Guidance

Guidance

TDC's guidance is based on comprehensive financial plans for each individual business line. However, by their very nature, forward-looking statements involve certain risks and uncertainties that are described in more detail in the section on Risk Factors and in the Forward-Looking Statement.

Guidance 2011

TDC confirms its 2011 guidance expressed in the Offering Memorandum on 25 November 2010 regarding NTC's offering of TDC shares. The guidance for 2011 for the TDC Group is:

TDC expects revenue to remain level with 2010.

TDC expects EBITDA growth of approximately 2% compared with 2010.

TDC expects a capex-to-revenue ratio of approximately 13%.

Guidance 2010

TDC published financial guidance for 2010 for the TDC Group including Sunrise in the TDC Annual Report 2009, on 9 February 2010. This guidance implied revenue growth of 1% to 3% and EBITDA growth of 3% to 4% compared with 2009. On 17 September 2010, TDC announced the divestment of its Swiss subsidiary Sunrise, and TDC provided updated guidance for 2010 for the TDC Group following the divestment of Sunrise. Revenue for 2010 was expected to be level with 2009, with EBITDA growth at a level of 2% compared with 2009. These expectations were confirmed in the third Quarter Report on 3 November 2010 and in the Offering Memorandum on 25 November 2010 regarding NTC's offering of TDC shares.

In accordance with this guidance, TDC' 2010 revenue was level with 2009, and EBITDA growth was 2.2%.

Dividend

The Board of Directors does not expect to recommend a dividend for the year ended 31 December 2010 following the share buy-back in December 2010.

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 2012.

The Board of Directors has adopted a dividend payout policy of 80% to 85% of Equity Free Cash Flow 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.

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