Telenor Group Outlook for 2019, including Thailand

Last updated 16 July 2019.

Previous outlook New outlook YTD
Organic growth in subscription & traffic revenues 0-2%
Excluding Thailand
Around 2018 level -0.4%
Organic EBITDA growth 1-3%
Excluding Thailand
Low single digit decline* -3.7%
Capex excl. licences (NOK bn) 16-17 bn 16-17 bn 8.1 bn

*The outlook for 2019 is based on Group structure as of 30 June 2019 and excluding M&A costs related to the acquisition of DNA and the planned merger with Axiata in Asia.
Subscription & traffic revenues from mobile, fixed and TV services, incl. Canal Digital DTH. Org. revenue growth in fixed currency, adj. for acquisitions and disposals. EBITDA before other items. Current Group structure and accounting standards as of 31 December 2018.