As
filed with the Securities and Exchange Commission on September 29, 2004

# FORM 6-K

# SECURITIES EXCHANGE
COMMISSION Washington, D.C. 20549

Report of Foreign Private Issuer Pursuant to Rule 13a-16
or 15d-16 ofthe Securities Exchange Act
of 1934 For the month of September 2004

TELE2 AB(Translation of
registrants name into English)

Skeppsbron 18Box 2094S103 13 StockholmSweden(Address of principal
executive offices)

Indicate by check mark whether the
registrant files or will file annual reports under cover Form 20-F or Form 40-F

|
|

Indicate by check mark whether the registrant
by furnishing the information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
of 1934

|
|

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
...................................................N/A.......................................................................................................................................

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FOR IMMEDIATE RELEASEWednesday, April 21, 2004

IN THE FIRST QUARTER 2004 TELE2 INCREASED ITS 
REVENUES BY 20% WHILE OPERATING CASH FLOWINCREASED TO SEK 1.6 BILLION

New York and Stockholm  Wednesday, April 21, 2004  Tele2 AB (Tele2, the Group)  (Nasdaq Stock Market: TLTOA and TLTOB and Stockholmsbörsen: TEL2A and TEL2B), the leading and
profitable alternative pan-European telecom operator, today announced its consolidated results for the first quarter ended March 31, 2004.

- Operating revenue increased by 20% to MSEK 10,379 (MSEK 8,616)
- Profit after tax increased to MSEK 286 (MSEK 187)
- Earnings per share after tax increased to SEK 1.93 (SEK 1.27)
- Net intake of 1.6 million customers
- Cash flow after investing activities amounted to MSEK 1,211 (MSEK 372)
- Operating revenue growth of 60% in Central Europe

The figures shown in parenthesis correspond to the comparable periods in 2003 and all negative amounts are distinguished with a minus sign.

Lars-Johan Jarnheimer, President and CEO of Tele2 AB commented:

With the first quarter 2004 results, Tele2 continues to maintain the balance between customer growth, profitability and cash flow. We added another 1.6 million customers in the first quarter, and there are now close
to 24 million customers in Europe that subscribe to our services. With this strong customer intake and more than 20% growth in operating revenue, we still generated positive cash flow after investing activities of SEK 1.2 billion. Notably this was
done in a period with tough competition in Sweden, with investments in ADSL, the UK, Russia and other markets and in the wake of a number of new service start-ups across our footprint. We are proud of this, because it clearly shows that the business
model we so strongly believe in truly works.

The declining ARPU is mainly related to our entry into former Eastern European countries and the growth in dial-up Internet customers. These areas offer high revenue growth and low subscriber acquisition costs but also
lower ARPUs.

Despite heavy marketing efforts from the historical operator in Sweden, we are pleased with the performance within both our mobile and our fixed line operations. We managed to grow the fixed telephony and Internet business
by 7% in Sweden, and to increase its EBITDA margin to 20%. We have seen the positive impact from the introduction of resale of the fixed line subscription fee in both Denmark and Norway, and look forward to the introduction of this service in Sweden
towards the year-end.

Central Europe grew its revenue by 60% with a record 635,000 new customers in the first quarter, driven by Germany, which showed a good trend in combining strong growth with stable EBITDA development. We added another
662,000 customers in Southern Europe, where the operation generated an EBITDA margin of 5% in spite of our commitments to the UK and Portugal launches. The market area Benelux continued its steady improvement in profitability, generating an EBITDA
margin of 11% in the first quarter.

Our focus, which has proven to be highly successful, continues to be on low customer acquisition cost, churn management and operational cost control.

