Telenor Group Outlook for 2015

Last updated 11 February 2015

2015 FY 2014
Organic revenue growth Mid-single digit 3.4%
EBITDA margin 33-35% 35.4%
Capex / sales In line with 2014 excl. satellite 15.8%

Group structure (continued operations) as of 31 December 2014, incl. Myanmar.

Organic revenue growth in fixed currency, adj. for acquisitions and disposals.
EBITDA before other items. Capex excl. licence fees.