Telenor ASA — Earnings Release 2014

Apr 30, 2014

DTAC Q1 2014 results

DTAC Q1 2014 results

Telenor Group's subsidiary in Thailand, dtac, has

today reported its first quarter 2014 figures to the

Stock Exchange of Thailand and the Singapore Stock

Exchange. Telenor's consolidated figures in NOK

million are as follows:

Q114 Q113

Revenues 4,187 4,519

EBITDA before other items 1,531 1,423

EBITDA 1,538 1,317

Operating profit 914 855

CAPEX 554 223

During the quarter the number of subscriptions

increased by 434,000 to 28.376 million.

The revenue development continues to be impacted by

the 55% reduction in the interconnect rate from 1 July

At the end of the quarter, dtac had 16 million

subscribers on the new 3G network.

Outlook 2014

In 2014, dtac expects low single digit revenue growth

(revised from 3%-5% growth), EBITDA margin of 35%-37

(revised from 35%-36% EBITDA margin) and capex of

minimum THB 13 billion.