EQT

Investor Presentation • Mar 16, 2022

Creating a world leader

in active ownership strategies

16 March 2022

Attractive fundamentals, outsized growth in private markets and

increasing client allocations in Asia ¹

4

EQT is creating a global leader in active ownership with a strong performance track-record

3

The combination is highly strategic with strong financial merits and aligned incentives

2

Together EQT and BPEA create a unique scaled platform in Asia, based on active ownership, a strong performance, and a great cultural fit

42% Of global GDP growth by 2030 1

85 % Of new members of the global middle class by 2030 1

Faster digital adoption than in mature markets 2,3

Asia

Growth in private markets in Asia vs. global 2020-2025 CAGR¹ Significant growth potential for private markets firms in Asia

23% 34% ~40%

2016 Today 2025

68% Global private markets firms' share of AUM¹

Clients see Asia as a primary area of their private equity program in 20212

✓Active ownership

• ✓Thematic
• ✓Culture
• ✓Local-with-locals
• ✓Sustainability

Year track-record

25

BPEA has the right cultural fit, track-record and scale

2.6x

Realized Gross MOIC since inception¹

India China and Hong Kong

South East Asia

Japan

Korea Australia

Investment by geography 2

The combined platform is uniquely positioned to deliver performance for clients

Active ownership

Thematic

Future-proofing

Digitalization

Sustainability

Americas 46%

Asia Pacific 24%

Europe

22%

Middle East

8%

Opportunity to leverage existing client relationships across combined platform

+100

New client relationships to EQT

MOIC

MOIC

True partnership with aligned incentives

BPEA shareholders' pro forma stake in the enlarged EQT

~16%

(~191m shares)

Total consideration

(\$7.4bn)

Equity consideration

~80%

Expected closing

Q4 2022 1

Cash consideration

of future carried interest BPEA VI: 25% BPEA VII: 35%

100% 35% of BPEA

Transaction is expected to be immediately high single digit accretive to EPS

• Asia private markets expected to grow at almost twice the rate of global markets Creating a world leader in active ownership strategies

• BPEA provides the right fit, track-record and scale

• Creating a scaled active ownership platform in Asia • -with- covering nearly 80% of global GDP

• With a strong performance track-record, EQT is uniquely positioned to expand and scale active ownership strategies globally

1

2

3

4

5

Questions?

Appendix

creating a scaled active ownership platform in Asia

EQT Active Core Infra

Asia a strategic priority for EQT

Strong market fundamentals Investors to increase allocations to Asian private markets 4

Under-penetration of private markets in Asia leaves room for future growth

Asia will contribute 42% of global GDP growth by 2030¹

Asia will represent ~85% of new members of the global middle class by 2030¹

Digital adoption in Asia has accelerated ~ 2x faster than in mature markets2,3

Clients see Asia as a primary area of their private equity program in 2021 (vs 55% in 2020)

Clients will maintain or increase their allocation to private equity globally

96%

68%

Asia is poised to outpace global private markets growth

Global private markets firms still represent a minority of the Asian market

5

Asia as a new engine of EQT's growth

BPEA local footprint and sourcing

• 10 regional offices
• ~95% of FTEs based in Asia and Australia¹
• ~230 FTE+¹
• Integrated teams across countries and sectors
• Extensive knowledge of local markets with on-the-ground sourcing and execution capabilities

• A multi-dimensional sourcing model underpinned by expansive long-term networks and strong reputation in Asia

• Proprietary origination angle² in 76%

• of the investments in Funds VI and VII³

Mumbai

28

FTE+³

Footprint

Sourcing

business

Infrastructure EQT Exeter

Continue to operate on a global basis, including Asia

Real Assets

BPEA Real Estate integrated into EQT Exeter

America

Stockholm Helsinki Oslo Copenhagen Amsterdam London Luxembourg Munich Zurich New York Madrid Shanghai Hong Kong Singapore San Francisco Milan Berlin Sydney Tokyo Paris

-with - 78% of global GDP 1

Philadelphia Chicago Atlanta South Florida Indianapolis Memphis Sao Paulo Mexico City Seoul Prague Brussels Dallas Seattle Dublin Dusseldorf Warsaw Houston Washington DC

of global GDP covered 2

U.S.

