Overskrift her Tilføj presentations titel i Sidehoved / sidefod. Vis > Sidehoved / sidefod Tekst her 1 9. marts 2011 Chairman Vagn Sørensen Presentation of the Annual Report 2010 Resolution regarding appropriation of profit

Overskrift her Tilføj presentations titel i Sidehoved / sidefod. Vis > Sidehoved / sidefod Tekst her 2 9. marts 2011 Income Statement

Overskrift her Tilføj presentations titel i Sidehoved / sidefod. Vis > Sidehoved / sidefod Tekst her 3 9. marts 2011 Balance Sheets

Overskrift her Tilføj presentations titel i Sidehoved / sidefod. Vis > Sidehoved / sidefod Tekst her 4 9. marts 2011 Cash Flow Statement

Overskrift her Tilføj presentations titel i Sidehoved / sidefod. Vis > Sidehoved / sidefod Tekst her 5 9. marts 2011 Guidance 2011 Revenue is expected to remain level with EBITDA is expected to increase approx. 2% compared with Capex-to-revenue ratio is expected to amount to approx. 13%.

Overskrift her Tilføj presentations titel i Sidehoved / sidefod. Vis > Sidehoved / sidefod Tekst her 6 9. marts 2011 Resolution on the appropriation of profit Parent Company Statement of Changes in Equity, Summary 1) DKKm Distributable reserves at 1 January ,620 Total comprehensive income2,700 Acquisition of treasury shares(9,000) Employee Share Programme141 Distributable reserves at 31 December ,461 As a result of the share buy-back in December 2010 the Board of Directors recommend no dividend for the financial year ) Cf. the Parent Company Statement of Changes in Equity, page 203 in TDC’s Annual Report 2010.

Overskrift her Tilføj presentations titel i Sidehoved / sidefod. Vis > Sidehoved / sidefod Tekst her 7 9. marts 2011 Future dividend For the financial year 2011, the Board of Directors expects to recommend a dividend of DKK 4.35 per outstanding share, of which DKK 2.18 is expected to be distributed in August 2011 and the remainder in the first quarter of The Board of Directors has adopted a dividend payout policy of 80% to 85% of EFCF 1) in a given year with 40% to 50% of the full-year amount to be distributed in the third quarter of the year, and the remainder to be distributed following approval of the Annual Report in the first quarter of the subsequent year. Dividends may be distributed in the form of ordinary or extraordinary dividends or a share buy-back or combination hereof. 1) EFCF (Equity free cash flow) refers to EBITDA adjusted for non-cash items, pension contributions, provisions payments, changes in net working capital, net interest paid, corporate income tax paid and cash flows relating to capital expenditures (in all cases excluding Special Items).