TeliaSonera Year-End Report 2003: Strong Financial Performance & Market Growth

1. Year-End Report 2003 Anders Igel President and CEO

2. Forward-looking statements Statements made in this document relating to future status or circumstances, including future performance and other trend projections are forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to many factors, many of which are outside the control of TeliaSonera.

3. Major steps towards fulfilling merger promises 2003 • Record profit and cash flow • Integration completed with a common direction • Increased market efforts starting to yield results with increased market shares Strong customer growth • Consolidated companies • 12 million mobile customers • Annual growth 13% • Associated companies • 26 million mobile customers • Annual growth 34% Strong Internet and broadband growth

4. Record profit SEK million Operating income Operating income excl. non-recurring items 13,140 14,831 -45,958 5,992 Jan–Dec 2002 Jan–Dec 2003 Jan–Dec 2002 Jan–Dec 2003

5. Lower CAPEX levels SEK million • CAPEX reflecting business needs • Reduction by 23% • CAPEX/Sales 11% Jan–Dec 2002 Jan–Dec 2003 -11,710 -8,960

6. Record free cash flow, strong financial position SEK million • Improvement 83.5% 17,499 9,534 Jan–Dec 2002 Jan–Dec 2003

7. Performance 2002–2003 Mobile External Net Sales +5% Customers 3,838,000 Growth +6% Fixed Voice External Net Sales -4% Customers 6,256,000 Growth -3% Internet and Data External Net Sales +4% Total customers 1,222,000 Growth +13% Of which Broadband 399,000 Growth +24% Mobile market share gain and negative fixed consumer trend broken in Sweden • Aggressive market initiatives yield results • Strengthened position on the mobile market within all customer segments • More than 25,000 new fixed voice consumer customers in December breaks negative trend • New competitive Internet based services launched • Robust earnings growth in a better managed business

8. Performance 2002–2003 Mobile External Net Sales -3% Adj. of accruals -1% Customers 2,428,000 Growth -2% Fixed Voice External Net Sales +3% Customers 804,000 Growth +11% Internet and Data External Net Sales +4% Total customers 305,000 Growth +16% Of which Broadband 150,000 Growth +83% Sustained profitability in fierce competition in Finland • Sustained performance despite escalated competition following the introduction of mobile number portability • Strong broadband growth and mobile usage • Strengthened presence in fixed communications through acquisition in Turku area • Intensified market efforts and new offerings gained effect in December

9. Performance 2002–2003 Mobile Net Sales +10% in local currency +17% Customers 1,195,000 Growth +10% Continued strong development in Norway • Continued strong profitable growth despite much tougher competition • Increased usage per customer • Strong SMS and MMS trend • NetCom awarded for: • Successful gain of market shares • Combining easy to use services and price model with a clear market message

10. Performance 2002–2003 Mobile External Net Sales +75% Adj. for accounting change +52% Customers 525,000 Growth +13% Fixed Voice External Net Sales -9% Customers 172,000 Growth -18% Cable External Net Sales +9% Broadband customers 104,000 Growth +28% Successful turnaround in Denmark • Both fixed and mobile EBITDA positive in the fourth quarter • Mobile • Growing customer base and improving profitability • Robust increase in SMS (Telia Xpress) • Fixed Voice • First to launch flat rate service for fixed voice for customers • Cable • Flat rate broadband service • First to offer mail scanning to keep customers free from spam

11. Performance 2002–2003 Estonia1: Mobile Fixed Sales +11% +1% Customers 478,000 445,000 Growth +12% -4% Latvia: Mobile Fixed1 Sales +2%-3%2 in local currency +13% Customers 534,000 654,000 Growth +19% -7% Lithuania: Mobile Fixed Sales +10%-16% Customers 1,052,000 829,000 Growth +24% -11% 1) Associated companies 2) Jan–Jun 2003 Strong mobile growth in Baltic Countries • Strong mobile growth and turnaround program in fixed in Lithuania • Strong mobile growth and good earnings in fixed in Latvia • Good performance in Estonia

12. Performance 2002–2003 Russia – MegaFon Customers 6,175,000 Growth +104% Eurasia – Fintur companies Customers 2,385,000 Growth +48% Turkey– Turkcell Customers 19,000,000 Growth +21% Strong performance in International operations Russia • Nearly 3.2 million new mobile customers and increased market share Eurasia • Continued strong growth and profit development International Carrier • Successful restructuring and turnaround • Positive cash flow during Q4 Turkey • Strong customer growth and improved profitability

13. Outlook 2004 – Commitment to pursue profitable growth • Good growth in mobile, decline in fixed voice and strong growth in Internet based services is expected in the market • Ambition to develop organic revenue growth in line with or better than our markets • Continued adaptation of cost structure to reflect market conditions of different segments in competitive home market • Margins will be positively impacted by continued efficiency improvements and increased volumes, and negatively by lower prices • Free cash flow will remain strong although be impacted by higher cash taxes, somewhat increased capital expenditure and higher use of the provisions

14. Auria • Fixed line telecom operator in Finland • Full ownership Omnitel • Mobile operator in Lithuania • Increased ownership to 90% (55%) Outlook – Focused growth by acquisitions • Ready to take majority in associated companies • Financial position and merger experience allow us to participate in European consolidation • Build on or increase strength in the Nordic and Baltic home market • Acquisition requirements • Value enhancing by fulfilling our return requirements • Maintained solid financial position

