1. Capital Markets Day 2011 The Best of Both Worlds – In the NumbersLars Nilsson

3. Introduction of financial hurdles and operational goals

5. ROCE and EBITDA

6. Debt

7. Financial targets

9. ROCE has Increased 12 Percentage Points Since Q3 2007

10. BalanceSheet

11. 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.

12. Balance Sheet Consideration / Financial Leverage M&A / New growth opportunities When available, invest in value accretive M&A or new business opportunities meeting Tele2’s strict financial hurdles Shareholder remuneration Enhance shareholder value by distributing recurring cash to shareholders Cash generation Cash / Buffer Retain financial buffer

13. Prudent Balance Sheet Assessment status of operations (b) future strategic opportunities (c) competitive landscape (d) general macroeconomic status     We are content with our current financial and operational performance

14. Financial Profile Upper limit Lower limit

16. We will revisit the market during the autumn

17. Swedish commercial paper / bond program

18. Euro bond8.8 bn 0.9 bn 2.9 bn 2.4 bn Gross debt position SEK 15.0 bn Net debt amounts to SEK 12.9 bn Target is to diversify sources and tenors

20. Targeting a long term mobile EBITDA margin on owninfrastructure of at least 35 percent

21. All operations should have the ambition to reach ROCE of at least 24 (earlier 20) percent

24. Benchmarking process

25. Continuous improvement program. This year’s savings target of 360 MSEK will be met

26. Shared service center

27. Quality focus

28. Increased quality focus to reduce cost and enhance the customer experienceTele2 has improved its cost position and decreased the gap to the best in class