Tele2 First quarter 2012

FIRST QUARTER 2012Tele2 AB19 April 2012

Agenda • About Q1 2012 • Financial review • Concluding remarks2

Tele2 Group Q1 Highlights Q1 Financials Q1 Operational • Net sales (curr. adj.) for the • Tele2’s customer base Group grew by 8 % and amounted to 34.8 million amounted to SEK 10,481 customers million • Tele2 Kazakhstan continued its • EBITDA amounted to SEK successful launch of new 2,571 (2,544) million, regions, resulting in a net equivalent to an EBITDA intake of 332,000 customers margin of 25 (26) % • Tele2 Russia brought in 304,000 customers • Continued diversification of credit portfolio3

Market Area Russia: Overview Population Appr. 140 million Tele2 Russia  43 regions of Russian Federation  20.9 million subscribers  Mobile operator #4 in Russia in terms of subscribers and revenue Represents 29% of total net sales Q1 2012 Focus  Continue to grow customer base and maximize the 2G opportunity  Evaluate possibilities to expand carefully through new licenses as well as by complementary acquisitions  Make progress on technology neutrality4

Q1 Highlights Russia • Increased marketing spend in the quarter • New agreements with federal distribution channels • Leading to improved customer intake in combination with higher ARPUCUSTOMER BASE and NET SALES and EBITDA andCUSTOMER INTAKE YoY NET SALES GROWTH EBITDA MARGINThousands of customers SEK Million SEK Million22 000 800 4 000 20% 1 600 42% 40%21 000 600 3 000 15% 1 200 38%20 000 400 2 000 10% 800 36%19 000 200 1 000 5% 400 34%18 000 0 0 0% 0 32% Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Customer base (left) Net sales (left) EBITDA (left) 5 Customer net YoY net sales EBITDA intake (right) growth (right) margin (right)

The Russian mobile marketTELE2 SUBSCRIBERS AS PART OF TOTAL RUSSIAN MOBILE SUBSCRIBERS AND PENETRATIONMOBILE MARKET Tele2 Million subscribers Million subscribers Subs Penetration (%) 9.1% 5.6%NET ADDITIONS TELE2 RUSSIA EBITDA MARGIN Tele2 MegaFon Vimpelcom MTS 2010 2011 2012Thousands of subscribers8 000 44%6 000 40%4 000 36%2 000 32% 0-2 000 28% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 09 09 09 10 10 10 10 11 11 11 11 126

Revenue source development TELE2 RUSSIA: ARPU DEVELOPMENT REVENUE SPLIT Q1 2012 RUB 8.8% 400 300 218 200 211 91.2% 100 0 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 11 11 11 11 12 Data access Voice revenue (%) Tele2 MegaFon Vimpelcom MTS revenue (%) The share of data revenue grows and is comparable to the market level. ARPU is growing.7

Regulatory update: Tele2 Russia Technology neutrality LTE license tender update update • Technology neutrality discussion • Tele2 perceives that it likely that supported by a number of operators several LTE 800/2600 licenses will be tendered before the end of 2012 • Tele2 has completed LTE1800 trials and the tender terms will be in cooperation with NIIR* in late established by the new government March • Tele2 expects the decision on technology neutrality before the end of 2012 * NIIR = (Radio Research and Development Institute)8

Tele2 Russia forward looking statement The following assumptions should be taken into account when estimating the operational performance of the total operations in Russia in 2012: • Tele2 expects the subscriber base to reach 21.5-22 mln. • Tele2 expects a percentage growth of ARPU in low single digits (earlier to remain stable) in local currency. • Tele2 expects an EBITDA margin of between 37-39 (earlier 39-40) percent. • Tele2 expects capex of between SEK 1,300 - 1,500 mln.9

Market Area Nordic: Overview Population 14.4 million Tele2 Sweden and Tele2 Norway Home market and test bed for new services Represents 40% of total net sales Q1 2012 Sweden 29%; Norway 11% Focus  Sweden: Build on mobile growth and 4G roll-out coupled with household / corporate fiber strategy  Norway: Roll out own network and focus on bucket-price subscriptions10

