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ABOUT TELENOR NEWS NEWS AND PRESS RELEASES FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2008
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Financial results for the second quarter of 2008

Telenor increases revenues by 10% compared to the same period last year
Belgrade-Fornebu, July 23, 2008 – In the second quarter of 2008, Telenor d.o.o. achieved revenues of RSD7.87 bilion (EUR97.78 milion), or 10 per cent more than in the same period last year.

“Telenor in Serbia increased its customer base by 60,000 and maintained a stable market share of 39 per cent. Nominal EBITDA in local currency went up by more than 23% compared to the second quarter of 2007, owing to higher revenues and better cost management. Capital expenditure decreased, mostly reflecting smaller investments in network and IT equipment“, said Gabor Kocsis, Chief Financial Officer of Telenor d.o.o.

Telenor has 3,047,000 mobile subscribers in Serbia. This refers only to subscribers who continuously generated revenues in the previous three months.
At the global level, with six million new subscriptions, or 153 milion in total, Telenor remains the seventh largest mobile operator in the world. Revenues (including Kyivstar) grew by three per cent in the second quarter of 2008, to NOK27.2 billion, compared to the same period last year. EBITDA reached NOK9.3 billion in the same period.
Telenor is the seventh largest mobile operator in the world with the total of 153 million subscribers, including 3.047 million in Serbia. The company is renowned for its innovative approach to mobile communications in the developing markets. Following the investment of EUR 1.513 billion, the single largest foreign investment in South East Europe, Telenor d.o.o. has officially been operating in Serbia since September 1, 2006.