Fourth quarter and preliminary results for 2009: All-time high cash flow of NOK 20 billion

(Thomson Reuters ONE) - (Fornebu, 10 February 2010) For the full year of 2009, Telenor's reportedrevenues increased by 2 per cent compared to 2008, reaching NOK 97.7 billion.The operating profit was NOK 13.3 billion. Telenor's mobile operations added 2million subscriptions during the quarter, reaching a total of 174 million.Strong cash flow in 2009 "In 2009 the main focus within the Telenor Group has been to secure marketpositions while scaling our activities to a challenging business environment.The full year results demonstrate our commitment to these priorities. We had astrong operating cash flow in 2009, and the Nordic region was the maincontributor with NOK 10 billion. In spite of weak macro economic conditions, ouroperations in Central and Eastern Europe have also delivered solid resultsthroughout the year and the Asian operations have shown substantialimprovement," said Jon Fredrik Baksaas, President and CEO of Telenor Group.Solid EBITDA margin in Q4 "The trends we have seen during the year continued into the fourth quarter,with a stable revenue development. In this quarter we report a solid EBITDAmargin and are well aligned with our outlook for 2009. There have beenimprovements in the Asian region, where subscriber growth picked up in all ouroperations. Telenor in Pakistan continued the positive development and DTAC inThailand delivered strong results combined with revenue recovery. The listing ofGrameenphone in November has been met with overwhelming interest in the market,"Baksaas said.Nordic regionIn Norway, Telenor had strong performance in 2009, particularly within themobile area where the demand for mobile broadband was one of the main revenuedrivers. The recently announced vendor agreements for mobile infrastructure inthe Nordic region will secure enhanced customer experience and profitability onmobile broadband in the years to come.VimpelCom Ltd. launched tender offerThe process of combining Kyivstar and OJSC VimpelCom into a new leading emergingmarkets mobile operator VimpelCom Ltd. is on track. We expect to finalise thetransaction around mid 2010.Milestone in IndiaThe successful launch of operations in India in December was a significantmilestone for the Telenor Group in 2009, marking the completion of the firstphase of the Uninor launch activities. Brand awareness and 1 million subscriberswithin the first weeks of operations provide a good basis for the next launchphase. To develop Uninor according to plan will be among our main priorities in2010.Dividends proposed for 2009As a result of our strong execution in 2009, combined with the fact that we havereceived dividends from Kyivstar and OJSC VimpelCom of around NOK 5 billion, theBoard of Telenor has decided to propose dividends for the year of 2009 of NOK2.50 per share.Focus areas in 2010"Moving into 2010, the Telenor Group will strive to secure our market positions,while capturing organic growth opportunities. We will continue to implementnecessary efficiency measures and provide innovative and viable solutions to ourcustomers," Baksaas ends.Key figuresThe table below contains pro forma key figures (including Kyivstar) for thefourth quarter and full year of 2009, compared to the previous year:+------------------------------------------------+-------------+---------------+|  | Fourth | Year || | quarter | |+------------------------------------------------+------+------+-------+-------+|(NOK in millions except earnings per share) | 2009 | 2008 | 2009 | 2008 |+------------------------------------------------+------+------+-------+-------+|Revenues |26 263|29 403|106 672|109 970|+------------------------------------------------+------+------+-------+-------+|EBITDA before other income and expenses | 8 109| 9 830| 36 766| 38 491|+------------------------------------------------+------+------+-------+-------+|EBITDA margin before other income and expenses | 30.9| 33.4| 34.5| 35.0||(%) | | | | |+------------------------------------------------+------+------+-------+-------+|Adjusted operating profit | 3 928| 5 338| 20 081| 22 640|+------------------------------------------------+------+------+-------+-------+|Adjusted operating profit/Revenues (%) | 15.0| 18.2| 18.8| 20.6|+------------------------------------------------+------+------+-------+-------+|Net income attributable to equity holders of | 2 493| 1 963| 8 979| 13 065||Telenor ASA | | | | |+------------------------------------------------+------+------+-------+-------+|Earnings per share from total operations, basic,| 1.51| 1.18| 5.42| 7.83||in NOK | | | | |+------------------------------------------------+------+------+-------+-------+|Capex | 5 798| 7 239| 17 123| 22 715|+------------------------------------------------+------+------+-------+-------+|Capex excl. licences and spectrum | 5 798| 6 754| 17 123| 20 680|+------------------------------------------------+------+------+-------+-------+|Capex excl. licences and spectrum/Revenues (%) | 22.1| 23.0| 16.1| 18.8|+------------------------------------------------+------+------+-------+-------+|Operating cash flow | 2 311| 3 076| 19 643| 17 811|+------------------------------------------------+------+------+-------+-------+|Net interest-bearing liabilities |  |  | 25 496| 39 309|+------------------------------------------------+------+------+-------+-------+The main reason for the decline in the operating profit is the impairment ofgoodwill in Telenor Serbia of NOK 1,970 million during the second quarter. Formore information please refer to the quarterly report onwww.telenor.com/en/investor-relations/reports/q4-2009.Contact:Scott Engebrigtsen, Communication Manager, Telenor Group, Tel: +47 90043484,E-mail: scott.engebrigtsen(at)telenor.com To the editorial offices:Press and analyst conferenceIn connection with the publication of the financial results, a press and analystconference will be held on Wednesday 10 February at 09:00 hrs Norwegiantime/CET. The presentation will be held in Auditorium A, Telenor Expo Visitors'Centre, at the Telenor Headquarters at Fornebu outside Oslo. President and CEOJon Fredrik Baksaas will present the results. All presentations will be given inEnglish.Internet and mobile broadcastThe press and analyst conference will be broadcast live over the Internet, and arecorded version will be made available onwww.telenor.com/en/investor-relations/reports/q4-2009. During the livetransmission, written questions may be submitted via the Internet. Theconference will also be available live, and in a recorded version, on mobilephones with 3G, GPRS or EDGE. For more details please refer towww.telenor.com/en/investor-relations/reports/q4-2009.Conference call and Q&AThe press and analyst conference will also be available as a conference call.This service also allows participants to ask questions at a concluding Q&Asession, which will be held immediately after the presentation and a brief Q&Asession in the auditorium. Please register well in advance on (+47) 800 80 119(from Norway) or (+47) 23 18 45 01 (from Norway or abroad).MaterialsEnglish language versions of the full quarterly report and all presentationsused during the press and analyst conference will be made availablewww.telenor.com/en/investor-relations/reports/q4-2009 at 07:00 and08:45 hrs Norwegian time/CET, respectively.[HUG#1382517]

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