STRENGTH IN NORWAY
Telenor’s home market is technologically advanced. There is high penetration within all forms of communication, and customers are taking advantage of new solutions. Competition is fierce. It is easy to change provider. For Telenor, it is important to retain its position in this demanding market.

STRATEGIES FOR INTERNATIONAL GROWTH
Over the last decade, Telenor has developed its position as a mobile operator with substantial operations in 12 countries. At the end of 2003, the companies wherein Telenor has ownership interests had a total of 34.8 million mobile subscriptions. The mobile commitments outside Norway have become an increasingly important part of Telenor’s activity, and contributed to 24 per cent of the Group’s external revenues in 2003.

A COMMITMENT TO GROWTH MARKETS
Telenor considers its mobile operations to be the most important channel for international growth. The Group is well prepared for the emerging industrial phase of mobile communications.

IN PURSUIT OF SYNERGIES AND RENEWAL
Telenor continues to create synergies in its international mobile activities – both commercially and operationally. The acquisition of Sonofon in Denmark greatly improves Telenor’s capacity for creating synergies in the demanding Nordic market.