Interim Report January-September 2008

Stockholm - Wednesday, October 22, 2008 - Tele2 AB ("Tele2") (OMX
Nordic Exchange: TEL2 A and TEL2 B), today announced its consolidated
results for the third quarter 2008.

Net sales in Q3 2008 amounted to SEK 9,891 (9,509) million, an
increase of 4 percent.

EBITDA in Q3 2008 increased by 28 percent to SEK 2,248 (1,750)
million.

EBIT in Q3 2008 increased by 62 percent to SEK 1,394 (863) million
excluding one-off items of SEK -950 (-1,319) million mainly related
to impairment losses. Including one-off items EBIT amounted to SEK
444 (-456) million.

Net profit/loss in Q3 2008 amounted to SEK 160 (-188) million.

Earnings per share in Q3 2008, after dilution, amounted to SEK 0.32
(-0.37).

Net sales for 9M 2008 amounted to SEK 29,192 (30,457) million, an
decrease of 4 percent.

Net profit/loss for 9M 2008 amounted to SEK 1,022 (-243) million.

Earnings per share for 9M 2008 amounted to SEK 2,24 (-0.32).

Tele2's net debt at September 30, 2008 amounted to SEK 5,224 (11,167)
million, a decrease of 53 percent.

Harri Koponen, President and CEO of Tele2 AB comments:"The last months, I have been working closely with my management team
on how to successfully move forward. Tele2's longer term strategy
will remain the same, but we will speed up the execution.

Tele2 is now about to exit the phase of realignment, and to enter a
new phase of transformation. This implies that our product portfolio
will transform to fit the future demands of our customers. People
will go for mobility everywhere - and they want it to be fast and
immediate.

Customers only pay for value. By investing more in coverage, capacity
and quality, we will offer our customers great products, yet still at
the best price. Mobile services first, and if it makes commercial
sense, complement them by fixed broadband and telephony.

Tele2 has a strong financial position, and we are looking to invest
in our existing core businesses. Going forward, we will focus even
more on growth in mobile, mobile internet and corporate services. We
should not forget our roots, where Tele2 has been successful as a
challenger in mobile and green field operations.

The Mobile operations of Tele2 continue to perform strongly in a
highly competitive market. The core markets of Russia, Sweden,
Croatia and the Baltic all showed solid customer intake. Tele2 Russia
continued to maintain its EBITDA margin of 36 percent, despite an
initiated roll-out in 18 new regions including Krasnodar. The Baltic
region was negatively affected by the poor economic environment.
However, the operations managed to maintain an EBITDA margin at 33
percent. The Croatian operation made further inroad in the consumer
segment adding 74,000 new mobile users. The Swedish mobile operations
had a robust quarter, adding 127,000 new customers in Q3 2008.

The Fixed Broadband operations showed promising improvement in Q3
2008 and our goal to focus less on market share and more on
operational result has paid off. The quarter, once again, showed a
healthy pick-up in operational performance and showed for the first
time a positive EBITDA result at group level. However, we still have
a long way to go before fixed broadband services meet our set
hurdles. Revenue continued to develop according to plan and grew by
10 percent compared to the same period last year.

Fixed Telephony operations continued to deliver strong results and
profitability. The EBITDA margin was 28 percent and capital
expenditures were kept to a minimum in the quarter. Going forward, we
will continue to do more of the same - maximize cashflow of a mature
asset."

Contacts:

Harri Koponen
President and CEO
Telephone: +46 (0)8 5626 4000

Lars Nilsson
CFO
Telephone: +46 (0)8 5626 4000

Lars Torstensson
Investor Relations
Telephone: +46 (0)8 5620 0042

Result Meeting
Tele2 will present the results at a meeting at Hitechbuilding 17th
floor, Sveavägen 9, Stockholm, at 10:00 am CET (09:00 am UK
time/04:00 am NY time) on Wednesday, October 22, 2008. The meeting
will be held in English and webcasted on Tele2's website,
www.tele2.com, with the possibility to enter questions online.

Conference Call
There will also be the possibility to listen to the meeting live over
the phone and attend the Q&A session via a conference call. Please
note that there might be a time lag of up to 30 seconds between the
Internet broadcast and the conference call if you are simultaneously
watching and calling in to the press conference.

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

Dial-in number:
Sweden: +46 (0)8 505 598 53
UK: +44 (0)20 3043 2436
US: +1 866 458 4087

There is also a possibility to listen to the conference call
afterwards:
Replay number until November 5, 2008: +46 (0)8 506 269 49
Access code: 224 742#

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 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 OMX Nordic Exchange since 1996. In 2007, we
had net sales of SEK 40.1 billion and reported an operating profit
(EBITDA) of SEK 6.3 billion. Please visit us at www.tele2.com