Q1 Highlights Tele2 Sweden • Net sales (external) amounted to SEK 3,071 mln and EBITDA amounted to SEK 774 mln • Net intake in Q1 boosted by temporary campaign on postpaid subscriptionsCUSTOMER BASE and NET SALES and EBITDA andCUSTOMER INTAKE YoY NET SALES GROWTH EBITDA MARGINThousands of customers SEK Million SEK Million4 900 80 4 000 12% 1 000 30%4 800 40 3 000 6% 750 25%4 700 0 2 000 0% 500 20%4 600 -40 1 000 -6% 250 15%4 500 -80 0 -12% 0 10% Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Customer base (left) Mobile Fixed broadband Fixed telephony Other 11 Customer net YoY net sales EBITDA intake (right) growth (right) margin (right)

Temporary campaign to defend price position 148,000 subscriptions sold between 8 March - 11 April of which 65,000 in Q1 201212

Mobile postpaid intake and extensions GROSS INTAKE AND EXTENSIONS Q1 2012 Subscribers 50 000 45 000 Large share of 40 000 extensions on 35 000 current customer 30 000 stock, majority 25 000 opting for 24 month 20 000 subscriptions. March 15 000 intake boosted by 10 000 temporary campaign 5 000 0 Jan Feb Mar Intake Extensions13

Smartphone market development SMARTPHONE INSTALLED BASE* 100% Sales of top ten mobile phones Tele2 Sweden (Q1 2012) 80% 1. iPhone 4S 16GB 60% 2. Samsung Galaxy S2 3. iPhone 4 8GB 40% 4. Samsung Galaxy S2 LTE 5. Nokia Lumia 800 20% 6. Samsung E1080 0% 7. HTC Wildfire 1106 1107 1108 1109 1110 1111 1112 1201 1202 1203 8. Samsung Galaxy Nexus Regular handset Smartphone 9. iPhone 4S 32GB 10. Sony Xperia S * Postpaid residential, quantity of handsets14

Growth in sales of data packages DATA PACKAGE CUSTOMER STOCK Q1 2012 MOBILE SURF PACKAGES Subscribers 700 000 600 000 500 000 400 000 Base Small 300 000 200 000 100 000 0 Apr Maj Jun Jul Aug Sep Okt Nov Dec Jan Feb Mar 2011 2012 Medium Large Number of customers with data packages either in subscription or as added packages continues to increase15

Prepaid to postpaid migration PREPAID MARKET SHARES 2006-2011* SHARE OF PRE- AND POSTPAID SUBSCRIPTIONS* 50% 100% 40% 75% 30% 50% 20% 10% 25% 0% 0% 2006 2007 2008 2009 2010 1H 2011 2005 2006 2007 2008 2009 2010 1H 2011 Comviq Telia Telenor Prepaid Postpaid Lycamobile Tre Övriga NET INTAKE SEASONAL EFFECTS Seasonal peaks in intake are followed by increased churn three Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec months later *Source: The Swedish Post and Telecom Authority (PTS)16

Sweden: Mobile operational performance MOBILE REVENUE SPLIT MOBILE REVENUE and MOBILE EBITDA MARGIN SEK Million 2 500 40% 21% 2 000 30% 1 500 20% 1 000 79% 10% 500 0 0% Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Data access Voice revenue (%) Revenue (left) Mobile EBITDA margin (right) revenue (%) Mobile revenue will continue to grow driven by a strong customer demand for data17

Tele2 Sweden forward looking statement The following assumptions should be taken into account when estimating the operational performance of the Swedish mobile operations in 2012: • Tele2 expects mobile service revenue to grow by approximately 3-5 (earlier 2-4) percent. • Tele2 expects an EBITDA margin of between 30-32 (earlier 33-35) percent assuming a stable market environment.18

Q1 Highlights Tele2 Norway • Integration of Tele2 Norway completed • Satisfactory intake of 16,000 mobile customers • Tele2 Norway reported total external revenue of SEK 1,135 mln, of which SEK 1,060 mln was mobile revenue • Mobile EBITDA contribution was SEK 15 (21) mlnCUSTOMER BASE and NET SALES and EBITDA andCUSTOMER INTAKE YoY NET SALES GROWTH EBITDA MARGINThousands of customers SEK Million SEK Million1 600 20 1 600 75% 80 8%1 200 10 1 200 50% 40 4% 800 0 800 25% 0 0% 400 -10 400 0% -40 -4% 0 -20 0 -25% -80 -8% Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Customer base (left) Mobile Fixed broadband Fixed telephony Other 19 Customer net YoY net sales EBITDA intake (right) growth (right) margin (right)

Tele2 Norway forward looking statement The following assumptions should be taken into account when estimating the operational performance of the total operations in Norway in 2012: • Tele2 expects a total revenue of between SEK 5,000-5,200 mln. • Tele2 expects an EBITDA margin of between 2-3 percent. • Tele2 expects capex of between SEK 850-950 mln.20

