Kinnevik Results Presentation Deck

OUR 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

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