The document provides financial and operational highlights for Tele2 AB for Q2 2017: - Net sales grew 18% driven by increases in mobile end-user service revenue and EBITDA increased 50% due to higher service revenue and integration synergies. - Mobile end-user service revenue growth was driven by increases in the consumer segment, higher ASPU, and a larger share of customers opting for bundles over 3GB of data. - Integration synergies from the TDC acquisition were ahead of plan, achieving SEK 53 million in the quarter mainly from migrating MVNO customers. - The Kazakhstan joint venture continued its strong momentum, growing net sales 35% and EBITDA 39% through

1. July 19th, 2017
Tele2AB

2. 2
Q2 2017
% Change
Reported
LFL is constant currencies and pro forma for TDC Sweden
% Change
LFL
Mobile end-user
service revenue
EBITDA
Net sales
SEK billion

3. 3

4. •
•
•
•
•
•
•
•
•
4
•
•
•
4
LFL is constant currencies and pro forma for TDC Sweden
Operating cash flow is EBITDA - CAPEX, 12 m rolling

6. 3,018 3,095
4,029
3,877 3,900
4,332
3,932 3,921
Q2 16 Q3 16 Q4 16 Q1 17 Q2 17
TDC
Net sales, LFL
(SEK million)
Mobile end-user service
revenue, LFL (SEK million)
Q2 Highlights
EBITDA and EBITDA margin,
LFL (SEK million)
6
1,778
1,885 1,928
1,865 1,969 1,959 1,922 1,930
Q2 16 Q3 16 Q4 16 Q1 17 Q2 17
846
1,068 1,028
927
1,191
1,045 1,091 1,040
24%
31%
24%
28% 27%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Q2 16 Q3 16 Q4 16 Q1 17 Q2 17
– Net sales growth driven by mobile, offset by declines in fixed segments
– Mobile end-user service revenue growth driven by consumer segment partly offset by declines in B2B Large
– EBITDA growth driven by higher service revenue, benefits from Challenger Program and TDC synergies
+1% +3% +12%
LFL is pro forma for TDC Sweden

7. 87% 85%83% 84%
Q2 16 Q2 17
Tele2 Comviq
Consumer mobile end-user
service revenue
Share of sales with bundle
>3GB
Q2 Highlights
Customer satisfaction
(Tele2 Media & Insight)
7
– New Tele2 campaign and product portfolio launched in April with early positive consumer response
– Consumer mobile end-user service revenue up 8% (5% excl. Q2 16 non-recurring item) driven by continued success of Comviq postpaid
– Continued strong demand for more data across both brands, with 66% of customers opting for more than 3GB
– Customer satisfaction stable at high levels for both brands
60%
66%
Q2 16 Q2 17Q2 16 Q2 17
+8%

8. Q2 16 Q2 17 Q2 16 Q2 17
B2B net sales, LFL
(SEK million)
B2B Large net sales, LFL
(SEK million)
Q2 Highlights
YTD integration synergies
8
– Net sales down slightly due to increased price competition in Large Enterprise, partly offset by growth in SME
– TDC integration and synergies ahead of plan, with SEK 53m achieved in the quarter, mainly from MVNO migration
– Significant contract wins in Q2 included three municipalities in the Skåne region, WSP Sverige AB and Postnord Sverige AB
LFL is pro forma for TDC Sweden
-1% -2%

9. Q2 Highlights
9
Net sales
(SEK million)
EBITDA and EBITDA margin
(SEK million)
Mobile end-user service
revenue (SEK million)
477
521 533 522
564
Q2 16 Q3 16 Q4 16 Q1 17 Q2 17
0
100
200
300
400
500
600
256
287
264
286
314
33% 32%
28%
33% 33%
0%
10%
20%
30%
40%
50%
60%
Q2 16 Q3 16 Q4 16 Q1 17 Q2 17
0
50
100
150
200
250
300
350
787
884 935
859
949
Q2 16 Q3 16 Q4 16 Q1 17 Q2 17
0
100
200
300
400
500
600
700
800
900
1,000
– Net sales growth driven by increase in both mobile end-user service revenue and equipment sales
– Mobile end-user service revenue growth accelerated due to data monetization, growth in mobile broadband and FX benefits
– Strong EBITDA performance driven by higher service revenue and Challenger Program benefits
+18% +23%+21%

10. 10
ASPU development Share of 4G capable
smartphones in base
Q2 Highlights
MBB end-user service revenue
– Strong ASPU growth driven by continued prepaid to postpaid migration and larger buckets
– Strong increase in smartphone penetration, with room for further growth
– Rapid mobile broadband growth on the back of investments in previous quarters
Q2 16 Q2 17
28%
41%
Q2 16 Q2 17 Q2 16 Q2 17
+13% +51%

12. Q2 Highlights
– Net sales increase driven by higher mobile service revenue, offset by lower equipment sales and lower fixed revenue
– Mobile end-user service revenue growth driven by 19% increase in customer base, ASPU growth of 21% and FX benefits
– EBITDA positively impacted by higher mobile service revenue and lower expansion costs
– Fixed broadband EBITDA negatively affected by a SEK 64m provision related to a legal dispute regarding historical copper line rental fees
12
Net sales
(SEK million)
EBITDA
(SEK million)
Mobile end-user service
revenue (SEK million)
336
419 438 451
509
Q2 16 Q3 16 Q4 16 Q1 17 Q2 17
0
100
200
300
400
500
600
-116
-2
-23
151
18
Q2 16 Q3 16 Q4 16 Q1 17 Q2 17
-150
-100
-50
0
50
100
150
200
1,452 1,478
1,583 1,577 1,489
Q2 16 Q3 16 Q4 16 Q1 17 Q2 17
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
+51%+3% +134m

