Tele2 AB reported its financial results for the fourth quarter of 2011. Net sales grew 8% year-over-year to SEK 10,839 million. EBITDA was SEK 2,791 million, with an EBITDA margin of 26%. Tele2's customer base reached 34.1 million customers. In Russia, Tele2's subscriber base grew to 20.6 million customers, representing 28% of total net sales. Tele2 expects its Russian operations to reach 21.5-22 million subscribers in 2012 with EBITDA margins of 39-40%. In the Nordic region, Tele2 integrated its Norwegian operations and grew its Swedish mobile customer base, expecting continued growth in 2012.

1. FOURTH QUARTER 2011
Tele2 AB
7 February 2012

2. Agenda
• About Q4 2011
• Financial Review
• Concluding remarks
2

3. Tele2 Group Q4 Highlights
Q4 Financials Q4 Operational
• Net sales (curr. adj.) for the • Tele2’s customer base
Group grew by 8 % and amounted to 34.1 million
amounted to SEK 10,839 customers
• EBITDA amounted to SEK • Tele2 Kazakhstan continued its
2,791 (2,488) million, successful launch of new
equivalent to an EBITDA regions, resulting in a customer
margin of 26 (25) % intake of 249,000 (114,000).
• Tele2 Norway and Network
Norway were fully integrated
and Tele2 Austria acquired
Silver Server
3

4. Market Area Russia: Overview
Population
Appr. 140 million
Tele2 Russia
 43 regions of Russian Federation
 20.6 million subscribers
 Mobile operator #4 in Russia in terms
of subscribers and revenue
Represents 28% of total net sales Q4 2011
Focus
 Continue grow customer base and maximize the 2G opportunity
 Ensure that newcomer and challenger regions reach the same operational trends as
defender regions
 Evaluate possibilities to expand carefully through new licenses as well as by
complementary acquisitions
4

5. Q4 Highlights Russia
Region’s position Market share EBITDA
Defender (10 regions) Leader in the region  35% Moscow
(avg. 46%) (avg. 52%)
Challenger (17 regions)  20% < 35%
(avg. 31%) (avg. 31%)
Newcomer (16 regions) < 20% ≥0
(avg. 17%)
EBITDA and NET SALES and CUSTOMER BASE and
EBITDA MARGIN YoY NET SALES GROWTH CUSTOMER INTAKE
SEK Million SEK Million Thousands Thousands
1 600 60% 3 200 30% 21 000 800
1 200 45% 2 800 23% 20 000 600
800 30% 2 400 15% 19 000 400
400 15% 2 000 8% 18 000 200
0 0% 1 600 0% 17 000 0
Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11
EBITDA (left) Net sales (left) Customer base (left)
5 EBITDA margin (right) YoY net sales Customer net
growth (right) intake (right)

6. The Russian mobile market
TELE2 SUBSCRIBERS AS PART OF TOTAL
Tele2 MOBILE SUBSCRIBERS AND PENETRATION
RUSSIAN MOBILE MARKET
Million subscribers Million subscribers Subs Penetration (%)
250
9.3% 250 180%
200 5.8% 200 160%
150 150 140%
100 100 120%
50 50 100%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Oct Nov 06 07 08 09 10 11F 12F 13F 14F 15F
09 09 09 09 10 10 10 10 11 11 11 11 11
NET ADDITIONS
Tele2 MegaFon
Thousands of subscribers Vimpelcom MTS
8 000
6 000
4 000
During 2011, Tele2 has gained
market share
2 000
0
-2 000
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Oct Nov
09 09 09 10 10 10 10 11 11 11 11 11
6

7. Revenue source development
TELE2 RUSSIA: REVENUE SPLIT Q4 ARPU DEVELOPMENT
RUB
400
8,1
300
224
200
100
91,9
0
2006 2007 2008 2009 2010 Q1-11 Q2 11 Q3 11 Q4 11
Data revenue (%) Voice revenue (%) Tele2 MegaFon Vimpelcom MTS
(excl. SMS)
Tele2 sees a steady increase in ARPU on the Russian market
7

8. Regulatory update: Tele2 Russia
Technology neutrality LTE license tender update
update
• Tele2 applied to the Telecom • In Q4 2011, Tele2 participated in the
Regulator for the permission to set work group established by the
up LTE1800 trial zones Telecom Regulator and provided
recommendations for the LTE
• According to the Regulator’s “beauty contest” terms and
decision the LTE1800, trial should conditions
be conducted jointly with NIIR
(Science and Research Institute) in • LTE license tenders are reported to
Q1 2012 and results reported in Q2 take place in Q1-Q2 2012
2012
8

