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ABOUT TELENOR NEWS NEWS AND PRESS RELEASES FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2010
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Financial results for the second quarter of 2010

Belgrade, Oslo, July 21, 2010 - Telenor in Serbia recorded revenues of NOK625 million (around EUR78.1 million) in the second quarter of 2010, or 16% less y-o-y.
 
The subscription base of Telenor in Serbia, which operates within the Norwegian Group, decreased by 7,000 in the second quarter of the year, to 2,882,000, and Telenor’s subscription market share in Serbia remained at 34%.
 
EBITDA in local currency increased by 2% mainly due to 10% lower operating expenses driven by decreased bad debt, as well as sales and marketing expenses.
 
In May, Telenor d.o.o. conducted an organisational downsizing of 10% of the company’s employees.
 
At the global level, Telenor reported revenues of NOK 25.2 billion (around 3,146 billions EUR) in the second quarter of 2010, representing an organic revenue growth of 5 per cent. Adjusted operating profit was NOK 2.9 billion (around 362 millions EUR). Telenor’s mobile operations added 5.4 million subscriptions during the quarter, and reached 184.4 million.