May 8, 2003

Interim report January-March 2003Anders IgelPresident and CEO

2

Strong earnings improvement

January-March 2003 in brief

• Implemented efficiency measures are yielding results

• EBITDA excl. non-recurring items margin 37.2% (30.4)

• Low CAPEX level

• Stronger free cash flow

• No non-recurring costs

-2,653

-289

3,227

7,562

3,897

5,972

2,010

-1,676

Q1 2002 Q1 2003

Operating income excl. non-recurring items

EBITDA excl. non-recurring items

CAPEX

Free cash flow

SEK million

3

Improved earnings

EBITDA excl. non-recurring items SEK +1,590 million, Q1 2002-Q1 2003

Narrowing Carrier losses

Consolidation of Fintur

Continued strong earnings in Norway mobile

Total

Improvement in Denmark mobile

Other

+241

+280

+124

+224

+655

+98-32 +1,590

SEK million

Lower cost in Sweden mobile

Lower cost in Sweden fixed

4

-237

-45

-384

-251

-27

-389-400

-300

-200

-100

0

EBITDA excl. non-recurring items CAPEX

Q3 2002 Q4 2002 Q1 2003

-540-495

-27

-227-191

-74

-600

-500

-400

-300

-200

-100

0

EBITDA excl. non-recurring items CAPEX

Q3 2002 Q4 2002 Q1 2003

Decisions and actions in problem areas yielding results

International Carrier

• Restructuring program ongoing

• Improved EBITDA, lower CAPEX

Denmark

• Turn-around program yielding results

Sonera’s Service Businesses• Losses almost eliminated

International 3G• No additional risk exposure

• Xfera guarantees reduced by 80%

SEK millionSEK million

May 8, 2003

Kim Ignatius

CFO

6

Key figures

SEK million (except percentages and personnel) Jan-Mar 2003 Jan-Mar 2002 Change

Net sales 20,349 19,642 +707

Growth in net sales (%) 3.6 n/c

EBITDA excl. non-recurring items 7,562 5,972 +1,590

Margin (%) 37.2 30.4

Income from associated companies 23 2,419 -2,396

Operating income 3,227 4,625 -1,398

Operating income excl. non-recurring items 3,227 2,010 +1,217

Income after financial items 2,711 4,674 -1,963

Net income 1,602 3,878 -2,276

CAPEX 1,676 2,653 -977

Free cash flow 3,897 -289 +4,186

Average personnel 26,822 31,587 -4,765

7

Net sales

SEK million Jan-Mar 2003 Jan-Mar 2002 Change Jan-Dec 2002

Sweden 10,486 10,578 -92 43,381

Finland 4,368 4,201 +167 17,515

Norway 1,515 1,200 +315 5,537

Denmark 717 711 +6 2,783

Baltic 1,413 1,512 -99 6,309

Eurasia 558 - +558 847

International Carrier 1,492 1,628 -136 6,861

Holding 570 873 -303 2,737

Corporate 1 12 -11 21

Eliminations -771 -1,073 +302 -5,012

The Group 20,349 19,642 +707 80,979

8

Operating income excl. non-recurring items

SEK million Jan-Mar 2003 Jan-Mar 2002 Change Jan-Dec 2002

Sweden 2,717 1,916 +801 8,936

Finland 690 681 +9 2,056

Norway 81 -74 +155 -42

Denmark -202 -289 +87 -2,234

Baltic 275 309 -34 1,537

Eurasia 133 18 +115 -76

Russia 32 4 +28 -43

Turkey 54 858 -804 -333

International Carrier -199 -510 +311 -1,992

Holding -208 -730 +522 -1,231

Corporate -182 -172 -10 -568

Eliminations 36 -1 +37 -18

The Group 3,227 2,010 +1,217 5,992

9

CAPEX

SEK million Jan-Mar 2003 Jan-Mar 2002 Change Jan-Dec 2002

Sweden 601 1,122 -521 4,453

Finland 391 413 -22 2,151

Norway 161 212 -51 1,094

Denmark 74 289 -215 953

Baltic 132 286 -154 1,334

Eurasia 225 - +225 234

International Carrier 27 198 -171 1,117

Holding 61 130 -69 355

Corporate 4 3 +1 19

The Group 1,676 2,653 -976 11,710

% of net sales 8.2% 13.5% 14.5%

10

Cash flow statement

SEK million Jan-Mar 2003 Jan-Mar 2002 Change Jan-Dec 2002

Cash flow from operating activities 5,586 2,326 +3,260 20,717

CAPEX (cash effect) -1,689 -2,615 +926 -11,183

Free cash flow 3,897 -289 +4,186 9,534

Other investing activities 404 1,075 -671 7,685

Cash flow before financing activities 4,301 786 +3,515 17,219

Financing activities -5,401 -10,074 +4,673 -21,889

Change in cash and cash equivalents -1,100 -9,288 +8,188 -4,670

• Net debt reduced by SEK 3,427 million

11

Balance sheet

SEK million Mar 31, 2003 Dec 31, 2002 Change

Total assets 198,661 205,370 -6,709

Shareholders’ equity 109,404 108,829 +575

Net debt 34,648 38,075 -3,427

Equity-to-assets ratio1 54% 52% +2%

Net debt-to-equity ratio1 32% 36% -4%

1) Equity has been adjusted by deducting the proposed dividend.

• High level of financial flexibility

• Retaining sufficient long-term liquidity

TeliaSonera is one of the best rated telecom operators in Europe

May 8, 2003

