Tele2 Fourth quarter 2012

FOURTH QUARTER 2012

Tele2 AB
February 5, 2013

Agenda

• About Q4 2012

• Financial review

• Concluding remarks

2

Tele2 Group Q4 Highlights

• Net mobile customer intake of 0.7 million leading to a total customer
base of 38.2 million

• Net sales growth for the Group amounted to 6%, corresponding to
SEK 11,275 million

• EBITDA amounted to SEK 2,672 million, equivalent to a margin of 24%

• CAPEX amounted to SEK 1,478 million

3

Market Area Russia: Overview

Population
Appr. 143 million
Tele2 Russia
 43 regions of Russian Federation
 22.7 million subscribers
 Mobile operator #4 in Russia in terms
of subscribers and revenue
Represents 30% of total net sales in Q4 2012

Focus
 Continue to grow customer base and maximize the 2G opportunity
 Evaluate possibilities to expand carefully through new licenses as well as by
complementary acquisitions
 Make progress on technology neutrality

4

Q4 Highlights Russia

• Strong customer net intake of 373,000
• Stable EBITDA margin, amounting to 37%
• ARPU grew by 4% YoY, and MoU by 7% YoY

CUSTOMER BASE and NET SALES and EBITDA and
CUSTOMER INTAKE YoY NET SALES GROWTH EBITDA MARGIN
Thousands of customers SEK Million SEK Million
24,000 800 4,000 20% 1,600 40%

22,000 600 3,000 15% 1,200 38%

20,000 400 2,000 10% 800 35%

18,000 200 1,000 5% 400 33%

16,000 0 0 0% 0 30%
Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12

Customer base (left) Net sales (left) EBITDA (left)
5 Customer net YoY net sales EBITDA
intake (right) growth (right) margin (right)

The Russian mobile market overview
TELE2 SUBSCRIBERS AS PART OF TOTAL RUSSIAN NET ADDITIONS
MOBILE MARKET
Thousands of subscribers
Million subscribers
9% 10% 170% 5,000
250 8%
4,000
200 160%
158% 161%
3,000
154%
150 153% 150%
148% 2,000
144%
100 140% 1,000
134%
50 130% 0
-1,000
0 120%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 -2,000
09 09 09 09 10 10 10 10 11 11 11 11 12 12 12
-3,000
subbase ex-Tele2 Tele2 penetration %

ARPU DEVELOPMENT APPM
RUB 1/100 USD
400 5.5
350
5.0
300
250 220 223 218 229 234 235 4.5
201
200 4.0
150
3.5
100
50 3.0
0 2.5
2009 2010 2011 Q1-12 Q2-12 Q3-12 Q4-12 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12

Source: Company data, AC&M Consulting Tele2 MegaFon
6
Vimpelcom MTS

Customer statistics
Quarterly Churn
19%
17%
• Tele2’s churn level is the lowest in the industry,
15%
showing normal seasonality development
13%
11%
9%
7% 9%
7% 8% 7% 8% 8%
7%
8% 9%
5% 7% 7%

CUSTOMER SERVICE SATISFACTION
OVERALL
Top-3 on 10 point scale • Tele2’s own call centers show the highest
86% 88% 89% 85% 87% customer satisfaction in Russia combined with
decreasing costs per contact

Q4'11 Q1'12 Q2'12 Q3'12 Q4'12

-3% -1% -2% -2% -2%

Bottom-3 on 10 point scale

Source: Company data, AC&M Consulting Tele2 MegaFon
7
Vimpelcom MTS

Cost efficiency Tele2 Russia
SALES and MARKETING COSTS / REVENUE CUSTOMERS per EMPLOYEE
120%
Base level 2009 Tele2
100%
-15%
80% Beeline

60%
Megafon
40%

20%
MTS
0%
2009 2010 2011 2012 0% 20% 40% 60% 80% 100% 120%

ADMINISTRATIVE COSTS / REVENUE
120%
Base level 2009
100%

80%

60%
-36% Continued focus on
40% cost efficiency
20%

0%
2009 2010 2011 2012

8

Q4 Revenue Source Development
VOICE & OTHER and DATA REVENUE SPLIT DEVELOPMENT
SEK millions