9. 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 ARPU to remain
stable in local currency
• Tele2 expects an EBITDA margin
of between 39 - 40 percent
• Tele2 expects capex of between
SEK 1,300 - 1,500 mln
9

10. Market Area Nordic: Overview
Population
14.4 million
Tele2 Sweden and Tele2 Norway
Home market and test bed for new services
Represents 42% of total net sales Q4 2011
Sweden 30%; Norway 12%
Focus
 Sweden: Build on mobile growth and 4G roll-out coupled with household/ corporate
fiber strategy
 Norway: Integration of Network Norway and migration of customers to Tele2’s own
network
10

11. Q4 Highlights Tele2 Sweden
• Net sales (external) amounted to SEK 3 143 mln and
EBITDA grew by 6% amounting to SEK 829 mln
• Net intake in Q4 affected by increased churn in
prepaid as a result of large intake during Q3
EBITDA and NET SALES and CUSTOMER BASE and
EBITDA MARGIN YoY NET SALES GROWTH CUSTOMER INTAKE
SEK Million SEK Million Thousands of customers
1 000 40% 4 000 12% 4 800 80
750 30% 3 000 9% 4 750 40
500 20% 2 000 6% 4 700 0
250 10% 1 000 3% 4 650 -40
0 0% 0 0% 4 600 -80
Q4 10 Q1 11Q2 11Q3 11Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11
Mobile Fixed broadband Fixed telephony Other Customer base (left)
11 EBITDA margin (right) YoY net sales Customer net
growth (right) intake (right)

12. Sweden: Mobile operational
performance
MOBILE REVENUE SPLIT MOBILE REVENUE
and MOBILE EBITDA MARGIN
SEK Million
2 500 33%
17%
2 400 32%
2 300 31%
2 200 30%
2 100 29%
83%
2 000 28%
Q4 10 Q1 11 Q2 11 Q3 11 Q4 11
Data revenue (%) Voice revenue (%) Revenue (left) Mobile EBITDA margin (right)
(excl. SMS)
Mobile revenue will continue to grow driven by
a strong customer demand for data
12

13. Smartphone market development
SMARTPHONE INSTALLED BASE*
100%
80%
60%
Sales of top ten mobile phones
Tele2 Sweden (FY 2011)
40%
20%
1. iPhone 4 16GB
0%
1106 1107 1108 1109 1110 1111 1112 2. iPhone 4S 16GB
Regular handset Smartphone 3. Samsung Galaxy S2
SMARTPHONE PRICE CATEGORIES 4. iPhone 4 32GB
100% 5. ZTE Blade
90% 6. Sony Ericsson Cedar
80% 7. iPhone 4 8GB
70% 8. Samsung Galaxy Gio
60% 9. Sony Ericsson Xperia Arc
50% 10. Samsung Galaxy ACE
Q4 2010 Q4 2011
High end Mid Low end
* Postpaid residential, quantity of handsets
13

14. Growth in sales of data packages
DATA PACKAGE CUSTOMER STOCK 2011 MOBILE SURF PACKAGES
Subscribers
600 000
500 000
400 000
Base Small
300 000
200 000
100 000
0
Jan Feb Mar Apr May Jun
Maj Jul Aug Sep Oct Nov Dec
Okt Nov Dec Medium Large
Data package customer stock increased by 120% during 2011
14

15. 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 2-4 percent.
• Tele2 expects an EBITDA
margin of between 33-35
percent including proportionate
consolidation of joint ventures.
15

16. Q4 Highlights Tele2 Norway
• The Tele2 Norway / Network Norway integration continues at
full speed and co-location is completed
• Tele2 Norway reported total external revenue of SEK 1,216
mln, of which SEK 1,128 mln was mobile revenue
• Mobile EBITDA contribution was SEK -67 (28) mln, impacted by
a restructuring cost of SEK 53 mln related to the acquisition of
Network Norway
EBITDA and NET SALES and
EBITDA MARGIN YoY NET SALES GROWTH
SEK Million SEK Million
80 8% 1 600 75%
40 4% 1 200 50%
0 0% 800 25%
-40 -4%
50% 50%
400 0%
-80 -8% 0 -25%
Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11
Mobile Fixed broadband Fixed telephony Other
16 EBITDA margin (right) YoY net sales
growth (right)

17. 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.
17

18. 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 Q4 2011
Netherlands 13.4%; Germany 2.5%; Austria 3.1%
Focus
 Netherlands Grow in mobile and SME
 Austria B2B & Integration of Silver Server
 Germany Grow Fixed Via Mobile product
18

