As filed with the Securities and Exchange Commission on October 20, 2004

# FORM 6-K

# SECURITIES EXCHANGE COMMISSION 
  Washington, D.C. 20549

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

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

Skeppsbron 18
  Box 2094
  S103 13 Stockholm
  Sweden
  (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 , October 20, 2004



IN THE FIRST NINE MONTHS OF 2004 TELE2 
GREW REVENUES BY 17% WITH PROFIT AFTER TAX RISING 28%

New York and Stockholm  Wednesday, October 20, 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 third quarter ended September 30, 2004.

- Operating revenue for the first nine months increased by 17% to MSEK31,803 (27,255)
- Profit after tax for the first nine months increased by 28% to MSEK 1,093(854)
- Earnings per share after tax for the first nine months increased to SEK7.39 (5.78)
- Profit before tax in Q3 amounted to MSEK 764 (685), our best-ever
- Strong improvement in profitability in Central Europe, with an EBITDAmargin increasing to 9% (12%)

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:

We delivered our highest-ever profit before taxes in the quarter. In the first nine months we achieved revenue growth of 17%, while increasing our profit after tax by 28% and producing a cash flow after CAPEX of SEK
3.6 billion. This is a strong financial performance.

In Southern Europe and the Netherlands we saw an increase in churn during the quarter, a disappointment to us. In our other markets, our overall churn levels were stable, and Central Europe in
  particular was pleasing for us on the upside, in terms of both customer intake and earnings. The main factor in the increased churn in Southern Europe and the Netherlands has been the high level of marketing activity and aggressive win-back
  campaigns from the incumbents, which continued throughout the summer months. In these particular markets, we have already taken steps to counter this increased churn and the initial signs for the fourth quarter are encouraging. In the first two
  weeks of October we have already seen a net increase in Southern Europe, signifying that our efforts have the desired impact. In addition, the gradual introduction of wholesale line rental in Europe will have a positive impact on our churn levels.

In the Nordic market area, during the third quarter, we have seen a stabilization in Swedish mobile margins, despite a continued competitive environment. We now have started marketing wholesale line rental in Sweden and our
first customers will be transferred by the end of November, which based on our experiences in Denmark and Norway will significantly reduce churn.

In the Baltic & Russia market area we achieved a strong customer intake, particularly in Russia. The Central Europe market area continued its positive progression with another large quarterly customer intake and with
both revenues and EBITDA developing well.

During the quarter we announced our intention to acquire Song Networks. This acquisition, as I said at the time, is entirely consistent with our strategy of firstly building a customer base and then, if it makes sense, we
may integrate backwards to lower costs. The acquisition of UTA, announced last week, is again entirely aligned with this strategy.

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 HIGHLIGHTS FOR THE QUARTER ENDED SEPTEMBER 30, 2004

|MSEK and thousands of customers |  | Q3, 2004 |  | Q3, 2003
|------------------------------- |  | -------- |  | --------
|                                |  |          |  |         
|                               
|Operating Revenue               |  | 10,713   |  | 9,414   
|Customer intake (i)             |  | 1,016    |  | 1,637   
|EBITDA (ii)                     |  | 1,658    |  | 1,635   
|EBITA (iii)                     |  | 1,193    |  | 1,218   
|EBIT (iv)                       |  | 813      |  | 828     
|EBT (v)                         |  | 764      |  | 685     
|Operating cash flow             |  | 1,586    |  | 1,706   
|Cash flow after CAPEX           |  | 1,262    |  | 1,282   
|                                |  |          |  |         

|(i)   | Including a positive one-off adjustment of more than 100 thousand open call-by-call customers 
|----- | ------------------------------------------------------------------------------------------------
|(ii)  | Operating profit before depreciation, amortization and result from share in associated companies
|(iii) | Operating profit after depreciation, before amortization                                        
|(iv)  | Operating profit after depreciation and amortization                                            
|(v)   | Profit after financial items                                                                    
|     

Group financial overview for the quarter ended September 30, 2004

Operating revenue


Operating revenue amounted to MSEK 10,713 (MSEK 9,414), corresponding to a growth of 13.8% including, and 14.0% excluding currency effects.

