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Annual Results 2008

Zenitel announces its annual results 2008.

Stable revenues compared to 2007. Results negatively impacted by slow order intake and substantial transition and restructuring charges in System Integration.

Revenues 2008 amount to EUR 92.2 million. Secure Communication Systems grows by 13% (+EUR 6.3 million), mainly thanks to growth in the Marine segment and the continued VoIP developments. Recurrent EBITDA improved by 41.5%. Slow order intake in the System Integration business and delays in the realization of the expected savings, negatively impact the EBITDA. The full benefit of the 2008 restructuring measures will only be noted as from the second quarter of 2009.Networks operations1 generate slightly negative recurrent EBITDA, as both MCCN and ChuChubi register continued though slow user growth.

The group’s recurrent EBITDA dropped to EUR - 2.6 million. The net result for the group amounts to EUR -13.5 million. In the context of ensuring the company’s going concern, divestments processes have started, especially in the System Integration activity. First results of these processes are expected within few weeks.