1

Group Chief Financial Officer Jesper Ovesen

Presentation of the Annual Report 2009

Resolution regarding allocation of profit

2

Merger between TDC and NTC

All figures in the financial statements 2009 reflect the merger between TDC and NTC effective from January 1, 2009 for accounting purposes.

In accordance with IFRS, the financial statements are based on the allocation of the purchase price, which was made in NTC’s financial statement in connection with the acquisition of TDC.

Merger between TDC and NTC

DKKmAfter the merger

Before the merger

Revenue 35,609 35,609

EBITDA 12,201 12,231

Depreciation, amortization and impairment losses (6,100) (5,189)

Net income from continuing operations, excluding special items 3,737 4,723

Net income 557 2,771

Intangible assets 53,361 26,130

Total assets 100,005 75,124

Equity 31,680 11,601

Net interest-bearing debt 34,873 35,139

2008

3

Income statement (1/3)

Key financial data

TDC Group (DKKm) 2009 2008Growth in % 2009 vs. 2008

Revenue 35,939 35,609 0.9

I ncome before depreciation, amortization and special items (EBITDA)

13,046 12,201 6.9

Depreciation, amortization and impairment losses (6,319) (6,100) (3.6)

Net income from continuing operations excl. special items 3,566 3,737 (4.6)

Income from discontinued operations and special items (1,183) (3,180) 62.8

Net income 2,383 557 NM

EBITDA margin 36.3% 34.3% -

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Income statement (2/3)TDC Group (DKKm) 2009 2008 Growth in %

Revenue 35,939 35,609 0.9 Consumer 9,711 9,901 (1.9) TDC Business 7,926 8,546 (7.3) TDC Nordic 3,515 3,854 (8.8) Operations & Wholesale 2,582 2,748 (6.0) YouSee 3,597 3,188 12.8 Sunrise 9,866 8,705 13.3 Other activities1 (1,258) (1,333) 5.6

EBITDA 13,046 12,201 6.9 Consumer 3,965 3,873 2.4 TDC Business 3,666 3,613 1.5 TDC Nordic 497 458 8.5 Operations & Wholesale 1,498 1,574 (4.8) YouSee 1,141 954 19.6 Sunrise 2,510 2,147 16.9 Other activities1 (231) (418) 44.7

EBITDA margin 36.3 34.3 2.0Consumer 40.8 39.1 1.7TDC Business 46.3 42.3 4.0TDC Nordic 14.1 11.9 2.3Operations & Wholesale 58.0 57.3 0.7YouSee 31.7 29.9 1.8Sunrise 25.4 24.7 0.81Other activities comprises Headquarters and eliminations

5

Income statement (3/3)

I tems below EBITDA DKKm

TDC Group 2009 2008Growth in

% 2009 vs. 2008

EBITDA 13,046 12,201 6.9Depreciation, amortization and impairment losses (6,319) (6,100) (3.6)

Income from joint ventures and associates1 (1) 222 (100.5)

Financial items:Fair value adjustments (223) (708) 68.5Currency translation adjustments (184) 760 (124.2)Financial income and expenses, net (1,475) (1,771) 16.7Net financials (1,882) (1,719) (9.5)

I ncome before income taxes1 4,844 4,604 5.2

Income taxes1 (1,278) (867) (47.4)

Net income from continuing operations excluding special items 3,566 3,737 (4.6)

Net income from discontinued operations1 (264) (426) 38.0

Special items after tax (919) (2,754) 66.6

Net income 2,383 557 -1 Excluding special items.

6

Balance sheets

TDC Group DKKm

2009 2008

Assets

Non-current assets 77,855 83,350 Cash 763 6,718 Current assets 7,805 9,937

Total assets 86,423 100,005

Equity and liabilities

Equity 27,078 31,680

Senior facilities 26,173 28,415 Euro Medium Term Notes (EMTN) 5,325 7,316 Other loans 2,900 6,019 Loans 34,398 41,750 Other current and non-curent liabilities 24,947 26,575

Total liabilities 59,345 68,325

Total equity and liabilities 86,423 100,005

Net interest-bearing debt 33,461 34,873

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Cash flow statement

TDC Group DKKm

2009 2008Growth in

% 2009 vs. 2008

EBITDA 13,046 12,201 6.9Change in working capital 1,035 523 97.9Other cash flow from operating activities (3,462) (5,561) 37.7

Total cash flow from operating activities 10,619 7,163 48.2

Investment in intangible, tangible and other assets and enterprises (5,996) (6,144) 2.4

Divestment of enterprises, tangible and other assets 45 5,705 (99.2)

Other cash flow from investing activitites (363) 1,039 (134.9)

Total cash flow from investing activities (6,314) 600 NM

Long-term loans and short-term bank loans (2,291) (9,073) 74.7Dividends paid (7,990) (635) NMOther cash flow from financing activities 21 366 (94.3)

Total cash flow from financing activities (10,260) (9,342) (9.8)

Total cash flow (5,955) (1,579) NM

8

Guidance 2010

The guidance for 2010 is for the TDC Group including Sunrise:

Revenueis expected to increase by 1 to 3% compared with 2009.

EBITDAis expected to increase by 3 to 4% compared with 2009.

9

The Board of Directors’ proposed allocation of profit in TDC A/S

The Groups’ equity amount to DKK 27,078m1) and the Parent Company’s equity amount to DKKm 29,6122) at December 31, 2009. The difference is caused by different principles for recognition of subsidiaries and associates, in accordance with IFRS3).

Parent Company Statement of Changes in Equity, summary2) DKKm

Distributable reserves at January 1, 2009 32,475

Net income 4,205

Dividends distributed during 2009 (8,060)

Distributable reserves at December 31, 2009 28,620

Following payment of interim dividend from the Company on December 23, 2009, the Board of Directors recommend no dividend payment for the fiscal year 2009.1) Cf. the Consolidated Statements of Changes in Equity, page 131.2) Cf. the Parent Company Statements of Changes in Equity, page 197.3) IFRS: International Financial Reporting Standards. In the Consolidated Financial Statements, subsidaries are measured at

the equity value, associates are recognized using the equity method. In the Parent Company Financial Statements, subsidiaries and associates recognized are measured at costs.