This document summarizes Tele2 AB's financial results for Q3 2014. Key highlights include: - Mobile end-user service revenue grew 8% year-over-year driven by strong data usage. EBITDA grew 14% year-over-year. - Growth was broad-based across Tele2's markets in Sweden, the Baltics, the Netherlands, and Kazakhstan. - CAPEX increased due to progress in rolling out the mobile network in the Netherlands. - Profit for the period was SEK 623 million, an improvement from a loss of SEK 171 million in the same period of 2013. - Priorities going forward include continuing the mobile network rollout in the Netherlands and Kazakhstan,

1. 23rd of October 2014
Tele2 AB

2. 2

3. Note: All numbers exclude Norway and in parenthesis are Q3 2013.
Net sales
(SEK billion)
EBITDA
(SEK billion)
CAPEX
(SEK billion)
EBITDA margin
(percent)
(6.50)
(1.47)
(23)
(0.66)
Q3 Financial Highlights
–Strong quarter with mobile end-user service revenue growth of 8%
–EBITDA year-on-year growth of 14%
–Growth in CAPEX driven by progress in the Netherlands roll out
–Growth is broad based across all markets
3

4. Note: Mobile end-user service revenue excludes interconnect and equipment sales.
*Kazakhstan growth adjusted for currency fluctuations mainly due to devaluation.
Sweden
(SEK million)
Tele2 Group
(SEK million)
Baltics
(SEK million)
Netherlands
(SEK million)
Kazakhstan
(SEK million)
8%
4
24%
7% (21%*)
3%
6%
3,008
3,006
2,904
3,094
3,252
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14
1,767
1,775
1,716
1,815
1,865
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14
259
261
273
308
321
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14
462
431
415
444
474
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14
240
251
216
225
257
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14

5. 5
Year-on-year growth for mobile end-user service revenue, Tele2 Group
Q3 12
Q4 12
Q1 13
Q2 13
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14
CAGR 7.3%

6. Strong quarter with mobile end-user service revenue growth of 6% fueled by continued strong data usage
Consumer broadband turnaround continues. The MNO roll out remains on plan, the service is currently being tested by friendly users
Positive net intake at 108,000 and EBITDA momentum continues
6
Continued growth and a strengthened EBITDA margin at 18%
The Baltics show a trend of recovery with strengthened EBITDA margins

7. 7

8. -40%
60%
-
Mobile
Fixed broadband
Fixed telephony
Other
EBITDA margin
Net sales
(SEK million)
EBITDA
(SEK million)
A strong quarter with many new and extended business contracts
–Mobile:Strong net intake of 28,000 supporting the end-user service revenue growth of 6%.
–Consumer: 64% of postpaid handset customers are now on data bucket price plans and sales shifted towards bigger data buckets. The continued increase in sales of data top-ups during the quarter also confirms the healthy increase in data consumption.
–Business: Continued strong mobile revenue growth, driven by increased customer stock as well as continued strong intake within cloud PBX. Only 18 months after its launch, the PBX service is #2 in the market.
Q3 Highlights
8
3,078
3,156
3,021
3,111
3,124
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14
900
858
825
882
1,025
29%
27%
27%
28%
33%
0%
10%
20%
30%
40%
50%
60%
-
200
400
600
800
1,000
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14

9. -40%
60%
-
Mobile
Fixed broadband
Fixed telephony
Other
EBITDA margin
Net sales
(SEK million)
EBITDA
(SEK million)
CAPEX
(SEK million)
Q3 Highlights
–Overall:Whilst preparing for MNO launch we are managing customer intake and acquisition cost.
–MNO: Continued ramp-up in CAPEX, up 25% versus last quarter. Network has been validated by Samsung and friendly users are currently testing the service.
–Consumer: Mobile customer base was up 24,000, showing growth for the 12thconsecutive quarter. The turnaround for consumer broadband continues with positive net intake for the quarter.
9
1,383
1,372
1,320
1,318
1,369
0
200
400
600
800
1,000
1,200
1,400
1,600
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14
271
342
257
267
206
20%
25%
19%
20%
15%
0%
10%
20%
30%
40%
50%
60%
-40
10
60
110
160
210
260
310
360
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14
120
401
259
372
445
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14

10. Q412
Q113
Q213
Q313
Q413
Q114
Q214
Q314
-40%
60%
-
Mobile
EBITDA margin
357
365
294
309
349
-
50
100
150
200
250
300
350
400
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14
–Overall: Positive net intake at 108,000. In line with our stated strategy to focus on quality customers is paying off with ASPU up 27% year-on-year.
–Data: Steady increase on data usage during the last three years.
–EBITDA: Momentum continues as a result of data growth and increased operational scale.
Net sales
(SEK million)
EBITDA
(SEK million)
Average usage per subscriber
(MB, four month rolling average)
Q3 Highlights
10
Interconnect cut and currency devaluation
-34
-7
1
3
22
-10%
-2%
0%
1%
6%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
-40
-30
-20
-10
0
10
20
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14
x7

11. -40%
60%
-
Mobile
EBITDA margin
Croatia Net sales
(SEK million)
Croatia EBITDA
(SEK million)
Croatia Q3 Highlights
Lithuania Net sales
(SEK million)
Lithuania EBITDA
(SEK million)
Lithuania Q3 Highlights
–Continued to deliver strong results driven by further efficiency improvements.
–LTE was launched.
–Continued growth achieving a net intake of 33,000 customers.
–Strong financials due to increased roaming revenues during summer and increased prices in anticipation of coming frequency fee increase. 11
372
396
299
329
390
0
100
200
300
400
500
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14
48
22
25
33
72
13%
6%
8%
10%
18%
0%
10%
20%
30%
40%
-
20
40
60
80
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14
109
102
108
127
143
33%
31%
36%
38%
38%
0%
20%
40%
60%
-
50
100
150
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14
334
327
304
330
375
0
100
200
300
400
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14

