Telia Company Investor Day Presentation Deck

OP. FCF DRIVEN BY EBITDA - SR GROWTH, COST & M&A OPERATIONAL FREE CASH FLOW SEK billion, reported currency 20 15 10 5 0 -5 -10 59 9.7 13.1 -3.4 2017 10.8 * Excluding licenses 15.1 -4.3 EBITDA, NWC, CAPEX* OTHER 12-12.5 2018 17 -5 2019E EBITDA TO BE SUPPORTED BY GROWTH IN CORE REVENUES, M&A AND COST MEASURES EBITDA OF WHICH SERVICE REVENUES EXCL. LEGACY AND FIBER OTC NWC CAPEX* OTHER TOTAL BONNIER BROADCASTING** CASH FLOW IMPACT (Y-O-Y) 2019E 2020E 2021E BONNIER BROADCASTING ESTIMATED TO CONTRIBUTE BY AT LEAST SEK 0.5 BILLION BY 2020 ** Transaction estimated to be closed during H2 2019

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