(Fornebu, Norway - 30 April 2008) In the first quarter of 2008, Telenor’s pro forma revenues (including Kyivstar) increased by four per cent compared to the first quarter of 2007, reaching NOK 26.3 billion. Underlying revenues increased by seven per cent in the same period. The EBITDA margin before other income and expenses was 35.1 per cent in the first quarter of 2008, up from 34.8 per cent in the first quarter of 2007. Telenor’s operations added more than four million subscriptions during the first quarter.

"In the first quarter of 2008 we saw continued underlying revenue growth combined with a stable EBITDA margin. The appreciation of the Norwegian Krone puts pressure on our reported revenue growth. The number of subscriptions in our mobile operations reached 147 million, mainly contributed by continued high net additions in Pakistan, Bangladesh and Thailand," said President and CEO of Telenor, Jon Fredrik Baksaas.

Central and Eastern Europe

"Kyivstar in Ukraine has delivered an outstanding performance with high growth both in revenues and profits, combined with a solid cash flow. Kyivstar confirms its position as market leader with the most valuable consumer brand in Ukraine," Baksaas said.

Asia

"In Asia, we see a more turbulent business environment with a significant increase in prices for basic goods, such as rice and fuel, affecting purchasing power. This also affects inflation and general cost levels in the region. In spite of these challenges, our operations are performing well this quarter. Strong competition and high market growth in Bangladesh will continue to put pressure on ARPU and margins in Grameenphone," Baksaas said.

Nordic

"In our mobile operation in Norway we maintain a strong focus on operational excellence. We delivered a solid underlying growth of five per cent in retail revenues, offsetting most of the reduction in wholesale revenues. The EBITDA margin has significantly improved from the previous quarter, reflecting implementation of efficiency measures," Baksaas said.

Key figures

The table below contains pro forma key figures (including Kyivstar) for the first quarter of 2008, compared to the previous year:

(NOK in millions except earnings per share)	Q1 2008	Q1 2007	Year 2007
Revenues	26 292	25 271	105 021
EBITDA before other income and expenses	9 230	8 790	36 358
EBITDA margin before other income and expenses (%)	35.1	34.8	34.6
Adjusted operating profit	5 545	4 899	20 642
Adjusted operating profit/Revenues (%)	21.1	19.4	19.7
Profit after taxes and non-controlling interests	4 571	3 187	18 016
Earnings per share from total operations, basic, in NOK	2.72	1.90	10.72
Capex	5 089	4 487	22 079
Investments in businesses	1 398	184	6 041
Net interest-bearing liabilities	31 340	41 489	36 464

For more information please refer to the quarterly report on www.telenor.com/ir/reports/08q1.

"I am pleased to see that we make daily life easier for our customers world wide. In close cooperation with partners, we have introduced several innovative and user friendly solutions, such as mobile financial services in Bangladesh and Thailand, as well as a mobile health service in Pakistan. We will continue to make the opportunities and benefits of mobile communication available for all," said Jon Fredrik Baksaas.

Contacts:

Scott Engebrigtsen, Vice President Group Communications
tel: +47 90043484, E-mail scott.engebrigtsen@telenor.com

Anastasiya Gogoleva, Communications Director, Telenor Ukraine
tel: +38 067 467 6666, е-mail: anastasiya.gogoleva@telenor.com