Anders Igel

President and CEO

13

Rapid integration of operations

Three months after the merger:

• Strategy in place and communicated

• One head office established and staffed

• New divisions of responsibility implemented

• Profit Centers organized and staffed

• Competence Centers structure introduced

14

Several synergy initiatives taken during the quarter

• Negotiations with suppliers

• Elimination of overlaps– Corporate functions– Network resources – MMS platforms – IT software licenses – Roaming agreements

• Initiatives taken thus far are expected to yield: – Annual cost savings of SEK 436 million by the end of 2005– Annual CAPEX savings of SEK 127 million by the end of 2005

• Synergies ahead of schedule

• Minor effect during the first quarter

15

Continued stand alone improvements

Efficiency improvements

• Sweden

– Efficiency programs last year yielding results

– Internet Business EBITDA positive

– Redundancies announced – Number of job reductions will be determined before summer

• Finland

– Efficiency programs last year resulting in maintained margins in mobile

– Redundancy of approx. 400 jobs

16

In Sweden In Finland In other operations

Enhanced customer focus

Consumer segment • New offers to counter

market share drop

Business segment• Campaign starting to pay off

Large Corporate segment

• Prestigious business agreements

Operators segment• Strong growth in fixed voice

Consumer segment• Several new services

• Colour services

Business segment • Single point of contact

Large Corporate segment

• Positive response to pan-Nordic services

Operators segment• Increased demand for

mobile products

Norway • Several market activities Denmark • Market activities planned

Baltic's • MMS launched in Latvia

Eurasia • Strong growth

Russia • Over 600,000 new

customers

Turkey • Retained leading market

position

Increase market shares - increase market efforts

17

Profit enhancement

Improving under-performing businesses

• International Carrier and Denmark improving

Stand-alone efficiency improvements

• Stronger margins – result of successful efficiency improvements

• Internet Services EBITDA positive

• Several initiatives of enhanced customer orientation

Realization of synergies

• Synergies ahead of schedule

• Rapid integration

Improved profits and cash flow through Three months after the merger

Profitable growth• Enhanced customer focus• New offerings and marketing efforts

18

Outcome compared with outlook

Key figuresGroup level

mid-term targets

RevenueFew percentage points

growth annually 3.6%

EBITDA excl. non-recurring items

Increasing margin, approaching 34% 37.2%

CAPEX / SalesFew percentage points

higher than 2002 (14.5%) 8%

Outcome Q1

• Increased market efforts will pressure margins

• Efficiency measures yielding faster results

• Sustainable mid-term EBITDA margin of 34% expected to be reached sooner

• Full year CAPEX expected around 2002 level

• Dividend is doubled this year and stated policy is to increase dividend yearly

19

Focus going forward

• Commercial actions – win back market shares

• Continued synergy realization

• Efficiency improvements

20

This document contains statements concerning, among other things, TeliaSonera's financial condition and results of operations that are forward-looking in nature. Such statements are not historical facts but, rather, represent TeliaSonera's future expectations. TeliaSonera believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions; however, forward-looking statements involve inherent risks and uncertainties, and a number of important factors could cause actual results or outcomes to differ materially from those expressed in any forward-looking statement, including TeliaSonera's market position, growth in the telecommunications industry in Europe, the effects of competition and other economic, business, competitive and/or regulatory factors affecting the business of TeliaSonera and the telecommunications industry in general. Forward-looking statements speak only as of the date they were made, and, other than as required by applicable law, TeliaSonera undertakes no obligation to update any of them in light of new information or future events.

Forward-looking statements

May 8, 2003

The Nordic and Baltic telecommunications leader