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FINANCIAL AND OPERATING HIGHLIGHTSFinancial highlights for the quarter ended March 31SEK millions
      
      Q1, 2004
      
      Q1, 2003Operating Revenue
      
      10,379
      
      8,616EBITDA (i)
      
      1,522
      
      1,480EBITA (ii)
      
      1,044
      
      1,044EBIT (iii)
      
      664
      
      669EBT (iv)
      
      619
      
      491Operating cash flow
      
      1,629
      
      1,376Cash flow after investments
      
      1,211
      
      372  (i)
      Operating profit before depreciation and amortization(ii)
      Operating profit before amortization(iii)
      Operating profit after depreciation and amortization(iv)
      Profit after financial items


Operating highlights for the quarter ended March 31, 2004

- Continued strong growth in customers and operating revenue with a net customer intake of 1.6million and an operating revenue growth of 20%. Operating revenue in Central Europe
increasedby 60% with a record net customer intake of 635,000, mainly driven by the positive developmentin Germany.
- Tele2s Swedish fixed telephony and Internet operations grew operating revenue by 7% andincreased their EBITDA margin to 20% while competition remained at a high level.
- As expected, the introduction of resale of the fixed line subscription fee in Norway in Q4 2003 hashad a positive impact on Norways performance, thanks to lower churn and a more
attractiveproduct offering. This follows on from a similar impact in Denmark. Tele2 is awaiting theintroduction of resale of the fixed line subscription fee in Sweden by the end of
the year.
- Tele2 launched an MVNO in Finland in February, using an online acquisition method. Thisfollows on from the MVNO launched in Norway in Q4 2003, which has shown strong customerintake, helped by acquisition through its online service.
- The eighth Russian GSM network, in Nizhny Novgorod, was launched in February 2004.Subsequently in April, two further GSM networks were launched in Kursk and Chelyabinsk. InRussia, Tele2 plans to have converted all its analogue networks to GSM by this summer.
- In April 2004 Tele2 announced that it had launched fixed line residential operations in Hungary.
- IP telephony was launched in Sweden in April.

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OPERATIONAL REVIEW BY MARKET AREA

Nordic


Operating revenue Q1 2004,MSEK 3,324 (3,171), +5%EBITDA Q1 2004,MSEK 976 (1,019), -4%EBIT Q1 2004,MSEK 757 (790), -4%

The market area Nordic encompasses operations in Sweden (including Optimal Telecom), Norway, Denmark and Finland and Datametrix operations.

Operating revenue in the market area Nordic grew by 5%, with growth in all four countries.

The mobile operations in Sweden reported 3.4 million customers at March 31, 2004, an increase of 8% since March 31, 2003. Monthly average revenue per mobile user (ARPU), including both postpaid and prepaid customers, was
SEK 152 (168) in Q1 2004 and mobile minutes of usage (MoU) was 83 (83). Prepaid mobile customers accounted for 76% of the total mobile customer base.

Competition in Sweden remained at a high level in Q1 2004, within both mobile and fixed telephony. Mobile margins were maintained at a similar level as in Q4 2003, although the mobile business further lowered its
interconnect rates, indicating that the dilution of mobile margins has eased.

Despite heavy marketing efforts from the incumbent, Tele2s fixed telephony and Internet operation in Sweden managed to generate operating revenue growth of 7% while its EBITDA margin increased to 20%. Tele2 achieved
this by adjusting to changes in the competitive environment, to ensure that customers are offered the best prices. As a further consequence of this, Tele2 reduced its workforce in Sweden in April by some 60 employees. This reduction is estimated to
lead to annual cost savings in the range of MSEK 50-60 and a one-time charge to be taken in the second quarter in the range of MSEK 30-50.

Tele2 awaits the introduction of resale of the fixed line subscription fee in Sweden, which should benefit the fixed line business, in the same way as it has in Denmark and Norway.

Tele2 plans to launch 3G services in Sweden during the summer and will buy network capacity from Svenska UMTS nät AB, the 3G joint venture.

Growth in the market area Nordic, excluding Sweden, was significant. The main part of this is due to the strong performance in Norway and Denmark. Tele2s operations in Norway were helped by the successful introduction
of resale of the fixed line subscription fee in Q4 2003, following on from a similar impact in Denmark in terms of a more attractive product offering and lower churn.

The MVNO, launched in Norway in Q4 2003, is going well and the customer intake has been strong, helped by acquisition through its online service. Tele2 launched an MVNO in Finland in February, also using an online
acquisition method.

