PRESENTATION OF FINANCIAL RESULTS Q2 2013

19 July 2013
FOCUS ON THE DIGITAL CONSUMER
Net Asset Value SEK 55.5bn online now 30%
Option to acquire 3.5% of Zalando exercised
Mobile and media companies invest in digital services:
Millicom 4G license in Colombia
Leverage on 4G services in Tele2
MTG starts MTGx
Strong balance sheet
Revised dividend policy:
Kinnevik aims to pay a steadily increasing annual dividend.
EUR 67m invested in Rocket Internet in July




2
HIGHLIGHTS SECOND QUARTER 2013
3
WITH 93% OF ASSET VALUE IN MOBILE, ONLINE &
MEDIA
Telecom &
Financial Services
54% (64%)

Online
30% (17%)

Media
9% (9%)

Industry and
Other investments
7% (10%)

OUR VALUE DRIVERS
AND A FOCUS ON GROWING MARKETS
SALES PER REGION*
4
OUR VALUE DRIVERS
*Based on figures from FY 2012 but excluding Tele2 Russia

TELECOM THE DIGITAL LIFESTYLE
5
Millicom
Mobile business model increasingly diversified
Cable tapping into LatAm TV and broadband opportunity
Mobile Financial Services (MFS) leveraging consumer
reach
Online services investing in high growth online models
in emerging markets

Tele2
Challenger telecom operator offering mobile and fixed
telephony, broadband and related services
Front row player within new technology 4G
Broad range of products and services to residential and
business customers
TELECOM & FINANCIAL SERVICES
TELECOM & FINANCIAL SERVICES
MILLICOM
6
USD m Q2 2013 Q2 2012 Change (%)
Total revenues 1,258 1,181 6
EBITDA 463 513 -10
EBITDA margins 36.8% 43.4%
Mobile subscribers,
end of period (m)


47.4 44.5
Mobile is proving resilient
Strong growth in mobile data traffic and revenues
Cable & digital media building momentum organically
Mobile Financial Services 10% of total mobile customer base active on MFS
Online New launches and synergies

TELECOM & FINANCIAL SERVICES
TELE2
7
SEK m Q2 2013 Q2 2012 Change (%)
Operating revenue 7,476 7,787 -4
EBITDA 1,518 1,519 0
EBITDA margins 20 20
Mobile subscribers, end
of period (m)

12.9 11.8
Good mobile growth development with focus on
Migration to post-paid and 4G services in Sweden
Accelerate build-out of network in Norway
Roll-out of 4G network in Netherlands
Maintain market share gains in Kazakhstan
Maintain focus on network roll-out and cost efficiency



TELECOM & FINANCIAL SERVICES
FINANCIAL SERVICES
8
Market with low penetration in emerging markets
Convergence between online, mobile and financial
services results in overlap with other Kinnevik focus
areas
Online and mobile as medium to deliver financial
services to consumers
Bayport is Kinneviks largest investment in the
financial services sector
The major shareholder with 43% of the shares fully
diluted
Offers microcredits and financial services in Ghana,
Zambia, Tanzania, Uganda, Botswana, Mozambique and
Colombia
Total assets USD of 440m and 261,000 customers
Milvik/BIMA provides microinsurance products to
mobile operators
Operating in Ghana, Tanzania, Senegal, Mauritius,
Bangladesh, Sri Lanka and Indonesia
Insures more than four million lives




OUR VALUE DRIVERS
ONLINE - ECOMMERCE AND MARKETPLACES
9
ONLINE IN KINNEVIK NAV (SEKm)
Offline to online shift as strong as ever
Growth drivers:
Improving online user experience
Higher confidence in payment solutions
Mobile activity growth
High GDP and disposable income growth in
emerging markets
Assortment and convenience key to customer loyalty
Mobile platform gaining importance

207
Q2 2013
16 660
2009
ONLINE
ZALANDO - CONTINUED SALES GROWTH
10
Strong growth in Q1 and
focus on operational
excellence in 2013
Core market DACH
reached break-even in full-
year 2012 and accounted
for majority of group sales
New categories and
countries are gaining
importance fast
~ 50% of sales outside
Germany
~ 50% of sales in new
categories
Average return rate is
around 50%
Net sales, EUR m
372
214
+74%
2013 Q1 2012 Q1
ONLINE
ZALANDO IS PRESENT IN 14 EUROPEAN MARKETS
WITH STRONG LOGISTICS OPERATIONS
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zalando.se
zalando.no zalando.fi
zalando.co.uk
zalando.dk
zalando.es
zalando.it
zalando.fr
zalando-prive.fr
zalando.ch
zalando.at
zalando.de
zalando.nl
zalando.be
zalando.pl
zalando-lounge.de
Brieselang (Summer 2011)
Flexible extension of footprint to
accommodate growth
First logistics center planned and operated
by Zalando
Erfurt (Summer 2012)
First large logistics center built to Zalando
needs
Designed and operated by Zalando
Mnchengladbach (Summer 2013)
Second large logistics center construction
started in 2012
Same concept used as in Erfurt
Opening in H2 2013
Warehouse operations development Current market presence
ONLINE
E-COMMERCE IN EMERGING MARKETS
12
Africa
Middle East
South East
Asia
Australia
Russia & CIS
32
88
21
26
84
Jumia
Zando
Namshi
Zalora
Lazada
Jabong 156
The Iconic 218
Lamoda 445
Home24 550
Dafiti 796
Building strong market positions
Net Sales 2012 (SEKm)
Latin America
Europe
India
AVITO
13
Avito is the no 1 general online classified in Russia
10.7 million new listings per month and 37 million
unique monthly visitors in Q2
Non-listing fee monetization has commenced for real
Revenues of SEK 84m in Q1 2013 (SEK 34m)
Avito is no longer dependent on marketing
Existing user base and organic growth will generate
significant profit in 2013
Strong balance sheet
Net cash position
Strengthening of Avito.rus position in the key Auto
and Real Estate categories
Continued expansion in new markets
ONLINE
CDON GROUP
14
Continued sales growth of 4.2% year-on-year in the quarter to SEK 964 million
Strong growth and strengthened market positions for the Fashion and Sports &
Health segment
Sport & Health segment continues to deliver solid profitability
Results burdened by non-recurring items in CDON.com totalling SEK 32 million



