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New York and Stockholm- October 7 2002 - Tele2 AB ("Tele2", "the Group") (Nasdaq Stock Market: TLTOA and TLTOB and Stockholmsbörsen: TEL2A and TEL2B), the leading alternative pan-European telecommunications company, today announces that the Victory Challenge syndicate in the America's Cup has now won its first three races in the Louis Vuitton Cup in Auckland, New Zealand. This includes victories over the French boat "Le Défi areva" and the Italian boat "Mascalzone Latino" and the first European victory in this series against the New York Yacht Club's 'Stars and Stripes'. Tele2 is one of the leading sponsors of the Nordic syndicate's challenge for international match race sailings' most coveted trophy.

The America's Cup is the third most televised event in the sports calendar and the last America's Cup, in Spring 2000, alone generated nearly two thousand hours of television coverage and over 50,000 articles across the world, numbers that are expected to increase significantly this time around.
For the first time in the history of the America's Cup, the racing is being televised from Day One of the Louis Vuitton Cup challenger series, which will determine the winner from a field of nine contenders to go forward to meet New Zealand, the current holders of the trophy, in March next year. Victory Challenge's fourth race is against Prada, the current holder of the Louis Vuitton Cup.
Lars-Johan Jarnheimer, President & CEO of Tele2, commented: "This is a very exciting start to The Victory Challenge bid for the America's Cup. Tele2 today has operations in 21 countries and the exposure we get through this sponsorship is a very efficient way to improve brand awareness amongst existing and new customers. We will be following future challenges with great interest."
Tele2 AB, formed in 1993, is the leading alternative pan-European telecommunications company offering fixed and mobile telephony, data network and Internet services under the brands Tele2, Tango and Comviq to 16.1 million people in 21 countries. Tele2 operates Datametrix, which specializes in systems integration, 3C Communications, operating public pay telephones and public Internet services; Transac, providing billing and transaction processing service; C³, offering co-branded pre-paid calling cards and Optimal Telecom, the price-guaranteed residential router device. The Group offers cable television services under the Kabelvision brand name and together with MTG, owns the Internet portal The Company is listed on the Stockholmsbörsen, under TEL2A and TEL2B, and on the Nasdaq Stock Market under TLTOA and TLTOB.

Tele2 AB

Lars-Johan Jarnheimer Telephone: + 46 8 562 640 00 President and CEO, Tele2 AB
Andrew Best, Investor Relations, London Telephone: +44 20 7321 5022
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