Baltic & Russia


Operating revenue Q1 2004,MSEK 726 (570), +27%EBITDA Q1 2004,MSEK 226 (217),+4%EBIT Q1 2004,MSEK 91 (139), -35%

The market area Baltic & Russia encompasses operations in the Baltic (Estonia, Latvia and Lithuania) and Russia.

Mobile ARPU for Baltic & Russia, including both postpaid and prepaid customers, was SEK 102 (129) in Q1 2004, somewhat diluted by the growth in Russia. The lower customer intake in the market area Baltic & Russia in
the quarter followed on from a record intake in Q4 2003, and showed a similar trend to Q1 2003.

The eighth Russian GSM network, in Nizhny Novgorod, was launched in February 2004. Tele2 is optimistic about the growth potential in the Russian market, although it still represents a minor part of sales in the market area
Baltic & Russia.

During the period the depreciation of our AMPS networks in Russia has accelerated as a result of our GSM rollout.

Tele2 Lithuania launched fixed telephony services in February 2004.

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Central Europe


Operating revenue Q1 2004, MSEK 1,157 (722), +60%EBITDA Q1 2004,MSEK 8 (-92)EBIT Q1 2004,MSEK -35 (-131)

The market area Central Europe encompasses operations in Germany, Austria, Poland and the Czech Republic.

Central Europe continued its rapid growth during the first quarter, mainly driven by Germany, which is the largest operation in the market area. In Germany, Tele2 has managed to combine strong growth with a stable EBITDA
development. Fixed line ARPU for the market area was SEK 114 (144) for Q1 2004. The strong growth in Poland and the Czech Republic has had a significant dilutive effect on the market areas ARPU.

Only twelve months after the launch in Poland, Tele2 has brand recognition of over 50%, and is now the largest alternative operator both in Poland and the Czech Republic.

Southern Europe


Operating revenue Q1 2004, MSEK 4,084 (3,298), +24%EBITDA Q1 2004,MSEK 187 (296), -37%EBIT Q1 2004,MSEK 138 (248), -44%

The market area Southern Europe encompasses operations in France, Italy, Spain, Switzerland, Portugal and the UK and C3 operations. UK customer intake since the launch in October 2003 is included in the Q1 2004
numbers.

Fixed line ARPU for Southern Europe was SEK 188 (201) for Q1 2004. A positive MSEK 50 from retroactive interconnect cuts impacted the comparable results and hence ARPU for Southern Europe.

In Q4 2003 Tele2 decided to grab the opportunity presented by ADSL. This entailed a significant financial commitment, which accelerated in Q1 2004. Around 10% of the total customer base in Southern Europe is dial-up
Internet and ADSL customers. Although the bulk of these are dial-up Internet customers, the ADSL intake has surpassed dial-up Internet intake in the past six months. Southern Europes customer base in Q1 2003 did not include ADSL customers and
only a small portion of dial-up Internet customers. ADSL customers have an ARPU enhancing effect. However, when combined with the effect on ARPU from Internet customers, the overall impact is dilutive.

Tele2s entry into the UK residential fixed telephony market in Q4 2003, which is estimated to require initial marketing investments of some MSEK 500 during the first year of launch, has accordingly affected the
results in Q1 2004. The UK operations are performing according to plan.

Benelux


Operating revenue Q1 2004,MSEK 1,042 (818), +27%EBITDA Q1 2004,MSEK 114 (30), +280%EBIT Q1 2004,MSEK 81 (-8)

The market area Benelux includes operations in the Netherlands, Luxembourg (including Tango), Liechtenstein and Belgium and Transac.

Fixed line ARPU for Benelux was SEK 151 (164) for Q1 2004.

Benelux experienced strong revenue growth in the first quarter 2004, combined with improved profitability in all product segments. Belgiums successful launch of fixed line services last year has significantly
contributed to the positive trend.

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Services


Operating revenue Q1 2004,MSEK 46 (37), +24%EBITDA Q1 2004,MSEK 11 (10), +10%EBIT Q1 2004,MSEK 2 (4), -50%

The market area Services includes 3C operations, ProcureITright, Radio Components and X-Source operations.

OTHER ITEMS   Investments


In Q1 2004, Tele2 increased its holding in the mobile operation in St Petersburg, Russia.

