Balance Sheet

Telenor Group as of 31 december 2008-09

$ In millions Note 2009 in $ 2008 in $ Horizantal Analysis

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ASSETS
Deffered Tax Asset 14
### 303.492813
### 471.746145 -35.666%
Goodwill 17, 18
### 4838.623959
### 5735.863341 -15.643%
Intangible Asset 19
### 4712.43396
### 5220.713199 -9.736%
Property Plant and Equipment 20
### 9317.279634
### 10016.771076 -6.983%
Associatede Companies 21
### 2889.298503
### 3487.569813 -17.154%
Other non Assets 23
### 538.779345
### 1008.84966 -46.595%
Total non Current assets ### 22599.908214
### 25940.004987 -12.876%

Prepaid Taxes ### 23.629203

### 17.428632 35.577%
Inventories ### 148.143372
### 227.410131 -34.856%
Trade and Other Recieveables 22
### 2927.67501
### 3503.992947 -16.447%
Other Financial Current Assets 23
### 157.695603
### 180.822057 -12.790%
Asset Calssified as helad for sale 15
### 43.236414 0
Cash and Cash Equilent 24
### 1923.685257
### 1495.678275 28.616%
Total current assets 5224.064859 5425.332042

Total Assets ### 27823.973073

### 31366.845276 -11.295%

EQUITY AND LIABILITY

Equity attributeable to equity holders of Telenor USA 25
### 12732.286008
### 13565.341101 -6.141%
Non controling Interest (minority Interest) 25
### 1523.161887
### 1277.150043 19.263%
Total Equity 25
### 14255.447895
### 14842.491144 -3.955%
Liabilities
Non Current Interest Bearing Financial Liabilities 29
### 5523.368097
### 6779.067516 -18.523%
Non Current Non Interest Bearing Financial Liabilities 28
### 120.324594
### 158.198352 -23.941%
Deffered Tax Liability 14
### 642.513222
### 786.969768 -18.356%
Provision and Obligation 26, 27
### 662.288016
### 723.120645 -8.413%
Total Non Current Liability ### 6948.493929
### 8447.356281 -17.744%

Current Interest Bearing Financial Liabilities 29

### 1069.682289
### 2611.110723 -59.033%
Trade and Other payables 28
### 4585.238463
### 4805.610108 -4.586%
Current Tax payable 14
### 600.449889
### 286.064181 109.900%
Current Non Interest Bearing Liabilities 28
### 174.956652
### 230.761791 -24.183%
Provision and Obligations 26
### 142.110384
### 143.451048 -0.935%
Liability Clasiffied as Held for Sale 15
### 47.593572 ------
Total Current Liabilites ### 6620.031249
### 8076.997851 -18.038%

Total Equity and Liabilities ### 27823.973073

### 31366.845276 -11.295%
Balance Sheet
Consolidated Income Statement
Telenor Group 1 January -31 December

$ In millions,except earnings per share amount Note 2009 in $ 2008 in $ Horizantal Analysis

Revenues 6 16364.47995 16115.954361 1.54%

Operating Expenses
Cost Of Materials and Traffic Charges 7 ($4,226.95) ($4,241.86) -0.35%
Salaries and Personal Cost 8 ($2,255.67) ($2,234.72) 0.94%
Other Operating Expenses 9,11 ($4,571.16) ($4,539.32) 0.70%
Other Incomes and Expense 10 ($129.21) ($104.57) 23.56%
Depriciation and Amortization 12 ($2,566.87) ($2,360.91) 8.72%
Impairment Losses 12 ($382.09) ($2.18) 17438.46%
Operating Profit $2,232.37 $2,632.39 -15.20%

Profit from associated Companies 21 $614.53 $1,145.60 -46.36%

Financial Income and Expenses

Financial Income 13 $101.22 $117.98 -14.20%
Financial Expenses 13 ($451.97) ($503.25) -10.19%
Net Currency Gains (Losses) 13 ($74.24) ($75.75) -1.99%
Net Change in fair Value of financial instrument 13 $72.56 ($75.75) -195.80%
at fair value through profit or loss 13 $0.00 $0.00
Net Gain (Loss and Impairment) of Financial 13 ($13.91) $0.84 -1760.00%
asset and Liability 13 $0.00 $0.00
Net Financial Income Expenses 13 ($366.00) ($531.57) -31.15%