Although the Nordic market area is a mature market, we increased our growth to 4% from 3% in Q2 2004. The organic growth outside the Nordic market area is still very high, at around 20%.

Growth in the market area Baltic & Russia has had a negative currency effect of around 2.5 %units. In other market areas, the effect is less than 0.5 %-units in each market area.

Customer intake


Net customer intake was 1,016,000, compared to 1,637,000 in Q3 2003, and we now have a total of 25.9 million customers. Net customer intake in Central Europe includes more than 100,000 so called open
call-by-call customers, as a one-off effect.

Of the decrease in customer intake, around 350,000 is accounted for by dial-up Internet, whereSouthern Europe, in particular, had the previous year
extensively cross sold to its existing fixed telephony customers. This has not occurred in 2004, therefore the total customer base within dialup Internet has not increased in Q3 2004.

Total gross customer intake was higher in Q3 2004 than in Q3 2003 or in Q2 2004. However, churn has increased, especially in fixed telephony in Southern Europe and the Netherlands. We have initiated counter measures, and we
expect them to take effect in Q4 2004.

Central Europe, Germany and Poland in particular, continue to show strong growth. In Germany, Tele2 adds both preselect customers and so
  called open call-by-call customers, which are unique to Germany. See comments under Central Europe.

The market areaBaltic & Russiahas a record customer intake. Russia, which already last quarter represented half of the market areas
customer growth, increases its share of the growth still further.

The market areaNordicshowed customer growth in mobile telephony, a stable customer base in fixed telephony
  and a slight loss of customers in dial-up Internet.

2

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ARPU


Group ARPU was SEK 140 (SEK 160) in Q3 2004. The decline is mainly a dilution effect, as Tele2 experiences its highest growth in countries with lower ARPU. In addition, our push in dialup Internet in Southern Europe in the
second half of 2003, which has a significantly lower ARPU than fixed telephony, further contributed to the dilution.

Results


EBITDAamounted to MSEK 1,658 (MSEK 1,635).

Central Europe notably improved its EBITDA, by MSEK 221 versus Q3 2003 with margins increasing from 12% a year ago to +9% in Q3 2004, the largest contributor being Germany. When we reached EBITDA-breakeven in Germany
at the end of 2003, it was with a two-year delay compared to all of our other countries. The reason for this was that Germany was the last country to introduce preselect on local calling. Therefore, it is encouraging to see that the margin
improvement now is greater than the 5 %-units per year we normally estimate after a country has reached breakeven.

Nevertheless, Tele2s growth strategy results in a continual pattern of start-up costs in new countries. Since last year, we have for example launched new services in Hungary, Portugal, Ireland and Belgium. Despite
this normal pattern, however, when comparing this quarters results to last years, one should take into account our UK launch and our ADSL launch in Southern Europe, both of which differ from our usual launches. UK and ADSL in Southern
Europe combined effect EBITDA comparability by some MSEK 175, and adjusted for this we improved our margin.

In the Nordic market area, margins continue to be stable, and despite a continued competitive environment in both fixed and mobile telephony, Sweden shows a margin improvement from the previous quarter.

As explained in the comments on customer intake, the two main reasons for the lower net customer intake are lower intake in dial-up Internet, where the acquisition cost of a cross-sold customer is significantly lower than
that of a telephony customer; as well as a higher churn. On the other hand, gross customer intake is higher than in both Q2 2004 and in Q3 2003. Sales and marketing costs as percentage of revenue are stable compared to both Q2 2004 and Q3 2003.
However, they increased in absolute numbers versus last year.

Profit before taxesamounted to MSEK 764 (MSEK 685), the best-ever in Tele2s history.

Cash flow and CAPEX


Cash flow in terms of EBITDA less CAPEX was MSEK 1,334 (MSEK 1,211).

CAPEX amounted to MSEK 324 (MSEK 424), or 3.0% (4.5%) of operating revenue.

Significant events in the quarter


In August, Tele2 announced that it would launch fixed telephony market in Ireland as of September 1. Marketing and other functions are coordinated with our operations in the UK.