4,000

8% 9%
8%
3,000 9%
8%

2,000
92% 92% 91%
92% 91%
1,000

0
Q4'11 Q1'12 Q2'12 Q3'12 Q4'12

Voice & other Data access

Voice and data demonstrate 8% and 15% YoY growth
respectively

Source: Company data
9

Regulatory update: significant developments
Technology neutrality
The mobile operators shall jointly conduct LTE trials on 1,800 MHz, with trial report to be
submitted by June1, 2013. A decision is pending before end of 2013.
On Dec. 28, 2012 the Prime Minister approved a roadmap for "Development of Competition and
Improvement of Antimonopoly Policy” listing a number of issues impeding the development of the
telecom market. Lack of TN is regarded as the main obstacle to the development of competition
in the Russian telecom market, concluding that it is necessary to introduce TN by the end of 2013

MNP
MNP launch is due on Dec. 1, 2013. Customer fee for porting shall not exceed 100 Rub. Details of
MNP implementation such as regional or national porting, MNP database set-up, charges incurred
for porting subs and MNP database administration etc. shall be defined by the Regulator by Q2,
2013

New GSM licenses
GKRCH approved distribution of 9 regional GSM licenses (1800 MHz band) via auctions.
Roscomnadzor is expected to work out the auctions terms and conditions as well as timing during
Q1 2013

* GKRCh – State Commission on Radio Frequencies
10

Tele2 Russia forward looking statement

The following assumptions should
be taken into account when
estimating the operational
performance of the Russian mobile
operations in 2013:

• Tele2 expects total revenue of between
SEK 13,700 - 13,800 million.

• Tele2 expects EBITDA of between SEK
4,800 - 4,900 million.

11

Market Area Nordic: Overview

Population
14.4 million

Tele2 Sweden and Tele2 Norway
Home market and test bed for new services
Sweden 29%; Norway 11%

Focus
 Sweden: Build on mobile growth and 4G roll-out coupled with household / corporate
fiber strategy
 Norway: Roll out own network and focus on bucket-price subscriptions

12

Q4 Highlights Tele2 Sweden

• Net sales amounted to SEK 3,229 million and
EBITDA amounted to SEK 859 million
• Mobile service revenue growth of 5% YoY
• Mobile EBITDA margin of 29%, affected by high
expansion costs such as handset subsidies and
higher than expected intake for Comviq postpaid

MOBILE CUSTOMER BASE and NET SALES and EBITDA and
4,000 80 4,000 4% 1,000 40%

3,750 40 3,000 2% 750 30%

3,500 0 2,000 0% 500 20%

3,250 -40 1,000 -2% 250 10%

3,000 -80 0 -4% 0 0%

Customer base (left) Mobile Fixed broadband Fixed telephony Other

Strong underlying revenue growth despite
continued prepaid decline

UNDERLYING MOBILE REVENUE GROWTH
6%

5%

4%

3%

2%

1%

0%
Q1 2012 Q2 2012 Q3 2012 Q4 2012

14 * Underlying revenue excludes handsets and operator revenue

Postpaid growth key to mitigate our strong position
in a declining prepaid market
PREPAID SHARE OF CUSTOMER STOCK TELE2 SWEDEN CUSTOMER CHURN PATTERN
60%

50%

40%

30%

20%

10%

0%
2H 2010 1H 2011 2H 2011 1H 2012 • External churn down
20% during Q3 and Q4
Market average Tele2 Sweden
• Cannibalization between
TELE2 SWEDEN MOBILE CUSTOMER STOCK brands on postpaid
Thousands offerings lower than
2,400 expected
2,200
2,000
1,800
1,600
1,400
1,200
1,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2011 2011 2011 2011 2012 2012 2012 2012

Postpaid Prepaid

15

Smartphone market development

SALES of TOP TEN MOBILE PHONES SMARTPHONE INSTALLED BASE
TELE2 SWEDEN (Q4 2012)
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
1201 1202 1203 1204 1205 1206 1207 1208 1209 1210 1211 1212

Regular handset Smartphone

Note: Postpaid residential, quantity of handsets
16

Change in strategy already commenced

17

New distribution concept and prepaid
product under Comviq brand

18

4G main source of data growth in Sweden

3G and 4G DATA USAGE 4G NETWORK ROLL-OUT
DEVELOPMENT
MB

Jun-11 Jan-12 Jun-12 Dec-12
3G 4G

99% population coverage
end of Q1

19

Continued pursuit of growth in line with new
strategy
Bucket price plans to handle voice to data
transition
Launching platform for upsale of data
Augmenting Billing system and data warehouse,
leading to a better understanding of our customers

Continued roll-out of 4G network along with 4G
handset push
VoLTE implementation to improve network efficiency
and voice quality

Continued roll-out of Comviq distribution concept
together with Reitan
Continued roll-out of Tele2 stores
Increased focus on B2B

20

Tele2 Sweden forward looking statement

performance of the Swedish mobile
operations in 2013:

SEK 10,100 - 10,300 million.

