Press Releases

13
February 2008

Telenor Pakistan Leads in Responsible Growth!

ISLAMABAD, February 13, 2008: Telenor Pakistan has announced excellent financial results for Q4 2007, with 2 million subscriptions added to its base within the 3-month period. The company also grew its revenue by 18% in local currency from Q3 2007 and improved its EBITDA margin by 17% from Q3 2007. The company crossed 15 million subscribers in mid-January 2008 within less than three years of operation. CEO Telenor Pakistan attributed the success of the company to Telenor Pakistans belief in responsible growth.?

Responsible Growth
Commenting on what has propelled Telenor Pakistan to achieve such performance in the face of intense competition, Telenor Pakistans CEO Tore Johnsen said, I am happy with the way we are growing. Our customer growth comes hand in hand with solid revenue growth. We believe we must grow but we must grow responsibly balancing the interests of the shareholders, the employees, and the public at large.?

We are succeeding because of the faith the Telenor Pakistan team members have put in one another and the strong sense of purpose they continue to display. We genuinely believe that mobile telephony is the best way of breaking socio-economic barriers, and trickling down wealth and information to the bottom of the pyramid. It helps businesses, communities, and the country.?

Telenor Pakistans contribution to Telenor Group
Presenting financial figures today in a press and analyst conference at Telenor Group's headquarter at Fornebu, Telenor Group CEO Jon Fredrik Baksaas congratulated Telenor Pakistan on its performance: In Asia, we see continued high customer growth, in particular in Pakistan, where we added an impressive 2 million subscriptions during the quarter. At the same time revenues and EBITDA improved significantly,? said Baksaas.

Telenor Groups overall results
The Telenor Group secured 30 million new subscriptions in 2007. Telenor is now ranked as the worlds seventh largest mobile operator with a total of 143 million subscriptions in its mobile operations. The high underlying revenue growth continued in the fourth quarter of 2007. Compared to the previous year, Telenors revenues increased by 15 per cent in 2007, to NOK 105 billion. Profit after taxes and minority interests increased by 13 per cent in 2007 compared to 2006, reaching NOK 18 billion.

In the fourth quarter of 2007, revenues increased by 10 per cent compared to the same period last year, reaching NOK 27 billion (including Kyivstar). The EBITDA margin in the fourth quarter of 2007 was 32.8 per cent, compared to 33.4 per cent in the fourth quarter of 2006.

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