Kinnevik Results Presentation Deck

STRONG 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

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