#1Presentation of the Third Quarter of 2020 15 October 2020#2PRESENTATION OF THE THIRD QUARTER OF 2020 1 2 3 3 Today's Agenda Key Strategic Highlights Portfolio Companies' Performance Kinnevik's Financial Position Key Priorities Today's Participants Georgi Ganev Chief Executive Officer Erika Söderberg Johnson Chief Financial Officer Torun Litzén Director Corporate Communications Samuel Sjöström Head of Strategy 2 Ο ΚΙΝΝΕVIK#3KEY STRATEGIC HIGHLIGHTS IN THE THIRD QUARTER OF 2020 ■ Key Highlights Zalando raised its full-year 2020 outlook on the back of exceptionally strong and profitable growth in the third quarter ■ NAV 30 SEPTEMBER 2020 SEK 107.9BN ■ CHANGE IN NAV Q/Q 23% Livongo and Teladoc announced the intention to merge their businesses, creating an unmatched, comprehensive platform for virtual healthcare delivery Invested in Common, a residential brand and tech-enabled managed rental housing marketplace in the US, and thereby broadening our Consumer Services portfolio towards business models that reflect broader consumer trends Made our first investment in the Nordic healthcare space through an investment in Joint Academy, a Swedish digital health company specialised in the treatment of chronic joint pain Our healthcare and online food companies see continued strong demand and inflow of new customers, with indications of a more lasting shift in consumption patterns Continued negative impacts from Covid-19 in our travel and emerging market businesses I Investment Management Activities We remain focused on re-allocating capital dynamically to ensure our portfolio remains balanced and vibrant. In the quarter, we invested SEK 732m in total, including: 1-YEAR TSR 85% ■ 5-YEAR TSR 21% I The extra dividend of SEK 1.9bn from the Zalando sell-down was distributed to shareholders during the quarter ■ O SEK 232m into Village MD as part of the funding round led by Walgreens Boots Alliance O SEK 184m into Common O SEK 131m into Joint Academy O SEK 114m into Omio, in connection with the company's convertible loan raise We divested our 12% shareholding in Home24, generating net proceeds of EUR 21m, and completed our Qliro Group exit by swapping our residual stake for shares in MatHem Financial Position NAV of SEK 107.9bn (SEK 388 per share), up SEK 20.3bn or 23% in the quarter, adding back paid dividend of SEK 1.9bn Net cash position of SEK 3.0bn, corresponding to 2.9% of portfolio value by quarter-end. Adjusting for the dividends received from Tele2 in early October, our net cash position amounted to SEK 4.2bn 3 KINNEVIK#4LIVONGO INTEND TO MERGE WITH TELADOC, CREATING A CONSUMER CENTRED VIRTUAL CARE PLATFORM FOR A FULL SPECTRUM OF HEALTH NEEDS #1 Sector-Defining Company #2 Broadest Multi-Product Solution in the Market #3 Complementary Solutions & Technology #4 Highly Complementary Channel Synergies #5 Strong Financial Profile Transaction Rationale and Our Investment Returns A Transformative Transaction Validating our Strategy Strategic Rationale The joint entity will be a >USD 35bn digital-first, consumer-centric healthcare leader, serving over 70 million members every year The most complete end-to-end digital health solution, addressing critical, chronic and everyday care across areas such as diabetes, dermatology, hypertension, sexual health, tobacco cessation, mental health, MSK, nutrition and weight management and caregiving Serving patients and facilitating care across multiple medical and non-medical settings such as at home, in the clinic or in the hospital Significant cross-selling opportunities offered by a combined broader set of US and international distribution channels and deeper client base Expected 2020 pro forma revenue of ca. USD 1.3bn (85% pro forma growth), and pro forma adjusted EBITDA of over USD 120m, underlined by a business model that is driven by subscription and recurring revenue streams ■ ■ I I ■ Our Investment History and Returns Kinnevik first invested in Livongo in March 2017 and have led every round since including being the largest buyer in the IPO in July 2019. We have invested a total of USD 155m in the company As per 30 September 2020, our stake is valued at SEK 15.9bn, a return of 11.4x MoM and a 228% unrealized IRR Livongo was the second investment as part of our healthcare strategy put in place almost five years ago, aimed at applying our learnings from consumer-centric