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TELE2 UPDATE

June 1, 2017 Agenda

Registration and lunch Introduction Allison Kirkby Netherlands Jon James Q&A Break Kazakhstan Guillaume van Gaver, Roman Volodin Q&A Closing Allison Kirkby, Lars Nordmark Mingle Today’s presenters

Allison Kirkby Lars Nordmark Jon James President & CEO Group CFO CEO Netherlands

Guillaume van Gaver Roman Volodin EVP International CEO Kazakhstan This is Tele2

Positively Fearless Baltic Sea Challenger Brands Strength Successfully re-launching our ROCE >22% brands in multiple markets

Mobility First Connectivity Innovator 99% or above coverage World’s 1st 4G only network in our core markets

High Growth The Tele2 Way Investment Markets Best in Class Employee Engagement Mobile EUS growing >20% Our goals

Engaged Happiest Profitable Employees Customers Growth

Engagement Index NPS above 50% Return to 20% ROCE ~85%

5 Our Way2Win

Our Purpose We fearlessly liberate people to live a more connected life

Where We Play How We Win

Baltic Sea Investment IoT Cash Positively Connecting Digital First Challenger Challenger Markets Generators Fearless Things our Customer Cost Brands Customers Experience Structure Love Responsible Challenger

Winning People & Culture

6 Our Way2Win

Our Purpose We fearlessly liberate people to live a more connected life

Where We Play How We Win

Winning People & Culture

7 Where we play – Our portfolio

Market Country Focus Cash Flow*

Sweden Baltic Sea Data monetization Strong Challenger Baltics

Germany Cash Cash Generation Strong Generators Austria

Kazakhstan Integration Funded by JV partner Investment Today’s Netherlands markets Customer growth Negative focus Croatia

IoT Global Customer growth Negative

8 *Defined as EBITDA – Capex Our Way2Win

Our Purpose We fearlessly liberate people to live a more connected life

Where We Play How We Win

Winning People & Culture

9 Our Way2Win

Our Purpose We fearlessly liberate people to live a more connected life

Where We Play How We Win

Winning People & Culture

10 Our Way2Win is delivering – Strong start to 2017

Q1 2017 % Change Reported % Change LFL

Net sales (SEK billion) 7.9 +22% +3%

Mobile end-user service revenue 3.7 +19% +10% (SEK billion)

EBITDA (SEK billion) 1.7 +41% +28%

12 Months Rolling Operating Cash +213% Flow 2.5 +127%

11 Turning point in Investment Markets EBITDA less CAPEX 12 m rolling, SEK million

3 871 3 491 3 456 3 423 3 470 3 335 3 402 3 432 3 437

Today’s

-1 178 focus -1 504 -1 625 -1 344 -1 940 -2 223 -2 282 -2 196 -1 934

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

12 Our Key Investment Markets

IOTThe Kazakhstan Netherlands

13 THE NETHERLANDS

Jon James, CEO Tele2 Netherlands Netherlands Kazakhstan Company profile Tele2 Netherlands

Net sales Customers Net sales Customers

Other operations Fixed telephony 8% Fixed 4% Broadband 345 k Mobile 34% 55% Mobile 1,062 k

Fixed Fixed broadband telephony 40 k

15 Note: Q1 2017 figures Netherlands Kazakhstan We are ready for mobile growth

4G in NL Channel split Unlimited Launch of 4G network Direct intake share Unlimited data and becoming world’s increases to 56% for € 25 first 4G only operator May 2017 May October 2015 October November 2016November

4G April 2017 April Launch SIM only Network quality February 2016 February Updated SIM only proposition 3,000 sites live in line with handset proposition 92 out of 100 from P3 at launch 88% data on own network 46% voice on own network 16 Connecting things our customers love Netherlands Kazakhstan Our network is on a par with Dutch competition

P3 survey Results

Dutch networks are among the 97 96 best in the world 92 93 94 93 92 88 88 90

Tele2 shows biggest YoY 0 improvement (+2%)

T-Mobile Vodafone KPN Tele2

2015 2016 2017

18 Source: P3 connect Mobile Benchmark NL report 2017 Netherlands Kazakhstan Now delivering the bulk of traffic on-net

Coverage Active VoLTE customers Network onloading (thousands)