12. -40%
60%
-
Mobile
Fixed telephony
Other
EBITDA margin
Latvia Net sales
(SEK million)
Latvia EBITDA
(SEK million)
Latvia Q3 Highlights
Estonia Net sales
(SEK million)
Estonia EBITDA
(SEK million)
Estonia Q3 Highlights
–Improved EBITDA margin through reduced operational costs despite price pressure in the market.
–First operator in the Estonian market to launch data bucket price plans including unlimited voice and SMS. 12
–Launched roaming data buckets in EU countries to enable customers to use more data abroad.
–Introduced new tariff plans for data usage in the market.
230
230
213
223
235
0
50
100
150
200
250
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14
72
72
62
67
83
31%
31%
29%
30%
35%
0%
20%
40%
60%
-
20
40
60
80
100
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14
182
172
154
161
165
0
50
100
150
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14
43
37
39
38
41
24%
22%
25%
24%
25%
0%
20%
40%
60%
-
10
20
30
40
50
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14

13. Austria Net sales
(SEK million)
Austria EBITDA
(SEK million)
Austria Q3 Highlights
Germany Net sales
(SEK million)
Germany EBITDA
(SEK million)
Germany Q3 Highlights
–Growth in mobile with a net intake of 19,000 customers. 13
–Focus on growing B2B customer base and improving Tele2 brand awareness.
–Successful up-sell of high speed packages within the existing customer base.
-40%
60%
-
Mobile
Fixed broadband
Fixed telephony
Other
EBITDA margin
313
306
291
299
308
0
100
200
300
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14
77
65
49
58
62
25%
21%
17%
19%
20%
0%
20%
40%
60%
0
20
40
60
80
100
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14
213
226
229
226
232
0
50
100
150
200
250
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14
18
32
34
31
35
8%
14%
15%
14%
15%
-60%
-10%
40%
-30
-10
10
30
50
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14

14. 14

15. 15
SEK million
Q3 2014Q3 2013▲% Net sales6,5846,5001.3% EBITDA1,6821,47114.3% EBITDA margin (%)25.5%22.6%2.9% Depreciation & associated companies-678-724-6.4% Depreciation of net sales (%)-10.3%-11.1%0.8% One-off items--450EBIT1,004297238.0% Normalized EBIT1,00474734.4% Normalized EBIT margin (%)15.2%11.5%3.8% Financial items-46-159Taxes-232-261Net profit, continuing operations726-123-690.2% Discontinued operations-103-48Net profit623-171-464.3%

16. 16
SEK million
YTD 2014YTD 2013FY 2013▲% Net sales19,07919,17225,757-0.5% EBITDA4,5144,4015,8912.6% EBITDA margin (%)23.7%23.0%22.9%0.7% Depreciation & associated companies-2,002-2,144-2,909-6.6% Depreciation of net sales (%)-10.4%-11.1%-11.2%0.7% One-off items243-445-434EBIT2,7551,8122,54852.0% Normalized EBIT2,5122,2572,98211.3% Normalized EBIT margin (%)13.2%11.8%11.6%1.4% Financial items50-372-551Taxes-673-749-1,029Net profit, continuing operations2,132691968208.5% Discontinued operations-33013,73013,622Net profit1,80214,42114,590-87.5%

17. 17
SEK million
Q3 2014Q3 2013YTD 2014YTD 2013FY 2013OPERATING ACTIVITIESCash flow from operations, excl taxes and interest1,6601,5014,5145,7307,117Interest paid-62-99-222-323-374Taxes paid-63-31-234-370-479Change in working capital-92-14-802-744-451Cash flow from operating activities1,4431,3573,2564,2935,813INVESTING ACTIVITIESCAPEX paid-968-862-3,062-4,228-5,241Cash flow after paid CAPEX47549519465572Shares and other financial assets-18-5170917,24517,235Cash flow after investing activities45744490317,31017,807

18. 18
SEK million
Q3 2014Q3 2013YTD 2014YTD 2013FY 2013OPERATING ACTIVITIESCash flow from operations, excl taxes and interest1,6351,4494,4634,4175,832Interest paid-65-96-228-246-298Taxes paid-63-31-234-193-302Change in working capital-2511-657-469-249Cash flow from operating activities1,4821,3333,3443,5094,983INVESTING ACTIVITIESCAPEX paid-861-606-2,455-3,352-4,184Cash flow after paid CAPEX621727889157799Shares and other financial assets-12-3727-9-11Cash flow after investing activities6097241,616148788

19. 19
Pro forma net debt / EBITDA 12 m rolling
SEK billion / Ratio
7.6
7.2
6.8
8.3
7.9
0.00
0.25
0.50
0.75
1.00
1.25
1.50
1.75
2.00
0.0
2.5
5.0
7.5
10.0
12.5
15.0
17.5
20.0
Sep 2013
Dec 2013
Mar 2014
Jun 2014
Sep 2014
Pro forma net debt
Pro forma net debt to EBITDA

20. 20
Note: Guidance excludes Tele2 Norway
Net sales
(SEK billion)
EBITDA
(SEK billion)
CAPEX
(SEK billion)

21. 21

22. Summary
Priorities
–Constant focus on MNO roll out in the Netherlands and Kazakhstan
–Cement the position of Tele2 Sweden as the leader in mobile data services
–Reassess our cost structure in anticipation of closing the Norwegian deal
–High quality quarter with strong results delivered across the board
–Sweden particularly strong, mobile end-user service revenue growth of 6%
–The 4G roll out in the Netherlands shows continued progress and investment on track
–Focus on quality customer intake in Kazakhstan has been paying off with positive net intake
22

23. 23