Kinnevik

Investor Presentation • Apr 27, 2017

INTERIM REPORT 1 jaNu a Ry - 31 Ma Rch 2017

NaV	chaNGE IN NaV Q/Q
SEK 79.5BN	10%
INVESTMENTS	NET DIVESTMENTS
SEK 195M	SEK 1.9BN
1 yEaR TSR	5 yEaR TSR
17%	15%

OPERaTING cOMPaNIES' PERFORMaNcE

• Zalando's preliminary numbers for the frst quarter showed revenue growth of 22-24% with an EBIT margin of 1-3%
• Millicom's organic service revenues decline by 2% in the frst quarter and the EBITDA margin amounted to 37%
• Tele2 grew frst quarter revenues by 22% and delivered an EBITDA margin of 22%
• GFG achieved 26% revenue growth for the full year 2016 and an EBITDA margin of -13%
• MTG reported frst quarter organic revenue growth of 8% and an EBIT margin of 4%

INVESTMENT MaNaGEMENT acTIVITIES

• Total investments of SEK 195m in the frst quarter, whereof
• SEK 112m (USD 12.5m) for 3.5% in consumer digital healthcare company Livongo
• SEK 74m (GBP 6.7m) into Babylon
• Total divestments of SEK 2.1bn, whereof
• SEK 2.0bn (EUR 207m) from the sale of half of Kinnevik's prior shareholding in Rocket Internet
• SEK 50m from the divestment of Metro Sweden
• On 27 April, Kinnevik announced it had agreed to acquire 18.5% in Com Hem for a cash consideration totalling SEK 3.7bn

FINaNcIaL POSITION

• Net Asset Value of SEK 79.5bn (SEK 289 per share), up 10% or SEK 7.1bn in the quarter, led by a SEK 7.3bn, or 12%, increase in the value of the listed investee companies, of which Millicom SEK 4.1bn and Tele2 SEK 1.9bn
• Net cash position of SEK 0.4bn at the end of the quarter
• Bond issue of SEK 1.0bn within newly established SEK 4.0bn MTN Program

SEKm	31 Mar 2017	31 Dec 2016	31 Mar 2016
Net Asset Value	79 488	72 434	72 735
Net Asset Value per share, SEK	288.93	263.29	264.39
Share price, SEK	238.90	218.90	230.30
Net cash / (net debt)	447	-1 367	5 831
SEKm	Q1 2017	Q1 2016	Fy 2016
Net proft/loss	7 050	-10 231	-3 459
Net proft/loss per share, SEK	25.60	-37.04	-12.55
Change in fair value of fnancial assets	7 093	-10 192	-4 969
Dividends received	-	-	1 733
Dividend paid	-	-	7 084
Investments	195	1 152	3 399
Divestments	2 083	2	563

chIEF ExEcuTIVE'S REVIEw

chief executive's review

During the frst quarter 2017 Kinnevik continued to execute its strategy. We acquired 3.5% of consumer digital healthcare company Livongo and continued to rationalise our portfolio through a successful placement of half of our stake in Rocket Internet and the divestment of Metro Sweden. We further agreed to support Black Earth Farming's asset sale, concentrating our resources on fewer companies. Our listed companies continued to improve operational effciency and focus their businesses, with Millicom and MTG exiting non-core assets in Africa and the Baltics, respectively.

KINNEVIK'S FIRST QuaRTER RESuLTS

During the frst quarter 2017, Kinnevik's NAV increased by 10% to SEK 79.5bn, or SEK 289 per share. The value of our private assets remained stable and amounted to SEK 12.2bn at quarterend. On 26 April, Kinnevik's NAV had increased to SEK 81.3bn, or SEK 296 per share.

Q1 2017: cONTINuED STRaTEGy ExEcuTION

Our larger companies continued to grow, improve proftability and implement strategic initiatives to ensure long-term value creation.

Zalando's preliminary numbers for the frst quarter 2017 showed 22-24% revenue growth and an EBIT margin of 1-3%. The company continued to expand its business proftably, investing further into its consumer experience and supplier proposition to continue to drive growth at a higher pace than the market. Zalando confrmed its full-year guidance of revenue growth in a range of 20-25% and an adjusted EBIT margin in the range of 5-6%.

