This document provides an overview of Tele2's strategy for launching 4G mobile services in the Netherlands. It discusses: 1. Tele2 is uniquely positioned in the Dutch market with its own fiber backbone and spectrum portfolio, which will allow it to capitalize on the growth of mobile data and launch competitive 4G services. 2. Tele2 plans to transition from its current MVNO model to becoming a mobile network operator (MNO), with an initial rollout of approximately 3,500 cell sites to achieve full nationwide coverage. 3. The network rollout will leverage synergies between Tele2's fiber backbone and a site-sharing agreement signed with T-Mobile Netherlands to minimize costs.

1. 1
INTRODUCTION
Lars Torstensson

2. 2
At what price are
you going to sell
4G?
When are
you going to
launch?
But is he going
to tell me
something I
don’t know?

3. 3
WELCOME
Mats Granryd

4. 4
Market presence and offered products
Sweden
Full product suite
Norway
Full product suite
Estonia
Mobile, Fixed
telephony
Latvia
Mobile
Lithuania
Mobile
Netherlands
Full product suite
Austria
Fixed broadband,
Fixed telephony
Croatia
Mobile
Kazakhstan
Mobile
Germany
Mobile, Fixed
broadband & telephony

5. 5
Net sales per market and segment
Share of net sales per market
H1 2013
Net sales by market and segment
H1 2013
SEK Million
 Majority of net sales originates from
Sweden, Norway and the
Netherlands
 Remaining markets contribute no
less than 25% of net sales
 Mobile is the largest product area in
terms of net sales, representing 70.8%
of total net sales
Sweden Netherlands Norway Austria
Croatia Lithuania Latvia Kazakhstan
Germany Estonia Other
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Mobile Fixed broadband
Fixed telephony Other operations

6. 6
Benefitting from a mobile evolution
Demand growth – European mobile data
usage
Tele2 Sweden - Mb/week
3G 4G 2G
Jun-11 Jun-12Jan-12 Jan-13
MB
Jun-13
Strong spectrum portfolio
 Tele2 is a leading infrastructure-
based challenger with attractive offers
 Tele2 is uniquely positioned to
capitalise on mobile data and internet
growth

7. 7
Netherlands Other Netherlands Other
The Netherlands are of high importance
from a Tele2 Group perspective…
Netherlands share of Net Sales
H1 2013
Netherlands share of EBITDA
H1 2013
18.1% 21.2%
...and the importance will grow over the coming years

8. 8
MARKET OVERVIEW
Bob Bunnik

9. 9
NL is a concentrated and competitive market: 4 out of 5 players have a converged strategy
Market: Consolidation
Cable: ‘mobility’ through WiFi, plus MVNO+limited own-roll-out
Full-MVNO on TMNL, transition to MNO
M&A FttH players
‘Quad Play’
‘Convergence Strategy’
Fixed broadband Mobile (3 MNOs & their main brands)

10. 10
Convergence from a customer perspective
Fixed and mobile are converging, providing seamless access on any device and network.
Partnerships are key to enhance the value proposition for both consumer and business.
Services DevicesAccess
Residential: ‘Packaging’ convergence Business: Real technical convergence
True Convergence is about providing seamless access and convenience (‘one-stop-shop’)

11. 11
Mobile market price levels: NL vs. EU
• The Netherlands mobile market behaves as a protected market with very high price levels.
“774% difference
in Phone call prices
across the EU”
“Up to 100x difference
In Data-only tariff volume
allowances in EU27”
EU Mobile Data price comparison EU Mobile Voice price comparison
Sources: REWHEEL (2013), EU27 Mobile Data Cost Competitiveness Report and EU Digital Agenda Scorecard 2012 (Aug. 2013)
Average cost per minute (€ cents) in mobile communications,
2011

12. 12
Mobile market: 4G positioned as premium
The Dutch market is moving towards flat-fee Voice & SMS but still with high price levels.
VodafoneKPN

13. 13
Mobile market shares and value
Stable market share development, growth within mobile data
Revenue Market Shares 2005-2012
(x%)
NL Mobile Service Revenue’s 2012-2017
(mEUR)
Sources: Tele2 research and TelecomPaper Q2-2013
3503
3230
2990
2812 2647 2490
2294
2230
2288 2377 2493 2626
0
1000
2000
3000
4000
5000
6000
7000
2012 2013 2014 2015 2016 2017
Voice Non-Voice
0
10
20
30
40
50
60
KPN T-Mobile Vodafone

14. 14
A 4G-centric mobile operator could capture most value at lowest cost.
Mobile handset market development
35% SIM-only May 2013,
up from 26% May 2012
NL:
66%
Very high smartphone penetration
in the Netherlands
SIM-only sales continuous to increase
Source: Comscore Data Gem

