Telenor (Canal Digital) Fourth quarter and preliminary results for 2008

FORNEBU — “For the full year 2008, the Telenor Group (Oslo:TEL) delivered good organic revenue growth and upheld the market positions, in spite of challenging macro economic conditions,” said President and CEO of Telenor, Jon Fredrik Baksaas.

BROADCAST

Revenues in the Canal Digital Group increased primarily due to higher number of cable TV subscribers and higher sales of additional services including hardware both to cable and DTH subscribers. The number of DTH subscribers decreased by 12,000 during the quarter. The number of Cable TV Internet access subscriptions increased by 18,000 during the quarter.

Revenues and EBITDA in Transmission & Encryption increased due to higher revenues from satellite transmission related to increased capacity from Thor 5, and increased sales of conditional access cards and services.

In December Norkring signed a contract for the acquisition of a 49% stake in a terrestrial TV operator in the Flandern region, for EUR 9.8 million, with an option to increase the ownership to 75% if the company is awarded the Digital TV transmission licence. The acquisition is subject to regulatory approval and closing is expected during the first quarter of 2009.

No. of subscribers – Change in quarter/Total (in thousands):

                           4th quarter           Year
                          ------------   ------------
                           2008   2007    2008   2007
                          -----  -----   -----  -----
DTH TV                     (12)      3   1,113  1,131
Cable TV                      5      4     746    705
Cable TV Internet access     18     13     188    127

More: Earnings Release