Kinnevik Results Presentation Deck

ZALANDO 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

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