88,3%88% 428439 99.5%99,… 97,1%97% 91,0%91%

45,9%46%

Apr 15 Oct 15 Apr 16 Oct 16 Apr 17 Sep 16 Nov 16 Dec 16 Feb 17 Apr 17 Aug 16 Oct 16 Nov 16 Jan 17 Mar 17 Apr 17

Indoor Outdoor Geographical Data onloading Voice onloading

19 Positively Fearless brands Netherlands Kazakhstan We have been steadily building a strong brand

21 Netherlands Kazakhstan Successfully moved from ‘cheap’ to Fun Rebel

Brand image (Memo2) Brand consideration NPS mobile benchmark (%) (Memo2) (Norstat)

30,2 30.2

43 43 47% 39 38 35 60% 32 11.0 31 30 11,0 27 27 25

20 32%

26%

16% 9% 5% 5% Quality 4G Affordable Clear Value for Nov 15 Nov 16 Sep 15 Dec 15 Mar 16 Jun 16 Sep 16 Dec 16 Mar 17 network money Don’t consider Might KPN Vodafone T-Mobile Tele2 Nov 15 May 16 Jan 17 Definitely Preferred choice

22 Source: Memo2, Norstat brand tracking study – 3 months rolling Netherlands Kazakhstan Direct channels strongly contribute to significant market share Direct intake share consumer Share of total new handset Share of total new SIM only mobile postpaid (GfK) postpaid (GfK)

70% 80 70% 80

60% 60%

60 60 50% 50% 56% 50.6 45.8 40% 40% 34.2%40 40 28% 30% 30%

20% 20% 20 20

10% 10% 8.8%

0% 0 0% 0 Jan 16 Jun 16 Nov 16 Apr 17 Apr 16 Jul 16 Oct 16 Jan 17 Apr 17 Apr 16 Jul 16 Oct 16 Jan 17 Apr 17

Total market (thousands) Tele2 Total market (thousands) Tele2

23 Source: Company data, GfK Our new proposition Netherlands Kazakhstan A major opportunity for a challenger brand

Due to low data usage in NL And high effective price per GB (GB per SIM per month, Q1 2017) (EUR per GB, Q1 2017)

Finland 20.6 Finland 1.4

Sweden 8.2 Sweden 4.6

Switzerland 3.5 Switzerland 11.8

Norway 2.9 Norway 13.4

United Kingdom 2.1 United Kingdom 10.6

France 1.8 France 10.7

Italy 1.8 Italy 19.1

Spain 1.4 Spain 12.1

Germany 1.2 Germany 15.0

The Netherlands 1.0 The Netherlands 22.6

Belgium 0.7 Belgium 31.4

25 Source: Barclays Research Netherlands Kazakhstan A significant price opportunity on Mobile Only

Mobile Only - SIM only with Unlimited voice & SMS1 24 months

€ 60

99 € 50 9950

8945

€ 40 2 38 Vodafone 3 34 35 KPN 2 € 30 31 T-Mobile 28 25 26 Tele2 25 25 20 € 20 21 18 18 14 € 10 0.001GB 5GB 10GB 15GB 20GB 25GB 50GB55.00Unlimited

1 Prices are for mobile only - these do not include discounts associated with FMC bundles and groups 2 Including free minutes from NL to EU depending on data bundle 3 Including free EU data and voice roaming, including Spotify for 25GB and 50GB bundle and United States and Canada roaming for 50GB bundle 26 Source: Company websites, June 1st 2017 Netherlands Kazakhstan Tele2 value vs FMC offers

1 2 Mobile Mobile

2x SIM only 2x SIM only Unlimited voice/SMS Unlimited voice/SMS Largest data bucket Unlimited data € 230 € 208 € 86 2x SIM only 2x SIM only Unlimited voice/SMS Unlimited voice/SMS >3GB data 5GB data

Broadband & TV Total per month € 86 Approx. 60-150 Mbps € 63 € 60

Money to spend on Total per month € 293 € 268 broadband & TV € 182 - € 207

1 KPN Compleet with Alles-in-1 Standaard and 2x Zorgeloos Instap and 2x Zorgeloos Premium Plus, excluding promo’s 2 Ziggo Connect & Play Complete with 2x Vodafone Black and 2x Vodafone Red Essential, excluding promo’s

27 Source: Company websites, June 1st 2017 Netherlands Kazakhstan Tele2 has a unique opportunity to grow ARPU

ARPU, mobile postpaid Q1 2017

€ 27 € 27 € 24

€ 17

KPN Vodafone T-Mobile Tele2

Source: Company quarterly reports Q1 2017 28 Note: Includes consumer and B2B Netherlands Kazakhstan Impact of WFT regulation

