lia3ilitie ecured 3 aet pled-ed

Total lia3ilitie ecured 3 aet pled-edCarrin- amount of aet pled-ed a ecurit for lia3ilitie

Carrin- amount of aet pled-ed a ecurit for 8nance leae lia3ilitie Total aet pled-ed a ecurit for lia3ilitie There ha 3een no maor chan-e in lia3ilitie ecured 3 aet pled-ed a of 1 Decem3er 2 The %roup 8nance leae lia3ilitie ecured 3 aet pled-ed and carrin- amount of aeta of 1 Decem3er 2014 +ere mainl related to Telenor S+eden: Telenor Denmar;: Di%i and %%uarantee o3li-ation<NO5 in million



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%uarantee o3li-ation continuin- operation%uarantee o3li-ation dicontinued operation'urchaed 3an; -uarantee are not ho+n in the ta3le6Contractual o3li-ation

The %roup ha entered into a-reement +ith 89ed pament in repect of the follo+in- a of

NO5 in million$inimum leae pament under nonIcancella3leoperatin- leae Jthe %roup a a leeeG#eae of premie#eae of atelliteIand netIcapacitOther leaeContractual purchae o3li-ation"TIrelated a-reementOther contractual o3li-ation

Committed in(etment'ropert: plant and e.uipment and intan-i3le aet

Total contractual o3li-ation

NO5 in million$inimum leae pament under nonIcancella3le

operatin- leae Jthe %roup a a leeeG#eae of premie#eae of atelliteIand netIcapacitOther leaeContractual purchae o3li-ation"TIrelated a-reementOther contractual o3li-ationCommitted in(etment'ropert: plant and e.uipment and intan-i3le aet

Total contractual o3li-ation

The ta3le a3o(e do not include a-reement under +hich the %roup ha no committed minimo3li-ation in "ndia i included in $inimum leae pament under nonIcancella3le operatin-3illion for the period of 201)I201 and NO5 16 3illion after 2016dtac conceion ri-htdtac i o3li-ed to pa an annual fee to CAT Telecom 'u3lic Compan #imited JCATG in accordanfee i 3aed on the -reater of a minimum annual pament and a percenta-e of re(enue fromnot included a3o(e6 The earl minimum pament for the period 201) P 201 Huctuate in a



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Jcon(erted from TB to NO5 3aed on the e9chan-e rate a of 1 Decem3er 2014G6 !or furtheee note 1,6Related partieA of 1, $arch 201): Telenor ASA +a )6,F o+ned 3 the 5in-dom of Nor+a: repreented!iherie6

The Board of Telenor ASA ha 3een -i(en authorit 3 the %eneral $eetin- to carr throu-h thee hare throu-h reduction of hare capital6 The cancellation re.uire appro(al from the %an a-reement +ith the 5in-dom of Nor+a: repreented throu-h the $initr of Trade: "ndut3u3ac; and cancellation hould not a>ect the $initr hareholdin-6 A a reult: the %roupof hare o+ned 3 the $initr6 The ame %eneral $eetin- appro(in- the cancellation of trearedemption of the hare o+ned 3 the $initr a-aint pament of an amount that correpothe time of the repurchae of treaur hare in the mar;et to-ether +ith compenation for in

The Nor+e-ian telecommunication mar;et i -o(erned 3 the Electronic Communication Acpuruant to thi Act6 &ntil it e9pired 1 Septem3er 2004: the %roup had to pro(ide and maintaito the conceion on 89ed net+or;6 Thereafter it +a carried on throu-h an a-reement 3et+e

Tranport and Communication6 The &SO o3li-ation entail amon- other thin- the pro(iion to all houehold and companie: pu3lic pa phone: er(ice for the dia3led and for controlcompenation for pro(idin- &SO er(ice6"n addition: the %roup +a in 2014 and 201 u3ect to Special Ser(ice O3li-ation JSSOG: maan a-reement +ith the Nor+e-ian Communication Authorit JN;omG and the coatal radio aof @utice and 'u3lic Securit6 The %roup recei(e compenation for pro(idin- SSO6 "n 2014 anand NO5 14 million: repecti(el: under thi a-reement6

The %roup ma alo recei(e compenation for the o3li-ation to ful8ll additional re.uirementiue6 "n 2014: the %roup recei(ed a refund on uch acti(itie of NO5 21 million6 "n 201: the+ith the -o(ernment6

The %roup pa an annual fee to N;om and the Nor+e-ian $initr of Tranport and Communer(ice: includin- pament for fre.uencie and num3er6 The fee +a NO5 112 million and



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Sale to1 11

Recei(a3le

/'A%E ,/ TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roup#e-al dipute and contin-encie

The %roup i in(ol(ed in a num3er of le-al proceedin- in (ariou form6 7hile ac;no+led-in-the opinion that 3aed on the information currentl a(aila3le: thee matter +ill 3e reol(ed +or in the a--re-ate on the %roup 8nancial poition6 !or le-al dipute: in +hich the %roup athat an economic outHo+ +ill 3e re.uired to ettle the o3li-ation: pro(iion ha(e 3een madeSee note 1 for ta9 dipute6%rameenphone1G BTRC P Audit claim"n April 2011: Ban-ladeh Telecommunication Re-ulator Commiion JBTRCG announced it inmo3ile operator in Ban-ladeh6 A part of thi initiati(e: BTRC appointed a Chartered Accoun%rameenphone6 On Octo3er 2011 %rameenphone recei(ed a claim amountin- to appro9ima

8ndin- of the audit that the re-ulator carried out o(er a fe+ month from April 2011 related %rameenphone until toda6 %rameenphone ha contended and clari8ed to BTRC and the Chartandard and practice ha(e not 3een follo+ed durin- and after the audit and the claim ma+ithout merit6 A a cone.uence: %rameenphone 8led a title uit in the Ci(il Court of 8rt intan inunction retrainin- BTRC from claimin- the aid demand and 8led an Appeal in the i-hBan-ladeh ee;inan order of inunction a-aint the claim made 3 BTRC6 On 20 Octo3er 20ituation Jtatu .uoG in repect of the claim made 3 BTRC for a period of i9 month from 2



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until $a 2016 "n thi period BTRC ma preent ar-ument to the court +h the claim hall reDi(iion e9tended the ta order for the claim until the 8nal hearin- of the appeal6 No ne+ de2G S"$ ta9 on replacement S"$ cardOn 1* $a 2012: National Board of Re(enue iued a notice to %rameenphone claimin- S"$ treplacement S"$ card iued durin- the period from @ul 200, to Decem3er 20116 %rameenp3efore the i-h Court +hich paed a Sta Order on the operation of the demand (alid until 1commiion: appointed 3 the %o(ernment: +a et up to re(ie+ thi cae: in repect of all optheir report tatin- principall ame amount a the initial NBR concluion6 %rameenphone dtep to challen-e it6 %rameenphone recei(ed a letter from the National Board of Re(enue a2) @anuar 201)6 B +a of a 7rit 'etition: %rameenphone challen-ed the premie on +hicho3tained a ta order on 1 @anuar 201) on the operation of that notice for an interim period'etition6G #ar-e Ta9paer &nit J#T&G P ?AT claimOn 14 $a 2014: #ar-e Ta9paer &nit J#T&GI?AT in Ban-ladeh iued a Wpa or e9plain dema%rameenphone6 Thi demand +a 3aed on an aement 3 #ocal and Re(enue Audit Depa

JCA%G o=ce: for the 8cal ear 2010I11 and 2011I126 %rameenphone dia-ree +ith the 8n3ecaue of lac; of uridiction and improper procedure follo+ed6 !urther %rameenphone 3elie3ein- micontrued in reachin- the concluion6 %rameenphone ha ta;en thi iue to court6 Court heard the cae and paed a ud-ment in fa(our of %rameenphone6 Thi deciion ma 3



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Remuneration to mana-ement etc6Board of DirectorRemuneration to the Board of Director Jthe BoardG conit of a Board fee +hich i 89ed for thcompenation for other Board elected committee6 The Board fee are et 3 the Corporate

The a--re-ate remuneration for the Board and the Corporate Aem3l reco-nied in 2014 +repecti(el6 "n 201 thi +a NO5 62 million and NO5 06* million: repecti(el6 "n addition: re%o(ernance and Remuneration Committee: The Ethic and Sutaina3ilit Committee and NomJNO5 06 million in 201G6 The mem3er of the Board are entitled to a 89ed compenation perand ha(e no a-reement +hich entitle them to e9traordinar remuneration in the e(ent of terconcernin- 3onu: pro8t harin-: option or imilar6 The num3er of hare o+ned 3 the mem$em3er and the Corporate Aem3l a of 1 Decem3er 2014 and 201 i ho+n 3elo+6 ShaBoard $em3er include related partie6 None of thee mem3er ha(e an hare option6

NO5 in thouand: e9cept num3er of hare

BoardS(ein Aaer!ran; Dan-eardBar3ara $ilian ThoralfonBurc;hard Ber-mannall(ard Ba;;e Juntil 1460)62014GDa- @6 Opedal

@on Eri; Reinharden Jfrom 1460)62014GSall Da(i$arit ?aa-en Jfrom 1)60)6201G

arald Sta(nBrn Andre AnderenBrit t3 !redri;en'er %unnar Salomonen Jdeput 3oard mem3erG#ielott 5ilaa Juntil 1)60)6201G1GNone of the mem3er of the Board recei(ed compenation from an other %roup companie: remuneration a emploee i not included a3o(e6 None of the mem3er of the Board of Direc

Deput Board $em3er'er %unnar Salomonen"rene ?old5enneth 'etteren'Vl %rnund Jfrom 126126201Gbe Selford Jfrom 126126201G

@r-en !inn3 Jfrom 126126201G



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Tone 5ritin !lo3a;; Jfrom 126126201G1G Shareholdin- not included for repreentati(e +ho are no lon-er deput mem3er a of 1

TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roupNum3er of hare aof 1 Decem3er 2014 1G

2 )14 ,42 42,2 401 0),

001

II1 14

,) ,2



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Recommendation de(eloped 3%RC%RC and %roup CEO



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Re+ard purpoe'ro(ide direction Jperformance mana-ement lin;G and moti(ateindi(idual to deli(er hi-h performance6Enure lon-Iterm focu and interet ali-nmentto hareholder6'ro(ide the 3ai for a 8nanciall ecure and competiti(epa pac;a-e6

/'A%E / TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roup

a6 the poition and indi(idual i important in realiin- the Telenor %roup am3itionL36 the indi(idual ha demontrated 3eha(iour in line +ith our (alueI and performance orientec6 the indi(idual i e9pected to continue in a role co(ered 3 the 'ro-rammeLd6 the indi(idual +ill not retire durin- the 8rt ear of the pro-rammeLe6 the indi(idual i conidered critical for Buine &nitJG and i He9i3le to relocate if re.uired

f6 the indi(idual ha 3een identi8ed a a retention ri; and di=cult to replace +ith imilar capa



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%ro+th'ro8ta3ilitE=cienc

Decem3er 201 to Decem3er 201): the TSR multiplier +ill (ar from 1 to ma9imum 2: corre0 percenta-e to 1) percenta-e point a3o(e the inde9 repecti(el6



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Ne+paper

/'A%E )/ TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor %roup



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'oition%roup Chief E9ecuti(e O=cer JCEOGE?' and %roup Chief !inancial O=cer JC!OGE?' and ead of %roup "ndutrial De(elopmentE?' and ead of %roup 'eople De(elopment

E?' and Chief E9ecuti(e O=cer Nor+aE?' and ead of Europe re-ionE?' and ead of Aia re-ionE?' and ead of Strate- and Di-italE?' and ead of %roup #e-alE?' and ead of Corporate A>airE?' and ead of Di-ital Ser(ice

A-reed period of notice: month3ae alar



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* month

* month

* month

* month* month* month* month

month

* month

* month

* month



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"nclude item uch a (acation allo+ance 3eond ordinar monthl pa: inurance: compan pro-ramme etc6

!or Si-(e Bre;;e and enri; Clauen: e9patriate allo+ance a +ell a ta9 3ene8t on net alainternational ai-nment6 Alo for thee mem3er: 3ene8t uch a accommodation: tra(el:

The calculation of penion 3ene8t earned are 3aed on the ame actuarial and other aumpnum3er ha(e 3een retated a the included ocial ecurit ta9 for de8ned 3ene8t plan in t

The indi(idual 3ae alar 8-ure reHect net amount6 The indi(idual ha entitlement to -ua-rant: annual 3onu and #T" 3onu are paid out on net 3ai6

The compenation i 3aed on indi(idual repecti(e period in the %roup E9ecuti(e $ana-em!or num3er of hare -ranted and outtandin- a +ell a their term: ee ection on hare h?aria3le pa conitin- of annual 3onu and #T" 3onu paid durin- the ear i full or partiall $ana-ement in the pre(iou ear6

?aria3le pa Jannual 3onu plu #T" 3onuG di(ided 3 89ed compenation JWannual 3ae alarcapped amount after enforcin- the (aria3le pa cap for thoe applica3le a e9plained in the (aria3le pa a +ell a the cap are 3aed on net amount6 !or thoe +ho ha(e er(ed for le+a 3aed on their annualiKed 89ed pa6aG

The 3ae alar for the indi(idual include pament a u3titute for penion of 3ae alar aaG



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3GcGdG Rol(IEri; Spillin-< 126)F of 3ae alar a3o(e 12%6A a reult of re(ie+ in 2014: a re(ied penion a-reement +a a-reed +ith 'Vl 7ien Epen a

@on !redri; Ba;aa held 100 000 option hare a of 1 @anuar 201: of +hich all +ere e9erci

Rol(IEri; Spillin- held 1) 000 option hare a of 1 @anuar 201: of +hich all +ere e9ercied



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Bae alar include holida pa due to e>ect of the Nor+e-ian olida pa tem: if applic"nclude item uch a inurance: compan car 3ene8t or car allo+ance: ta9a3le 3onu hare!or Si-(e Bre;;e and enri; Clauen: e9patriate allo+ance a +ell a ta9 3ene8t on net alainternational ai-nment6 Alo for thee mem3er: 3ene8t uch a accommodation: tra(el:

The calculation of penion 3ene8t earned are 3aed on the ame actuarial and other aumpcomparati(e num3er ha(e 3een retated a the included ocial ecurit ta9 for de8ned 3en

The indi(idual 3ae alar 8-ure reHect net amount6 The indi(idual ha entitlement to -ua The compenation i 3aed on indi(idual repecti(e period in the %roup E9ecuti(e $ana-emAnnual 3onu earned include 12F holida pa: if applica3le6#T" e9pened include cot related to the #T" 3onu hare6

Annual 3onu ha 3een updated to reHect actual remuneration in 2016A a reult of re(ie+ in 2014: a re(ied penion a-reement +a a-reed +ith 'Vl 7ien Epen ain 20146



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#oan to emploee Total loan to emploee +ere NO5 million a of 1 Decem3er 2014 and NO5 million a of!ee to the auditor

The ta3le 3elo+ ummarie audit fee for 2014 and 201 and fee for audit related er(ice%roup durin- 2014 and 2016 !ee include 3oth Nor+e-ian and forei-n u3idiarie6

NO5 in million: e9cludin- ?AT Telenor ASAOther %roup companie

Total %roup auditorOther auditor in u3idiarie

Total!ee for audit er(ice include fee aociated +ith the re.uired tatutor and 8nancial auditother attetation er(ice re.uired 3 la+ and re-ulation: attetation related to informatio

procedure re.uired 3 re-ulator and other third partie6 !ee for ta9 er(ice include ta9 cocone.uence: a +ell a ta9 due dili-ence er(ice in connection +ith ac.uiition: dipoal8nancial due dili-ence er(ice and conultation in connection +ith ac.uiition: dipoal anNum3er of hare: authoriation: o+nerhip etc6A of 1 Decem3er 2014: Telenor ASA had a hare capital of NO5 :00:,4:10 di(ided into 1(alue of NO5 * each6 The hare capital +a decreaed 3 NO5 0:,:44* and the num3er ofdurin- the ear6 All ordinar hare ha(e e.ual (otin- ri-ht and the ri-ht to recei(e di(idendo+n an treaur hare: compared to *:1:,4 treaur hare a of 1 Decem3er 2016

The Annual %eneral $eetin- JA%$G in $a 201 authoried the Board of Director to ac.uire appro9imatel F of the hare capital: to optimie the compan capital tructure6 7ithin thi