15. 15
The addressable market for DSL is declining with clear growth in fiber
A technology shift in fixed broadband
2007 2008 2009 2010 2011 2012 2013 2014 2015
Internet
Internet
VoIP
Internet (VoIP)
TV
Internet
(VoIP/ Mobile)
TV
Internet
(Mobile)
OTT-TV
xDSL FttH
2016
45% 45% 45% 45% 44% 43%
7% 10% 13% 17% 20% 23%
48% 45% 42% 39% 36% 34%
2012 2013 2014 2015 2016 2017
Cable FttH DSL
Bandwidth demand pushed by TV & Video Fixed Broadband penetration: a technology shift
Sources: TelecomPaper (Q2-2013), Dutch Broadband

16. 16
Fixed business services shift to mobile & IP
Digital leased lines
IP VPN
Ethernet services
Internet access
IP voice
Traditional fixed voice
2015
100%
2%
19%
13%
20%
21%
25%
2010
100%
5%
19%
6%
21%
8%
41%
Fixed services
Mobile services
2015
5.249 mEUR
45%
55%
2010
5.268 mEUR
54%
46%
Business market value is also shifting to mobile and ‘All-IP’.
FttO regulation more favorable for alternative operators.
Dutch enterprise telecom services Fixed Services Revenue split
Sources: Tele2; Gartner, 2011; IDC, 2011; Cap Gemini Consulting analysis

17. 17
 Cloud/Hosted PBX is growing
 Fixed and Mobile are integrating
 Security is of increased importance
Increasing ICT complexity
 Decline in Voice usage
 Anywhere, anytime access on any device
 Fixed and Mobile convergence
‘Consumerisation’: from ‘investing’
to ‘using’ (Cloud)
Key trends in the business segment
Business market converges into ‘ICT’ business with increased attention for security.
Trends affecting the LE marketTrends affecting the SME market

18. 18
Key take-away: Significant growth potential in
mobile
Seamless fixed-mobile operators will be able to capture market value: 4G and fiber will be
pivotal.
Residential growth in Mobile Data &
Fixed Broadband on Fiber
B2B growth in Hosted Voice and
Mobile, Fiber to the office
increasingly important

19. 19
Q&A PART 1
Bob Bunnik

20. 20
THE NEW TELCO
Günther Vogelpoel

21. 21
Our Strategic Stronghold
Tele2isuniquelypositionedintheDutchmarketwithownfiberaccessand4G.
Fiber to the
Home
FIBER BACKBONE
Fiber to the
Office
Fiber to the X
Fiber to the SitexDSL
LTE Radio Network
Residential WholesaleB2B
Residential, B2B
& Wholesale

22. 22
Tele2 the new Telco – 4G only
2G & 3G & 4G 4G

23. 23
Data is the future
Total Data Revenue NL 2012 – 2017
(x mEUR)
Source: Telecompaper
2000
2100
2200
2300
2400
2500
2600
2700
2013 2014 2015 2016 2017
Providecustomerswithpropositionsthatmakesiteasytousedata

24. 24
Transition is the name of the game
 Mobile: transition from MVNO to 4G MNO
 Broadband: transition from copper (DSL) to Fiber
Our ambition: growth
Converged Player
Mobile residential*
>20%
Broadband residential*
>15%
Business*
>10%
* Market share

25. 25
Strong Sales with MVNO
Growth Tele2 base YoY
-160
-110
-60
-10
40
90
Q112 Q212 Q312 Q412 Q113 Q213
Tele2 KPN Vodaphone T-Mobile
Source: Telecompaper
Customer Net Additions (x1000)
Tele2 is the only company that has shown continuous growth in the last 6 quarters.
0
100
200
300
400
500
600
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Thousands

26. 26
Transition to MNO
Smart distribution Success of
smartmix
proposition
continues
New brand
position
4G ready & 4G
experience
Tele2 has a unique beneficial position to be competitive on mobile and fixed broadband.

