Interim Report January - June 2011

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

"I am pleased to present the results of another record quarter for Tele2. We
continue to deliver the Best Deal and meet its challenges in all our markets.
Our financial performance is in line with our guidance and targets. In short,
all our markets are doing well."

Financial highlights
Net sales amounted to SEK 9,998 (10,539) million corresponding to a growth
excluding exchange rate difference and one-off items of 6 percent in the
quarter. EBITDA in Q2 2011 amounted to SEK 2,711 (2,687) million, equivalent to
an EBITDA margin of 27 (27) percent. EBITDA growth excluding exchange rate
differences was 7 percent.

Record EBITDA contribution in market area Russia
In Q2 2011, Tele2 Russia added 720,000 (1,113,000) customers leading to a total
customer base of 19.7 million. EBITDA amounted to a record SEK 1,115 (944)
million, equivalent to an EBITDA margin of 39 (36) percent.

Robust mobile revenue growth in market area Nordic
Mobile revenue in Sweden grew by 10 percent, as customer demand for smartphones
and data services remained strong during the quarter. Mobile customer intake in
Norway was good, amounting to 8,000 (7,000).

Successful launch of Tele2's operations in Kazakhstan leads to record customer
intake
During the quarter, Tele2 Kazakhstan launched commercial services in 5 out of
16 regions in the country. As a result, the customer intake jumped to 355,000 (-
48,000) in the quarter.

Tele2 Netherlands finalized the integration of BBned
The integration of BBned will result in a more flexible organization, which will
provide easy-to-use communication services to all segments.

Tele2 AB paid a total dividend of SEK 27 (5.85) per share
In May, Tele2 AB paid a total dividend of SEK 27 (5.85) per share comprised of
an ordinary dividend of SEK 6.00 (3.85) per share and an extraordinary dividend
of SEK 21.00 (2.00) per share.

The Interim report is available on reports.tele2.com/2011/Q2

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, July 20, 2011. The conference call will be held in English and
will also be made available as an audiocast on Tele2's dedicated Q2 2011
website, reports.tele2.com/2011/Q2.

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 32 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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