Telia Company Mergers and Acquisitions Presentation Deck

MAINTAINING A STRONG CAPITAL STRUCTURE PRO FORMA NET DEBT SEK in billion, Q1 2018 28.5 Net debt Q1 2018 10 1st div tranche Remaining part of global settlement Turkcell M&A dividend proceeds to be distributed 58.7 Purchase Pro Forma price net debt ● ● ● PRO FORMA NET DEBT TO EBITDA 1.0 Net debt to EBITDA Q1 2018 1.9 High-end leverage range Low-end leverage range Pro forma net debt to EBITDA excl. synergies Net debt to EBITDA pro forma within our targeted range Remaining room for further M&A No change to current capital allocation commitments

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