Deviation from the Code's guidelines

As of July 1, 2005, TeliaSonera follows the Swedish Code of Corporate Governance. The Board does not issue a special report on how the internal control regarding financial reporting is organized and how well it has functioned (the Code's item 3.7.2.). No examination of such a report has been done by the company's auditors. The Board has chosen to include a description of how the internal control is organized in the corporate governance report since the Board considers the internal control to be an integrated part of corporate governance. A separate declaration about how well the internal control functioned has not been given, in accordance with the statement from December 15, 2005 from The Swedish Corporate Governance Board. The description of the internal control is not examined by the company's auditors with reference to the same statement.

2006 and 2005
In the opinion of the Board, the company has not deviated from the Code with regards to those parts that were applicable during the second half of 2005. In 2006, however, the company deviates from the Code's guidelines concerning the following items:

The Board of Directors also deviates from the Code's guidelines since the Board and the CEO do not give a special declaration regarding the company's Annual Report immediately before signing it (the Code's item 3.6.2.). According to the Board, the Board and the CEO are responsible for the correctness of the Annual Report, which is confirmed by the signatories in the report. A special declaration in accordance with the Code does not according to the Board bring any added value to the governance of the company but brings unnecessary bureaucracy.

Finally, the Board of Directors deviates from the Code's guidelines by not proposing that the Annual General Meeting adopt principles for remuneration to the management (the Code's item 4.2.2.). The Board has adopted a policy for remuneration to the Executive Management which is described in the corporate governance report. One of the most important tasks for the Board is to continuously make sure that the company has a management which, considering the company's line of business and strategic development, is highly qualified to manage the company. The Board has also to make sure that the costs for running the company are kept on reasonable levels. This applies to both the costs for employees as well as other costs. The Board is of the opinion that it is not appropriate to change the responsibility of the Board in this respect.

The full corporate governance report is available in TeliaSonera's Annual Report.