Tele2 Sverige has entered into an agreement to acquire Norwegian mobile operator Network Norway

Stockholm - Tele2 AB, ("Tele2"), (OMX Nordic Exchange: TEL2 A and TEL2 B), today
announced that Tele2 Sverige AB has entered into an agreement with Orkla ASA,
Hafslund Venture II AS and Katalysator Telekom AS (the "Shareholders"), the
three largest shareholders in Network Norway (the "Company"), to acquire their
ownership interests in Network Norway, representing 66.65 percent of the
Company's outstanding shares, 75.01 percent of the Company's outstanding
warrants and 67.76 percent of the Company's fully diluted share capital,
including warrants and options. Tele2 will pay approximately SEK 890 million in
cash for the Network Norway shares and warrants held by the Shareholders,
valuing 100 percent of Network Norway at approximately SEK 1,700 million on a
cash and debt free basis.

Tele2 will in due course make an offer to all remaining shareholders in Network
Norway on the same economic terms as those agreed with the Shareholders.
Completion is expected following approval from relevant regulatory authorities
and is conditional on receiving acceptances representing more than 90 percent of
the total outstanding shares of the Company and such number of warrants which
together with the shares acquired constitute more than 90 percent of the
outstanding shares and warrants of the Company.

Network Norway is Tele2's 50/50 joint venture partner in Mobile Norway, the
company established to roll out the third mobile network in Norway and which
operates 900 MHz and 2100 MHz licenses in the country. In the financial year
ending 31 December 2010, Network Norway reported net revenues of approximately
SEK 2,000 million and EBITDA of approximately SEK 22 million excluding one off-
items. The Company had a total mobile customer base of 485 000 as of 31 December
2010.

Thomas Ekman, Market Area Director Nordic, comments: "The acquisition of Network
Norway will make Tele2 the clear number three mobile operator in the Norwegian
telecom market with more than 1 million customers and gives us the operational
leverage that we need to complete Norway's third mobile network. We have had a
good partnership with Network Norway through our joint venture Mobile Norway.
With this acquisition, Tele2 will be able to take the leading price position and
truly challenge the duopoly of the Norwegian market by delivering the best deal
to all mobile customers in the country. "
Contacts

Lars Torstensson, Investor Inquiries, Telephone: +46 702 73 48 79
Pernilla Oldmark, Press Inquiries, Telephone: +46 704 26 45 45


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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