#1*) ΚΙΝΝEVIK PRESENTATION OF THE FOURTH QUARTER AND FULL-YEAR 2019 6 FEBRUARY 2020 SM#2PRESENTATION OF THE FOURTH QUARTER AND FULL-YEAR 2019 1 2 3 4 Today's Agenda Pivoting Our Portfolio Towards Growth Operating Companies' Performance Kinnevik's Financial Position Key Priorities Today's Presenters Georgi Ganev Chief Executive Officer Torun Litzén Director Corporate Communications Samuel Sjöström Head of Strategy 2 Ο ΚΙΝΝΕVIK#3OUR NAV IS LARGELY UNCHANGED DURING THE QUARTER AS STRONG TRADING IN ZALANDO WAS OFFSET BY WEAKER PERFORMANCE IN TELE2 NAV 31 DECEMBER 2019 SEK 73.3BN 2019: A Year of Pivoting our Portfolio Towards Growth Financial Position Organisation ■ ■ ■ I ■ ■ CHANGE IN NAV Q/Q (1)% ■ 1-YEAR TSR 40% ▪ Full-year investments of SEK 4.6bn, whereof SEK 1.6bn into two new growth companies and SEK 3.0bn in follow-on investments in the high-performing business of our unlisted and early growth portfolio, in line with our capital allocation framework ▪ Full-year divestments of SEK 6.2bn, whereof SEK 5.9bn from Zalando and SEK 128m from Westwing 5-YEAR TSR 9% Doubled down on our Healthcare strategy by investing SEK 2.0bn into Livongo, Babylon, Cedar and VillageMD Built leadership position in Nordic online groceries by investing SEK 1.2bn into MatHem and Kolonial Distributed our entire SEK 16.5bn shareholding in Millicom to our shareholders, corresponding to SEK 60 per share Monetized a 5% stake in in Zalando generating gross proceeds of SEK 5.9bn, with our retained shareholding amounting to SEK 30.8bn per end of 2019 Amended our shareholder remuneration policy to cease paying ordinary cash dividends in favor of paying out excess capital generated by our investment activities in the form of extraordinary dividends Net asset value of SEK 73.3bn (SEK 265 per share), down 1% during the quarter and up 31% during 2019, including dividends paid Net debt position of SEK 0.9bn, corresponding to a leverage of 1.3% of Portfolio Value by the end of 2019 Kinnevik has appointed Anna Stenberg as Chief People and Platform Officer, a new role in the Kinnevik management team 3 KINNEVIK#4WE HAVE HAD AN EVENTFUL YEAR 2019 DELIVERING ON OUR KEY PRIORITIES Intensify Active Ownership Accelerate Private Portfolio Increase Nordic Focus What We Said ■ ■ Key Priorities For 2019 Priorities & Developments Active ownership is a core pillar of Kinnevik's strategy, and key to building successful businesses We will continue to focus on creating value in our large listed companies Identify and accelerate the key assets in our private portfolio, and invest in a number of new companies in the coming years Increase our efforts to identify new investments in our focus markets, including the Nordics CO Xxxx (8) ROD zalando Resty What We Did Strong TSR of 40% during 2019 Clear Strategy outlined at the Capital Markets Day Doubled Down on Our Healthcare Strategy with investments in Babylon, Cedar, Livongo and VillageMD Leadership Position in Nordic Online Groceries through investments in MatHem and Kolonial IPOs of Livongo and GFG Distributed Millicom to Shareholders, a value transfer of SEK 60 per share Sell-Down of a 5% Stake in Zalando, generating gross proceeds of SEK 5.9bn 4 KINNEVIK#5WE BEGAN EXECUTING ON OUR CAPITAL ALLOCATION PLAN DURING 2019, ADDING TWO NEW COMPANIES AND FUNDING OUR HIGH-PERFORMERS New & Follow-Ons Geographies & Stages Sectors # of Companies Our Allocation of Capital 2023 Plan Framework and 2019 Outcome Capital Allocation Framework 1/3 in First Round Investments 2/3 in Follow-On Investments 1-2 New International Growth Co's p.a. 1-2 New Nordic Venture Co's p.a. Evenly Distributed Capital Target of 30 Companies 2019 Outcome SEK 4.6bn Invested in Total 35% / SEK 1.6bn in First Round Investments 65% / SEK 3.0bn in Follow-On Investments VillageMD (International Growth) MatHem (Nordic Early Growth) 48% / SEK 2.2bn into e-Commerce & Marketplaces 43% / SEK 2.0bn into Healthcare 8% into Financial Services From 31 to 26 Companies In 2020 we will continue pivot the make-up of our portfolio - increasing the share of unlisted companies and balancing our portfolio across our focus sectors, geographies and stages 5 KINNEVIK#6STRONG FINANCIAL DEVELOPMENT IN OUR TWO LARGE LISTED COMPANIES Strong Financial Performance Driven by Customer Growth I I 3 726 1.5% YTD'18 4 497 2.5% Zalando YTD'19 Source: Company filings Revenue (EURm) (3.2)% 1 200 Note: EBIT adjusted for share-based compensation. Q3'18 0.4% 1 521 Q3'19 Q3 2019 revenue and GMV growth of 27% and 25% respectively, with an adjusted EBIT margin of 0.4%, driven by strong traffic and active customer growth Adj. EBIT margin Full-year outlook was confirmed, with GMV growth in the 20-25% range, and adjusted EBIT in the upper half of the initial 175-225 MEUR range The company launched a new sustainability strategy which aims for a net-positive impact for people and the planet, and committed to a net-zero carbon footprint in its own operations, all deliveries and returns ■ I I Integration of Com Hem Completed Ahead of Time 27 832 32% FY'18 27 659 34% FY¹19 Tele2 Revenue (SEKm) 7 287 29% Q4'18 7 270 33% Q4'19 Underlying EBITDA margin Q4 2019 revenues of SEK 7.3bn and end user service revenue of SEK 5.0bn, both largely flat on an organic basis Organic underlying EBITDA growth of 10%, driven by synergies from the Com Hem merger and continued strong performance in the Baltics The integration of Com Hem was concluded during the quarter, two years ahead of plan, with SEK 800m in cost savings delivered 6 The Board of Directors proposed an ordinary dividend of SEK 5.50 per share and an extraordinary dividend of SEK 3.50 per share Note: Underlying EBITDA excludes IFRS 16. Figures include Com Hem and are presented on a like-for-like basis. Discontinued operations include Tele2 Netherlands, Kazakhstan and Croatia. Ο ΚΙΝΝΕVIK#7OUR GROWTH COMPANIES HAD STRONG CUSTOMER GROWTH IN THE QUARTER AND CONTINUED TO FOCUS ON PRODUCT DEVELOPMENT Note: Source: OFG Better ment MatHem.se- ■ ■ ■ ■ ■ ■ ■ ■ ■ Revenue growth of 148% in Q3 2019 and a total of 208,000 enrolled diabetes members, an increase of 118% Livongo earned preferred status on the Express Scripts Digital Health Formulary, making it easier for employers and health plans to integrate Livongo into their pharmacy benefit Announced a partnership with Dexcom to integrate its G6 device into Livongo's diabetes coaching platform Over 70,000 registered patients for "GP at hand", Babylon's digital GP service in collaboration with the NHS, making it the third largest registered patient list in England Babylon launched in the US in January 2020, having secured two large strategic partners 12.4 million active customers at the end of the quarter, an increase of 15% Net Merchandise Value growth of 24% in Q3 2019 and revenue growth of 19% Marketplace share continued to grow and is now 22% of NMV Over 480,000 customers at the end of Q4 2019 (20% growth) and assets under management of USD 21.5bn (51% growth) The launched the checking accounts as part of its cash management platform Betterment Everyday, following the launch of high-yield company cash accounts in the previous quarter Net revenue growth of 14% in Q3 2019 and LTM net revenue growth of 20% per 30 September 2019, with LTM growth partially fuelled by MatHem's acquisition of Fruktbudet Completed close to 1.5 million deliveries during the last twelve months per 30 September 2019 MatHem's new CEO Johan Lagercrantz joined the company in December Oversees USD 3.3bn in total medical spend per 31 December 2019 VillageMD successfully launched its state-of-the-art