and technology- enabled transformation of other sectors to healthcare The proposed transaction, which is expected to close in the fourth quarter of 2020, is a testament to the value of Livongo's platform and validates Kinnevik's healthcare investment strategy In total, Kinnevik has invested SEK 3.9bn into our digital healthcare businesses, generating an exceptional 5.9x return on our total investment and an unrealized IRR of almost 140% Teladoc HEALTH TM ►Livongo® 4 Ο ΚΙΝΝΕVIK#5KINNEVIK HAS INVESTED SEK 184 MILLION INTO COMMON, A RESIDENTIAL BRAND AND TECHNOLOGY-ENABLED PROPERTY MANAGER Description Case Validity Strategic Fit ■ ■ ■ ✓ Common Investment Overview Common is a residential brand and technology enabled property manager based in New York The company manages residential apartment buildings on behalf of build-to-rent asset owners. This includes marketing, viewings, leasing documentation, on-site operations, maintenance and renewals Common has signed agreements to manage 17,600 units across its three brands, focused on urban millennials, families with kids, and suburban workforce housing For tenants, Common offers a more seamless experience through rentals that are all-inclusive and flexible, with virtual walk-throughs and online contracting. This has resulted in a historical vacancy rate of half of the industry average For asset owners, Common improves operating yields by automating more processes and driving better marketing conversion rates relative to unbranded properties In addition to property management, Common offers the option to convert some traditional units to co-living, which can significantly enhance the asset owners' returns through densification The business model is asset-light, with no direct exposure to underlying real estate prices Common is effectively a managed marketplace that connects tenants with asset owners, but plays a deep facilitation role in standardising this relationship to remove friction ▪ Living is a big share of wallet, typically representing around one-third of millennials' disposable income The sector has been characterised by limited innovation and technology investment over a number of years, which has restricted consumer choice and resulted in no established brands 5 KINNEVIK#6KINNEVIK HAS INVESTED SEK 131 MILLION INTO JOINT ACADEMY, A SWEDISH DIGITAL HEALTH COMPANY SPECIALISED IN CHRONIC JOINT PAIN Description Case Validity Strategic Fit joint academy Investment Overview Joint Academy is a digital health platform based in Sweden that delivers online, evidence-based treatment for chronic joint pain, specializing in osteoarthritis The company provides a solution allowing patients to manage their osteoarthritis on their own with physiotherapists supporting patients remotely, i.e. an online/telehealth version of the established program used in traditional clinics Approximately 80% of global healthcare spend stem from 15 chronic diseases, out of which chronic joint pain is the fifth most common The condition has traditionally been treated with pain reducing medication (opiods) and/or expensive and invasive joint replacement surgery Patients enrolled in Joint Academy's digital treatment on average report a 44% reduction in pain after three months and report reduced levels of pain over the rest of the first year Almost half of patients who considered joint replacement reports that they no longer need it The company addresses one of the largest cost drivers in the global healthcare system and does so by way of digitizing a proven clinical methodology for osteoarthritis care that has been developed over many years and with data from many thousand patients Joint Academy sits perfectly at the intersection of our Nordic Venture and International Healthcare strategies, allowing us to leverage our strong local network to support the company as it grows as well as our deep sector expertise as it expands to international markets 09:41 Pain This graph shows how your pain has developed since your first day of treatment G 1 -87% (7) p Actus 2 D 3 Show profie 1 6 4 KINNEVIK#7ZALANDO AND LIVONGO ARE DEVELOPING STRONGLY FUELED BY DIGITAL TRENDS, WHILE TELE2 IS SHOWING RELATIVE STABILITY IN A CHALLENGING MARKET I ■ Faster Than Expected Demand Recovery 3 773 3.6% H1 2019 4721 3.2% Zalando H1 2020 Gross Merchandise Value (EURm) 2 024 6.4% 2692 10.4% Q2 2019 Q2 2020 Adj. EBIT