Notice of Extraordinary General Meeting on 28 August 2007

Stockholm - The Board of Directors of Tele2 has today proposed that
an Extraordinary General Meeting on 28 August resolves to adopt a new
performance based incentive programme for approximately 80 senior
executives and other key employees within the Tele2 group. The
programme entails that the participants shall be granted stock
options free of charge and intends to strengthen the employees'
commitment and improve the conditions for the company's continued
demands on profitability. The proposed programme will replace the
incentive programme adopted by the Annual General Meeting.

The incentive programme in short:
* The Board of Directors proposes that a long term performance based
  incentive programme be adopted for approximately 80 senior
  executives and other key employees within the Tele2 group.
* The programme entails that the participants shall be granted stock
  options free of charge, each entitling the holder to purchase one
  Class B share in the company at an exercise price corresponding to
  110 percent of the average closing price of the company's Class B
  share 10 trading days prior to the date of grant.
* The programme entails that the stock options may be exercised three
  to five years from the time of grant, provided that the holder is
  still employed within the Tele2 group and that certain decided
  performance conditions are fulfilled.
* The performance conditions will be measured during the next three
  years and are based on the company's average normalised Return on
  Capital Employed and Total Shareholder Return compared to a peer
  group.
* Based on the outcome of the performance conditions, the employees
  will be able to exercise 0 - 100 percent of granted stock options.
* The scope of the programme is proposed to amount a maximum of
  4,098,000 stock options, which is estimated to correspond to no
  more than 0.92 percent of the share capital and 0.52 percent of the
  total number of votes.
* The securing and delivery of Class B shares is proposed to be made
  by issue and repurchase of reclassifiable Class C shares.

Please see the complete notice attached to this press release.
____________________________________________________________________
Further information can be obtained from:
Lars-Johan Jarnheimer, President and CEO Tele2 AB, Telephone: +46 8
5626 4000

Lars Nilsson, CFO Tele2 AB, Telephone: +46 8 5626 4000

Lars Torstensson, Investor Inquiries, Telephone: +46 702 73 48 79

Tele2 is Europe's leading alternative telecom operator Tele2's
mission is to provide cheap and simple telecoms for everyone in
Europe. Tele2 always strives to offer the market's best prices. We
have 29 million customers in 21 countries. Tele2 offers fixed and
mobile telephony, broadband, data network services and cable TV. 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 OMX Nordic Exchange since 1996.
In 2006 we had operating revenue of SEK 50.3 billion and we reported
an operating profit (EBITDA) of SEK 5.7 billion.