COLT Telecom Group S.A. announces results for the three and six months ended 30 June 2008

Q2 FINANCIAL RESULTS

Frankfurt am Main, (PresseBox) - Compared to Q2 2007

- Revenue increased by 1.5% to €416.3m and increased by 4.3% on a constant currency basis
- Data revenue grew by 9.0% to €225.6m and grew by 12.7% on a constant currency basis
- Exceptional credit to cost of sales of €17.0m on resolution of a complex billing issue
- Gross margin before depreciation and exceptional items increased by 0.7 percentage points to 39.2%
- EBITDA(1) increased by €8.6m or 12.7% to €76.5m
- Profit before tax increased by €24.6m from €8.9m to €33.5m
- Profit before tax and exceptional items increased by €7.6m from €8.9m to €16.5m
- Free cash inflow(2) increased from €11.3m to €19.9m
- Capital expenditure increased from €56.5m to €85.7m The Group's financial position continues to be strong, with cash and cash equivalents of €233.2m and net debt of €29.0m at the end of the quarter.

Commenting on the results, Rakesh Bhasin, Chief Executive Officer, said:

"I am pleased to report further progress in our business despite the increasing challenges of the broader economy. At constant currency, Data revenue grew by 12.7%, driven mainly by the strength of our Ethernet and Data Centre offerings. We have continued to invest in order to build on this positive trend, nevertheless margins and EBITDA both improved.

"After a strong first half, we expect to report improved results for 2008. Our outlook is however tempered with some caution given the current economic uncertainty."

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