1. Telecom environment
Regulatory development
Competitive environment
Services Access Devices
All claiming customer ownership for the same
Customers
Technology development
15 Tele2 Capital Markets Day 2012

2. Tele2 House Vision
We will be champions of customer value in
everything we do
Mission
We are challengers, fast-movers and
will always offer our customers what they need, for less
Wanted Position
Customers Employees Shareholders
We shall be the We shall be considered a great We shall have the best TSR
operator of choice place to work within our peer group
Focus Areas
Cost Business
People Growth Differentiation Quality
Leadership Model
Tele2 Way
16 Tele2 Capital Markets Day 2012

3. Cost Business
People Growth Differentiation Quality
Leadership Model
People
Tools Tele2 Russia
Leadership Performance
and
and Talent
the Tele2 Way
Tele2 Norway
• Extremely low unemployment rate of 3%*
Learning and Reward and • Manage the merger with low attrition
Development Recognition
Tele2 Sweden
17 Tele2 Capital Markets Day 2012 * Source: Statistics Norway, September 2012

4. Cost Business
People Growth Differentiation Quality
Leadership Model
Engaged employees
6,633 employees* Best-in-class employee
engagement
Yearly survey ”MyVoice” shows
50%
record high engagement levels
40%
and employee satisfaction
30%
20% Tele2
10% Global Benchmark
0%
18 Tele2 Capital Markets Day 2012 * 2011, consultants, people on sick leave, newly employed etc. not included

5. Cost Business
People Growth Differentiation Quality
Leadership Model
Growth
Household spending on telecom in Sweden Group revenue breakdown
SEK/year/
100%
household
67% growth
50,000 90%
02’-11’
45,000 80%
31% growth 70%
40,000 02’-06’
60%
35,000
50%
30,000
40%
25,000
30%
20,000 2007 2008 2009 2010 2011 Q3 12*
15,000 Mobile Other
10,000
5,000
Tele2 will continue to be a growth
0 company, focusing on mobile business
and a good mix of mature and high
Communication; fixed, mobile and Internet growth markets
Source: SCB National accounts; School of Economics at Gothenburg University
19 Tele2 Capital Markets Day 2012 * Operating revenue; rolling 12 months

6. Cost Business
People Growth Differentiation Quality
Leadership Model
Mobile Market Revenue Drivers
FOCUS AREAS
VAS by
VOICE PARTNERSHIPS
DATA
Subscriber growth MOU APPM Infrastructure Data Device Consumption SMS/MMS/ M-Commerce
Maturity Penetration Trends RBT/Games
20 Tele2 Capital Markets Day 2012

7. Cost Business
People Growth Differentiation Quality
Leadership Model
From Discounter to Value Champion
DISCOUNTER VALUE CHAMPION
Reasons to evolve from discounter to value champion:
• Less involvement in price wars to defend price position, with risk of margin
erosion
• Get return on quality investments
• Secure customer relationships
21 Tele2 Capital Markets Day 2012

8. Cost Business
People Growth Differentiation Quality
Leadership Model
From Discounter to Value Champion
DISCOUNTER VALUE CHAMPION
Outperform
Challenger
Low price in customer
VALUE CHAMPION
= + experience
+ Culture
22 Tele2 Capital Markets Day 2012

9. Cost Business
People Growth Differentiation Quality
Leadership Model
Several market sector brands have moved from
Purchase value to User value
Price + Design Price + Choice and convenience Price + Style Price + Ease
Price + Service Price + Customer experience Price + Speed and quality
Designed to cater for customers who actively seek added value that
builds on low price
23 Tele2 Capital Markets Day 2012

10. Cost Business
People Growth Differentiation Quality
Leadership Model
From Discounter to Value Champion
Discounter Best Deal Value Champion
24 Tele2 Capital Markets Day 2012

11. Cost Business
People Growth Differentiation Quality
Leadership Model
Focus on customer value in all touch points
Join
Pay
Pay
25 Tele2 Capital Markets Day 2012

12. Cost Business
People Growth Differentiation Quality
Leadership Model
World Class Customer Service
Average customer satisfaction with Tele2’s call centers Customer service role models
82%
80% = world class standard *
80%
78%
76%
74%
72%
70%
Source: Tele2
26 Tele2 Capital Markets Day 2012 * COPC benchmarking standards

