Telenor ASA — Earnings Release 2015

Jul 20, 2015

dtac Q2 2015 results

dtac Q2 2015 results

Telenor Group's subsidiary in Thailand, dtac, has

today reported its second quarter 2015 figures to

the Stock Exchange of Thailand. Telenor's

consolidated figures in NOK million are as follows:

Q215 Q214

Revenues 5,112 4,029

EBITDA before other items 1,566 1,464

EBITDA 1,544 1,470

Operating profit 550 831

CAPEX 731 858

During the quarter the number of subscriptions

decreased by 1.48 million to 26.943 million.

Outlook 2015

Revenues: Service revenues excluding interconnect

slightly below 2014 (changed from 'low single digit

service revenue growth excluding interconnect')

EBITDA margin: 31-33% (changed from 'in-line with

2014*')

Capex: THB 18-20 billion (unchanged)

*In 2014 EBITDA margin was 34.3%.