Exhibit 4.17

CONFORMED COPY

AGREEMENT

DATED 23RD NOVEMBER, 2004

SEK 7,000,000,000

CREDIT FACILITY

for

TELE2 SVERIGE AB

with

TELE2 AB (publ)

as

Original Guarantor

Arranged by

ABN AMRO BANK N.V.
CALYON BANK, STOCKHOLM BRANCH
CITIGROUP GLOBAL MARKETS LIMITED
DNB NOR BANK ASA
NORDEA BANK AB (publ)
SEB MERCHANT BANKING, SKANDINAVISKA ENSKILDA BANKEN AB (publ)
SOCIÉTÉ GÉNÉRALE
SVENSKA HANDELSBANKEN AB (publ)
THE ROYAL BANK OF SCOTLAND PLC
WESTLB AG, LONDON BRANCH

WITH

WESTLB AG, LONDON BRANCH

as Facility Agent

ALLEN & OVERYALLEN & OVERY LLP
LONDON

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CONTENTS

|Clause |  | Page                             
|------ |  | ---------------------------------
|1.     |  | Interpretation                   
|2.     |  | Facilities                       
|3.     |  | Purpose                          
|4.     |  | Conditions Precedent             
|5.     |  | UtilisationLoans                
|6.     |  | Extension of Facility A Term Date
|7.     |  | Optional Currencies              
|8.     |  | Repayment                        
|9.     |  | Prepayment and cancellation      
|10.    |  | Interest                         
|11.    |  | Terms                            
|12.    |  | Market disruption                
|13.    |  | Taxes                            
|14.    |  | Increased Costs                  
|15.    |  | Mitigation                       
|16.    |  | Payments                         
|17.    |  | Guarantee and indemnity          
|18.    |  | Representations                  
|19.    |  | Information covenants            
|20.    |  | Financial covenants              
|21.    |  | General covenants                
|22.    |  | Default                          
|23.    |  | The Administrative Parties       
|24.    |  | Evidence and calculations        
|25.    |  | Fees                             
|26.    |  | Indemnities and Break Costs      
|27.    |  | Expenses                         
|28.    |  | Amendments and waivers           
|29.    |  | Changes to the Parties           
|30.    |  | Disclosure of information        
|31.    |  | Set-off                          
|32.    |  | Pro rata sharing                 
|33.    |  | Severability                     
|34.    |  | Counterparts                     
|35.    |  | Notices                          
|36.    |  | Language                         
|37.    |  | Governing law                    
|38.    |  | Enforcement                      

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|Schedule    |  | Page                                              
|----------- |  | --------------------------------------------------
|1.          |  | Original Parties                                  
|2.          |  | Conditions precedent documents                    
|            |  | Part 1    To be Delivered Before the First Request
|            |  | Part 2    For an Additional Guarantor             
|3.          |  | Form of Request                                   
|4.          |  | Calculation of the Mandatory Cost                 
|5.          |  | Form of Transfer Certificate                      
|6.          |  | Existing Security                                 
|7.          |  | Form of Compliance Certificate                    
|8.          |  | Form of Accession Agreement                       
|9.          |  | Form of Resignation Request                       
|Signatories |  | 76                                                

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THIS AGREEMENTis dated 23rd November, 2004

BETWEEN:

IT IS AGREEDas follows:

1.     Interpretation

1.1   Definitions

In this Agreement:



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9

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1.2   Construction



11

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2.     FACILITIES

2.1   Facility A

Subject to the terms of this Agreement, the Lenders make available to the Company a multicurrency revolving credit facility (with an extension option) in an
aggregate amount equal to the Total Facility A Commitments.

12

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2.2   Facility B

Subject to the terms of this Agreement, the Lenders make available to the Company a multicurrency revolving credit facility, in an aggregate amount equal to the
Total Facility B Commitments.