In September, Tele2 announced a decision to make an official cash offer for the outstanding shares and convertible debentures of Song Networks Holding AB. The acquisition enables Tele2 to gain profitable access to ADSL
customers in the Nordic residential segment and improves our product offering within the Swedish corporate segment while significantly strengthening our product portfolio towards the corporate market in Denmark, Norway and Finland. Tele2 offers SEK
85 in cash per Song Networks share, hence valuing Song Networks at SEK 4.95 billion.

3

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OPERATIONAL REVIEW BY MARKET AREA

Nordic


Operating revenue Q3 2004,MSEK 3,559 (3,427), +4%EBITDA Q3 2004,MSEK 1,000 (1,158),
14%EBIT Q3 2004,MSEK 785 (936), 16%

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

Operating revenue increased by 4% in the market area Nordic, despite price cuts in all markets to further strengthen our position as price leader. The market area saw customer growth in mobile telephony, a stable customer
base in fixed telephony and a slight loss of customers in dial-up Internet.

In Sweden, margins improved slightly compared to Q2 2004, despite a challenging competitive environment, within both mobile and fixed telephony.

Any purchase of capacity from Svenska UMTS-nät AB has not had any impact on the results as yet, as the 3G company has not reached the minimum volume required to trigger depreciation. We do not expect any material
effect on the results until Q1 2005. (Accounting principles are explained in Note 7)

Tele2 has now started marketing wholesale line rental in Sweden and the first customers will be transferred by the end of November. Based on Tele2s
  experiences in Denmark and Norway, churn will come down sharply once Tele2s customers can avoid paying the incumbent operator as well.

The mobile operations in Sweden reported 3.4 million customers at September 30, 2004, an increase of 3% since September 30, 2003. Monthly average revenue per mobile user (ARPU), including both postpaid and prepaid
customers, was SEK 166 (178) in Q3 2004 and mobile minutes of usage (MOU) were 93 (87). Prepaid mobile customers accounted for 75% of the total mobile customer base.

Norway and Denmark continued to show good growth in Q3 2004. Growth in Norway was not only helped by resale of the fixed line subscription fee but also by strong mobile customer intake.

Tele2 strengthened its position in ADSL in both Denmark and Norway, and is now the third largest ADSL provider in both countries.

In September, Tele2 announced a decision to make an official cash offer for the outstanding shares and convertible debentures of Song Networks Holding AB. The acquisition enables Tele2 to gain profitable access to ADSL
customers in the Nordic residential segment and improves our product offering within the Swedish corporate segment while significantly strengthening our product portfolio towards the corporate market in Denmark, Norway and Finland. Tele2 offers SEK
85 in cash per Song Networks share, hence valuing Song Networks at SEK 4.95 billion. Competition authorities in Finland have already approved of the acquisitions without any conditions attached.

Baltic & Russia


Operating revenue Q3 2004,MSEK 884 (752), +18%EBITDA Q3 2004,MSEK 239 (229), +4%EBIT Q3 2004,MSEK 110 (151), 27%

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

Mobile ARPU for Baltic & Russia, including both postpaid and prepaid customers, was SEK 99 (140) in Q3 2004. Customer
  intake was at record high in the quarter, with a continued strong increase in operating revenue. Russia, which represented around half of the market areas Mobile telephony customer intake in Q2 2004, further increased its growth.

In Q3 2004, Tele2 acquired the outstanding 10% of the shares in the company that, through its 100% ownership in Tele2 Lithuania and its 52% ownership in Tele2 Estonia, conducts mobile telephony operations in the Baltic
countries. After the acquisition, Tele2 owns 100% in Tele2 Estonia and Tele2 Lithuania.

Tele2 has obtained a fixed telephony license in Turkey. Tele2 will announce a launch date in due time, when negotiations about the interconnect levels are finalized.

4

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Central Europe


Operating revenue Q3 2004,MSEK 1,300 (889), +46%EBITDA Q3 2004,MSEK 114 (107)EBIT Q3 2004,MSEK 63 (151)

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

The market areas ARPU for Fixed telephony and Internet was SEK 98 (128) for Q3 2004.

Central Europe, Germany and Poland in particular, continue to show strong growth. In Germany, Tele2 adds both preselect customers and so called open call-by-call customers, which are unique in Germany. See
comments below.

