Kinnevik Capital Markets Day

Lorenzo Grabau, CEO & Mikael Larsson, CFO

18 September 2014
Disclaimer

The information contained in this presentation is public information only, but it does not necessarily represent all information related
to the issues discussed or presented herein, or all views of the company. The information has been researched by the company
with due care but no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the
fairness, accuracy, completeness or correctness of this information or opinions contained herein. Certain statements contained
herein may be statements of future expectations and other forward-looking statements that are based on our current views and
assumptions and involve known and unknown risks and uncertainties that may cause actual results, performance or events to differ
materially from those expressed or implied in such statements. None of our team shall assume any liability whatsoever (in
negligence or otherwise) for any loss or unrealized profit whatsoever arising from any use of this presentation or the statements
contained herein as regards unverified third person statements, any statements of future expectations and other forward-looking
statements, or the fairness, accuracy, completeness or correctness of statements contained in the presentation, or otherwise made
in connection with this presentation.

This presentation does not constitute an offer or invitation to purchase or subscribe for any investment and neither this presentation
nor any part of it shall form the basis of or be relied upon in connection with the entering into any commitment or contract
whatsoever, and is solely intended to communicate information regarding the company, its business track-records and team
members. No one should base their investment decisions on this presentation but should form their personal opinions on the basis
of further available information and evaluations and assumptions. In addition, any prospective investor should consult its own
attorney and business advisor as to the legal, business, and tax and related matters concerning any investment decision.

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Agenda for the day

9.00 Kinnevik Overview – Lorenzo Grabau, CEO & Mikael Larsson, CFO
9.30 Zalando – Robert Gentz, Member of the Management Board
10.15 Coffee break
10.30 CDON Group – Paul Fischbein, CEO
11.15 Kinnevik Marketplaces – Chris Bischoff, Group Investment Director
11.25 Quikr – Pranay Chulet, CEO
12.10 Saltside – Nils Hammar, CEO
12.45 Lunch
13.30 Kinnevik Financial Services – Voria Fattahi, Investment Manager
13.40 Bayport – Stuart Stone, Co-CEO
14.15 BIMA – Gustaf Agartson, CEO
15.00 Coffee break
15.20 Kinnevik – Rocket Partnership – Christoph Barchewitz, Investment Manager
15.30 Global Fashion Group – Nils Chrestin, CFO Lamoda
16.15 Home 24 – Domenico Cipolla, CEO
17.00 Closing remarks – Lorenzo Grabau, CEO

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CEO & CFO Remarks

• Our Track Record

• Our Key Assets

• Our Financial Framework

4
What We Have Accomplished Over the Last Five Years

1. Growth and increased dividends from our large public companies: Millicom, Tele2, MTG

2. Establishment of a unique international presence in e-Commerce and Marketplaces

3. Completion of successful consolidation transactions (BK, Avito/Slando, T2 Russia, MIC/UNE)

4. De minimis write-offs despite the very significant new investments activity

5. More than doubling of NAV from SEK 30bn (Q2 2009) to over SEK 70bn (Q2 2014)

6. From SEK 9bn of debt to a net cash position of SEK 1bn

7. Dividends distribution of SEK 8bn

8. Elimination of discount to reported NAV, finally trading at a premium

9. Stronger team based in Stockholm and London

10. New class of international investors

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Kinnevik: an Active Investor Ready to Transform its Asset Base
Q2 2009 (SEKbn)
16.4 Total NAV: SEK 30 bn

9.8
(9.0)
7.9

2.1
0.6 0.5 0.3 0.5 0.2 0.3 0.1 0.1 0.1 0.2

Millicom Tele2 Korsnäs MTG BEF Bergvik Rolnyvik Metro Sia Transcom Yell Bayport Relevant Other Net debt
Skog Latgran Traffic assets

Q2 2014 (SEKbn)
Old investments
Total NAV: SEK 73 bn
23.1 (Rocket valued at PLDT transaction) New investments

12.5
10.7
6.3 6.1
3.9
2.2 1.1 1.5 1.1
0.9 0.8 0.6 0.6 0.5 0.4 0.3 0.3 0.2 0.1 0.1

Wimdu
Tele2

Avito

Konga
Metro

BEF
Rocket Internet

BIMA
Zalando

CDON

BigCommerce

Seamless

Net cash
Bayport

Quikr

Other assets
Global Fashion Group

MTG

Transcom
Millicom

Home & Living Ecom

Note: Pro forma for Rocket Internet valuation post PLDT transaction
6 Source: Kinnevik public financial statements
Balanced Weight Across Communication and E-commerce = Cash Flow + Growth

Communication E-commerce & Marketplaces Entertainment Financial Services & B2B

47% 43% 7% 3%

= Net Asset Value (Q2 2014)