13. Spontaneous brand awareness
& brand consideration (Memo2)
Share of total new postpaid
(GfK)
Usage on own network
Q2 Highlights
– New campaign and new propositions launched on May 17th contributed to strong mobile intake of 51k and a doubling of SIM only intake share
– Unlimited proposition has ~70k subscribers within six weeks of launch
– Data on-loading at 91% and voice on-loading at 50% with ~500k active VoLTE customers
– Network rollout continued now at 99.6% outdoor and 91.7% indoor population coverage
13
41% 40%
49%
52%
Q2 16 Q2 17
Awareness Consideration
0%
50%
67%
91%
June 16 June 17
Voice Data
27% 28%
10%
15%
May 16 May 17
Handset SIM only

14. 44
79
92
122
160
8%
14% 13%
19%
22%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Q2 16 Q3 16 Q4 16 Q1 17 Q2 17-30
20
70
120
170
220
– Continuing strong momentum as JV executes on its integration and go-to-market strategies
– Mobile end-user service revenue growth driven by increased customer base to 6.7m customers, higher ASPU bundles and FX benefits
– EBITDA margin expanded to over 22% as revenue growth drove scale benefits alongside integration synergies
14
Q2 Highlights
Net sales
(SEK million)
EBITDA and EBITDA margin
(SEK million)
Mobile end-user service
revenue (SEK million)
394 426
470 495
547
Q2 16 Q3 16 Q4 16 Q1 17 Q2 17
0
100
200
300
400
500
600
527
573
702
649
713
Q2 16 Q3 16 Q4 16 Q1 17 Q2 17
0
100
200
300
400
500
600
700
800
+35% +39% +264%

15. 6,402 6,753
Q2 16 Q2 17
ASPU development Integration
Q2 Highlights
15
Customer base
(thousands)
– Dual brand strategy driving customer growth
– Altel brand re-launched in April to strengthen its premium position in the market
– Larger data buckets are driving data monetization
– Network integration accelerated, with a further 800 base stations merged
Q2 16 Q2 17
+16%+5%

16. 16
Key progress areas since inception
 Sales & marketing efficiency
 Network & IT consolidation
 Procurement scope increase
 Customer service optimization
 Administration efficiency
 New revenue streams
Simplify
% of products harmonized
on shared platforms
Discipline
% of spend strategically
sourced & procured
Consolidate
% of reduction in IT OpEx
as share of revenue
Transform
% of staff in
Shared Operations
2016 actual 2018 targetBaseline

18. Tele2 Group
(SEK million)
18
3,307
3,598
3,711 3,725
3,908
Q2 16 Q3 16 Q4 16 Q1 17 Q2 17
Development per market
(SEK million)
3,307
3,908
152
87
173
153 13 23
Q2 16 Sweden Baltics NL KZ RoW Oth Q2 17
+18%

19. Tele2 Group
(SEK million)
19
Development per market
(SEK million)
1,087
1,562
1,459
1,723
1,631
16.3%
22.4%
17.8%
21.9% 20.4%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
100
300
500
700
900
1100
1300
1500
1700
1900
Q2 16 Q3 16 Q4 16 Q1 17 Q2 17
EBITDA margin
1,087
1,631
194
58
134
116 24 18
500
700
900
1,100
1,300
1,500
1,700
1,900
Q2 16 Sweden Baltics NL KZ RoW Oth Q2 17
+50%

20. Tele2 Group
(SEK million)
20
Development per market
(SEK million)
820 779
1,078
627
770
12.3% 11.2%
13.1%
8.0%
9.6%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
0
200
400
600
800
1000
1200
1400
Q2 16 Q3 16 Q4 16 Q1 17 Q2 17
CAPEX / Net sales
820
770
60
-125
-13
-34
62
Q2 16 SE Baltics NL KZ RoW Other Q2 17
0
-6%

21. Total operations
Tele2 Group
(SEK million)
Development
(SEK million)
Free cash flow = Cash flow from operating activities and CAPEX paid21
139
838
394
178
820
Q3 16
Q1 16
Q1 17 Q2 17Q2 16 Q4 16
139
820
544
-82
3
196 20
Q2 16 EBITDA Interest
etc.
Taxes Working
Capital
CAPEX One-off
item
Q2 17
+490%
0

22. 22
EBITDA less CAPEX 12 m rolling, SEK million
3,491 3,456 3,423 3,470 3,335 3,402 3,432 3,437
3,871 4,136
-1,178 -1,504 -1,625 -1,940 -2,223 -2,282 -2,196 -1,934
-1,344 -1,015
Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17
Baltic Sea Challenger & Rest of Group Investment Markets

23. Economic net debt to EBITDA 12 m rolling
23 Economic net debt excludes debt and earn out liabilities related to Kazakhstan
1,88
LeverageSEK billion
11.7
11.0 10.4 10.3
12.0
0.0
0.5
1.0
1.5
2.0
2.5
0.0
2.5
5.0
7.5
10.0
12.5
Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017
Economic net debt Economic net debt to EBITDA
1.91

24. * Based on LFL which is constant currencies and pro forma for Altel and TDC Sweden24
Net sales
(SEK billion)
EBITDA
(SEK billion)
CAPEX
(SEK billion)
Mobile end-user
service revenue

26. 26
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27. 27