TELE2 RUSSIA:STABLE GROWTH AND FURTHER REGIONAL EXPANSION

Q1 2009 results and development plans

Donna Cordner, TELE2 Russia CEO

Moscow, April, 22nd, 2009

TELE2 RUSSIA 2009

10 642 000 customers in 17 Russian regions (as of March, 31st)

New 18 GSM-networks will be launched in 2009-2010, including

from 9 to 12 during this year.

TELE2 is №1 or №2 operator in 11 regions out of 17 regions where TELE2 operates (AC&M, March 2009)

61 million population in 35 regions covering TELE2 licenses

Long Term Investor

Mobile operator discounter offering high quality services and superior customer care. TELE2 serves low-end, socially unprotected customers: students, pensioners, public sector employees.

Effective business model which allows to offer low prices maintaining profitability of operations even during the crisis

Continue volume of investments into deployment of networks, plan to launch 18 regions despite financial crisis

Experience of deployment 3G Networks, also using MVNO models and network sharing (next slide) in Europe and is ready to provide this service in Russia

TELE2 RUSSIA: DISCOUNTER STRATEGY

KEY ISSUES OF Q1 2009 IN TELE2 RUSSIA

DEVELOPMENT OF REGIONAL OPERATIONS MANAGEMENT. 3 areas (North-East, West, Center) has been established; Area Management Teams is expected to be completely formed by the end of 2009.

AGGRESSIVE ROLL-OUT OF NEW REGIONS NETWORKS . Up to 12 new regions will be launched during 2009. Tomsk will be launched during the 3 nearest month and 6 regions - in Q3 2009

APPOINTMENT IN TELE2 RUSSIA TOP-MANAGEMENT. Olga Osina, CFO, and Mamuka Marhuliya, Head of Legal Department, have joined TELE2 Russia team

TELE2 RUSSIA: Q1 2009 RESULTS (RUR)

Customer net intake – 220 000 (320 000 – Q1 2008) subscribers

Operating revenue – RUR 6 832 million (RUR 5 686 million – Q1 2008)

EBITDA – RUR 2 183 million (RUR 1 928 million - in Q1 2008)

EBITDA margin – 36% for old operations and 32% for all TELE2 Russia companies

EBIT – RUR 1 594 million (RUR 1 482 Million – in Q1 2008)

ARPU – RUR 215 (RUR 217 in Q1 2008)

CAPEX – RUR 2 252 million (RUR 950 Million – in Q1 2008)

TELE2 RUSSIA: Q1 2009 RESULTS (USD)

Customer net intake – 220 000 (320 000 – Q1 2008) subscribers

Operating revenue – USD 202 million (USD 237 million – Q1 2008)

EBITDA – USD 64 million (USD 82 million - in Q1 2008)

EBITDA margin – 36% for old operations and 32% for all TELE2 Russia companies

EBIT – USD 47 million (USD 67 Million – in Q1 2008)

ARPU – USD 6 (USD 8.9 in Q1 2008)

CAPEX – USD 67 million (USD 41 Million – in Q1 2008)

NOTE: NUMBERS IN USD IN THIS PRESENTATION

We use USD numbers in this presentation for convenience of journalists, analysts, experts and other people who would like to see financial indicators in USD.

The currency of TELE2 AB report is SEK and TELE2 Russia operates in RUR, so please look at numbers in these currencies to estimate development.

While converting SEK to USD, we use average exchange rate for corresponding period to demonstrate current results..

Please note that it might not be proper to compare numbers in USD in different periods in volatile environment as they mean different exchange rate or to convert numbers for all periods using the same rate

TELE2 RUSSIA CONTINUED ADDING NEW CUSTOMERS

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Q2 2007 Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009

RURsubs

Customer base, subs ARPU, RUR

DISCOUNTER STRATEGY TOGETHER WITH STRICT COST-SAVING POLICY PROVED THEIR EFFECTIVENESS

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Operating revenue, RUR mln EBITDA, RUR mln

TELE2 RUSSIA IN TELE2 GROUP (Q1 2009)

CUSTOMER BASE

Customer base of TELE2 Russia exceeds 54% of

TELE2 AB mobile subscribers

OPERATING REVENUE

Net sales of TELE2 Russia is about 27% of net sales in

mobile segments of TELE2 AB

NEW REGIONS OUTLOOK

TIMING:

Up to 12 of 18 regions will be launched in 2009

Tomsk will be launched during May-July 2009

6 regions will be launched in Q3 2009.

FINANCIAL INDICATORS EBITDA break-even – in three years after commercial

launch date. The longer term market share should not deviate

significantly from the historic market share of TELE2 Russia

TOMSK LAUNCH 2009

REGION: Tomsk oblast (license after 2007 contest)

LAUNCH TIME: May-July 2009 (first areas)

MARKET STRATEGY: Mobile discounter with full package of services, good quality of services and excellent customer operations

Cost of the mobile services fixed basket: Tomsk – 389 RUR / Omsk – 354 RURSource: Comnews Research (Standard magazine, July 2008)

REGIONAL DEVELOPMENT: Tomsk and cities around it at the launch and intensive network expansion after that

COMMUNICATION: “La Familia” communication concept

THANK YOU FOR YOUR ATTENTION!

For additional information and comments please contact:

Sergey AndriyashkinHead of PR, TELE2 RussiaTel.: +7 (495) 229-84-00, ext. 18611Mob.: +7 (909) 942-29-86E-mail: Sergey.Andriyashkin@tele2.com