Beijing Hong Kong London Los Angeles Mumbai New Delhi Shanghai Singapore Sydney Tokyo

BPEA overview of existing funds

	Vintage	Fund size (\$bn)	Current AUM (\$bn) 1	EQT AB carried interest	Representative investments
Private Equity funds
Fund IV	2007	1.5	0.3	-
Fund V	2011	2.5	1.9	-
Fund VI	2015	4.0	3.6	25%
Fund VII	2018	6.5	6.5	35%
Fund VIII	2021	n.a.	n.a.	35%	2 2
Real Estate funds
RE Fund I	2015	0.4	0.1	-	AccraLaw Myeongdong Joyful 45 Tai Tam Tower Tower (MDT) Honda
RE Fund II	2018	1.0	1.0	-	Forest ARCA 235 Bourke H1 Express Logistics Building Street Midosuji
Logistics Co-invest	2021	1.0	0.3	-

Uniquely positioned to expand and scale active ownership strategies globally

BPEA and EQT Private Capital Asia to become BPEA EQT Asia

Jean Eric Salata will become:

• Head of BPEA EQT Asia •

strong joint ability to continue growth trajectory • Close collaboration between BPEA EQT Asia and EQT Private Capital

• •
• Europe and North America
• across the platform

• Digital: Leverage Motherbrain and EQT Digital Business Development

• -related value creation approach integrated throughout the investment life cycle

Governance

Collaborations

Future-proofing

Investment

Profitability

Dividend policy

Growth -term growth rate

Adjusted EBITDA margin of 55-65%

To generate a steadily increasing annual dividend in absolute eurodenominated terms

EQT targets (over the fund cycle) Transaction impact

No change

1

No change

Transaction is expected to be immediately high single digit accretive to EPS

No change

Summary of key transaction terms

Shareholding

Timeline

Key terms

• EQT will acquire 100% of BPEA for total consideration of
• 25% in BPEA Fund VI and 35% in BPEA Fund VII included in the transaction perimeter
• EQT will be entitled to 35% of the carried interest of future funds

• Cash consideration of ~20% of total consideration

• BPEA shareholders to receive 191.2m EQT shares¹

• will be subject to 180 days lock-up

(16% of enlarged share capital) • BPEA management team to enter into lock-up provisions, consistent with those of current senior EQT partners • AMG will receive same consideration mix as other BPEA shareholders equating to 29m EQT shares of which 25%

• EQT shareholders representing more than 50% of the share capital have irrevocably committed to vote in favour of the issuance of new shares at the AGM in June 2022
• Customary closing conditions including anti-trust, regulatory approvals and BPEA client consent approvals
• Completion expected Q4 2022

Financing

• Cash consideration financed through existing cash and available financing facilities
• financing options

• EQT has cash and facilities in place to fund the cash consideration. In addition, EQT may review long-term

(\$7.4bn) Total consideration

16% BPEA shareholding in EQT

Q4 2022 Expected

closing

Financing of the cash consideration

Cash consideration for the transaction

(\$1.6bn)

Cash resources:

• Cash on balance sheet as of 31-Dec-21 of

• Additional cash generation from management fees received in Jan 2022 and July 2022

Existing financing facilities:

• Access to
• Additional

by Morgan Stanley

We may evaluate long-term financing options in the debt market over time

End notes

-Growth Consumer Markets: India, Bain & Company and World Economic Forum; Euromonitor;