Contingent liabilities


At March 31, 2004 contingent liabilities for Tele2 were MSEK 450 compared with MSEK 363 at December 31, 2003. The change is related to surety bonds benefiting associated companies according to Note 7. The balance sheet for
the associated company Svenska UMTS-nät AB is stated in Note 7.

Parent company


At the Parent company level, Tele2 reported at March 31, 2004 operating revenue of MSEK 4 (6), EBIT of MSEK -14 (-24) and liquidity MSEK 38 compared to MSEK 1 at December 31, 2003.

Company disclosure


The Annual General Meeting (AGM) is to be held at 1:30 pm local time on Wednesday, May 12, 2004 at Brasserie by the Sea, Tulhus 2, Skeppsbron in Stockholm.

Tele2 will release the financial and operating result for the period ended June 30, 2004 on August 2, 2004.

Stockholm, April 21, 2004

Lars-Johan JarnheimerPresident and CEO, Tele2 AB

REPORT REVIEW

The financial and operating results for the period ended March 31, 2004 have not been subject to specific review by the Company's auditor.

Page 5

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Tele2 is Europes leading and profitable alternative telecom operator. With our unique values, we provide cheap and simple telecom for all Europeans every day. We have 23.9 million customers in 24 countries. We
offer products and services in fixed and mobile telephony, Internet access, data networks, cable TV and content services. Our main competitors are the former government monopolies. Tele2 was founded in 1993 by Jan Stenbeck and has been listed on
Stockholmsbörsen since 1996. The share has also been listed on Nasdaq since 1997. Tele2 always strives to offer the markets best prices.

|CONTACTS                                            |  |            |  |                  
|--------------------------------------------------- |  | ---------- |  | -----------------
|                                                   
|Lars-Johan Jarnheimer                               |  | Telephone: |  | + 46 8 562 640 00
|President and CEO, Tele2 AB                         |  |           
|                                                   
|Håkan Zadler                                        |  | Telephone: |  | + 46 8 562 640 00
|CFO, Tele2 AB                                       |  |            |  |                  
|                                                   
|Dwayne Taylor                                       |  | Telephone: |  | + 44 20 7321 5038
|Investor enquiries                                  |  |            |  |                  
|                                                   
|Lena Glader                                         |  | Telephone: |  | + 46 70 762 0046 
|Investor enquiries                                  |  |            |  |                  
|                                                   
|Tele2 AB  company registration number: 556410-8917 |  |           
|Skeppsbron 18                                       |  |            |  |                  
|P.O. Box 2094                                       |  |            |  |                  
|SE-103 13 Stockholm                                 |  |            |  |                  
|Sweden                                              |  |            |  |                  
|Tel+ 46 8 562 000 60                                |  |            |  |                  
|                                                   
|Visit us at our homepage:http://www.Tele2.com       |  |           
|                                                    |  |           



|CONFERENCE CALL DETAILS
    A conference call to discuss the results will be held at 15.00 (CET) / 09.00 (New York time), on April 21, 2004. The dial-in number is: +44 (0) 1452 542 300 or US Toll Free: 1 866 2201 452. Please dial in 10 minutes prior to the start of the conference call to allow time for registration. A recording of the conference call will be available for 30 days after the call on +44 (0) 1452 55 0000 or US Toll Free: 1 866 247 4222 with access code 1257633#. The conference call will be web-cast on Tele2s websitewww.Tele2.com.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

APPENDICESConsolidated Income StatementConsolidated Balance SheetConsolidated Cash flow StatementChange of Consolidated Shareholders EquityNumber of CustomersMarket Areas split by Business AreasInvestmentsTele2 Operations in SwedenFive-Year SummaryNotes to the Accounts