From January 1st, 2017 From May 1st, 2017 Early findings

Display the warning where loans Customers to provide income Early impact of WFT has reduced are available details for Tele2 if subscription handset demand across the market with a handset loan exceeds €250

Risks and consequences to be Loan checked and registered at a Shift to SIM only communicated in all channels credit registration agency BKR Impact on consumer credit, Early days – significant variation including mortgage loan amounts in MNO approaches at launch

29 Netherlands Kazakhstan Our new offer – shaking up the market

UNLIMITED € 25 Voice/SMS and data Non binding

10GB € 17 € 1 100 Voice/SMS

+ 5GB € 14 UNLIMITED 100 Voice/SMS Voice/SMS 24 month contract

1GB € 10 € 4 € 0 100 Voice/SMS

30 New Knock-out commercial

WORKING DRAFT VERSION – SUBJECT TO LEGAL AND REGULATORY REVIEW – FOR PLANNING PURPOSES ONLY Mobile Financials Netherlands Kazakhstan Mobile base, ASPU and EUS revenues growing

Mobile basecustomer base ASPU Mobile end-user service revenue (thousands)(Thousands) (EUR growth) revenue(SEK million) (SEK million)

+21% +12% +40%

1 062 451

875

322

Q1 16 Q1 17 Q1 16 Q1 17 Q1 16 Q1 17

33 Netherlands Kazakhstan …while network costs decrease

Sites on air Network costs Network costs per customer per month

+28% -7% -23%

2 993

2 335

Q1 16 Q1 17 Q1 16 Q1 17 Q1 16 Q1 17 Fixed network costs Variable network costs 34 Fixed broadband and B2B Netherlands Kazakhstan Fixed broadband and B2B contribute significant operating cash flow Net sales EBITDA Operating cash flow, 12 m rolling (SEK million) (SEK million) (SEK million)

-5% -6% +243%

401 750 716 212 199

117

Q1 16 Q1 17 Q1 16 Q1 17 Q1 16 Q1 17 36 Note: Operating cash flow = EBITDA - CAPEX Netherlands Kazakhstan Competitive pricing in fixed broadband

Monthly prices Internet & TV Base development (thousands)

€ 82 0%

345 345 € 68 € 63 € 62

€ 48 € 47 € 42 € 45 € 39 € 38 € 40 € 32

20 Mbps 60 Mbps 100 Mbps 250 Mbps Q1 16 Q1 17

Vodafoneziggo KPN T-Mobile Tele2

Prices do not include promos, discounts associated with FMC bundles (e.g. KPN Compleet) or VAS (FOX sports)

37 Source: Company websites Netherlands Kazakhstan B2B has a strong challenger position

. Smart follower challenging . LE: leveraging stronghold position market dominance KPN / High to cross-sell FMC VodafoneZiggo . SME: growing by leveraging . Likable brand, Simple hosted telephony momentum proposition & best price . VSE: mobile go-to-market; . Capitalising on market Price extending with simplified FMC transition to mobile offer first/FMC . Wholesale: maintaining solid

. 45% of mobile intake sold Low position in fixed to existing customers Product Mobile only offering Fully converged

Note: LE – Large Enterprise, SME – Small and Medium Enterprise, 38 VSE – Very Small Enterprise , FMC – Fixed-mobile convergence Netherlands Kazakhstan B2B has a strong challenger position

What we offer Key customers

. Disruptive and simple FMC proposition with easy to use self-service for full control by customer

Exponential growth in FMC seats

Q1 +228% Q1 2015 2017

39 Summary Netherlands Kazakhstan Netherlands – Financials

Net sales EBITDA Operating cash flow, 12 m rolling (SEK million) (SEK million) (SEK million)

+14% +587% +29%

1 583 1 577 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 1 478 1 441 1 452 151

-2 -31 -23 -1 143

-1 618 -1 613 -116 -1 778 -1 763 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17

41 Note: Operating cash flow = EBITDA - CAPEX Netherlands Kazakhstan Key priorities moving forward

. Shake up the market by encouraging customers to drown themselves in data . Create a market-leading Tele2 customer experience . Capitalize on our distinctive brand with a unique digital identity . Fill our outrageously fast 4G network with rapid growth in on-net data and voice . Accelerate the end of investment cycle

