Kinnevik: Interim Report 1 January - 31 March 2015

Operating Companies' Performance

• Communication companies: Millicom's organic revenue growth in local currencies at 10% and Tele2's mobile end-user service revenue up 10% (including positive currency effects)
• Fashion e-commerce: Zalando's preliminary sales up 27-29% with an EBIT margin of 4-6%
• Rocket Internet: Consolidating food delivery market and launching new business models
• Marketplaces: Avito, Quikr and Saltside migrating towards "Augmented Marketplaces"

Kinnevik Investment Activity

• Investments focused on existing companies:

                             - Quikr USD 40m (SEK 346m)
                             - Westwing EUR 20m (SEK 186m)
                             - Saltside USD 5m (SEK 41 m)

• Divestment of a 24.5% stake in Transcom for SEK 421m
• Net investments during the first quarter SEK 173m (versus full-year guidance of up to SEK 1.0bln)

Kinnevik Financial Position

• Net asset value of SEK 84bln or SEK 303 per share, stable compared to year-end 2014
• Strong balance sheet, net debt of SEK 0.1bln in the parent company
• Share price up 13% in the quarter, discount to net asset value at 5% at quarter-end