2.3   Nature of a Finance Party's rights and obligations

Unless all the Finance Parties agree otherwise:



3.     PURPOSE

3.1   Facility A Loans



3.2   Facility B Loans

Each Facility B Loan may only be used:



3.3   No obligation to monitor



4.     CONDITIONS PRECEDENT

4.1   Conditions precedent documents



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4.2   Further conditions precedent



4.3   Maximum number



5.     UTILISATIONLOANS

5.1   Giving of Requests



5.2   Completion of Requests



Only
one Loan may be requested in a Request.

5.3   Advance of Loan



14

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6.     EXTENSION OF FACILITY A TERM DATE



7.     OPTIONAL CURRENCIES

7.1   General

In this Clause:





7.2   Selection



15

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7.3   Conditions relating to Optional Currencies



7.4   Revocation of currency





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7.5   Optional Currency equivalents



is
its Swedish Kronor Amount.

7.6   Notification



8.     REPAYMENT



9.     PREPAYMENT AND CANCELLATION

9.1   Mandatory prepaymentillegality



9.2   Mandatory Prepayment Upon Control Event



17

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9.3   Mandatory prepaymentdisposals



18

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9.4   Voluntary prepayment



9.5   Automatic cancellation



9.6   Voluntary cancellation



9.7   Involuntary prepayment and cancellation





19

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9.8   Re-borrowing of Loans



9.9   Miscellaneous provisions



10.   INTEREST

10.1 Calculation of interest



10.2 Payment of interest



10.3 Margin adjustment



20

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Ratio of Consolidated Total Net Debt to
Consolidated EBITDA

Margin2.00:1 or higher

0.40 per cent.greater than or equal to 1.50:1 (but less than 2.00:1)

0.35 per cent.greater than or equal to 1.00:1 (but less than 1.50:1)

0.30 per cent.less than 1.00:1

0.25 per cent.






10.4 Interest on overdue amounts



21

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10.5 Notification of rates of interest



11.   TERMS

11.1 Selection



11.2 No overrunning the Final Maturity Date



11.3 Notification



12.   MARKET DISRUPTION

12.1 Failure of a Reference Bank to supply a rate



12.2 Market disruption



22

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12.3 Alternative basis of interest or funding



13.   TAXES

13.1 General



13.2 Tax gross-up



23

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13.3 Tax indemnity





13.4 Tax Credit





13.5 Stamp taxes



13.6 Value added taxes



24

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14.   INCREASED COSTS

14.1 Increased Costs



14.2 Exceptions



14.3 Claims



15.   MITIGATION

15.1 Mitigation





25

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15.2 Conduct of business by a Finance Party



16.   PAYMENTS

16.1 Place



16.2 Funds



16.3 Distribution



26

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16.4 Currency



16.5 No set-off or counterclaim



16.6 Business Days



16.7 Partial payments



27

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16.8 Timing of payments



17.   GUARANTEE AND INDEMNITY

17.1 Guarantee and indemnity



17.2 Continuing guarantee



17.3 Reinstatement



17.4 Waiver of defences



28

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17.5 Immediate recourse



17.6 Appropriations



17.7 Non-competition





29

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17.8 Release of Guarantors' right of contribution



17.9 Additional security



17.10 Limitations



18.   REPRESENTATIONS

18.1 Representations



18.2 Status



30

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18.3 Powers and authority



18.4 Legal validity



18.5 Non-conflict





18.6 No default



18.7 Authorisations



18.8 Financial statements



31

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18.9 No material adverse change



18.10 Litigation



18.11 Pari passu ranking



18.12 Taxes on payments



18.13 Stamp duties



18.14 Immunity



18.15 No adverse consequences



32

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18.16 Jurisdiction/governing law



18.17 Times for making representations



19.   INFORMATION COVENANTS

19.1 Financial statements



19.2 Form of financial statements



33

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19.3 Compliance Certificate



19.4 Informationmiscellaneous



19.5 Notification of Default



34

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19.6 Year end



19.7 Use of websites



19.8 Know your customer requirements



35

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20.   FINANCIAL COVENANTS

20.1 Definitions



36

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20.2 Interpretation



20.3 Consolidated Total Net Debt to Consolidated EBITDA



20.4 Consolidated EBITDA to Consolidated Interest Expense



37

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21.   GENERAL COVENANTS

21.1 General



21.2 Authorisations



21.3 Compliance with laws



21.4 Pari passu ranking



21.5 Negative pledge



38

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39

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21.6 Disposals



21.7 Financial Indebtedness



40

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21.8 Change of business



21.9 Mergers



21.10 Acquisitions



21.11 Environmental matters



41

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21.12 Insurance



21.13 Arm's length terms



22.   DEFAULT

22.1 Events of Default



Material Group Membermeans an Obligor or a Material Subsidiary; and

Permitted Transactionmeans:



