Telenor ASA — Earnings Release 2015

Oct 22, 2015

SPECIFICATION OF ACCOUNTING TREATMENT OF VIMPELCOM LTD IMPAIRMENT IN TELENOR'S Q3 2015 REPORT

SPECIFICATION OF ACCOUNTING TREATMENT OF VIMPELCOM LTD IMPAIRMENT IN TELENOR'S Q3 2015 REPORT

On 5 October 2015, Telenor Group announced its

intention to divest all its shares in VimpelCom Ltd.

In this connection, Telenor informed that the carrying

amount of VimpelCom will be based on the market value

of the shares going forward, resulting in an

impairment of approximately NOK 7.5 billion in third

quarter 2015. Approximately NOK 5.4 billion of this

impairment is charged to the income statement, while

the remaining effects will be recorded as other

comprehensive income.

After the impairment, the carrying amount of the

investment in VimpelCom Ltd. is NOK 20.3 billion,

equivalent to USD 4.12 per share.