Global Fashion Group achieved net revenues exceeding EUR 1.0bn for the full year 2016, representing growth of 26%, despite continued macroeconomic challenges in several regions. Year-on-year proftability improved 14 percentage points, reaching an EBITDA margin of -12.5%. GFG implemented several initiatives to enhance effciency and improve its offering, including warehouse automation, capacity increases and optimisation of last mile delivery infrastructure.

Millicom's organic service revenue decreased by 2% while the EBITDA margin was stable at 37%. The company announced two strategic transactions in its African markets during the frst quarter. In Senegal, Millicom signed an agreement for the sale of its Tigo business to Wari Group, and in Ghana, Millicom and Airtel signed an agreement to combine their operations. Both transactions are in line with Millicom's strategy to reconfgure its business by rapidly growing mobile data and cable revenue in Latin America, while monetising the signifcant value created in other business lines and regions.

Tele2 had revenue growth of 22% and an EBITDA margin of 22% in the quarter, driven by continued data growth in Sweden and the Baltics. In Kazakhstan the benefts of the JV are starting to materialise, with more effcient operations and scale. In the Netherlands, mobile end-user service revenues increased 40 percent, and the cost structure became more effcient with data and voice increasingly on the Tele2 network.

MTG reported organic revenue growth of 8% to SEK 4.2bn, a new frst quarter record, and an EBIT margin of 4%. MTG agreed to sell its Czech TV holding in January, and its Baltic broadcasting businesses in March. These divestments refect MTG's transformation into a global digital entertainer from a traditional national broadcaster, capitalising on rapid changes in consumers' media consumption habits. MTG also announced its intention to reinvest part of the sales proceeds into InnoGames, its online gaming business, further accelerating its digital transformation.

INVESTMENT MaNaGEMENT acTIVITIES

During the frst quarter, Kinnevik invested USD 12.5m for 3.5% of Livongo, a California-based consumer digital healthcare company that helps people with diabetes to live healthier lives. Livongo is our second investment in healthcare, a sector where we see an opportunity for technology-enabled platforms to deliver better consumer outcomes at more affordable prices.

Our frst investment into healthcare, UK-based digital healthcare service provider Babylon, closed a further funding round in April 2017 in which we confrmed our continued support of the company. Since our frst investment, we have invested an additional circa SEK 190m in the company and our ownership in Babylon will be approximately 20% after the funding round.

In February, we divested half of our stake in Rocket Internet for a total consideration of SEK 2.0bn. The partnership with Rocket Internet, which dates back to 2009, has been very successful for Kinnevik, with the sale of Rocket Internet shares realising a return of more than six times our invested capital.

As part of our intention to reduce the number of companies in our portfolio and further concentrate our resources, we also divested Metro Sweden during the quarter and agreed to support Black Earth Farming's asset sale.

FINaNcIaL POSITION

At the close of the frst quarter, Kinnevik had a net cash position of SEK 0.4bn. We issued a SEK 1.0bn bond in the Swedish market during the quarter, taking advantage of favourable funding conditions and further increasing our fnancial fexibility.

The Board has proposed a dividend of SEK 8.00 per share to be approved by the Annual General Meeting on 8 May 2017, a testament to our commitment to Kinnevik's shareholders to deliver both growth and a competitive dividend yield. I look forward to meeting many of you, our shareholders, at the Annual General Meeting.

Joakim Andersson

Acting Chief Executive Offcer, Chief Financial Offcer

Kinnevik in summary

Kinnevik is an industry focused investment company with an entrepreneurial spirit. Our purpose is to build the digital consumer businesses that provide more and better choice. We do this by working in partnership with talented founders and management teams to create, invest in and lead fast growing businesses in developed and emerging markets. We believe in delivering both shareholder and social value by building well governed companies that contribute positively to society. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik's shares are listed on Nasdaq Stockholm's list for large cap companies under the ticker codes KINV A and KINV B.

INVESTMENT acTIVITy

PORTFOLIO DEVELOPMENT

PORTFOLIO cOMPOSITION

PORTFOLIO RETuRN RaTES

One and fve-year returns are annualized internal rates of return (IRR). The returns are based on fair values at the beginning and end of the respective period, includes cash and non-cash items and is calculated on a SEK gross basis.

