The Articles of Association  of TDC A/S is a translation from Danish. In case of any discrepancies between  the Danish and the English version of the Articles of Association the Danish  version prevails. 

**Articles  of Association**

**of**

**TDC A/S**

**Name, Registered office  and Objects of the Company**

**1**

| (1) | The      name of the company is TDC A/S (“the Company”).                                               |
|-----|------------------------------------------------------------------------------------------------------------------|
|     |                                                                                                             |
| (2) | The      Company also conducts business under the secondary name Tele Danmark Communications      A/S (TDC A/S). |

  

 

**2**

| (1) | The registered      office of the Company is in the Municipality of Copenhagen. |
|-----|---------------------------------------------------------------------------------|

**3**

| (1) | The objects of the      Company are to conduct business within communications, services,      directories, media, investment, financing, advisory services, trade      and any other related business, whether in Denmark or abroad, if      appropriate in the form of joint ventures with other Danish or foreign-based      companies. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**The Company’s  Capital and Shares**

**4**

| (1)    | The nominal      and fully paid-up share capital of the Company amounts to DKK 1,082,297,700*.        |
|--------|-------------------------------------------------------------------------------------------------------|
|   |                                                                                                  |
| (2)    | The share capital      is divided into shares in the denomination of DKK 5 each or multiples thereof. |

**4a**

| (1) | Until      28 March, 2009, the Company’s Board shall be authorized to increase      the share capital by up to DKK 108,229,770. The new shares shall be negotiable      instruments and registered in the name of the holder. No limitations of      negotiability shall apply. The increase may be effected by cash payment      or by payment in values other than cash. Subscription of shares may disregard      the pre-emptive right of shareholders. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

2 

**5**

| (1)    | The shares shall be      negotiable instruments.                                                                                                                                                                                       |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                   |
| (2)    | No limitations of      the negotiability of the shares shall apply.                                                                                                                                                                    |
|   |                                                                                                                                                                                                                                   |
| (3)    | The shares shall be      registered in the name of the holder and shall be entered in the name of      the holder in the Company’s Register of Shareholders.                                                                      |
|        |                                                                                                                                                                                                                                   |
| (4)    | The Company’s      shares are registered with the Danish Securities Centre and any rights attached      to the shares shall be registered with the Danish Securities Centre according      to the rules laid down to that effect. |

**General Meetings**

**6**

| (1)    | General Meetings shall      be convened by the Board of Directors and shall be held      in Greater Copenhagen. The meetings shall be convened by letter sent to      any shareholder entered in the Company's Register of Shareholders who has      so requested and by a notice inserted in the Danish Official Gazette and      in one or more      Danish or foreign daily newspapers as directed by the Board of      Directors. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| (2)    | The Annual General      Meeting shall be held every year not later than April 29 and      shall be called by not less than 14 days' nor more than 28 days' notice.                                                                                                                                                                                                                                                                    |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| (3)    | Extraordinary General      Meetings, which are held by resolution of the Board of Directors,      one of the Auditors or by the Annual General Meeting, shall be called      by not less than 8 days' nor more than 28 days' notice.                                                                                                                                                                                                  |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| (4)    | Whenever, for the      consideration of a specified subject, shareholders holding at      least one-tenth of the share capital shall so request in writing, an Extraordinary      General Meeting shall be convened within fourteen days of receipt      of the pertinent request and in other respects in accordance with Sub-articles      (1) and (3) above.                                                                       |

**7**

| (1) | Any shareholder shall      be entitled to propose resolutions for consideration and adoption at the      Company's General Meetings. In order to be submitted at the Annual General      Meeting any resolutions to be proposed shall be in writing and shall be      submitted to the Board of Directors no later than seven weeks before the      Annual General Meeting. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

3 

**8**

| (1) | At least      eight days before any General Meeting, the agenda and the complete wording      of the resolutions to be proposed at the General Meeting and, in the case      of the Annual General Meetings, moreover copies of the audited Annual Report      shall be available for the inspection of shareholders at the Company’s      offices and,      at the same time, be submitted to any shareholder entered in the      Register of Shareholders who has so requested. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**9**

| (1)    | The audited      Annual Report shall be submitted at the Annual General Meeting.     |
|--------|--------------------------------------------------------------------------------------|
|   |                                                                                 |   |
| (2)    | The agenda      for the Annual General Meeting shall include the following business: |
|   |                                                                                 |   |
|   | 1.                                                                                   | The Board      of Directors' report on the activities of the Company during the preceding      year. |
|   |                                                                                 |   |
|   | 2.                                                                                   | The presentation      of the Annual Report together with a resolution for its adoption. |
|   |                                                                                 |   |
|   | 3.                                                                                   | A resolution      to discharge the Executive Committee and the Board of Directors from their      obligations in respect of the financial statements. |
|   |                                                                                 |   |
|   | 4.                                                                                   | A resolution      regarding appropriation of profit or the covering of any loss, as the case      may be, according to the Annual Report as adopted. |
|   |                                                                                 |   |
|   | 5.                                                                                   | Election      of members of the Board of Directors. |
|   |                                                                                 |   |
|   | 6.                                                                                   | Election      of Auditor. |
|   |                                                                                 |   |
|   | 7.                                                                                   | Any proposals      from shareholders or the Board of Directors. |

