Telia Company Results Presentation Deck

OPERATIONAL FREE CASH FLOW GREW 16 PERCENT 2019 20 OPERATIONAL FREE CASH FLOW DEVELOPMENT SEK billion, rolling twelve months 14 12 10 8 6 4 2 0 * SEK 12.6 BILLION Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 • As expected operational free cash flow came down Q4 as WC swung back Repayment of lease liabilities OPERATIONAL FREE CASH FLOW 2019 SEK billion, rolling twelve months 10.8 2018 ● ● 1.8 EBITDA less leasing* -0.1 WC +16% -0.4 0.4 12.6 CAPEX Other 2019 ex. licenses EBITDA growth mainly due to FX and Norway M&A Neutral NWC impact due to Q4 swing back and higher cash CAPEX • Other items rose driven mainly by higher pension. refund

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