2014: Telenor repurchaed+ith it lar-et hareholder: the 5in-dom of Nor+a: repreented throu-h the $initr of Tradthat the 5in-dom of Nor+a +a committed: throu-h the $initr of Trade: "ndutr and !ihemeetin-: to contri3ute to the cancellation of a proportionate num3er of it hare o that the

Telenor +ould remain una>ected if Telenor repurchaed hare for the purpoe of cancellation20146 !ollo+in- A%$ appro(al in $a 2014: Telenor hare capital +a reduced 3 NO5 0:repurchaed under the authoriation from A%$ in $a 201 and redemption of :14:4 hapament of an amount of appro9imatel NO5 160 3illion to the 5in-dom of Nor+a6At the A%$ in $a 2014: authorit +a -i(en to the Board of Director to ac.uire up to 1:000appro9imatel 2F of the hare capital: for the purpoe of cancellation6 The authoriation i (a

+ith thi authoriation Telenor entered into a ne+ a-reement +ith the 5in-dom of Nor+a re-a-reement entered into in 2016

Telenor did not purchae an hare under thi authoriKation in 20146A of 1 Decem3er 2014: Telenor ASA had a3out 40:,00 re-itered hareholder: compared +Chan-e in treaur hare

Balance 1 @anuar



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'urchae of treaur hare Treaur hare ued in option and #T" pro-rammeCancellation of treaur hareBalance 1 Decem3erOf +hich held for cancellation

Name of hareholder$initr of Trade: "ndutr and !iherie: 5in-dom of Nor+a!ol;etr-dfondetCleartream Ban;in- S6A6 JnomineeG

State Street Ban; Trut Compan JnomineeG The Northern Trut Compan #td6 JnomineeGState Street Ban; And Trut Co6 JnomineeGState Street Ban; And Trut Co6 JnomineeG

@6'6 $or-an Chae Ban; N6A6 #ondon JnomineeG The Ban; Of Ne+ Mor; $ellon JnomineeGState Street Ban; And Trut Co JnomineeG

The Northern Trut Co6 JnomineeG @6'6 $or-an Chae Ban; N6A6 #ondon JnomineeGState Street Ban; Trut Co6 JnomineeG

@6'6 $or-an Chae Ban; N6A6 #ondon JnomineeG The Ban; Of Ne+ Mor; $ellon JnomineeG The Ban; Of Ne+ Mor; $ellon JnomineeG5#' A;e Nor-e "nde; ?'!State Street Ban; And Trut Co6 JnomineeG?erdipapirfondet Dn3 Nor-e J"(G&3 A- JnomineeG

Total held 3 20 lar-et hareholder Total all Telenor hare

Name of hareholder$initr of Trade: "ndutr and !iherie: 5in-dom of Nor+a!ol;etr-dfondet

Templeton "n(etment Counel: #6#6C6Alecta penionfr;rin-: meidi-tSA!E "n(etment Compan #imited



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Blac;Roc; "ntitutional Trut Compan: N6A6Deutche Aet 7ealth $ana-ement "n(etment %m3DNB Aet $ana-ement AS&BS %lo3al Aet $ana-ement J&5G #td65#' !ori;rin-7ellin-ton $ana-ement Compan: ##'

The ?an-uard %roup: "nc6 Thorn3ur- "n(etment $ana-ement: "nc67illiam Blair Compan: #6#6C6Store3rand 5apitalfor(altnin- ASA'% Aet $ana-ementState Street %lo3al Ad(ior J&SGNordea !und ODan;e Capital JNor+aG#e-al %eneral "n(etment $ana-ement #td6

Total held 3 20 lar-et hareholder Total hare


E(ent after the reportin- periodE(r ASAOn 2 $arch 201) #n-en Bidco AS: indirectl controlled 3 pri(ate e.uit fund ad(ied 3 Aprecei(in- 0F of the hare and (otin- ri-ht in E(r ASA6 #n-en Bidco AS had on the 2 $arcthe hare and (otin- ri-ht in E(r ASA6 The cloin- and ettlement of the tranaction too; p

Note

2:



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TE#ENOR ANN&A# RE'ORT 2014

!inancial Statement / Telenor ASA

11 40)

JG

J))G

J40GJ1G11 *



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11 2J12GJ,04G





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IIJ4 2 ))GI1 )1* *24 2,1IIIIIIJ1) 1** 241GI1 )01 4) 00

Content note

%eneral information and ummar of i-ni8cant accountin- principle Telenor ASA i a holdin- compan and contain the %roup $ana-ement: Corporate !unction:internal 3an; J%roup TreaurG6

The 8nancial tatement ha(e 3een prepared in accordance +ith impli8ed "!RS puruant to tre-ulation re-ardin- impli8ed application of "!RS iued 3 the $initr of !inance on 21 @an

Telenor ASA i-ni8cant accountin- principle are conitent +ith the accountin- principle foconolidated 8nancial tatement6 7here the note for the parent compan are u3tantiall are ho+n 3elo+6 Other+ie: refer to the note to the conolidated 8nancial tatement6

Telenor ASA ue the indirect method for the tatement of cah Ho+6 Cah and cah e.ui(aleplacement and dra+in- from cah pool6 Net chan-e in %roup internal dra+in- ri-ht are loa



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Thee loan and placement ha(e hi-h turno(er and are preented net6Re(enue are mainl ale of %roup er(ice to other %roup companie: ale of reearch and dconultanc er(ice6 'urchae from other %roup companie conit mainl of conultanc fe"TIoperation and maintenance6

Telenor ASA conduct the main part of the e9ternal de3t 8nancin- in the %roup: and pro(ide from %roup companie6 See note 2, to the conolidated 8nancial tatement6Share in u3idiarie and loan pro(ided to u3idiarie are e(aluated at the lo+er of cot anof impairment loe are clai8ed a net -ain Jlo and impairmentG on 8nancial aet in th

Salarie and peronnel cot The %roup Chief E9ecuti(e O=cer and the Board of Director ha(e the ame poition in Tele8nancial tatement for further information a3out compenation to the Board of Director: ma

NO5 in millionSalarie and holida paSocial ecurit ta9'enion cot includin- ocial ecurit ta9 JNote GShareI3aed pament 1GOther peronnel cot

Total alarie and peronnel cotNum3er of manIear emploed: a(era-e1G'enion o3li-ation

Telenor ASA i o3li-ed to follo+ and complie +ith the Act on $andator Compan 'enion6 Tto the re.uirement et in the Act6Chan-e in the de8ned 3ene8t o3li-ation and fair (alue of plan aet

NO5 in millionA of 1 @anuarSer(ice cot

Net interetSu3Itotal included in "ncome StatementReturn on plan aet Je9cludin- amount included in net interet e9peneGActuarial chan-e ariin- from chan-e in demo-raphic aumptionActuarial chan-e ariin- from chan-e in 8nancial aumptionE9perience adutmentSu3Itotal in Other Compreheni(e "ncome





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Total 8nancial income"nteret e9pene %roup companie"nteret e9pene Je9ternalG#o on -uarantee and recoure claim for u3idiarie GOther 8nancial e9pene

Total 8nancial e9pene!orei-n currenc -ain!orei-n currenc loNet forei-n currenc -ainNet chan-e in fair (alue of 8nancial intrument at fair (alue throu-h pro8t or loNet chan-e in fair (alue of hed-in- intrument and hed-ed itemNet chan-e in fair (alue of 8nancial intrument"mpairment loe on loan to %roup companie"mpairment loe on hare in u3idiarie 4GNet -ain Jloe and impairmentG on 8nancial aet

Net 8nancial income Je9peneG1G %roup contri3ution and di(idend recei(ed from %roup companie i reco-nied a 8nanciarele(ant compan and Telenor ASA o3tain the ri-ht to the %roup contri3ution6 "n 2014 Telenocontri3ution and NO5 62 3illion in ta9Ifree %roup contri3ution: +hich related to the 8nancial NO5 64 3illion6 "n 201 Telenor ASA recei(ed and reco-niKed NO5 *6* 3illion in ta9a3le %rouprelated to the 8nancial ear 20126 !urther: it +a recei(ed e9traordinar di(idend at NO5 1643illion related to the 8nancial ear 2016 The %roup contri3ution for the 8nancial ear 2014 i201)62G Other 8nancial income from %roup Companie i mainl related to commiion for -uaran3ehalf of &nitech 7irele 'ri(ate #td6 and reco-nied income of NO5 1, million related to the

G "n 2012: the lender demanded pament on Telenor ASA -uarantee: and pament +ere e93illion 6 The claim to+ard &nitech 7irele 'ri(ate #td6 re-ardin- recoure under -uarantee3illion in 2011 and NO5 26 3illion in 2012 3aed on the 3et etimate of reco(era3le amounttranferred from &nitech 7irele 'ri(ate #td6 to Tele+in- Communication Ser(ice 'ri(ate #related to the paid -uarantee and -uarantee fee +ere not part of the tranfer6 "n 201: Teleret of the claim i +ritten do+n reultin- in e9pene of NO5 16* 3illion for 2016 "n 2014: NOrecei(ed pament64G "mpairment of re(eral of NO5 064 3illion on hare in u3idiarie relate to Telenor Buinere-ardin- the ale of the hareholdin- in E(r ASA: and follo+in- the o3tained price: the imp

"ncome ta9eNO5 in million'ro8t 3efore ta9eCurrent ta9e



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Current +ithholdin- ta9Reolution of diputed item and adutment in pre(iou ear current income ta9Chan-e in deferred ta9e"ncome ta9 income/Je9peneG

Ta9 3ai<'ro8t 3efore ta9eNonIta9a3le interet income related to reolution of diputed itemNonIdeducti3le e9pene and ta9Ifree income%roup contri3ution pre(iou ear%roup contri3ution pre(iou ear P ta9IfreeChan-e in temporar di>erence reco-nied in income tatement%roup contri3ution current earCorrection of loe carried for+ard from pre(iou ear

Ta9 lo carriedIfor+ard JutiliedG Ta9 3ai for the ear

Current ta9e at nominal income ta9 rate in Nor+a J2,FGE>ecti(e ta9 rate"ncome ta9 e9pene at corporate income ta9 rate in Nor+a J2,FGNonIdeducti3le e9pene and ta9Ifree incomeRecei(ed %roup contri3ution: ta9Ifree7ithholdin- ta9 paid durin- the ear ued for income deductionReolution and adutment of diputed itemOtherE>ect of chan-e in ta9 rate"ncome ta9 e9pene

E>ecti(e ta9 rate in FNO5 in million

Temporar di>erence a of 1 Decem3erNonIcurrent aet"nteret element in connection +ith fair (alue hed-e of lia3ilitieOther nonIcurrent recei(a3le!inancial deri(ati(e#oe on -uaranteeOther accrual for lia3ilitie'enion lia3ilitie

%roup contri3ution&nued ta9 credit carried for+ard&nued ta9 lo carriedIfor+ard

Total temporar di>erence a of 1 Decem3er Ta9 rateNet deferred ta9 aetChan-e in net deferred ta9 aet



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Recorded to other compreheni(e income 1GReco-nied in the income tatement1G

"ntan-i3le aet

NO5 in million#icence and le-al ri-ht J12 I 1) earGSoft+are purchaed J) earG7or; in pro-re

Total intan-i3le aet



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NO5 in million#icence and le-al ri-ht J12 I 1) earGSoft+are purchaed J) earG7or; in pro-re

Total intan-i3le aetOther 8nancial aetNO5 in millionCapital contri3ution in Telenor 'enion !und 1GDeri(ati(e 8nancial intrument!air (alue hed-in- intrumentOther 8nancial aet e9ternal

Total other nonIcurrent 8nancial aet

ShortIterm interetI3earin- recei(a3le %roup companieRecei(a3le %roup companieShort term placement monthOther current 8nancial aet e9ternal

Total other current 8nancial aet1G

E.uit and di(idendAllocation of e.uit and dipoition o(er the lat 2 ear i ho+n in a eparate ta3le: ee taNominal (alue per hare i NO5 *6 A of 1 Decem3er 2014 Telenor ASA had no treaur hare

Di(idendDi(idend per hare in NO5 P paidDi(idend per hare in NO5 I propoed 3 the Board of Director

Total di(idend for 201 of NO5 106* 3illion +ere paid in $a 20146 The Board of Director prohareholder for 20146 See note 2 in the conolidated 8nancial tatement for further informa

!inancial intrument and ri; mana-ementRi; mana-ement

Telenor ASA treaur function i reponi3le for 8nancial ri; mana-ement includin- li.uiditforei-n e9chan-e ri;: credit ri; and capital mana-ement6 The acti(itie in the treaur functprocedure appro(ed 3 the Board of Director of Telenor ASA6 The mana-ement and the 3oarinformation re-ardin- the 8nancial area of the compan6ShortIterm and lon-Iterm 8nancial He9i3ilit i in focu: and Telenor ASA iue de3t in Nor+









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dicued in note 2 to the conolidated 8nancial tatement6 Telenor ASA other related partie conit mainl of u3idiarie of the %roup6 Telenor ASA enote 1 for further decription: and pro(ide loan and recei(e depoit from the companie6 7u3idiarie o+ned 0F or more are part of Telenor ASA cah pool tem and the internal 3an;: the u3idiarie can -et loan: place e9ce li.uidit and ma;e currenc e9chan-e6"n addition: Telenor ASA recei(e di(idend that are reco-nied a 8nancial income: ee note in 2014 and 201 of NO5 1,:,)) million and NO5 2):)4 million: repecti(el: are recei(ed frSale and purchae of er(ice: recei(a3le and lia3ilitie

NO5 in millionSu3idiarieNor+aS+edenDenmar;un-ar

Ser3iaBul-aria$ontene-rodtac P ThailandDi%i P $alaia%rameenphone P Ban-ladeh'a;itan"ndiaBroadcat$anmar

Other unit Total!inancial tranaction: recei(a3le and lia3iltie

NO5 in millionSu3idiarieNor+aS+edenDenmar;

un-ar$ontene-roBroadcat"ndia$anmarOther unit

Total



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Share in u3idiarie The ta3le 3elo+ et forth Telenor ASA o+nerhip interet in it u3idiarie6 Thee u3idiatheir directl o+ned u3idiarie6 Se(eral of the u3idiarie named in the econd part o+n hrepecti(e annual report6O+nerhip interet correpond to (otin- interet if not other+ie tated6Share in u3idiarie

NO5 in million Telenor Net+or; oldin- AS Telenor "nternational Centre AS Telenor "ntercom oldin-

Telenor %lo3al Shared Ser(ice AS 1G Telenor Communication "" AS 2G Telenor $o3ile oldin- AS Telenor Buine 'artner "n(et AS G Telenor Broadcat oldin- AS Telenor Eiendom oldin- AS Telenor 5B AS Telenor !ori;rin- AS$aritime Communication 'artner AS 4G

Telenor Ser(ice 1 AS

Telenor %T" ASAeromo3ile oldin- ASCinclu Technolo- AS

Telenor Di-ital AS )G Total1G2G

G

4G)GShare in u3idiarie o+ned throu-h u3idiarie

Telenor Net+or; oldin- AS Tel+a AS



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Telenor %lo3al Ser(ice AS Telenor S(al3ard AS Telenor Nor-e ASDatametri9 ASCanal Di-ital 5a3el T? AS *G

Telenor "nternational Centre AS Telenor Ruia AS Telenor "ndia 'ri(ate #td6 Telenor "ntercom oldin- ASNe Telenor $o3ile Communication 1 AS

Nor+aNor+aNor+aNor+aNor+aNor+aNor+aNor+aNor+a%reat Britain

un-arNor+aNor+aSin-apore

Nor+aNor+aNor+aNor+aNor+a

Denmar;S+edenNor+aS+eden

Nor+a%reat Britain



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Nor+aNor+aNor+aNor+a

Nor+aNor+aNor+aNor+aNor+aun-arNor+aNor+aNor+aNor+a

Nor+aNor+aNor+aNor+aNor+aNor+aNor+a

Eta3lihed in 20146Sold in 20146O+nerhip ta;en o(er 3 another Telenor compan6Reduced o+nerhip and reclai8ed to aociated compan6



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!oreta;re-iteret< NO ,* , $?A Tlf< `4, 24 00 24 00!a9< `4, 24 00 2 01+++6e6no$edlemmer a( den nor;e re(iorforenin-



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Telenor reult for the 1t .uarter 201)Annual %eneral $eetin- 201)

Telenor reult for the 2nd .uarter 201) Telenor reult for the rd .uarter 201)

!i-ure for 2010: 2011 and 2012 are not aduted for dicontinued operation in Denmar;6Or-anic re(enue i de8ned a re(enue aduted for the e>ect of ac.uiition and dipoal of oOperatin- cah Ho+ i de8ned a EB"TDA 3efore other income and e9pene P Cape9: e9cludiStartin- from 2011: net interetI3earin- lia3ilitie i de8ned a interetI3earin- de3t e9cludin

