KINNEVIK ROCKET CAPITAL MARKETS DAY BERLIN, MAY 22 2014

The  informa,on  contained  in  this  presenta,on  is  public  informa,on  only,  but  it  does  not  necessarily  represent  all  informa,on  related  to  the  issues  discussed  or  presented  herein,  or  all  views  of  the  company.  The  informa,on  has  been  researched  by  the  company  with  due  care  and  all  and  any  evalua,ons  or  assessments  stated  herein  represent  the  company’s  opinions.  We  advise  you  that  some  of  the  available  informa,on  has  been  independently  verified  and  may  be  based  on  statements  by  third  persons,  but  no  representa,on  or  warranty,  expressed  or  implied,  is  made  as  to,  and  no  reliance  should  be  placed  on,  the  fairness,  accuracy,  completeness  or  correctness  of  this  informa,on  or  opinions  contained  herein.  Certain  statements  contained  herein  may  be  statements  of  future  expecta,ons  and  other  forward-­‐looking  statements  that  are  based  on  our  current  personal  views  and  assump,ons  and  involve  known  and  unknown  risks  and  uncertain,es  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  presenta,on  or  the  statements  contained  herein  as  regards  unverified  third  person  statements,  any  statements  of  future  expecta,ons  and  other  forward-­‐looking  statements,  or  the  fairness,  accuracy,  completeness  or  correctness  of  statements  contained  in  the  presenta,on,  or  otherwise  made  in  connec,on  with  this  presenta,on.        This  presenta,on  does  not  cons,tute  an  offer  or  invita,on  to  purchase  or  subscribe  for  any  investment  and  neither  this  presenta,on  nor  any  part  of  it  shall  form  the  basis  of  or  be  relied  upon  in  connec,on  with  the  entering  into  any  commitment  or  contract  whatsoever,  and  is  solely  intended  to  communicate  informa,on  regarding  the  company,  its  business  track-­‐records  and  team  members.  No  one  should  base  their  investment  decisions  on  this  presenta,on  but  should  form  their  personal  opinions  on  the  basis  of  further  available  informa,on  and  evalua,ons  and  assump,ons.  In  addi,on,  any  prospec,ve  investor  should  consult  its  own  aHorney  and  business  advisor  as  to  the  legal,  business,  and  tax  and  related  maHers  concerning  any  investment  decision.  

2  

LINIO – THE B2C MARKET PLACE FOR SPANISH LATAM

Targeting the crown jewel of ecommerce

•  Targeting the general ecommerce space in Spanish speaking Latam with a B2C market place and retail business model

•  Currently 225m addressable customers across 4 fast growing economies - now expanding to another 9 countries and ~100 million people

Clear market leadership in all launched countries

•  Founded in 2012 and already market leader in in Mexico, Colombia, Peru and Venezuela

•  Offers more than 300,000 products across 60 categories

Positioned to win

•  Unparalleled product mix diversification and company positioning

•  Lean set-up with HQ and shared services in Mexico, Independently operating country offices in Bogota, Lima, Caracas and Santiago

•  COD offering in all markets, extensive in-house and 3PL logistic set-up that covers 99%+ of population even for oversized items

Quick highlights – Linio:

3  

To be the biggest and most trusted market place - online as well as offline - for companies to sell and customer buy

products in Latin America

OUR VISION

4  

Targeting the crown jewel of ecommerce

HUGE FAST-GROWING RETAIL MARKET

ANNUAL RETAIL GROWTH:

ANNUAL ONLINE RETAIL GROWTH:

6% 29%

RETAIL MARKET SIZE 480EUR BN

6  Source: Goldman Sachs IBC

LINIO IS ADDRESSING THE LARGEST UNTAPPED ECOMMERCE OPPORTUNITY IN THE WORLD

GDP (USD TN.)

16.2 8.3 5.9

3.4

3.2

DOMINATING B2C

Source: United Nations, 2012 7  

8  

E-COMMERCE IS POISED TO BE A REAL GAME-CHANGER IN LATAM

36% of the Colombian population lives in a city with 1 leading department store

90% of the US population lives 15 minutes away from a Walmart

Distribution of main department stores and leading electronics offline chain

Internet Penetration by Country % over total population

Online retail market size Million USD

GDP per capita USD

Online retail market penetration % over total retail market

26%   30%   31%   33%  

51%  60%  

42%  

51%  

0%  

15%  

30%  

45%  

60%  

75%  

Mexico   Colombia   Peru   Venezuela  

0.4%  0.3%   0.3%  

0.6%  

2.3%  

0.9%  

0.5%  0.9%  

0.0%  

0.8%  

1.5%  

2.3%  

3.0%  

Mexico   Colombia   Peru   Venezuela  

8085  

5149  4362  

5690  

11224  

7831  6797  

6128  

 -­‐        

 3,000    

 6,000    

 9,000    

 12,000    

Mexico   Colombia   Peru   Venezuela  

670  

139   66   82  

5096  

700  

168   97    -­‐        

 750    

 1,500    

 2,250    

 3,000    

Mexico   Colombia   Peru   Venezuela  

2009   2013  

THE FUNDAMENTALS FOR E-COMMERCE ARE GROWING RAPIDLY

9  Source: IMF, World Bank, Goldman Sachs

Clear market leader in all markets

EXPLOSIVE SALES GROWTH

Q3  ´12   Q4  ´12   Q1  ´13   Q2  ´13   Q3  ´13   Q4  ´13  

206K NET ORDERS

11  

DRIVEN BY CONTINOUSLY GROWING CUSTOMER BASE

 -­‐        

 400    

 800    

 1,200    

 1,600    

Dec-­‐12   Feb-­‐13   Apr-­‐13   Jun-­‐13   Aug-­‐13   Oct-­‐13   Dec-­‐13    -­‐        

