Tele2 reported robust fourth quarter and full-year 2008 results with revenue growth and improved profitability. Key highlights included strong growth in Russia and Croatia, stable performance in the Nordic region, and a focus on profitability in Western Europe. Tele2 is well positioned financially and operationally to deal with potential economic impacts in 2009, with contingency plans to preserve cash flow. The company proposed an increased dividend and secured a new credit facility, maintaining a strong liquidity profile.

1. FOURTH QUARTER AND
FULL-YEAR RESULTS 2008
10 February 2008

2. AGENDA
CEO review Harri Koponen
Financial review Lars Nilsson
Operating review of Mobile Harri Koponen
Concluding remarks Harri Koponen
2 2009-02-10 Fourth quarter and full-year 2008

3. HIGHLIGHTS Q4 AND FY 2008
• Robust fourth quarter and full year results
• Russia
– Passing 10.4 million customers
– Roll-out of new regions on track
• Central Europe
– Stable operational development in the Baltic region despite
difficult economic environment
– Croatia adding more than 230,000 customers in 2008
• Nordic
– Stable full year EBIT contribution from Swedish mobile operations
– Norway regaining price leadership. Strong net adds
• Western Europe
– Delivering on its new strategy focusing on profitability
– Robust performance in the Netherlands and Germany.
– Restructuring of Tele2 Austria
• Proposed total dividend SEK 5
• Solid liquidity profile after Q1 2009 refinancing
3 2009-02-10 Fourth quarter and full-year 2008

4. ECONOMIC IMPACT
• Robust Q4 and FY 2008 results, with little or no impact
from economic downturn
– Difficult to predict to what extent consumer telecom spending will be
affected in 2009
• Tele2 is well prepared, both financially as well as
operationally, to deal with various scenarios
• Economic downturn potentially an opportunity
• Contingency plans in place to make sure cash flow
generation is preserved
4 2009-02-10 Fourth quarter and full-year 2008

5. FINANCIAL HIGHLIGHTS Q4 2008
• Robust financial performance in Q4 2008
– Revenue of SEK 10,313 million, up 7 percent
– EBITDA of SEK 2,173 million, up 47 percent
– Cash flow after capex SEK 704 (-343) million
• Low financial gearing with net debt to EBITDA 0.9 times*)
• Progressive view on dividend
– Proposed total dividend SEK 5
• New credit facility of SEK 12,000 million
*) Including obligations to JV
5 2009-02-10 Fourth quarter and full-year 2008

6. AGENDA
CEO review Harri Koponen
Financial review Lars Nilsson
Operating review of Mobile Harri Koponen
Concluding remarks Harri Koponen
6 2009-02-10 Fourth quarter and full-year 2008

7. Q4 2008 GROUP RESULTS
SEK million Q4 08 Q4 07 Change %
Continuing operations, Net Sales 10,313 9,599 7%
EBITDA 2,168 1,418 53%
- EBITDA margin (%) 21% 15%
Depreciation and joint venture -964 -960
- Depreciation of net sales (%) 9% 10%
One-off items -19 -417
EBIT 1,185 41
Normalized EBIT 1,251 369
- Normalized EBIT margin (%) 12% 4%
Financial items -593 -105
Taxes 104 -75
Net result, continuing operations 696 -139
Net result, discontinued operations 198 110
Net result 894 -129
7 2009-02-10 Fourth quarter and full-year 2008

8. FY 2008 GROUP RESULTS
SEK million FY 08 FY 07 Change %
Continuing operations, Net Sales 39,505 40,056 -1%
EBITDA 8,175 6,320 29%
- EBITDA margin (%) 21% 16%
Depreciation and joint venture -3,682 -3,799
- Depreciation of net sales (%) 9% 9%
One-off items -1,642 -1,184
EBIT 2,851 1,337
Normalized EBIT 4,605 2,984
- Normalized EBIT margin (%) 12% 7%
Financial items -1,013 -731
Taxes -120 -988
Net result, continuing operations -1,718 -382
Net result, discontinued operations 715 -1,387
Net result 2,433 1,769
8 2009-02-10 Fourth quarter and full-year 2008

9. OTHER FINANCIAL ITEMS
2008 Full Year 2008 Q4
External fx -110 -171
Intergroup fx -441 -345
Other net -62 9
Total: Other financial items -613 -507
2008 Full Year 2008 Q4
Exchage rate differencies* 3,146 2,491
* recognized directly in shareholders equity
9 2009-02-10 Fourth quarter and full-year 2008