Positively Connecting Digital First Challenger Fearless Things our Customer Cost Brands Customers Love Experience Structure

42 Q&A BREAK Agenda

Registration and lunch Introduction Allison Kirkby Netherlands Jon James Q&A Break Kazakhstan Guillaume van Gaver, Roman Volodin Q&A Closing Allison Kirkby, Lars Nordmark Mingle KAZAKHSTAN

Guillaume van Gaver, EVP International Roman Volodin, CEO Tele2 Kazakhstan Agenda

J V JV performance since inception

Dual brand strategy

Data growth supported by a great network

Digital customer journeys and offers

Challenger cost structure

R Responsible challenger Netherlands Kazakhstan JV Highlights

JV becomes a Merger of Merger of billing JV reaches 19% leader in customer care systems EBITDA margin MNP intake

Mar 2016 May 2016 Jul 2016 Sep 2016 Oct 2016 Nov 2016 Dec 2016 Mar 2017 Apr 2017

JV closing, joint network Launch of new Launch of new One legal All integration coverage available Tele2 marketing Altel marketing entity KPIs for 2016 met to Tele2 and Altel platform platform customers

48 Netherlands Kazakhstan JV key achievements since Day 1

Great network Positive market development Data growth potential Widest 4G coverage in KZ 25% 32% Market share of 4G devices Q1 2017 Q1 2017

Dual Carrier aggregation in key regions ~630 15 115 Sites merged Months Petabytes of data Q1 2017 Consecutive positive Q1 2017 trend in MNP

49 Netherlands Kazakhstan Kazakhstan continued momentum

Net sales, LFL Mobile end-user service EBITDA and EBITDA margin, LFL (SEK million) revenue, LFL (SEK million) (SEK million)

+14% +14% +713%

600 800 734

700 649 488 495 639 500 474 600 449 433 20% 600 569 170 19%

400 14% 13% 10% 500 8% 122 3% 120 0% 400 300 97 89 300 -10% 200 70

200 50 -20%

100 100 15 -30% 20

0 0 -40% Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 -30 -50%

50 Note: LFL is constant currencies and pro forma for Altel Netherlands Kazakhstan Scale and efficiency driving improvements

FTE reduction Indirect costs as % of EBITDA margin development end-user service revenue

-32%

93% 88% 84% 82% 77%

Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q1 16 Gross Indirect Q1 17 margin costs

51 Netherlands Kazakhstan Benefits expected to continue

Integration ongoing and Integration . Network, IT and billing integration Opex on track . Decommissioning of redundant sites costs SEK 52 million so far

. Consolidation and rationalization of existing Capex radio networks On track to 17-20% of synergies . Rollout of common 2G/3G/4G layers combined spend . Merged IT and billing systems

. Reduction in SG&A costs Opex 3% of combined costs so far, . Headcount optimization on track to 4-6% synergies . Sales channels integration and optimization

. After several years of decline, we expect market Dynamic Market to stabilize to to grow 2-3% growth market . Fueled by data monetization and 4G device growth

52 Netherlands Kazakhstan Key focus areas

How We Win

Positively Connecting Digital First Challenger Fearless Things our Customer Cost Brands Customers Experience Structure Love

Profitable data Increased digital offers Challenger Cost growth supported by Dual Brand Strategy and journeys Structure great network

Responsible Challenger

53 Positively Fearless brands 54 Netherlands Kazakhstan Dual brand strategy: Target groups

• 15-35 years old • 25-40 years old • Smartphone user • Appreciates high speed data • Cost conscious Price premium payer • Price seeker • Medium-high income • Urban citizen • • Heavy data consumer

Share of total market Share of total market

15% 37%

55 Netherlands Kazakhstan Dual brand strategy: Communication platforms

56 Netherlands Kazakhstan Brands well positioned for customer growth

Net Promoter Score Top of Mind Brand Awareness

Nov 16 Dec 16 Jan 17 Feb 17 Mar 17 Nov 16 Dec 16 Jan 17 Feb 17 Mar 17

Tele2 Altel Beeline Activ Kcell Tele2 Altel Beeline Activ Kcell

Note: Altel brand re-launch started in April, 2017 57 Source: Norstat brand tracking study Netherlands Kazakhstan More valuable customers

