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ABOUT TELENOR NEWS NEWS AND PRESS RELEASES FINANCIAL RESULTS FOR THE FIRST QUARTER - 2008
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Financial Results for the First Quarter - 2008

Telenor continues with good results in Serbia
Belgrade, Oslo, April 30, 2008 – In the first quarter of 2008, Telenor d.o.o. achieved revenues of RSD1.24 billion (EUR15.53 million), or 11 per cent more than last year at the same period.
 
“Telenor d.o.o. increased its customer base by 63,000 and kept its market share steadily above 39%. The operating profit of the Company (EBITDA) is also increased by 20% mainly due to lower marketing and sales expenses,“ said Gabor Kocsis, Chief Financial Officer of Telenor d.o.o.
 
Telenor has 2,987,000 mobile subscribers in Serbia. This refers only to subscribers who continuously generated revenues in the first three months, which is a more precise method of calculating a number of subscribers.

At the global level, Telenor is now the seventh largest mobile operator in the world whose subscriber base rose by four million, to 147 million mobile subscribers. Pro forma revenues (including Kyivstar) continued to grow in the first quarter of 2008, by five per cent compared to the first quarter of 2007. Telenor’s underlying revenues increased by seven per cent for the same period. The EBITDA margin before other revenues and expenses was 35.1 per cent in the first quarter of 2008, up from 34.8 per cent in the first quarter of 2007.