TDC : Solid EBITDA & cash flow - revenue guidance

      effects from  regulation  (accounting for approx. 50% of reported revenue decline)

·   Gross profit down by 3.3% in Q3 vs. -4.3% in H1 2013, positively influenced by our best mobility services

      performance for a couple of years

·   Opex savings of 5.8% resulted in EBITDA declining by only 1.4% in Q3;

      highest EBITDA margin ever (43.3%)

·   EFCF YoY growth of 14.3%

·   2013 revenue guidance revised from DKK 25.0-25.5bn to DKK 24.5-25.0bn following a lower than expected

      revenue from low-margin areas (Nordic and handset sales)

·   Unchanged 2013 EBITDA, capex and DPS guidance, as higher than expected opex savings compensated for

      minor gross profit shortfall

      increased roaming

·   Strong intake in mobile subscribers in TDC brand, but residential mobile net adds down by 8k

     due to continued drain on low ARPU subscribers and one-off migration churn following

     M1/Fullrate integration

·   Continued strong TV net adds in the TDC brand (+5k vs. Q2) fuelled by HomeTrio Mobil intake

·   Loss of organised customers affected the YouSee brand Q3 net adds on TV (-4k) and broadband

·   Best Q3 number of fault-handling hours in more than four years driven by fewer faults

·   Increased recommend score (66) and customer satisfaction score (76)