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|CONSOLIDATED INCOME STATEMENT (MSEK)                                                       
|-------------------------------------------------------------------------------------------
|                                                                                           
|                                                                                           
|                                                                                           
|                                                                                           
|                                                                                           
|Operating revenue                                                                          
|Operating expenses                                                                         
|Other revenues                                                                             
|Other expenses                                                                             
|                                                                                           
|Operating profit, EBIT*                                                                    
|                                                                                           
|Share of profit (loss) of associated companies                                             
|Net interest and other financial expenses                                                  
|                                                                                           
|Profit after financial items, EBT*                                                         
|                                                                                           
|Taxes                                                                                      
|Minority interest                                                                          
|                                                                                           
|Profit after taxes                                                                         
|                                                                                           
|Earnings per share after tax (SEK)                                                         
|Earnings per share after tax, after dilution (SEK)                                         
|                                                                                           
|Number of shares, basic                                                                    
|Number of shares, weighted average                                                         
|Number of shares after dilution                                                            
|Number of shares after dilution, weighted average                                          
|                                                                                           
|* Full year 2003 EBIT and EBT have been impacted by adjustments, as described in Notes 1-3.
|                                                                                           
|                                                                                           
|                                                                                           

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|CONSOLIDATED BALANCE SHEET (MSEK)
|---------------------------------
|                                 
|                                 
|                                 
|                                 
|ASSETS                           
|                                 
|Fixed assets                     
|Intangible assets                
|Tangible assets                  
|Long-term financial assetsNote 4 
|                                 
|                                 
|                                 
|Current assets                   
|Materials and supplies           
|Current receivables              
|Cash and cash equivalents        
|                                 
|                                 
|                                 
|                                 
|Total assets                     
|                                 
|                                 
|EQUITY AND LIABILITIES           
|                                 
|Shareholders' equity             
|Restricted equity                
|Non-restricted equity            
|                                 
|                                 
|                                 
|Minority interest                
|                                 
|Provisions                       
|Shares in associated companies   
|Other provisions                 
|                                 
|                                 
|                                 
|Long-term liabilities            
|Interest-bearing liabilities     
|                                 
|                                 
|                                 
|Short-term liabilities           
|Interest-bearing liabilities     
|Non-interest-bearing liabilities 
|                                 
|                                 
|                                 
|                                 
|Total equity and liabilities     
|                                 

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|CONSOLIDATED CASH FLOW STATEMENT (MSEK)              
|-----------------------------------------------------
|                                                     
|                                                     
|                                                     
|                                                     
|                                                     
|Cash flows from operation                            
|Change in working capital                            
|                                                     
|Cash flows provided by operating activities          
|                                                     
|Capital expenditure in intangible and tangible assets
|Change of long-term receivables                      
|Sale of companies                                    
|Purchase of companies                                
|Liquid funds in purchased companies                  
|                                                     
|Cash flow after investing activities                 
|                                                     
|Financing activities                                 
|                                                     
|Net change in cash                                   
|                                                     
|Cash at beginning of period                          
|Exchange difference in cash                          
|                                                     
|Cash at end of period*                               
|                                                     
|                                                     
|*of which restricted funds                           

|CHANGE OF CONSOLIDATED SHAREHOLDERS ́ EQUITY (MSEK)
|--------------------------------------------------
|                                                  
|                                                  
|                                                  
|                                                  
|                                                  
|                                                  
|                                                  
|                                                  
|Equity, January 1                                 
|Other transfers                                   
|Translation differences                           
|Profit, year-to-date                              
|                                                  
|Equity, March 31                                  
|                                                  
|Total restricted and non-restricted equity        
|                                                  

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|NUMBER OF CUSTOMERS (in thousands)
|----------------------------------
|                                  
|                                  
|                                  
|                                  
|                                  
|                                  
|Nordic                            
|Mobile telephony                  
|Fixed telephony and Internet      
|Cable TV                          
|                                  
|                                  
|                                  
|Baltic & Russia                   
|Mobile telephony                  
|Fixed telephony and Internet      
|Cable TV                          
|                                  
|                                  
|                                  
|Central Europe                    
|Mobile telephony                  
|Fixed telephony and Internet      
|                                  
|                                  
|                                  
|Southern Europe                   
|Mobile telephony                  
|Fixed telephony and Internet      
|                                  
|                                  
|                                  
|Benelux                           
|Mobile telephony                  
|Fixed telephony and Internet      
|                                  
|                                  
|                                  
|Total number of customers         
|                                  
|                                  
|BY BUSINESS AREA                  
|Mobile telephony                  
|of which prepaid                  
|Fixed telephony and Internet      
|Cable TV                          
|                                  
|Total number of customers         
|                                  