SEK m Q2 2013 Q2 2012 Change (%)
Total revenues 964 925 4.2
Operating profit
(EBIT)*

-6.2 0.5 neg
EBIT margins -0.6% 0.1%
* Excluding non-recurring costs and divested operations
VALUATION OF UNLISTED ONLINE HOLDINGS
PREFERENCE STRUCTURE

Sales multiples according to peer average, discounted to consider factors such as
profitability and geographical market
Investments in Rocket Internet are structured such that invested amounts are
repaid first in case of realisation
Also, amounts recently invested have preference over amounts invested earlier
Indirect shares via Rocket Internet have generally been invested early. At
company valuations below value in latest financing round, fair value of these
shares are therefore generally lower

15
SEK million
Basis for
Fair Value
Direct
Ownership
Indirect
Ownership
Fair Value
Direct
Fair Value
Indirect
Affected by
Preference
Structure
Zalando GmbH Sales multiple: 2.0x 29% 9% 7 971 2 372 No
Bigfoot I Sales multiple: 1.3-1.8x 28% 8% 1 503 84 Yes
Bigfoot II Sales multiple: 1.3x 30% 10% 438 - Yes
Home24 Sales multiple: 0.8x 24% 12% 487 5 Yes
Wimdu Sales multiple: 2.2x 20% 14% 263 37 Yes
BigCommerce Sales multiple: 0.8-1.2x 15% 13% 334 6 Yes
Avito Sales multiple: 9.9x 18% 14% 696 539 No
Ownership Fair value as per 30 June 2013 Change in fair value
Investment (SEK m)
Direct
Owner-
ship
Indirect
equity
interest Total*
Invested
amount
Direct
ownership
Indirectly
held Total
Q2
2013
First half
2013
Zalando 29% 9% 38% 5 561 7 971 2 372 10 343 1 342 1 066
(Bigfoot I) Dafiti, Lamoda,
partly Namshi and Jabong
28% 8% 36% 1 536 1 503 84 1 587 1 35
Dafiti 29% 536
Lamoda 30% 530
Jabong, Namshi and cash mixed 521
(Bigfoot II) The Iconic, Zalora,
partly Zando and Jumia
30% 10% 40% 930 438 - 438 -291 -445
Home24 24% 12% 36% 791 487 5 492 -273 -280
Wimdu 20% 14% 34% 275 263 37 300 16 7
(BigCommerce) Lazada, Linio,
partly Namshi
15% 13% 28% 427 334 6 340 -100 -100
Other Rocket portfolio
companies
mixed mixed mixed 659 610 415 1 025 -132 -174
Total Rocket Internet with
portfolio companies
10 179 11 606 2 919 14 525 563 109
Avito 18% 14% 32% 336 696 539 1 235 184 311
Other online investments mixed mixed mixed 477 306 - 306 1 11
Total unlisted 10 992 12 608 3 458 16 066 748 431
CDON Group 25.1% 25.1% 646 594 - 594 -151 -198
Total online investments 11 638 13 202 3 458 16 660 597 233
* Not adjusted for potential dilution
ONLINE
ONLINE HOLDINGS
16
OUR VALUE DRIVERS
MEDIA
17
Consumer behaviour has changed
fundamentally and forever
MTG has a strong content portfolio
with established market positions and
powerful brands
Video is the growth driver
Launch of MTGx to accelerate
digital growth
18.8 million daily Metro readers
young and urban


MEDIA
MODERN TIMES GROUP
18
Accelerated sales growth up 6% (y-o-y) at constant exchange rates
Investments on track portfolio of content offerings for consumers stronger
than ever
Important strategic partnerships signed with leading third party distributors
Launch of MTGx to accelerate pace of digital innovation and expansion
SEK m Q2 2013 Q2 2012 Change (%)
Total revenues 3,619 3,517 3
Operating profit
(EBIT)*

464 552 -16
EBIT margins* 12.8 15.7
* Before associates
Sales down
divestments in Holland and Denmark
weak ad-markets in Sweden
Continued sales growth in Latin America
EBIT impacted by lower sales in Sweden and start-up costs in Puerto Rico

MEDIA
METRO
19
EUR m Q2 2013 Q2 2012 Change (%)
Operating revenue

40 53 -25
Total operating profit (EBIT)

1 4 -75
EBIT margins 2.5% 7.6%
FINANCIALS
KINNEVIK HAS A STRONG BALANCE SHEET
20
SEKbn
Net debt in parent company per 30 June 0.5
Investment in Rocket in July 0.6
Guidance for further investments in H2 2013 up to 1.0
Leverage in parent company after expected investments is expected to be
approximately SEK 2 bln
Cash and available credit facilities of SEK 8.1 bln as per June 30
CONCLUDING REMARKS
Continued focus on the digital consumer

Online growth continues

Solid performance in mobile and media companies

Strong balance sheet will support execution of strategy

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