15. Dividend proposal • Proposed dividend increase to SEK 1.00, consisting of an ordinary dividend of SEK 0.80 (0.40) and an extra dividend of SEK 0.20, reflecting the exceptionally strong cash flow • Financial strength maintained to take advantage of growth opportunities organically and by acquisitions

16. Focus going forward Main challenge 2004 • Continue to improve market position while maintaining our strong profits and cash flow • Commercial actions – win back market shares • Continued synergy realization • Efficiency improvements • Profitable growth organically and by acquisitions • Realize the vision

17. Kim Ignatius CFO

18. Q4 2002 – Q4 2003 Net sales change SEK million Sales per market • Net sales +0.5% • Exchange rate negative effect of –2% • Acquisitions/divestitures positive effect of 1% International Carrier Holding Eurasia Auria acquisition, equipment sales Strong growth Lower level ofinternal sales Baltic countries Denmark Norway Restructuring Higher internal sales in 2002 Customer growth in mobile and cable Auria retail shops Finland Sweden

19. Q4 2002 – Q4 2003 Continued reduction of OPEX excl. non-recurring items -4.7% SEK million Higher cost related to internal sales in 2002 Restructuring of fixed Successful cost- cutting program Lower level ofinternal sales, centralized HQ functions Auria acquisition, increased inter- connection cost Reduced customer acquisition costs due to lower customer intake Effect from revenue growth Auria retail shops

20. Jan-Dec 2002 – Jan-Dec 2003 OPEX excl. non-recurring items reduced with SEK 4,440 million in 2003 SEK million Release of interconnect reserve, lower personnel and consultant expenses and lower internal sales Restructuring of fixed Restructuring Lower level of internal sales, centralized HQ functions Auria acquisition. Increased inter-connection cost. Increased customer stock Effect from consolidationand revenuegrowth

21. Q4 2002 – Q4 2003 Strong EBITDA excl. non-recurring items growth +12% SEK million EBITDA per market Successful restructuring International Carrier Holding Eurasia Successful restructuring. Positive earnings trend throughout. Baltic countries Denmark Strong marketing efforts, price effect and larger than normal seasonal effects within fixed services Norway Lower sales in fixed Finland Sweden

22. Q3 2003 – Q4 2003 EBITDA excl. non-recurring items Q4 vs. Q3 seasonality SEK million Seasonal marketingand interconnect Continuedimprovement Seasonally high cost for marketing and subcontractors Price decrease fixed, seasonal marketing

23. Synergies progressing faster than planned Synergy savings from decisions to date Network Operations: • Phase out of overlapping functions • Replace leased lines with own network • Common testing functions and systems Products and Services development: • Redundancies in Finland and Sweden • Common service platform IT systems and infrastructure: • Close down development and overlapping systems • Common internal communication platform Implementation cost SEK 685 million in 2003 • Committed to merger target • Total annual pre-tax cash flow synergies post 2005 estimated to be approx. SEK 2.7 billion (EUR 300 million)

24. TeliaSonera Holding • Some 30 holdings sold in whole or in part in 2003. Largest gains from ComHem, Bhartiand Netia, largest losses from MetroOneand TeliaMobileFinland. ComHem and Telia Mobile Finland not included in pro forma numbers. • Sale of Telia Finans in early 2004, cash inflow of SEK 6.2 billion and capital gain of SEK 0.5 billion. Sale of KI Consulting (Telefos Group) in January 2004. • Yahoo! sold back its 15% in Sonera Zedin January 2004. • Provisions made for IPSE (3G Italy) and sale of INGROUP, total of SEK 255 million. Counter guarantees for Xfera (3G Spain) reduced significantly to one fourth. Capital commitment of EUR 368 million, after anticipated additional shares, to be reduced through negotiations. No provisions taken. • Largest write-downs 2003 related to Infonet, Metro One and venture capital investments. Release of reserve related to AUCS.

25. Income taxes 2003 Nominal corporate tax rates in major countries below 30% • Sweden 28%, Finland 29% (proposal to 26% – no gov’t bill yet), Norway 28% Effective tax rate in 2003 was 30%, fourth quarter only 4% • Increased by non-deductible goodwill amortization and non-deductible write-downs • Decreased by non-taxable capital gains • In Q4, losses of Telia Finnish branch were used, which were not previously accounted for as deferred tax assets. Decreased Q4 and full year effective tax rate. • 2004 to be impacted negatively by tax rate change in Finland, if enacted Tax cash payments 2003 at very low level, 11% of pre-tax profit • Utilizing previous tax losses in Finland, mainly from European 3G write-downs. No significant tax payment in Finland for next 7-8 years. • Significant part of 2003 tax payments in Sweden deferred to Q1 2004 • Cash payments to be closer to effective tax rate for next few years SEK 3.4 billion decrease in net deferred tax liability, no major impact on result • Due to decision not to simplify all legal structures related to international holdings • Relates to deferred tax liability recorded in the TeliaSonera merger. Adjusted as a reallocation of goodwill from the merger.

26. Strong cash flow – Strong financial position SEK billion • Solid capital structure with strong financial resources and cash flow • Sustain a high level of financial flexibility with focus on long-term liquidity position • TeliaSonera (A/A2) is one of the best rated telecom operators in Europe • Scheduled debt repayments SEK 3.5 billion in 2004 and SEK 12.3 billion in 2005

27. The Nordic and Baltic telecommunications leader