**10**

| (1)    | Any shareholder shall      be entitled to attend the General Meeting provided that he      has obtained an admission card from the Company’s head office during      ordinary office      hours at least five days before the date of the General Meeting.      Such admission card, which specifies the number of votes held by the      shareholder, shall be issued to anyone recorded in the Register of Shareholders      as a shareholder, or to a shareholder who gives notice of and produces      evidence to the Company of his rights by presenting a transcript of statement      of account which must not be older than from the last year-end, from      the Danish Securities Centre or a bank (the bank with which the custody      account is held) as evidence of his shareholding, declaring at the same      time that the shareholder has not disposed of the shares during the period      from the date of the transcript of the said statement of account, and will      not dispose of the said shares before the General Meeting. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| (2)    | Each share amount      of DKK 5 shall entitle the holder to one vote.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| (3)    | A shareholder shall      be entitled to issue an instrument of proxy to another person      for use at a General Meeting. The instrument of proxy may not be issued      for a period of more than 12 months, and the proxy holder shall produce      a written and dated instrument of proxy.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |

----

4 

**11**

| (1) | General      Meetings shall be presided over by a chairman elected by the Board of Directors.      The Chairman thus elected shall decide all matters relating to proceedings      and the voting. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**12**

| (1) | All business transacted      at a General Meeting shall be subject to adoption by a      simple majority of votes; see, however, sections 78 and 79 of the Danish      Companies Act. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**13**

| (1) | Brief minutes of the      proceedings at the General Meeting shall be recorded in a      minute book authorized for such purpose by the Board of Directors. The said      minute book shall be signed by the Chairman of the Meeting and any members      of the Board of Directors present. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**The Board of Directors  and the Executive Committee**

**14**   

| (1)    | The Board of Directors      of the Company shall consist of six to eight members. In      addition, there shall be the number of members who may be elected in accordance      with the rules of the Danish Companies Act concerning employee representation.      The Board of Directors shall elect a Chairman and a Vice-Chairman. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                  |
| (2)    | The Board of Directors      shall be elected by the shareholders at the Annual General      Meeting for a term of 12 months. Thus, their term of office shall expire      at the end of the Annual General Meeting held 12 months after their election.      Retiring members shall be eligible for re-election.                      |

**15**

| (1)    | The Board of Directors      and the Executive Committee shall give general supervision      and direction to the affairs of the Company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| (2)    | All members of the      Board of Directors shall have equal voting rights, and all resolutions      shall be passed by a simple majority of votes. However, in the event      of a tie, the Chairman, or in his absence, the Vice-Chairman, shall have      the casting vote. The Board of Directors shall form a quorum when the majority      of its members are present. The Chairman of the Board of Directors shall      preside over the board meetings in accordance with the rules of procedure      laid down by the Board of Directors governing the discharge of its duties.      In the absence of the Chairman or in his inability to attend, the Vice-Chairman      shall take his seat. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| (3)    | The proceedings at      board meetings shall be recorded in a minute book. Such minutes shall be      signed by all Directors present.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |

----

5 

**16**

| (1)    | The Board of Directors      shall appoint an Executive Committee of two to four members      to manage the day-to-day affairs of the Company. The Executive Committee      shall ensure that the Company's books are kept in compliance with      the pertinent rules laid down by legislation and that asset management is      subject to the appropriate control. The terms of service for the Executive      Committee shall      be determined by the Board of Directors.                                                                                                                                                                                                                                                                                                                                     |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| (2)    | The Executive Committee      shall be in charge of the day-to-day management of      the Company and, in doing so shall comply with the guidelines and directions      issued by the Board of Directors. All matters of material importance      to the Company, including the determination of operating and capital      budgets, dividend policy, material transactions regarding the acquisition      or sale of assets, the principles regarding the acquisition or sale of      the Company assets in the ordinary area of business and the Company’s      incurring of      debt obligations, shall be submitted by the Executive Committee to      the Board of Directors for approval, unless Board approval can not be obtained      without considerable inconveniences to the Company's business. |

**17**

| (1) | The Board of Directors      shall ensure that the Company's activities are managed      appropriately and that the functions of bookkeeping and asset management      are subject to the appropriate control, with due consideration being      paid to the Company's business situation. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**18**

| (1)    | The Company shall      be bound in legal transactions by the joint signatures of any      three members of the Board of Directors, one of whom must be the Chairman      or the Vice-Chairman of the Board of Directors or by the joint signatures      of any two members of the Executive Committee |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                  |
| (2)    | The Board of Directors      may grant powers of procuration.                                                                                                                                                                                                                                          |

**Financial Statements;  Audit**

**19**

| (1) | The Company’s      fiscal year shall run from 1 January to 31 December. The initial      accounting reference period shall end on 31 December 1991. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

**20**

| (1) | The Annual      Report shall be prepared in accordance with the legislation in force      from time to time concerning the presentation of accounts by companies. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**21**

| (1)    | The Company’s      financial statements shall be audited by an Auditor elected each      year at the Annual General Meeting. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                              |
| (2)    | The Board of Directors      may appoint one or more internal auditors.                                                            |

 

----

Adopted at the Extraordinary  General Meeting held on 18 March 1994, at the Annual General Meeting held on  7 April 1994, by Board Resolutions dated 29 August 1995 and 18 March 1997, at  the Extraordinary General Meeting held on 19 January 1998 and by Board Resolutions  dated 24 April and 19 June 1998, at the Annual General Meeting held on 23 April  1999, at the Extraordinary General Meeting held on 21 May 1999, at the Annual  General Meeting held on 13 April 2000, at the Annual General Meeting held on  26 April 2001, at the Annual General Meeting held on 9 April 2003, at the Annual  General Meeting held on 29 March 2004, at the Extraordinary General Meeting  held on 27 September 2004 and at the Annual General Meeting on 17 March 2005.  

Chairman of the Meeting  

Mogens Skipper-Pedersen    Atttorney-at-Law 

----