In the first quarter of 2017, Tele2AB Group reported the following highlights: - Mobile end-user service revenue increased 19% to SEK 3.7 billion. - EBITDA grew 41% to SEK 1.7 billion. - Net sales were up 22% to SEK 7.9 billion. The document then provides details on financial and operational performance in each of Tele2's markets in the first quarter, and reconfirms its financial guidance for 2017.

1. FIRST
QUARTER
2017
April 24, 2017
Tele2AB

2. Group highlights – Q1 2017
2
Q1 2017
% Change
Reported
LFL is constant currencies and pro forma for Altel and TDC Sweden
% Change
LFL
Mobile end-user
service revenue 3.7 +19% +10%
EBITDA 1.7 +41% +28%
Net sales 7.9 +22% +3%
SEK billion

3. Tele2’s Way2Win
Our Purpose
We fearlessly liberate people to live a more connected life
Where We Play How We Win
Positively
Fearless
Brands
Connecting
Things our
Customers
Love
Digital First
Customer
Experience
Challenger
Cost
Structure
Winning People & Culture
Responsible Challenger
IoT Cash
Generators
Investment
Markets
Baltic Sea
Challenger
3

4. Delivering on our long term strategy
4
LFL is constant currencies and pro forma for Altel and TDC Sweden
Operating cash flow is EBITDA – CAPEX, 12 m rolling
Winning
People &
Culture
Baltic Sea
Challenger
Challenger
Cost
Structure
Investment
Markets
• Netherlands mobile end-user service revenue up 40%
• Dutch data and voice on-loading at 87% and 40% respectively
• Kazakhstan mobile end-user service revenue up 14%
• Sweden mobile end-user service revenue up 5% and Baltics up 12%
• Sweden EBITDA up 10% and Baltics up 16%
• Operating cash flow grew by 16% in Sweden and Baltics
• Kazakhstan JV delivering EBITDA margin of 19%
• First TDC synergies materializing
• Challenger program well on track for SEK 1 billion per annum benefits
• TDC Sweden now co-located with Tele2
• Jon James appointed CEO of Tele2 Netherlands

5. Baltic Sea Challenger

6. – Net sales flat as strong mobile growth is offset by a decline in fixed business
– Mobile end-user service revenue growth driven by prepaid to postpaid migration, larger data buckets and growth in large enterprise
– Modest sales and marketing activities in the quarter, ahead of the launch of new Tele2 commercial proposition in Q2
– EBITDA growth driven by higher service revenues, lower expansion costs, benefits from Challenger Program as well as TDC synergies
3 053 3 018 3 095
4 029
3 9323 935 3 877 3 900
4 332
Q1 16 Q2 16 Q3 16 Q4 16 Q1 17
Sweden – Financials
Net sales, LFL
(SEK million)
Mobile end-user service
revenue, LFL (SEK million)
Q1 Highlights
EBITDA and EBITDA margin,
LFL (SEK million)
6 LFL is pro forma for TDC Sweden
894
846
1 068
993 927
1 191
1 045 1 091
25% 24%
31%
24%
28%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
-800
-300
200
700
1 200
Q1 16 Q2 16 Q3 16 Q4 16 Q1 17
0% +5% +10%
1 028
1 872
1 758 1 778
1 885 1 928
1 9221 831 1 865 1 969 1 959
Q1 16 Q2 16 Q3 16 Q4 16 Q1 17
TDC

7. Sweden Consumer – Momentum continues
Consumer mobile end-user
service revenue
Share of postpaid sales with
bundle >3GB
Q1 Highlights
Customer satisfaction
(Tele2 Media & Insight)
Q1 16 Q1 17
7
51%
69%
Q1 16 Q1 17
+5%
– Consumer mobile end-user service revenue up 5%, driven by 12% growth in consumer postpaid due to migration to higher ASPU products
– Tele2 and Comviq customers increasingly taking larger data buckets
– Strong trend in Comviq customer satisfaction, while Tele2 is stable
– New Tele2 commercial propositions launched on April 21st
87% 86%
78%
84%
Q1 16 Q1 17
Tele2 Comviq

8. Q1 16 Q1 17
Sweden B2B – Synergies materializing
Integration synergiesB2B net sales, LFL
(SEK million)
Q1 Highlights
B2B Large net sales, LFL
(SEK million)
8
Q1 16 Q1 17
0
Q1 17
SEK 19
million
– B2B sales stable in both Tele2 Business segment and former TDC Sweden
– B2B Large net sales up due to 8% growth of mobile end-user service revenue, partly offset by lower fixed telephony
– First TDC synergies materializing, mainly driven by migration of the MVNO traffic, which is to be finalized during Q2
+1% +3%

