TELE2 COMPANYOVERVIEW20 March 2012

2

Tele2 offers cutting edge telecom products and services

Challenger telecom operator offering mobile and fixed telephony and broadband and related services

Front row player within new technology 4G

Broad range of products and services to residential and business customers

3

Tele2’s has 34 million customers in 11 national markets

Market areas

Tele2 Nordic: Sweden and Norway

Tele2 Western Europe: Netherlands, Germany and Austria

Tele2 Russia: Russia

Tele2 Central Europe & Eurasia: Estonia, Latvia, Lithuania, Croatia, Kazakhstan

Tele2 Group Financials

Sales 2011: SEK 40.8 bn

EBITDA 2011:SEK 10.9 bn

Sales Q4 2011:SEK 10.8 bn

EBITDA Q4 2011:SEK 2.9 bn

Number of customers: 34 million

4

Focus Continue grow customer base and maximize the 2G opportunity Ensure that newcomer and challenger regions reach the same operational trends as

defender regions Evaluate possibilities to expand carefully through new licenses as well as by

complementary acquisitions

Market Area Russia: Overview

Population Appr. 140 million

Tele2 Russia 43 regions of Russian Federation 20.6 million subscribers Mobile operator #4 in Russia in terms

of subscribers and revenue

Represents 28% of total net sales Q4 2011

5

Q4 Highlights Russia

Region’s position Market share EBITDA

Defender (10 regions) Leader in the region (avg. 46%)

35%(avg. 52%)

Challenger (17 regions) 20% (avg. 31%)

< 35%(avg. 31%)

Newcomer (16 regions) < 20% (avg. 17%)

≥ 0

EBITDA and EBITDA MARGIN

NET SALES and YoY NET SALES GROWTH

CUSTOMER BASE and CUSTOMER INTAKE

Moscow

SEK Million

YoY net sales growth (right)

Net sales (left)

NET SALES and YoY NET SALES GROWTH

EBITDA margin (right)

EBITDA (left) Customer base (left)

Customer net intake (right)

Q4 10 Q1 11 Q2 11 Q3 11 Q4 111,600

2,000

2,400

2,800

3,200

0%

8%

15%

23%

30%

Q4 10 Q1 11 Q2 11 Q3 11 Q4 110

400

800

1,200

1,600

0%

15%

30%

45%

60%

Q4 10 Q1 11 Q2 11 Q3 11 Q4 1117,000

18,000

19,000

20,000

21,000

0

200

400

600

800ThousandsSEK Million Thousands

6

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

50

100

150

200

250

TELE2 SUBSCRIBERS AS PART OF TOTAL RUSSIAN MOBILE MARKET

The Russian mobile market

NET ADDITIONSTele2

Vimpelcom

MegaFon

MTS

MOBILE SUBSCRIBERS AND PENETRATION

Million subscribers9.1%

5.6%

Million subscribers

Tele2

Subs Penetration (%)

Thousands of subscribers

During 2011, Tele2 has gained market share

06 07 08 09 10 11 12F 13F 14F 15F50

100

150

200

250

100%

120%

140%

160%

180%

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

-2,000

0

2,000

4,000

6,000

8,000

7

Revenue source development

BIG4 IN TELE2 REGIONSDATA REVENUE BREAKDOWN, %

15%

30%

34%

21%15%

29%

35%

20%

Q3 Q4

ARPU DEVELOPMENT

RUB

TELE2 RUSSIA: REVENUE SPLIT Q4

VAS revenue (%)(excl. Data)

Voice revenue (%)

8,1%12,1%

80%

Data revenue (%)

2006 2007 2008 2009 2010 Q1 11 Q2 11 Q3 11 Q4 110

100

200

300

400

224

Tele2 VimpelcomMegaFon MTS

Tele2 VAS and data revenue share

of total revenue is growing and is

comparable to market level

8

Regulatory update: Tele2 Russia

• On 12 March it was announced that Roscomnadzor issued the radio frequency permission to NIIR* to deploy LTE trial on Tele2 network

