INTERIM REPORT Q2 APRIL – JUNE 2018

JOHAN DENNELIND PRESIDENT & CEO

EXCECUTING ON STRATEGY AND FINANCIALS

REPORTED EBITDA GROWTH STRONG OPERATIONAL FREE COST REDUCTION ON TRACK IN ALL MARKETS CASH FLOW

-0.7BN +6.9% +12%

H1 2018 REPORTED Q2 2018 YTD 2018

LEVERAGE & LIQUIDITY DELIVERING ON THE M&A AGENDA

LEVERAGE LIQUIDITY BONNIER GET/TDC NORWAY BROADCASTING 1.14x 46BN Norway

Q2 2018 SEK 9.2 BILLION NOK 21.0 BILLION

2

1 A STRONGER TELIA COMPANY WITH KEY AMBITIONS INTACT

RUN-RATE GET/ BONNIER SYNERGIES COMBINED 2017 (SEK BILLION) TDC NORWAY** BROADCASTING (PER YEAR) PRO FORMA

EBITDA 1.8 0.5 3.5 1.2 (margin) 43.4% 6.8%  >28.5%

1.0 0.4 2.7 EBITDA-CAPEX* 1.3 (cash conversion) 53.1% 82.4%  76.5%

Net debt/EBITDA 0.7x 0.2x -0.1x 0.8x (x) 

OUR BALANCE SHEET TARGETS AND ANNOUNCED SHAREHOLDER RETURNS REMAIN INTACT

• GROW DIVIDEND OVER TIME • LEVERAGE TARGET OF 2x PLUS/MINUS 0.5x • SEK 15 BILLION IN SHARE BUY-BACK • SOLID CREDIT RATING A-/BBB+

* Excluding licenses 3 ** SEK/NOK rate of 1.04

SWEET-SPOT ACQUISITION OF GET AND TDC NORWAY

TRANSACTION RATIONALE TRANSACTION OVERVIEW COMPANY OVERVIEW

NOK billion 2017 STRATEGIC SWEET-SPOT • High stickiness with low- Revenues 4.0 Homes passed* 800k single digit churn Revenue CAGR 2015-2017 3.2% Homes connected 518k • High speed broadband, BEST IN CLASS STAND EBITDA 1.7 RGUs 950k advanced TV ALONE OPERATION EBITDA margin 43.4% entertainment and smart EBITDA CAGR 2015-2017 7.6% home services FINANCIALLY ACCRETIVE EBITDA-CAPEX 0.9 B2B customers 2k • Multiservice network RGUs 77k with a range of as-a- Cash conversion 53.1% service products * Including 24 Partners • Convergence in both B2C and B2B • Purchase price of NOK 21 billion (EV/EBITDA 9.0x including synergies) • Extensive reach from connecting ~1.8 million Norwegians every day • Cash flow accretive day one • Strong operational track record • EBITDA synergies of NOK 0.6 billion 50/50 split between revenues and OPEX • Highly synergetic and cash flow accretive transaction • Proven track record and value creation from M&A in Norway

4

2 GROWTH IN GET TO CONTINUE

REVENUE DEVELOPMENT GET BROADBAND GET TV Growth y-o-y, adjusted** Subs. in 000’, ARPU in local currency Subs. in 000’, ARPU in local currency

Subscriptions ARPU Get TDC Norway Subscriptions ARPU 375 410 3% 257 318 2016 2017 H1 2018

-10% Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18* Q1 Q2 Q3 17 Q4 17 Q1 18 Q2 18* 17** 17**

• Continuous growth in Get driven by • Broadband subscriptions steadily growing • Subscription base stabilizing - flat broadband and TV sequential development Q2 • 3,000 net adds Q2 and 4 percent base • Decline in TDC Norway mainly expansion Q2 y-o-y • Rather stable ARPU development attributable to loss of low ARPU mobile and fixed voice subscriptions • Price management and upsell supported ARPU 2018

AMBITION OF LOW SINGLE DIGIT REVENUE GROWTH GOING FORWARD

5 * Preliminary numbers per May 2018 ** Adjusted for one-offs Q1-Q2 2017

CONTINUED STRONG EBITDA DEVELOPMENT

SERVICE REVENUE DEVELOPMENT EBITDA DEVELOPMENT Organic growth, external service revenues Organic growth, reported Q2’18, excluding adjustment items

