Telenor Capital Markets Day 07

In addition to Group CEO and CFO presentations on strategic direction and financial priorities, speakers from Telenor's business units in Norway, Bangladesh and Thailand will give an update on current market trends and highlight how the Group strategy will be implemented in their respective units.

Towards 2020, we aim to continue growing and significantly improving our efficiency, driven by a digital transformation of our core business and a strict prioritization of resources. The key to our future success lies within the opportunities related to digitizing customer interactions, leveraging scale within networks and IT, as well as using advanced analytics to improve customer insight. Our strategy will strengthen our cash flow generation and support our commitment to deliver a growing dividend to our shareholders,'' says Sigve Brekke, Chief Executive Officer of Telenor Group.

Telenor will seek to leverage scale, both through global operations and synergies within its four geographic clusters: Scandinavia, Central and Eastern Europe, emerging Asia and mature Asia. In Norway and Sweden, Telenor will step-up its fibre roll-out ambitions, targeting to strengthen its market position within high-speed broadband. In addition, Telenor will explore early positions on fibre in emerging Asia, utilizing the company's existing mobile infrastructure. As part of Telenor Group's overall simplification and prioritization, Telenor will continue to seek a solution for its operations in India, and also review other assets of less strategic importance.

Telenor's priorities for capital allocation remain unchanged, with a solid balance sheet with net interest bearing debt to EBITDA below 2.0x and competitive shareholder remuneration. Telenor's dividend policy has been slightly adjusted to aiming for year-on-year growth in ordinary dividend per share (previously 50%-80% pay-out of normalized net income, with an aim for year-on-year growth in dividend per share). In addition, buy-back of own shares and/or extraordinary dividend pay-outs will be evaluated on a case-by-case basis.

In relation to today's fourth quarter 2016 results, Telenor has announced its financial outlook for 2017, expecting an organic revenue growth in the range of 1%-2% and an EBITDA margin of around 36%. The capex to sales ratio excluding licenses is expected to be 15%-16%.

Telenor's financial ambitions for the period 2018-2020 are as follows:

Year-on-year low single-digit organic revenue growth

Net opex reductions of 1%-3% per year

Capex/sales ratio of around 15%, excluding licenses

Year-on-year growth in ordinary dividend per share

The event starts at 11:00 AM CET and a link to the webcast and presentations will be available at https://www.telenor.com/cmd. The presentation material will be available at 10:30 AM CET.

Investor Relations contacts:

Marianne Moe,

mobile: (+47) 91 61 76 31,

marianne.moe@telenor.com

Helge ien,

mobile: (+47) 91 31 92 42,

helge.oien@telenor.com

Media contact:

Meera Bhatia,

mobile: (+47) 46 84 49 59,

meera.bhatia@telenor.com

LINK:	http://www.telenor.com/media/press-releases/2017/telenor-capital-marke...
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