Tele2 followed up the launch of dial-up Internet in Germany in May, by launching the service in Poland in the beginning of July.

An open call-by-call customer is not registered with nor billed by Tele2. When Tele2 introduced the service in Q2 2003, we predicted that the calling pattern would differ significantly from other fixed line
customers, although the extent to which, was unknown. To avoid misleading customer intake numbers, Tele2s accounting of open call-by-call customers has been overly prudent during the start-up phase of the service. Our experience
now tells us that open call-by-call customers minute usage is around a fifth of that of other German customers. Hence, as of Q3 2004, Tele2 uses a method to report these customers according to their minute usage, so that five
open call-by-call customers equals one customer in our reported number of customers. Hence, in the customer intake number for Q3 2004, we include some 200,000 new open call-by-call customers, of which more than 100,000 are as
a one-off effect from redefining historic customer intake up until June 30, 2004. The total number of reported open call-by-call customers after this amounts to around 550,000.

Southern Europe


Operating revenue Q3 2004,MSEK 3 854 (3,341), +15%EBITDA Q3 2004,MSEK 183 (288), 36%EBIT Q3 2004,MSEK 146 (248), 41%

The market area Southern Europe encompasses operations in France, Italy, Spain, Switzerland, Portugal, the UK and Ireland and C3 operations.

Fixed telephony and Internet ARPU for Southern Europe was SEK 165 (184) for Q3 2004.

In Southern Europe we saw an increase in churn during the quarter. The main factor has been the high level of marketing activity and aggressive win-back campaigns from the incumbents, which continued throughout the summer
months. We have already taken steps to counter this increased churn and the initial signs for the fourth quarter are encouraging, signifying that our efforts have the desired impact.

In Q3 2003, Southern Europe had extensive cross-selling of dial-up
  Internet to its existing fixed telephony customers. This has not occurred in 2004, and the customer base within dial-up Internet has not increased in Q3 2004.

The launch of fixed telephony in the UK in Q4 2003 is estimated to have a result effect of some MSEK 500 during the first year of launch. The financial effect from the UK launch, together with our ADSL launch in
Southern Europe, affects EBITDA comparability to last year by some MSEK 175.

In August, Tele2 announced that it would launch fixed telephony in Ireland as of September 1. Marketing and other functions are coordinated with our operations in the UK.

5

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Benelux


Operating revenue Q3 2004,MSEK 1,064 (966), +10%EBITDA Q3 2004,MSEK 87 (57), +53%EBIT Q3 2004,MSEK 55 (27), +104%

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

Fixed telephony and Internet ARPU for Benelux was SEK 131 (152) for Q3 2004.

The Netherlands saw an increase in Fixed telephony and Internet churn in the quarter. As in Southern Europe, counter measures are being taken, and we expect to see results from these beginning in Q4 2004.

Services


Operating revenue Q3 2004,MSEK 52 (39), +33%EBITDA Q3 2004,MSEK 35 (10)EBIT Q3 2004,MSEK 24 (4)

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

OTHER ITEMS  Investments


In Q3 2004, Tele2 acquired 17.2% of the fully diluted shares in Song Networks Holding AB. Tele2 issued a public cash offer for the remaining shares and convertible debentures of the company.

In Q3 2004, Tele2 acquired the outstanding 10% of the shares in the company that, through its 100% ownership in Tele2 Lithuania and its 52% ownership in Tele2 Estonia, conducts mobile telephony operations in the Baltic
countries. After the acquisition, Tele2 owns 100% in Tele2 Estonia and Tele2 Lithuania.

Tele2 has in Q2 and Q3 2004 invested in a new billing system. The investments were MSEK 19 in Mobile telephony and MSEK 46 in Fixed telephony and Internet.

In Q1 2004, Tele2 increased its ownership in its mobile telephony operations in St Petersburg, Russia.

Divestments


Tele2 is considering the divestment of its Swedish Cable TV operations and is negotiating with a number of potential buyers. If divested it will lead to a loss of MSEK 150-300, based on the current price negotiations.

On May 12, 2004 Tele2 sold its Cable-TV operation in Estonia for MSEK 38. This resulted in a capital gain of MSEK 26, reported under other operating revenues. The operation had 46,000 customers at the time of the
divestment.

