Kinnevik: Interim Report 1 January - 30 June 2015

Operating Companies' Performance

• Communication: Millicom organic revenue growth of 9% in local currency (excluding UNE), Tele2 mobile end-user service revenue growth of 7%
• Fashion e-commerce: Zalando's preliminary sales up 33-35% with an EBIT margin of 3-5%, Global Fashion Group confirms strong growth momentum
• Rocket Internet continued to launch new business models, announced high growth and improving profitability in its "Proven Winners" companies

Kinnevik Investment Activity

• Net investments during the second quarter SEK 318m (SEK 489m during the first half of 2015)
• Investments focused on existing companies:

- Global Fashion Group EUR 41m (SEK 382m) with a maximum commitment of EUR 65m

- BIMA USD 16m (SEK 129m)

- Quikr USD 20m (SEK 170m) in secondary shares in July

• Divestment of remaining 7.4% stake in Transcom for SEK 159m
• Net investment guidance increased from SEK 1.0bln to 1.0-1.5bln for the full year 2015

Kinnevik Financial Position

• Net asset value of SEK 87.3bln or SEK 315 per share, up 4% in the quarter
• Strong balance sheet, net cash of SEK 0.5bln (excluding cash in operating subsidiaries and before investment in Quikr and further participation in Global Fashion Group's ongoing financing)