Telia Company Investor Day Presentation Deck

OPERATIONAL FREE CASH FLOW - Q4 2020 11 OPERATIONAL FREE CASH FLOW TREND SEK billion, rolling twelve months 14 12 10 8 6 4 2 0 SEK 12.1 BILLION Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Repayment of lease liabilities OPERATIONAL FREE CASH FLOW Q4 SEK billion 1.0 Q4 2019 -0.8 +1.9 3.3 -0.3 0.0 -0.2 EBITDA Interest Working CAPEX Other less & tax capital leasing* 2.9 Q4 2020 • Lower EBITDA and higher lease repayments • Lower interest partly compensated for higher taxes paid Strong benefit from working capital

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