Interim Report January - March 2011

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

"The first three months of 2011 have continued to show strong revenue growth in
our main markets. During the quarter, we focused on executing against our set
performance targets, and I am glad to announce that our results are in line with
the company's financial guidance. In order to generate enduring revenue growth,
the area of cost efficiency is primarily targeted at. Price leadership, a
central pillar of offering the Best Deal, requires us to be cost leaders. We
unceasingly measure our progress by benchmarking ourselves against our industry
peers. It is of great importance that we continue to prove that Tele2 is the
master of cost efficiency in our industry."

Financial highlights
Net sales amounted to SEK 9,573 (9,527) million corresponding to a growth less
exchange rate fluctuations of 7 percent. EBITDA in Q1 2011 amounted to SEK
2,457 (2,358) million, equivalent to an EBITDA margin of 26 (25) percent. EBITDA
growth less exchange rate fluctuations amounted to 11 percent.

Robust EBITDA contribution in market area Russia
In Q1 2011, Tele2 Russia added 547,000 (949,000) customers in an increasingly
competitive market. EBITDA amounted to SEK 942 (719) million, equivalent to an
EBITDA margin of 36 (32) percent.

Accelerating mobile revenue growth in market area Nordic
Mobile revenue in Sweden grew by 17 percent, as customer demand for smartphones
and data services continued to increase during the quarter. Mobile customer
intake in Norway was good, amounting to 8,000 (4,000).

Kazakhstan prepared for launch in market area Central Europe & Eurasia
During the quarter, Tele2 in Kazakhstan prepared for commercial launch through
intensified efforts for improving network quality and distribution capabilities.

The Interim report is available on reports.tele2.com/2011/Q1

Result Meeting
Tele2 will present the results at a meeting at Myntkabinettet, Slottsbacken 6,
Stockholm, at 10.45 am CET (09:45 am UK time/04:45 am NY time) on Tuesday, April
19, 2011. The presentation will be held in English and webcasted on Tele2's
dedicated Q1 2011 website, reports.tele2.com/2011/Q1.

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 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 31 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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