10. TAX EXPECTATION
• Reported tax for 2008 amounted to SEK -120 million. Tax payment affecting
cash flow amounted to SEK -377 million
• In 2009 Tele2 forecast a corporate tax rate of approximately 20 percent
excluding one-off items
• The tax payment will affect 2009 cash flow by approximately SEK
700-800 million
• Tax dispute
– In Q1 2009, Tele2 announced that the company has not been allowed to deduct a capital
loss of SEK 13.9 billion, which was associated with the liquidation of S.E.C. S.A. in 2001
– Tele2 will appeal the decision made by the County Administrative Court
– Tele2 is of the opinion that the dispute will be settled in Tele2’s favor and have not
provisioned any cost associated with the verdict.
10 2009-02-10 Fourth quarter and full-year 2008

11. CASH FLOW FOR Q4 2008
SEK million Q4 08 Q4 07
Operating activities, excl taxes paid 1,930 1,528
Taxes paid -120 -189
Change in WC 127 -367
Cash flow from operating activities 1,937 972
CAPEX -1,223 -1,315
Cash Flow after CAPEX 704 -343
11 2009-02-10 Fourth quarter and full-year 2008

12. CASH FLOW FOR FY 2008
SEK million FY 08 FY 07
Operating activities, excl taxes paid 8,166 6018
Taxes paid -377 -1,530
Change in WC 107 -138
Cash flow from operating activities 7,896 4,350
CAPEX -4,608 -5,169
Cash Flow after CAPEX 3,288 -819
12 2009-02-10 Fourth quarter and full-year 2008

13. DIVIDEND PROPOSAL
• Tele2’s intention over the medium term is to pay
a progressive ordinary dividend to its
shareholders
• The board of Tele2 AB has decided to
recommend an increase of the ordinary dividend
by 11 percent to SEK 3.50 (3.15) per share
• The board has also decided to recommend a
special dividend of SEK 1.50 (4.70) per share to
the AGM.
13 2009-02-10 Fourth quarter and full-year 2008

14. GROUP FINANCIAL PROFILE
20 000 3
18 000 Net debt incl. JV
16 000 2,5
14 000 2 Net debt
12 000
10 000 1,5
8 000 Net debt/
6 000 1 EBITDA incl. JV
4 000 0,5 Net debt/
2 000 EBITDA
0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
07 07 07 07 08 08 08 08
• Net debt amounted to SEK 4,952 (5,198) million
– 0.6 times FY 2008 EBITDA
– 0.9 times FY 2008 EBITDA including guarantees to JV
• New credit facility agreement of SEK 12,000 million
14 2009-02-10 Fourth quarter and full-year 2008

15. NEW CREDIT FACILITY
• 3-year revolving credit facility agreement of SEK 12 billion
• The deal was successfully oversubscribed
• Tele2 will use this facility to:
– Develop its business organically
– Refinance its existing revolving credit facilities maturing in November 2009
– Keep an optimal capital structure within the financial disciplines announced
15 2009-02-10 Fourth quarter and full-year 2008

16. GROUP Q4 2008 NET SALES
12 000
10 000
8 000 Other
Fixed broadband
6 000
Fixed telephony
4 000 Mobile
2 000
0
Q3 Q4 Q1 Q2 Q3 Q4
07 07 08 08 08 08
• Mobile net sales SEK 6,502 million, up 14 percent
– Russia the main growth driver, up 40 percent
• Fixed Broadband net sales SEK 1,637 million, up 8 percent
– Less emphasis on market share and more on profitability leading to negative customer
development
16 2009-02-10 Fourth quarter and full-year 2008

17. GROUP Q4 2008 EBITDA
2 500 25,00%
Other
2 000 20,00%
Fixed broadband
1 500
15,00%
1 000 Fixed telephony
10,00%
500 Mobile
0 5,00%
Group EBITDA
Q3 Q4 Q1 Q2 Q3 Q4 margin
-500 0,00%
07 07 08 08 08 08
• Group EBITDA margin 21 percent
– Normal seasonality affecting Q4 2008
– Estonia and Norway affected by one-off costs
• Improved cost control in fixed broadband and fixed telephony showing the greatest
relative improvement
17 2009-02-10 Fourth quarter and full-year 2008