2,900 - 3,100 million.

21

Q4 Highlights Tele2 Norway
• Strong focus on network roll-out
• Satisfactory net intake of 15,000 mobile customers
• Tele2 Norway reported total external revenue of SEK 1,222
million, of which SEK 1,153 million was mobile revenue
• Mobile EBITDA negative, affected by high sales and marketing
costs as well as handset subsidies

1,600 30 1,600 150 15%

100 10%
1,200 15 1,200
50 5%
800 0 800
0 0%
400 -15 400
-50 -5%

0 -30 0 -100 -10%


Tele2 Norway forward looking statement

performance of the Norwegian
mobile operations in 2013:

SEK 4,200 - 4,300 million.

70 - 80 million.

• Tele2 expects capex of between SEK
900 -1,000 million.

23

Market Area Western Europe:
Overview

Population
108 million

Leading the group in business to business services
and consumer fixed broadband
Netherlands 12%; Germany 2%; Austria 3%

Focus
 Netherlands Build a full service MNO, while growing existing business
 Austria B2B & continuous integration of Silver Server
 Germany Grow Fixed Via Mobile product

24

Q4 Highlights Tele2 Netherlands

• Successfully secured mobile licenses. Roll out of 4G
network will make Tele2 the fourth mobile operator
• Mobile intake continues at previous quarter levels,
significant part in the high value mobile postpaid
segment
• EBITDA affected by high mobile acquisition costs

1,200 40 1,600 10% 800 40%

5% 600 30%
900 20 1,200
0% 400 20%
600 0 800
-5% 200 10%
300 -20 400
-10% 0 0%

0 -40 0 -15% -200 -10%


Dutch regulatory requirements

• All frequencies are technology neutral

• License duration: 17 years, valid until 2030 in sync with 2,600 MHz
licenses

• 11,000 existing sites, of which an increasing number are independent
due to MNO’s selling off sites

• MNOs have an obligation to share sites in towers, and to cooperate on
roof top sites

26

MNO building blocks

• Tele2 is well positioned
• Many building blocks are already
available
• Most importantly our own fiber optic
nation wide network
= Tele2’s current Fiber optic Network

27

Dutch 4G launch

2x 10 MHz 800MHz band licenses activated on January 1st 2013

We will start rolling out our own out 4G Network in 2013

Ambition to launch as soon as possible with 4G propositions

4G technique will offer new experience to Dutch consumers

Tele2 Netherlands has a growing mobile customer base (MVNO)

28

Tele2 Netherlands forward looking statement

performance of the Dutch mobile
operations in 2013:

SEK 1,600 – 1,700 million.

-50 to -75 million.

• Tele2 expects capex of between SEK
2,000 – 2,500 million, whereof licences
for 4G/LTE SEK 1,400 million.

• The mobile operations should reach
EBITDA break-even 3 years after
commercial launch of 4G/LTE services.

29

Q4 Highlights Tele2 Germany
and Tele2 Austria
• Tele2 Germany: Fixed via Mobile (FVM) partly
compensates the decline in fixed, EBITDA margin
affected by high acquisition costs on FVM
• Tele2 Austria: Focus on growing the B2B segment
resulted in an increased net intake

TELE2 GERMANY TELE2 AUSTRIA
EBITDA and EBITDA MARGIN EBITDA and EBITDA MARGIN
SEK Million SEK Million
120 40% 120 40%

90 30% 90 30%

60 20% 60 20%

30 10% 30 10%

0 0% 0 0%
Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12

EBITDA (left) EBITDA (left)
30 EBITDA EBITDA
margin (right) margin (right)

Market Area Central Europe and Eurasia:
Overview

Population
28 million
Represents 13% of total net sales in Q4
2012
Estonia 2%; Latvia 2%; Lithuania 3%;
Croatia 3%; Kazakhstan 3%

Focus
 Continued rapid market share growth in Kazakhstan
 Efficiency improvements in Baltics
 Improvements in market share growth in Croatia

31

Q4 Highlights Tele2 Estonia

• Commercial launch of 4G in November
• Modernization of network currently ongoing
• Focus on efficiency improvements, EBITDA affected by
price war in the postpaid segment

