Telenor ASA Corporate Markets Day Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Usman Ghazi - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : It's Usman from Berenberg. I've got 2 questions, please. Firstly, on Norway, you said 4- to 5-year target rollout 5G nationwide. I mean what kind of

Question: Usman Ghazi - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : It's Usman from Berenberg. Two questions, please. Firstly, on infra sharing. You said that 5G might result in this becoming a bigger trend in the Nordics. I guess, a market that -- where there is the biggest potential is Norway, given there is already infra share in Sweden, I believe, also in Finland. I mean -- but in Norway, there seems to be a regulatory desire to have effectively 3 network -- 3 networks in place. So how -- do you see that changing? I mean, the regulatory priority in Norway changing? Or is there something else that you're referring to when you talk about potential for more infra sharing in the Nordics? And the second question was just on spectrum decisions that you're making. I guess it's interesting that you said that the spectrum is a decision that's taken really centrally, whereas you give more kind of customer kind of control to the local OpCos. Is there a conflict here that -- I mean, I guess, local management probably want more control over the spectrum decisions. And I'm asking specifically because, at least from an analyst or an investor perspective, it seems this is playing out most vividly in Thailand, where maybe dtac could have done with a bit more spectrum in mid-band, which they haven't been able to get. without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. MARCH 03, 2020 / 8:00AM, TEL.OL - Telenor ASA Corporate Markets Day

Question: Usman Ghazi - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : You spoke about Telenor being one of the biggest foreign direct investors in these Asian markets. I mean is there -- is that recognized or is appreciated by society of the governments in these markets? Or is that something that you need to -- that message need to be reinforced? without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. MARCH 03, 2020 / 8:00AM, TEL.OL - Telenor ASA Corporate Markets Day

Question: Johanna Ahlqvist - SEB, Research Division - Analyst : Two questions, if I may. The first one relates to your growth target. Obviously, you emphasize a lot that you are a growth company. And I'm just thinking, the growth target of 0 to 2% over the midterm or the coming 3 years, when you talk about that you clearly expect some slight growth in the Nordics, and I would assume that you expect to grow more in Asia, given the inflation environment there. So I'm just wondering, is the growth target cautious? Or what am I missing here? That was the first question. without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. MARCH 03, 2020 / 8:00AM, TEL.OL - Telenor ASA Corporate Markets Day

Question: Johanna Ahlqvist - SEB, Research Division - Analyst : Okay, but you can't speak sort of what you expect from Asia and the Nordics?

Question: Johanna Ahlqvist - SEB, Research Division - Analyst : Okay. And then a question on -- more related to ESG. I'm just thinking, Myanmar, how can you -- I mean, given the state of the country, I'm just wondering how you can maintain or make sure that you work according to sort of Nordic ethical rules in a company -- or in a country like that? Any comments would be very helpful.

Question: Usman Ghazi - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : Usman from Berenberg again. Let's see, we fast forward 3 years now to 2023, like you said, you're an incumbent now without any legacy, your mobile network's fully automated. I mean, what does that mean? I guess we are, as analysts and investors, are probably entering unchartered territory here in terms of what a mobile operator looks like, or what a telecom operator looks like without any legacy and fully automated. I mean, you still -- the way I'm thinking is that you've still got a big head count relative to, let's say, an over-the-top kind of player today. So I mean, do you have any kind of -- I guess you can't give any financials around it, but do you have any rough idea of what you can -- of how you can picture an operator that can exist from that kind of paradigm?

Question: Usman Ghazi - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : I guess another way to ask it is you're investing quite a lot right now within -- in terms of reinvesting all of the savings you're driving into modernization. But I guess, in 3 years' time, I guess, there's not -- the big cost required to modernize are basically finished then, right? I mean...

Question: Usman Ghazi - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : I mean, from today's standpoint, it looks like it would be prepared or predominantly finished given you're on to a fiber/5G infrastructure, you're fully automated on mobile, so there will be a huge chunk of costs that potentially just drop away after 3 years or is that not...