Risks – Owning TeliaSonera shares

Volatility in share prices

The market price of the TeliaSonera share has been volatile in the past, partly due to volatility in the equities market in general and for telecom companies in particular, and may be volatile in the future. TeliaSonera’s share price may be affected by many factors in addition to TeliaSonera’s financial results, operations and direct business environment, including but not limited to: expectations of financial analysts and investors compared to the actual financial results; acquisitions or disposals that TeliaSonera makes or is expected or speculated to make; TeliaSonera’s potential participation in the industry consolidation or speculation thereof; and speculation of financial analysts and investors regarding TeliaSonera’s future dividend policy compared to the current policy.

Actions by the largest shareholder

As of the date of this Report, the Swedish State held 37.3 percent of TeliaSonera’s outstanding shares. Accordingly, the Swedish State, acting alone, may have the power to influence any matters submitted for a vote of shareholders. The interest of the Swedish State in deciding these matters could be different from the interests of TeliaSonera’s other shareholders.

In addition, any sale by the Swedish State of a significant number of TeliaSonera shares, or the public perception that such a sale could occur, may cause the market price of TeliaSonera shares to fluctuate.

© TeliaSonera 2015
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