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ABOUT TELENOR NEWS NEWS AND PRESS RELEASES FINANCIAL RESULTS FOR THE FOURTH QUARTER OF 2008
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Financial Results For The Fourth Quarter Of 2008

February 11, 2008 – In the last quarter of 2008, Telenor d.o.o. achieved revenues of RSD7.96 billion (EUR93.67 million), or 8% more y-o-y, mainly as a result of roaming and handset revenues.

The number of subscriptions in Serbia increased by 67,000. EBITDA (earnings before interest, tax, depreciation and amortisation) rose by 56% in the local currency. The capex also increased, mostly owing to 2G and 3G network roll-out.

In the last two quarters, 336,000 inactive prepaid cards were registered, and the ARPU (average revenue per user) and the AMPU (average margin per user) were adjusted accordingly.

The number of Telenor subscribers in Serbia who continuously generated revenues in the fourth quarter of 2008 reached 2,844,000, upon a stricter method of calculation. At the global level, Telenor’s revenues (including Kjivstar) grew by 11.18%, to NOK29.925 billion (EUR3.439 billion) in the fourth quarter of 2008, compared to the same period last year.

“The overall trends seen in the third quarter continued into the fourth quarter with stable organic revenue growth combined with strong margins in several operations, particularly in Serbia and Bangladesh as well as a rebound in Pakistan. During the quarter, our operations added 5.5 million mobile subscriptions, reaching a total of 164 million,” said Jon Fredrik Baksaas, President and CEO of Telenor.

For more information, please visit www.telenor.com.