Share repurchase by Tele2

Stockholm - The Board of Directors of Tele2 AB ("Tele2"), (OMX Nordic
Exchange: TEL2 A and TEL2 B), has decided, on the basis of the
authorization received from the Annual General Meeting 2008, to
repurchase a maximum of 4,500,000 Tele2 B shares, which corresponds
to approximately one (1) percent of all shares in Tele2. The
repurchased shares will be cancelled.

The repurchases will be made on the OMX Nordic Exchange Stockholm at
a share price that falls within the registered range between the
highest bid price and the lowest asking price at time of the
acquisition, provided that the price will not exceed the higher of
the price of the last independent trade and the highest current
independent bid price.

Repurchases may be made of not more than 4,500,000 shares
corresponding to approximately one (1) percent of all outstanding
shares in the Company, and may only involve shares of series B. The
Board of Directors will propose to cancel the repurchased shares at
the next Annual General Meeting. The Company currently owns 4,098,000
shares of Series C. The total number of outstanding shares in the
Company of all Series currently amount to 448,949,339.

Repurchases may be made as from 3 September 2008 up to and including
19 September 2008. The repurchase of shares will correspond to a
maximum aggregate consideration of SEK 525 million.

The repurchases of own shares will be carried out as a buy-back
program pursuant to and in compliance with the "Buy-back and
Stabilisation Regulation" (Commission Regulation (EC) No 2273/2003).The buy-back program will be executed by an investment firm or a
credit institution which makes its trading decisions in relation to
the Company's shares independently of, and without influence by, the
Company with regard to the timing of the repurchases.
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Further information can be obtained from:
Lars Torstensson, Investor Inquiries, Telephone: +46 702 73 48 79


Tele2 is one of Europe's leading alternative telecom operators.
Tele2's mission is to provide price leading and easy to use
communication services. Tele2 always strives to offer the market's
best prices. We have 24 million customers in 12 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 OMX Nordic Exchange since 1996. In 2007, we
had net sales of SEK 41.5 billion and reported an operating profit
(EBITDA) of SEK 6.3 billion. Please visit us at www.tele2.com