MOBILE CUSTOMER BASE NET SALES and EBITDA and
and CUSTOMER INTAKE YoY NET SALES GROWTH EBITDA MARGIN
600 15 300 12% 80 40%

450 8 225 9% 60 30%

300 0 150 6% 40 20%

150 -8 75 3% 20 10%

0 -15 0 0% 0 0%

Mobile customer base (left) Net sales (left) EBITDA (left)

Q4 Highlights Tele2 Latvia

• Tele2 Latvia maintains high efficiency in a competitive market
• EBITDA margin amounted to 32%
• Rolling out 4G when commercially attractive

1,200 40 400 10% 120 40%

900 20 300 5% 90 30%

600 0 200 0% 60 20%

300 -20 100 -5% 30 10%

0 -40 0 -10% 0 0%


Q4 Highlights Tele2 Lithuania

• EBITDA margin amounted to 29%, affected by high sales
and marketing costs in the quarter due to strong
competition on handset pricing leading to increased
subsidies

MOBILE CUSTOMER BASE NET SALES and EBITDA and
and CUSTOMER INTAKE YoY NET SALES GROWTH EBITDA MARGIN
2,000 55 400 5% 160 50%

1,500 40 300 0% 120 40%

1,000 25 200 -5% 80 30%

500 10 100 -10% 40 20%

0 -5 0 -15% 0 10%

Mobile customer base (left) Net sales (left) EBITDA (left)

Q4 Highlights Tele2 Croatia

• Strong sales growth of 13% YoY
• Continuing to improve market position
• Cash flow positive in Q4 and full year

1,000 90 500 20% 60 12%

750 30 375 13% 45 9%

500 -30 250 5% 30 6%

250 -90 125 -3% 15 3%

0 -150 0 -10% 0 0%


Q4 Highlights Tele2 Kazakhstan

• Continuing strong net intake of 361,000 customers
• Total number of customers amounted to 3.4 million
• Continuing rapid roll-out of new base stations for increased
coverage

3,750 1,000 300 500% 160 0%

3,000 800
225 375% 80 -25%
2,250 600
150 250% 0 -50%
1,500 400
75 125% -80 -75%
750 200

0 0 0 0% -160 -100%


Overview of the Kazakh mobile market

MOBILE SUBSCRIBERS – MARKET SHARE NET ADDITIONS
Thousands of subscribers
5.5% 12.1%
100% 2,000,000

80% 1,600,000

1,200,000
60%
800,000
40%
400,000
20% 0

0% -400,000
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4*
10 11 11 11 11 12 12 12 10 11 11 11 11 12 12 12 12

Tele2 Kcell/Activ Tele2 Kcell/Activ
Dalacom/Pathword Beeline Dalacom/Pathword Beeline

37 * Q4 12 only Tele2 net additions

Tele2 Kazakhstan forward-looking statement

The following assumptions should be
taken into account when estimating the
operational performance of the Kazakh
mobile operations in 2013:

• Tele2 expects total revenue of between SEK
1,700 - 1,800 million.

• Tele2 expects EBITDA of between SEK -100
to -200 million.

• Tele2 expects capex of between SEK 550 –
650 million.

• Tele2 expects to reach a long-term mobile
customer market share of 30 percent.

38

Agenda

• About Q4 2012



39

Group result Q4
SEK million Q4 2012 Q4 2011 ▲%

Net sales 11,275 10,852 3.9%

EBITDA 2,672 2,873 -7.0%
EBITDA margin (%) 23.7% 26.5% -2.8%

Depreciation & associated companies -1,145 -1,184 -3.3% • Net sales include equipment
Depreciation of net sales (%) -10.1% -10.9% 0.8% sales of SEK 909 million
One-off items -3 -26 (728) +25%
EBIT 1,524 1,663 -8.4%
Normalized EBIT 1,527 1,689 -9.6% • EBITDA margin development
Normalized EBIT margin (%) 13.5% 15.6% -2.0%
explained by higher
expansion costs
Financial items -360 -83
Taxes -599 -270
Net profit from continuing operations 565 1,310 -56.9%

Discontinued operations - -

Net profit 565 1,310 -56.9%

40

Group result full-year
SEK million FY 2012 FY 2011 ▲%

Net sales 43,726 41,001 6.6%

EBITDA 10,960 11,212 -2.2%
EBITDA margin (%) 25.1% 27.3% -2.3%

Depreciation & associated companies -4,749 -4,158 14.2%
Depreciation of net sales (%) -10.8% -10.1% -0.7%