6.9%

3.9%

-2.3%

Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q2 18 reported

• Drop Q2 to approx. half driven by less low-margin • Organic EBITDA growth in 6 of 7 markets - transit service revenues reported growth in all markets • B2C rather flat while still pressure in B2B • Support from lower costs • Mobile still growing in majority of markets • Still FX and M&A tailwind 6

3 DELIVERING ON THE COST PROGRAM

COST SAVINGS REALIZATION – H1 2018 COST SAVINGS BREAKDOWN – H1 2018 SEK in billions

OTHER

EST 1.1

LIT SWE 0.7

DEN

NOR

H1 2018 Full year target

• Executing according to plan • Sweden down SEK 0.4 billion from mainly lower resource costs – saving pace expected to come • Continues to work on getting cost awareness as down H2 part of the organizational culture • ICT growth offsets savings in Finland

COST SAVINGS ON TRACK HALF WAY THROUGH 7

GROWING MOBILE ARPU IN ALL MARKETS

MOBILE SERVICE REVENUE GROWTH MOBILE ARPU GROWTH Q2 Organic growth In local currency, y-o-y

SWEDEN NORWAY 3% +3.9% +0.5% 2%

FINLAND THE BALTICS 1% +0.6% +2.7% +3.6% 0% Q2 17 Q3 17 Q4 17 Q1 18 Q2 18

• Mobile revenue growth in 5 of 7 markets • Mobile ARPU growth in all markets • Mixed Nordic picture • Sweden strong despite B2B price pressure • Solid performance in the Baltics

8

4 DIGITALIZATION TO DRIVE SUSTAINABILITY

EXAMPLES OF HOW WE CONTRIBUTE

Construction site digitalization to enable best use of resources, efficiency and better safety

Partnership in smart temperature control to get more energy efficient buildings in Stockholm

Connected wearable devices to increase safety and quality of elderly care in Denmark

Empowering and interacting with children/youth via YOUNITE and protecting children via CSAM

Reduced energy consumption as an integral part of our sustainability agenda

9

OUTLOOK FOR 2018 IS UNCHANGED

Above SEK 9.7 billion OPERATIONAL FCF* Operational FCF together with dividends from associated companies should cover a dividend around the 2017 level

EBITDA** In line or slightly above the 2017 level of SEK 25.2 billion

* Free cash flow from continuing operations, excluding licenses and dividends from associated companies ** Based on current structure, i.e. including M&A made so far, excluding adjustment items, in local currencies 10

5 INTERIM REPORT Q2 APRIL – JUNE 2018

CHRISTIAN LUIGA EXECUTIVE VICE PRESIDENT & CFO

REVENUE PRESSURE ONLY PARTIALLY IMPACTING EBITDA

NET SALES DEVELOPMENT SERVICE REVENUE GROWTH – BY MARKET Organic growth Organic growth Q2, external service revenues

+1.3% Total underlying* 0%

-2.3% Service revenues -5%

-2.3% -10% SE FI NO DK Baltics Carrier Total Q2 17 Equipment Mobile Fixed Other Q2 18

• Significant step-up in equipment sales • Decline in low-margin transit revenues represented approx. half of the decline - part of strategy and • Mobile revenue growth not enough to results in no material EBITDA impact compensate for legacy and low-margin fixed transit revenues

* Excluding impact from low margin revenues in Lithuania and 12 Telia Carrier

6 SOLID ORGANIC EBITDA PERFORMANCE

EBITDA DEVELOPMENT – REPORTED EBITDA DEVELOPMENT – ORGANIC Reported growth, excluding adjustment items Organic growth, y-o-y, excluding adjustment items

+6.9% +3.9%

Q2 17 Organic M&A FX Q2 18 Q2 SWE FIN NOR DEN LIT EST LAT Other Q2 17 18

• EBITDA growth of 6.9 percent driven by • EBITDA growth in 6 of 7 markets • Solid organic growth • Significant reduction in Swedish resource costs • FX tailwind mainly from stronger EUR & NOK • Synergies from Phonero in Norway • Solid cost control on group level

13

POSITIVE EBITDA IN SWEDEN DUE TO LOWER COSTS

SERVICE REVENUES MOBILE POSTPAID – B2C EBITDA Organic growth, external revenues In local currency Organic growth, excl. adj. items