22.2 Non-payment



22.3 Breach of other obligations



42

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22.4 Misrepresentation



22.5 Cross-default





22.6 Insolvency





43

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22.7 Insolvency proceedings



22.8 Creditors' process



22.9 Cessation of business



22.10 Effectiveness of Finance Documents



44

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22.11 Ownership of the Obligors



22.12 Material adverse change



22.13 Acceleration



23.   THE ADMINISTRATIVE PARTIES

23.1 Appointment and duties of the Facility Agent



23.2 Role of the Mandated Lead Arrangers



23.3 No fiduciary duties



23.4 Individual position of an Administrative Party



45

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23.5 Reliance



23.6 Majority Lenders' instructions



23.7 Responsibility



46

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23.8 Exclusion of liability



23.9 Default





23.10 Information



47

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23.11 Indemnities



23.12 Compliance



23.13 Resignation of the Facility Agent



48

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23.14 Relationship with Lenders



23.15 Facility Agent's management time



23.16 Notice period



24.   EVIDENCE AND CALCULATIONS

24.1 Accounts



24.2 Certificates and determinations



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24.3 Calculations



25.   FEES

25.1 Facility Agent's fee



25.2 Commitment fee



25.3 Participation fee



26.   INDEMNITIES AND BREAK COSTS

26.1 Currency indemnity



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26.2 Other indemnities





26.3 Break Costs



51

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27.   EXPENSES

27.1 Initial costs



27.2 Subsequent costs



27.3 Enforcement costs



28.   AMENDMENTS AND WAIVERS

28.1 Procedure



28.2 Exceptions



52

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28.3 Change of currency



28.4 Waivers and remedies cumulative



29.   CHANGES TO THE PARTIES

29.1 Assignments and transfers by Obligors



29.2 Assignments and transfers by Lenders



53

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29.3 Procedure for transfer by way of novations





54

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29.4 Limitation of responsibility of Existing Lender





29.5 Costs resulting from change of Lender or Facility Office

If:





29.6 Additional Guarantors



55

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29.7 Resignation of a Guarantor



29.8 Changes to the Reference Banks



30.   DISCLOSURE OF INFORMATION



56

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31.   SET-OFF



32.   PRO RATA SHARING

32.1 Redistribution



32.2 Effect of redistribution



57

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32.3 Exceptions



33.   SEVERABILITY



34.   COUNTERPARTS



35.   NOTICES

35.1 In writing



58

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35.2 Contact details



Tele2 Sverige AB
Box 62
S-164 94 Kista
SwedenFacsimile:

+46 8 56 26 42 01Attention:

Håkan Zadlerwith a copy to be sent to:Banque Invik S.A.
7, avenue J.P. Pescatore
P.O. Box 285
L-2012 LuxembourgFacsimile:

+ 352 27 751 272Attention:

Head of Corporate Finance




WestLB AG, London Branch
Woolgate Exchange
25 Basinghall Street
London EC2V 5HAFacsimile:

+44 20 7020 7620Attention:

Agency Dept.




59

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Tele2 AB
Skeppsbron 18
PO Box 2094
S-103 13 Stockholm
SwedenFacsimile:

+ 46 856 26 0040Attention:

Lars-Johan Jarnheimerwith a copy to be sent to:Banque Invik S.A.
7, avenue J.P. Pescatore
P.O. Box 285
L-2012 LuxembourgFacsimile:

+352 27 751 272Attention:

Head of Corporate Finance




35.3 Effectiveness



35.4 Obligors



60

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36.   LANGUAGE



37.   GOVERNING LAW

This Agreement is governed by English law.