• The permission is valid until 31 March which is sufficient for NIIR to complete the trial according to the approved methodology

• NIIR is expected to issue the trial results report by the end of April and it is likely to be submitted for the Q2 2012 GKRCh meeting for the decision on TN to be made

* State-owned Science and Research Institute

9

Market Area Nordic: Overview

Population 14.4 million

Tele2 Sweden and Tele2 Norway Home market and test bed for new services

Represents 42% of total net sales Q4 2011Sweden 30%; Norway 12%

Focus Sweden: Build on mobile growth and 4G roll-out coupled with household/ corporate

fiber strategy Norway: Integration of Network Norway and migration of customers to Tele2’s own

network

10

Smartphone market development

* Postpaid residential, quantity of handsets

SMARTPHONE PRICE CATEGORIES

SMARTPHONE INSTALLED BASE*

Sales of top ten mobile phones Tele2 Sweden (FY 2011)

1. iPhone 4 16GB 2. iPhone 4S 16GB3. Samsung Galaxy S24. iPhone 4 32GB5. ZTE Blade6. Sony Ericsson Cedar7. iPhone 4 8GB8. Samsung Galaxy Gio9. Sony Ericsson Xperia Arc10. Samsung Galaxy ACE

Regular handset Smartphone1106 1107 1108 1109 1110 1111 1112

0%

20%

40%

60%

80%

100%

Q4 2010 Q4 201150%55%60%65%70%75%80%85%90%95%

100%

High end Mid Low end

11

Growth in sales of data packages

Data package customer stock increased by 120% during 2011

DATA PACKAGE CUSTOMER STOCK 2011

Base

MOBILE SURF PACKAGES

Small

Medium LargeJan Feb Mar Apr Maj Jun Jul Aug Sep Okt Nov Dec0

100,000

200,000

300,000

400,000

500,000

600,000

Subscribers

May Oct Nov Dec

12

Recent happenings

13

Tele2 Norway organisation

• After Tele2 Sweden AB acquired Network Norway in October 2011, Tele2's Norwegian operations have consolidated its position as the third largest player in the Norwegian mobile market with over 1.1 million customers 

• Tele2 in Norway is building the country's third mobile network which currently has 45 percent population coverage

Brands

Subsidiary companies

Parent companyTele2

Sverige AB

Tele2 Norge AS

Network Norway AS

OneCall Network

14

Tele2 Norway integration update

• An effective overall integration process has resulted in an optimal organisational structure for Tele2 Norway in place mid October 2011

• Headcount integration synergies of 14%

• Strong joint operations established with full focus to obtain the #2 market position from NetCom (TeliaSonera)

15

Market Area Western Europe: Overview

Focus Netherlands Grow in mobile and SME Austria B2B & Integration of Silver Server Germany Grow Fixed Via Mobile product

Population106 million

Leading the group in business to business services and consumer fixed broadband

Represents 19% of total net sales Q4 2011

Netherlands 13.4%; Germany 2.5%; Austria 3.1%

16

Dutch mobile market attractiveness

• Dutch government favours competition and newcomers

- 2010: MNOs ‘capped’ in 2.6 GHz auction- 2012: specific ‘newcomer reservation’ in 800

and 900 MHz bands for non-MNOs in 800/900/1800 auction October 2012

• Adoption of mobile broadband in the Netherlands is amongst the lowest in Europe, prices amongst the highestThis will be the main growth opportunity for 4G enabling disruptive offers by a newcomer

• DifferentiationWe believe we can offer a truly distinct mobile broadband experience, enabled by LTE as a technology ‘step change’ (Dutch market standard is HSPA ≤14.4 MBps)

17

Becoming MNO is a viable long term growth option for Tele2 Netherlands, and it will also facilitate seamless, converged offerings