Return on capital emploed JROCEG i 3aed on Net "ncome e9cludin- 8nancial item: other in-ain/lo on dipoal of aociated companie and oint (enture6Di(idend are rein(eted on e9Idate6



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The ten focu area co(ered in thireport on ocial reponi3ilit are 3aedon a materialit aement proce in201 in line +ith ta;eholdere9pectation6 The aement ha 3eenconducted on the 3ai of %lo3alReportin- "nitiati(e J%R"G %4 -uideline6$ore information i a(aila3le at+++6telenor6com/utaina3ilit6

The Board of Director of Telenor ASAha decided that the tatement on ho+the compan i deli(erin- on materialocial reponi3ilit iue hould 3epro(ided a a eparate ection in theannual report for 20146

DN? %# ha 3een en-a-ed 3 Telenorto carr out a claim chec; of thi

utaina3ilit ection of the annualreport for 20146 The en-a-ement ha3een underta;en in accordance +ith ana-reed upon procedure 3aed on DN?%# -eneral procedure for aementof utaina3ilit reportin- J?eriutainG:+hich ha 3een tailored to the peci8c

Telenor re.uirement6 The DN? %#independent re(ie+ i to 3e found onthe +e3 ite +++6telenor6com/

utaina3ilit/reportin-6

de(eloped in 2016 The -uidance in thi





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$anmar6 Continuin- to +or; +ith theri; identi8ed in our initial 2012 duedili-ence: +e ha(e ta;en man tep tofurther impro(e our procee andfollo+Iup6 Thi include iue relatedto uppl chain utaina3ilit: pri(ac

the &N %lo3al Compact J&N%CG: +hichpreent clear tandard of 3uineethic6 A a mem3er of the &N%C: +ereport annuall on pro-re inem3eddin- our ethical culture in all

part of our or-aniation6 Telenor%roup commitment to inte-rit andtranparenc i clearl tated in ourCode of Conduct6 The Code of Conducti the -uardian of inte-rit +ithin the

Telenor 7a and de8ne the tandard3 +hich +e conduct 3uine and3eha(e a reponi3le and accounta3lerepreentati(e of Telenor6 Thedocument i i-ned 3 all emploee

upon oinin- the compan: andreIi-ned +hene(er u3tantialupdate are made6

Telenor i 8rml oppoed to corruptionin all form and i committed to doin-3uine in accordance +ith the hi-hetethical tandard6 Telenor Kerotolerance for corruption and it ethicaltandard are et out in it Code of

Conduct: AntiICorruption 'olic andother -o(ernin- document6 Telenor8rm commitment to oppoin- an formof corruption re.uire a tructuredapproach to inte-ratin- ethic and antiIcorruption conideration acro allfunction and le(el6 Telenor %roup



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AntiICorruption 'olic tate that Telenor hall acti(el attempt to enurethat corruption doe not occur in

Telenor 3uine acti(itie6 To thi end: Telenor hall +or; a-aint corruptionthrou-h an ade.uate and ri;I3aedAntiICorruption 'ro-ramme 3aed oninternational 3et practice6 Thi hall 3eimplemented in all Telenor u3idiariedirectl or indirectl controlled 3

Telenor ASA6

Telenor ha an or-aniKation +ith clearlde8ned role and reponi3ilitie for theimplementation of the AntiICorruption

'ro-ramme: 3oth at Telenor %roup and3uine unit le(el6 The %roup 'olic

acti(el ued on 3oth local and %rouple(el: and compliance incident arehandled and concluded in accordance+ith the re.uirement in the -lo3al

Ethic Compliance frame+or;6 $oredetail are a(aila3le on our +e3 ite+++6telenor6com/a3outIu/corporateI-o(ernance/ethicIcompliance6

"n 2014: Telenor continued it %roupI+ide implementation and monitorin- of the AntiICorruption 'olic and AntiICorruption 'ro-ramme6 The TelenorAntiICorruption and3oo; +a

launched +ith a +e3I3aed app formartphone: ta3let and laptop in

@une 20146 The app i pu3licl a(aila3leon telenor6com< +++6telenor6com/media/article/2014/do+nloadIourIantiIcorruptionIapp6



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!urther prioritie in 2014 +ere Telenor%roupI+ide antiIcorruption ri;aement procedure: monitorin-acti(itie: upport and follo+Iup of 3uine unit and re(ie+ andimplementation of Telenor %roupprocedure for inte-rit due dili-ence of 3uine partner6 Thee e>ort +illcontinue durin- 201): in addition to

Telenor on-oin- focu on trainin- anda+arene of emploee and the upplchain6

"nformation re-ardin- the on-oin-?impelCom #td6 in(eti-ation i to 3e

found in the Telenor ASA Board of theDirector report for 20146

Climate and en(ironment!rom policie to action

Telenor i committed to protectin- theen(ironment 3 underta;ininitiati(eto promote -reater en(ironmentalreponi3ilit and upport 3uineinitiati(e uin- communication

er(ice to de(elop ecoIe=cientolution6 Thi include adherin- tolocal re-ulation and internationall

A+ard 3 %S$A for it e9teni(eClimate Chan-e 'ro-ramme6 Di-i +aran;ed the top compan in the national

$MCar3on A+ard 2014 foren(ironmental reportin- in $alaia6

"n 2014: "SO 14001Icomplianten(ironmental mana-ement tem+ere follo+ed up on in all 3uine unit:and the +or; +a alo initiated in



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Telenor $anmar6 !i(e of our 3uineunit P Telenor Bul-aria: Telenor Ser3ia:

Telenor un-ar: Di-i and &ninor P areall certi8ed accordin- to "SO 140016

Durin- 2014: Telenor tren-thened itpolic on +ate mana-ement6 All3uine unit hall ecure utaina3le+ate mana-ement6 All electronic+ate hall 3e reued: reccled orafel dipoed of and all 3uine unithall enure that thee procee areconducted accordin- to internationallreco-nied tandard and re-ulation6

$o3ile handet recclin- initiati(eha(e 3een eta3lihed in nine 3uineunit< Telenor un-ar: Telenor Ser3ia:

Telenor $ontene-ro: Di-i in $alaia:dtac in Thailand: Telenor S+eden:

Telenor Denmar;: Telenor Nor+a and Telenor Bul-aria6 Durin- 2014: morethan 10:000 mo3ile handet andmo3ile 3atterie +ere collected andreccled in an appropriate +a6

#oo;in- for+ard: our ;e climatemeaure +ill 3e to impro(e the ener-e=cienc of all 3uine unit P uch a3 up-radin- our net+or; andinte-ratin- ener- re.uirement intoprocurement procee6

Telenor +ill in 201) +or; +ith indutror-aniation to refreh our ini-ht and

information on the "CT ector role in alo+Icar3on tranition in the leadIup tothe &nited Nation Climate Chan-eConference in 'ari in Decem3er 201)6



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trainin- to-ether +ith a+arenetrainin-6 Telenor ac;no+led-e theneed for inteni8ed upplier capacitI3uildin- P epeciall in our Aianmar;et P and +e +ill thereforeprioritie thi in 201)6

Throu-h it participation in the @ointAudit CoIoperation J@ACG to-ether +ithother telecommunication operatorJcurrentl 10 mem3erG: Telenor -ainedacce to the reult of thirtI8(eutaina3ilit audit of -lo3al upplierin 20146 Telenor e9ecuted four of thee

audit of -lo3al upplier on 3ehalf of @AC in 20146 After carrin- out an audit:a Correcti(e Action 'lan JCA'G litin- all8ndin- i a-reed upon 3et+een theauditee and the auditor6

Telenor i an acti(e mem3er of the &N%lo3al Compact Suppl Chain Ad(ior%roup and %lo3al eISutaina3ilit"nitiati(e J%eS"G6

Occupational health: afet andecurit!rom policie to action

Telenor %roup continue to focu onmaintainin- a poiti(e +or;in-en(ironment and a culture that nurtureoccupational health: afet andperonnel ecurit JOSSG6 Thecompan +or; acro all of it 3uine

unit to maintain and impro(e itreadine for ecurit and afet ri;6

Telenor OSS approach co(er itemploee a +ell a contractor:(endor and upplier6 7e 3elie(e thatthe health: afet: ecurit and



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+ell3ein- of our emploee are (ital toour 3uine and ma;e a di>erence inemploee en-a-ement6 The aloincreae producti(it: e6-6 3 reducin-a3enteeim and thu reducin- cot6

Telenor face a ran-e of OSSIrelated challen-e in the mar;et in

+hich currentl pro(ide more than*:000 uer +ith free mo3ileinformation er(ice to promote health

mother and children6 The mo3ile phone+ill er(e a the tool to con(e lifeIa(in- information to pre-nant +omenand ne+ mother and allo+ ne+3orn

pinnin- one of the &N $illennium %oal6

"n 2014: dtac and the Ra; Ban 5erdproect 1*,, !armer "nformationSuperhi-h+a in Thailand continued

their partnerhip focuin- on pro(idin-a-ricultural data to farmer6 The proectalo o>er ad(ice on a-riculturaltechni.ue: capacitI3uildin- andupport in o3tainin- tandard andcerti8cation6

%rameenphone eta3lihed 8(e onlinechool in di>erent remote location of the countr in 20146 7ith thi

e9panion: a total of ten online choolno+ pro(ide .ualit education to cloeto ,00 economicall diad(anta-edtudent6

"n 2014: Telenor %roup continued it+or; on Ena3le proect in Ser3ia:

the 3et poi3le tart in life: under



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connectin- the Roma population6 "n'a;itan: the e>ort to 3an; theun3an;ed throu-h Ea'aia continued6

Telenor and the 7i;imedia !oundationcontinued their partnerhip in 2014:3uildin- on the commitment to 3rin-7i;ipedia to Telenor cutomer free of data char-e and encoura-e thecreation of article on 7i;ipedia in locallan-ua-e in our mar;et6 Telenor hano+ launched 7i;ipedia \ero in$ontene-ro: $alaia: $anmar:

Thailand and Ban-ladeh6 7e arecontinuoul loo;in- at ne+ Telenor

mar;et to e9pand the partnerhip6

%oin- for+ard: +e +ill continue in oure>ort to pro(ide people +ith "nternet

dei-n our product -oin- for+ard6

"n 2014: Telenor upported thede(elopment of the %S$A $o3ileConnect 'ri(ac 'rinciple: +hich aree9pected to 3e appro(ed 3 %S$Amem3er in 8rt half of 201)6 Theprinciple eta3lih a pri(ac 3aelinethat applie to all partie that pro(ide$o3ile ConnectI3randed identiter(ice6 The principle 3uild on thee9itin- mo3ile pri(ac principle of

%S$A and are conitent +ith le-alframe+or; in Europe: Aia and the &S6

There are continuou de(elopment inthe re-ulator re-ime around the+orld6 Acro our mar;et +e are eein-re-ulator ta;inne+ tep to



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tren-then pri(ac re-ulation6 Telenor+ill continue it focued +or; on pri(acto meet 3oth re-ulator re.uirementand the e9pectation of it cutomer6

Telenor %roup +ill continue to impro(eit common internal frame+or; for ho+it procee peronal information in all

ted to enurin- that all our 3uine

oried acce to peronal data: and toenure the afe and ound de(elopmentof ne+ er(ice and application6

Economic contri3ution to ociet!rom policie to actionOur 3uine ma;e a i-ni8canteconomic contri3ution to thirteencountrie in Europe and Aia6 Di-italer(ice empo+er people li(e andcreate countle 3uineopportunitie6 "n(etment utaineconomic -ro+th: local o3 andcompetencie P and compan ta9e

upport pu3lic er(ice uch aeducation and healthcare6

Each of thee contri3ution i (ital tolocal ociet and implie tron-

it 3uine operation6 7e are commit

unit ta;e action to pre(ent unauth



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Re(enue

4 0,11 )4) ),04 2)42 ,2 0

1, *,1

1 )1 *,* 24,4 212



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"nternational JC"G to protect oun-people and afe-uard their ri-ht to 3eheard6 To-ether the %S$A and C" +illeta3lih a roadmap for promotin- childhelpline acro the -lo3e6 Telenor%roup ha 3een an enthuiaticupporter of thi partnerhip and +illpromote .ualit helpline and upporte>ort to alo reach uch -eo-raphiclocation +here there i no er(icetoda6

Se(eral of our 3uine unit tarted

en-a-in- +ith outh: teacher andparent to -ro+ their di-ital reiliencedurin- 20146 At dtac in Thailand: a3road alliance +a created to thi end:in(ol(in- -o(ernment ector a-encie:N%O: &N"CE! and dtac6 !or the a-e-roup *I12 JDi-i;idKG the approach ia3out en-a-ement +ith parent:chool and teacher6 !or older childrenand oun- adult a di>erent approach

i ta;en: +hich include nation+ide tal;ho+ and a Mouth ?oice campai-n6

"n "ndia: &ninor ;ic;ed o> their 7e37iecampai-n in 20146 Thi centred on a

ador at &ninor and a partnerhip +itha local "ndian N%O called @aa-oteen6Content +a de(eloped to educatechoolchildren: and +or;hop +ere

held at e(en location6 "n total: i9tIei-ht +or;hop +ere held and t+entInine chool and more than 10:000tudent +ere (iited6 Durin- thee(iit a ur(e +a conducted amon- allthe tudent6

-roup of e(enteen 7e37ie am3a



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TelenorBul-aria

Telenor i the econd lar-et

operator in Bul-aria6



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i leapfro--indirectl into the di-itala-e6

The internet i mo3ile: and +ith it come3oth economic and ocial poi3ilitie+ith tremendou de(elopmentpotential6 At the ame time +e mut 3ea+are of the poi3le challen-erelated to the increaed ue of mo3ileand internet er(ice6 "ue related topri(ac: c3erIecurit and politicalmonitorin- are all hi-h on the -lo3ala-enda6 Thee are comple9 iue thatneed to 3e handled 3 our indutr andociet at lar-e6

"n Nor+a: the riin- num3er of 4%Iena3led handet: alon- +ith ourin(etment in net+or; e9panion ha(ereulted in tron- mo3ile er(icere(enue -ro+th6 !or the 8rt time thereare more 4% phone in TelenorNor+e-ian net+or; than % phone:and our cutomer ha(e more thandou3led their data ue in the pat ear6

"n Thailand: 2014 +a a challen-in-ear for u: +ith intene competition6o+e(er: dtac ha ta;en correcti(emeaure to tren-then it mar;etpoition and return to -ro+th: and +eare eein- earl i-n of impro(ementfollo+in- the introduction of a cluterI

the path of pro8ta3ilit andtranformation: and +e +ill do o in the

Telenor 7a of doin- 3uine6 Our(iion: miion: (alue and ethicalfoundation: a +ell a our people: are atthe core of e(erthin- +e do: in all of



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our mar;et6 "t +hat ena3le u totac;le oncomin- indutr and ocioIeconomic challen-e6 And it alo +hat;eep u a-ile: ur-e u to ta;e ne+tep and capture ne+ opportunitie tofuel further -ro+th6



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torm in Nor+a and monoon in'a;itan: +hen the (ulnera3ilit of ociet i e9poed if communicationfail6

Connectin- $anmar

Telenor %roup i committed to pro(idin-accei3le and a>orda3lecommunication to the people of $anmar6 $anmar ha leapfro--edfrom limited connecti(it to 2% and %+ithin one ear6 A telecom er(ice3ecome a(aila3le throu-hout thecountr and to the ma mar;et: otherindutrie ma rie and ocietalad(ancement in education: healthcare

and increain- li(in- tandard mafollo+6

/'A%E 0,/ TE#ENOR ANN&A# RE'ORT 2014Report from the Board of Director 2014and $ontene-ro: and it +ill 3e alorolled out in other Telenor mar;et6?ideo conferencin- er(ice appear6in i

the fatet -ro+in- -lo3al er(ice in Telenor +ith uer in 1* countrie6

Buildin- on it entr into onlineclai8ed in 201: Telenor oinedNaper #td6: Schi3ted ASA andSin-apore 're oldin- #td6 at the



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end of the ear in eta3lihin- oint(enture for the de(elopment of theironline clai8ed platform in four ;emar;et I BraKil: "ndoneia: Thailandand Ban-ladeh6

Telenor Conne9ion: pro(ider of connected 3uine olution:continued to deli(er tron- reult+ithin the "nternet of Thin- e-ment in2014: and Telenor %roup ha continuedto colla3orate +ith it -lo3al trate-icpartner uch a !ace3oo;: Opera:%oo-le: 7i;ipedia and T+itter6