Market Area Western Europe: Overview Population 106 million Leading the group in business to business services and consumer fixed broadband Represents 19% of total net sales Q1 2012 Netherlands 13%; Germany 2.5%; Austria 3.5% Focus  Netherlands Grow in mobile and B2B  Austria B2B & Integration of Silver Server  Germany Grow Fixed Via Mobile product21

Q1 Highlights Tele2 Netherlands • Mobile growth realized mainly in high value postpaid segment • Stable financial performance in a turbulent market • On-going evaluation of possibilities for Tele2 Netherlands to become an MNO • Significant intake of 13,000 mobile customers • Secured government contractCUSTOMER BASE and NET SALES and EBITDA andCUSTOMER INTAKE YoY NET SALES GROWTH EBITDA MARGINThousands of customers SEK Million SEK Million1 200 0 1 600 10% 600 40% 900 -10 1 200 5% 450 30% 600 -20 800 0% 300 20% 300 -30 400 -5% 150 10% 0 -40 0 -10% 0 0% Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Customer base (left) Mobile Fixed broadband Fixed telephony Other 22 Customer net YoY net sales EBITDA intake (right) growth (right) margin (right)

Q1 Highlights Tele2 Germany and Tele2 Austria • Both Austria and Germany show stable profitabilty • Tele2 Germany: Fixed via Mobile product still going strong with further growing customer base • Tele2 Austria: Integration of Silver Server proceeding according to plan. This will further strengthen Tele2’s position in the B2B market TELE2 GERMANY TELE2 AUSTRIA EBITDA MARGIN EBITDA MARGIN 40% 40% 30% 30% 20% 20% 10% 10% 0% 0% Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 1223

Market Area Central Europe and Eurasia: Overview Population 28 million Represents 11% of total net sales Q1 2012 Estonia 1.9%; Latvia 2.3%; Lithuania 2.8%; Croatia 2.5%; Kazakhstan 1.5% Focus  Efficiency improvements in Baltics  Need to grow in revenue, profits and market share in Croatia  Launch two remaining regions and continue to grow rapidly in Kazakhstan24

Q1 Highlights Tele2 Estonia • Acquisition of company Televõrgu AS is completed on 17 February 2012 • Tele2 Estonia maintained a positive customer net intakeCUSTOMER BASE and NET SALES and EBITDA andCUSTOMER INTAKE YoY NET SALES GROWTH EBITDA MARGINThousands of customers SEK Million SEK Million 600 30 300 15% 80 36% 450 20 225 8% 60 32% 300 10 150 0% 40 28% 150 0 75 -8% 20 24% 0 -10 0 -15% 0 20% Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Customer base (left) Net sales (left) EBITDA (left) 25 Customer net YoY net sales EBITDA intake (right) growth (right) margin (right)

Q1 Highlights Tele2 Latvia • Rights obtained for 2 x 20 MHz in the 2.6 GHz frequency band • EBITDA margin amounted to 37%CUSTOMER BASE and NET SALES and EBITDA andCUSTOMER INTAKE YoY NET SALES GROWTH EBITDA MARGINThousands of customers SEK Million SEK Million1 200 40 400 -5% 120 40% 900 20 300 -10% 90 38% 600 0 200 -15% 60 36% 300 -20 100 -20% 30 34% 0 -40 0 -25% 0 32% Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Customer base (left) Net sales (left) EBITDA (left) 26 Customer net YoY net sales EBITDA intake (right) growth (right) margin (right)

Q1 Highlights Tele2 Lithuania • Mobile license of obtained 2 x 20 MHz in the 2.6 GHz frequency band • EBITDA margin amounted to 41% partly driven by seasonalityCUSTOMER BASE and NET SALES and EBITDA andCUSTOMER INTAKE YoY NET SALES GROWTH EBITDA MARGINThousands of customers SEK Million SEK Million2 000 30 400 5% 160 50%1 500 15 300 0% 120 40%1 000 0 200 -5% 80 30% 500 -15 100 -10% 40 20% 0 -30 0 -15% 0 10% Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Customer base (left) Net sales (left) EBITDA (left) 27 Customer net YoY net sales EBITDA intake (right) growth (right) margin (right)