9. Baltics – Financials
Q1 Highlights
9
Net sales
(SEK million)
EBITDA and EBITDA margin
(SEK million)
Mobile end-user service
revenue (SEK million)
468 477
521 533 522
Q1 16 Q2 16 Q3 16 Q4 16 Q1 17
0
100
200
300
400
500
600
246 256
287
264
286
32% 33% 32%
28%
33%
0%
10%
20%
30%
40%
50%
60%
Q1 16 Q2 16 Q3 16 Q4 16 Q1 17
0
50
100
150
200
250
300
350
770 787
884 935
859
Q1 16 Q2 16 Q3 16 Q4 16 Q1 17
0
100
200
300
400
500
600
700
800
900
1 000
+12% +16%+12%
– Net sales growth driven by increase in both mobile end-user service revenue and equipment sales
– Mobile end-user service revenue growth continues due to prepaid to postpaid migration, data monetization and growth in mobile broadband
– Strong EBITDA performance driven by higher service revenue and Challenger Program benefits

10. Baltics – Data monetization continues
10
ASPU development Share of 4G capable
smartphones in base
Q1 Highlights
MBB end-user service revenue
– Strong ASPU growth driven by increasing postpaid share and migration to larger buckets
– Continued strong increase in smartphone penetration, with room for further growth
– Mobile broadband growth as a result of investments in previous quarters
Q1 16 Q1 17
24%
39%
Q1 16 Q1 17 Q1 16 Q1 17
+9% +52%

11. Investment Markets

12. Netherlands – Financials
Q1 Highlights
– Net sales up due to strong mobile momentum, partly offset by continued decline in fixed broadband and telephony
– Mobile end-user service revenue increase driven by >20% increase in customer base and ASPU growth of >10%
– EBITDA positively impacted by higher mobile service revenues, lower mobile expansion costs and reduction in NRA costs
– Improved cash contribution from fixed broadband driven by a disciplined investment focus
– Non-recurring item of SEK 95 million compared to SEK 73 million in Q1 2016
12
Net sales
(SEK million)
EBITDA
(SEK million)
Mobile end-user service
revenue (SEK million)
322 336
419 438 451
Q1 16 Q2 16 Q3 16 Q4 16 Q1 17
0
50
100
150
200
250
300
350
400
450
500
-31
-116
-2
-23
151
Q1 16 Q2 16 Q3 16 Q4 16 Q1 17
-150
-100
-50
0
50
100
150
200
1 441 1 452 1 478
1 583 1 577
Q1 16 Q2 16 Q3 16 Q4 16 Q1 17
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
+9% 587%+40%

13. Netherlands – Momentum despite pressure
Spontaneous brand awareness
& brand consideration (Memo2)
Share of total new postpaid
(GfK)
Usage on own network
Q1 Highlights
– Maintaining a decent market share of new postpaid contracts, despite increased price competition
– Good progress in data on-loading driven by network rollout at 99.5% outdoor and 91% indoor population coverage
– 403k active VoLTE customers following iPhone activation at the end of January
– Mobile net intake of 16k, including a -24k one-time clean-up
13
34%
42%41%
52%
Q1 16 Q1 17
Awareness Consideration
20%
17%
Feb 16 Feb 17
0%
40%
57%
87%
Mar 16 Mar 17
Voice Data

14. – Net sales up due to strong mobile momentum
– Mobile end-user service revenue growth driven by increased customer base and higher ASPU
– Positive EBITDA development driven by revenue growth, improved operating leverage and JV synergies
Kazakhstan – Financials
14
Q1 Highlights
LFL is constant currency and pro forma for Altel
Net sales, LFL
(SEK million)
EBITDA and EBITDA margin, LFL
(SEK million)
Mobile end-user service
revenue, LFL (SEK million)
433 449 474 488 495
Q1 16 Q2 16 Q3 16 Q4 16 Q1 17
0
100
200
300
400
500
600
569 600 639
734
649
Q1 16 Q2 16 Q3 16 Q4 16 Q1 17
0
100
200
300
400
500
600
700
800
+713%+14%+14%
15
50
89 97
122
3%
8%
14% 13%
19%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
Q1 16 Q2 16 Q3 16 Q4 16 Q1 17-30
20
70
120
170

