THE BOARD’S PROPOSAL FOR SHARE SPLIT AND REDEMPTION PROCEDURE - Tele2

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Mar 23, 2005 11:30 AM CET

THE BOARD’S PROPOSAL FOR SHARE SPLIT AND REDEMPTION PROCEDURE

New York and Stockholm – Tele2 AB, (“Tele2”), (Nasdaq Stock Market: TLTOA and TLTOB and Stockholmsbörsen: TEL2A and TEL2B), the leading alternative pan-European telecommunications company, today provides information regarding the time plan and structure of the proposed share split and redemption procedure, announced in conjunction with Tele2’s Full Year 2004 report.

Tele2’s financial position has strengthened significantly the past years, and it is the Board’s opinion that the company’s current balance sheet is more than adequate to secure the development of the business in the medium-term. At the Annual General Meeting on May 11, 2005, a proposal will be made to decide on a share split and a share redemption procedure, whereby every share is split into 3 ordinary shares and 1 redemption share. The redemption share will automatically be redeemed at SEK 10 per share. This corresponds to a total of MSEK 1,476. Combined with the proposed dividend of SEK 5 per share, shareholders will receive MSEK 2,213. In brief: - The company carries out a share split 4:1, whereby every share, irrespective of share class, is split into 3 ordinary shares and 1 redemption share. The estimated record day for the share split is May 23, 2005. - Trading in the redemption shares is expected to take place on Stockholmsbörsen during the period from May 24 to June 10, 2005, after which all redemption shares are automatically and mandatorily redeemed. The estimated record day for the redemption is June 17, 2005. - Payment for the redemption shares, corresponding to SEK 10 per share, is estimated to take place on June 22, 2005. The redemption procedure is subject to the following resolutions by the Annual General Meeting on May 11, 2005: - Amendment of the articles of association, whereby among other things the nominal value of each share is reduced to SEK 1.25 and redeemable C shares are introduced. - Reduction of the company’s share capital through redemption of 15,516,663 A shares and 132,043,512 B shares. - A directed issue of 147,560,175 new shares of Series C to a securities institution to avoid court approval of the redemption procedure. - Reduction of the company’s share capital through redemption of all C shares, and, at the same time, transfer of an amount corresponding to the reduction amount to the legal reserve. An information brochure is available on www.tele2.com. For further information about the procedure, please contact Fischer Partners Fondkommission on +46 8 463 85 00. CONTACTS Lars-Johan Jarnheimer, Telephone: + 46 8 562 640 00 President and CEO, Tele2 AB Håkan Zadler, Telephone: + 46 8 562 640 00 CFO, Tele2 AB Dwayne Taylor, Telephone: + 44 20 7321 5038 Lena Krauss, Telephone: + 46 8 562 000 45 Investor enquiries Visit us at our homepage: http://www.Tele2.com

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