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| |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 
| |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 

|MARKET AREAS SPLIT BY BUSINESS AREAS (MSEK)
|-------------------------------------------
|OPERATING REVENUE                          
|                                           
|                                           
|                                           
|                                           
|Nordic                                     
|Mobile telephony                           
|Fixed telephony and Internet               
|Cable TV                                   
|Other                                      
|Adjustments mobile Sweden                  
|Adjustments for internal sales             
|                                           
|                                           
|Baltic & Russia                            
|Mobile telephony                           
|Fixed telephony and Internet               
|Cable TV                                   
|Adjustments for internal sales             
|                                           
|                                           
|Central Europe                             
|Mobile telephony                           
|Fixed telephony and Internet               
|Adjustments for internal sales             
|                                           
|                                           
|Southern Europe                            
|Mobile telephony                           
|Fixed telephony and Internet               
|Adjustments for internal sales             
|                                           
|                                           
|Benelux                                    
|Mobile telephony                           
|Fixed telephony and Internet               
|Cable TV                                   
|Other                                      
|Adjustments for internal sales             
|                                           
|                                           
|Services                                   
|Fixed telephony and Internet               
|Other                                      
|Adjustments for internal sales             
|                                           
|                                           
|                                           
|Total operating revenue                    
|                                           
|                                           
|BY BUSINESS AREA                           
|Mobile telephony                           
|Fixed telephony and Internet               
|Cable TV                                   
|Other                                      
|Adjustments mobile Sweden                  
|Adjustments for internal sales             
|                                           
|Total operating revenue                    
|                                           

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|MARKET AREAS SPLIT BY BUSINESS AREAS (MSEK), continued
|------------------------------------------------------
|EBITDA                                                
|                                                      
|                                                      
|                                                      
|                                                      
|Nordic                                                
|Mobile telephony                                      
|Fixed telephony and Internet                          
|Cable TV                                              
|Other                                                 
|Adjustments mobile Sweden                             
|                                                      
|                                                      
|Baltic & Russia                                       
|Mobile telephony                                      
|Fixed telephony and Internet                          
|Cable TV                                              
|                                                      
|                                                      
|Central Europe                                        
|Mobile telephony                                      
|Fixed telephony and Internet                          
|                                                      
|                                                      
|Southern Europe                                       
|Mobile telephony                                      
|Fixed telephony and Internet                          
|                                                      
|                                                      
|Benelux                                               
|Mobile telephony                                      
|Fixed telephony and Internet                          
|Cable TV                                              
|Other                                                 
|                                                      
|                                                      
|Services                                              
|Fixed telephony and Internet                          
|Other                                                 
|                                                      
|                                                      
|                                                      
|                                                      
|Total EBITDA                                          
|                                                      
|                                                      
|                                                      
|                                                      
|BY BUSINESS AREA                                      
|Mobile telephony                                      
|Fixed telephony and Internet                          
|Cable TV                                              
|Other                                                 
|Adjustments mobile Sweden                             
|                                                      
|Total EBITDA                                          
|                                                      
|                                                      
|EBITDA MARGIN                                         
|Nordic                                                
|Baltic & Russia                                       
|Central Europe                                        
|Southern Europe                                       
|Benelux                                               
|Services                                              
|                                                      
|Total EBITDA margin                                   
|                                                      

