Presentation of financial results Q4 2013

2

Highlights 2013

• Net Asset Value up by 11% to SEK 65.5 bln

• Mobile companies return to growth

• Zalando increased sales by 52% to EUR 1,762m

• SEK 2.4 bln invested in growth assets – 95% in online

• Solid financial position with net cash balance of SEK 2.4 bln

• Board of Directors propose a dividend of SEK 7.00 per share (SEK 6.50)

• Investments of SEK 2-3 bln expected in 2014

3

Strong growth in Net Asset Value

54 941

65 527

58 769

61 839

57 513

44 829

24 325

39 168

25 717

20 042

2008 2007 2009 2010 2013 2011 2012 2004 2005 2006

(SEKm)

4

Strong market positions to maintain growth momentum

57%

33%

9%

1%

Telecom &

Financial Services

Online

Media

Industry & other

investments

• Focus on core sectors and markets

• Online 33% of Kinnevik’s asset in line with strategy

• Emerging markets important focus to drive growth

Highlights

Proportional Net Sales per continent

57% 33%

9% 1%

31%

Latin America

8%

Africa

49%

Western

Europe

10%

Eastern

Europe

2%

Asia

49%

31%

10%

8% 2% Western Europe

Latin America

Eastern Europe

Africa

Asia

5

Kinnevik is at the forefront of change

Telecom &

Financial Services

6

Millicom

Income statement highlights Growth composition by area (% of growth in USDm)

• Strategy to pursue growth across four strategic pillars

working

• Foundations in place to exploit new digital opportunities

• Helping customers to adopt a digital lifestyle at home or

on the go

Highlights Geographical distribution of revenues %

20%

Africa

South America

43%

Central America 37%

USD 284m

10% 4%

11%

26%

48%

2012 2013

21%

20%

11%

27%

21%

USD 345m

Other

Online

MFS

Cable &

Digital Media

Mobile

USDm FY2013 FY2012 Q4’2013 Q4’2012

Net Sales 5 159 4 814 1 365 1 266

EBITDA 1 881 2 065 465 528

CAPEX 1 226 1 120 564 501

Net Income 229 508 55 87

7

Tele2

Income statement highlights Net Sales composition and development (SEKm)

• Encouraging mobile end-user service revenue growth in

Sweden, the Netherlands, and Kazakhstan

• Fixed operations in Netherlands showing signs of

stabilization

• Shift from pay-as-you go to bucket price plans in Sweden

continues

Highlights Net Sales distribution between countries (%)

10%

14%

Other

8% Croatia

5% Kazakhstan

4%

Baltics

Norway

Netherlands

18%

Sweden 42%

SEKm FY2013 FY2012 Q4’2013 Q4’2012

Net Sales 29 871 30 742 7 568 7 873

EBITDA 5 990 6 240 1 461 1 444

CAPEX 5 169 3 704 1 255 1 080

EBT 1 578 1 422 424 381 2013

4% 7%

17%

All other

-1 455

Mobile

573

2012

5% 9%

18%

68% 72%

Mobile

Other operations

Fixed Telephony

Fixed Broadband

Note: Sales are on a like-for-like basis

8

Zalando is the largest standalone pure online fashion player

by net sales in Europe

8

377

773

142

+52% +EUR603m

+2,458% +EUR144m

+231% +EUR356m

+127% +EUR649m

2013E1

1,762

6

1,056

2012

1,159

2011

510

2010

154

2009

6

• Strong growth in net sales, adding

EUR 603m of net sales (2012: EUR

649m)

• DACH3 net sales of over EUR 1bn

• Gained market share in all regional

markets

• EBIT margin slightly better than -7%

(2012: -7%)

• Challenging market conditions caused

by adverse weather effects lead to

high discounts

• Ramp-up costs of continued strategic

initiatives in fulfillment and technology

for continued future growth and

improved customer experience

• DACH region maintained EBIT break-

even

• Well capitalized with a net cash position

of over EUR 350m at year-end 2013

1 country 3 countries 7 countries 14 countries 15 countries2

1 2013E numbers are preliminary and unaudited

2 Launch of Zalando Luxembourg in November 2013 operated through Zalando Belgium

3 DACH = Germany, Austria, Switzerland

DACH

Net Sales development (EURm)

9

Mobile innovations:

