TDC : 2014 delivered as guided

·    Stable equity free cash flow (-2.7% vs. 2013) supports pay-out of remaining

     part of the guided dividend of DKK 2.50 per share

·    Flattish Q4 organic revenue development, supported by commercial

     management initiatives in Consumer and low margin terminal sales in

     Sweden; full year organic revenue developed better than 2013 (-2.5% vs. 

     -3.5%)

·    FY organic opex savings of 3.4%; opex was up 2.3% in Q4 as ‘run rate’

     opex savings was more than counterbalanced by consultancy fees related to

     strategic review and staff increase in call centres

·    Looking into 2015 EBITDA: Positive effect from Get acquisition, but stronger

     headwind expected in the Danish market following full year effect from loss

     of 153k residential mobile subscribers in 2014, intensified B2B price pressure

     across segments, reduced organic opex savings, as well as contraction in our

     Wholesale MVNO business

·    2015 guidance:

·   Organic revenue development at the same level as 2014 (-2.5%)
·   EBITDA at the same level or slightly better than 2014 (DKK 9.8bn)
·   Capex of ~DKK 4.3bn
·   DPS of DKK 2.50

      loss of residential customers was only partly cushioned by growth in the

      Business public segment

·    The residential mobile ARPU remained stable YoY for the 7^th consecutive

     quarter; Business mobile ARPU down 16% in Q4 YoY due to increased

     price pressure across segments and spill-over effects from the B2C mobile

     market

·    Get continued to follow plan, adding 3k TV customers and 6k broadband

     customers in Q4

·    Continued high number of inbound calls in Q4; customer satisfaction (index

      72) and recommend scores (index 64) down by 3 and 2 index points

      respectively versus 2013 levels

·    Successful completion of the upgrade of our Danish mobile network, resulting

      in a 4G coverage of 98%, up 5 percentage points vs. Q3 2014; countrywide

      rollout achieved in 11 months