Telia Company Mergers and Acquisitions Presentation Deck

ANOTHER PROOF-POINT OF OUR STRATEGY TO FOCUS ON THE NORDICS AND BALTICS Date December 2015 April 2017 May 2017 September 2017 October 2017 October 2017 January 2018 March 2018 December 2018 December 2018 11 Company Ncell Tcell Turkcell Turkcell MegaFon MegaFon Geocell Azercell Ucell Kcell Amount SEK 9,100 million SEK 238 million SEK 4,426 million SEK 4,127 million SEK 3,200 million SEK 8,600 million SEK 700 million SEK 1,600 million SEK 1,950 million SEK 7,000 million Valuation Enterprise value Enterprise value Equity value Equity value Equity value Equity value Enterprise value Enterprise value Equity value Enterprise value

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