Kinnevik Results Presentation Deck

OUR NET ASSET VALUE WAS DOWN SEK 8.4BN OR 11% DURING THE QUARTER, PRIMARILY ON THE BACK OF EFFECTS ON DISCRETIONARY ONLINE CONSUMPTION 73.3 4.8 6.7 37.3 25.4 Q4 2019 (0.9) 265 Tele2 Down 2% (0.6) Tele2 • TMT,. Consumer Services, Healthcare Services, Financial Services, Net Debt, SEKbn, NAV Per Share, SEK Zalando Down 20% (6.2) Zalando Net Asset Value Development 0.6 (0.1) More Resilient Healthcare Services, Online Food & Last-Mile Logistics Up 7% Healthcare Online Food & Last Mile (1.5) (0.6) Less Resilient Discretionary Consumption & Financial Services Down 22% Discretionary Consumption Financial Services 0.4 Net Investments NAV Down 11% 64.9 4.2 7.3 29.9 24.8 Q1 2020 (1.5) 235 Up 12% in April 72.7 4.2 8.6 35.8 25.5 Listed per Yesterday (1.5) 263 KINNEVIK

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