April 28, 2004 Interim report January–March 2004 Anders Igel President and CEO

April 28, Forward-looking statements Statements made in this document relating to future status or circumstances, including future performance and other trend projections are forward-looking statements. By their nature, forward- looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to many factors, many of which are outside the control of TeliaSonera.

April 28, TeliaSonera January-March 2004 Net sales amounting to SEK 19,946 million (20,349), were on the same level as the preceding year adjusted for changes in exchange rates EBITDA excl. non-recurring items decreased to SEK 7,200 million (7,562) Free cash flow amounted to SEK 2,194 million (3,897), negatively affected by tax payments for the previous year Operating income increased to SEK 4,122 million (3,288) Net income increased to SEK 2,344 million (1,639) and earnings per share to SEK 0.50 (0.35)

April 28, Good performance despite tough competition in home market Declining market trends turned around in Sweden Accelerating initiatives to reach competitive cost levels in all operations Impressive growth and profitability in Eurasia Important steps towards simplicity and usage of mobile data –Intranet anywhere: Launch of Telia Connect Pro 3G launch in Sweden

April 28, Strong market initiatives yield strong customer growth Associated companiesConsolidated companies 20,700,000 22,400,000 +8% 28,900, % 21,500,000

April 28, Advantages by being a large international group TeliaSonera is more than the sum of its parts Pan-Nordic service offerings –Homerun –Nordic mobile offering Exceeded synergies –Executed decisions higher than target so far –Common product development –Best practice benchmarking throughout the group

April 28, Rapid GPRS expansion in Nordic markets SwedenFinland Norway Denmark 1 1) GPRS included in all mobile subscriptions since Jan 1, 2004 GPRS subscriptions (thousands)

April 28, Encouraging early MMS growth 1 1) Paid MMS started in Dec Number of MMS (thousands) SwedenFinland Norway Denmark

April 28, Improved mobile data services with 3G The speed of 3G radically improves the customer experience Range of services will be expanded Faster, easier and more fun!

April 28, Broadband – climbing on all markets SwedenFinland Denmark Lithuania Subscriptions (thousands)

April 28, Mobile Sales, year-on-year +5% Customers, total4,008,000 1 Fixed voice Sales, year-on-year -8% Customers, total6,248,000 Internet and data Sales, year-on-year +5% Customers, total1,239,000 Of which broadband 423,000 Performance Q Increased market and customer orientation yield results Gained market shares within mobile services to business customers and within consumer fixed voice Accelerated initiatives to secure competitive cost levels 3G launched March 10 1) 135,000 customers added due to a changed policy for termination of prepaid customers Market share gains and sustained strong margins in Sweden

April 28, Unchanged blended MoU despite strong customer intake and larger portion of prepaid customers TeliaSonera Sweden – ARPU and MoU Post-paid Total Prepaid Post-paid Total Prepaid SEK minutes Churn 8% in Q ARPU MoU Maintained post-paid ARPU despite lower prices

April 28, Negative trend broken in Sweden fixed Positive impact by bundled and flat-rate offers such as: –Favorit –Fritid –Vi Bjuder +110,000 Telia callers Q4 2003Q1 2004

April 28, Increased net sales due to : –Strong broadband growth –Increased sales to mobile service providers –Acquisition of Auria Increased efforts to regain end-customer market share with maintained profitability Increased mobile usage, SMS and MMS Mobile Sales, year-on-year +2% Customers, total 2,321,000 Fixed voice Sales, year-on-year +8% Customers, total 790,000 Internet and data Sales, year-on-year +14% Customers, total310,000 Of which broadband 174,000 Performance Q Increased sales on a tough Finnish market

April 28, MoU continues to grow TeliaSonera Finland – ARPU and MoU EUR minutes Churn 37% in Q ARPU MoU Quite stable ARPU despite substantial price reductions

April 28, Lower prices reduce total market growth in Norway Competition still intensive –High subsidises –Lower prices NetCom continues with offerings and new marketing programs Initiatives to drive MMS growth Net sales were negatively affected by exchange rate fluctuations Mobile Sales, year-on-year -5% in local currency+8% Customers, total 1,190,000 Performance Q1 2004

April 28, Norway – Mobile ARPU and MoU NOK minutes Churn 19% in Q ARPU MoU Post-paid Total Prepaid Post-paid Total Prepaid Continued strong increase in usage combined with price reductions gives stable ARPU

April 28, Robust sales and earnings growth in Denmark Mobile Sales, year-on-year +34% Customers, total 544,000 Fixed voice Sales, year-on-year +13% Customers, total 179,000 Cable Sales, year-on-year +26% Broadband customers, total113,000 Performance Q Positive growth across all operations after a successful restructuring Mobile –Telia Xpress – SMS and MMS success –Increased traffic volume per customer Fixed Voice –Net sales are climbing again Cable –New attractive offerings and increased transfer speed

April 28, Denmark – Mobile MoU minutes MoU Post-paid Total Prepaid Strong customer and MoU growth

April 28, Strong mobile growth in Baltic countries Estonia 1 : MobileFixed Sales, year-on-year +12%+8% Customers, total502,000500,000 2 Latvia: MobileFixed 1 Sales, year-on-year +6% -4% 3 in local currency+13% Customers, total 554,000681,000 2 Lithuania: MobileFixed Sales, year-on-year +9%-10% Customers, total 1,101,000897,000 2 Performance Q ) Associated company 2) Including Internet 3) Jan–Dec 2003 Strong mobile growth and reduced customer loss within fixed voice in Lithuania Strong mobile growth and good earnings in fixed in Latvia Stable performance in Estonia –Cash offer on Eesti Telekom