Source: Webtrekk for quarterly traffic and % mobile share for Zalando shops

Note: Mobile visits defined as visits from tablets, mobile sites, and mobile apps

Zalando is Europe’s most visited fashion site with over 300m visits in Q4 2013,

from both desktops and mobiles

9

0%

5%

10%

15%

20%

25%

30%

35%350

300

250

200

150

100

50

0

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1

Total Mobile Share (%)

2011 2013 2012

m.site rollouts App launches & updates

App

1.0

App

1.0

App

2.0

App

2.0

App

2.2

# active customers at year-end: ~13m ~9m

„Best tablet

site amongst

fashion sites“

TextilWirtschaft

Visit development (million per quarter)

10

Online in emerging markets

Eastern Europe Africa

Latin America Asia

2012 2013

+184%

Proportional share of revenue

2012 2013

+355%

2012 2013

+550%

2012 2013

+295%

11

MTG

Income statement highlights Growth composition( compared to same period last year)

• Products & consumer offerings stronger, more relevant &

more available than ever

• Audience share gains & subscriber growth in almost all

markets

• Clear focus on strategic growth drivers – content, digital,

geographical expansion

• Accelerating organic growth boosted by m&a

• Record high pay-out ratio & financial firepower

Highlights Distribution of sales between market areas %

Others &

eliminations

8%

MTG Studios,

MTGx, Radio

15%

Pay-TV

Emerging Markets

16% Free-TV

Emerging Markets 35% Pay-TV

Nordic

27%

Free-TV

Scandinavia -1%

22%

Full year

1%

Quarter on Quarter

14%

31% 31%

355

-4% 23%

37%

1 109

37%

8%

MTG Studios,

MTGx, Radio

Free-TV

Emerging Markets

Pay-TV

Emerging Markets

Pay-TV

Nordic

Free-TV

Scandinavia

USDm FY2013 FY2012 Q4’2013 Q4’2012

Net Sales 14,129 13,336 4,083 3,620

Gross Income 5,612 5,438 1,691 1,549

EBIT 1,738 2,124 417 476

Net Income 1,168 1,594 261 378

12

Online portfolio

Investment (SEK m)

Total direct

and indirect

ownership

Invested

amount

Total direct

and indirect

fair value

Change in fair

value during

Q4’2013

Change in fair

value during

FY 2013

Zalando 36% 7 916 12 136 886 2 876

Avito 31% 336 2 196 742 1 273

Bigfoot I 35% 1 536 1728 87 176

Dafiti 27% 466

Lamoda 28% 770

Jabong 26% 250

Namshi 14% -

Bigfoot II 39% 930 435 1 -447

Zalora 30%

The Iconic 30%

Zando 15%

Jumia 15%

BigCommerce/Lazada 26% 606 551 34 -68

Lazada 18%

Linio 24%

Namshi 10%

Home24 33% 791 687 84 -84

Mobly 28%

Westwing 23% 175 278 101 101

Wimdu 41% 364 388 2 7

Rocket Internet with other portfolio companies mixed -1 484 1 342 57 -85

Konga 46% 114 156 - 22

Other unlisted online companies mixed 522 303 - -17

Total unlisted online investments 11 806 20 200 1 995 3 755

CDON Group 25.1% 646 786 197 -7

Total online investments 12 452 20 986 2 192 3 748

Note: Rocket Internet

companies not adjusted for

potential dilution from stock

option plans

13

• Sales multiples according to peer average, discounted to consider factors such as profitability and

geographical market

• Investments in Rocket Internet are structured with liquidation preference, i.e. recently invested amounts have