ASPU development Share of bundles in customers’ base

+9% Tele2 Altel 74%

72% 71% 71% 70%

67% 67% 66% 66% 65%

Q1 1616 Q2Q2 16 Q3 1616 Q4Q4 16 Q1 1717 Nov 16 Dec 16 Jan 17 Feb 17 Mar 17

58 Netherlands Kazakhstan While also offering additional growth opportunities in new segments for Tele2

Growth in MBB with LTE advanced

Growth of B2B revenues in key and large accounts

Growth in wholesale in partnership with Kazakhtelecom

59 Connecting things our customers love 60 Netherlands Kazakhstan Kazakhstan market spectrum portfolio

800 MHz Vacant 10 MHz 10 MHz(LTE) 10 MHz (LTE)

900 MHz 10 MHz (GSM/UMTS) 6.6 MHz(GSM) 7.4 MHz(GSM)

1 800 MHz 40 MHz (GSM/LTE) 15 MHz (GSM/LTE) 15 MHz (GSM/LTE)

2 100 MHz 20 MHz (UMTS) 20 MHz (UMTS) 20 MHz (UMTS)

Tele2 (JV) Kcell Beeline

61 Netherlands Kazakhstan Superior data speed and 4G coverage

4G population coverage (vs. competitors)** Speed comparison

+13% +10%

Tele2 69%

Kcell 34%

Beeline 31%

Almaty Astana

Tele2 Competitors (average)*

*External third-party benchmark data 62 **Official reporting data & management evaluation Netherlands Kazakhstan Data consumption driven by 4G/LTE advanced

3G/4G Data consumption Average monthly data consumption per user*

52% 5.5 GB growth Q1 2017

3.1 GB Q1 2016

Q1 16 3G 4G Q1 17

63 *Excluding mobile broadband users Netherlands Kazakhstan Further room for growth in 4G enabled devices

4G capable smartphone penetration in customer Tele2 offering affordable 4G packages base

+52%

32%

21%

Q1 16 Q1 17

64 Digital first customer experience 65 Netherlands Kazakhstan More digital offers and customer journeys

Popular applications Variety of value-added services

Tele2 Mobile App Tele2 Gudok Selfcare application allowing Ring-back tone application customers to check balance & allowing to replace the regular available traffic, activate or beeps with a selected melody change tariffs & subscribe to services

66 Netherlands Kazakhstan Digital experience in selfcare improving

Website users Selfcare users (incl. mobile app)

+87% +146%

Q1Q1 15 15 Q2Q2 15 15 Q3Q3 1515 Q4Q4 15 Q1 1616 Q2Q2 16 16 Q3 Q3 16 16Q4 Q4 16 16Q1 Q1 17 17 Q1Q1 15 15 Q2Q2 15 15 Q3Q3 1515 Q4 15 Q1Q1 1616 Q2 Q2 16 16Q3 Q3 16 16Q4 Q4 16 16Q1 Q1 17 17

67 Source: Google Analytics Challenger cost structure 68 Netherlands Kazakhstan Medium term ambition

EBITDA - CAPEX breakeven EBITDA margin driving factors

EBITDA - CAPEX breakeven during 2018

Q1 17 Gross Indirect Ambition margin costs beyond 2018

69 Netherlands Kazakhstan Benefits expected to continue

Gross . Subscriber base growth . Further data monetization and up-sale based on advanced analytics margin . Monetize additional growth opportunities in under-penetrated segments

. Focus on structural cost reduction . Optimization of processes and increase efficiency of resources usage Indirect . Network sharing opportunities costs . Continued offshoring journey . Digitalization of sales channels and customer care . Further optimization of expansion costs

. Completion of radio network integration Capex . Capex-to-sales ratio to reduce in 2018 . Utilize current and upcoming technologies

70 Responsible Challenger

71 Netherlands Kazakhstan Group corporate responsibility focus areas

Responsible Challenger

Privacy and Ethics and Environment Child Diversity integrity compliance and CO2 protection

72 Netherlands Kazakhstan Corporate responsibility focus areas in Kazakhstan

Responsible Challenger

Code of Anti- Ownership Privacy and conduct Transparency corruption structure integrity enforcement

73 Netherlands Kazakhstan Responsible action in practice

Securing future JV Creation 2015 JV Operating 2016 responsibility 2017

. Due diligence of transaction . Appointment of Corporate . Publishing Annual Status . Ultimate Beneficial Owner Responsibility officer Update on Corporate warranties . Implementation of Whistle Responsibility . Warranties of use of proceeds Blower policy . Complete Code of Conduct . Securing management control . All employees signing Code of training for all employees Conduct . Working with industry and . Introducing Code of Conduct government for increased for business partners transparency of use of Tele2 Kazakhtelecom . Stringent process for handling surveillance mechanisms government requests . Provision of access for ESG 49% economic / 51% economic / investors with a focus on 51% voting interest 49% voting interest 100% Corporate Responsibility