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|MARKET AREAS SPLIT BY BUSINESS AREAS (MSEK), continued
|------------------------------------------------------
|EBIT                                                  
|                                                      
|                                                      
|                                                      
|                                                      
|Nordic                                                
|Mobile telephony                                      
|Fixed telephony and Internet                          
|Cable TV                                              
|Other                                                 
|Adjustments mobile Sweden                             
|                                                      
|                                                      
|Baltic & Russia                                       
|Mobile telephony                                      
|Fixed telephony and Internet                          
|Cable TV                                              
|                                                      
|                                                      
|Central Europe                                        
|Mobile telephony                                      
|Fixed telephony and Internet                          
|                                                      
|                                                      
|Southern Europe                                       
|Mobile telephony                                      
|Fixed telephony and Internet                          
|                                                      
|                                                      
|Benelux                                               
|Mobile telephony                                      
|Fixed telephony and Internet                          
|Cable TV                                              
|Other                                                 
|                                                      
|                                                      
|Services                                              
|Fixed telephony and Internet                          
|Other                                                 
|                                                      
|                                                      
|                                                      
|Group adjustments, depreciation                       
|                                                      
|Total EBIT                                            
|                                                      
|                                                      
|                                                      
|BY BUSINESS AREA                                      
|Mobile telephony                                      
|Fixed telephony and Internet                          
|Cable TV                                              
|Other                                                 
|Adjustments mobile Sweden                             
|Group adjustments, depreciation                       
|                                                      
|Total EBIT                                            
|                                                      
|                                                      
|EBIT MARGIN                                           
|Nordic                                                
|Baltic & Russia                                       
|Central Europe                                        
|Southern Europe                                       
|Benelux                                               
|Services                                              
|                                                      
|Total EBIT margin                                     
|                                                      



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|INVESTMENTS (MSEK)                           
|---------------------------------------------
|                                             
|                                             
|                                             
|                                             
|                                             
|Market areas                                 
|Nordic                                       
|Baltic & Russia                              
|Central Europe                               
|Southern Europe                              
|Benelux                                      
|Services                                     
|                                             
|Investments in intangible and                
|tangible assets                              
|                                             
|Additional investments, non-cash transactions
|Finance lease                                
|                                             
|Total, CAPEX                                 
|                                             
|                                             
|Business areas                               
|Mobile telephony                             
|Fixed telephony and Internet                 
|Cable TV                                     
|Other                                        
|                                             
|Investments in intangible and                
|tangible assets                              
|                                             

Page 14

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| |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 
| |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 

|TELE2 OPERATIONS IN SWEDEN (MSEK)*                                      
|------------------------------------------------------------------------
|* Tele2 Sverige AB, Optimal Telecom AB and Cable TV operations in Sweden
|                                                                        
|                                                                        
|                                                                        
|                                                                        
|                                                                        
|Operating revenue                                                       
|Mobile telephony                                                        
|Fixed telephony and Internet                                            
|Cable TV                                                                
|Adjustments mobile                                                      
|                                                                        
|Total                                                                   
|                                                                        
|                                                                        
|EBITDA                                                                  
|Mobile telephony                                                        
|Fixed telephony and Internet                                            
|Cable TV                                                                
|Adjustments mobile                                                      
|                                                                        
|Total                                                                   
|                                                                        
|                                                                        
|EBITDA margin                                                           
|Mobile telephony                                                        
|Fixed telephony and Internet                                            
|Cable TV                                                                
|                                                                        
|Total                                                                   
|                                                                        
|                                                                        
|                                                                        
|EBIT                                                                    
|Mobile telephony                                                        
|Fixed telephony and Internet                                            
|Cable TV                                                                
|Adjustments mobile                                                      
|                                                                        
|Total                                                                   
|                                                                        
|                                                                        
|EBIT margin                                                             
|Mobile telephony                                                        
|Fixed telephony and Internet                                            
|Cable TV                                                                
|                                                                        
|Total                                                                   
|                                                                        

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|FIVE-YEAR SUMMARY                                   
|----------------------------------------------------
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|Income Statement and Balance Sheet (MSEK)           
|Operating revenue                                   
|EBITDA                                              
|EBIT                                                
|EBT                                                 
|Profit (loss) after taxes                           
|                                                    
|Shareholders' equity                                
|Shareholders' equity, after dilution                
|Total assets                                        
|                                                    
|Cash flow provided by operating activities          
|Liquidity                                           
|Net borrowing                                       
|Investments in intangible and tangible assets, CAPEX
|Investments in shares and long-term receivables     
|                                                    
|Key ratio                                           
|Solidity, %                                         
|Debt/equity ratio, %                                
|EBITDA margin, %                                    
|EBIT margin, %                                      
|Return on shareholders' equity, %                   
|Return on shareholders' equity, after dilution, %   
|Return on capital employed, %                       
|Average interest rate, %                            
|                                                    
|Value per share (SEK)                               
|Profit (loss)                                       
|Profit (loss), after dilution                       
|Shareholders' equity                                
|Shareholders' equity, after dilution                
|Cash flow                                           
|Dividend                                            
|Market value at closing day                         
|                                                    