One-off items -558 -4 • Net sales include equipment
EBIT 5,653 7,050 -19.8% sales of SEK 2,875 million
Normalized EBIT 6,211 7,054 -12.0% (2,272) +27%
Normalized EBIT margin (%) 14.2% 17.2% -3.0%

Financial items -1,078 -674
Taxes -1,311 -1,625
Net profit from continuing operations 3,264 4,751 -31.3%

Discontinued operations - -7

Net profit 3,264 4,744 -31.2%

41

Currency movements full-year
2%

1%

0%

-1%

-2%

-3%

-4%

-5%

-6%

-7%

-8%
EUR RUB NOK KZT
Average FY 2012 vs. average FY 2011 Fixing rate Dec 31, 2012 vs Dec 31, 2011

EUR/EUR pegged and RUB currencies represent
57% of external sales and 73% of EBITDA

42

Depreciation

Depreciation and
Depreciation as a percentage of net sales
SEK million
1,400 12.5%

12.0%
Change year-on-year for Q4
1,200

1,000
11.5% • Acquisition of Network Norway:
11.0% SEK 49 million
800 10.5% • Upgrade/replacement of networks in
600 10.0% the Baltics: SEK 52 million
400
9.5% • Reduction in Sweden: SEK -79 million
9.0%
• Growth in Russia: SEK 41 million
200
8.5%

0 8.0%
Q4'11 Q1'12 Q2'12 Q3'12 Q4'12

Depreciation Depreciation of net sales (%)

43

Financial items
SEK million
Financial items in income statement Q4 2012 Q4 2011 FY 2012 FY 2011

Interest income/costs -247 -175 -957 -483
Exchange rate differences, external 5 29 -14 -24
Exchange rate differences, intragroup -76 105 59 13
Other financial items -42 -42 -166 -180

Total -360 -83 -1,078 -674

Financial items in cash flow statement Q4 2012 Q4 2011 FY 2012 FY 2011

Interest paid -280 -216 -668 -366

44

Taxes
SEK million
Taxes in income statement Q4 2012 Q4 2011 FY 2012 FY 2011

Normal -500 -378 -1,474 -1,733
One-off -99 108 163 108

Total -599 -270 -1,311 -1,625

Taxes in cash flow statement Q4 2012 Q4 2011 FY 2012 FY 2011

Normal -497 -163 -989 -948
One-off - - - -

Total -497 -163 -989 -948

• Net taxes were negatively affected by SEK -127 million due to decreased tax rate in Sweden
from January 1, 2013

• Cash flow taxes 2013 expected to be SEK -1,000 million

45

Taxes
Closing balances
SEK million
5,000

4,000 4,263

3,000 3,296
2,977

2,000

1,000

0

-851 -933
-1,000 -1,114

-2,000
2010 2011 2012
Deferred Tax Assets Deferred Tax Liabilities

46

Cash flow
SEK million Q4 2012 Q4 2011 FY 2012 FY 2011

OPERATING ACTIVITIES
Cash flow from operations, excl. taxes and interest 2,579 2,859 10,744 11,261
Interest paid -280 -216 -668 -366
Taxes paid -497 -163 -989 -948
Change in working capital 13 -52 -408 -257
Cash flow from operating activities 1,815 2,428 8,679 9,690

INVESTING ACTIVITIES
CAPEX -1,286 -1,753 -4,609 -5,572
Cash flow after CAPEX 529 675 4,070 4,118

Shares and other financial assets -15 -1,560 -215 -1,563

Cash flow after investing activities 514 -885 3,855 2,555

• Full-year 2012 CAPEX according to balance sheet SEK 5,336 million (6,105)
• CAPEX for 2013 expected to reach SEK 6,000 million (incl. Dutch LTE license)

47

Pro forma financial debt profile
Sources of funding
SEK billion
20.0
16.9
17.5
14.9
15.2
15.0
12.8
12.1
12.5

10.0

7.5

5.0

2.5

0.0

-2.5
Q4'11 Q1'12 Q2'12 Q3'12 Q4'12

Revolving Credit Facility Russian bond Commercial paper
Swedish bond Norwegian bond Other financing
Put option Kazakhstan Cash Pro forma net debt

48

Debt maturity and currency profile

Debt maturity profile Debt currency profile
Gross debt SEK 16.6 billion (incl. unutilized SEK 27.3 billion) Gross debt SEK 16.6 billion
16
0.1
1.5
14

