Press Releases

22
September 2005

International Analysts Positive About Telenor Pakistan

Islamabad, September 22, 2005: International analysts are positive about Telenor Pakistans plans to gain market share in particular and about the health of the Telecom sector in general. The forecast comes in the wake of a recent visit to Pakistan by a delegation of financial analysts from world renowned investor groups, Merrill Lynch, Citigroup, Handelsbanken, Carnegie, Deutsche Bank, Dresdner Kleinwort Wasserstein, Danske Bank, Fidelity and ING N.V.

Graham Christopher Ruck of Merrill Lynch in his report on the companys prospects in the highly competitive local market displayed confidence in Telenors ability to create value.? Pleasantly surprised about how the market was developing in broad terms, the analyst comments: Despite the cautious external perception of Pakistan, the macroeconomics, political, and infrastructure progress was a pleasant surprise. We were particularly struck by the opportunities in the Pakistani wireless market. The telecom regulators key goal is network investment which should be positive for Telenor.?

Andreas Ekstrom of Handelsbanken Capital Markets in his report subsequent to the trip writes positively about the Pakistani economy with an emphasis on the Telecom sector: The overall impression is highly positive, the economy is in good shape, actually one of the fastest growing economies in Asia‚¦ and it is expected to grow by 7.5% this year, fuelled by sectors such as agriculture and telecom. Foreign direct investments have increased significantly and privatization is in full swing.? Highlighting Telenor Pakistans fast pace of growth, the analyst writes: With the slogan .Expect more. in Pakistan, Telenor has been able to capture one million subscribers, or a 7% market share, six months after launch.?

The analysts had visited the country in the last week of August on a special invitation by Telenor Pakistan. The aim of the invitation was to provide international investors a better perspective on the investment potential of Pakistan, especially in the Telecom sector. During the 3-day visit, the delegation was taken through a series of business discussions, in-field visits and high level meetings with the government. A highlight of the visit was the open question and answer session with the Chairman PTA Maj-Gen (R) Shahzada Alam Malik, where the Chairman had informed the foreign delegation about governments efforts to ensure a stable regulatory environment with a clear licensing framework in the country.

According to a Telenor spokesperson, Telenor Pakistan is committed to working with the government and its partners in order to contribute positively to the health and perception of the Telecom sector in Pakistan and abroad.?

Telenor Pakistan is the newcomer among the 12 Telenor mobile companies worldwide. The company is 100% owned by Telenor and adds on to operations in Asia together with Thailand, Malaysia and Bangladesh.