Company Presentation May 2005

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The Vollvik Group
Norways leading low-cost mobile operator

• Company Presentation May 2005

Picture courtesy of NOKIA
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Agenda

• Short 2004
• 1q-05 Financials
• Future

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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

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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

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and increased profitability
EBIT development 1998-2004NOK million

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Key figures 2004 whole year
Vollvik Gruppen Sense Total
Revenue 483,7 mnok 613,9 mnok 1097,6 mnok
COGS 311,2 mnok 350,8 mnok 662,0 mnok
EBITDA 55,7 mnok 63,0 mnok 118,7 mnok
EBIT 40,9 mnok 55,5 mnok 96,4 mnok
EBIT Margin 8,5 9,0 8,8
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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.

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• Section II
• 1q05 Financials

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Key figures 1q 2005
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Key data 1q /4q - 2005
Chess Sense
Number of subscribers In total Q1 148.005 Q4 135.980 Q1 208.400 Q4 219.605
Number of post paid subscribers Q1 128.264 Q4 118.377 Q1 159.455 Q4 164.153
Net adds during 4q04 Q1 12.025 Q4 7.884 Q1 - 11.205 Q4 - 15.184
SAC per gross add Q1 191 Q4 210 Q1 443 Q4 503
ARPU 1q-05 310/ 136 220/ 88
Gross margin 1q/4q-04 Q1 39,9 Q4 31,0 Q1 44,4 Q4 41,0
Churn (annualised) based on 1q05 19,8 41,5
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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

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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
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• Section III
• Status/ Future

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Our customers are very happy
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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
  )