18. MOBILE Q4 2008 EBITDA
2 000 30,00%
1 800
1 600 25,00%
1 400 20,00% Mobile
1 200
1 000 15,00%
800 Mobile EBITDA
600 10,00% margin
400 5,00%
200
0 0,00%
Q3 Q4 Q1 Q2 Q3 Q4
07 07 08 08 08 08
• Mobile EBITDA margin 25 percent
– Normal seasonal pattern in Q4 2008 mainly driven by Christmas campaigns
– One-off costs in Estonia and Norway
– Launch costs in Russia affecting the quarter. FY 2009 expecting opex of SEK 500-700
million related to the roll-out of the 17 new licenses
– Marketing push in Croatia weighing on the EBITDA result
18 2009-02-10 Fourth quarter and full-year 2008

19. FIXED BROADBAND Q4 2008 EBITDA
100 8,00%
6,00%
50
4,00%
0 2,00%
Q3 Q4 Q1 Q2 Q3 Q4 0,00% Fixed broadband
-50 -2,00%
07 07 08 08 08 08
-100 -4,00% Fixed broadband
-6,00% EBITDA margin
-150 -8,00%
-10,00%
-200
-12,00%
-250 -14,00%
• Fixed broadband EBITDA margin 5 percent
– Less emphasis on market share leading to improved cost control. However, further
improvement needed
– Focus on ULL rather than resold products
19 2009-02-10 Fourth quarter and full-year 2008

20. FIXED TELEPHONY Q4 2008 EBITDA
500 30,00%
450
400 25,00%
350 20,00% Fixed Telephony
300
250 15,00%
200 Fixed telephony
150 10,00% EBITDA margin
100 5,00%
50
0 0,00%
Q3 Q4 Q1 Q2 Q3 Q4
07 07 08 08 08 08
• Fixed telephony EBITDA margin 27 percent
– Focus on maintaining relative performance
– Improve operations in Austria
20 2009-02-10 Fourth quarter and full-year 2008

21. GROUP Q4 2008 EBIT
2 000 16,00%
14,00% Other
1 500
12,00% Fixed broadband
1 000
10,00%
500 8,00% Fixed telephony
6,00% Mobile
0
Q3 Q4 Q1 Q2 Q3 Q4 4,00%
-500 Group EBIT
07 07 08 08 08 08 2,00%
margin
-1 000 0,00%
• Group EBIT margin 12 percent excluding one-off items
• Improved operational performance in fixed broadband and fixed telephony lifting EBIT
performance
– Benefits with SUNAB giving stable EBIT contribution from Sweden mobile
21 2009-02-10 Fourth quarter and full-year 2008

22. GROUP Q4 2008 CAPEX
1600 16,00%
1400 14,00%
1200 12,00% Other
1000 10,00% Fixed broadband
800 8,00% Fixed telephony
600 6,00% Mobile
400 4,00% Capex/sales
200 2,00%
0 0,00%
Q3 Q4 Q1 Q2 Q3 Q4
07 07 08 08 08 08
• Group Capex SEK 1,328 million or 13 percent of net sales
– FY 2008 capex/sales ratio 11 percent
– FY 2009 expectation in the range of SEK 4,500-4,700 million
• Expansion in Russia the main driver
– FY 2009 expectation in the range of SEK 1,100-1,300 million related to roll-out of new
licenses
22 2009-02-10 Fourth quarter and full-year 2008

23. FINANCIAL SUMMARY
• Overall solid operational performance
– No or little impact from difficult economic environment
• Mobile and fixed telephony the main profit drivers
– Russia developing well, with roll-out of new regions following plan
• Fixed broadband seeing good improvement
– Still need for further improvement to meet set hurdles
• Capex development expected to stay fairly flat in 2009
• Total dividend SEK 5
• Robust liquidity profile after Q1 2009 refinancing
• Contingency plans in place to make sure cash flow generation is
preserved
23 2009-02-10 Fourth quarter and full-year 2008

24. AGENDA
CEO review Harri Koponen
Financial review Lars Nilsson
Operating review of Mobile Harri Koponen
Concluding remarks Harri Koponen
24 2009-02-10 Fourth quarter and full-year 2008

25. GENERAL MARKET TRENDS IN MOBILE
• Customer intake still robust
– More price sensitive and interested in SIM only offers
• MoU still growing, with mobile traffic taking a larger share of total minutes
carried
• Pricing environment for basic voice fairly stable
• Good interest in mobile internet services
• Operators having better pricing power
25 2009-02-10 Fourth quarter and full-year 2008