MT-S KZ (JV)

74 Source: 2016 Annual Status Update Report, 2015 Report on JV in Kazakhstan Summary

75 Netherlands Kazakhstan Key priorities moving forward

. Continue to grow by attracting new customers and data monetization . Grow faster in under-penetrated segments . Roll-out of 4G/LTE advanced across the country . Improve operating leverage by pursuing scale and synergies . Completion of network integration . Continued focus on strong ethics and corporate governance

Positively Connecting Digital First Challenger Fearless Things our Customer Cost Brands Customers Love Experience Structure

76 Q&A 2SUM IT UP

Lars Nordmark, Group CFO Allison Kirkby, President and CEO Strong Q1 Group performance

Mobile end-user service EBITDA EBITDA - CAPEX revenue (SEK million) (SEK million) (SEK million)

+19% +41%

1 096

1 723 3 711 3 725 1 562 783 3 598 1 459 3 129 3 307 1 226 1 087 381 267

72 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17

79 Investment markets picking up

Mobile end-user service ASPU development EBITDA margin revenue (SEK million)

495 470 160 60 451 438 419 426 150 +12% 50 394 140 19%

336 130 322 40 14% 13% 120 10% 265 110 +9%30 8% 100 3% 20 90 0% -1% -2% 80 10 70 -8% 60 0 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17

Netherlands Kazakhstan Netherlands (consumer mobile postpaid) Netherlands Kazakhstan Kazakhstan (total mobile, LFL)

80 Scale and investment discipline drives value creation

CAPEX / Net sales Indirect costs + CAPEX as % of Net sales (decline y-o-y)

36% -21%

28% -13% 26% 23% 23% 20% 20% 18% 18% 18% -11% 15% 13% 12% 11% 8%

Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17

Netherlands Kazakhstan Group Netherlands Kazakhstan Group

81 Turning point in Investment Markets EBITDA less CAPEX 12 m rolling, SEK million

3 871 3 491 3 456 3 423 3 470 3 335 3 402 3 432 3 437

-1 178 -1 504 -1 625 -1 344 -1 940 -2 223 -2 282 -2 196 -1 934

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

82 Tele2 has outperformed

Tele2 vs peers - Total Shareholder Return including dividend reinvested in the stock

130 +77% 120

110

+45% 100

60 Dec 13 Mar 14 Jun 14 Sep 14 Dec 14 Mar 15 Jun 15 Sep 15 Dec 15 Mar 16 Jun 16 Sep 16 Dec 16 Mar 17 jun-14 jun-15 jun-16 dec-13 sep-14 dec-14 sep-15 dec-15 sep-16 dec-16 mar-14 mar-15 mar-16 Tele2 Eurostoxx Telecom (Rebased) mar-17

83 Source: Bloomberg, as of May 30th 2017 LOOKING 2 THE FUTURE Financial guidance 2017

Mobile end-user Mid-single digit service revenue % growth*

Net sales (SEK billion) 31 – 32

EBITDA (SEK billion) 5.9 – 6.2

CAPEX (SEK billion) 3.8 – 4.1

85 *Based on LFL which is constant currencies and pro forma for Altel and TDC Sweden Key priorities moving forward

. 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 Connecting Digital First Challenger Fearless Things our Customer Cost Brands Customers Love Experience Structure

86 Our Way2Win

Our Purpose We fearlessly liberate people to live a more connected life

Where We Play How We Win

Winning People & Culture

87 Q&A Netherlands Kazakhstan Tele2 Kazakhstan - Value and exit option

31% 49% 51% Equity 18% KAZAKHTELECOM earn-out

Tele2 shareholder loan ~ SEK 3 bn (KZT 97 bn + interest)

Put/call option

• Exercisable from March 2019 Loan from Kazakhtelecom (no interest) Guarantee • Shareholder loan from Tele2 Bank loan to fund JV’s expansion payable upon exit

89 THE BEGINNING Forward looking statements

Statements made in this document relating to the future, including future performance and other trend projections, are forward-looking statements. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements, due to many factors, many of which are outside of Tele2’s control.