The Nordic and Baltic telecommunications leader

1. The Nordic and Baltic telecommunications leader

2. Year-End Report 2002 Stockholm, February 19, 2003 Anders Igel President and CEO

3. Year-End Report January-December 2002 Merger of Telia and Sonera completed in December 2002 Pro forma highlights 2002 • Comparable net sales >+5% • Underlying EBITDA SEK 25,457 million (21,768), margin 31.4% (26.9%) • Strong free cash flow of SEK 9,534 million (-7,008) • Costs totaling SEK 53,278 million for restructuring and streamlining efforts, primarily within international 3G operations, International Carrier and the Danish fixed network operations, impacted operating income which fell to SEK -45,958 million (9,586) • Underlying operating income increased to SEK 7,320 million (-1,514)

4. Improved underlying performance • Strong improvement in underlying operations • Underlying EBITDA margin increasing from 26.9% to 31.4% Pro forma underlying EBITDA (SEK million)

5. Key performance drivers • Strong mobile development in home markets • Streamlining in Sweden gives 50% EBITDA margin in Q4 • Tight cost control in Finland gives 50% EBITDA margin for 2002 • Business initiatives in Norway make EBITDA climb by 42% in Q4 • Strong customer growth in Denmark gives significant improvement of EBITDA • Swedish fixed line operation shows strong EBITDA growth with margin of 37.4%. Efficiency measures implemented. • Significant growth in eastern markets in 2002 • Russian MegaFon triples its customer base to 3 million subscribers • Fintur companies expand in respective country in Eurasia • Turkcell’s subscriber base grows by 3.5 million to 15.7 million customers

6. Reduced investments / Improved cash flow Pro forma (SEK billion) • Improved cash flow from • Improved margins • Reduced investments 2001 2002 *) Excluding effects of other investments and divestments

7. Taking action with problem areas Operating income affected by cost for restructuring and streamlining of SEK 53,278 million AREA ACTION TARGET Cash flow positive on a monthly basis during 2003 International Carrier New strategic focus Danish fixed network operations Positive underlying EBITDA at the end of 2003 Refocus and streamlining program Impairment and discontinued equity accounting UMTS projects No risk exposure

8. Summary2002 TeliaSonera • Very strong development with improved margins within our home market businesses • The exceptions are: • Danish fixed network operations • International Carrier • Group 3G • We have dealt with these problems during the year and initiated thorough restructuring programs

9. What’s next – It’s about customers and profits • Actions to gain market shares in selected home market segments • Quick decisions in synergy implementation • Ensure competitive cost levels in all TeliaSonera operations

10. Outlook In the current business and regulatory environment In the longer term TeliaSonera expects a significant increase in profits and free cash flow

11. Dividend • Based on current circumstances the Board of Directors will be proposing a dividend of SEK 0.40 per share to the AGM, resulting in a total distribution of SEK 1,870 million. Dividend policy • The outlook for operating cash flow generation, capital expenditure requirements, earnings growth and the amount of funds available for distribution shall be taken into consideration when proposing the level of dividend. The intention is to increase the dividend annually.

12. Harri Koponen Deputy CEO

13. Market development Characteristics • Advanced IT and telecom market • Competitive environment • Increased regulatory impact Positions • Strong market leader in fixed, mobile and Internet segments in home markets • Strong growth potential in Russia and Eurasia

14. Market actions • MMS launched in all Nordic countries • 3G build out according to market demand and license requirements • Actions to win back lost market share • Focus on customer and Pan-Nordic services • Pursuing broadband growth opportunity

15. Mobile operations – Sweden ARPU ARPU (SEK) Post paid Total Pre paid Churn 13% MoU MoU (minutes) Post paid Total Pre paid

16. Mobile operations – Finland ARPU ARPU (EUR) Total (Post paid) Churn 16% MoU MoU (minutes) Total (Post paid)

17. Mobile operations – Norway ARPU ARPU (NOK) Post paid Total Pre paid Churn 31% MoU MoU (minutes) Post paid Total Pre paid

18. Integration • Synergies work has started • Common MMS platform • Telia Homerun and Sonera W-gate roaming • Pan-Nordic IP-VPN service • Several large contracts landed because of enhanced Pan-Nordic capability • Axfood • Fläkt woods group • TietoEnator • KONE • Partek • Schlumberger SEMA • Competence center

19. The work continues • New Group structure and new control models implemented • Customer orientation • Attractive service packaging • Cross selling • Tailored offerings for different customer segments • Fulfillment of EU requirements • Stand-alone improvements – major rationalization program will continue • Execution of synergy plan

20. Kim Ignatius CFO

21. TeliaSonera legal • Net sales increased 4% to SEK 59,483 million (57,196) • Underlying EBITDA increased to SEK 15,692 million (12,915) and the margin increased to 26% from 23% • Comparison affected by the consolidation of Sonera and new Baltic subsidiaries in December

22. TeliaSonera legal • No significant gains from associated companies in 2002 (significant sales of shares in 2001) • A net loss per share due to significant write-downs and provisions

23. Goodwill summary Preliminary purchase price and allocation as of December 31, 2002.

24. Balance sheet • Strong financial position • Balance sheet impacted by share issue of SEK 56 billion, and increase of SEK 19 billion in net debt through the merger

25. Pro forma income statement 2002 and 2001 1) Effects of excluding Telia's operations in Finland and ComHem AB 2) Excluding effects of other investments and divestments

26. Pro forma underlying income statement 2002 and 2001 1) Effects of excluding Telia's operations in Finland and ComHem AB

27. Telia breakdown external sales • Strong mobile growth due to over 500,000 additional customers and increased volumes • Fixed telephony drop due to introduction of local carrier pre-selection and overall market development • Strong demand for broadband access. Increase in Internet accesses close to 200,000. • Increased International Carrier revenues despite refocusing of operations

28. Telia breakdown underlying EBITDA • Volume growth and streamlining efforts improving profitability in Mobile, positive trend continues in Q4 2002 • Record-high margins for Telia Networks Sweden – Refocus program in Denmark continues • Price increases and efficiency measures reducing EBITDA losses from Internet Services • New strategic focus and realignment of operations improving International Carrier profitability

29. Sonera breakdown net sales • Mobile sales growth from increased usage and revised revenue sharing, negatively impacted by new interconnection and lower prices • Comparable growth in Fintur 38%. Consolidated as of September 2002. • Sale of Info Communications and restructured operations reducing sales from Service Businesses • Telecom: Primatel and Gateway sold. Data services increasing revenues.

30. Sonera breakdown underlying EBITDA • Strong Mobile profitability based on cost control and process development • Fintur full year EBITDA at the level of 51% • Focused strategy leading to narrowed losses in Services, beating the target • Revised revenue sharing and sale of businesses reducing Telecom EBITDA

31. Baltics summary

32. Significant associated companies • Significant growth in MegaFon customer base in 2002 • Turkcell back to profitable results during the year, continued growth 1) Before goodwill amortization.

33. Telia Sonera Baltic assets Adjustments 2) Total Telia Sonera Baltic assets Adjustments 2) Total Free cash flow – Strong improvement Pro forma free cash flow 20011) (SEK billion) Pro forma free cash flow 20021) (SEK billion) 9.5 1.1 0.9 3.5 4.0 -6.5 -7.0 -1.5 0.1 0.9 1) Cash flow from operating activities less capital expenditures.2) EU conditions and pro forma adjustments.

34. 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.

35. The Nordic and Baltic telecommunications leader