Tele 2 Russia Holding AB (BB+ by Fitch) announces proposed rouble bond offering

Stockholm - Tele2 AB (Tele2), (NASDAQ OMX Stockholm: TEL2 A and TEL2 B) today
announced that OJSC Saint-Petersburg Telecom (Issuer), a subsidiary of Tele2
Russia Holding AB has announced its debut RUB bond offering.

Issue nominal amount is RUB 5,000,000,000 with final maturity in 10 years. The
bonds are issued with put options, providing for effective tenors of 5 years.
Indicative coupon guidance 9.00 - 9.50 percent per annum for 5 year tenors with
semi-annual coupons. Issuer's liabilities under the offering will be covered by
irrevocable undertakings from Tele2 Russia Holding AB and Tele2 Financial
Services AB. The book is to be closed on 22 June, 2011. The settlement and
secondary trading will be executed on MICEX.

Fitch Ratings has assigned issue preliminary rating of «BB+» level.

Tele2 Russia Holding AB intends to use the proceeds from the bonds to refinance
existing intercompany indebtedness.

Lead-Arrangers and Book-runners of the offering are Raiffeisen Bank and VTB
Capital.

Ondra Partners are financial advisors to Tele2 AB.
Contacts

Lars Torstensson, Investor Inquiries, Telephone: +46 702 73 48 79
Pernilla Oldmark, Press Inquiries, Telephone: +46 704 26 45 45


TELE2 IS ONE OF EUROPE'S LEADING TELECOM OPERATORS, ALWAYS PROVIDING THE BEST
DEAL. We have 31 million customers in 11 countries. Tele2 offers mobile
services, fixed broadband and telephony, data network services, cable TV and
content services. Ever since Jan Stenbeck founded the company in 1993, it has
been a tough challenger to the former government monopolies and other
established providers. Tele2 has been listed on the NASDAQ OMX Stockholm since
1996. In 2010, we had net sales of SEK 40.2 billion and reported an operating
profit (EBITDA) of SEK 10.3 billion.

The information in this press release does not constitute an offer or an
advertisement of any securities in any jurisdiction. Specifically, without
limiting the generality of the foregoing, the information contained in this
document is not an offer, or an invitation to make offers, sell, purchase,
exchange or transfer, nor the solicitation of an offer to buy or acquire or
subscribe for any securities in Russia, or an invitation or inducement to engage
in investment activity in relation thereto.

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