Profit Beore Taxes $2,480.90 $3,246.42 -23.58%

Income Tax 14 ($718.93) ($725.47) -0.90%
Profit from continuing Operation $1,761.97 $2,520.95 -30.11%

Losses after Tax from discontinued Operation 15 ($68.71) ($39.05) 75.97%

Net Income $1,693.26 $2,481.90 -31.78%

Netincome atrributeable to
Non Controling Interest (Minority Interest) $243.16 $292.43 -16.85%
Eqiuty Holders of Telenor USA $1,450.10 $513.64 182.32%

Earning Per Share in NOK

From Continuing Operation $0.00 $0.00
Basic 16 $0.92 $1.34 -31.37%
Diluted 16 $0.92 $1.33 -31.28%
From Total Oerations
Basic 16 $0.87 $1.31 -33.33%
Diluted 16 $0.87 -33.25%
Statement of Cash Flows
Telenor Group 1 January-31 december

$ In millions 2009 in $ 2008 in $

Profit Before Taxes From Total operations $2,377.00 $3,184.58

Income Taxes Paid ($417.45) ($514.48)
Net (Gain) Losses from dissposals, imapirments and Change in ($9.55) $66.03
Fair Value of Financial Assets and Liabilities $0.00
Dericiation, Amortizatin and Impartments losses $2,958.34 $2,381.35
Profit from Associated Companies ($614.53) ($1,145.60)
Dividend Received from associated companies $797.19 $210.82
$0.00
changes in inventories $51.11 $109.26
Changes in Trade Recieveables and prepayment for Customers $58.82 $322.76
Changes in Payables ($163.90) ($117.81)
Difference between Expense and paid Pensions ($75.92) $22.29
Currency Loss Not related to Operating Activities $13.74 $73.90
Changes in Other Operaing working capital Asset and Liabilities $156.86 ($164.06)
Net cash flow from operating Activities $5,131.73 $4,294.98

Proceedes from sale of property Plant and Equipment and Intaigible Assets $11.56 $22.96
Purchases of PPE and Intaingable Assets ($2,180.93) ($2,926.84)
Proceedes from disposal of subsidries and associated companies, net of cash disposed $1.01 $696.14
Purchase of Subsidries and Associated Companies, Net of Cash Acquired ($109.77) ($221.38)
Proceedes from sale of other investment $27.32 $67.87
Purchase of Other Investment ($39.38) ($119.49)
Net Cash flow from investment Activities ($2,290.19) ($2,480.73)
Proceedes from borrowings $2,296.39 $2,438.17
Reapyments of Borrowings ($4,343.92) ($2,527.65)
Proceedes from isuuence of Shares, including from non controling interest in subsidries $86.81 $56.64
Purchase of treasury shares ($0.84) ($353.26)
Repayment of Equity and dividend paid to non controling interest in subsidries ($256.40) ($253.72)
Dividend Paid to equity holders of Telenor USA ($951.54)
Net cash Flow from Financing Activities $2,217.96 $1,591.37

Effect of Exchnge RateChanges on Cash and Cash equilent ($183.34) $126.36

Net Change in Cash and Cash equilents $440.24 $349.24

Cash and Cash Equilent as of 1 January $1,495.68 $1,146.44

Cash and Cash Equilent as of 31st December $1,935.92 $1,495.68

Of which cash and cash equilent in discontinued operations as of 31st December $12.23
Cash and Cash Equilent in contiuning operations as of 31st December $1,923.69
Horizantal analysis

-25.36%
-18.86%
-114.47%

24.23%
-46.36%
278.14%

-53.22%
-81.78%
39.12%
-440.60%
-81.41%
-195.61%
19.48%

-49.64%
-25.49%
-99.86%
-50.42%
-59.75%
-67.04%
-7.68%
 -5.81%
71.86%
53.25%
-99.76%
1.06%

