1.Telecom environmentRegulatory development Competitive environment ServicesAccessDevicesAll claiming customer ownership for the same CustomersTechnology development15 Tele2 Capital Markets Day 2012

2. Tele2 HouseVisionWe will be champions of customer value in everything we doMission We are challengers, fast-movers and will always offer our customers what they need, for lessWanted PositionCustomersEmployeesShareholders We shall be theWe shall be considered a greatWe shall have the best TSRoperator of choiceplace to work within our peer group Focus AreasCost BusinessPeople Growth DifferentiationQuality Leadership ModelTele2 Way16 Tele2 Capital Markets Day 2012 3. CostBusiness PeopleGrowthDifferentiationQuality LeadershipModelPeopleToolsTele2 RussiaLeadershipPerformanceand and Talent the Tele2 Way Tele2 Norway Extremely low unemployment rate of 3%* Learning andReward and Manage the merger with low attrition Development Recognition Tele2 Sweden17Tele2 Capital Markets Day 2012 * Source: Statistics Norway, September 2012 4. CostBusinessPeople GrowthDifferentiationQuality LeadershipModelEngaged employees 6,633 employees*Best-in-class employee engagement Yearly survey MyVoice shows 50% record high engagement levels 40% and employee satisfaction 30% 20%Tele2 10%Global Benchmark 0%18 Tele2 Capital Markets Day 2012 * 2011, consultants, people on sick leave, newly employed etc. not included 5. Cost BusinessPeopleGrowth Differentiation Quality Leadership Model Growth Household spending on telecom in Sweden Group revenue breakdown SEK/year/ 100% household67% growth 50,000 90%02-11 45,000 80% 31% growth 70% 40,00002-0660% 35,00050% 30,00040% 25,00030% 20,000 20072008 20092010 2011Q3 12* 15,000MobileOther 10,0005,000Tele2 will continue to be a growth0 company, focusing on mobile businessand a good mix of mature and highCommunication; fixed, mobile and Internet growth marketsSource: SCB National accounts; School of Economics at Gothenburg University19 Tele2 Capital Markets Day 2012 * Operating revenue; rolling 12 months 6. CostBusiness People Growth DifferentiationQuality LeadershipModel Mobile Market Revenue DriversFOCUS AREASVAS by VOICEPARTNERSHIPSDATASubscriber growth MOUAPPM Infrastructure Data DeviceConsumption SMS/MMS/ M-Commerce MaturityPenetrationTrendsRBT/Games20 Tele2 Capital Markets Day 2012 7. CostBusinessPeople Growth DifferentiationQualityLeadershipModel From Discounter to Value ChampionDISCOUNTER VALUE CHAMPION Reasons to evolve from discounter to value champion: Less involvement in price wars to defend price position, with risk of marginerosion Get return on quality investments Secure customer relationships21 Tele2 Capital Markets Day 2012 8. CostBusinessPeople Growth DifferentiationQualityLeadershipModel From Discounter to Value ChampionDISCOUNTER VALUE CHAMPIONOutperformChallengerLow price in customerVALUE CHAMPION= +experience+Culture22 Tele2 Capital Markets Day 2012 9. CostBusinessPeople Growth Differentiation Quality LeadershipModelSeveral market sector brands have moved fromPurchase value to User valuePrice + Design Price + Choice and conveniencePrice + StylePrice + Ease Price + ServicePrice + Customer experiencePrice + Speed and qualityDesigned to cater for customers who actively seek added value thatbuilds on low price23 Tele2 Capital Markets Day 2012 10. CostBusinessPeople Growth DifferentiationQualityLeadershipModelFrom Discounter to Value Champion Discounter Best Deal Value Champion24 Tele2 Capital Markets Day 2012 11. CostBusiness People Growth DifferentiationQuality LeadershipModelFocus on customer value in all touch pointsJoinPayPay25 Tele2 Capital Markets Day 2012 12. CostBusinessPeopleGrowth DifferentiationQuality LeadershipModelWorld Class Customer Service Average customer satisfaction with Tele2s call centers Customer service role models 82%80% = world class standard * 80% 78% 76% 74% 72% 70%Source: Tele226 Tele2 Capital Markets Day 2012 * COPC benchmarking standards 13. CostBusinessPeople GrowthDifferentiationQuality LeadershipModelCost Leadership 33.1% 30.8%28.0%-0.9%27.1% 25.8% 25.6%23.2%23.1% 22.3%21.7% T2 2010 T2 2011 Tele2 continues to reduce the cost gap but is still second best Gap to best operator group also continues to decrease Tele2 shall become best in class27 Tele2 Capital Markets Day 2012Source: AT&Kearney 14. Cost BusinessPeople GrowthDifferentiation Quality Leadership ModelQualityCall cent. End user sat. Invoice drop accuracy First contact res. RateCoverage perceptionCat. 