19. Q4 Highlights Tele2 Netherlands
• Focus on increased distribution capacity leads to
growth on mobile customer base
• Tele2 Netherlands reached EBITDA of SEK 501 mln
• On-going evaluation of possibilities for Tele2
Netherlands to become MNO: Auction date set to
October 2012
EBITDA and NET SALES and CUSTOMER BASE and
EBITDA MARGIN YoY NET SALES GROWTH CUSTOMER INTAKE
SEK Million SEK Million Thousands of customers
600 40% 2000 20% 1200 0
450 30% 1500 10% 900 -10
300 20% 1000 0% 600 -20
150 10% 500 -10% 300 -30
0 0% 0 -20% 0 -40
Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11
Mobile Fixed broadband Fixed telephony Other Customer base (left)
19 EBITDA margin (right) YoY net sales growth (right) Customer net
intake (right)

20. Q4 Highlights Tele2 Germany
and Tele2 Austria
• Strong cash flow contributors to the Group
• Tele2 Germany: Fixed via Mobile product has taken
off successfully; customer base YE 2011 was 47,000.
The new product reached EBITDA breakeven less
than 6 months after launch
• Tele2 Austria: Acquisition of Silver Server completed
to 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%
Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11
20

21. Market Area Central Europe and
Eurasia: Overview
Population
28 million
Represents 12% of total net sales Q4 2011
Estonia 2%; Latvia 3%; Lithuania 3%;
Croatia 3%; Kazakhstan 1%
Focus
 Stability and improvements in Baltics
 Growth in revenue, profits and market share in Croatia
 Establish Tele2 in all regions and continue to grow rapidly in Kazakhstan
21

22. Q4 Highlights Tele2 Estonia
• Tele2 Estonia achieved a positive net intake
of customers despite fierce competition
• Acquisition of telecommunication service
provider Televõrgu AS completed in January
2012
EBITDA and NET SALES and EBITDA-CAPEX
EBITDA MARGIN YoY NET SALES GROWTH
SEK Million SEK Million SEK Million
80 35% 300 5% 90
60 30% 225 0% 60
40 25% 150 -5% 30
20 20% 75 -10% 0
0 15% 0 -15% -30
Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11
EBITDA (left) Net sales(left) EBITDA CAPEX
22 EBITDA margin Net sales YoY EBITDA-CAPEX
(right) growth (right)

23. Q4 Highlights Tele2 Latvia
• Tele2 Latvia reached an EBITDA
margin of 34%
• Tele2 Latvia was granted new
spectrum in the 2.6 GHz frequency
band in January 2012
EBITDA and NET SALES and EBITDA-CAPEX
EBITDA MARGIN YoY NET SALES GROWTH
SEK Million SEK Million SEK Million
120 40% 320 -5% 120
90 30% 240 -10% 80
60 20% 160 -15% 40
30 10% 80 -20% 0
0 0% 0 -25% -40
Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11
EBITDA (left) Net sales(left) EBITDA CAPEX
23 EBITDA margin Net sales YoY EBITDA-CAPEX
(right) growth (right)

24. Q4 Highlights Tele2 Lithuania
• The EBITDA margin amounted to 37%
• Thanks to successful sales and marketing
activities, Tele2 Lithuania maintained a
positive postpaid intake
EBITDA and NET SALES and EBITDA-CAPEX
EBITDA MARGIN YoY NET SALES GROWTH
SEK Million SEK Million SEK Million
160 60% 400 10% 150
120 45% 300 0% 100
80 30% 200 -10% 50
40 15% 100 -20% 0
0 0% 0 -30% -50
Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11
EBITDA (left) Net sales(left) EBITDA CAPEX
24 EBITDA margin Net sales YoY EBITDA-CAPEX
(right) growth (right)

25. Q4 Highlights Tele2 Croatia
• Positive free cash flow of SEK 48 mln
• Solid development despite reintroduction of
revenue tax
EBITDA and NET SALES and EBITDA-CAPEX
EBITDA MARGIN YoY NET SALES GROWTH
SEK Million SEK Million SEK Million
60 12% 600 0% 80
45 9% 450 -2% 40
30 6% 300 -4% 0
15 3% 150 -6% -40
0 0% 0 -8% -80
Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11
EBITDA (left) Net sales(left) EBITDA CAPEX
25 EBITDA margin Net sales YoY EBITDA-CAPEX
(right) growth (right)