Tele2 NL becoming an MNO

PROS

• Tele2 Group holds experience as a mobile (LTE) operator

• Tele2 NL is an established player

• Tele2 NL has an own nationwide fiber backbone

CONS

• Uncertainty of October 2012 auction

• Securing network sharing is crucial

18

Focus Stability and improvements in Baltics Growth in revenue, profits and market share in Croatia Establish Tele2 in all regions and continue to grow rapidly in Kazakhstan

Market Area Central Europe and Eurasia: Overview

Population28 million

Represents 12% of total net sales Q4 2011

Estonia 2%; Latvia 3%; Lithuania 3%; Croatia 3%; Kazakhstan 1%

2010-10-2019

Kazakhstan mobile market overview

TELE2• The first real discounter on the

market

• Tele2 brand; Launch of region by region to offer the best price and take into consideration the region specifics and good coverage

• After Tele2 entered the market the competition level increased significantly

• The average price offered to new customers in Almaty has been reduced almost two times. Similar development in other regions of Kazakhstan

• A discount sub brand has been launched by a competitor to defend its customer base

MARKET CHARACTERISTICS

• Prepaid market dominated by two GSM operators

• Strong growth of the mobile penetration during the last years

• High transmission prices, the main player incumbent Kazakhtelecom

• Relatively low MoU (around 100 min.) compared to neighboring countries

• High interconnect rates

2010-10-2020

Frequency band Channel Technology

900 11 MHz GSM/UMTS

1800 5 MHz GSM

2100 20 MHz UMTS

Tele2 Kazakhstan organisation overview

Tele2 KZ

Tele2 AB

51% 49%

Asianet Holding

2010-10-2021

Kazakhstan mobile market division

50.3% 39.0%

6.4%4.3%

The market is dominated by two GSM operators sharing almost 90% of

customer and revenue market share

40% 32%

22%7%

CUSTOMER MARKET SHARE 2011 SHARE OF NET GROWTH 2011

Tele2 took a major part of the net growth in the Kazakh telecom market in 2011

22

Tele2 Kazakhstan launch status

City Launch Region population

Shymkent March 2012 2 600 000Taraz March 2012 1 000 000Kyzyl-Orda April 2012 700 000Atyrau April 2012 500 000

Jan Feb Mar Apr Maj Jun Jul Aug Sep Okt Nov Dec0

300,000

600,000

900,000

1,200,000

1,500,000

-50,000

0

50,000

100,000

150,000

200,000

250,000

300,000

Customer base (left) Customer net intake (right)

2010-10-2023

Bal. sheet consideration / Fin. leverage

Shareholder remuneration

Cash / Buffer

M&A / New growth opportunities

When available, invest in value accretive M&A or new business opportunities meeting Tele2’s

strict financial hurdles

Enhance shareholder value by distributing recurring cash to shareholders

Retain financial buffer

Prudent assessment based on (a) status of operations, (b) future strategic opportunities, (c) competitive landscape and (d) general macroeconomic status

CASH

GENERATION

2010-10-2024

Net debt and dividend targets

Shareholder remuneration“Tele2 will seek to pay a progressive ordinary dividend of no less than 50 percent of net income excluding one-off items. Extraordinary dividends and the authority to purchase Tele2’s own shares will be recommended or sought when the anticipated total return to shareholders is deemed to be greater than the achievable returns from the deployment of the capital within the group's operating segments or the acquisition of assets within Tele2’s economic requirements.”

Balance sheet“Tele2 has a target net debt to EBITDA ratio of between 1.25 and 1.75 times over the medium term. The company’s longer term financial leverage should be in line with the industry and the markets in which it operates and reflect the status of its operations, future strategic opportunities and contingent liabilities.”