1 syst. AvailableInvoice correctnessProduct innovationQuality perceptionMystery shopping Data completionProjects on timeCall completion Cell availability ConsiderationRefill setupNPS Latest rep. 12091209 1209 1209120912091209 1209 1209 1209 12091209 12091209 12091209 period 123456 78 910 11 121314 1516 SE NO RU EELVLT HRKZNLAT DE Rep. freq.Q QQM/Q QMMMQ MM M M M MM LT resp.AOAO AO AOAOAOJH JH AO JH JH JHJHJH AO AO28Tele2 Capital Markets Day 2012 15. Cost Business PeopleGrowthDifferentiationQuality Leadership ModelBusiness model Voice to DataWESTERN EUROPE MOBILE DATA FORECASTMonthly usage per subscriber Sweden postpaid *Data as % of total revenue 463 60% 206 206 227169 178 172 50% 131 21 40% MoU# of SMS Data (MB)2010 30%2011 ASPU Sweden postpaid2012 20% 202197 198 10% 0%2008 2009 2010 2011 2012 2013 2014 2015 2016 PostpaidASPU (SEK) Source: Analysis Mason, includes data, content and messaging revenues29 Tele2 Capital Markets Day 2012* Postpaid residential; MoU, nr of SMS and MB per sub per month 16. Cost Business People GrowthDifferentiationQualityLeadership Model Business model Volume to Value Mobile handset penetration Russia Tele2 Group churn value dynamic Q1 & Q2 2012 160% 35% 140% 30% 2 p.p 120%25% 100%20% 80%15% 60%10% 40% 8 p.p 20% 5% 0%0% 2004 2005 2006 2007 2008 2009 2010 2011 2012Jan FebMar AprMaj June Postpaid PrepaidAs markets mature it becomes moreimportant to focus on the value of each Reduce churn of most valuable customerscustomer rather than the volume of Increase value of existing customer basecustomersSource (LHS): Analysys Mason February 2012, Source (RHS): Tele230 Tele2 Capital Markets Day 2012 17. CostBusinessPeople GrowthDifferentiationQuality LeadershipModelBusiness model B2B Market share residential, upside B2B and share of total turnover * Residential market share vs. B2B market share 520%500%Sweden400%Attractive B2B marketNorwaywith expected growth300%Croatia 296%Latvia200%Lithuania 108%Russia 104% 98%100%Estonia 73% 58% 0% 0% 10% 20%30%40%50% Residential market share* The size of the circles represent share of total revenue, X axis is market share residential and31 Tele2 Capital Markets Day 2012 Y axis is the difference between market share residential and market share B2B. Source: Tele2 18. CostBusinessPeople GrowthDifferentiationQuality LeadershipModel Business model Distribution Customer contribution* by sales channel Group online intake (thousands of customers) 124 113 466 Index 100 69% 63 275 Branded ShopsOnlineOther20112011 Sept.YTD 2012 2012 Sept. YTDFocus on online and branded shops,creating the best customer lifetimerevenue* Calculated as lifetime revenue subtracted by acquisition costs32 Tele2 Capital Markets Day 2012 Source: Tele2 19. Tele2 HouseVisionWe will be champions of customer value in everything we doMission We are challengers, fast-movers and will always offer our customers what they need, for lessWanted PositionCustomersEmployeesShareholders We shall be theWe shall be considered a greatWe shall have the best TSRoperator of choiceplace to work within our peer group Focus AreasCost BusinessPeople Growth DifferentiationQuality Leadership ModelTele2 Way33 Tele2 Capital Markets Day 2012 20. Summary We are the challenger of our industry Our strategy is focused on excelling in customer relations and access capabilities As a result, we will be able to continue growing in a shrinking European telecom market34 Tele2 Capital Markets Day 2012 * Group figures; YTD Q3 2012