primary care clinics called Village Medical next to five Walgreens stores All growth rates are year-on-year, unless otherwise stated Company Information 7 KINNEVIK#8STRONG TRADING IN ZALANDO AND LIVONGO, OFFSET BY A WEAKER TELE2 AND A REVISION OF OUR VALUATION OF QUIKR, RESULTED IN A LARGELY UNCHANGED NAV Note: 92.0 6.1 4.9 45.5 36.4 Q3 2019 (0.8) 334 Millicom Distribution Value Transfer SEK 16.6bn Dividends Received SEK 0.5bn Value Down SEK 0.9bn (18.0) Millicom Distribution 74.0 6.1 4.9 27.5 36.4 Q3 2019 Pro Forma (0.8) • E-Commerce & Marketplaces, TMT, Financial Services, Healthcare & Other, Net Debt, NAV Per Share Tele2 Down 6% Į (1.7) NAV Development (SEKbn) Tele2 Zalando Up 5% 1.6 Livongo Up 37% Zalando 0.8 (0.8) Livongo Our assessed fair value of our Quikr investment is lowered by SEK 764m, or 45%, reflecting the impact of fraudulent transactions as well as a reduced footprint and amended revenue recognition principles. The valuation is established using forward- looking net revenue multiples, moving away from the DCF method applied in previous quarters to solely reflect near-term projected financial performance in our net asset value statement Quikr (0.1) Other Value Changes The value of the Millicom distribution is based on the average price of Millicom's SDR on 5 December, SEK 438, the day the distribution was carried out. (0.6) Includes SEK 0.4bn in dividends received Net Investments 8 Q/Q Change (1)% 73.3 6.7 4.8 25.4 37.3 Q4 2019 (0.9) 265 KINNEVIK#9OUR VALUATION FRAMEWORK RENDERS QUARTER-ON-QUARTER CHANGES IN SEVERAL OF OUR INVESTMENTS' ASSESSED FAIR VALUES I ■ ■ Valuations Our unlisted holdings are valued using IFRS 13 and the International Private Equity and Venture Capital Valuation Guidelines Fair values are typically based on trading multiples of relevant peer groups and in some cases on discounted cash flows Valuations & Disclosure Methodology and Guidelines Valuations applied in recent transactions are used to calibrate inputs to our valuation models Valuations are monitored regularly, and not insignificant changes in business performance - such as reaching particular milestones - or equity markets are translated into revised assessments of fair values Tolerable Deviation Range (Illustrative) Modelled Value Fair Value I ■ High Disclosure Low Disclosure Squaring unlisted, growth-focused companies operating in highly dynamic environments with public equity market disclosure standards poses challenges We are actively working with our companies to improve how we report their performance to our investors Disclosure We are seeking to increase our disclosure level and improve our disclosure methodology and will provide more information as our companies grow and mature Select KPIs Venture Increasingly Financial KPIs Growth Fuller Disclosure Pre-IPO We continue to work towards more dynamic and transparent assessments of fair values, and will introduce improvements of how we report the performance of our companies during 2020 9 Listed KINNEVIK#10WE REDUCED OUR LEVERAGE BY MORE THAN 2.5 PERCENTAGE POINTS IN SPITE OF SIGNIFICANT DISTRIBUTIONS OF VALUE TO SHAREHOLDERS Change in Net Cash / (Debt) 3.9% +2.9 (2.3) (2.9) Y +6.2 (4.6) 2018 End (0.3) Our Financial Position % Leverage and SEKbn 1.3% (0.9) Net Investments Net Cash Dividends Other 2019 End 3.9 Cash & MMFs Composition of Net Cash / (Debt) (1.0) Commercial Paper (1.5) (1.0) (1.4) Bonds (2020-05, 2020-08 & 2022-03) Our financial position is strong, and provides the foundation needed to execute on our 2020-23 capital allocation plan We continue our transformation, and are looking to deploy slightly less capital in 2020 than in 2019 10 (0.9) Net Cash / (Debt) 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 BUILDING THE BUSINESSES THAT PROVIDE MORE AND BETTER CHOICE SM