Telia Company Investor Day Presentation Deck

NET DEBT AND LEVERAGE - Q4 2020 12 NET DEBT AND LEVERAGE DEVELOPMENT SEK billion and leverage ratio 2.55x 80.3 -8.0 4.2 Q3 20 Operations Cash * Equity value 3.7 2.7 = = Leverage ratio (multiple, rolling 12 months) -4.6 0.1 2.55x 2nd Extra Turkcell Other Q4 20 CAPEX dividend dividend proceeds 78.3 -9.2* 2.32x 69.2 Telia Q4 20 Carrier proforma proceeds Gross debt reduced by SEK 2 billion • Cash flow from operations and Turkcell proceeds more than offset increased cash CAPEX and dividend distributions ● ● Leverage remained unchanged in the quarter at 2.55x • Proforma leverage post the Telia Carrier transaction still estimated at 2.32x ● Telia Carrier transaction on track to close in Q2 2021

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