25

Sources of funding Q4 2011

Revolving credit facility

Russia bond

Other financing

Off BS items

In 2012, Tele2 AB strives to diversify its sources of funding further

26

Concluding remarks

• Create a strong network based operator in Norway

• Start exploiting 4G services in Sweden

• Evaluate MNO opportunities in the Netherlands

• Complete the launch of mobile services in all regions in Kazakhstan

• Launch 6 new regions in Far East of Russia

27

Appendix

28

Group results

SEK million

Net sales

EBITDA

- EBITDA margin (%)

Depr. and joint ventures

- Depr. of Net sales (%)

One-off items

EBIT

Normalized EBIT

- Normalized EBIT margin (%)

Financial items

Taxes

Net profit/loss

Discont. operations

NET RESULT

YTD 11 YTD 10 %

40,750 40,164 1.5%

10,852 10,284 5.5%

26.6% 26.0%

-3,880 -3,580

9.6% 9.0%

-4 384

6,968 7,088 -1.7%

6,972 6,704

17.1% 16.9%

-599 -353

-1 465 -254

4,904 6,481

-7 447

4,897 6,928

Q4 11 Q4 10 %

10,839 10,109 7.2%

2,791 2,488 12.2%

25.7% 24.6%

-1,125 -975

10.4% 9.7%

-26 -157

1,640 1 ,56 20.9%

1,666 1,513

15.4% 15.0%

-60 -155

-269 -102

1,311 1,099

0 404

1,311 1,503

29

Currency movements (vs. SEK)

EUR/EUR pegged and RUB currencies represent 56% of external sales and 74% of EBITDA

YoY difference in YTD average FX rates, 2011 vs. 2010EUR -5.6 %

RUB -7.3 %

End of Q4 spot rate vs. 31/12-2010

EUR -0.6 %

RUB -3.6 %

30

Currency-adjusted sales and EBITDA

CURRENCY-ADJUSTED SALES (FY)SEK Million

CURRENCY-ADJUSTED SALESSEK Million

Q4 '10 Q4 '110

3,000

6,000

9,000

12,000

15,000

YTD '10 YTD '110

9,000

18,000

27,000

36,000

45,000

+ 7%

+ 8%

CURRENCY-ADJUSTED EBITDA (FY)SEK Million

CURRENCY-ADJUSTED EBITDASEK Million

Q4 '10 Q4 '110

500

1,000

1,500

2,000

2,500

3,000

+13%

YTD '10 YTD '110

2,000

4,000

6,000

8,000

10,000

12,000

+10%

31

Taxes

Deferred tax assets at year end amounted to SEK 2.9 (3.2) billion

Taxes in income statement (MSEK)

Normal

One-Off

Total

YTD 11 YTD 10

-1 573 -1 405

108 1 151

-1 465 -254

Q4 11 Q4 10

-377 -277

108 175

-269 -102

Taxes in cash flow statement (MSEK)

Normal

One-Off

Total

YTD 11 YTD 10

-948 -740

- -

-948 -740

Q4 11 Q4 10

-163 -160

- -

-163 -160

32

Q4 11 Q4 10

2,584 2,311

-163 -160

-106 -374

2,315 1,777

-1,400 -1,163

915 614

-1,541 - 469

Cash flow

Cash flow (SEK million)

