Kinnevik Rocket Capital Markets Day

Berlin, 22 May 2014

Introduction

Cristina Stenbeck, Executive Chairman

Lorenzo Grabau, CEO

2

Kinnevik today – focus on growth sectors and markets

Leading international TMT focused investment company

• Significant stakes in publicly-listed, market-leading, cash flow generating Communication and Entertainment

companies

• Unique portfolio of investments in growth oriented E-commerce, Marketplaces and Financial Services

businesses

Significant size and scale across geographies

• Market Cap of SEK 69.3bn, NAV of SEK 66.2bn and Net Cash of SEK 1.8bn

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

Focused investment strategy

• Invest early into companies and management teams pursuing most attractive opportunities within consumer

focused digital businesses

• Grow the amount of capital deployed in each company based on performance to be the key counterpart to

the founders / management teams

First outside investor into Rocket Internet

• Partnered with Rocket Internet in 2009 and invested SEK 10.8bn to date into Rocket and its portfolio

companies. Investments account for 27% of Kinnevik’s NAV

3

The Kinnevik portfolio

Large public

investments

Note: Selected investments only. Kinnevik GAV (Gross Asset Value) per Q1 2014

EFF/Rocket partnership Direct

Other private and

public investments

63% 27%

= Gross Asset Value (Q1 2014)

Private digital investments

6% 4%

4

Kinnevik identified the opportunity and partnered with Rocket Internet early

Note: Selected investors only

2009 2010 2011 2012 2013 2014

5

24%

Kinnevik and Rocket partnership

36%

Fashion General Merchandise Home & Living

Other investors

Note: Selected investments only

6

Rocket has built a global footprint complementary to Kinnevik’s international presence

Note: Footprint represents only companies attending on CMD

7

18

21

5

66

22

Change in

net cash

NAV Q1 2014

E-commerce &

Marketplaces

Communication,

Entertainment,

Financial

Services & Other

NAV Q1 2009

Kinnevik portfolio transformation to E-Commerce & Marketplaces since 2009

Dividends received and

divestment of Korsnäs

Net investments of

SEK 13bn

25

(113%)

44

(66%)

SEK bn Net of SEK 6bn in

dividends paid

E-commerce &

Marketplaces

Communication,

Entertainment,

Financial

Services &

Other

Net cash

<1 (1%)

3 (-14%)

21

(32%)

2 (3%)

18

8

Kinnevik E-commerce investments alongside Rocket

Investment vehicle Company 2009-2011 2012 2013-2014Q1 Total invested

amount

n/a 1,027 3,658 3,231* 7,916

Bigfoot 532 1,003 32 1,567

Bigfoot II 228 532 170 930

BigCommerce - 289 317 606

Other** 1,605 173*** (1,952)**** (174)

Total 3,392 5,655 1,798 10,846

SEK m

* Including SEK 2,372m of shares distributed by Rocket Internet

** Includes Rocket Internet and the remaining investments related to Rocket Internet

*** Net of SEK 974m received in dividends related to Groupon

**** Negative due to Rocket distribution of Zalando shares of SEK 2,372m

9

Kinnevik E-commerce & Marketplaces financial performance

(11)%

(19)%(24)%

(1 000)

(2 000)

(20)%

(40)%

3 000

2 000

1 000

0

80%

60%

40%

20%

0%

Q2 2013 Q1 2013 Q4 2012 Q3 2012 Q2 2012 Q1 2012

+73%

Q1 2014 Q4 2013 Q3 2013

+38% Sales

EBIT margin

SEK m

Note: Includes investments not related to Rocket Internet

10

Value of Kinnevik’s Rocket-related investments

23.6

17.6

10.8

Implicit value at latest funding rounds Kinnevik book value Capital invested*

SEK bn, per Q1 2014

*Net of dividends and disposals

11

Our partnership with Rocket Internet

Rocket

Advisory

Board

Operating

Company

Advisory

Boards

Operational

Reviews

Shareholder

Approvals

• Portfolio company operational and financial performance

• Strategic discussions

• Current and future venture pipeline

• Investment and divestment decisions

• In place for all largest companies

• Kinnevik representatives alongside Rocket and other

shareholders

• 4-6 meetings a year

• Based on monthly reporting from each company

• Relevant KPI’s, detailed profit and loss, working capital

and cash flow

• Continuous follow-ups with management teams

• Based on shareholder agreements for each company

• All major strategic and other decisions covered

• All changes to the capital structure, major investments

and stock options plans

• Matching rights for existing shareholders