Reearch Telenor %roup reearch unit hatren-thened it focu on conumerand mar;et dnamic: 3i- data: er(iceand or-aniational inno(ation: martfuture net+or;: identit: and di-italer(ice6

A ;e am3ition in Telenor i to increae3oth cutomer atifaction and

cutomer loalt6 Throu-h TelenorReearch: the compan de(elopini-ht and competence on current andfuture cutomer 3eha(iour andpreference6 Reearch 3 Telenor onthe conteted iue around netneutralit ha 3een important in thepu3lic de3ate: +hile further reearch oner(ice inno(ation ha led to a full rollIout of cutomer ourne mappin- and

er(ice dei-n6

"n 2014: Telenor Reearch 8nalied afourIear proect +ith e(eral e9ternal



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Nor+a: $alaia: Ser3ia: S+eden and$ontene-ro: Telenor 3elie(e that3uildin- alliance +ith capa3leor-aniation and local -o(ernment icrucial6

Telenor +ill alo continue to focu oncutomer pri(ac -oin- for+ard6 All

tiall and in accordance +ith la+:re-ulation and our o+n tandard andpolicie: in order to pre(entunauthoried acce or ue that i3eond +hat Telenor ha a-reed +ith

the cutomer6 Thi reponi3ilit aloin(ol(e repectin- human ri-ht: and+or;in- to miti-ate potential ne-ati(eimpact on ri-ht uch a pri(ac andfreedom of e9preion6 The companpri(ac commitment appl to all of

Telenor %roup er(ice: and to all;ind of peronal data for +hich Telenor%roup i reponi3le for procein-6

Telenor alo en-a-e +ith ta;eholder

throu-h e6-6 the Telecommunication"ndutr Dialo-ue on !reedom of E9preion and 'ri(ac on challen-erelatin- to authoritie acce tocutomer information6

"nternet for All opportunit in Aiaand EuropeOne of Telenor %roup trate-icam3ition i to accommodate the

cutomer mo(e from a (oiceIcentricpat to an internetIcentric future6 Thichan-e in conumer 3eha(iour i 3othan opportunit for -ro+th and achallen-e due to ocial and ecuritIrelated ri; that come +ith increaedconnecti(it and chan-incutomer

cutomer data are handled con8den



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e9pectation6

Acro all of Telenor %roup 3uineunit: "nternet for All i a real andpra-matic am3ition that dri(e thecompan dail acti(itie6 Telenorena3le ue of the mo3ile internet +ithmodern net+or;: timulate ue 3

/'A%E 0/ TE#ENOR ANN&A# RE'ORT 2014Report from the Board of Director 2014focued on implifin- product ando>erin-: a +ell a on redei-nin-procee and "TItem6 Ne+ data

demand reult in ne+ re.uirement tonet+or;: and Telenor i emploin-net+or; that are hi-herIperformin-and more e=cient6

Telenor cluter approach: +hich +aformed in 2011 in "ndia: i no+ haredacro man of the compan mar;et6

The model i a -ranular di(iion of countr -eo-raphie into man mall

territorie6 "t de(ol(e dail e9ecutionallo+in- operational e9penditure andcapital e9penditure to 3e deploed intomall tar-eted area6 The approachaim to ma;e it eaier to follo+ up andimpro(e aleL increae utiliation rateof 3ae tation: implement localfeed3ac; of .ualitIofIer(ice iue:a +ell a re.uet for capacit andco(era-e e9panion6 The hi-hl

localied model allo+ Telenor tocollect information and adutperformance 3aed on anundertandin- of peci8c local iue6

The compan alo continue to utilienet+or; harin- to impro(e cot and



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.ualit poition6 E9teni(e net+or;harin- a-reement are alread inplace in S+eden and Denmar;6 To+ardthe end of lat ear: Telenor and

TeliaSonera entered into an a-reementto mer-e their Danih operation into ane+ oint (enture: 3uildin- on thealread e9itent net+or; harin-partnerhip6 The oint (enture +ill reultin cot a(in- and +ill there3 ena3leincreaed in(etment in net+or; to3ene8t cutomer6

Supportin- local 3uinee andrunnin- -lo3al operation

Telenor %roup dri(e indutrialiationand operational e9cellence 3le(era-in- the compan -lo3alfootprint6

de(elopment pro-ramme +ith

competenc hu3 ha(e 3een et up in Telenor 'a;itanL and re-ional hu3ha(e 3een eta3lihed for Di-italDitri3ution and Cutomer "ni-ht6

Telenor o+n de(elopment academadded more pro-ramme to cater forde(elopment need of leader ande9pert6 "n 2014: Telenor alo tartedo>erin- a 7omen #eaderhip'ro-ramme: tar-etin- female tudent

in Nor+a: to nurture future femaleleader6

Telenor continue it focu on impro(in-adapta3ilit and a-ilit of theor-aniation to foter inno(ation andfuture -ro+th6 The approach ha 3een



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to impro(e a+arene: de(elopcompetence and platform: and enurethe ri-ht en(ironment acro mar;et6

Telenor chan-e mana-ementmethodolo- and tool3o9 +ade(eloped and compreheni(e trainin-+a conducted to ena3le and enureconitenc acro -roup6

!or a -lo3al compan: inte-rated talentmo3ilit J;ill: e9perience:placementG i ;e for utaina3le3uine ucce6 Due to e9teni(einternal mo3ilit in Telenor: Telenor %O:Ja mo3ilit mana-ement companG ha

3een eta3lihed +ith an o=ce inSin-apore6 Startin- in Octo3er 2014:the am3ition i to ma;e it fulloperational 3 earl 201)6

Telenor continue to operate it Open$ind pro-ram: eta3lihed in 1*:ma;in- it eaier for people +ith phicaldia3ilitie or immi-rant +ith hi-hereducation to enter emploment: 3

o>erin- compreheni(e internhippro-ram +ith acti(e coachin- andmentorin-6

Emploee en-a-ement continue to 3ea ;e focu: follo+in- the Emploee



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not includin- the operation in $anmar:+hich +a later peci8ed and updatedin the .uarterl report6 The full earreult e9ceeded the outloo; +ithor-anic re(enue -ro+th of F: EB"TDAmar-in 3efore other item of )F and

cape9 to ale of 146)F6

Telenor %roup operation Telenor %roup operation are ituatedin e(en European countrie and i9countrie in Aia tretchin- from'a;itan in the +et to $alaia in theeat6 "n addition: Telenor %roup alohold an economic ta;e of F in?impelCom #td6 The operation in

Nor+a and S+eden o>er 89edtelecommunication er(ice a +ell6

The %roup core 3uine alo include Telenor Broadcat: +hich ha a leadin-poition in the Nordic mar;et for T?er(ice and atellite 3roadcatin-6

Telenor Denmar; i clai8ed a held forale and preented a dicontinuedoperation follo+in- the propoed oint

(enture +ith TeliaSonera currentlu3ect to appro(al 3 the EuropeanCommiion6

'leae note that all comment 3elo+are 3aed on the de(elopment in localcurrenc for 2014 compared to 201:



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unle other+ie tated6 EB"TDA iEB"TDA 3efore other income and othere9pene: unle other+ie tated6

Nor+a The Nor+e-ian mo3ile mar;et hathrou-hout 2014 3ecome data centric:+ith (oice and mea-in- 3ein-complimentar for the maorit of thecutomer6 Competition no+ re(ol(earound 4% net+or; co(era-e and datapeed: and data 3uc;et and (alueIadded er(ice included in mo3iletari>6 The cutomer 3ae remainedta3le and 3 the end of the ear: the

num3er of mo3ile u3cription +a

/'A%E 1/ TE#ENOR ANN&A# RE'ORT 2014Report from the Board of Director 2014un-arAfter mot macroeconomic indicatorhit their lo+et point in 2012: the trendha(e lar-el turned in 201I14: and theeconom ha tarted to -ro+6 At the

end of 2014: Telenor un-ar had 6million mo3ile u3cription and F of

Telenor cutomer +ere martphoneuer6 Telenor e9perienced a 2Fre(enue -ro+th in local currenc:mainl due to hi-her ale of mo3ilephone6 The EB"TDA mar-in in 2014 +a2F: a 2 percenta-e point declinecompared to 2016 The decreae +amainl related to increaed u3idie for

mo3ile phone and hi-her operatin-e9pene6 The capital e9pendituree9cludin- licence increaed 3 21Fcompared to 201: +ith the maor partrelatin- to rollout of 4% net+or;6 NO5 *0 million +a paid for ne+ pectrumin the 00 $K: 00 $K and 2*00



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$K fre.uenc 3and6 The ne+ licence+ill 3e (alid until 2046

Bul-aria"n No(em3er 2014: the Bul-arianoperation +a reI3randed from %lo3ulto Telenor: and ne+ and impli8edu3cription +ere launched6 At the endof 2014: Telenor Bul-aria had 6 millionmo3ile u3cription: of +hich 1F +eremartphone uer6 Re(enue for 2014 inlocal currenc decreaed 3 4F: mainldri(en 3 reduced ale of mo3ilephone6 Telenor i etimated to ha(e;ept it re(enue mar;et hare in 2014

depite a (er competiti(e mar;et6 TheEB"TDA mar-in increaed 3 4percenta-e point to F due to animpro(ed -ro mar-in and -oodpro-re on e=cienc pro-ramme6

$ontene-ro Ser3ia"n 2014: 3oth the Ser3ian and$ontene-rin econom continued +ithchallen-in- macroeconomic condition6

Competition in the mo3ile mar;etfocued on attracti(e handet

Total re(enue in local currencincreaed 3 *F and the u3cription3ae -re+ 3 F6 The EB"TDA mar-inimpro(ed 3 2 percenta-e point to

)F6 Capital e9penditure: e9cludin-licence and pectrum: increaed 31F follo+in- the continued rollIout of % co(era-e: e9pandin- the %population co(era-e to )0F6

'a;itan



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Total re(enue in local currencincreaed 3 ,F dri(en 3 continued-ro+th in u3cription and ua-e: inaddition to tron- -ro+th in mo3ile8nancial er(ice and incomin-international tra=c6 After ecurin- the% licence in April: Telenor 'a;itancommerciall launched % er(ice on1 @une 20146 B end of 2014 the %co(era-e ha 3een e9panded to **citie and 2)F of Telenor 'a;itanu3cri3er are no+ acti(e data uer6Re(enue from mo3ile 8nancial er(icecontituted F of Telenor 'a;itan totalre(enue6 The mo3ile 8nancial er(ice

o>erin- include a 3road ran-e of er(ice ran-in- from mone tranfer:-o(ernment di3urement pro-ramme:AT$ card: inurance product andmo3ile account: aimin- to upport thelar-e unI3an;ed population6 TheEB"TDA mar-in impro(ed 3 1percenta-e point to F6 Capitale9penditure increaed due to mai(erollIout of % net+or; durin- the ear6

At earIend: Telenor 'a;itan had *6)million +hereof million are acti(e datauer and the martphone penetrationi etimated around 10F6

"ndiaDurin- 2014: Tele+in- increaed itfootprint 3 addin- )000 ne+ net+or;ite: increain- the populationco(era-e from 42F to appro9imatel

)0F6 Re(enue increaed 3 F inlocal currenc and the u3cri3er 3aeincreaed 3 6) million6 At the end of

/'A%E 1)/ TE#ENOR ANN&A# RE'ORT 2014Report from the Board of Director 2014



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Brn Sultad6 Telenor CEO and'reident @on !redri; Ba;aa rei-nedfrom ?impelCom #td6 Super(iorBoard on Decem3er 20146 7ithin therule of ?impelCom 3eIla+ heecond hi (ote to 5ell $orten @ohnenand from !e3ruar 201) $orten 5arlenSr3 +ill act a alternate for @on!redri; Ba;aa until ?impelCom A%$in 201)6

On 12 $arch 2014: ?impelCom #td6announced that it i under in(eti-ation3 3oth the &6S6 Securitie andE9chan-e Commiion and Dutch

authoritie related to it operation in&K3e;itan: includin- relation +ith

Ta;ilant6 On 1 $arch 2014: ?impelCom#td reported that it i alo underin(eti-ation 3 the &6S6 Department of

@utice related to the ame iue6?impelCom #td6 further reported thatthere can 3e no aurance that uchin(eti-ation +ill not 3e 3roader incope than the currentl appear: or

that ne+ in(eti-ation +ill not 3ecommenced in thee or other

uridiction: or that there +ill not 3eliti-ation commenced a-aint?impelCom6 !or further informationreported 3 ?impelCom #td6: ee?impelCom #td6 !orm 20I! on<+++6(impelcom6com/g"n(etorIrelation/ReportIIreult/20I!6

A a minorit hareholder: Telenor i a+itne in the on-oinin(eti-ation6

Telenor +ill continue to cooperate +iththe in(eti-atin- authoritie and a+aitthe outcome of the in(eti-ation6

Telenor ta;e the on-oinin(eti-ation



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of ?impelCom #td6 (er erioul6 TheBoard of Telenor ha appointed an adhoc u3Icommittee of the Boardrelated to the on-oinin(eti-ation of ?impelCom #td6 Telenor i a minorithareholder +ithout operational controlin ?impelCom #td6 Telenor +ill continue

capa3ilitie6 The mot i-ni8cant de3tcurrencie for Telenor %roup are Euro:&S dollar: S+edih 5rona: Thai Baht and$alaian Rin--it6

E9chan-e rate ri; e9it +hen TelenorASA or an of it u3idiarie enter intotranaction in forei-n currencie6Committed cah Ho+ in forei-ncurrencie e.ui(alent to NO5 )0 millionor more are hed-ed if feai3le6

Telenor %roup i e9poed to Huctuationin interet rate throu-h fundin- and

li.uidit mana-ement acti(itie6 The%roup treaur polic tate that theinteret rate duration on the de3tportfolio hall 3e in the inter(al from 0to ) ear6 The duration +a 16 eara of 1 Decem3er 20146 The ri; imana-ed uin- 3oth 89ed and Hoatin-rate de3t: a +ell a interet ratederi(ati(e6

Re-ulator Ri; Telenor %roup operation are u3ectto e9teni(e re-ulator re.uirement6&nfa(oura3le re-ulator de(elopmentand re-ulator uncertaint couldad(erel a>ect the %roup reult and3uine propect: ee alo note ) to



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Conolidated !inancial Statement6

"n e(eral of the countrie +here Telenor %roup operate: -o(ernmentha impoed ector peci8c ta9e andle(ie: a a meaure to impro(e tate8nance6 The introduction of: orincreae in: ector peci8c ta9e andle(ie ma ad(erel impact the%roup 3uine6

Telenor %roup depend on licence:acce to pectrum and num3erin-reource in order to pro(idetelecommunication er(ice6 Spectrum

procee: includin- rene+al of e9itin-pectrum licence in ome mar;et: aree9pected o(er the ne9t 1P ear6 "f the

/'A%E 1,/ TE#ENOR ANN&A# RE'ORT 2014Report from the Board of Director 2014+ithin the indutr6 !ailure to anticipateand repond to indutr dnamic: andto dri(e a chan-e a-enda to meet

mature and de(elopin- demand in themar;etplace: ha the potential toimpact the %roup poition in the (aluechain: er(ice o>erin- and cutomerrelationhip6 Thi ma ad(erel impactthe %roup reult of operation6

Telenor %roup portfolio of companiecompete on e(eral dimenion: e6-6product portfolio: price: net+or; .ualit:

net+or; co(era-e: relia3ilit: ale:ditri3ution and er(ice di>erentiation6Re(enue -ro+th i partl dependent onthe de(elopment and deploment of ne+ product: er(ice: technolo-ieand application6 "f uch ne+ releaeare not technicall or commerciall





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The "CT indutr ha a comple9 upplchain: +ith product and e.uipmentupplied: manufactured and aem3led3 multiple companie acrointernational 3order6 Telenor tri(e forhi-h tandard and continuouimpro(ement in our o+n operation andthrou-hout the entire uppl chain6 "t iincreain-l important for our 3uineunit to 3e (i-ilant and tematic intheir e>ort to en-a-e +ith their upplchain to enure reponi3le 3uineconduct +here there are ri; for3reach of internationall reco-nied

tandard related to human ri-ht:health and afet: la3our ri-ht:en(ironment and antiIcorruption6

"n term of climateIrelated re-ulator

tional cot related to car3on ta9e:

3indin- a-reement6 o+e(er: the ri;for the mo3ile indutr in hort to medium

term i moderate due to lo+ direct car3onemiion from it operation6

ClimateIrelated phical ri; includee9treme +eather condition and hi-herea le(el6 Thee tpe of e(ent macaue diruption or catatrophicdama-e to infratructure: uch anet+or; 3ae tation and electricalpo+er line6 Telenor Aian operation

are e9poed to ri; related toinfratructure: includin- threat of Hoodin-: tropical cclone and riin-ea le(el6 Telenor Nordic operationface ri; to infratructure due to

/'A%E 1/

ri;: Telenor ma face hi-her opera

riin- ener- price and internationall



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TE#ENOR ANN&A# RE'ORT 2014Report from the Board of Director 2014

Throu-h acti(e communication +iththe capital mar;et and hareholder in2014: Telenor enured that i-ni8cantinformation re.uired for an e9ternale(aluation of the Telenor %roupecuritie +a pu3lihed inaccordance +ith applica3le rule and-uideline6

Corporate %o(ernanceCorporate %o(ernance Report

Telenor ASA i a pu3licl limitedlia3ilit compan eta3lihed under

Nor+e-ian la+6 The Telenor hare arelited on the Olo Stoc; E9chan-e6 Aan iuer of hare: Telenor complieand operate in accordance +ith rule-o(ernin- the Nor+e-ian toc;e9chan-e: includin- the at an timeapplica3le rule on Continuin-O3li-ation of #ited Companie aappro(ed 3 Olo Br ASA: +ithreference to the Nor+e-ian Code of

'ractice for Corporate %o(ernanceJthe Code of 'racticeG iued 3 theNor+e-ian Corporate %o(ernanceBoard JNC%BG6 The detail of Telenor%roup corporate -o(ernanceprinciple and practice: puruant toSection I3 of the Nor+e-ianAccountin- Act: and ho+ Telenoroperate in accordance +ith theNCB% Code of 'ractice: includin-

an de(iation: i e9plained in theBoard of Director eparate earlReport on Corporate %o(ernance6

The report i pu3licl dicloed on Telenor +e3 pa-e +++6telenor6com/a3outIu/corporateI-o(ernance/-o(ernanceIinItelenor6



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Telenor 'rinciple for Corporate%o(ernance

Telenor %roup corporate -o(ernanceprinciple and practice i theframe+or; 3 +hich the Telenor %roup-o(ern and control it 3uine6$aintainin- a hi-h tandard of corporate -o(ernance acro the

for the Chief E9ecuti(e O=cer: +ithparticular emphai on clear internal

allocation of reponi3ilitie and dutie6 The Board place emphai on -ainin-(alua3le ini-ht and 3ein- +ellinformed on rele(ant technolo-ical:re-ulator and mar;et de(elopment6Durin- 2014: the Board conducted aBoard (iit to Telenor operation inS+eden6

The Board tematicall e(aluate it

performance: acti(itie and e9pertie3 underta;in- a earl elfIaement6 E9ternal reource areued to facilitate the elfIaementand the e(aluation of the elfIaement: a recommended 3 theNCB% Nor+e-ian Code of 'ractice forCorporate %o(ernance6 The BoardelfIaement i preented to theNomination Committee6

Compoition of the Board Telenor Board of Director hall ha(e adi(ere compoition and competencetailored to meet the compan need6B earIend 2014: Telenor Board of Director conited of ele(en Board



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$em3er: of +hich three are emploeeIelected mem3er a re.uired 3Nor+e-ian compan la+6 None of theBoard mem3er: apart from theemploee repreentati(e: areemploee of Telenor or ha(e carriedout +or; for Telenor6 The mana-ementi not repreented on the Board: and allhareholder repreentati(e on theBoard are independent6 "nformationre-ardin- the 3ac;-round: educationand other 3oard poition of each Board$em3er i a(aila3le on +++6telenor6com/ a3outIu/corporateI-o(ernance/3oardIofIdirector6

Telenor Corporate Aem3l: aditinctl Nor+e-ian 3od puruant toNor+e-ian la+: elect mem3er to theBoard and the Chairman of the Board6

/'A%E 21/ TE#ENOR ANN&A# RE'ORT 2014Report from the Board of Director 2014"n 201): the Committee +ill focu

particularl on aein- the EmploeeShare 'ro-ram: de(elopment of Telenorculture and re(ie+ of -o(ernanceprocee6

The Ethic and Sutaina3ilitCommittee

The Ethic and Sutaina3ilitCommittee i compoed of fourmem3er of the Board6 At earIend

2014: the mem3er +ere !ran;Dan-eard JChairman of the CommitteeG:$arit ?aa-en: @on Eri; Reinharden andBrit t3 !redri;en Jemploeerepreentati(eG6 The Ethic andSutaina3ilit Committee held e(enmeetin- in 20146 The a(era-e



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attendance at thee Committeemeetin- +a *F6

The Committee upport the Board inful8llin- it reponi3ilitie +ith repectto ethic and compliance a tated inla+: code of practice and Telenor%roup Code of Conduct andaccompanin- -o(ernin- document6

The Committee alo upport the Boardin ful8llin- it reponi3ilitie +ithrepect to Emploee: in term of 'eronnel Securit: Occupationalealth Safet JOSG and #a3ourRi-ht6 The Committee hall alo

o(eree Telenor e>ort onSutaina3ilit: decri3ed a thecompan reponi3ilit for the mannerin +hich it acti(itie a>ect the ocietand the en(ironment6 Thi includereponi3le 3uine practiceinternall and for the uppl chain: a+ell a enurin- a poiti(e impact onociet6 "n addition the Committeeo(eree policie: procee and

practice related to "TIecurit: net+or;inte-rit: phical ecurit and relatedarea6 !or each of the four aid areathe Committee hall re(ie+ trate-ieand policie: o(eree implementationand or-aniational capa3ilitie: and

of the Ethic and Sutaina3ilitCommitteeG: $arit ?aa-en Jmem3er of the Ethic and Sutaina3ilitCommitteeG and Brn Andre AnderenJemploee repreentati(eG6

E(ent after the reportin- period



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E(r ASAOn 2 $arch 201): #n-en Bidco AS:indirectl controlled 3 pri(ate e.uitfund ad(ied 3 Apa9 'artner ##':+ai(ed the condition of recei(in- 0Fof the hare and (otin- ri-ht in E(rASA6 #n-en Bidco AS had on the 2$arch recei(ed appro9imatel Facceptance of the hare and (otin-ri-ht in E(r ASA6 The cloin- andettlement of the tranaction too;place 1* $arch 201)6

Outloo; for 201)Baed on the current %roup tructure

Jincludin- $anmarG Telenor e9pectmidIin-le di-it or-anic re(enue-ro+th: EB"TDA mar-in 3efore otherincome and other e9pene in the ran-eof I)F: and capital e9penditure aa proportion of re(enue: e9cludin-

catin- atellite: in line +ith 2014 le(el6

Capital e9penditure related to the

3roadcatin- atellite i e9pected to 3eNO5 164 3illion6

Annual reult and allocation Telenor ASA net income for the ear2014 +a NO5 11:40) million: afterreceipt of a -roup contri3ution of NO5 1,:,)) million6 The Board propoe thefollo+in- allocation<

Tranferred to retained earnin-< NO5 11:40) million6

After thi allocation: Telenor ASAe.uit: after deduction of hare capital:i 4:40* million6 Telenor polic i toditri3ute di(idend to it hareholder

licence: pectrum and the 3road



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!orne3u: 1, $arch 201)

Dr6 Burc;hard Ber-mannBoard mem3erBrit t3 !redri;enBoard mem3er

10* )40

J2 22GJ10 4*GJ2 )*G

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J2 1GJ1*0G

J1 ,04G1 4,J* *14G12 )J100G12 ,)

*2 0,,

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12 ,)

10 *,J*GJGJ) 2,1G

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J1G

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Dr6 Burc;hard Ber-mannBoard mem3erBrit t3 !redri;en

Board mem3er

TE#ENOR ANN&A# RE'ORT 2014!inancial Statement / Telenor %roup

1 4,

J11,G1 )*J4 )0GJ2 *G1) )*4 )

J12G

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J1 44G1 ,1J2 02GJ20 ,G1* *J1) 4GJ1 04GJ *GJ10 )*,GJ1 **G

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11 4)2

Attri3uta3le to e.uit holder of Telenor ASA

'aidIincapital 1G 4IIIIIIJ20G

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IIJ4G

I 0,

%eneral information: compliance and chan-e in "nternational!inancial Reportin- StandardSummar of i-ni8cant accountin- policieCritical accountin- ud-ment and ;e ource of etimationuncertaintBuine Com3ination and dicontinued operationSe-mentRe(enueCot of material and tra=c char-eSalarie and peronnel cot

Other operatin- e9peneOther income and e9peneReearch and de(elopment cot!inancial income and e9pene"ncome ta9eEarnin- per hare%ood+ill"mpairment tetin-"ntan-i3le aet



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"AS 2,G Thee amendment pro(ide an e9ception to the conolidationre.uirement for entitie that meet the de8nition of anin(etment entit under "!RS 10 Conolidated !inancialStatement and mut 3e applied retropecti(el: u3ect tocertain tranition relief6 The e9ception to conolidation re.uirein(etment entitie to account for u3idiarie at fair (aluethrou-h pro8t or lo6 Thee amendment ha(e no impact on

the %roup conolidated 8nancial tatement: ince none of theentitie in the %roup .uali8e to 3e an in(etment entit under"!RS 106

Amendment to "AS 2 Thee amendment clarif the meanin- of currentl ha a



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le-all enforcea3le ri-ht to etIo> and the criteria for nonIimultaneou ettlement mechanim of clearin- houe to.ualif for o>ettin- and i applied retropecti(el6 Theeamendment ha(e no impact on the %roup conolidated8nancial tatement: ince none of the entitie in the %roup hauch o>ettin- arran-ement6

Amendment to "AS Thee amendment pro(ide relief from dicontinuin- hed-eaccountin- +hen no(ation of a deri(ati(e dei-nated a ahed-in- intrument meet certain criteria and retropecti(eapplication i re.uired6 Thee amendment ha(e no impact onthe %roup conolidated 8nancial tatement6



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!orei-n currenc tranlation



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The conolidated 8nancial tatement are preented in NO5:+hich i Telenor ASA functional currenc6 Tranaction in forei-ncurrencie are initiall reco-nied in the functional currenc atthe e9chan-e rate at the date of the tranaction6 $onetar aetand lia3ilitie denominated in forei-n currencie are tranlated tothe functional currenc uin- the e9chan-e rate at the reportin-date6 All e9chan-e di>erence are reco-nied in the incometatement +ith the e9ception of e9chan-e di>erence on forei-ncurrenc 3orro+in- that pro(ide an e>ecti(e hed-e a-aint a netin(etment in a forei-n entit: or monetar item that are re-ardeda a part of the net in(etment6 Thee e9chan-e di>erence arereco-nied a a eparate component of other compreheni(eincome until the dipoal of the net in(etment or ettlementof the monetar item: at +hich time the are reco-nied inthe income tatement6 Ta9 char-e and credit attri3uta3le to

e9chan-e di>erence on thoe 3orro+in- are alo reco-niedin other compreheni(e income6 NonImonetar item that aremeaured at hitorical cot in forei-n currenc are tranlated uin-the e9chan-e rate at the date of the initial tranaction6

The %roup ha forei-n entitie +ith functional currenc other thanNO56 At the reportin- date: the aet and lia3ilitie of forei-nentitie +ith functional currencie other than NO5 are tranlatedinto NO5 at the rate of e9chan-e at the reportin- date and theirincome tatement are tranlated at the a(era-e e9chan-e rate

for the ear6 The tranlation di>erence ariin- from the tranlationare reco-nied in other compreheni(e income until the dipoalof the net in(etment: at +hich time the are reco-nied in theincome tatement6

Current/nonIcurrent clai8cationAn aet i clai8ed a current +hen it i e9pected to 3e realied ori intended for ale or conumption in the %roup normal operatin-ccle: it i held primaril for the purpoe of 3ein- traded: or it ie9pected/due to 3e realied or ettled +ithin t+el(e month after

the reportin- date6 Other aet are clai8ed a nonIcurrent6 Alia3ilit i clai8ed a current +hen it i e9pected to 3e ettledin the %roup normal operatin- ccle: i held primaril for thepurpoe of 3ein- traded: the lia3ilit i due to 3e ettled +ithint+el(e month after the reportin- period or if the %roup doe notha(e an unconditional ri-ht to defer ettlement of the lia3ilit forat leat t+el(e month after the reportin- period6 All other lia3ilitie



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are clai8ed a nonIcurrent6

!inancial intrument: other than thoe held for tradin-: areclai8ed 3aed on maturit: and hed-in- intrument areclai8ed conitent +ith the underlin- hed-ed item6 Deferredre(enue and cot related to connection are clai8ed a currenta the relate to the %roup normal operatin- ccle6

NonIcurrent aet held for ale and dicontinuedoperationNonIcurrent aet and dipoal -roup are clai8ed a held forale if their carrin- amount +ill 3e reco(ered principall throu-hale rather than continuin- ue6 Thi alo applie for ituation+here Telenor till continue it operation: 3ut loe control o(erthe operation6 NonIcurrent aet and dipoal -roup clai8ed

a held for ale are meaured at the lo+er of their carrin- amountand fair (alue le cot to ell and preented eparatel a aetheld for ale and lia3ilitie held for ale in the tatement of 8nancial poition6



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that are inherentl uncertain6 $ana-ement e(aluate uchetimate on an on-oin- 3ai: 3aed upon hitorical reultand e9perience: conultation +ith e9pert: trend and othermethod +hich mana-ement conider reaona3le under thecircumtance: a +ell a forecat a to ho+ thee mi-ht chan-ein the future6

Re(enue reco-nition The %roup re(enue primaril comprie ale of er(ice: uch au3cription and tra=c fee: and cutomer e.uipment: uch a

mo3ile de(ice6 The %roup o>er multiple element arran-ement+here the cutomer can pa the de(ice 3 intalment o(er a-i(en period6 The %roup etimate the credit ri; related to uchintalment plan 3aed on hitorical loe and a chan-e incutomer pament 3eha(iour +ould a>ect the credit ri; andhence the reco-nied income and recei(a3le in the future6 "nome arran-ement the cutomer are o>ered multiple element



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arran-ement +ith the option to 3u a ne+ handet 3efore theori-inal intalment period i o(er +ithout pain- the remainin-intalment on the old phone6 "n uch circumtance: the re(enueallocated to the handet i 3aed on an etimate of the period untilthe cutomer chan-e it handet +ith a ne+ one6 A chan-e in theetimated period until the cutomer chan-e the handet couldpotentiall ha(e a i-ni8cant e>ect on the 8nancial tatement6

!urthermore: mana-ement ha to etimate the a(era-e cutomerrelationhip for re(enue that i initiall reco-nied a deferredre(enue in the tatement of 8nancial poition and reco-nied inthe income tatement o(er a future period: e6-6 connection fee6

'enion o3li-ation and penion plan aet: ee note 2)Calculation of net penion o3li-ation Jthe di>erence 3et+een

penion o3li-ation and penion plan aetG are made 3aed oncertain ;e etimate and aumption6 The dicount rate i oneof the mot i-ni8cant aumption6 The Nor+e-ian Accountin-Standard Board reaeed +hether there i a deep mar;et forhi-h .ualit corporate 3ond in Nor+a in 2012 and u3e.uentlchan-ed their -uidance that onl -o(ernmental 3ond could 3eued in Nor+a a 3ai for ettin- the dicount rate 3 acceptin-Nor+e-ian Co(ered Bond JO$!G a 3ai6 Telenor re-ard O$! a3ein- hi-h .ualit corporate 3ond +ith u=cient depth in the O$!mar;et6 Baed on thi aement: Telenor ha ued O$! a 3ai

for ettin- the dicount rate for the Nor+e-ian de8ned 3ene8tplan +ith e>ect from 01 @anuar 2016 "n 2014: the mar;et forO$! ha e9panded further: 3oth in relation to outtandin- (olumeand turn o(er6

The macroeconomic de(elopment in Nor+a at the end of 2014:+ith the depreciation of the Nor+e-ian 5rone and the i-ni8cantdrop in the oil price a the main factor: made it di=cult toetimate the future inHation and the future real +a-e de(elopment6"n the hort term it i e9pected that the inHation +ill 3e held at a

normal le(el: due to the +ea;ened Nor+e-ian 5rone: 3ut lon- termetimate on inHation i more uncertain6 Baed on an e9pectedlo+er acti(it in the Nor+e-ian econom it i alo e9pected thatthe real +a-e de(elopment +ill drop i-ni8cantl in the hort term6