38.   ENFORCEMENT

38.1 Jurisdiction



38.2 Service of process



61

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38.3 Waiver of immunity

Each Obligor irrevocably and unconditionally:



62

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SCHEDULE 1        ORIGINAL PARTIES

|Name of Original Guarantor              |  | Registration number
(or equivalent, if any)
|--------------------------------------- |  | -------------------------------------------
|Tele2 AB (publ)                         |  | 556410-8917                                
|                                        |  | Commitments                                
|Name of Original Lender                 |  | Facility A Commitments
(SEK)               
|ABN AMRO Bank N.V., Stockholm branch    |  | 300,000,000                                
|Calyon Bank, Stockholm branch           |  | 300,000,000                                
|Citibank International plc              |  | 300,000,000                                
|DnB NOR Bank ASA                        |  | 300,000,000                                
|Nordea Bank AB (publ)                   |  | 300,000,000                                
|Skandinaviska Enskilda Banken AB (publ) |  | 300,000,000                                
|Société Générale                        |  | 300,000,000                                
|Svenska Handelsbanken AB (publ)         |  | 300,000,000                                
|The Royal Bank of Scotland plc          |  | 300,000,000                                
|WestLB AG, London Branch                |  | 300,000,000                                
|                                        |  |                                            
|Total Facility A Commitments            |  | SEK 3,000,000,000                          
|                                        |  |                                            
|Name of Original Lender                 |  | Facility B Commitments
(SEK)               
|ABN AMRO Bank N.V., Stockholm branch    |  | 400,000,000                                
|Calyon Bank, Stockholm branch           |  | 400,000,000                                
|Citibank International plc              |  | 400,000,000                                
|DnB NOR Bank ASA                        |  | 400,000,000                                
|Nordea Bank AB (publ)                   |  | 400,000,000                                
|Skandinaviska Enskilda Banken AB (publ) |  | 400,000,000                                
|Société Générale                        |  | 400,000,000                                
|Svenska Handelsbanken AB (publ)         |  | 400,000,000                                
|The Royal Bank of Scotland plc          |  | 400,000,000                                
|WestLB AG, London Branch                |  | 400,000,000                                
|                                        |  |                                            
|Total Facility B Commitments            |  | SEK 4,000,000,000                          
|                                        |  |                                            

63

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SCHEDULE 2        CONDITIONS PRECEDENT DOCUMENTS        PART 1        TO BE DELIVERED BEFORE THE FIRST REQUEST

Original Obligors

Legal opinions

Other documents and evidence

64

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PART 2        FOR AN ADDITIONAL GUARANTOR

Additional Guarantors

Legal opinions

A legal opinion of:



Other documents and evidence

65

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SCHEDULE 3        FORM OF REQUEST

TELE2 SVERIGE ABSEK 7,000,000,000 Credit Agreement
dated [            ] November, 2004(theAgreement)

By:

Tele2
Sverige AB

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SCHEDULE 4        CALCULATION OF THE MANDATORY COST

1.     General

2.     For a Lender lending from a Facility Office in the U.K.

for a Loan in Sterling:AB + C(B - D) + E × 0.01100 - (A + C)
per cent. per annumfor any other Loan:E × 0.01300
per cent. per annum




67

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68

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3.     For a Lender lending from a Facility Office in a Participating Member State

4.     Changes

69

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SCHEDULE 5        FORM OF TRANSFER CERTIFICATE

|To:   |  | WESTLB AG, London Branch as Facility Agent                                       
|----- |  | ---------------------------------------------------------------------------------
|From: |  | [THE EXISTING LENDER] (the Existing Lender) and [THE NEW LENDER] (the New Lender)
|Date: |  | [                        ]                                                       

TELE2 SVERIGE ABSEK 7,000,000,000 Credit Agreement
dated [            ] November, 2004 (the Agreement)

We
refer to the Agreement. This is a Transfer Certificate.