OPERATING ACTIVITIES

Before paid tax

Paid taxes

Changes in working capital

CF from operating activities

INVESTING ACTIVITIES

CapEX

CF after CapEX

Shares and participations

YTD 11 YTD 10

10,610 10,450

-948 -740

-414 -100

9,248 9,610

-4,667 -3,603

4,581 6,007

-1,217 -1,510

33

Debt position and ratio

Q4 10 Q1 11 Q2 11 Q3 11 Q4 110.0

2,500.0

5,000.0

7,500.0

10,000.0

12,500.0

15,000.0

17,500.0

20,000.0

0.00

0.25

0.50

0.75

1.00

1.25

1.50

1.75

2.00

Ordinary dividendExtraordinary dividend

Upper limit

Lower limit

PRO FORMA NET DEBT / EBITDA 12’M ROLLINGSEK Billion

Pro Forma Net Debt

Pro Forma Net Debt / EBITDA 12’M Rolling

Upper limit

Lower limit

34

Debt profile

Q4 10 Q1 11 Q2 11 Q3 11 Q4 11

-5,000.0

-2,500.0

0.0

2,500.0

5,000.0

7,500.0

10,000.0

12,500.0

15,000.0

17,500.0

20,000.0

2,833.41,660.2

12,928.611,338.9

12,645.0

Revolving credit facility Russia bond Other bank loans Off BS items Cash

Pro forma net debt

SEK BillionSOURCES OF FUNDING

35

Bal. sheet consideration / Fin. leverage

Shareholder remuneration

Cash / Buffer

M&A / New growth opportunities

When available, invest in value accretive M&A or new business opportunities meeting Tele2’s

strict financial hurdles

Enhance shareholder value by distributing recurring cash to shareholders

Retain financial buffer

Prudent assessment based on (a) status of operations, (b) future strategic opportunities, (c) competitive landscape and (d) general macroeconomic status

CASH

GENERATION

36

Net debt and dividend targets

Shareholder remuneration“Tele2 will seek to pay a progressive ordinary dividend of no less than 50 percent of net income excluding one-off items. Extraordinary dividends and the authority to purchase Tele2’s own shares will be recommended or sought when the anticipated total return to shareholders is deemed to be greater than the achievable returns from the deployment of the capital within the group's operating segments or the acquisition of assets within Tele2’s economic requirements.”

Balance sheet“Tele2 has a target net debt to EBITDA ratio of between 1.25 and 1.75 times over the medium term. The company’s longer term financial leverage should be in line with the industry and the markets in which it operates and reflect the status of its operations, future strategic opportunities and contingent liabilities.”

37

Group financialsMobile Fixed telephony OtherFixed broadband

GROUP EBITDA and GROUP EBITDA MARGIN

GROUP CAPEX (BS) ROCE

GROUP NET SALES

SEK Million SEK Million

SEK Million Percent

Group EBITDA margin

Q4 10 Q1 11 Q2 11 Q3 11 Q4 110

500

1,000

1,500

2,000

2,500

3,000

3,500

20%

22%

24%

26%

28%

30%

Q4 10 Q1 11 Q2 11 Q3 11 Q4 110

2,000

4,000

6,000

8,000

10,000

12,000

Q4 10 Q1 11 Q2 11 Q3 11 Q4 110

200

400

600

800

1,000

1,200

1,400

1,600

Q4 10 Q1 11 Q2 11 Q3 11 Q4 110%

5%

10%

15%

20%

25%

19%20%

22%

23%

19%

38

Group mobile EBITDA

* Norway, Netherlands and Germany are treated as MVNO

Q4 10 Q1 11 Q2 11 Q3 11 Q4 11

-500

0

500

1,000

1,500

2,000

2,500

-7%

0%

7%

14%

21%

28%

35%

Mobile EBITDA on own infrastructure Mobile EBITDA (MVNO)*

Mobile EBITDA margin on own infrastructure Total mobile EBITDA margin

SEK Million

GROUP MOBILE EBITDA

39

Income statement/Adjustment 2011 using new accounting principles

SEK million

CONTINUING OPERATIONS

Net sales

Operating expenses

Results from shares in associated companies and JVs

Other operating income

Operating profit, EBIT

Interest income/costs

Profit after financial items, EBT

Tax on profit

NET PROFIT

EBITDA Mobile Sweden

Total Assets

Return On Capital Employed

2011, Full year

251

-215

-16

62

82

-75

7

-7

-

318

355

-0.4%

+2.7%

40

Sweden mobile revenue and EBITDA (Q)

2,241 10 149 9 2,409

1% 36%

670

22 -32 515

716

SALESSEK million

EBITDASEK million

41

Sweden mobile revenue and EBITDA(FY)

8,474 311 609 -72 9,322

4%87%

EBITDA YTD 2010

GM2 (excl. N4M)

N4M Expansion cost

Other OpEx

EBITDA YTD 2011

2,803253

-68 -46 -100 2,842

SALESSEK million

EBITDASEK million

42

Swe mobile: Restated JV accounting

2,241

57

2,298

-33 16 149 12

2,441

Q4 2

010

Resta

tem

ent

Resta

ted E

BIT

DA

Q4..

