Kinnevik: Interim management statements 1 January - 30 September 2014

Highlights

Strong quarterly revenue growth across our Swedish public companies.

-      Millicom: +9% (total organic).

-      Tele2: +8% (mobile end-user service, total organic +1%).

-      MTG: +12% (total at constant exchange rates).

-      CDON: +21% (total excluding divested operations).

Two successful transactions concluded on the Frankfurt Stock Exchange despite volatile market conditions.

-      Zalando IPO: pre-money valuation of EUR 4.9bln versus EUR 3.9bln in Kinnevik's NAV as of Q2.

-      Rocket Internet IPO: pre-money valuation of EUR 5.1bln versus EUR 0.8bln in Kinnevik's NAV as of Q2.

Adverse market conditions and uncertainty in Russia's regulatory environment impact our media holdings.

-      MTG's Russian pay TV channels impacted by new advertisement regulations.

-      Change in mass media law to limit foreign ownership in CTC to 20% post December 31, 2015.

Overall strong growth in Net Asset Value.

-      Up 12% (SEK 8.1bln) in the third quarter.

-      Up 17% (SEK 11.1bln) in the first nine months, up 14% (SEK 9.0bln) year-to-date 23 October.

Kinnevik team focused on driving operational performance to build a select number of leading digital consumer brands.