B2C incl. fiber installation revenues Mobile B2C postpaid ARPU B2C excl. fiber installation revenues Mobile B2C revenue growth 0.9% +1.3% 260

+0.4% B2B +5%

B2C -3.3% Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18

• Stable and growing B2C for • Solid growth in ARPU key driver • Cost savings more than second consecutive quarter behind strong revenue growth compensated for revenue pressure from legacy services • Somewhat intensified price • Less tailwind expected from pressure in B2B VAS and invoicing fees in H2

14

7 FLAT DEVELOPMENT IN FINLAND FROM SOFTER MOBILE

SERVICE REVENUES* & EBITDA** MOBILE SUBSCRIPTIONS AND ARPU SEK million, reported currency & organic growth Total subscription base in 000’, ARPU in local currency

-0.4% 3,500 20

3,248 19 2,913 3,250 +3% -1.3% 18 3,000 17 1,028 1,124 2,750 16

Q2 17 Q2 18 Q2 17 Q2 18 2,500 15 Service revenues EBITDA Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Subscriptions ARPU • M&A and FX boosted reported numbers • Growth in base and ARPU Q2 • Leverage potential from data center & ice hockey rights • Good intake on B2B • Assembly deal - a game opener for eSports • Positive signals on churn • Selective price increases made in the quarter

15 = Organic growth * External service revenues ** Excluding adjustment items

EBITDA GROWTH IN NORWAY DUE TO LOWER COSTS

SERVICE REVENUES* & EBITDA** EBITDA** DEVELOPMENT SEK million, reported currency & organic growth SEK million, reported EBITDA growth

-1.9% +11.6%

2,164 2,221

+6.4%

987 885

Q2 17 Q2 18 Q2 17 Q2 18 Q2 17 Organic FX Q2 18 Service revenues EBITDA

• Softer on mobile B2B • Organic growth supported by synergy realization • Lower special-number revenues • Tailwind from FX • One-off items impacted growth negatively

16 = Organic growth * External service revenues ** Excluding adjustment items

8 LED CONTINUES TO DELIVER EBITDA GROWTH

SERVICE REVENUE DEVELOPMENT EBITDA* DEVELOPMENT Organic growth, external service revenues SEK million, reported currency & organic growth

Estonia Lithuania Denmark +12.0%

+9.3% 347 +3.4% +4.3% 290 252 216 170 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 154 -6.1%

-6.8% Q2 17 Q2 18 Q2 17 Q2 18 Q2 17 Q2 18 Estonia Lithuania Denmark

• Lithuania down from drop in low-margin transit revenues • Estonia supported by revenue growth - mobile grew by 14 percent • Solid mobile revenue and cost development in • Continued mobile and fixed growth in Estonia Lithuania • Denmark remains challenging • Strong execution on costs in Denmark

17 = Organic growth * Excluding adjustment items

STRONG CASH FLOW TREND

OPERATIONAL FREE CASH FLOW TREND OPERATIONAL FREE CASH FLOW - H1 Continuing operations, SEK billion Continuing operations, SEK billion

+1.8 10.4 6.8 12 9.7 6.1 10 -1.0 8 5.5 6

4 Operational free cash flow (R12) 2 0 H1 2017 EBITDA Interest, Tax H1 2018 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 NWC Pensions CAPEX & other • Good support from operations • Continuing to execute on working capital • Negative contribution from tax and interest

18

9 LEVERAGE REMAINS LOW SUPPORTED BY OPERATIONS

NET DEBT DEVELOPMENT – Q2 NET DEBT BREAKDOWN – Q2 Continuing and discontinued operations, SEK billion SEK billion, Q2 2018

1.14x 46.0

+1.0 32.4 1.01x +1.1 5.2 +5.0 28.5

+3.6 -32.4

-6.7 -83.6 = Leverage ratio Liquidity Gross debt Eurasia, net Net debt Q1 18 Operations Cash 1st Buy- FX & Q2 18 (continuing (continuing CAPEX dividend backs Other operations) operations) tranche • Strong operations support • Average funding cost of around 2.8 percent on gross debt and around 0.2 percent yield on liquidity • 1st dividend paid & buy-back program initiated • Low refinancing levels in the coming years (SEK 1 billion 2018, SEK 5 billion 2019, SEK 6 billion 2020

19 and SEK 7 billion in 2021)