26. 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.
26

27. Q4 Highlights Tele2 Kazakhstan
• Commercial launch of Tele2 brand completed
in 12 regions
• More than 1 800 BTS on air
• Solid net intake of 249 000 customers
• Total number of customers amounted 1.371 million
NET SALES CUSTOMER BASE and ARPU and
CUSTOMER INTAKE MINUTES OF USE in 2011
SEK Million Thousands of customers SEK
Min
200 1 600 600 100 100
150 1 200 400 75 75
100 800 200 50 50
50 400 0 25 25
0 0 -200 0 0
Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 01 02 03 04 05 06 07 08 09 10 11 12
11 11 11 11 11 11 11 11 11 11 11 11
Net sales Customer base (left) ARPU (left)
27 Customer intake Minutes of use
(right) (right)

28. Tele2 Kazakhstan launch status
The commercial launch of the remaining four regions has been postponed
until the beginning of 2012
28

29. Guidance Tele2 Kazakhstan
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 2.3 - 2.5 mln.
• Tele2 expects an EBITDA
contribution of between SEK -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.
29

30. • About Q4 2011
• Financial Review
• Concluding remarks
30

31. Group results
SEK million Q4 11 Q4 10 % YTD 11 YTD 10 %
Net sales 10,839 10,109 7.2% 40,750 40,164 1.5%
EBITDA 2,791 2,488 12.2% 10,852 10,284 5.5%
- EBITDA margin (%) 25.7% 24.6% 26.6% 26.0%
Depr. and joint ventures -1,125 -975 -3,880 -3,580
- Depr. of Net sales (%) 10.4% 9.7% 9.6% 9.0%
One-off items -26 -157 -4 384
EBIT 1,640 1 ,56 20.9% 6,968 7,088 -1.7%
Normalized EBIT 1,666 1,513 6,972 6,704
- Normalized EBIT margin (%) 15.4% 15.0% 17.1% 16.9%
Financial items -60 -155 -599 -353
Taxes -269 -102 -1 465 -254
Net profit/loss 1,311 1,099 4,904 6,481
Discont. operations 0 404 -7 447
NET RESULT 1,311 1,503 4,897 6,928
31

32. Currency movements (vs. SEK)
YoY difference in YTD average End of Q4 spot rate
FX rates, 2011 vs. 2010 vs. 31/12-2010
EUR -5.6 % EUR -0.6 %
RUB -7.3 % RUB -3.6 %
EUR/EUR pegged and RUB currencies represent 56%
of external sales and 74% of EBITDA
32

33. Currency-adjusted sales and EBITDA
CURRENCY-ADJUSTED SALES CURRENCY-ADJUSTED SALES (FY)
SEK Million SEK Million
45 000
15 000
36 000 + 7%
12 000
+ 8% 27 000
9 000
6 000 18 000
3 000 9 000
0 0
Q4 '10 Q4 '11 YTD '10 YTD '11
CURRENCY-ADJUSTED EBITDA CURRENCY-ADJUSTED EBITDA (FY)
SEK Million SEK Million
3 000 12 000
2 500 10 000
+13% +10%
2 000 8 000
1 500 6 000
1 000 4 000
500 2 000
0 0
Q4 '10 Q4 '11 YTD '10 YTD '11
33

34. Taxes
Taxes in income
statement (MSEK) Q4 11 Q4 10 YTD 11 YTD 10
Normal -377 -277 -1 573 -1 405
One-Off 108 175 108 1 151
Total -269 -102 -1 465 -254
Taxes in cash
flow statement (MSEK) Q4 11 Q4 10 YTD 11 YTD 10
Normal -163 -160 -948 -740
One-Off - - - -
Total -163 -160 -948 -740
Deferred tax assets at year end amounted to SEK 2.9 (3.2) billion
34

35. Cash flow
Cash flow (SEK million) Q4 11 Q4 10 YTD 11 YTD 10
OPERATING ACTIVITIES
Before paid tax 2,584 2,311 10,610 10,450
Paid taxes -163 -160 -948 -740
Changes in working capital -106 -374 -414 -100
CF from operating activities 2,315 1,777 9,248 9,610
INVESTING ACTIVITIES
CapEX -1,400 -1,163 -4,667 -3,603
CF after CapEX 915 614 4,581 6,007
Shares and participations -1,541 - 469 -1,217 -1,510
35