The aumption of future alar increae and future increae inthe ocial ecurit 3ae amount ued in calculatin- the net penionlia3ilit are 3aed on the underlin- aumption inHation and



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real +a-e -ro+th6 A a cone.uence of the uncertaint of theeunderlin- parameter +e ha(e made our 3et e>ort in etimatin-thee aumption and reduced thee t+o aumption +ith onepercenta-e point each: to 26)F6



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!air (alue a of ac.uiition date



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4 J4 *)G

JGJ*G

JG

14

4 22

1 40

1 )* 22*

1 2,1 44

1 110J4,*G



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E9ternalre(enue2) 4*11 *214 202 ,1* 01, )211 )0 *)) ,0*4 1,

* 1)) 0,I10* )40

E9ternalre(enue24 ,2

10 104 00*1 1)0 2*21 04412 ))2, 2,) 402 I

* ))02 )I 1



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Note to the !inancial Statement / Telenor %roup

0 )0,12 444 11 441 00*



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1* **22 ,,,

1, *0

, 1 4** 1))

) 12 1 40, 40,10* )40

J12 )*GJ1* 2*GJ2 22G



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J )GJ1 1*,GJ,),GJ)*GJ),*G

J10 4*G


J 4,GJ2 04GJ) 0GJ) 200GJ* *10GJ2 2,GJ1 12GJ2 11GJ2 )*G

0J2,1GJ*,)G2 142



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J1 ,2GJ40*GJ2 1G* ))4J* ,14GJ1*0GJ1G

J1 ,04G

1 4,J4 )20GJ2 0)GJ* *14G

/'A%E )1/



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J4 2G

J21GJ444GJ0,GJ2)1GJ*GII

J*GJ) **G



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"ndiaIIII

I1 101 4))2 **2 **I

Nor+aII

IIII ,, ,,1 ,)



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, *2

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lia3ilitieJ) ,G

J22GJ1 0)0GJ* *0GJ1*4GIJ* 44G



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1,* 1,*

J100GJ100G

J060,GJ060,G

0,, 0,,

1 )04 440

1 )0)

TelenorS+eden

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IJ*GI) ))

I* 14

J22,GJ2)GIJ2)2GJG

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Dicount rate after ta9 in F

116)I1162

16 I116116*I 1062




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Telenor un-ar1461 P 16

Telenor Ser3ia Decreae in re(enue 3 *6 percenta-e point durin- the period

201)P201,6 Decreae in EB"TDA mar-in 3 264 percenta-e point for the+hole period includin- terminal (alue6 "ncreae in dicount rate 3efore ta9 3 162 percenta-e point forthe +hole period includin- terminal (alue6 Decreae in nominal -ro+th rate in terminal (alue 3 16percenta-e point



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The carrin- amount of trademar; +ith inde8nite ueful li(e i NO5 224 million a of 1 Detrademar; +ith 8nite ueful li(e are mainl repreented 3 the trademar; of dtac +ith the cueful life of dtac trademar; i chan-ed from inde8nite to 8nite in 20146

The carrin- amount of the roamin- a-reement i NO5 , million a of 1 Decem3er 2014 Net addition6"ncludin- reclai8cation to/from other line in the tatement of 8nancial poition +hich i no



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Tpe/technolo-

Technolo- neutral Technolo- neutral

Technolo- neutral Technolo- neutral Technolo- neutral

Technolo- neutral Technolo- neutral Technolo- neutral Technolo- neutral Technolo- neutral

4%2%/%/4%2%/%/4%2%/%/4%%4%



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2%2%%

2%2%%

Technolo- Neutral Technolo- Neutral%

2910 fG246 fG21)

2222)21)210

2,642,62 ` 2,64210

246262)

29) -G29164I262 hG

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216421) ` 1)220 ` 110



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Net addition6"ncludin- reclai8cation to/from other line in the tatement of 8nancial poition +hich i noAet cate-orie preented in thi mo(ement chedule i an a--re-ated total from di>erent adicloed depreciation rate repreent a ran-e of ueful li(e allocated to component6



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4 4

J22GJ ,*GJ2GJ11 10GJ1 )2G* J1 110G24 01,

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/'A%E */

14 ,

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) 212) *)J)) 10*GJ1, 441G, ),,, 0*0

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#AR< #oan and recei(a3leN!< NonI8nancial aet and lia3ilitie



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A(aila3leIforIale in(etment include capital contri3ution to Telenor 'enion !und of NO5 2"nclude recei(a3le on aociated companie in +hich the ne-ati(e (alue on the aociated reco-nied a a NO5 12 million reduction in recei(a3le JNO5 1*1 million and NO5 1, millio%roup net in(etment in Ri;T? AS6 There i no further pro(iion reco-nied durin- 2014 JN!?T'#< !air (alue throu-h pro8t and lo6#AR< #oan and recei(a3le6!or information a3out the fair (alue le(el of 8nancial intrument: ee note 26

J220GI1 42



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J1 42G

J1 44G

J*GI1 0*1 2,1 2,0J1,G1 0

* *2) 22,11 0

J4),G11



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Num3er of hare1 )) 4, 0*

J4 2 ))G1 )1* *24 2,1

J1) 1** 241G1 )01 4) 00

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IIIII





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Netin(etmenthed-e2 )J4 00GJ,G

J4 0,GJ1 0)2GJ) 2,1GIJ) 2,1GJ* 24G



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NonIcontrollin-interet hare of

net income JloG

1

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%rameenphone #td61 111 0)J) **)GJ *24G

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%rameenphone #td6 *,1 *142 10*

%rameenphone #td62 *4J1 0GJ1 12G

J1G

7or;force reduction:onerou JloG contractand le-al dipute



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J*,G

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Chan-e in Aet retirement o3li-ation are mainl related to chan-e in etimated lon-Iterm



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Dia3ilit F$en

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!air (alueplan aet4 21II

III

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!?T'#< !air (alue throu-h pro8t and lo6!#AC< !inancial lia3ilitie at amortied cot6N!< NonI8nancial aet and lia3ilitie6

!or information a3out the fair (alue le(el of 8nancial intrument: ee note 26

Current interetI3earin- lia3ilitie

4 ,*

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De3t 3efore thee>ect of currenc+ap

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#ia3ilitie

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Deri(ati(e

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E&R

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/'A%E / TE#ENOR ANN&A# RE'ORT 2014




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Quoted price JunadutedG in acti(e mar;et for identical 8nancial intrument"nput other than .uoted price included +ithin #e(el 1 that are o3er(a3le for aet or lia3ilor indirectl Ji6e6 deri(ed from priceG6"nput for aet or lia3ilitie that are not 3aed on o3er(a3le mar;et data Juno3er(a3le inp



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Num3er of hare a of 1 Decem3er 2014 1G

) 000IIIIIII11 122

) *4 10, 2**

IShareholdin- not included for repreentati(e +ho are no lon-er mem3er or deput mem3e



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/'A%E 1/

Num3er of hare aof 1 Decem3er 201

2 11 *4*1 ,2 *)*

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Appro(ed 3the Boardthe Board



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Salar a3o(e 12 % De8ned 3ene8t @on !redri; Ba;aaSi-(e Bre;;e'Vl 7ien EpenBerit S(endenN/A



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Se(erance pa month3ae Salar J3aed onemploment conditionG24 month6 "n cae of ne+poition the e(erance pa



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i reduced 3 ,)F of income in ne+ poition

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re

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5ellI$orten @ohnen< 1)F of 3ae alar65ata Chritina Nord-aard< 2)F of 3ae alar a3o(e 12%6

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alar 1G) ),2 142 **2 4)42 )*0 )4 2001 *221 *2

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Audit fee

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1, ,*2 211, 200 4014 1 0*11 0 0,411 1 011 12 )410 )4) 2*10 01 02 4) 2, 2) 24 0) 4 0)0 ,*2, )2 0), 124 ),, 010 *

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/'A%E 10)/ TE#ENOR ANN&A# RE'ORT 2014

!inancial Statement / Telenor ASA

21 ,*J1 1,GJG



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IIJ2*0GI 100IIIIIIJ1GI 00

%eneral information and ummar of i-ni8cant accountin-principle

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ShareI3aed pament are cot related to Telenor emploee hare pro-ram and #on- Term

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J)GI

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Deferred ta9e reco-nied in other compreheni(e income i primaril related to ta9 on the chintrument in cah Ho+ hed-e and reImeaurement of de8ned 3ene8t penion plan6 Othercompreheni(e income +ith the related ta9 e>ect on a eparate line6

Accumulated cota of 1 @anuar



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Accumulated cota of 1 @anuar

The amount capitalied in the tatement of 8nancial poition i the cot price: +hich i conidcore capital in the Telenor 'enion !und6 The capital contri3ution to Telenor 'enion !und i cl



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Quoted price JunadutedG in acti(e mar;et for identical 8nancial intrument6

"nput other than .uoted price included +ithin #e(el 1 that are o3er(a3le for the aet or liaor indirectl Ji6e6 deri(ed from priceG6"nput for aet or lia3ilitie that are not 3aed on o3er(a3le mar;et data Juno3er(a3le inp



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Total a of 1Decem3er 2014

4 *

4) 12014 4101 411) ,)1

2 14

4 0,1*4 42* *,1 10



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!#AC< !inancial lia3ilitie at amortied cot6!?T'#< !air (alue throu-h pro8t and lo6

N!< NonI8nancial aet and lia3ilitie6



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Sale

"nteretincome

I



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O=ceNor+aNor+aNor+a

Nor+aNor+aNor+aNor+aNor+aNor+aNor+aNor+aNor+aNor+a

Nor+aNor+aNor+aNor+a

Telenor %lo3al Shared Ser(ice AS recei(ed a capital increae of ),, million: of +hich 421 mil Telenor Communication "" AS recei(ed in 2014 in total 1 0*2 million in capital increae: The intren-thenin- the e.uit in e9itin- u3idiarie6

Telenor Buine 'artner "n(et AS o+n 0:24F of the hare in E(r ASA6 !ollo+in- a i-nedand the price o3tained: the pre(iou ear impairment of the holdin- are re(ered6

The remainin- 1:1F of the hare in $aritime Communication 'artner AS are o+ned 3 Telen Telenor Di-ital AS recei(ed in 2014 a capital increae of *0 million6



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TE#ENOR ANN&A# RE'ORT 2014Note to the !inancial Statement / Telenor ASA

I

I



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I

Nor+aNor+aNor+a

O=ceS+edenDenmar;$alaiaun-arSer3ia



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'a;itan ThailandBan-ladeh"ndia"ndiaBul-aria$anmar





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2010 1G

1 2,*

ure:



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Thi utaina3ilit report for 2014include our Danih operation: e(enthou-h Telenor Denmar; i clai8ed adicontinued operation follo+in- thepropoed oint (enture +ith TeliaSoneracurrentl u3ect to appro(al 3 theEuropean Commiion6

%o(ernin- principle: policie and

manual Telenor %roup ha adopted a code of conduct: -o(ernance principle: policieand manual that +e ue to inte-ratematerial utaina3ilit iue into our3uine trate-ie: dail operationand relationhip +ith ta;eholder6

Thee internal rule are adopted 3 andimplemented in all u3idiarie +here

Telenor %roup ha operational control6

$ore information i a(aila3le at+++6telenor6com/a3outIu/corporateI-o(ernance6

uman ri-ht!rom policie to actionAt Telenor: repect for human ri-ht iimportant for ho+ +e run our 3uine6$o3ile er(ice can contri3ute to theful8lment of ri-ht throu-h the man

opportunitie that connecti(it andacce to telephone and internet 3rin-6

/'A%E 12,/ TE#ENOR ANN&A# RE'ORT 2014Sutaina3ilit Reportand freedom of e9preion: land ri-ht



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and conHict area: a +ell a +iderutaina3ilit challen-e uch acorruption: child la3our: emploee

ment6 7e -a(e an update on ouracti(itie +ithin thee area in Au-ut20146

Telenor 3elie(e that en-a-ement +ithta;eholder i important6 %oin-for+ard +e +ill ee; to 3e open a3outchallen-e e6-6 throu-h update ucha the one +e -a(e on $anmar6 7e +illalo continue our participation ininitiati(e li;e the Telecommunication

"ndutr Dialo-ue on !reedom of E9preion and 'ri(ac6

A +e ta;e the ne9t tep in our +or; onhuman ri-ht: implementation andtrainin- remain a priorit6 Our am3itioni to ta;e our 3uine unit due dili-enceproce for+ard: a +ell a to furtherimpro(e our approach to pri(ac andfreedom of e9preion6

#a3our ri-ht!rom policie to action

Telenor i committed to repectin- theprinciple of la3our ri-ht a laid do+nin the &N %lo3al Compact and the "#Ofundamental con(ention6 Theeprinciple relatin- to repect for theri-ht to freedom of aociation and

nation of forced la3our: child la3our anddicrimination in the +or; place arereHected in Telenor Code of Conduct:%roup 'olic 'eople and SupplierConduct 'rinciple6

Telenor 3elie(e in emploee

afet and ecurit: and the en(iron

collecti(e 3ar-ainin- and the elimi





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%roup le(el6 Ri; hall 3e reponded to+ith the adaptation and implementationof local re.uirement to enure thatuch ri; are mana-ed in accordance+ith Telenor ethical tandard6

An reported alle-ed incident of corruption hall 3e handled 3 theEthic and Compliance O=cer and 3eclai8ed a a material incident6 Analle-ed 3ri3er of pu3lic o=cial hall3e handled at %roup le(el6

A decription of Telenor AntiICorruption 'ro-ramme i pu3licl

a(aila3le on our +e3 ite

/'A%E 12/ TE#ENOR ANN&A# RE'ORT 2014Sutaina3ilit Reportreco-nied en(ironmental and ener-e=cienc tandard acro the %roup6

A the threat of climate chan-e

increae: o doe the ri; to 3uine6 The ri; include potential dama-e to(ital infratructure and utilitie throu-hthe impact of more e9treme +eathere(ent6 At the ame time: climatechan-e repreent a 3uineopportunit for the mo3ile indutr toena3le -reenhoue -a J%%G emiionreduction in ;e ector of theeconom throu-h the pro(iion of

inno(ati(e product and er(ice for thepo+er ector: tranportation ector:manufacturin- ector: er(ice andconumer ector: a-ricultural ectorand 3uildin- ector6

Telenor P a an acti(e mem3er of the



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%lo3al eISutaina3ilit "nitiati(e J%eS"GP ha contri3uted to the thou-htleaderhip poition around the "CTIena3led lo+ car3on econom throu-hthe S$ART2020 report in 200 and theS$ARTer2020 report in 2016

The mo3ile indutr +ill e9periencecontinued -ro+th in it total ener-conumption and car3on footprint amo3ile operator continue to increaetheir co(era-e: ac.uire more cutomerand de(elop more mo3ile 3road3ander(ice due to mar;et need6 Telenor%roup ;e focu i to ta3ilie it

ener- conumption 3 impro(in- theener- e=cienc of it net+or;: athee repreent around 0F of it totalener- conumption6 All 3uine unit+ill focu on chooin- cotIe=cientener-Ie=cienc initiati(e< net+or;+ap: the ourcin- of ener-Ie=cienttechnolo-ie: infratructureIharin-and more ener-Ie=cient data centreand 3uildin-6 "n Aia: the 3uine cae

for the ue of olar panel intead of dieel -enerator ha impro(ed a cotha(e fallen6 "t till implie a u3tantial

Our am3ition i to inform policma;era3out mo3iliin- "CT in their lo+Icar3ontrate-ie and to en-a-e cutomer

and uer of "CT in order to chan-e itpi(otal role6

The -ro+in- demand for "CT productand de(ice: and their increain-l hortlifepan: ha reulted in eI+ate3ecomin- one of the fatet -ro+in-



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+ate tream -lo3all: and ouram3ition for ne9t ear i to follo+ upand tren-then the recclin-pro-ramme in all 3uine unit6

Sutaina3le uppl chain!rom policie to action

Telenor tri(e for hi-h tandard andcontinuou impro(ement in our o+noperation and throu-hout the entireuppl chain6

Telenor ha adopted a et of SupplierConduct 'rinciple JSC'G for all of

Telenor contractin- partie6 The SC'

are 3aed on internationall reco-niedtandard and include human ri-ht:health and afet: la3our ri-ht:en(ironment and antiIcorruption6