SHAREHOLDER REMUNERATION INTACT

PRO FORMA LEVERAGE Leverage ratio, continuing and discontinued operations, rounded numbers • We remain committed to the leverage range of 2x +/- 0.5x • Comfortable being in the upper 0.2x 0.7x 0.2x part of the leverage range due to: 2.2x -0.1x -0.1 -0.1x • more diversified group 0.1x • strong cash flow generation 0.2x acquisitions with strong cash 1.1x 0.1x ANNUAL CASH FLOW • flow  All of which supports deleveraging • Commitment to the dividend policy and the three year buy-back Q2 18 Turkcell 2nd Buy-backs Get/ Illustrative Pro Bonnier Get/ Bonnier Buy-back Cash flow program remain unchanged dividend dividend 2018 TDC cash flow* forma broadcasting TDC broadcasting 1 year beyond M&A Norway purchase Norway incl. 2018, net proceeds purchase year end price incl. full of dividend Uzbek price 2018 full synergies settlement synergies

* Pro forma illustrative cash flow 2018 is based on the 2017 level of operational free cash flow 20 less operational free cash flow H1 2018

10 PIONEERS IN BRINGING TRUE CONVERGENCE TO NORDIC CUSTOMERS

TRANSACTION SUMMARY

STRATEGIC • By combining Bonnier Broadcasting’s competence and portfolio within domestic content and Telia’s award winning TV service and RATIONAL first class network we create a unique converged player in the Nordic region

• SEK 9.2 billion on a cash and debt free basis with a additional purchase price of maximum SEK 1 billion VALUE • Implies EV/EBIT, including full run rate synergies of 7.7x*

FINANCIAL • Earnings and cash flow accretive to Telia Company post closing EFFECTS • Operational free cash flow contribution of SEK 0.6 billion standalone and SEK 0.5 billion net of synergies and integration costs 2020

BALANCE • Total consideration to be financed using cash on balance sheet SHEET IMPACT • Net debt to EBITDA impact 0.2x

CONDITIONS • Subject to approval from EU Competition Authority

TIME TABLE • Expected closing in H2 2019

*Based on last twelve months as of 31 March 2018

22

11 REDEFINING THE INDUSTRY ON CUSTOMERS’ TERMS

1 • Telia Company leading the way in convergence and fulfilling customer demand CONVERGENCE BELIEVERS • With around 7.5 million B2C customers in Sweden and Finland we know what customers want and we can deliver AND CUSTOMER CHAMPIONS • Leverage brand and customer relations as well as utilize data analytics and customer knowledge to offer a unique and personalized service to our customers

2 • Great potential combining Telia Company’s B2C sales engine with Bonnier Broadcasting’s attractive content CONTENT IS A SCALE GAME • Content costs largely fixed, implies significant operational leverage opportunity

3 • Bonnier Broadcasting is EPS and cash flow accretive stand alone basis – adding SEK 0.6 billion in cash flow by 2020 EARNINGS AND CASH (SEK 0.5 billion net of synergies) FLOW ACCRETIVE • Full run rate synergies of SEK 0.6 billion from 2022 gradually improving. • No change to capital allocation commitments and supportive for ambition of growing dividend over time

23

VALUE FROM OWNING CONTENT

SECURE KEY CONTENT, NOW AND FOR THE FUTURE ENHANCE CUSTOMER BE PART OF THE RESHAPING EXPERIENCE WITH DATA MONETIZE ON VIDEO MEDIA VALUE CHAIN ON OUR ANALYTICS INTO UNIQUE ACROSS THE ENTIRE TERMS OFFERINGS MARKET, NOT JUST OUR CUSTOMERS

24

12 BONNIER BROADCASTING AT A GLANCE

COMPANY DESCRIPTION TOP FORMATS Number 1 commercial broadcaster in Sweden - CSOV*: 38% 2017** - Wide range of attractive quality content with key strength in domestic series, entertainment and news - Main brands: TV4, Sjuan and TV12 - TV4 Play: More registered users than any other service in Sweden

Fastest growing SVOD service - C More growing twice as fast as the SVOD market Q1 2018 y-o-y - Pay TV channels and SVOD services in Sweden, Finland and Denmark - Key strength in domestic content incl. movies, TV series, drama and sport - Several hundred thousands SVOD customers and even more pay-TV customers

Number 1 commercial broadcaster in Finland - CSOV*: 36% 2017 - Wide range of attractive quality content with key strength in domestic series, entertainment and news - Main brands: MTV3, SUB and AVA - Katsomo: Widely used online TV service

