Telenor ASA — Earnings Release 2014

Jul 18, 2014

DTAC Q2 2014 results

DTAC Q2 2014 results

Telenor Group's subsidiary in Thailand, dtac, has

today reported its results for the second quarter

2014. Telenor's consolidated figures in NOK million

are as follows:

Q214 Q213

Revenues 4,029 4,792

EBITDA before other items 1,464 1,456

EBITDA 1,470 1,490

Operating profit 831 911

CAPEX 858 564

During the quarter the number of subscriptions

decreased by 187,000 to 28.039 million.

The revenue development is impacted by the 55%

reduction in the interconnect rate from 1 July 2013,

competition and the weak macro environment.

At the end of the quarter, dtac had 19 million

subscribers on the new 3G network.

Outlook 2014

In 2014, dtac expects flat service revenues excl

interconnect (revised from "low single digit revenue

growth"), EBITDA margin of 35%-37% (unchanged) and

capex of minimum THB 13 billion (unchanged).