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NOTES TO THE ACCOUNTS


Accounting principles and definitions

The Interim report has been prepared in accordance with recommendations RR1:00-RR29 of the Swedish Financial Accounting Standards Council. Tele2 has reported its interim report in accordance with the accounting principles
and methods used in the Annual Report and Accounts for the financial year of 2003. Definitions are stated in the Annual Report for 2003.

Note 1 Adjustment: Operating revenue

Revenue from mobile telephony is shown as calls are made, which means that sold but not yet used prepaid cards should not be included in revenues. To estimate this, revenues in Sweden have, up until Q3 2003, been recognized
according to a model that has been used unchanged since the start of Tele2s prepaid telephony in 1997, rather than a system to measure the value of sold but not used prepaid cards. In Q4 2003, Comviq brought such a system into use, and it was
established that sold but not used prepaid cards have been undervalued by around MSEK 374 in total for the period 1997 through 30 September, 2003, of which MSEK 95 is estimated to have occurred in 2003.

Note 2 Adjustment: Operating expenses

As a result of valuation of loss-carry-forwards for some companies in Continental Europe to their full value in Q4 2003 the part of loss carry forwards that existed when Tele2 acquired SEC and that could have reduced
goodwill by MSEK -322, is accounted for as a write-down according to the Swedish Financial Accounting Standards Council's recommendation RR9-Income taxes.

Write-downs on fixed assets amounted to MSEK -172 was made in Q4 2003 and relate to Atlantic undersea cable, in which Tele2 Sweden and Tele2 Luxembourg invested in the late 1990s. They are expensed as a result of Tele2's
assessment of continued excess supply of capacity.

During Q4 2002, Tele2 Norway returned its UMTS licence. The net book value of these capitalized costs was eliminated in its entirety and MSEK -400 was charged against depreciation in Q4 2002.

Note 3 Adjustment: Net interest and other financial expenses

The Q4 2003 result is affected by a write-down of MSEK -75 regarding shares in the investment TravelLink AB.

Note 4 Adjustment: Taxes

At March 31, 2004 and December 31, 2003 the total deferred tax receivable for the group is MSEK 2,309 and MSEK 2,459 respectively, and is included in the item "Long-term financial assets".

Note 5 Shares and Convertibles

At March 31, 2004 Tele2 has outstanding warrants, corresponding to 643,500 (December, 31 2003: 643,500) B shares with a subscription price of SEK 191 per share and a subscription period from 2005 to 2007.

Note 6 Number of customers in Denmark

In Denmark the reported number of active customers was from Q4 2002 fully adopted to Group definitions. As a result of this and as a one-time effect, the number of fixed and Internet customers was adjusted by -461,000 in Q4
2002.

Note 7 UMTS-nät AB in Sweden

The balance sheet for Svenska UMTS-nät AB in Sweden at March 31, 2004, in which Tele2 owns 50% of the shares:

|                       |  | MSEK  |  |                              |  | MSEK 
|---------------------- |  | ----- |  | ---------------------------- |  | -----
|Fixed assets           |  | 1,800 |  | Equity                       |  | 1,008
|Other current assets   |  | 261   |  | Long-term liabilities        |  | 900  
|Cash and bank balances |  | 4     |  | Short-term liabilities       |  | 157  
|                       |  |       |  |                              |  |      
|Total assets           |  | 2,065 |  | Total equity and liabilities |  | 2,065
|                       |  |       |  |                              |  |      

At March 31, 2004 and December 31, 2003 contingent liabilities for Tele2 regarding guarantee for the loans of Svenska UMTS-nät AB is MSEK 450 and MSEK 363 respectively.

Page 17

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SIGNATURES

Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.

TELE2 AB By:   /s/ Håkan Zadler
Name:  Håkan Zadler
Title: Chief Financial Officer 

Date: September 29, 2004