Parent company


At the Parent company level, Tele2 reported at September 30, 2004 operating revenue of MSEK 15 (13), EBIT of MSEK 35 (55) and liquidity MSEK 21 compared to MSEK 1 at December 31, 2003.

At July 1, 2004, 6,173,141 class A shares have been reclassified into 6,173,141 class B shares (see Note 6).

6

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Events post September 30, 2004


On October 14, 2004, Tele2 announced that it has reached an agreement to acquire Austrias leading alternative operator, UTA, for MEUR 213 on a debt-free basis with consideration consisting of cash and assumed debt.
The acquisition will benefit Tele2s existing operations in Austria by: making Tele2 the leading alternative telecom operator in the country, in both the residential and corporate segment; positioning Tele2 as the prime beneficiary of the ADSL
opportunity; providing Tele2 with a network that will cover over 60% of the population by year-end 2004 with 146 ADSL PoPs and over 15,000 km of fiber optic network; complementing Tele2s operations by UTAs leading position in the
corporate segment; and by complementing Tele2s existing product portfolio. The closing of this acquisition is subject to obtaining clearance from the respective Austrian anti-trust authorities.

The acquisition of UTA allows Tele2 to cut its costs significantly in Austria, where cost synergies are expected to amount to MEUR 30 on an annualized basis as of 2005. Synergies will be extracted from joint marketing,
rationalizing overlapping functions, cross-selling to the existing and the new customer base, as well as from optimizing the network architecture and infrastructure. Integration costs are estimated to amount to around MEUR 30.

Company disclosure


Tele2 will release the financial and operating result for the period ended December 31, 2004 on February 16, 2005.

Pursuant to the resolution of the Annual General Meeting of Tele2 in May 2004, a Nomination Group consisting of major shareholders in Tele2 has been created during the Autumn. As resolved at the 2004 AGM, Cristina Stenbeck
is Chairman of the Nomination Group. The Nomination Group consists of: Cristina Stenbeck; Mats Guldbrand of AMF Pension; Björn Lind of SEB Asset Management and SEB Trygg Liv; and of Peter Rudman of Nordea Investment Funds. The Nomination Group
will submit a proposal for the composition of the Board of Directors that will be presented to the 2005 Annual General Meeting for approval.

The Annual General Meeting of Tele2 will be held Wednesday, May 11, 2005. Shareholders who would like to suggest representatives for the Tele2 Board of Directors can contact agm@tele2.com, or send a letter to AGM, Tele2,
Box 2094, SE-103 13 Stockholm, Sweden.

Stockholm, October 20, 2004

Lars-Johan JarnheimerPresident and CEO, Tele2 AB

REPORT REVIEW

The financial and operating results for this interim report have not been subject to specific review by the Companys auditors.

Tele2 is Europes leading and profitable alternative telecom operator. Tele2 always strives to offer the markets best prices. With our unique values, we provide cheap and simple telecom for all Europeans every
day. We have close to 26 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. In 2003 we had operating revenue of SEK
36,911 million and reported a profit of SEK 5,710 million (EBITDA).

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|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
|Lena Krauss                                         |  | Telephone: |  | + 46 8 562 000 45
|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 DETAILSA conference call to discuss the results will be held at 16.00 (CET) / 15.00 (UK time) / 10.00 (New York time), on October 20, 2004. The dial-in number is: +44 (0)20 7784 1004 / +44 (0)20 7098 0713 or US Toll Free: 1 866 850 2201. 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 10 days after the call on: +44 (0)20 7984 7578 or US Toll Free: 1 866 239 0765 with access code 735233#. The conference call will be web-cast on Tele2s websitewww.Tele2.com, along with the presentation material.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

APPENDICESIncome StatementBalance SheetCash flow StatementChanges of Shareholders EquityNumber of CustomersOperating RevenueEBITDAEBITInvestments, CAPEXTele2 Operations in SwedenFive-Year SummaryNotes to the Accounts

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|INCOME STATEMENT                                  
|--------------------------------------------------
|                                                  
|                                                  
|                                                  
|MSEK                                              
|                                                  
|                                                  
|Operating revenue                                 
|Operating expenses                                
|Share of profit (loss) of associated companies    
|Other operating revenues                          
|Other operating expenses                          
|                                                  
|Operating profit, EBIT                            
|                                                  
|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 

