Kinnevik Results Presentation Deck

STRONG 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

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