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Company Presentation May 2005

The Vollvik Group. Company Presentation May 2005. Norway’s leading low-cost mobile operator. Picture courtesy of NOKIA. Agenda. Short 2004 1q-05 Financials Future. Status. The acquisition of Sense has been the key focus of the management now

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Company Presentation May 2005

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  1. The Vollvik Group Company Presentation May 2005 Norway’s leading low-cost mobile operator Picture courtesy of NOKIA

  2. Agenda • Short 2004 • 1q-05 Financials • Future

  3. Status • The acquisition of Sense has been the key focus of the management now • Negotiation of the deal and presenting to investors, especially through November • Due diligence and Post Merger Integration (PMI) planning, especially in November and December • PMI intense from Jan 1st to end February, choosing common system platforms, designing brand and marketing strategies, and dis-engaging of Sense employees • Negotiations with Telenor and NetCom from December to mid-February • On the positive side, the PMI is developing according to plan, and the business combination is yielding good results on the cost synergy side • On the negative side, the absorption of management that the deal and the PMI demanded resulted in a slow-down in customer growth due to little focus on sales, especially in the period Dec-Jan-Feb

  4. Chess has delivered substantial revenue growth… Revenue development 1998-2004NOK million Chess: Revenue 2003 ca. 330 mill. Revenue 2004 ca. 485 mill. Sense: Revenue 2003 ca. 618 mill. Revenue 2004 ca. 613 mill. • * Includes NOKm 30 from GSM Sentrene AS, where the activities have been shut down. Adjusted (organic) growth rate H1/03 to H1/04 of 79%

  5. …and increased profitability EBIT development 1998-2004NOK million • * • **

  6. Key figures 2004 whole year

  7. One time charges in 2004 • Non Recuring Items 2004 Q4 • GSM Sentrene AS 3.6 mnok 0.9 mnok • Deprecation of Invision ( CRM ) 2.6 mnok 2.6 mnok • Deprecation, changes of accounting principle 0.9 mnok - • Finance cost loan 340 mnok 3.5 mnok 3.5 mnok • The opening balance for “the new Vollvik Group”, will include restructuring cost related to the integration of Sense in 2005, with some 10 mnok.

  8. Section II 1q05 Financials

  9. Proforma Statement Sense and Chess - whole group NOK mill 1q 2005 Operating revenue 243,1 COGS 140,6 Contribution 102,5 Salaries 18,2 Other operating costs 47,2 EBITDA 37,1 Depreciation 4,4 EBITA 32,7 Amortization of goodwill 16,8 EBIT 15,9 Net interest expense -3,2 EBT 12,7 Key figures 1q 2005

  10. Key data 1q /4q - 2005

  11. Balance sheet 31 March 05 • Total fixed assets NOK 472,3 mill • Goodwill NOK 253,7 mill • Cash on hand NOK 148,7 mill • Debtors Accounts receivable NOK 172,4 mill • Short term debt NOK 204,3 mill • Long term debt NOK 344,9 mill ( Bank ) • Equity NOK 257,6 mill

  12. Key shareholders in Vollvik Gruppen Shareholders as of 01/5-05 Shares Ownership (%) Idar Vollvik 45 286 912 28.13 Chess Holding AS 27 748 327 17.24 Reitan Gruppen AS 17 434.000 10.83 Marshall Wace LLP 17 351 979 10.78 HBK – London 10 000 000 6.21 Oppenheim ACA Concept 10 000 000 6.21 Orkla ASA 7 000 000 4.35 Grieg Holding 3 111 160 1.93 Lehmann Brothers 3 046 265 1.89 King Holding AS 1 250 000 0.78 Svein Johnsen 1 000 000 0.62 MP Pensjon 1 000 000 0.62 Jarle Nordnes 1 000 000 0.62 Bras AS 1 000 000 0.62 Sum, top 14 shareholders 146 228 643 90.85 Other 99 shareholders 14 731 273 9.15 Total 160 959 916 100.0

  13. Section III Status/ Future

  14. Our customers are very happy

  15. Opportunities • One net-operator strategi • Build own City-nets and • Become an operator, with 1/3 of roaming income • IP-telephony • International discussions • Bee a part of a trippel play company (quatro play )

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