Note: Pro forma for Rocket Internet valuation post PLDT transaction
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The Result: Best in Class Within our Historical European Peer Group
Market Cap, largest European investment companies (2009 to 2014)
(SEKbn)

18%

242
16%

2009 Q2
190
2014 Q2
16% CAGR
4%

127
112 31%
105
23%
90 91
79 30%
68 17%
60 17%
47 (4)%
38
24 24 25
21 18 21
13 11

Christian Investor AB Heineken Groupe Kinnevik Exor Wendel Eurazeo Lundbergs Ratos
Dior Holding Bruxelles
Lambert

Source: FactSet
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CEO & CFO Remarks

• Our Track Record

• Our Key Assets

• Our Financial Framework

9
1. Essential Digital/Consumer Brands

SCANDINAVIA REST OF EUROPE LATIN AMERICA ASIA AFRICA & MIDDLE EAST

#2 Telecom #1 Fashion #2 Telecom #1 Fashion #2-3 Telecom

operator e-commerce operator e-commerce operator
#1 Entertain- #2 Furniture #1 Fashion #1 General #1 General
ment broad- e-commerce e-commerce e-commerce e-commerce
casting in Sub-
#1 Home & #1 General #1 Online Saharan
#1 General Living e- e-commerce classifieds Africa
e-commerce commerce in India
#1 International
club in #1 General
#2 Fashion Germany
Newspaper #1 Online e-commerce
e-commerce classifieds in Nigeria
#2 Fashion in
#1 Sports e-commerce Bangladesh #1 Non-bank
e-commerce in Russia & payroll lender
#1 Fashion e-
CIS in Ghana
commerce in
India #1 Mobile
insurer

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2. Established Presence in All Key Growth Markets

Kinnevik NAV
(SEK)

9bn
27bn 13%
38%

5bn
4bn 8%
25bn 6%
35%

Core market
Growing presence

Note: Pro forma for Rocket Internet valuation post PLDT transaction
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3. (I) Transformational partnership at Kinnevik level

Global Fashion Home & Living General Merchandise

Group

Note: Selected investments only

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3. (II) Outstanding Partnerships Across All Our Businesses

E-commerce & Financial Services &

Communication Entertainment
Marketplaces B2B

Miffin Associates Corp

13
4. Our Attitude: Always Looking for New Frontiers

Company Entry Population Rationale Long-term opportunity

Rwanda
(2009)  Resilient economy (8% average  Leading MNO
10m GDP growth 2001-12) (market share of
 Rapid rise in mobile penetration 40% after 5 years)

Bangladesh
(2012)  Growing internet population (5%
penetration)  Leading e-commerce
155m
platform
 Lacking local classifieds portals

Indonesia
(2013)
 <2% insurance penetration  Leading micro
250m
 Axiata Group partnership insurance provider

Ethiopia
(2014)  Largest untapped African market
 Leading MFS
95m  Only 6-7% formal financial provider
services access

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5. Our Culture: Constant Pursuit of Innovation
Product /
Company service Launch Area Rationale and roll-out

Bima-  Expand addressable market

branded  Position Bima as a consumer brand
products 2013 Micro-insurance
 Rolled out in Ghana, Philippines,
Bangladesh

 Lack of 3rd party logistics infrastructure

Logistics  Secure the customer experience
2014
(the last mile)  Available in Lagos; continuing to build out
across the country

 Large demand for accessible language

Education tuition across Africa and LatAm
2014 (language
learning)  Launched in Rwanda; Tanzania and El
Salvador during H2 2014

 Control and increase customer engagement

Online payments
2014  Re-capture lost revenue and profit
(pay-later)
 Live on Members.com and Tretti.se

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6. Our Focus: Driving Operational Excellence

On-the-Ground
Strategy Formulation Monitoring and Results
Execution

Quality control teams to KPIs to track fraudulent

Focus on high-quality review ads; marketing ads (halved) and
user experience with rich campaigns centred on proportion of ads with
listing content inclusion of photos images (multiplied)

Hired experienced
Result-oriented culture
Adding talent and managers from Kinnevik
with best-in-class
processes to fuel network to learn best
reporting
company’s growth practices

Built data and analytics

Improve insight into tools to focus on Improved retention rates
consumer usage to customer life-cycle and and profitability
improve targeting profitability

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7. Our Team: Experienced, Motivated and Effective

Executive CEO
Chairman

Board of Directors Investment Management Corporate Excellence

• Highly engaged • Stockholm and London • Stockholm based

presence
• 7 Members
• 13 person team focused on
• International focus and existing investments and
sector expertise new opportunities
• 14 person team in
Finance, Operations,
Legal, IR, GRC