27. 27
Passive
NWS
Agreement
with TMNL
MNO progressing well
Off load
data to 4G
network
Secured
new MVNO
deal
Selected
vendors
New brand
platform
Grow in
MVNO
Smart
distribution

28. 28
Declining Tele2 base, preparation for transition
to high speed broadband
Broadband development Tele2 base
0%
5%
10%
15%
20%
25%
30%
Q2-12 Q3-12 Q4-13 Q1-13 Q2-13
Ziggo KPN DSL UPC
Others KPN DSL KPN Fiber Tele2
Tele2 Consumer Broadband market share
Incumbent aggressively attacks Cable.
FttH fastest grower
Bring fixed broadband back to growth
-
50
100
150
200
250
300
350
400
450
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Thousands
Total base DSL
Source: Tele2 Research & Telecompaper

29. 29
The addressable market increases to
70 % in 2015
 Tele2 FttH last mile via KPN with
regulated prices
High speed broadband coverage growing
Source: Tele2 Research
15%
15%
13%
57%
2013 15%
33%
19%
33%
VDSL Tele2 VDSLKPN FttH Unreachable
15%
50%
25%
10%
The addressable market increases
to 45% in 2014
 Wholesale KPN VDSL access
with Tele2 services
Adding VDSL (off-net by KPN) Adding on-net FttH
Addressable market >30MB

30. 30
Why will we be successful?
Synergy 4G
network and FttH
FttH rollout
momentum
Customer demand
higher speeds
Capture value in
converged
services
Leveraging on
existing
customer base
Own fiber
backbone
Tele2 has a unique beneficial position to be competitive on mobile and fixed broadband.

31. 31
MNO ROLLOUT
Joachim Horn

32. 32
 Spectrum availability
 Targeted quality and performance
 Expected traffic
 Population density, distribution and migration pattern
 Topography
 Type of buildings
Key criteria for designing coverage

33. 33
SWE NL
Total surface (km2) 450,300 41,540
Non water or forest 28.5% 72.4%
Population 9,5 M 16,7 M
Population per km2
non forest / water**
73.6 555.0
Demography and geography impacts
coverage
50%100%
Sweden
Netherlands
Populationcoverage*
30%
Sites
15%
*Approximate
Source: WorldBank.org 2011
**Assuming no inhabitants in forest or water areas

34. 34
Signalstrength
Distance [km]
800MHz 2600MHz
Tele2 has a very powerful spectrum position…
Penetrationloss
Wall
8002.6
8002.6
Coverage Km2
OutdoorIndoor
Signal loss when covering indoor
10 MHz in 800 MHz
Ideal for coverage
20 MHz in 2.6 GHz
Ideal for capacity
Difference indoor/outdoor
… enabling a competitive and cost efficient rollout

35. 35
0%
25%
50%
75%
100%
Time
Network planning done, site sharing deal
signed, suppliers chosen and rollout started
 Approx. 3,500 sites for initial rollout
 Priority to achieve full coverage
 Competitive capacity, speed and quality
 First sites being finalized
* Approximate
Population coverage over time*

36. 36
Leveraging synergies with our backbone
and FttH
LTE
POP
Consumer
Small business
Microwave
= Tele2 infrastructure
= Rented from Reggefiber

37. 37
Principles of site sharing with T-Mobile NL
RRH*
Antenna
T-Mobile
base
station
Tele2
base
station
Backhaul
Tele2 core
network
T-Mobile core
network
2G
3G
4G
4G
X
X
X
 Passive sharing of infrastructure and antennas
 Sharing of backhaul, power and field services is optional
 Majority of sites will be shared with T-Mobile, first sites available soon
*RRH = Remote Radio Head

38. 38
RAN
Core
IMS/Voice over
LTE platform
Network procurement done
 Mainly price
 Similar quality and capabilities of
different vendors
 Vendor capabilities
 Vendor experience
 Existing references
 Vendor experience
 Vendor flexibility
Equipment Vendor Main decision criteria

39. 39
SE 2003 SE 2008 SE 2013 SE share
2013
NL 2013
Sweden reference
Rollout versus license investments
NL
MEUR
161172
License Network rollout
MEUR
CAPEX for initial rollout* Comparison radio equipment cost
MEUR
Costpersite
• Competitive equipment prices keep investments low
*Approx. 3,500 sites

40. 40
LTE supports carrier grade VoIP, i.e. Voice
over LTE
 First carrier grade voice over IP-solution in
mobile
 Future proof “Over-The-Top” competitive
service
 Generally available from beginning of 2014
(standardization, chipsets)
 Dec. 2012: Tele2 first live VoLTE trial in EU
• Tele2 targets to offer VoLTE early

41. 41
VoLTE brings substantial benefits
Better sound
Less delay
Up to 6x faster establishment times
Spectral efficiency
No national roaming costs

42. 42
Preparing Tele2’s customer base for LTE
US and Asian operators to launch
VoLTE within next 12-18 months
0%
10%
20%
30%
40%
50%
60%
Top tier handsets likely to support
VoLTE from 2014
Potential upgrade of existing LTE
handsets with VoLTE
LTE enabled handsets sold by Tele2 NL
Jul 2012 Jul 2013
• More than 50% of handsets sold in July 2014 are already LTE enabled