25 *CSOV=Commercial share of viewing ** Source MMS, among age group 15-59 years

TELIA – A LEADING TV DISTRIBUTOR

MOST SATISFIED TV CUSTOMERS GROWING TV CUSTOMER STOCK

2,000 1,800 1,600 1,400 1,200 1,000

(‘000) 800 600 400 200 0 • 1.8 million TV customers Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018

• 100 channels TV customers

• 1 app

26

13 TV4 IN MORE DETAIL

MOST ATTRACTIVE CONTENT TOTAL TV POLE POSITION COST CONTROL & LEVERAGE

The most popular 20 1200 Good track record of Revenues commercial TV shows 15 5 1000 are all at TV4* growing ad revenues +5.5% 10 800 5 4 600 0 400 -5 3 -10 200 billions SEK in

No ofviewers (‘000) -15 TV4 ad revenue growth (%) 0 2 #1 #2 #3 #4 #5 #6 #7 #8 #9 #10 2015 2016 2017 R12

Source: MMS Premium position in Leverage from growth in revenues, content cost ad market shift management and stable other costs

4 61% Growth in number of daily viewers Q1 2018 3 Steady growth in 39% 2 CSOV 1 35% 38% 13% billions SEK in 0 2013 2014 2015 2016 2017 2015 2016 2017 R12

CSOV, 15-59 years (%) Dom.* Int** #1 #2 TV4 Player 2 Player 3 Others AVOD AVOD Costs

Source: MMS Source: MediaVision – Number of daily viewers Q1 2018

*TV4 Play, Aftonbladet TV, Viafree, Expressen TV and D Play 27 * June 2018 R12, excluding the public service channels (SVT1 & SVT2) as well as various sport events ** Facebook and YouTube

C MORE IN MORE DETAIL

NEW STRATEGY SUCCESSFUL SVOD OUTPACES PAY TV MATERILIAZING ON REVENUES

2.0 Revenues Subscriptions 16% 1.5 New strategy implemented

1.0 SEK in billions SEK in

CAGR 2015-18 (%) 1% 0.5 SVOD market Pay TV market 2015 2016 2017 R12 Q1 2013 2014 2015 2016 2017 Q1 2018 2018 Source: MediaVision, PTS

• Fastest growing SVOD service in • SVOD growth driven by customer • Volume driven growth Sweden for three years changing behavior • Synergies from TV4 co-operation and • C More and TV4 in closer co-operation • C More to benefit volume growth not fully realized

• Improved content portfolio management • Increased demand for domestic content • Improved platform

28

14 MTV IN MORE DETAIL

TOUGHER AD MARKET SVOD GAINING MOMENTUM STRONGER TOGETHER

38%

12% TEAM PASS LIIGA PASS GAME PASS

CAGR 2015-18 (%) 1%

CAGR 2015-18 (%) SVOD market Pay TV market -2% AVOD ad market Linear TV ad market

Source: MediaVision, Ficora Source: MediaVision, Ficora

• Ad market lagging Sweden • SVOD growth driven increased • Strengthened offering when combining • AVOD less than 10 percent of total market willingness to pay MTV and Telia together with partners vs 25 percent in Sweden • Similar growth domestic SVOD vs • A relatively weak macro development international SVOD also impacts

• MTV largest commercial broadcaster 29

FINANCIAL OVERVIEW - BONNIER BROADCASTING

FINANCIAL OVERVIEW FINANCIAL BREAKDOWN OPERATIONAL CASH FLOW SEK in billions SEK in billions SEK in billions 7.5 7.4 7.4 2016 2017 2018 R12 Q1 0.3 0.3 NET SALES 7.4 7.4 7.5 - TV4 4.2 4.4 4.4 - C MORE 1.5 1.6 1.6 0.6 - MTV 1.8 1.7 1.7 0.4 - OTHER 0.0 -0.2 -0.2 0.3 EBIT 0.2 0.4 0.6 - TV4 0.7 1.0 1.1 2016 2017 Q1 2018 - C MORE -0.4 -0.4 -0.3 0 R12 - MTV -0.1 -0.3 -0.3 - OTHER 0.0 0.0 0.0 2016 2017 Q1 2018 Net sales EBIT R12

