Tele2 Russia aims to continue strong growth in existing regions by maximizing opportunities in 2G, while ensuring new regions achieve similar operational trends. It will evaluate expanding through new licenses or acquisitions. The Russian mobile market is growing with increasing subscribers and penetration. Tele2 has different business goals based on its position in different regions. It is achieving continuous customer growth and solid profitability in older regions, while growing its sustainable customer base and profitability in newer regions. The regulator may allow technology neutrality for 900/1800 MHz spectrum after further study to avoid GSM quality issues, and plans to run LTE license tenders by early 2012 to allow up to 7 operators for LTE starting in 2015.

1. Capital Markets Day 2011 Market Area Russia Dmitry Strashnov

2. Short and Medium Term Focus Continue strong growth in customer intake, maximizing the 2G opportunity Ensure that newcomer and challenger regions reach the same operational trends as old regions Evaluate possibilities to expand carefully its operations through new licenses as well as by complementary acquisitions July 2011 Market Area Overview

3. MacroeconomicKPIs Real GDP GDP Per Capita USD (Thousands) CPI Inflation Unemployment World Economic Outlook Apr 2011 // CIA World Factbook // OANDA

4. Russian Mobile Market Subscriber Market Share Evolution Mobile Subscribers and Penetration Million Net Additions ARPU Evolution RUR/month

5. Clear Business Goals Through Evolution Defender Challenger Newcomer

6. Current Mobile Frequencies Allocation Tele2 frequencies by regions

7. Old Regions: Continuous Customer Growth Customer Intake Subscriber Base Subscribers Subscribers ARPU Annulized Churn RUR

8. Old Regions: Solid Profitability Profile EBITDA Revenue RUR (Thousands) RUR (Thousands) * AC&M Consulting; Tele2 Russia internal research, June 2011 ** J’Son & Partners, Cellular Market in Russian regions, 2Q 2011

9. New Regions: Sustainable Customer Base Growth Customer Intake Subscriber Base Subscribers Subscribers ARPU Annulized Churn RUR

10. New Regions: Profitability Growth EBITDA and EBITDA margin Revenue RUR (Thousands) RUR (Thousands) Market Shares – Subscribers* Market Shares – Revenue** June 2011 June 2011 * AC&M Consulting; Tele2 Russia internal research, June 2011 ** J’Son & Partners, Cellular Market in Russian regions, 2Q 2011 10% 25% 41% 23%

11. Great Potential in New Regions Market Share - Subscribers Market Share - Revenue Brand Awareness

12. Russian Mobile Market Forecast Voice Traffic Forecast* Billion minutes * Analysis Mason, Strategy & Development Dpt. est Billion minutes