"t i important to 3uild capacit amon-upplier and reinforce theirundertandin- of emploee healthand afet: la3our ri-ht anden(ironmental mana-ement: a +ell a

to monitor their compliance +ith Telenortandard6

"mpro(ement of uppl chainutaina3ilit in our operation can onl3e achie(ed throu-h cloecoIoperation +ith the upplier: and the-oal of continuou impro(ement mutal+a remain part of our focu6

Statu and am3ition"n 2014: the focu +a on miti-ation of uppl chain ri;: health and afet of our upplier emploee and antiI




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Sutaina3ilit Report+hich it operate6 Tra=cIrelatedincident remain a challen-e: and in2014 Telenor alo e9perienced ri;related to political inta3ilit: (iolentcrime: economic uncertaint andinta3ilit in ome mar;et6

Statu and am3ition"n 2014: the ic;ne a3ence rate forthe +hole Telenor %roup +a 16)F6 7ehall 3e a+are of poi3le (ariation on.ualit of reported data due to di>erentlocal national procedure andre-ulation related to reportin- of

ic;ne6

"n 2014: more than 1:000 emploeeand inIhoue contractor attendedSSE related a+arene trainin-eion6

"n 2014: Telenor %roup had onereported +or;Irelated fatalit amon-it emploeeL in Decem3er 2014 a

%rameenphone emploee died of inurie from a tra=c accident6

Telenor +ill continue to +or; +ith itpartner and (endor to monitor andimplement health and afet meaureand pro(ide them +ith proacti(eupport in OSS matter6

Ena3lin- er(ice

!rom policie to action Telenor %roup (iion focue on ho++e empo+er the ocietieL +here +epro(ide the po+er of di-italcommunication: ena3lin- e(erone toimpro(e their li(e: 3uild ocietie andecure a 3etter future for all6 Telenor



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+or; tematicall to enure di-italincluion throu-h e9tendin- phicalarea co(era-e: a +ell a ena3lin-people to 3ene8t from ourcommunication er(ice: 3e it throu-himpro(ed accei3ilit: pro(iion of trainin- or throu-h inno(ati(e er(iceli;e mo3ile 3an;in-6

acce o a to allo+ 8nancial incluion:acce to ;no+led-e: and ma;e healther(ice a>orda3le and accei3le for

all6

'ri(ac and data protection!rom policie to action'ri(ac and freedom of e9preion areamon- the internationall reco-niedhuman ri-ht6 Telecommunication-enerall contri3ute to freedom of e9preion6 o+e(er: on omeoccaion the authoritie ma ha(e a

le-itimate need to re.uiretelecommunication companie tocompl +ith re.uet that limit pri(acor free communication6

"t i a fundamental principle of Telenorthat it i -o(erned 3 trict policie andthat it al+a ee; to enure the properhandlin- of uch re.uet from theauthoritie in order to limit the ri; that

our net+or; are 3ein- ued to impoeille-itimate retriction on pri(ac orfreedom of e9preion6

Telenor 3elie(e in increain-tranparenc and introducin-afe-uard a-aint potential a3ue6



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Telenor +ill continue to ta;e acti(e partin the indutr dialo-ue +ith theauthoritie on ur(eillance and acceto our cutomer data6

'ri(ac and data protection are3ecomin- increain-l material iue inall part of ociet6 Cutomer e9pectmo3ile operator to pro(ide realItime:rele(ant and indi(idualied er(ice6Such er(ice re.uire the au-mentedue of peronal data6 On the other hand:+e ee an increae in cutomera+arene of pri(acIrelated matter6

Technolo- ha ena3led

communication: 3ut it ha alo ena3ledur(eillance6 $o3ile uer areincreain-l loo;in- at ho+ their pri(aci afe-uarded: irrepecti(e of

/'A%E 1/ TE#ENOR ANN&A# RE'ORT 2014Sutaina3ilit Reporto3li-ation to maintain e=cientoperation and utaina3le 3uine

conduct6

Telenor i committed to deli(erin-a>orda3le mo3ile er(ice and "nternetfor All6 Ne+ di-ital er(ice ha(e a -reatlocal impact on de(elopment andpeople dail li(e6 $o3ile er(iceo>er ne+ 3uine opportunitie +hichenhance ;ill and reduce a countr3rainIdrain6 The 3uine communit in

each countr can enhance that localimpact 3 enurin- e=cient operationand lo+ cot6 %o(ernment canenhance the local impact 3 +a of e=cient and 3alanced ta9ation +hichallo+ cope for in(etment andcutomer (alue6



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A an in(etor: Telenor i committed toit hareholder creatin- optimal (aluefrom in(etment6 !orei-n capital ha3ecome a more carce reource inman mar;et durin- recent ear6 "f ta9ation increae at the e9pene of further in(etment: it mi-ht reduce-ro+th and the +elfare of citiKen6 Thii +h Telenor ad(ie -o(ernment tole( ta9e and fee in a fair andpredicta3le +a: to ecure crucialin(etment in the countrie6

A a ta9paer: Telenor i committed to

operatin- correctl and accordin- tola+ and re-ulation 3 reportin- andpain- ta9e at the le(el it i le-allo3li-ed to6 Corporate compliance +ithta9 la+ and re-ulation pla animportant role in enhancin- repect forthe rule of la+6 Ta9 compliance andtranparenc contri3ute to protectin-ociet a-aint fraud and illicit 8calpractice6

Statu and am3ition7hile -lo3al -ro+th partl reumed inlate 201: economic lo+do+nreturned in e(eral of our mar;et in

indirect ta9e6 Thi practice ha 3een

inteni8ed in e(eral Europeancountrie from 200 on+ard and in the+a;e of the 8nancial crii6 Se(eralEuropean nation iued ectorIpeci8cta9ation on the telecom indutrdurin- the crii: often a-aint 3roadlaccepted principle of ta9ation6



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un-ar introduced e9cei(e ta9e on

communication in 200I2010: andector ta9e +ere prolon-ed in 201and 20146 Total ta9ation reached arecord le(el of 40F to 4)F of the totalprice of mo3ile er(ice: to thedetriment of 3oth conumer and3uinee6 Sector ta9e e(enurpaed the le(el of corporate incometa9 from 2010 on+ard6 $o3ile ectorta9e e9ceedin- the uni(eral companta9e are e(ident in Aia: +herecountrie li;e Ban-ladeh and 'a;itan

ha(e increaed the ector ta9 3urdendurin- recent ear6 Sector ta9ationdirect in(etment a+a from indutrie+hich +ould create hi-her (alue: -i(ene.ual ta9 treatment6Countrie +hich -enerall a3tainedfrom ditorti(e ectorIpeci8c ta9einclude the Nordic countrie: Bul-ariaand Ser3ia6 Durin- 2014: ta9ation +a

EB"TDA

12 *02 42

1 21 01 110

* 02*

* 0,4 4)2 ,1 1*4J)0G

3an;in-: ener- and tele



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No(em3er 201)6 "n total thi +ill 3rin-the ordinar di(idend for the 8cal ear2014 to NO5 ,60 per hare JNO5 11603illionG6

The mo(e to emiIannual di(idendali-n Telenor competiti(e hareholderremuneration +ith the compan cahHo+ pro8le throu-hout the ear:there3 optimiin- fundin- He9i3ilitand cah mana-ement in the %roup6

Sall Da(iBoard mem3erarald Sta(nBoard mem3er

201 1

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)41J2 4*0GJ4G

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J) ,G1 210J)0,GJ20 *14G1) 0*1J12 *GJ GJ2 ,2GJ 2GJ1 ,*G

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J1 04GIJG

J112GJ20 ,,G

112021222242)2*2,

220124)*

Annual "mpro(ement 2010I2012 Ccle"n the 2010I2012 annual impro(ement ccle: the "ASBiued e(en amendment to i9 tandard: +hich included



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an amendment to "!RS 1 !air ?alue $eaurement6 Theamendment to "!RS 1 i e>ecti(e immediatel and: thu: forperiod 3e-innin- at 1 @anuar 2014: and it clari8e in the Baifor Concluion that hortIterm recei(a3le and paa3le +ithno tated interet rate can 3e meaured at in(oice amount+hen the e>ect of dicountin- i immaterial6 Thi amendmentto "!RS 1 had no impact on the %roup conolidated 8nancialtatement6

Annual "mpro(ement 2011I201 Ccle"n the 2011I201 annual impro(ement ccle: the "ASBiued four amendment to four tandard: +hich includedan amendment to "!RS 1 !irtItime Adoption of "nternational!inancial Reportin- Standard6 The amendment to "!RS 1 ie>ecti(e immediatel and: thu: for period 3e-innin- at 1

@anuar 2014: and clari8e in the Bai for Concluion thatan entit ma chooe to appl either a current tandard ora ne+ tandard that i not et mandator: 3ut permit earlapplication: pro(ided either tandard i applied conitentlthrou-hout the period preented in the entit 8rt "!RS8nancial tatement6 Thi amendment to "!RS 1 had no impacton the %roup conolidated 8nancial tatement: ince the%roup i an e9itin- "!RS preparer6At the date of authoriation of thee 8nancial tatement: thefollo+in- tandard and interpretation that could a>ect the

%roup +ere iued 3ut not e>ecti(e< "!RS !inancial "ntrument Je>ecti(e from 1 @anuar 201:3ut not appro(ed 3 the E&G6 The tandard replace "AS 6

The tandard introduce ne+ re.uirement for clai8cationand meaurement: impairment and hed-e accountin-6

The adoption of "!RS mi-ht ha(e a minor impact on theclai8cation and meaurement of the %roup 8nancial aetand hed-e accountin-6 The implication of "!RS on the %roupconolidated 8nancial tatement are till under e(aluation and+ill 3e further analed6

"!RS 1) Re(enue from Contract +ith Cutomer Je>ecti(e from1 @anuar 201,: 3ut not appro(ed 3 the E&G6 "!RS 1) eta3liha ne+ 8(eItep model that +ill appl to re(enue ariin- fromcontract +ith cutomer6 The main implication of "!RS 1) forthe %roup +ill 3e the follo+in-<I Allocation 3aed on tandIalone ellin- price< The





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NO5 in million

Cutomer Bae#icenceOther intan-i3le aet

'ropert: 'lant E.uipment

Other aetBan; and cah 3alance

Total aetDeferred ta9 lia3ilit

NonICurrent #ia3ilitieCurrent #ia3ilitie

Total lia3ilitie

Net identi8a3le aet%ood+ill

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The -ood+ill of NO5 260 3illion comprie the (alue of e9pectedner-ie ariin- from the ac.uiition: includin- moderniation of the net+or;6 None of the -ood+ill reco-nied i e9pected to 3ededucti3le for income ta9 purpoe6!or the period 3et+een the date of ac.uiition and 1 Decem3er201: Telenor Bul-aria contri3uted NO5 1:1)1 million to Re(enueand NO5 I, million to 'ro8t 3efore ta9 of the %roup6 "f the

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PDFTables.com

Page 858

'enion

reImeaureI Other Retainedment reer(e reer(e earnin-

201 2 1)* 0I I 21 12J1,0G IJ1,0G 21 12I I J 2G



PDFTables.com

Page 859

I 1) II J ,G II I II J2G I

1 J1 *11G )0 11211 40)

J40G 21J40G 21 11 40)I I J10 )*,GI 10 II JG II I II J2)G IJG J2 *04G )0 )0



PDFTables.com

Page 860

2014 201J)2G J)4GJ4G J1GJ,0G J*2GJ21G J)GJ40G J*GJ,44G J,0G

4) 4

201Net

De8ned lia3ilit3ene8t !air (alue de8nedo3li-ation plan aet 3ene8tJ,2G *,4 J2GJ4G I J4G

J4G 2) JGJ,,G 2) J)2GI J12G J12GJ12G I J12GJ22G I J22GJ1*G I J1*GJ220G J12G J22G



PDFTables.com

Page 861

, J)2G 2*I 4 4

J2,G 11J1 1)2G *), J4)G

2014 201J4G J4G

IJ1*G JGJ22G J20GJG J,2G



PDFTables.com

Page 862

/'A%E 111/

20121 ,*I



PDFTables.com

Page 863

JG4

J)GJ4)*G

21 ,*J*G

*J* *00GJ1 4GJ ,1G* 1)1I, I

I

J* 0)GJ1G) 02JG

)01J1GJ1*GJ4)*G

06021Chan-e

J*GJ1 G

1J,1GJ20G

40J))G

J1 0,GI2 420J*2*G

1,0



PDFTables.com

Page 864

,1*



Accumulated Carrin-Amortiation amortiation amount

and impairment and impairment a of 1loe loe Decem3erJ2G J1*G 14,J12G J41G 1*I I J41G J*04G 1,1



PDFTables.com

Page 865

Accumulated Carrin-Amortiation amortiation amountand impairment and impairment a of 1loe loe Decem3erJ0G J1),G 1,*J24G J40*G 2,I I )J)4G J)*G 20

2014 2012 2*22 ,04

2 , 1 )21 )1

,2 2 44

2I2) 20

I I444 420

1 02 ,10



PDFTables.com

Page 866




PDFTables.com

Page 867

201I202 2024I

1) 02 11 2*I I1) 02 11 2*I II II I

I II I

,2 44

I,2 44

1* 00 11 2 22 )*1 2) 11 *)

2014 201)I201, 201I2022

,0 2 1, ,1114 1 21 2

)) 1, ,421 14 I I



PDFTables.com

Page 868

2 41 I I2 ,) I I

, I I12 I I40* 2 21, I I

1 2*2 1, 22 440 , 1, 1)

4) 2 12 2) 12 *2) 21 00

Cate-or 2014!#AC 1G 141

!?T'# 2G I141

!#AC 2,N! G 10,N! !?T'# 1 200!#AC 2

2 ))

2014 124

Note to the !inancial S



PDFTables.com

Page 869

201#ia3ilitie Sale 'urchae

* 1) 2I 42 4I 1 I

2 2 I

2 20 II I II 2 I

11 4) I1 0 I1 2 I* I1 1 I

I 4 I1 I J1G

114 11 )2214) 4 )4

201"nteret "nteret

#ia3ilitie income e9pene

* 2 14 1*02 41* 0 1

21, *0 I

I 24,, I I

2 *, 1* *I 1 II I I1 4) 1 *,4 4,14 410 1 2, ,20



PDFTables.com

Page 870

Carrin- amount a of Carrin- amount a of 1 Decem3er 2014 1 Decem3er 2011 124 1 124I I1 2, 1 2,

*2* 41 ,2 *,0* 24 * 241 1)0 ,4 42 4 424 1) 4 1)I I

00 001,2 1,2

2 2

1 *00 1 *00*) *)

I I*0 I

22 * 4*0

O+nerhip interet O+nerhip interetin F 2014 in F 201

100 100



PDFTables.com

Page 871

100 100100 100

446) 446)100 100100 100

100:0 1006 6

100 100



PDFTables.com

Page 872



PDFTables.com

Page 873



PDFTables.com

Page 874


5e !i-ure

201Retated 2014

0602 06006)1 06)40621 062)0614 061)

0620, 061) ) 4, 12*

161) 161)6,4 *60

061) 0610,064 061



PDFTables.com

Page 875



PDFTables.com

Page 876



PDFTables.com

Page 877



PDFTables.com

Page 878



PDFTables.com

Page 879



PDFTables.com

Page 880



PDFTables.com

Page 881



PDFTables.com

Page 882



PDFTables.com

Page 883



PDFTables.com

Page 884



PDFTables.com

Page 885

Corporate income

ta9 JC"TG Emploee Total I per 1612

1 * 20)0,2 0

J20G 2 02220,1 1*

J2G 2 020101 40

1 1,*004 ,1,

1 1,* 2 11 22) 4 ,22

*)4 *414 1

I *,



PDFTables.com

Page 886



PDFTables.com

Page 887



PDFTables.com

Page 888



PDFTables.com

Page 889





PDFTables.com

Page 891



PDFTables.com

Page 892



PDFTables.com

Page 893



PDFTables.com

Page 894



PDFTables.com

Page 895



PDFTables.com

Page 896



PDFTables.com

Page 897



PDFTables.com

Page 898



PDFTables.com

Page 899





PDFTables.com

Page 901



PDFTables.com

Page 902



PDFTables.com

Page 903





PDFTables.com

Page 905



PDFTables.com

Page 906



PDFTables.com

Page 907



PDFTables.com

Page 908



PDFTables.com

Page 909







PDFTables.com

Page 912



PDFTables.com

Page 913



PDFTables.com

Page 914





PDFTables.com

Page 916



PDFTables.com

Page 917

Totale.uit,* 41212 124 )021* *2)

1J2*GJ11 2GJ G

JG,, 0,12 ,)J4 ,G, *2

20



PDFTables.com

Page 918

J1 04GJ1 )1GJ1 04G

J112G* )0)