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|BALANCE SHEET                   
|--------------------------------
|                                
|                                
|MSEK                            
|                                
|ASSETS                          
|                                
|Fixed assets                    
|Intangible assets               
|Tangible assets                 
|Long-term financial assets      
|                                
|                                
|                                
|Current assets                  
|Materials and supplies          
|Current receivables             
|Cash and cash equivalents       
|                                
|                                
|                                
|Total assets                    
|                                
|                                
|EQUITY AND LIABILITIES          
|                                
|Shareholders' equity            
|                                
|Minority interests              
|                                
|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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|CASH
        FLOW
        STATEMENT  
|-------------------------------------
|                                     
|                                     
|                                     
|                                     
|MSEK                                 
|                                     
|Cash flows from operation            
|Change in working capital            
|                                     
|Cash flow provided by operating      
|activities                           
|                                     
|Capital expenditure in intangible and
|tangible assets, CAPEX               
|                                     
|Cash flow after CAPEX                
|                                     
|Change of long-term receivables      
|Sale of companies, less liquid funds 
|Purchase of shares and participations
|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           



|CHANGES OF
        SHAREHOLDERS ́
        EQUITY
|-----------------------------------------------
|                                               
|                                               
|MSEK                                           
|                                               
|Equity, January 1                              
|Translation differences                        
|Dividend                                       
|New issue                                      
|Profit, year-to-date                           
|                                               
|Equity, end of period                          
|                                               

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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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|OPERATING
REVENUE             
|------------------------------
|                              
|                              
|                              
|MSEK                          
|                              
|Nordic                        
|Mobile telephony              
|Fixed telephony and Internet  
|Cable TV                      
|Other operations              
|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 operations              
|Adjustments for internal sales
|                              
|                              
|Services                      
|Fixed telephony and Internet  
|Other operations              
|Adjustments for internal sales
|                              
|                              
|                              
|Total operating revenue       
|                              
|                              
|BY BUSINESS AREA              
|Mobile telephony              
|Fixed telephony and Internet  
|Cable TV                      
|Other operations              
|Adjustments mobile Sweden     
|Adjustments for internal sales
|                              
|Total operating revenue       
|                              

13

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|EBITDA                      
|----------------------------
|                            
|                            
|                            
|MSEK                        
|                            
|Nordic                      
|Mobile telephony            
|Fixed telephony and Internet
|Cable TV                    
|Other operations            
|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 operations            
|                            
|                            
|Services                    
|Fixed telephony and Internet
|Other operations            
|                            
|                            
|                            
|Total EBITDA                
|                            
|                            
|                            
|BY BUSINESS AREA            
|Mobile telephony            
|Fixed telephony and Internet
|Cable TV                    
|Other operations            
|Adjustments mobile Sweden   
|                            
|Total EBITDA                
|                            
|                            
|EBITDA MARGIN               
|Nordic                      
|Baltic & Russia             
|Central Europe              
|Southern Europe             
|Benelux                     
|Services                    
|                            
|Total EBITDA margin         
|                            

14

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|EBIT                        
|----------------------------
|                            
|                            
|                            
|MSEK                        
|                            
|Nordic                      
|Mobile telephony            
|Fixed telephony and Internet
|Cable TV                    
|Other operations            
|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 operations            
|                            
|                            
|Services                    
|Fixed telephony and Internet
|Other operations            
|                            
|                            
|                            
|Group adjustments,          
|depreciation/amortization   
|                            
|Total EBIT                  
|                            
|                            
|BY BUSINESS AREA            
|Mobile telephony            
|Fixed telephony and Internet
|Cable TV                    
|Other operations            
|Adjustments mobile Sweden   
|Group adjustments,          
|depreciation/amortization   
|                            
|Total EBIT                  
|                            
|                            
|EBIT MARGIN                 
|Nordic                      
|Baltic & Russia             
|Central Europe              
|Southern Europe             
|Benelux                     
|Services                    
|                            
|Total EBIT margin           
|                            