70

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THE SCHEDULE

Rights and obligations to be transferred by novation

[insert
relevant details, including applicable Commitment (or part)]

Administrative details of the New Lender

[insert
details of Facility Office, address for notices and payment details etc.]

|[EXISTING LENDER]                                                                   |  | [NEW LENDER]
|----------------------------------------------------------------------------------- |  | ------------
|By:                                                                                 |  | By:         
|The Transfer Date is confirmed by the Facility Agent as [                        ].
|WESTLB AG, LONDON BRANCH                                                            |  |             
|By:                                                                                 |  |             

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SCHEDULE 6        EXISTING SECURITY

|Member(s) of the Group creating security                        |  | Details of security                                                                                  |  | Maximum principal amount secured                                                                       
|--------------------------------------------------------------- |  | ---------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------
|St Petersburg Telecom, Oblcom and Rostov Cellular Communication |  | Equipment in the Russian Federation charged in favour of Skandinaviska Enskilda Banken               |  | EUR 30,400,000                                                                                         
|Tango S.A.                                                      |  | Retention of title over UMTS equipment leased                                                        |  | SEK 30,000,000                                                                                         
|Tele2 St Petersburg Holding AB                                  |  | Pledge over shares in St Petersburg Telecom and Oblcom                                               |  | Together with the pledge over shares in Tele2 St Petersburg Holding AB (detailed below), SEK 24,000,000
|The Company                                                     |  | Pledge over shares in Tele2 St Petersburg Holding AB                                                 |  |                                                                                                        
|The Company                                                     |  | Cash deposited as security for a deferred purchase price of up to £10,000,000                        |  | SEK 70,000,000                                                                                         
|The Company                                                     |  | Equipment leased under a financial lease with Affarsverket Svenska Kraftnät, Vattenfall and Sydkraft |  | SEK 141,000,000                                                                                        

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SCHEDULE 7

FORM OF COMPLIANCE CERTIFICATE

TELE2 SVERIGE ABSEK 7,000,000,000 Credit Agreement
dated [            ] November, 2004(theAgreement)

Tele2
AB (publ)

By:

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SCHEDULE 8        FORM OF ACCESSION AGREEMENT

|To:   |  | [WestLB, London Branch] as Facility Agent
|----- |  | -----------------------------------------
|From: |  | Tele2 Sverige AB and [Proposed Guarantor]
|Date: |  | [                        ]               

TELE2 SVERIGE ABSEK 7,000,000,000 Credit Agreement
dated [            ] November, 2004(theAgreement)

We
refer to the Agreement. This is an Accession Agreement.

[Name
of company] of [address/registered office] agrees to become an Additional Guarantor and to be bound by the terms of the Agreement as an Additional
Guarantor.

Our
obligation as an Additional Guarantor shall be limited in accordance with [            ](2).

This
Accession Agreement is governed by English law.

Tele2
Sverige AB

By:

[PROPOSED
GUARANTOR]

By:

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74

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SCHEDULE 9        FORM OF RESIGNATION REQUEST

|To:   |  | WestLB AG, London Branch as Facility Agent
|----- |  | ------------------------------------------
|From: |  | Tele2 Sverige AB and [relevant Guarantor] 
|Date: |  | [                        ]                

TELE2 SVERIGE ABSEK 7,000,000,000 Credit Agreement
dated [            ] November, 2004(theAgreement)

|Tele2 Sverige AB                                                                              |  | [Relevant Guarantor]
|--------------------------------------------------------------------------------------------- |  | --------------------
|By:                                                                                           |  | By:                 
|The Facility Agent confirms that this resignation takes effect on [                        ].
|WestLB AG, London Branch                                                                      |  |                     
|By:                                                                                           |  |                     