39.37%

-245.09%
26.06%

30.46%
29.43%

28.62%
Balance Sheet
Telenor Group as of 31 december 2009

$ In millions Note 2009 Vertical analysis

In $

ASSETS
Deferred tax assets 14 303.492813 1.09076015924737
Goodwill 17, 18 4838.623959 17.3901259403364
Intangible assets 19 4712.43396 16.9365961778222
Property, plant and equipment 20 9317.279634 33.4865175780427
Associated companies 21 2889.298503 10.3842053592401
Other non-current assets 23 538.779345 1.93638537381573
Total non-current assets 22599.908214 81.2245905885046

Prepaid taxes 23.629203 0.084923899753661

Inventories 148.143372 0.532430690654155
Trade and other receivables 22 2927.67501 10.5221314091947
Other financial current assets 23 157.695603 0.566761628852443
Assets classified as held for sale 15 43.236414 0.155392667634357
Cash and cash equivalents 24 1923.685257 6.91376911540616
Total current assets 5224.064859 18.7754094114954

Total assets 27823.973073 100

EQUITY AND LIABILITY

Equity attributable to equity holders of Telenor ASA 25 12732.286008 45.7601291325114
Non-controlling interests (minority interests) 25 1523.161887 5.47427889972355
Total equity 25 14255.447895 51.2344080322349
Liabilities
Non-current interest-bearing financial liabilities 29 5523.368097 19.8511121417085
Non-current non-interest-bearing financial liabilities 28 120.324594 0.432449361866158
Deferred tax liabilities 14 642.513222 2.30920731670592
Provisions and obligations 26, 27 662.288016 2.38027838174799
Total non-current liabilities 6948.493929 24.9730472020285

Current interest-bearing financial liabilities 29 1069.682289 3.84446278104691

Trade and other payables 28 4585.238463 16.4794526323397
Current tax payables 14 600.449889 2.15803072920117
Current non-interest-bearing liabilities 28 174.956652 0.628798236473912
Provisions and obligations 26 142.110384 0.51074799284471
Liabilities classified as held for sale 15 47.593572 0.171052393830068
Total current liabilities 6620.031249 23.7925447657365

Total equity and liabilities 27823.973073 100

Balance Sheet
Telenor Group as of 31 december 2008

$ In millions Note 2008 Vertical analysis

ASSETS
Deferred tax assets ###
14 471.746145 1.50%
Goodwill 17, 18
### 5735.863341 18.29%
Intangible assets ###
19 5220.713199 16.64%
Property, plant and equipment ###
20 10016.771076 31.93%
Associated companies ###
21 3487.569813 11.12%
Other non-current assets ###
23 1008.84966 3.22%
Total non-current assets ### 25941.513234 82.70%

Prepaid taxes ### 17.428632 0.06%

Inventories ### 230.426625 0.73%
Trade and other receivables ###
22 3503.992947 11.17%
Other financial current assets ###
23 180.822057 0.58%
Assets classified as held for sale ------
15 #VALUE!
Cash and cash equivalents ###
24 1495.678275 4.77%
Total current assets ### 5425.332042 17.30%

Total assets ### 31366.845276 100.00%

EQUITY AND LIABILITY

Equity attributable to equity holders of Telenor ASA ###
25 13565.341101 43.25%
Non-controlling interests (minority interests) ###
25 1277.150043 4.07%
Total equity ###
25 14842.491144 47.32%
Liabilities #VALUE!
Non-current interest-bearing financial liabilities ###
29 6779.067516 21.61%
Non-current non-interest-bearing financial liabilities ###
28 158.198352 0.50%
Deferred tax liabilities ###
14 786.969768 2.51%
Provisions and obligations 26, 27
### 723.120645 2.31%
Total non-current liabilities ### 8447.356281 26.93%

Current interest-bearing financial liabilities ###

29 2611.110723 8.32%
Trade and other payables ###
28 4805.610108 15.32%
Current tax payables ###
14 286.064181 0.91%
Current non-interest-bearing liabilities ###
28 230.761791 0.74%
Provisions and obligations ###
26 143.451048 0.46%
Liabilities classified as held for sale 15- #VALUE!
Total current liabilities ### 8076.997851 25.75%

Total equity and liabilities ### 31366.845276 100.00%