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8. Our Shareholders: In It for the Long Term

Active and long-term owners Patient capital

 Founding families remain
Kinnevik’s largest owners  No fixed exit period

 Solid base of Swedish and  High investment flexibility

international long-term  Average holding period of direct
institutional shareholders investments of over 10 years
 45,000 private shareholders

Backed by strong culture and values Clear policies and guidelines

 Management by facts and execute  Active investment management

decisions  Focus on corporate governance

 Build for the long term, success  Risk management and

will come compliance

 Focus on innovation and  Internal audits

identifying the next big opportunity  Corporate responsibility

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CEO & CFO Remarks

• Our Track Record

• Our Assets

• Our Financial Framework

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The Last Five Years
Exceptional NAV Growth Driven by Successful Shift to E-commerce/Marketplaces

NAV 2009-2014
(SEKbn)

CAGR1: 22% NAV: 73bn

10 1 8
2 8 3
5

31
31
9
10
8
2
30 34
26

3
Change in
E-commerce &
GAV Q2-2009

Communication
NAV Q2-2009

Entertainment

services & Other

NAV Q2-2014
Net debt

Dividends paid
Net cash
Marketplaces

Financial
E-commerce & Financial services
Communication Entertainment
Marketplaces & Other

Average IRR
17% 39% 7% 25%
5 years2:

¹ Annual growth in NAV including paid out dividends

20 ² Including dividends and divestments
³ Pro forma for Rocket Internet valuation post PLDT transaction
Well Appreciated By Both Swedish and International Investors

SEK/ Share
(Rebased to 100 as of June 2009)

450

400

350 Kinnevik
Average annual TSR: 34%
300

250 Media

200
OMXS30
150
Telecom
100

50

0
2010/12

2011/09

2014/03
2009/06

2009/09

2009/12

2010/03

2010/06

2010/09

2011/03

2011/06

2011/12

2012/03

2012/06

2012/09

2012/12

2013/03

2013/06

2013/09

2013/12

2014/06
Source: FactSet
21 Note: Media and Telecom index including relevant peer group to Millicom, Tele2 and MTG (weighted by MCAP)
Three Phases of Our Ownership/Investment Model

Identify + Create/Invest Operate + Transform Oversee + List

• Identify opportunities • Support transformations: • Regular Management

new products, new interaction
• Select founders markets, new teams,
new MIS and new KPIs • Lead Boards
• Build teams
• Further funding • Analysis of strategic
• Establish new business
options including M&A
• Provide seed funding • Introduction of value
added partners • Prepare liquidity event
• Engage on strategy
• Enhancement of • Develop Equity Story,
• Support operational business value valuation work, IPO
development process management
• Strategic M&A and
• Provide growth capital consolidation • Post IPO management

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How We Operate Today
A Rigorous Process in Selecting, Making and Managing Investments

New Investments

• Anticipate key markets developments

• Actively follow all relevant competitors Structured information

and emerging entrepreneurs flow and decision making
• Initial investment often followed by

Investment Management
CEO and Investment Mgrs
add-ons if company and business
• Board Daily
model prove to be successful
work

• Monthly Investment Committee

Existing Investments monitoring From ad hoc to monthly

• Continuously engaged in operational • Ad hoc

and financial performance support Board of Directors
Quarterly
• As lead shareholder design and
implement key Board decisions

• Constantly evaluate merger

opportunities and public markets
valuations

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Financial Discipline is in Our DNA Every Step of the Way

1 Long Term Plans and Annual Budgets

Four steps of value creation • Macro views on regions/countries

• Competitive strength of our
businesses
• Opportunities for cost optimization
Liquidity • Overall capital allocation
Event

Financial 2 Interim Financial Targets and KPIs

Discipline • Monthly sales and EBIT
Expert • Quarterly performance assessment
knowledge • Review of incentives for growth and
and support
profitability

Invest early
3 Drivers of Value Creation
• Sales, EBIT and ROCE
• Timing and execution of exits
• Solid balance sheet

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We Manage Operating Performance Through KPIs and Our Dashboards

• Monitoring of investee companies

− KPIs tailored to business
model
− Flagging of early warning
signs
− Providing tool for Kinnevik
investment managers to
follow up with local
management

• Monthly reports to Kinnevik

management and Board of
Directors
− Performance and key events
− Support strategic decisions

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Kinnevik Returns: To Reward Us for Risk Taken

Communication E-commerce & Marketplaces Entertainment Financial Services & Other

47% 43% 7% 3%

Required annual return by segment

~12% ~18% ~11% ~16%

= Share of Net Asset Value (Q2 2014)

Weighted average targeted return rate for total portfolio of ~15%

Note: Pro forma for Rocket Internet valuation post PLDT transaction
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Q&A