• Scale and increased efficiency in content management lead to earnings growth

30

15 EBITDA SYNERGIES OF SEK 0.6BN IN 2022

ENHANCING OUR CORE MORE OF CMORE/TV4 PLAY COSTS (SEK 350 MILLION) (SEK 150 MILLION) (SEK 100 MILLION)

-5ppt ≈6.0 Common tech & development

Insourcing

Churn • Content ownership - BB TV+BB Other flexibility for packaging C More Telia • 5 ppt lower churn • State of the art user • Platform consolidation experience • Proves significant potential • C More/TV4 Play upsell to to take down SAC/SRC • Potential to monetize Telia customers • Reduce number of third parties premium service • Monetize better on our • OTT upsell to new connectivity customers • Consolidate systems

31

SIZEABLE SYNERGIES

SYNERGYSYNERGY RUN-RATE RUN-RATE TARGET TARGET OF OF EBITDA SYNERGY DEVELOPMENT SEKSEK 0.6 0.6 BILLION BILLION IN 2022 IN 2022 In SEK billion, run-rate

SEK 0.6 BILLION

GRADUALGRADUAL INCREASE INCREASE IN SYNERGIES IN SYNERGIES 2020-20222020-2022

AGGREGATED INTEGRATION COSTS OF 2020 2021 2022 SEK 0.4 BILLION 2020-2021

32

16 FINANCIALLY ACCRETIVE TRANSACTION

BONNIER FULL RUN-RATE COMBINED 2017 (SEK BILLION) TELIA COMPANY** BROADCASTING SYNERGIES PRO FORMA

Revenues 79.8 7.4 n.a  >87.2

EBIT 13.8 0.4 14.8 0.6 (margin) 17.3% 5.2%  n.a

EBITDA-CAPEX 10.3 0.4 11.3 0.6 (cash conversion) 41.0% 82.4%  43.1%

BONNIER FULL RUN-RATE COMBINED 2017 (SEK BILLION) TELIA COMPANY** BROADCASTING SYNERGIES*** PRO FORMA

EPS (SEK) 1.92 0.06 0.11  2.08 (+8.6%)

Op FCF* 9.7 0.3 10.4 (+7.3%) 0.5 (cash conversion) 38.4% 66.2%  39.7%

*Telia definition 33 ** Continuing operation, excluding GET/TDC Norway ***Post tax

PROCESS AHEAD

Phase 1 investigationPotential Potential phase 2 investigation

ANNOUCEMENT & PHASE 1 DECISION PHASE 2 DECISION NOTIFICATION

• Telia announces intention to acquire • Following discussions, EU Commission • EU Commission informs whether Bonnier Broadcasting informs whether merger is cleared or merger is cleared and any potential phase II investigation is required remedies • EU Commission is notified and initiates phase I investigation

34

17 GREAT VALUE CREATIVE COMBINATION

CONVERGENCE BELIEVERS & STRONG STAND ALONE SIZEABLE SYNERGIES CUSTOMER CHAMPIONS

• Strong combination • Superior Total-TV position with great • Sizeable synergies • Improved converged offerings domestic content • Enhancing our core incl churn • More personalized products and • Well positioned in shifting market reduction services • Strong operational leverage • Improved market reach • Leverage brands and existing customer • New strategy yielding • Common costs relations • SEK 0.6 billion in cash flow contribution • EV/EBIT of 7.7x including synergies by 2020 stand alone, SEK 0.5 billion • Clear support for growing operational net of synergies and integration costs. free cash flow

NO CHANGE TO CAPITAL ALLOCATION COMMITMENTS – DIVIDEND AND BUYBACKS

35

Q&A

18 EPS UP VERSUS LAST YEAR

TOTAL EPS DEVELOPMENT SEK, continuing and discontinued operations Q2 2017 impacted by write down in mainly Uzbekistan +0.57 0.10 0.50

0.28

Q2 2017 impacted by the 0.18 divestments of Turkcell and Sergel

0.15 -0.13

0.00 -0.07 -0.01 Q2 17 Operating Associated M&A Other OperationsM&A Other Q2 18 income* companies

CONTINUING DISCONTINUED OPERATIONS OPERATIONS

37 * Excluding income from associates and adjustment items

FORWARD-LOOKING STATEMENTS

Statements made in this document relating to future status or circumstances, including future performance and other trend projections are forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty 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 the control of Telia Company.

38

19