15. 6 298 6 514
Q1 16 Q1 17
Kazakhstan – Continued strong performance
ASPU development, LFL Integration
Q1 Highlights
15
Customer base, LFL
(thousands)
LFL is pro forma for Altel
– Customer base continues to grow year-on-year
– Strong ASPU driven by continued focus on improving data monetization
– ~630 base station sites merged as network integration continues throughout 2017
~630
sites merged
Q1 16 Q1 17
+3% +9%

16. Challenger program on track
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
30% 40% 60%
40% 75% 80%
0% 5% 20%
12% 18% 25%

17. Financial Overview

18. 3 129
3 725
164
54
129
230 0
19
Q1 16 Sweden Baltics NL KZ RoW Oth Q1 17
Mobile end-user service revenue
Tele2 Group
(SEK million)
18
3 129
3 307
3 598
3 711 3 725
Q1 16 Q2 16 Q3 16 Q4 16 Q1 17
+19%
Development per market
(SEK million)

19. EBITDA
Tele2 Group
(SEK million)
19
Development per market
(SEK million)
1 226
1 087
1 562
1 459
1 723
19,0%
16,3%
22,4%
17,8%
21,9%
0,0%
10,0%
20,0%
30,0%
40,0%
50,0%
60,0%
100
300
500
700
900
1100
1300
1500
1700
1900
Q1 16 Q2 16 Q3 16 Q4 16 Q1 17
EBITDA margin
+41%
1 226
1 723
197
40
182
116 3
-41
500
700
900
1 100
1 300
1 500
1 700
1 900
Q1 16 Sweden Baltics NL KZ RoW Oth Q1 17

20. CAPEX
Tele2 Group
(SEK million)
20
Development per market
(SEK million)
1 154
627
-79
-136
-288
50
-47 -27
0
200
400
600
800
1 000
1 200
1 400
Q1 16 Sweden Baltics NL KZ RoW Oth Q1 17
1 154
820
779
1 078
627
17,9%
12,3% 11,2% 13,1%
8,0%
0,0%
10,0%
20,0%
30,0%
40,0%
50,0%
60,0%
0
200
400
600
800
1000
1200
1400
Q1 16 Q2 16 Q3 16 Q4 16 Q1 17
CAPEX / Net sales
-46%

21. Free cash flow
Total operations
Tele2 Group
(SEK million)
Development
(SEK million)
Free cash flow = Cash flow from operating activities and CAPEX paid21
-154
139
838
394
178
-500
-300
-100
100
300
500
700
900
Q3 15 Q2 16
Q1 16
Q4 16 Q1 17
Q1 16
Q3 16
-154
178
497
41
-39 260
-70
-300
-200
-100
0
100
200
300
400
500
600
Q1 16 EBITDA Interest etc Taxes
Working
capital CAPEX
One-off
items Q1 17
+216%
-357

22. Operating cash flow
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
-1 178 -1 504 -1 625 -1 940 -2 223 -2 282 -2 196 -1 934
-1 344
Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17
Baltic Sea Challenger & Rest of Group Investment Markets

23. Debt position and financial leverage
Economic net debt to EBITDA 12 m rolling
23 Economic net debt excludes liabilities related to Kazakhstan
1,88
LeverageSEK billion
9,4
11,7
11,0 10,4 10,3
2,6 2,6
0,0
0,5
1,0
1,5
2,0
2,5
0,0
2,5
5,0
7,5
10,0
12,5
Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017
Economic net debt Dividend, announced Economic net debt to EBITDA
1,75

24. Financial guidance 2017 - Reconfirmed
* Based on LFL which is constant currencies and pro forma for Altel and TDC Sweden24
Net sales
(SEK billion)
EBITDA
(SEK billion)
31 – 32
5.9 – 6.2
CAPEX
(SEK billion) 3.8 – 4.1
Mobile end-user
service revenue
Mid-single digit
% growth*

25. Summary

26. Key priorities moving forward
26
 Become the customer champion of connectivity
 Growth from continued data monetization, despite RLAH
 Sustain momentum in Sweden and Baltics
 Further leverage our challenger strategy in Netherlands
and Kazakhstan
 Execute on Challenger and synergy programs
Positively
Fearless
Brands
Connecting
Things our
Customers Love
Digital First
Customer
Experience
Challenger
Cost
Structure

27. Tele2’s Way2Win
Our Purpose
We fearlessly liberate people to live a more connected life
Where We Play How We Win
Positively
Fearless
Brands
Connecting
Things our
Customers
Love
Digital First
Customer
Experience
Challenger
Cost
Structure
Winning People & Culture
Responsible Challenger
IoT Cash
Generators
Investment
Markets
Baltic Sea
Challenger
27

28. THE
END