preference over earlier financing rounds at lower valuations

SEKm Basis for valuation

Direct

ownership

Indirect

ownership

Fair value

Direct

Fair value

Indirect

Affected by

preference

structure

Zalando GmbH Sales multiple: 2.0x 36% - 12 136 - Yes

Avito Sales multiple: 13.5x 31% - 2 196 - No

Bigfoot I Sales multiple: 1.4-2.0x 27% 8% 1 535 193 Yes

Bigfoot II Sales multiple: 1.4-1,6x 30% 10% 435 - Yes

BigCommerce Sales multiple: 0.8-1.4x 14% 12% 544 7 Yes

Home24 Sales multiple: 1.2x 22% 11% 679 8 Yes

Westwing Sales multiple: 1.3x 15% 7% 217 61 Yes

Wimdu Sales multiple: 3.0x 29% 12% 358 30 Yes

Valuation of unlisted holdings

14

Five year overview

Capital structure and dividend

Highlights

50 000

60 000

-10 000

70 000

65 000

55 000

45 000

-5 000

0

2011

-6 539

68 378

61 839

2010 2013

64 636

57 513

2009

-8 233

53 062

44 829 2 435

63 092

65 527

2012

-2 950

61 719

58 769

-7 123

Net Debt Gross Asset Value Net Asset Value

• Kinnevik has a record strong balance sheet

• Net cash position of SEK 2.4 billion

• Dividend of SEK 7 per share proposed

• Investment of SEK 2-3 billion expected i 2014

• Kinnevik will strike a balance between level of investment and growth in dividend

Considerations on the Group

Cristina Stenbeck

Executive Chairman

16

Kinnevik today – strong position in growth sectors and markets

• Leading international TMT focused investment company

• Market capitalization of SEK 75.6bn, net cash position of SEK 2.4bn as of December 2013

• Investment strategy focused on long-term value creation and on delivering shareholder value

• Significant stakes in large, market-leading, cash flow generating Communications and

Entertainment companies

• A unique portfolio of investments in growth oriented e-Commerce, Marketplace and Financial

Services businesses

• Present in over 80 countries across five continents with a focus on key growth markets

• Invested in a growing number of internationally recognized consumer brands with strong

customer loyalty

• Experienced Management team and Board of Directors

• Support from entrepreneurial and long-term oriented lead-shareholders

17

Leadership stakes in very significant businesses

Note: Figures in SEK billions. NAV as of 31 Dec 2013; Market Cap as of 12th Feb 2014

75.665.5

Investee Company

Equity Value

~ 200

Kinnevik

Equity Value

Kinnevik NAV

1.2x

2.6x

18

Present in many of the most attractive growth markets globally

Core market

Growing presence

Little or no presence

Latin

America

31%

8% Africa

10% Eastern

Europe

49% Western

Europe

2% Asia

19

E-commerce and Marketplaces

Communications

Entertainment Financial Services

All about building powerful brands that deliver innovative services to consumers Check with Narva/Torun

for better silhouette

20

Strategy of improving our existing positions and investing in growth

Newer, Challenger Businesses Established , Market-Leading Businesses

Entertainment

• We identify, assess and invest in disruptive new

business models

• We concentrate on technology-enabled value-

added products and services to consumers

• We focus on businesses with relevance in growth

markets where we can assist their rollout

• We partner with best-in-class managers,

entrepreneurs and other like-minded long-term

investors

• We help drive the pursuit of strategic

transactions if and when necessary

• We focus on promoting each company’s brand,

industry position and regional presence

• We closely monitor changes that may impact the

businesses and encourage them to adapt to new

technologies and consumer behaviour

• We promote the sharing of best-practice between

newer and established businesses

• We support the pursuit of strategic shifts and

transactions for or within the companies if and

when necessary

65%

of NAV

21

A focused organisation to deliver our two-pronged strategy

Newer, Challenger Businesses Established , Market-Leading Businesses

Entertainment

65%

of NAV

Newer, Challenger Businesses Established , Market-Leading Businesses

• Small number of high-value established

businesses

• Companies publicly listed

• Investment oversight via Kinnevik executives and

carefully selected additional board appointees

• Business and market insight developed by

Kinnevik

• High number of growth investments and

partnerships

• Small number of more mature challenger

businesses

• Companies largely private

• Active investment management led by Kinnevik

Capital

34%

of NAV

22

Kinnevik - eight key priorities

Become the premier long-term investor in the best tech-enabled businesses 1.

Embed ourselves in key countries to the same extent as a local entrepreneur 2.

Stay ahead of technological innovation and in identifying new business opportunities 3.

Run a streamlined set of successful investments 4.

Build a world-class organization operating with a partnership spirit 5.

Uphold highest ethical standards in everything we do 6.

Deliver attractive total returns to our shareholders 7.

Communicate openly and regularly with our investors 8.

23

Purpose-led investing, entrepreneurial culture and values

Strategy Commercial

Effectiveness

Management Style

and Professional

Development

Attitude