 100    

 200    

 300    

 400    

Dec-­‐12   Feb-­‐13   Apr-­‐13   Jun-­‐13   Aug-­‐13   Oct-­‐13   Dec-­‐13  

Active email subscribers since December 2012 ´000 email subscribers

Unique customers since December 2012 ´000 customers

12  

1  Based  on  similarweb.com    

LINIO HAS A CLEAR TRAFFIC MARKET SHARE LEADERSHIP IN THE 4 MARKETS WHERE WE CURRENTLY OPERATE

Pure  e-­‐commerce  players  

Visits  (in  Mn),  March  2014  1   Mkt  share  1  

0" 2" 4" 6" 8"

Linio"

Netshoes"

Amazon"

Decompras"

Dportenis"

Coordiutil"

Others"

54%"

25%"

2%"

2%"

Pure  e-­‐commerce  +  Offline  Retailers    

Visits  (in  Mn),  March  2014  1   Mkt  share  1  

0" 2" 4" 6" 8" 10"

Linio"

Netshoes"

Walmart"

Falabella"

Liverpool"

Éxito"

Coppel"

Others"

1%"

0%"

16%"

23%"

9%"

9%"

7%"

5%"

5%"

31%"(7  Peers)   (30  Peers)  

11%"

13  

0%"

5%"

10%"

15%"

20%"

25%"

Q2'12" Q4'12" Q2'13" Q4'13"

Mobile visit ratio of total visits Percentage of total site visits

LINIO IS QUICKLY BECOMING A MOBILE SHOPPING PLATFORM

Android APP

Mobile theme

IOS APP

14  

LINIO IS A TRUE MULTI-CATEGORY SITE

SHIPPED ITEMS BY CATEGORY DECEMBER 2013

More than 60 categories 140k items shipped in one month 15  

From <5% of sales in December to ~25% of sales in May

Monthly growth rate of 84% (1)

Vendor base of 1000+, growing at 62% monthly

Average achieved commission north of

12% (1) Average growth rate from June 2013 to April 2014

MARKETPLACE IS GROWING INCREDIBLY FAST WITH HEALTHY MARGINS

16  

Positioned to win

• Consulting • Private Equity • MBA • Norwegian national

CEO Andreas Mjelde

NAME TITLE PREVIOUS EXPERIENCE

• Consulting • Consumer goods • MBA • Italian national

• CFO and FPA roles across Europe • MSc • French national

Luca Ranaldi

Olivier Sieuzac

Chief Commercial Officer MD Linio Colombia

Head of Finance

Antonio Nunes Chief Marketing Officer • Consulting • Business Development • MSc • Portuguese national

Cristian Cortes Chief Operating Officer • Consulting • Logistics operations • MBA • Mexican national

Fernando D’Allesio Head of Business Development MD Linio Peru

• Corporate finance • Business Development • MBA • Peruvian national

COMPLETE REGIONAL MANAGEMENT STRUCTURE LEADS TO BENEFITS OF SCALE AND FUNCTIONAL EXPERTISE

18  

STRONG AND DIVERSIFIED INVESTOR PORTFOLIO

Backing from highly successful sector specialists and investors:

19  

Only e-commerce platform with broad Cash On Delivery offering

SCALABLE SOLUTIONS IN PLACE TO OVERCOME THE OPERATIONAL CHALLENGES IN THE REGION

Independently operating 4 large scale warehouses to ensure fast and cost efficient operations

Full integration with major logistics carriers in each country and last-mile own fleet, enabling superior service level and tracking capabilities

Fully in-sourced 24/7 customer service to offer un-paralleled customer experience

Internally developed anti-fraud team with best-in-class performance

20  

LINIO WILL IN THE NEXT 6-12 MONTHS CONTINUE TO INNOVATE THE B2C MODEL IN LATAM

Geographic expansion to 9 new countries to cover a total of > 320 million people Continued expansion of market place offering Express shipping nationwide and innovative same-day delivery in capitals Linio Mas (more) - subscription model for free shipping and exclusive offerings Express shipping and Linio Mas also for market place products

21  

Marketplace

Fulfilment

B2C

Operating Model Similar players Date Launched Benefits

▪  Control supply chain ▪  Build strong customer reputation and trust

June 2012

June 2013

Winter 2014

▪  Expand assortment ▪  Improve economics and reduce working capital needs

▪  Offer marketplace / C2C merchants and 3rd parties world class ecommerce logistic service ▪  Further drive operational efficiency

Payment 2015 ▪  Offer customers with trustworthy and reliable payment

options ▪  Lower costs for sellers

Groceries Summer 2015 ▪  Partner with one large grocery retailer in each market to

start offering same-day and express grocery deliveries

SEVERAL ADDITIONAL ATTRACTIVE BUSINESS MODELS TO BUILD OUT FROM CURRENT CORE

22