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ABOUT TELENOR NEWS NEWS AND PRESS RELEASES FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2009
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Financial Results For The First Quarter Of 2009

Belgrade, Fornebu, May 05, 2009 - Telenor d.o.o. achieved revenues of RSD7.55 billion (EUR80.62 million) in the first quarter of 2009, or four per cent more year-on-year. This growth was mainly driven by a higher number of contract subscriptions and higher non-voice revenues.

The number of Telenor subscriptions in Serbia increased by 19,000 during the quarter. The EBITDA margin increased by 10 per cent in local currency, as a result of reduced sales and marketing expenses as well as consultancy costs. Capital expenditure decreased due to reduced network investments in the first quarter.

The number of Telenor subscribers in Serbia who regularly generated revenues in the first three months of 2009 was 2,863,000, upon the strictest calculation method.

At the global level, Telenor revenues (including Kjivstar) rose by three per cent compared to the same period last year, to NOK27.119 billion (EUR3.051 billion).

“In the first quarter of 2009, the Telenor Group delivered stable organic revenues and an EBITDA margin in line with our outlook for 2009. We have managed to reduce capex and costs, resulting in a strong cash flow margin in a challenging business environment. Particularly Telenor Norway and Grameenphone in Bangladesh are delivering strong performance," says Jon Fredrik Baksaas, the President and the CEO of Telenor.

For more information, please visit www.telenor.com