Telia Company Investor Day Presentation Deck

AROUND SEK 2.5 BILLION UNTAPPED NWC POTENTIAL ACCUMULATED NET WORKING CAPITAL IMPACT ON CASH FLOW SEK billion, reported currency, accumulated impact 6 5 4 3 2 1 0 ● 57 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 2019 2020 Previous estimate of a SEK 5 billion potential raised to around SEK 6 billion 2021 5% 5% 3.6BN 2017-18 90% IMPROVEMENTS REALIZED WITHOUT ANY OFFSETTING COSTS SUPPLIERS CUSTOMERS INVENTORY AND OTHER Customer financing and inventory will play a bigger role 2019-2021

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