15

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

16

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|TELE2
OPERATIONS
IN SWEDEN* 
|----------------------------
|                            
|                            
|                            
|MSEK                        
|                            
|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                       
|                            

* Tele2 Sverige AB, Optimal Telecom AB, Cable TV operations in Sweden and profit/loss from share in the joint venture Svenska UMTS-nät AB

17

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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 ratios                                       
|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, %                         
|                                                 
|Per share data (SEK)                             
|Profit (loss)                                    
|Profit (loss), after dilution                    
|Shareholders' equity                             
|Shareholders' equity, after dilution             
|Cash flow from operating activities              
|Dividend                                         
|Market value at closing day                      
|                                                 

18

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NOTES


Accounting principles and definitionsThe Interim report has been prepared in accordance with recommendation RR20 of the Swedish Financial Accounting Standards Council.  In 2004, Tele2 has improved the accounting of profit/loss in associated companies, from
previously having reported these as a item between operating profit and financial items to including them in the operating profit (EBIT) but not in EBITDA. The new principle better reflects Tele2's operations, where profit/loss from the 3G company
is viewed to be of an operating rather than of a financial nature, at the same time as shares of result from 3G company, which to a large extent will consist of depreciations, do not affect the EBITDA for Tele2 Group. Tele2 has in all other respect
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 revenueRevenue 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 related to 2003.

Note 2 Adjustment: Operating expensesAs 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.

Not 3 Disposal of CableTV-operationOn May 12, 2004 Tele2 sold its Estonian cable-TV operation for MSEK 38. The sale resulted in a capital gain of MSEK 26, reported as other operating revenue. The number of customers at the time for disposal totalled to
46,000.

Note 4 Adjustment: Net interest and other financial expensesThe Q4 2003 result is affected by a write-down of MSEK 75 regarding shares in TravelLink AB.

Note 6 Shares and ConvertiblesAt September 30, 2004 and December 31, 2003 Tele2 has outstanding warrants, corresponding to 619,500 B shares and 643,500 B shares respectively, with a subscription price of SEK 191 per share and a subscription period from
2005 to 2007.

At July 1, 2004, 6,173,141 class A shares were reclassified into class B shares. The reclassification was made in accordance with the resolution passed at the Annual General Meeting on May 12, 2004. The number of class A
shares following the reclassification is 15,516,663 and the number of class B shares is 132,043,512. The total number of outstanding shares remains unchanged at 147,560,175.

Note 7 UMTS-nät AB in SwedenTele2 and TeliaSonera each own 50% of Svenska UMTS-nät AB, which has a 3G license in Sweden. Both companies have injected capital in Svenska UMTS-nät AB. In addition to this, the build out has external financing,
with a loan facility of SEK 7 billion, which is 50% guaranteed by each party. Tele2 and TeliaSonera are technically MVNOs with the 3G company and hence act as capacity purchasers. In the longer run the cost will be variable in relation to
purchased volume but until a certain volume threshold is reached the fees are equal for both parties. The size of the fee is mainly proportional to the total investment. The 3G company is to generate a certain return which in simple terms means that
depreciation and interest costs will be covered by a certain margin. In Tele2s quarterly reports an abbreviated version of Svenska UMTS-nät ABs balance sheet will be disclosed and hence the level of investment at that time.

Tele2s investments in the 3G company are included in EBIT as a share of results from associated companies,

19

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as described under Accounting principles. This means that a positive result for the 3G company is settled against the cost for purchasing capacity on EBIT-level.

At September 30, 2004 Tele2's guarantee amounted to MSEK 707 compared to MSEK 363 at December 31, 2003. The balance sheet for Svenska UMTS-nät AB at September 30, 2004 is stated below:

|                     | MSEK  |  |                              | MSEK 
|-------------------- | ----- |  | ---------------------------- | -----
|Fixed assets         | 2,259 |  | Equity                       | 1,049
|Other current assets | 228   |  | Long-term liabilities        | 1,414
|Liquid funds         | 66    |  | Short-term liabilities       | 90   
|                     |       |  |                              |      
|Total assets         | 2,553 |  | Total equity and liabilities | 2,553
|                     |       |  |                              |      

20

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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: October 20, 2004