26. TELE2 SWEDEN MOBILE
3 400 140
3 300
120 • Revenue growth of 6.5 percent
100 • Slowing customer activity in
3 200
voice services
80
3 100
Mobile subscriber – Lower pre-paid intake
Net intake
60
– Renewed interest in SIM only
3 000
40 • 15.000 new mobile internet
2 900
20
user
– Total base 170,000
2 800 0
Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 • MoU continue to grow, both
2 000 40,00% voice and VAS
35,00% • More traffic being carried by the
1 950
30,00%
SUNAB JV
1 900 – Most cost efficient 3G carrier in
25,00%
Mobile net sales Sweden
1 850 20,00% EBIT marg. – Opex approximately SEK 450
EBITDA marg.
15,00% million YTD
1 800
10,00%
1 750
5,00%
1 700 0,00%
Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08
26 2009-02-10 Fourth quarter and full-year 2008

27. TELE2 NORWAY MOBILE
465 25
460 20
455 • Reconfirmed price position
15
450 • Strong net intake adding
10
445
Mobile subscriber 19,000 customers
Net intake
440
5
• Tough competition negatively
435
0 affecting ARPU
430 -5
• EBITDA contribution negatively
affected by increased sales and
425 -10
Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08
marketing as well as currency
movement
700 12,00%
• Network Norway JV affecting
680 10,00%
EBIT by SEK -16 million
8,00%
660
6,00%
640
Mobile net sales
4,00%
620 EBITDA marg.
2,00%
600
0,00%
580 -2,00%
560 -4,00%
Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08
27 2009-02-10 Fourth quarter and full-year 2008

28. TELE2 RUSSIA MOBILE
12 000 700
600
• Revenue growth of 40 percent
10 000
• More than 10.4 million
500
8 000 customers
6 000
400
Mobile subscriber • Robust ARPU development
Net intake
300 • Successful launch of Krasnodar
4 000
200 region
2 000
100
• Roll-out of new GSM licenses
on track
0 0
Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08
– Opex costs affecting total
EBITDA in Q4 2008
2 500 37,00%
• Acquisition of operations in
36,00%
2 000
Kaliningrad
35,00%
34,00%
• Improved network quality
1 500
33,00%
through the introduction of
Mobile net sales
EBITDA marg.
EDGE
32,00%
1 000
31,00%
500 30,00%
29,00%
0 28,00%
Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08
28 2009-02-10 Fourth quarter and full-year 2008

29. TELE2 BALTIC MOBILE
3 600 60
• Challenging economic
50
3 550
environment
40
3 500 • Robust revenue
30
3 450
Mobile subscriber
development despite
20
3 400
Net intake current economic climate
10
3 350
– Positive currency effect
0
3 300 -10
• Price leadership creating
opportunities
3 250 -20
Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 – Focus on enterprise
1400 40,00% customers
1200 35,00% – Estonia 21 percent market
30,00%
share in the business
1000
segment
25,00%
Latvia net sales
800
Lithuania net sales
20,00%
600 Estonia net sales
15,00% EBITDA marg.
400
10,00%
200 5,00%
0 0,00%
Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08
29 2009-02-10 Fourth quarter and full-year 2008

30. TELE2 CROATIA MOBILE
800 80
• Total customer base more
700 70
than doubled in 2008
600 60
– Improved marketing
500 50
strategy
Mobile subscriber
400 40
Net intake – Better quality of service
300 30
– Net adds Q4 2008
200 20 amounting to 76,000
100 10
• Opex affected by higher
0
Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08
0
marketing spend and
300 0,00%
acquisition costs
250 -10,00%
-20,00%
200
-30,00%
Mobile net sales
150
-40,00% EBITDA marg.
100
-50,00%
50 -60,00%
0 -70,00%
Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08
30 2009-02-10 Fourth quarter and full-year 2008

31. REGULATION
Important topics for Tele2
• Interconnect
• Access to fiber (extension of current ULL legislation)
• Frequency re-farming
31 2009-02-10 Fourth quarter and full-year 2008

32. AGENDA
CEO review Harri Koponen
Financial review Lars Nilsson
Operating review of Mobile Harri Koponen
Concluding remarks Harri Koponen
32 2009-02-10 Fourth quarter and full-year 2008

33. CONCLUDING REMARKS
• Robust fourth quarter and full year results
• Improved total dividend amounting to SEK 5
• Solid liquidity profile after Q1 2009 refinancing
• Top priorities in 2009
– Tele2 will continue to focus on cost discipline in all parts of the organization
• Tele2 should use its cost advantage to carefully move its position forward
– Roll-out of new regions in Russia
– Develop our mobile operations
• compose a product portfolio that goes in line with the needs of our customers
– Tele2 will work harder in the corporate segment In both the Nordic and Western European
regions
33 2009-02-10 Fourth quarter and full-year 2008

34. Q&A
34 2009-02-10 Fourth quarter and full-year 2008