43. 43
How we will ensure quality
Full LTE
coverage
with best
in class
ambition
National
Roaming
Agreement
 Building our own network based on newest technology without legacy
 Ambition to achieve a full LTE coverage as soon as possible
 Keep our customers in the Tele2 network throughout the country
 Quality design is based on KPI:s which beats best in class in Sweden
 Seamless coverage experience for Tele2 customers (2G and 3G)
 Similar setups working very well in Tele2 Norway and Croatia
 Proven CSFB* technology to deliver voice (2G and 3G) to 4G
customers
 Tele2 was the first operator in Europe to launch CSFB (2011)
*CSFB = Circuit Switch Fallback

44. 44
Tele2 will have a very competitive
IT landscape
New IT
architecture
 Ahead of the pack – legacy free
 Flexible best of breed system, fully agile approach
 All current and future business needs, fixed and mobile
Customer benefits
 Transparent and clear communication to the customers
 Online focus: My Tele2, customer portals and apps
 Real-time information for consumption and charging
• Architecture defined, suppliers chosen and development started

45. 45
Key take-aways
 In control for best customer experience
 Building our own network
 Implementing a competitive IT landscape
 All legacy free
 Planning done, suppliers chosen, implementation started
 Initial rollout of 3,500 sites, most of which are shared
 Supporting business success with competitive cost position
 Working on early launch of VoLTE for true 4G experience

46. 46
Q&APART 2
Günther Vogelpoel
Joachim Horn

47. 47
B2B OPERATION
Fedor Hoevenaars

48. 48
B2B has a clear # 2 position in fixed services
Strong
customer base
Broad service
spectrum
Own
infrastructure
ATM’S TRAINS SCHOOLS &
UNIVERSITIES
HEALTHCARECASINO’S
 One of the largest fiber optic networks
 Total length 5,213 km
 Access to 55 radio nodes

49. 49
Incumbent is dominant in B2B
58%
16%
5%
4%
16%
Business Market Share: Fixed
Voice Connections
58%
13%
4%
4%
8%
6%
7%
Business Market Share: IP-VPN
Connections
Tele2 is the only full-service alternative
Sources: OPTA Structural Market Monitor Q1 2013
58%
13%
4%
4%
8%
6%
7%
BusinessMarketShare: IP-VPNConnections
KPN Tele2 UPC Ziggo Vodafone Eurofiber Other

50. 50
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Mobile
Fixed
Mobile drives B2B revenue development
Overall strong revenue growth in B2B driven by mobile, where fixed remains important
 B2B Mobile growth taking of
in 2015 when network
reached full coverage and
quality
 Overall revenue growth
from all segments: SME
and Enterprise
 Continued decline in fixed
voice MoU and traditional
voice service being
replaced by Hosted Voice.
 Our strength in Data
(VPN/Internet) remains
highly important for the
future
*Not based on actual figures

51. 51
3%
4%
6%
9%
11%
37%
39%
47%
67%
0% 20% 40% 60% 80%
Other
Supported new ways of working
Don't know
4G hasn't benefited my business
Improved customer satisfaction
Increased employee well-being / motivation
Won more business
Cust costs
Increased productivity
Relevance of 4G in B2B
4G is a perfect complement to our Fixed business
‘How can LTE
improve the
processes we
already have?’
‘What’s totally new?’
Source: Arthur D. Little Analysis

52. 52
Corporate
SME
SOHO
Full service provider, serving all segments
Direct: Account
Management
Indirect: Partners
and Telesales
Online and Retail
Sales channel expansion in SME is part of our growth strategy in B2B

53. 53
Transition to integrated services
Convergence is creating momentum
By adding mobile to our portfolio the addressable market is doubled
 Cloud/Hosted PBX is growing
 Fixed and Mobile are integrating
 Anywhere, anytime access on any device
 Security is of increased importance
Increasing ICT complexity
We rather partner than invent
ourselves
Tele2
Fixed &
Mobile
Customer
Centricity
Collaboration
Business
Continuity
Cost
Control
4 themes lead our proposition development and
partner selection

54. 54
Large bank
Corporate SME Wholesale
Our B2B strategy proves to be successfulCustomersPartners

55. 55
Tele2
Fixed
Mobile
Convergence
Customer
Centricity
Collaboration
Business
Continuity
Cost
ControlWith 4G capabilities Tele2 is able to address the entire business market
SMECorporate
Wholesale SOHO
Take away: converged connectivity is
opening the market

56. 56
Conclusions
>20% >10%
Back to growth
&
benefit from
synergy
Continue growth
&
build 4G
Maintain fixed
&
grow mobile
>15%

57. 57
Q&A PART 3
Fedor Hoevenaars