12 4.6
2.5
10

8

6
3.8 4.2 2.2
4 2.9 3.1
2.1
2
0.5
5.7
0
2013 2014 2015 2016 2017 2018<
Bonds Commercial papers SEK incl. FX swap RUB
Other bank loans Put option, fin.lease and other
EUR incl. FX swap NOK
Unutilized
KZT USD

49

Tele2 in Debt Capital Markets
Instrument Date of issue Maturity date Volume in MSEK*

RUB Bond 5yr 2011-06-24 2016-06-24 13,000 MRUB 2,791

RUB Bond 3yr 2012-04-13 2015-04-18 6,000 MRUB 1,288

RUB Bond 2yr 2012-02-09 2014-02-14 7,000 MRUB 1,503

NOK Bond 5yr 2012-02-20 2017-02-24 1,000 MNOK 1,167

NOK Bond 3yr 2012-02-20 2015-02-24 300 MNOK 350

SEK Bond 2012-05-08 2017-05-17 1,500 MSEK 1,500

SEK Bond 2012-05-08 2017-05-15 800 MSEK 800

SEK PP Bond 2012-09-27 2014-03-27 500 MSEK 500

SEK PP Bond 2012-12-06 2015-03-06 750 MSEK 750

SEK PP Bond 2013-01-03 3 months rolling 500 MSEK 500

SEK CP on-going within 1yr 2,390 MSEK 2,390

Total 13,540

* Fixing rate 31 Dec, 2012

50

Debt position and ratio
Pro forma net debt / EBITDA 12 m rolling
SEK billion / Ratio
20.0 2.00

17.5 1.75
2.9 2.9 3.2
15.0 1.50
2.9
2.9
12.5 1.25

10.0 1.00

16.9
7.5 15.2 14.9 0.75
12.8 12.1
5.0 0.50

2.5 0.25

0.0 0.00
Q4'11 Q1'12 Q2'12 Q3'12 Q4'12

Pro forma net debt Ordinary dividend, proposed/paid
Extraordinary dividend, proposed/paid Leverage net (net debt to EBITDA, pro forma)

51

Debt position and ratio incl. NL LTE
Pro forma net debt / EBITDA 12 m rolling
SEK billion / Ratio
20.0 2.00

Leverage gross (1.78)
1.4
17.5 1.75
2.9
2.9 3.2
15.0 1.50
2.9
2.9
12.5 1.25

10.0 1.00

16.9
7.5 15.2 14.9 0.75
12.8 12.1
5.0 0.50

2.5 0.25

0.0 0.00
Q4'11 Q1'12 Q2'12 Q3'12 Q4'12

Pro forma net debt Ordinary dividend (paid May 2012)
Extraordinary dividend (paid May 2012) Proposed ordinary dividend (to be paid May 2013)
NL LTE license (paid January 2013) Leverage net

52

Group financials ● Mobile
● Fixed telephony
● Fixed broadband
● Other operations

Group EBITDA and
Group EBITDA margin Group Net Sales
SEK million Group EBITDA margin SEK million
3,500 30.0% 12,000

3,000
28.0%
9,000
2,500

2,000 26.0%
6,000
1,500 24.0%
1,000
3,000
22.0%
500

0 20.0% 0
Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12

Group CAPEX (BS) and CAPEX/Sales ROCE (Normalized)
SEK million CAPEX/Sales Percent
2,000 30.0% 25%
21%

20% 19%
1,500 22.5% 17%

15%
16% 16%
1,000 15.0%
10%

500 7.5%
5%

0 0.0% 0%
Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12

53

Sweden – Mobile
External revenue excl. equipment sales and
Equipment sales Expansion costs
SEK million SEK million
3,000 0

2,500 -100

2,000 -200

1,500 -300

1,000 -400

500 -500

0 -600
Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12

EBITDA
SEK million

800 Change year-on-year for Q4

600 • Year-on-year revenue growth excl.
equipment sales of 6%
400
• Year-on-year expansion costs increased by
200
SEK 122 million (33%)

0
Q4'11 Q1'12 Q2'12 Q3'12 Q4'12

54

Agenda

• About Q4 2012



55

Concluding remarks

Continue to grow as an operator

Manage the shift from voice to data

Continue to migrate from prepaid to
postpaid

Invest in new growth initiatives

56

Tele2 Fourth quarter 2012

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Tele2 Fourth quarter 2012