Page number	Footnote number	Reference
	1	Source: Euromonitor
Page 3	2	Refers to increase in internet users as % of population in China / SEA / India vs. US
	3	Industry participant interviews; 2021 Online Retail Forecast, APAC/US: Forrester; Bain analysis
Page 4	1	By AUM; Source: Preqin
	2	Source: Cambridge Associates LLC report; Profitas survey 2019 Dec 2018, EMPEA EM PE survey May 2018, Coller Capital PE Barometer 2021
Page 5	1	Since inception defined as the timing of creation of the independent firm (from Fund III and onwards)
	2	Arithmetic average of fund growth for Private Equity Funds V VIII
	3	Adjusted EBITDA as of December 2021
	4	Excluding international alternative asset managers
Page 6	1	Logi
	2	As of December 31, 2021
Page 8	1	Based on total commitments in active funds as of December 31, 2021
	2	Based on total commitments across all live funds (VI VIII) as of December 31, 2021
Page 10	1	Converted to EUR using an FX rate of 1.1326 as of December 31, 2021 and an FX rate of 1.1234 as of December 31, 2019
	2	Adjusted revenue and EBITDA; Converted to EUR using an FX rate of 1.1827 as an average for CY2021 and an FX rate of 1.1195 as an average for CY2019
Page 11	1	granting the board of directors of EQT the authority to issue the consideration shares
Page 12	1	Realized Gross MOIC since inception for Private Equity Funds (III VII) as of December 31, 2021
	2	Net IRR since inception for Private Equity Funds (III VII) as of December 31, 2021
	3	2021 nominal GDP estimate; Source: Macroeconomics indicators EIU via SNL as of Feb 2022
Page 17	1	Source: Euromonitor
	2	Refers to increase in internet users as % of population between China / SEA / India vs. US

Subject to customary closing conditions, including anti-trust, regulatory approvals and certain BPEA fund investor consent approvals, as well as EQT majority shareholder approval at the AGM in June 2022

-Growth Consumer Markets: India, Bain & Company and World Economic Forum; Euromonitor;

Page number	Footnote number	Reference
	3	Industry participant interviews; 2021 Online Retail Forecast, APAC/U.S.: Forrester; Bain analysis
Page 17	4	Source: Cambridge Associates LLC report; Profitas survey 2019 Dec 2018, EMPEA EM PE survey May 2018, Coller Capital PE Barometer 2021
	5	Source: Preqin
Page 18	1	AUM converted to EUR using an FX rate of 1.1326 as of December 31, 2021, adj. Revenue and EBITDA converted to EUR using an FX rate of 1.183 as an average for FY2021
	2	Adjusted
	3	Logi
Page 19	1	EQT AUM in Asia consists of Mid Market Asia III fund
	2	Excludes Ventures and PVF for EQT
	3	EQT Asia FTE figures consist of all FTEs based in Asia and Australia
	4	AUM converted to EUR using an FX rate of 1.1326 as of December 31, 2021, invested capital converted to EUR using an FX rate of 1.183 as an average for FY2021
	1	As of December 31, 2021
Page 20	2	Refers to either an existing relationship with a company or its management team, or instances when BPEA has directly approached a company
	3	As of December 31, 2021; with 2 additional FTEs based in Switzerland
Page 21	1	Including the EQT Mid Market Asia III fund
Page 22	1
	2	2021 nominal GDP estimate; Source: Macroeconomics Indicators EIU via SNL as of Feb 2022
Page 23	1	As of December 31, 2021
	2	Expected to close in 2022
Page 24	1	AUM as of December 31, 2021
Page 26	1	As of December 31, 2021
	2	As of December 31, 2021; excluding BPEA Credit
Page 28	1	New shares will be entitled to the second dividend instalment of SEK 1.40 per share, assuming closing in Q4 2022 before the second instalment is paid in December; total annual DPS of SEK 2.80 per share remains unchanged

New shares will be entitled to the second dividend instalment of SEK 1.40 per share, assuming closing in Q4 2022 before the second instalment is paid in December; total annual DPS of SEK 2.80 per share