Tele2 AB : Interim Report January - September 2011

Stockholm - Tele2 AB, (Tele2), (NASDAQ OMX Stockholm: TEL2 A and TEL2 B) today
announced its consolidated results for the third quarter 2011.
"Offering the Best Deal is our business"

"Today's record results are proof that we are standing stronger than ever and it
demonstrates that we are becoming better and better at understanding and meeting
our customers' needs. Our excellent performance also shows that all our
operations are pulling in the right direction, in a joint effort! Our growth
engines Russia and Kazakhstan are in phase with more mature geographies, leading
to continuously improved results."

Financial highlights
Net sales amounted to SEK 10,340 (9,989) million corresponding to a growth
excluding exchange rate difference of 6 percent in the quarter. EBITDA in Q3
2011 amounted to SEK 2,893 (2,751) million, equivalent to an EBITDA margin of
28 (28) percent. EBITDA growth excluding exchange rate differences was 8
percent.

Record EBITDA contribution in market area Russia
In Q3 2011, Tele2 Russia added 681,000 (1,170,000) customers leading to a total
customer base of 20.4 million. EBITDA amounted to a record SEK 1,214 (1,011)
million, equivalent to an EBITDA margin of 40 (38) percent.

Robust mobile revenue growth in market area Nordic
Mobile revenue in Sweden grew by 7 percent, as customer demand for smartphones
and data services remained strong during the quarter. Mobile customer intake in
Sweden was good, amounting to 95,000 (103,000). In the quarter, Tele2 announced
its intention to acquire Network Norway, creating the third largest mobile
operator in the Norwegian market.

Significant operational progress in market area Central Europe & Eurasia
During the quarter, Tele2 Kazakhstan continued its successful launch of new
regions, resulting in a customer intake of 459,000 (1,000) in the quarter. The
total customer base amounted to 1.1 million. Tele2 Croatia reached for the first
time free cash-flow breakeven in Q3 2011.

Tele2 Netherlands expanded margin in fixed broadband
Following the integration of BBNed, Tele2 Netherlands expanded its fixed
broadband margin to 35 (30) percent.

The Interim report is available on reports.tele2.com/2011/Q3

Telephone conference
Tele2 will host a conference call, with an interactive presentation, for the
global financial community at 10.45 am CET (09.45 am UK time/04.45 am NY time)
on Wednesday, October 19, 2011. The conference call will be held in English and
will also be made available as an audiocast on Tele2's dedicated Q3 2011
website, reports.tele2.com/2011/Q3.

Dial-in information:
To ensure that you are connected to the conference call, please dial in a few
minutes before the start of the conference call to register your attendance.

Dial-in numbers:
Sweden: +46 8 505 598 53
UK: +44 203 043 24 36
US: +1 866 458 40 87

Contacts
Mats Granryd
President & CEO
Telephone: + 46 (0)8 5620 0060

Lars Nilsson
CFO
Telephone: +46 (0)8 5620 0060

Lars Torstensson
Group Director, Corporate Communication
Telephone: + 46 (0)8 5620 0042

Tele2 is one of Europe 's leading telecom OPERATORS, always providing the best
deal. We have 34 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.

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