36. Debt position and ratio
PRO FORMA NET DEBT / EBITDA 12’M ROLLING
SEK Billion
20,0 2,00
17,5 1,75 Upper limit
15,0 1,50
12,5 1,25
Lower limit
10,0 1,00
7,5 0,75
5,0 0,50
2,5 0,25
0,0 0,00
Q4 10 Q1 11 Q2 11 Q3 11 Q4 11
Pro Forma Net Debt Ordinary dividend Upper limit
Pro Forma Net Debt / EBITDA 12’M Rolling Extraordinary dividend Lower limit
36

37. Debt profile
SOURCES OF FUNDING
SEK Billion
20,0
17,5
15,0
12,9 12,6
12,5 11,3
10,0
7,5
5,0
2,8
2,5 1,7
0,0
-2,5
Q4 10 Q1 11 Q2 11 Q3 11 Q4 11
-5,0
Revolving credit facility Russia bond Other bank loans
Off BS items Cash Pro forma net debt
37

38. 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 status
38

39. 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 group's 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.”
39

40. Mobile Fixed broadband Fixed telephony Other
Group financials
GROUP EBITDA and GROUP NET SALES
GROUP EBITDA MARGIN
SEK Million SEK Million
3 500 30% 12 000
3 000 10 000
28%
2 500
8 000
2 000 26%
6 000
1 500 24%
1 000 4 000
22%
500 2 000
0 20% 0
Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11
Group EBITDA
margin
GROUP CAPEX (BS) ROCE
SEK Million Percent
25%
1 600 23%
1 400 20% 22%
19%
1 200 20%
19%
1 000 15%
800
10%
600
400
5%
200
0 0%
Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11
40

41. Group mobile EBITDA
GROUP MOBILE EBITDA
SEK Million
2 500 35%
2 000 28%
1 500 21%
1 000 14%
500 7%
0 0%
Q4 10 Q1 11 Q2 11 Q3 11 Q4 11
-500 -7%
Mobile EBITDA on own infrastructure Mobile EBITDA (MVNO)*
Mobile EBITDA margin on own infrastructure Total mobile EBITDA margin
* Norway, Netherlands and Germany are treated as MVNO
41

42. Income statement/Adjustment 2011
using new accounting principles
SEK million 2011, Full year
CONTINUING OPERATIONS
Net sales 251
Operating expenses -215
Results from shares in associated companies and JVs -16
Other operating income 62
Operating profit, EBIT 82
Interest income/costs -75
Profit after financial items, EBT 7
Tax on profit -7
NET PROFIT -
EBITDA Mobile Sweden 318 +2.7%
Total Assets 355
Return On Capital Employed -0.4%
42

43. Sweden mobile revenue and EBITDA
(Q)
SALES EBITDA
SEK million SEK million
2 241 10 149 9 2 409
36%
1%
670 22 -32 51 5 716
Ext. revenue Recurring Mobile Ass. comp & Ext. revenue EBITDA GM2 N4M Expansion Other EBITDA
Q4 2010 sales equipment adjustments Q4 2011 Q4 2010 (excl. cost OpEx Q4 2011
N4M)
43

44. Sweden mobile revenue and EBITDA
(FY)
SALES EBITDA
SEK million SEK million
8 474 311 609 -72 9 322
87%
4%
2 803 253 -68 -46 -100 2 842
Ext. revenue Recurring Mobile Ass. comp & Ext. revenue EBITDA GM2 N4M Expansion Other EBITDA
YTD 2010 sales equipment adjustments YTD 2011 YTD 2010 (excl. cost OpEx YTD 2011
N4M)
44

45. Swe mobile: Restated JV accounting
SALES (Quarterly comparison) SALES (FY comparison)
SEK million SEK million
8 474 303 8 776 -119 34 609 227 9 528
2 241 57 2 298 -33 16 149 12 2 441
EBITDA and EBITDA margin EBITDA and EBITDA margin
SEK million SEK million
2 803 333 3 137 -57 -45 0 126 3 161
670 73 743 -16 -26 0 97 799
30% 2% 0% -1% -2% 4%
32% 33% 3% 0% % -1% -2,3% 0,5%
-0,9 -2%
33% 36% 1% 33%
N4M
Underlying
Restated EBITDA Q4
Equipment
Restated EBITDA Q4
Q4 2010
Restatement
MTR
N4M
YTD 2010
Equipment
Underlying
Restatement
MTR
EBITDA YTD '10
EBITDA YTD '11
Restated
Restated
'10
'11
45

46. • About Q4 2011
• Financial Review
• Concluding remarks
46

47. 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
• Launch 6 new regions in Far East
of Russia
47 2010-10-20

48. Q&A
48 2010-10-20

49. 49 2010-10-20