13. Cost Business
People Growth Differentiation Quality
Leadership Model
Cost Leadership
33.1%
30.8%
28.0% -0.9%
27.1%
25.8% 25.6%
23.2% 23.1%
22.3% 21.7%
T2 2010 T2 2011
• Tele2 continues to reduce the cost gap but is still second best
• Gap to best operator group also continues to decrease
• Tele2 shall become ”best in class”
27 Tele2 Capital Markets Day 2012 Source: AT&Kearney

14. Cost Business
People Growth Differentiation Quality
Leadership Model
Quality
Call cent. End user sat.
Invoice drop accuracy
First contact res. Rate
Coverage perception
Cat. 1 syst. Available
Invoice correctness
Product innovation
Quality perception
Mystery shopping
Data completion
Projects on time
Call completion
Cell availability
Consideration
Refill setup
NPS
Latest rep.
1209 1209 1209 1209 1209 1209 1209 1209 1209 1209 1209 1209 1209 1209 1209 1209
period
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
SE
NO
RU
EE
LV
LT
HR
KZ
NL
AT
DE
Rep. freq. Q Q Q M/Q Q M M M Q M M M M M M M
LT resp. AO AO AO AO AO AO JH JH AO JH JH JH JH JH AO AO
28 Tele2 Capital Markets Day 2012

15. Cost Business
People Growth Differentiation Quality
Leadership Model
Business model – Voice to Data
WESTERN EUROPE MOBILE DATA FORECAST Monthly usage per subscriber – Sweden postpaid *
Data as % of total revenue 463
60%
206 206 227
169 178 172
50% 131
21
40%
MoU # of SMS Data (MB) 2010
30% 2011
ASPU Sweden postpaid
2012
20%
202 197 198
10%
0%
2008 2009 2010 2011 2012 2013 2014 2015 2016
Postpaid
ASPU (SEK)
Source: Analysis Mason, includes data, content and messaging revenues
29 Tele2 Capital Markets Day 2012 * Postpaid residential; MoU, nr of SMS and MB per sub per month

16. Cost Business
People Growth Differentiation Quality
Leadership Model
Business model – Volume to Value
Mobile handset penetration Russia Tele2 Group churn value dynamic Q1 & Q2 2012
160% 35%
140% 30%
↓ 2 p.p
120%
25%
100%
20%
80%
15%
60%
10%
40% ↓ 8 p.p
20% 5%
0% 0%
2004 2005 2006 2007 2008 2009 2010 2011 2012 Jan Feb Mar Apr Maj June
Postpaid Prepaid
As markets mature it becomes more
important to focus on the value of each • Reduce churn of most valuable customers
customer rather than the volume of
• Increase value of existing customer base
customers
Source (LHS): Analysys Mason February 2012, Source (RHS): Tele2
30 Tele2 Capital Markets Day 2012

17. Cost Business
People Growth Differentiation Quality
Leadership Model
Business model – B2B
Market share residential, upside B2B and share of
total turnover *
∆ Residential market share vs. B2B market share
∆ 520%
500%
Sweden
400% Attractive B2B market
Norway
with expected growth
300%
Croatia
∆ 296%
Latvia
200% Lithuania
∆ 108% Russia
∆ 104%
∆ 98%
100% Estonia
∆ 73%
∆ 58%
0%
0% 10% 20% 30% 40% 50%
Residential market share
* The size of the circles represent share of total revenue, X axis is market share residential and
31 Tele2 Capital Markets Day 2012 Y axis is the difference between market share residential and market share B2B. Source: Tele2

18. Cost Business
People Growth Differentiation Quality
Leadership Model
Business model – Distribution
Customer contribution* by sales channel Group online intake (thousands of customers)
124
113 466
Index 100 69%
63 275
Branded Shops Online Other 20112011 Sept.
YTD 2012 2012 Sept.
YTD
Focus on online and branded shops,
creating the best customer lifetime
revenue
* Calculated as lifetime revenue subtracted by acquisition costs
32 Tele2 Capital Markets Day 2012 Source: Tele2

19. Tele2 House Vision
We will be champions of customer value in
everything we do
Mission
We are challengers, fast-movers and
will always offer our customers what they need, for less
Wanted Position
Customers Employees Shareholders
We shall be the We shall be considered a great We shall have the best TSR
operator of choice place to work within our peer group
Focus Areas
Cost Business
People Growth Differentiation Quality
Leadership Model
Tele2 Way
33 Tele2 Capital Markets Day 2012

20. Summary
• We are the challenger of our
industry
• Our strategy is focused on
excelling in customer relations and
access capabilities
• As a result, we will be able to
continue growing in a shrinking
European telecom market
34 Tele2 Capital Markets Day 2012 * Group figures; YTD Q3 2012