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SIGNATORIES

|Company                                                                                       |  |                                      
|--------------------------------------------------------------------------------------------- |  | -------------------------------------
|TELE2 SVERIGE AB                                                                              |  |                                      
|By:                                                                                           |  | LARS-JOHAN JARNHEIMER                
|                                                                                              |  | HÅKAN ZADLER                         
|Parent                                                                                        |  |                                      
|TELE2 AB (publ)                                                                               |  |                                      
|By:                                                                                           |  | LARS-JOHAN JARNHEIMER                
|                                                                                              |  | HÅKAN ZADLER                         
|Original Guarantor                                                                            |  |                                      
|TELE2 AB (publ)                                                                               |  |                                      
|By:                                                                                           |  | LARS-JOHAN JARNHEIMER                
|                                                                                              |  | HÅKAN ZADLER                         
|Mandated Lead Arrangers                                                                       |  |                                      
|ABN AMRO BANK N.V.                                                                            |  |                                      
|By:                                                                                           |  | MARK VINCENT                         
|                                                                                              |  | PETER ELLEMAN                        
|CRÉDIT AGRICOLE INDOSUEZ, STOCKHOLM BRANCH
under name change to CALYON BANK, STOCKHOLM BRANCH |  |                                      
|By:                                                                                           |  | MARK VINCENT(under power of attorney)
|CITIGROUP GLOBAL MARKETS LIMITED                                                              |  |                                      
|By:                                                                                           |  | MARK VINCENT(under power of attorney)
|DNB NOR BANK ASA                                                                              |  |                                      
|By:                                                                                           |  | MARK VINCENT(under power of attorney)
|NORDEA BANK AB (publ)                                                                         |  |                                      
|By:                                                                                           |  | JOHAN LINDH                          
|                                                                                              |  | CAMILLA HANSSON                      
|SEB MERCHANT BANKING, SKANDINAVISKA ENSKILDA BANKEN AB (publ)                                 |  |                                      
|By:                                                                                           |  | MARK VINCENT(under power of attorney)
|SOCIÉTÉ GÉNÉRALE                                                                              |  |                                      
|By:                                                                                           |  | MARK VINCENT(under power of attorney)
|                                                                                              |  |                                      

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|SVENSKA HANDELSBANKEN AB (publ)                                                               |  |                                      
|--------------------------------------------------------------------------------------------- |  | -------------------------------------
|By:                                                                                           |  | MARK VINCENT(under power of attorney)
|THE ROYAL BANK OF SCOTLAND PLC                                                                |  |                                      
|By:                                                                                           |  | MARK VINCENT(under power of attorney)
|WESTLB AG, LONDON BRANCH                                                                      |  |                                      
|By:                                                                                           |  | TIM SAI LOUIE                        
|Original Lenders                                                                              |  |                                      
|ABN AMRO BANK N.V., STOCKHOLM BRANCH                                                          |  |                                      
|By:                                                                                           |  | MARK VINCENT                         
|                                                                                              |  | PETER ELLEMAN                        
|CRÉDIT AGRICOLE INDOSUEZ, STOCKHOLM BRANCH
under name change to CALYON BANK, STOCKHOLM BRANCH |  |                                      
|By:                                                                                           |  | MARK VINCENT(under power of attorney)
|CITIBANK INTERNATIONAL PLC                                                                    |  |                                      
|By:                                                                                           |  | MARK VINCENT(under power of attorney)
|DNB NOR BANK ASA                                                                              |  |                                      
|By:                                                                                           |  | MARK VINCENT(under power of attorney)
|NORDEA BANK AB (publ)                                                                         |  |                                      
|By:                                                                                           |  | JOHAN LINDH CAMILLA HANSSON          
|SKANDINAVISKA ENSKILDA BANKEN AB (publ)                                                       |  |                                      
|By:                                                                                           |  | MARK VINCENT(under power of attorney)
|SOCIÉTÉ GÉNÉRALE                                                                              |  |                                      
|By:                                                                                           |  | MARK VINCENT(under power of attorney)
|SVENSKA HANDELSBANKEN AB (publ)                                                               |  |                                      
|By:                                                                                           |  | MARK VINCENT(under power of attorney)
|THE ROYAL BANK OF SCOTLAND PLC                                                                |  |                                      
|By:                                                                                           |  | MARK VINCENT(under power of attorney)
|WESTLB AG, LONDON BRANCH                                                                      |  |                                      
|By:                                                                                           |  | TIM SAI LOUIE                        
|Facility Agent                                                                                |  |                                      
|WESTLB AG, LONDON BRANCH                                                                      |  |                                      
|By:                                                                                           |  | TIM SAI LOUIE                        

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