Q1 Highlights Tele2 Croatia • Q1 result below expectation • 6% revenue tax was re-stated from February 2012 • Positive customer net intake in all segmentsNET SALES and EBITDA and EBITDA-CAPEXYoY NET SALES GROWTH EBITDA MARGINSEK Million SEK Million SEK Million500 0% 60 12% 50375 -2% 45 9% 25250 -4% 30 6% 0125 -6% 15 3% -25 0 -8% 0 0% -50 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Net sales(left) EBITDA (left) EBITDA CAPEX28 Net sales YoY EBITDA margin EBITDA-CAPEX growth (right) (right)

Tele2 Croatia forward looking statement The following assumption should be taken into account when estimating the operational performance of the Croatian mobile operations in 2012: • Tele2 expects Croatia to reach an EBITDA margin of 20 percent by Q3 2013.29

Q1 Highlights Tele2 Kazakhstan • Commercial launch of the Tele2 brand completed in 14 out of 16 regions • More than 1 900 BTS on air • Solid net intake of 332,000 customers • Total number of customers amounted to 1.7 millionCUSTOMER BASE and ARPU (SEK) and NET SALESCUSTOMER INTAKE MINUTES OF USEThousands of customers SEK MoU SEK Million2 000 600 60 100 2001 500 400 45 75 1501 000 200 30 50 100 500 0 15 25 50 0 -200 0 0 0 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 11 11 11 11 11 11 11 11 11 11 11 11 12 12 12 Customer base (left) ARPU (left) Net sales 30 Customer intake Minutes of use (right) (right)

Launch status Tele2 Kazakhstan Petropavl Pavlodar Kostanay Kokshetau Astana Oral Aktobe Semey Karagandy Oskemen Atyrau Almaty Taldykorgan Kyzyl-Orda Taraz Aktau Shymkent Two regions with the main cities of Shymkent and Taraz were launched in March. The commercial launch of the remaining two regions is expected in April.31

Tele2 Kazakhstan forward-looking statement The following assumptions should be taken into account when estimating the operational performance of the total operations in Kazakhstan in 2012: • Tele2 expects the subscriber base to reach 2.5-2.7 (earlier 2.3-2.5) mln. • Tele2 expects an EBITDA contribution of between SEK -350 to -400 (earlier -325 to -375) mln. • Tele2 expects capex of between SEK 550-600 mln. • Tele2 expects to reach EBITDA break-even by 2H 2013. • Tele2 expects to reach a long-term mobile customer market share of 30 percent.32

Group results SEK million Q1 2012 Q1 2011 % FY 2011 Net sales 10 481 9 642 8.7% 41 001 EBITDA 2 571 2 544 1.1% 11 212 EBITDA margin (%) 24.5% 26.4% -1.9% 27.3% Depreciaion & associated companies -1 189 -970 22.6% -4 158 Depreciation of net sales (%) -11.3% -10.1% -1.3% -10.1% One-off items 1 99 -4 EBIT 1 383 1 673 -17.3% 7 050 Normalized EBIT 1 382 1 574 -12.2% 7 054 Normalized EBIT margin (%) 13.2% 16.3% -3.1% 17.2% Financial items -178 -74 140.5% -674 Taxes -336 -373 -9.9% -1 472 Net profit 869 1 226 -29.1% 4 904 Discontinued operations - -13 -100.0% -7 Net profit 869 1 213 -28.4% 4 89734

Currency movements Q1 2012 6% 5% 4% 3% 2% 1% 0% -1% -2% EUR RUB NOK Average Q1 2012 vs. Q1 2011 Fixing rate Mar 2012 vs. Dec 2011 EUR/EUR pegged and RUB currencies represent 58% of external sales and 72% of EBITDA35

Depreciation DEPRECIATION and DEPRECIATION % OF NET SALES Change Y-on-Y for Q1 SEK Million • Acquisition of Network Norway 1 500 11.5% (SEK 86 mln) of which surplus 11.0% depreciation and amortisation of 1 200 SEK 63 mln 10.5% 900 • Upgrade/replacement of 10.0% networks in the Baltics during 600 2012 - 2013 (SEK 69 mln) 9.5% 300 9.0% • Sweden SEK 43 mln 0 8.5% • Kazakhstan SEK 19 mln Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Depreciation Depreciation of net sales (%)36

Financial items Financial items (MSEK) Q1 2012 Q1 2011 FY 2011 Interst income/costs -178 -41 -483 Exchange rate differences, external -13 -9 -24 Exchange rate differences, intragroup 53 17 13 Other financial items -40 -41 -180 Total -178 -74 -67437

