Kinnevik: Interim Report 1 January - 30 September 2015

OPERATING COMPANIES' PERFORMANCE

• Millicom organic revenue growth of 7% in local currency (excluding UNE), Tele2 mobile end-user service revenue growth of 5%
• Zalando's preliminary third quarter revenues grew 41-43% with an EBIT margin of -2.5 to -4.5%
• Global Fashion Group announced net sales growth during the first half-year of 63%

KINNEVIK INVESTMENT ACTIVITIES

• Net investments focused on existing companies, amounting to SEK 375m whereof, as announced in the previous quarter:
  • SEK 173m into Global Fashion Group
  • SEK 171m into Quikr
• Net investments of SEK 864m for the first nine months and guidance of SEK 1.0-1.5bn for the full year 2015
• On 23 October Kinnevik announced it had entered into an agreement to sell its entire 31% stake in Avito to its co-shareholder Naspers for a total consideration of USD 846m (SEK 7.1bn as at 30 September 2015). The transaction is conditional upon relevant consents from anti-trust authorities and the South African Reserve Bank

KINNEVIK FINANCIAL POSITION

• Net Asset Value of SEK 82.1bn or SEK 296.01 per share, down by SEK 5.2bn in the quarter driven by a SEK 7.7bn decrease in the value of the listed investee companies and a SEK 2.6bn increase in the value of the unlisted investee companies
• Strong balance sheet with a net cash position of SEK 34m and SEK 5.9bn in undrawn credit facilities (excluding operating subsidiaries)