Telia Company Results Presentation Deck

STABLE CASH FLOW DEVELOPMENT 19 OPERATIONAL FREE CASH FLOW DEVELOPMENT SEK billion, rolling twelve months 14 12 10 8 6 4 2 0 Q2 18 Q3 Q4 18 18 Repayment of lease liabilities SEK 11.2 BILLION Q1 Q2 Q3 Q4 Q1 Q2 19 19 19 19 20 20 OPERATIONAL FREE CASH FLOW Q2 SEK billion 2.4 Q2 2019 0.3 0.4 (-0.2 -1.0 EBITDA CAPEX Working less capital leasing* licenses ex. 0.2 Tax -0.2 Other 2.2 Q2 2020 • EBITDA now includes the acquired TV & Media unit ● • Lower CAPEX mainly related to Sweden (fiber) ● • Negative working capital development driven by tough comparison and TV and Media

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