Interim report January-March 2003 Anders Igel President and CEO

1. Interim report January-March 2003 Anders Igel President and CEO

2. Strong earnings improvement January-March 2003 in brief • Implemented efficiency measures are yielding results • EBITDA excl. non-recurring items margin 37.2% (30.4) • Low CAPEX level • Stronger free cash flow • No non-recurring costs CAPEX Operating income excl. non-recurring items EBITDA excl. non-recurring items Free cash flow SEK million

3. Improved earnings EBITDA excl. non-recurring items SEK +1,590 million, Q1 2002-Q1 2003 SEK million Other Lower cost in Sweden mobile Lower cost in Sweden fixed Continued strong earnings in Norway mobile Improvement in Denmark mobile Consolidation of Fintur Narrowing Carrier losses Total

4. Decisions and actions in problem areas yielding results International Carrier • Restructuring program ongoing • Improved EBITDA, lower CAPEX • Denmark • Turn-around program yielding results Q4 2002 Q1 2003 Q3 2002 Q4 2002 Q1 2003 Q3 2002 SEK million SEK million • International 3G • No additional risk exposure • Xfera guarantees reduced by 80% • Sonera’s Service Businesses • Losses almost eliminated

5. Kim Ignatius CFO

6. Key figures

7. Net sales

8. Operating incomeexcl. non-recurring items

9. CAPEX

10. Cash flow statement • Net debt reduced by SEK 3,427 million

11. Balance sheet • High level of financial flexibility • Retaining sufficient long-term liquidity • TeliaSonera is one of the best rated telecom operators in Europe 1) Equity has been adjusted by deducting the proposed dividend.

12. Anders Igel President and CEO

13. Rapid integration of operations Three months after the merger: • Strategy in place and communicated • One head office established and staffed • New divisions of responsibility implemented • Profit Centers organized and staffed • Competence Centers structure introduced

14. Several synergy initiatives taken during the quarter • Negotiations with suppliers • Elimination of overlaps • Corporate functions • Network resources • MMS platforms • IT software licenses • Roaming agreements • Initiatives taken thus far are expected to yield: • Annual cost savings of SEK 436 million by the end of 2005 • Annual CAPEX savings of SEK 127 million by the end of 2005 • Synergies ahead of schedule • Minor effect during the first quarter

15. Continued stand alone improvements Efficiency improvements • Sweden • Efficiency programs last year yielding results • Internet Business EBITDA positive • Redundancies announced – Number of job reductions will be determined before summer • Finland • Efficiency programs last year resulting in maintained margins in mobile • Redundancy of approx. 400 jobs

16. Enhanced customer focus Increase market shares - increase market efforts In Sweden In Finland In other operations • Norway • Several market activities • Denmark • Market activities planned • Baltic's • MMS launched in Latvia • Eurasia • Strong growth • Russia • Over 600,000 new customers • Turkey • Retained leading market position • Consumer segment • Several new services • Colour services • Business segment • Single point of contact • Large Corporate segment • Positive response to pan-Nordic services • Operators segment • Increased demand for mobile products Consumer segment • New offers to counter market share drop Business segment • Campaign starting to pay off Large Corporate segment • Prestigious business agreements Operators segment • Strong growth in fixed voice

17. Profit enhancement Improved profits and cash flow through Three months after the merger Realization of synergies • Synergies ahead of schedule • Rapid integration • Stronger margins – result of successful efficiency improvements • Internet Services EBITDA positive • Several initiatives of enhanced customer orientation Stand-alone efficiency improvements Improving under-performing businesses • International Carrier and Denmark improving Profitable growth • Enhanced customer focus • New offerings and marketing efforts

18. Outcome compared with outlook Outcome Q1 • Increased market efforts will pressure margins • Efficiency measures yielding faster results • Sustainable mid-term EBITDA margin of 34% expected to be reached sooner • Full year CAPEX expected around 2002 level • Dividend is doubled this year and stated policy is to increase dividend yearly

19. Focus going forward • Commercial actions – win back market shares • Continued synergy realization • Efficiency improvements

20. Forward-looking statements This document contains statements concerning, among other things, TeliaSonera's financial condition and results of operations that are forward-looking in nature. Such statements are not historical facts but, rather, represent TeliaSonera's future expectations. TeliaSonera believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions; however, forward-looking statements involve inherent risks and uncertainties, and a number of important factors could cause actual results or outcomes to differ materially from those expressed in any forward-looking statement, including TeliaSonera's market position, growth in the telecommunications industry in Europe, the effects of competition and other economic, business, competitive and/or regulatory factors affecting the business of TeliaSonera and the telecommunications industry in general. Forward-looking statements speak only as of the date they were made, and, other than as required by applicable law, TeliaSonera undertakes no obligation to update any of them in light of new information or future events.

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