margin Q2 2020 revenue and GMV growth of 27% and 33% respectively, with an adjusted EBIT margin of 10.4%, driven by faster than expected demand recovery and underlying changes in customer behaviour Zalando made continued progress on its strategic agenda to become the Starting Point for Fashion supported by an accelerated offline to online shift Raised its full-year 2020 outlook on the back of exceptionally strong and profitable growth in the third quarter Relative Stability in a Difficult Market 13 537 33% 13 337 34% H1 2019 H1 2020 Revenue (SEKm) Tele2 Note: The definitions of each company's figures are available on their respective websites. Source: Company filings 6 794 32% Q2 2019 6 650 34% Q2 2020 Underlying EBITDAAL margin Q2 2020 revenue of SEK 6.7bn and end user service revenue of SEK 4.9bn, both down 2% compared to Q2 2019 on an organic basis, mainly due to negative impacts from the pandemic Underlying EBITDAaL of SEK 2.3bn, an organic increase of 4% compared to Q2 2019 driven by cost reductions from 2019 and activities to mitigate the pandemic impact I ■ Digital Trends Creating Strong Momentum 72 982 (21)% H1 2019 160 745 11% Livongo H1 2020 Revenue (USD '000) 40 915 (17)% 7 91 923 15% Q2 2019 Q2 2020 Adj. EBITDA margin Q2 2020 revenues of USD 91.9m, up 125% year- over-year, driven by the continued adoption of its Applied Health Signals platform With further adoption of virtual health and remote monitoring technologies as the new standard of care, Livongo continues to build on its leadership position KINNEVIK#8OUR YOUNGER GROWTH COMPANIES CONTINUE TO EXPERIENCE STRONG DEMAND AND INFLOW OF NEW CUSTOMERS Revenues LTM (SEKm) +22% Source: 1 467 MatItem.se. +50% 1 509 Revenues LTM (NOKm) 974 1 542 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 1 031 Kolonial.no 1606 1 094 Company Information Continued Momentum in Our Younger Growth Portfolio Customer Retention and Engagement Will be Key 1 206 1792 1461 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Number of New Merchants 26 budbee 59 Q3 2019 Q4 2019 +17% 1 578 114 I Q1 2020 Q2 2020 Q3 2020 71 OFG Net Merchandise Value LTM (EURm) 1 676 GLOBAL FASHION GROUP 121 1 848 11 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 1 809 1777 II Managed Medical Spend (USDbn) 3.3 Q3 2019 Q4 2019 3.3 Global Registrations (m) 3.6 Q3 2019 VillageMD* 3.8 3.7 3.9 Q1 2020 Q2 2020 Aug 2020 babylon 4.2 8 4.9 Q4 2019 Q1 2020 Q2 2020 4.0 5.7 Q3 2020 KINNEVIK#9OUR NET ASSET VALUE IS UP SEK 20.3 BN, OR 23%, IN THE QUARTER, DRIVEN BY E-COMMERCE RALLIES AND CONTINUED STRONG PERFORMANCE IN HEALTHCARE Note: 89.6 2.3 23.2 14.7 2.5 41.4 Q2 2020 5.5 323 11.8 Rallies Zalando & GFG 0.5 Tele2 Net Asset Value Development • Financial Services • Healthcare Services • TMT ● Emerging Markets • Net Cash / (Debt) • NAV Per Share, SEK • Consumer Services 7.9 More Resilient Healthcare Services The percent increase in net asset value includes dividend paid of SEK 1.9bn. 0.3 Online Food & Last Mile 0.0 (0.1) Less Resilient Other Developed Markets Emerging Markets 0.5 Net Investments NAV Up 23% 107.9 2.2 23.7 22.9 2.6 53.5 Q3 2020 3.0 388 9 Up 4% MTD 112.7 2.2 22.4 23.5 2.6 57.8 Listed per Last Close 4.2 406 KINNEVIK#10PRO FORMA TELE2'S DIVIDENDS AND THE LIVONGO/TELADOC MERGER, OUR SEK 3.0 BILLION NET CASH POSITION GROWS TO SEK 5.5 BILLION 5.5 (0.5) 2020 Q2 Capital (1.9) 5.5 +1.3 NS Pro Extral Allocation Dividend Net Cash Development Q3 and Pro Forma, SEKbn Paid Out (0.1) Other 3.0 2020 Q3 +0.5 Tele2 +0.7 Tele2 Our Financial Position Capital Structure and Financial Capabilities Extra Livongo/ Ordinary Dividend Dividend Merger Teladoc 5.8 Forma Cash & Composition of Net Cash / (Debt) By Source, SEKbn MMFs (1.4) Bonds (2022-03 & 2025-02) (1.5) 0.1 Other 3.0 10 Net Cash Our financial position provides us with the strength needed to execute on our five-year 2019-23 capital allocation plan in an optimal way, driving the transformation of our portfolio towards a higher share of high-growth, primarily private businesses KINNEVIK#11KINNEVIK HAS THREE CLEAR PRIORITIES GOING FORWARD Continue to Evolve the Portfolio Towards a Higher Proportion of Growth Companies Strengthen Our Portfolio Balance Across Sectors, Stages and Time to Liquidity Reallocate Capital More Dynamically Through Attractive Exits as Our Young Portfolio Matures 11 KINNEVIK#12KINNEVIK WE BUILD DIGITAL BUSINESSES