Taxes Taxes in income statement (MSEK) Q1 2012 Q1 2011 FY 2011 Normal -336 -373 -1 580 One off - - 108 Total -336 -373 -1 472 Taxes in cash flow statement (MSEK) Q1 2012 Q1 2011 FY 2011 Normal -202 -225 -948 One off - - - Total -202 -225 -948 Deferred tax assets at year to date amounted to SEK 2.7 (Dec 2011: 3) billion38

Cash flow Cash flow (MSEK) Q1 2012 Q1 2011 FY 2011 OPERATING ACTIVITIES Before paid tax 2 517 2 664 10 895 Paid taxes -202 -225 -948 Change in working capital -419 -257 -257 CF from operating activities 1 896 2 182 9 690 INVESTING ACTIVITIES CAPEX -830 -1 016 -5 572 % of net sales 7.9% 10.5% 13.6% CF after CAPEX 1 066 1 166 4 118 Shares and participations -198 3 -1 563 Total 868 1 169 2 55539

Proforma financial debt profile SOURCES OF FUNDING SEK Billion 15.0 12.8 12.1 12.5 10.0 7.5 5.0 2.5 0.0 -2.5 Q4 11 Q1 12 Revolving credit facility Russia bond Other financing Commercial paper Norwegian bond Off BS items Cash Proforma net debt40

Bal. sheet consideration / Fin. leverage When available, invest in value accretive M&A or C M&A / New growth new business opportunities meeting Tele2’s A opportunities strict financial hurdles S H G E Shareholder Enhance shareholder value by distributing N recurring cash to shareholders E remuneration R A T I O Retain financial buffer N Cash / Buffer Prudent assessment based on (a) status of operations, (b) future strategic opportunities, (c) competitive landscape and (d) general macroeconomic status41

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 groups 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.”42

Debt position and ratio PROFORMA FINANCIAL NET DEBT / EBITDA 12M ROLLING SEK Billion / Ratio 20.0 2.00 17.5 2.9 1.75 Upper limit 2.9 15.0 1.50 12.5 1.25 Lower limit 10.0 1.00 7.5 0.75 12.8 12.1 5.0 0.50 2.5 0.25 0.0 0.00 Q4 11 Q1 12 Proforma Net Debt Ordinary dividend (to be paid May 2012) Extraordinary dividend (to be paid May 2012) Leverage Net Leverage Gross43

Mobile Fixed broadband Fixed telephony Other Group financials GROUP EBITDA and GROUP NET SALES GROUP EBITDA MARGIN Group EBITDA SEK Million margin SEK Million 4 000 30% 12 000 28% 9 000 3 000 26% 2 000 6 000 24% 1 000 3 000 22% 0 20% 0 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 GROUP CAPEX (BS) ROCE (NORMALISED) SEK Million Percent 2 000 25% 22% 20% 21% 1 500 19% 19% 15% 15% 1 000 10% 500 5% 0 0% Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q1 Q2 Q3 Q4 Q144

Mobile EBITDA: Sweden and Russia SWEDEN EBITDA and EBITDA RUSSIA EBITDA and EBITDA MARGIN (MOBILE) MARGIN (MOBILE) SEK Million SEK Million 1 600 60% 1 600 60% 1 200 45% 1 200 45% 800 30% 800 30% 400 15% 400 15% 0 0% 0 0% Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 EBITDA (left) EBITDA (left) EBITDA margin (right) EBITDA margin (right)45

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 • Progress within technology neutrality47

Norway: Current market positions High perceived price Low perceived High perceived quality/service quality/service Low perceived price50

Currency-adjusted sales and EBITDA CURRENCY-ADJUSTED SALES CURRENCY-ADJUSTED EBITDA SEK Million SEK Million 15 000 3 000 2 500 + 1% 12 000 + 8% 2 000 9 000 1 500 6 000 1 000 3 000 500 0 0 Q1 11 Q1 12 Q1 11 Q1 1251

Group mobile EBITDA GROUP MOBILE EBITDA SEK Million 2 500 35% 2 000 28% 1 500 21% 1 000 14% 500 7% 0 0% Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Mobile EBITDA, own infrastructure Mobile EBITDA, MVNO Mobile EBITDA margin, own infrastructure (%) Mobile EBITDA margin, total group (%) * Norway, Netherlands and Germany are treated as MVNO52

Tele2 First quarter 2012

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Tele2 First quarter 2012 Presentation Transcript