TeliaSonera increases its ownership in Kcell and prepares for IPO

TeliaSonera increases its ownership in Kcell and prepares for IPO

Teliasonera has signed an agreement with Kazakhtelecom to acquire 49 percent of
the shares in GSM Kazakhstan LLP, operating under the brand Kcell. The purchase
price is USD 1.519 billion. The transaction, which is subject to regulatory
approvals, is expected to be finalized during the first quarter of 2012.

TeliaSonera has further agreed, subject to certain conditions, to sell 25
percent of the shares minus one share in Kcell in an Initial Public Offering
(IPO). The IPO is expected to be completed during 2012. Depending on the share
price development after the IPO, TeliaSonera may have to make an additional
payment to Kazakhtelecom.

Presently, GSM Kazakhstan LLP is owned by Fintur Holdings (51%) and
Kazakhtelecom (49%). Fintur Holdings B.V. is owned by TeliaSonera (58.55%) and
Turkcell (41.45%). Once both steps of the transaction have been completed,
TeliaSonera’s effective ownership in Kcell will be 61,74%.

“This agreement is another step in the execution of our strategy of increasing
ownership in core holdings. Through this transaction TeliaSonera increases its
ownership in Kcell, a company where we already have management and operational
control. Kcell is a clear market leader in Kazakhstan, the largest market in
Central Asia, and has shown remarkable growth over the years. The fact that part
of the company will be sold in an IPO will make it even more attractive”, said
Tero Kivisaari, President, TeliaSonera Eurasia.

TeliaSonera AB discloses the information provided herein pursuant to the Swedish
Securities Markets Act and/or the Swedish Financial Instrument Trading Act. The
information was submitted for publication at 8.30 a.m. CET on December 22, 2011.

For more information, please call the TeliaSonera press office 46-771 77 58 30,
press@teliasonera.com

Forward-Looking Statements
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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
TeliaSonera.