Telia Company Mergers and Acquisitions Presentation Deck

LEVERAGE IMPACT - UCELL, KCELL & FINTUR IMPACT ON NET DEBT & LEVERAGE SEK in billions, reported per Q3 2018 and pro forma 1.1X 31.8 Net debt Q3 2018 0.1X 0.6 Ucell net =leverage -0.1X -4.1 Kcell net* 6 *Excluding Turkcell's share of proceeds 0.0X 2.4 Fintur net 1.1X =leverage impact 30.6 Proforma net debt Q3 2018 ● Ucell was sold on 5 December 2018 Limited impact on net debt and leverage from the divestments of Ucell and Kcell as well as the holding structure dismantling

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