PDFTables.com

Page 920



PDFTables.com

Page 921





PDFTables.com

Page 923



PDFTables.com

Page 924



PDFTables.com

Page 925



PDFTables.com

Page 926



PDFTables.com

Page 927



PDFTables.com

Page 928



PDFTables.com

Page 929



PDFTables.com

Page 930



PDFTables.com

Page 931



PDFTables.com

Page 932



PDFTables.com

Page 933



PDFTables.com

Page 934



PDFTables.com

Page 935



PDFTables.com

Page 936



PDFTables.com

Page 937



PDFTables.com

Page 938



PDFTables.com

Page 939



PDFTables.com

Page 940



PDFTables.com

Page 941



PDFTables.com

Page 942



PDFTables.com

Page 943



PDFTables.com

Page 944



PDFTables.com

Page 945



PDFTables.com

Page 946



PDFTables.com

Page 947



PDFTables.com

Page 948



PDFTables.com

Page 949





PDFTables.com

Page 951

21 *,112 0)42 *

J24G J24G1 0 2 4*1

,, 102

J11G J11G1 41) 24 )0

J1G J1 4,GJ)G J1)G

24 24J120G J2 01GJ1G J2*G

11 11J*G J*GJ11*G J2 0G

1 2 22 41 210 21 442



PDFTables.com

Page 952



PDFTables.com

Page 953

Roamin-a-reement 7or; inand other 2G pro-re G Total

01) 2 004 ) 1)1 01 J1 )G *4

14 1 02) 4 4142 I 44

I 2 0*21 ,* 2 )2

J)G J20G J ,G4 ) 1 *0 ** 0))J21G J1 0,*G J12G

1, 1 11, 424 I 1,0



PDFTables.com

Page 954

I I 2422 122 11

J41G J1)G J1 002GI J*2G J) 01)G4 ,)) 1 *)* ,, 2

J1 ,02G JG J0 4,GJ2G I J1 012GJ01G I J4 ,,GI I J24GI I J1)1GJ1,G I J1 2)G

4 I ,)4J 1)G JG J ,4G

1) I 1)

J21G I J) 444G

I I J2)G

JG I J24GJ1*2G I J4 112G

2 I ,44I I 4 0)J 42G JG J 0)G

1 1 *4, 0241 440 1 *1 2 2,1I20 I I



PDFTables.com

Page 955



PDFTables.com

Page 956



PDFTables.com

Page 957

TE#ENOR ANote to the !inancial St

CorporateCa3leIT? adminIe.uipI itrati(ement Buildin- #and aet Satellite

1 1 ,*) 0 , ), 4 )4

*4 41 I 2 )4,4 1 1 *1 I

I 2*, 1) 2** I1 22 0 I

J2)4G J1G J14G )1 J,)G *10 14 )0 )4 ,1* 04

1 J1*G J1G ,* I2) 42 I , I

) I I I) ,00 104 1 10 I

J42G J24,G JG J1 120G I

I J1 01G J,G J,G I ,* 1 ,4 1 01, 11 041 04



PDFTables.com

Page 958

J2 00G J* *20G J22G J) ),G J2 )2GJ1,G ,1 I I

J42G J)1G J14G J)G J1,G

I J))G I J*,G IJG J12)G J2G J2)4G I

2)4 ,4 12 J)*,G ,)J2 111G J, 1,G J2*G J, 14,G J1 *GI J,G I J)*G I

JG J)41G I J1 0)G J1,G

I J)*G I J*G II I I J4G I

J4G J2,1G J4G JG I42 1, 2 1 0,0 I

I *) I 2)* IJ2 411G J, 22G J2G J, ,G J 2 1*)G

1 )*) * ,42 1* 1 *1 4 , 40, 2 2 )* 1 1

I1) )I0 I 2I10 1,I1



PDFTables.com

Page 959



PDFTables.com

Page 960



PDFTables.com

Page 961



PDFTables.com

Page 962

/'A%E *)/ TE#ENOR ANN&A# RE'ORT 2

Note to the !inancial Statement / Telenor %

3et+een 1 3et+een 11 more thanand 10 da and *) da *) da

1,) )) 4* 1 )J)G J14,G J22)G J*,G

122 20 121 2

40) ) 4)) 1 1)4J)0G J1*2G J2G J2,G

)) 1, 21, 2



PDFTables.com

Page 963

Cate-or 2014 201

A!S )!?T'# G 21 1,

40 )1#AR 4G ,*, ,2

2 , 1 )#AR 4G 112

4 *) 21 ) 1 * 0)4 4 **

!?T'# G ,0 4#AR 4G ,14 *)2

!?T'# G 20* 2,2 1

1 0 1 02,



PDFTables.com

Page 964

/'A%E *,/



PDFTables.com

Page 965

Total paidIin capital 4

J20G2

I 12,J4GII 0,

Totalotherreer(eJ2 1))GJ4)G

101J111G

222J ,GJ2*GJ* 21,GJ11 ,44G



PDFTables.com

Page 966

44J1)*GJ2GJGJ1 04GJ20 ,,G



PDFTables.com

Page 967



PDFTables.com

Page 968



PDFTables.com

Page 969



PDFTables.com

Page 970



PDFTables.com

Page 971



PDFTables.com

Page 972

2014 201J,*G J2*G

) I



PDFTables.com

Page 973

J*G J)GJ**G J,GJ0G J))GJ,4,G J,4G

) JGJ,),G J*,GJ*G J)G

Turno(er`1F I0604 `4F

1 0)1 1, J1,,G

2014 201), *1* 1,

100 100

201414)*

1 *)



PDFTables.com

Page 974



PDFTables.com

Page 975



PDFTables.com

Page 976



PDFTables.com

Page 977



PDFTables.com

Page 978


1010, ear ear ear ear ear

I I I I I4 )1 I ) 422 ) ,4

)1 *1 , 1,) 22)

220 220 220 224 1,2,1 4 , 2 ) 21 * 2,

I I I I II I I I II 12 I I 44I I I I II 12 I I 44

2,1 ) 111 2 ) 21 * 2240 2 2)4 2* *,) ) 441 )4, * 00 * 410

1010

, ear ear ear ear ear

I I I I I* 2, I 4 11 I 10 4,

4* )1 1)) * 4,

400 0) 0) 04 )*



PDFTables.com

Page 979

* ,2 )) 4 *)1 *, 11 10

I I I I II I I I II I 11 I I I I I II I 11 I * ,2 )) 4 **2 *, 11 1

,0 )4 4,0 40 4, 4) 0 ) 12 ,,0 11 *2



PDFTables.com

Page 980



PDFTables.com

Page 981

201$MR SE5 &SD Other

J4G J2G J11G J2GI I J114G II I 11 II I , I

I I 1 I



PDFTables.com

Page 982

201SE5 &SD Other

J,1G J1 )*G J1,0GJ4 44G

2014 201

11 0 11 ,,14 *)2

,1) 2 01* 2** 1* *41



PDFTables.com

Page 983



PDFTables.com

Page 984



PDFTables.com

Page 985



PDFTables.com

Page 986





PDFTables.com

Page 988



PDFTables.com

Page 989



PDFTables.com

Page 990

!ee for Boardelectedcommittee 201

)2)*40)*

I4),

)24

I)

1 Decem3er 201

,004 101 22

I

*2



PDFTables.com

Page 991

40)



PDFTables.com

Page 992



PDFTables.com

Page 993



PDFTables.com

Page 994



PDFTables.com

Page 995



PDFTables.com

Page 996



PDFTables.com

Page 997

Total alarand other 'enionta9a3le 3ene8tincome )G earned 2G Total11 , 20 1) 14)* ))* 1 0) , *1)) 4* ) * ))) 112 4, ) ))

) 1,2 1 1 * ))* )* 1* , 1)111 202 1 *2 12 0) 1, 211 ) )* *

,*0 , ,,2 ) 14 2



PDFTables.com

Page 998

/'A%E ,/ TE#ENOR ANN&A# RE'ORT 2

Note to the !inancial Statement / Telenor %

Total alarand other 'enion

Other ta9a3le inI 3ene8tcome )G earned 2G Total11 )0, 2 )* 14 *

,1 * 1 1 01, , )21 4 40 , ) ,,

40 4 * 400 ) 2*,2 4 2* 1 022 ) 20,* * ,* 14* * 14

11 1 )04 12 02222 4 2) , 4 *0

, 11 1 ,1 2*



PDFTables.com

Page 999

Share held a of Share held a of 1 Decem31 Decem3er of +hich are retricted

21 00 ) 4 , 1 11)2, 00 1) 2))21 11 12 41)2 4)4 10 424 ) 1) )*,101 ,0 2 2222 1 1) 1)

4 42 1) 1,I I2 )21 11 ,)



PDFTables.com

Page 1000

/'A%E / RT 2014



PDFTables.com

Page 1001

Other fee2014 201

16) ,61164 *61146 162

I I146 162

2014 2011) ,4 *0



PDFTables.com

Page 1002

I 11 4 2)J2 2*,GJ1 4 00G

I * 1 ,4I * 1 ,4



PDFTables.com

Page 1003



PDFTables.com

Page 1004



PDFTables.com

Page 1005



PDFTables.com

Page 1006

Totale.uit4 ,021 12J1*1G21 1)1J 2G



PDFTables.com

Page 1007

1)J GII), *)11 40)J1G11 *J10 )*,G

10J1 04G

J2)G), 41)



PDFTables.com

Page 1008





PDFTables.com

Page 1010



PDFTables.com

Page 1011



PDFTables.com

Page 1012



PDFTables.com

Page 1013



PDFTables.com

Page 1014



PDFTables.com

Page 1015

202I

10 4,2)4

10 ,2I



PDFTables.com

Page 1016

II

II

II10 ,2

,11 *2

20112

101,10

I*

1 )0

2012 ),0

/'A%E 11,/ TE#ENOR ANN&A# RE'ORT 2014

tatement / Telenor ASA



PDFTables.com

Page 1017

Recei(a3le #ia3ilitie

*4 1 I1) I1, I

1) II I

1 I) *2 I

1, 11 4 1 I12 I

1*2 104**0 12

Recei(a3le #ia3ilitie

*4* 001 4

4 ),1 I

40 II ,)21 *** 4 0,1 4* II I10 1)2 21 )42 21 14



PDFTables.com

Page 1018



PDFTables.com

Page 1019



PDFTables.com

Page 1020



PDFTables.com

Page 1021



PDFTables.com

Page 1022



PDFTables.com

Page 1023



PDFTables.com

Page 1024



PDFTables.com

Page 1025



PDFTables.com

Page 1026



PDFTables.com

Page 1027



PDFTables.com

Page 1028



PDFTables.com

Page 1029



PDFTables.com

Page 1030



PDFTables.com

Page 1031



PDFTables.com

Page 1032



PDFTables.com

Page 1033



PDFTables.com

Page 1034



PDFTables.com

Page 1035



PDFTables.com

Page 1036



PDFTables.com

Page 1037



PDFTables.com

Page 1038



PDFTables.com

Page 1039



PDFTables.com

Page 1040



PDFTables.com

Page 1041



PDFTables.com

Page 1042



PDFTables.com

Page 1043



PDFTables.com

Page 1044



PDFTables.com

Page 1045



PDFTables.com

Page 1046



PDFTables.com

Page 1047



PDFTables.com

Page 1048



PDFTables.com

Page 1049



PDFTables.com

Page 1050



PDFTables.com

Page 1051



PDFTables.com

Page 1052



PDFTables.com

Page 1053



PDFTables.com

Page 1054



PDFTables.com

Page 1055



PDFTables.com

Page 1056



PDFTables.com

Page 1057



PDFTables.com

Page 1058



PDFTables.com

Page 1059





PDFTables.com

Page 1061



PDFTables.com

Page 1062



PDFTables.com

Page 1063



PDFTables.com

Page 1064



PDFTables.com

Page 1065



PDFTables.com

Page 1066



PDFTables.com

Page 1067



PDFTables.com

Page 1068



PDFTables.com

Page 1069



PDFTables.com

Page 1070



PDFTables.com

Page 1071



PDFTables.com

Page 1072



PDFTables.com

Page 1073



PDFTables.com

Page 1074



PDFTables.com

Page 1075



PDFTables.com

Page 1076



PDFTables.com

Page 1077





PDFTables.com

Page 1079



PDFTables.com

Page 1080



PDFTables.com

Page 1081



PDFTables.com

Page 1082



PDFTables.com

Page 1083



PDFTables.com

Page 1084



PDFTables.com

Page 1085



PDFTables.com

Page 1086



PDFTables.com

Page 1087



PDFTables.com

Page 1088



PDFTables.com

Page 1089



PDFTables.com

Page 1090



PDFTables.com

Page 1091



PDFTables.com

Page 1092



PDFTables.com

Page 1093



PDFTables.com

Page 1094



PDFTables.com

Page 1095



PDFTables.com

Page 1096



PDFTables.com

Page 1097



PDFTables.com

Page 1098



PDFTables.com

Page 1099



PDFTables.com

Page 1100



PDFTables.com

Page 1101



PDFTables.com

Page 1102



PDFTables.com

Page 1103



PDFTables.com

Page 1104



PDFTables.com

Page 1105

/'A%E *1/ NN&A# RE'ORT 2014

atement / Telenor %roup

7or; inproI-re 1G Total

) )0 1) *1

J1 1G J1 021G1 *1, 11 ,)0

)41 *021)4 0

J1G J1) ,G) 4) 1* 22J 42G 14)4 1 1) 02

I )12*) 0)

JG J ,G

J24G J) ,2G, 4 1)1 14



PDFTables.com

Page 1106

J24*G J2 0)GI 1 012

I J )2G

I J40G J2 24G

I 1) *),J2G J* *1GI J4G

I J 2)2G

I J44GI J4G

J4*G J4 ,40GI ,02

I 2 *,,J24G J4 1*G

, 0) )* *) 2), 4 )4,

I I



PDFTables.com

Page 1107



PDFTables.com

Page 1108



PDFTables.com

Page 1109



PDFTables.com

Page 1110



PDFTables.com

Page 1111



PDFTables.com

Page 1112





PDFTables.com

Page 1114



PDFTables.com

Page 1115



PDFTables.com

Page 1116



PDFTables.com

Page 1117



PDFTables.com

Page 1118





PDFTables.com

Page 1120



PDFTables.com

Page 1121



PDFTables.com

Page 1122



PDFTables.com

Page 1123



PDFTables.com

Page 1124



PDFTables.com

Page 1125



PDFTables.com

Page 1126

/'A%E ,/

Notpeci8ed

III

II

III

*,*,*,

I*,

Not

peci8ed

III

I



PDFTables.com

Page 1127

I

III

)))

I)



PDFTables.com

Page 1128



PDFTables.com

Page 1129



PDFTables.com

Page 1130



PDFTables.com

Page 1131



PDFTables.com

Page 1132



PDFTables.com

Page 1133



PDFTables.com

Page 1134



PDFTables.com

Page 1135



PDFTables.com

Page 1136



PDFTables.com

Page 1137



PDFTables.com

Page 1138



PDFTables.com

Page 1139



PDFTables.com

Page 1140



PDFTables.com

Page 1141



PDFTables.com

Page 1142



PDFTables.com

Page 1143



PDFTables.com

Page 1144



PDFTables.com

Page 1145



PDFTables.com

Page 1146



PDFTables.com

Page 1147



PDFTables.com

Page 1148



PDFTables.com

Page 1149



PDFTables.com

Page 1150



PDFTables.com

Page 1151



PDFTables.com

Page 1152



PDFTables.com

Page 1153



PDFTables.com

Page 1154



PDFTables.com

Page 1155



PDFTables.com

Page 1156



PDFTables.com

Page 1157



PDFTables.com

Page 1158



PDFTables.com

Page 1159



PDFTables.com

Page 1160



PDFTables.com

Page 1161



PDFTables.com

Page 1162



PDFTables.com

Page 1163



PDFTables.com

Page 1164



PDFTables.com

Page 1165



PDFTables.com

Page 1166



PDFTables.com

Page 1167



PDFTables.com

Page 1168



PDFTables.com

Page 1169



PDFTables.com

Page 1170



PDFTables.com

Page 1171



PDFTables.com

Page 1172



PDFTables.com

Page 1173



PDFTables.com

Page 1174



PDFTables.com

Page 1175



PDFTables.com

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PDFTables.com

Page 1177



PDFTables.com

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PDFTables.com

Page 1179



PDFTables.com

Page 1180



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Telenor-Group-Annual-Report-20141.xlsx

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