.

MT

R

N4M

Equip

ment

Underlyin

g

Resta

ted E

BIT

DA

Q4..

.

670

73

743

-16 -260

97

799

30%32% 33%

2% 0% -1% -2% 4%

8,474 303 8,776 -119 34 609 227 9,528

YT

D 2

010

Res

tate

men

t

Res

tate

dE

BIT

DA

YT

D '1

0

MT

R

N4M

Equ

ipm

ent

Und

erly

ing

Res

tate

d E

BIT

DA

YT

D '1

1

2,803 333 3,137 -57 -45 0 126 3,161

33% 36% 33%3% 0% -1% -2% 1%

EBITDA and EBITDA marginSEK million

SALES (Quarterly comparison)SEK million

EBITDA and EBITDA marginSEK million

SALES (FY comparison)SEK million

0,5%-0,9% -2,3%

2010-10-2043

2010-10-2044

Tele2 Norway history

1995 2000 2002 2007 2008 2009 2010 2011

Norway fixed

operations

launched

Norway operations launched

Founded by Tele2 and Network Norway

Acquisition of Lebara and OneCall and

strong organic growth initiated

ADSL and VoIP

operations divested

New MNVO contract with

NetCom

Acquisition of Network

Norway

Network roll-out phase 1 fully

financed

Norway mobile operations launched and strong organic

growth initiated. Service Provider at

Telenor.

Rapid turnaround, increasing profits while maintaning

strong growth

MVNO at

Telenor

2010-10-2045

Tele2 Norway brand overview

• Position: Best deal in the business segment• Segment: Business/postpaid: high, medium and low-end customers• Products: Mobile voice, mobile broadband and Mobile Centrex• Price perception: Low• Quality perception: Medium (NwN) / Low (Tele2)• Channels: Retail, TM (Tele2)• Revenue (Q4 2011): MNOK 116• Subscribers (End of 2011): 82 000

1.5 %*1.5 %*

• Position: Best deal challenger to Telenor and NetCom• Segment: Residential/postpaid/prepaid: high, medium and low-end

customers• Products: Mobile voice, mobile broadband and fixed telephony• Price perception: Low• Quality perception: Medium• Channels: Web, retail, TM and Customer Service• Revenue (Full year 2011): MNOK 2 311 • Subscribers (End of 2011): 592 000

Revenue market share: 8.3 %*

Revenue market share: 8.3 %*

• Position: Market leader with price position within the ethnic segment• Segment: Residential/prepaid/postpaid: ethnic segment and

international calls• Products: Mobile voice• Price perception: Low• Quality perception: Low/Medium• Channels: Retail, web and canvas• Revenue (Q4 2011): MNOK 136• Subscribers (End of 2011): 222 000

2.6 %*2.6 %*

• Position: Price position in the general market• Segment: Residential/postpaid: basic services customers• Products: Mobile voice and mobile broadband• Price perception: Low• Quality perception: Medium• Channels: Web• Revenue (Q4 2011): MNOK 229• Subscribers (End of 2011): 261 000

2.7 %*2.7 %*

* Total market share revenue according to ”Det norske markedet for elektroniske kommunikasjonstjenster 1. halvår 2011, Post og Teletilsynet, 2011-11-14”. Please note that Network Norway and OneCall have a combined market revenue share of 4.2 % (market share excludes Tele2 Business which is included in Tele2’s market share of 8.3 %). Network Norway’s and OneCall’s combined market revenue share has been divided (1.5 % and 2.7 %) in relation to total revenue reported for 1st half of 2011 for respective company.