April 28, Rapidly reduced churn in Lietuvos Telekomas Q3 2002Q4 2002Q1 2003Q2 2003Q3 2003Q1 2004Q Loss of main lines (thousands)

April 28, Strong performance in International operations Russia Over 1.4 million new customers Eurasia Strong margin improvement and strong customer growth Turkey Continued strong customer growth Turkcell’s result impacted by provisions International Carrier Weak demand for IP and capacity on the market Russia – MegaFon Customers, total 7,587,000 Eurasia – Fintur companies Customers, total 2,679,000 Turkey – Turkcell Customers, total 19,600,000 Performance Q1 2004

April 28, Ready to take majority in associated companies Financial position and merger experience allow us now to participate in European consolidation Build on or increase strength in the Nordic and Baltic home market Acquisition requirements –Value enhancing by fulfilling our return requirements –Maintained solid financial position Outlook – Focused growth by acquisitions TeliaSonera acquisition record: Cash offer on Eesti Telekom Owns Estonian operators Elion and EMT

April 28, Good growth in mobile, decline in fixed voice and strong growth in Internet based services is expected in the market Ambition to develop organic revenue growth in line with or better than our markets Continued adaptation of cost structure to reflect market conditions of different segments in competitive home market Margins will be positively impacted by continued efficiency improvements and increased volumes, and negatively by lower prices Free cash flow will remain strong although impacted by higher cash taxes, somewhat increased CAPEX and higher use of the provisions Outlook 2004 – Commitment to pursue profitable growth

April 28, Focus going forward Main challenge 2004 Continue to improve market position while maintaining our strong profits and cash flow –Commercial actions – win back market shares –Continued synergy realization –Efficiency improvements –Profitable growth organically and by acquisitions –Realize the vision

April 28, 2004 Kim Ignatius CFO

April 28, SEK million Jan–Mar 2004Jan–Mar 2003 Net sales19,94620,349 Change in net sales (%)-2.0%3.6% EBITDA excl. non-recurring items 7,2007,562 Margin (%)36.1%37.2% Income from associated companies35484 Operating income4,1223,288 Operating income excl. non-recurring items 3,7613,288 Income after financial items3,8342,772 Net income2,3441,639 Earnings/loss per share (SEK) CAPEX1,7581,676 Free cash flow2,1943,897 TeliaSonera key figures Jan–Mar 2004

April 28, Net sales change International Carrier Eurasia Baltic countries Denmark Norway Sales per market SwedenFinland Acquisition of Auria Wholesale revenue up MoU increase Continued strong growth Loss of fixed subscribers and traffic volumes Restructuring Successful marketing efforts SEK million Holding Q – Q Net sales were on the same level adjusted for changes in exchange rates Acquisitions/divestitures positive effect of 1%

April 28, Customer growth in mobile SEK million High production cost due to revenue growth Restructuring Lower cost due to changed business relation with Eniro Lower personnel costs Marketing and consultant costs up due to increased activity level Q – Q Auria acquisition Higher interconnection costs Higher marketing costs Continued reduction of OPEX excl. non-recurring items -1% Increased traffic volumes Volume increase

April 28, EBITDA excl. non-recurring items down -5% Q – Q SEK million Drop in net sales partly compensated by lower OPEX Price erosion Higher interconnect costs Higher sales and economies of scale Customer growth and higher ARPU in Mobile Price erosion Higher marketing cost Shift from end customer to wholesale Centralized HQ functions Higher internal eliminations

April 28, SEK million Operating income excl. non-recurring items Lower depreciation in Sweden Growth and improved profitability in Russia Provision for legal disputes and deferred tax asset booked in Turkcell. Growth and improved profitability excluding one offs. Improved profitability for associates in Holding Q – Q1 2004

April 28, Further initiatives keep synergies ahead of schedule Decided synergies yearly run rate by the end of 2005 –OPEX SEK 1,868 million –CAPEX SEK 460 million Realized synergies 2003 –OPEX SEK 882 million –CAPEX SEK 481 million Realized synergies Q –OPEX SEK 268 million –CAPEX SEK 105 million Committed to merger target Total annual pre-tax cash flow synergies post 2005 estimated to be approx. SEK 2.7 billion (EUR 300 million)

April 28, Successful divestment of Telia Finans generated a capital gain of SEK 429 million and positive cash flow of SEK 6,000 million. Several smaller divestments were done as well. Yahoo exercised its option to sell back its 16% stake in ZED to TeliaSonera. Purchase price EUR 7 million. Vodafone’s shares in Xfera acquired for EUR 9 million. Capital infusion to Xfera of EUR 3 million Sergel Kredittjänster AB and TeliaSonera Payphone AB transferred from Holding to TeliaSonera Sweden Non core assets

April 28, Financial position further strengthened Free cash flow of SEK 2.2 billion, negatively affected by tax payments for the previous year Divestment of Telia Finans reduced net debt by SEK 6.0 billion Sustain a high level of financial flexibility with focus on long-term liquidity position Scheduled debt repayments SEK 3.4 billion in 2004 and SEK 11.7 billion in 2005 SEK billion Mar 31, 2004 Dec 31, 2003 Equity-to-assets ratio59%57% Net debt-to-equity ratio9%17% Free cash flow yield6%12% Book return on equity9%7%

April 28, 2004 The Nordic and Baltic telecommunications leader