Communication Healthcare & Other Entertainment Net Cash/(Debt)

KINNEVIK AB (Publ) Reg no 556047-9742 • Phone +46 8 562 000 00 • www.kinnevik.com

Net asset Value

SEKm	Fair value 2017 31 Mar	Fair value 2016 31 Dec	Fair value 2016 31 Mar	Total return 2017 1
Zalando	28 336	27 245	20 907	4%
Global Fashion Group	5 437	5 641	2 999	-4%
Rocket Internet	1 658	3 990	4 938	-9%
Qliro Group	550	367	379	50%
Home & Living E-Commerce 2	539	551	943	-2%
Other E-Commerce 2	1 250	1 280	1 568	-3%
Quikr	1 519	1 535	1 461	-1%
Other Marketplaces 2	219	220	381	-0%
Total E-commerce & Marketplaces	39 508	40 829	33 576	2%
Millicom	18 876	14 790	16 788	28%
Tele2	13 033	11 166	10 203	17%
Total communication	31 909	25 956	26 991	23%
MTG	4 050	3 650	3 284	11%
Other	386	439	509	-0%
Total Entertainment	4 436	4 089	3 793	10%
Bayport	1 180	1 201	1 071	-2%
Betterment	580	590	527	-2%
Other 2	617	649	537	5%
Total Financial Services	2 377	2 440	2 135	-0%
healthcare & Other 2	811	487	409	20%
Total Portfolio Value	79 041	73 801	66 904	10%
Net cash/debt	447	-1 367	5 893
whereof unpaid investments/divestments	-47	-49	-62
Total Net asset Value	79 488	72 434	72 735	10%
Net Asset Value per share, SEK	288.93	263.29	264.39	10%
Closing price, class B share, SEK	238.90	218.90	230.30	9%

¹ Includes investments and divestments

² For split see page 13.

E-commerce & Marketplaces

Zalando is Europe's leading online fashion platform, offering clothing, shoes and accessories for women, men and children with more than 1,500 global and local brands as well as private labels. Zalando was founded in 2008, has an online presence in 15 European markets and is tailored to country-specifc customer preferences.

• On 19 April, Zalando announced preliminary results for the frst quarter 2017, growing revenues by 22-24% to EUR 971-987m
• The company expects to achieve an adjusted EBIT of EUR 10-30m in the frst quarter, corresponding to a margin of 1-3%
• Zalando confrmed its full-year guidance of revenue growth in a range of 20-25% and an adjusted EBIT margin in the range of 5-6%
• Detailed fnancial results for the frst quarter 2017 will be published on 9 May 2017

Global Fashion Group is the leading emerging markets fashion e-commerce company with operations across 24 markets with a 1.9 billion population, addressing a fashion market estimated to be worth EUR 300bn. The operating companies, Lamoda, Dafti, Namshi, Zalora and The Iconic, were founded in 2011 and 2012.

• For the full year 2016, GFG achieved NMV and net revenues of over EUR 1.0bn, representing a growth of 30% and 26% respectively. Number of active customers grew by 15%, totalling 9.5 million at the end of 2016
• Adjusted EBITDA margin for the full year improved by 14 percentage points to -13%. The improvement in proftability was driven by effciency gains across GFG's fulflment operations, marketing investments, and fxed cost structure, in line with its path to proft initiatives
• In the fourth quarter, NMV grew by 23% and net revenue grew by 21%. The adjusted EBITDA margin amounted to -9%, an improvement of 8 percentage points year on year

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jan-Mar Full year Key data (EURm) 2017 2016 2016 2015 Revenue 971 796 3 639 2 958 % Growth 22% 24% 23% 34% EBIT 10 20 216 108 % Margin 1% 3% 6% 4%

EBIT adjusted for share-based compensation. First quarter 2017 numbers are preliminary, fgures included in table represent bottom of preliminary range.

KINNEVIK STaKE FaIR VaLuE

35% SEK 5.4BN

	Oct-Dec		Full year
Key data (EURm)	2016	2015	2016	2015
Revenue	317	250	1 023	808
% Growth	21%	-	26%	-
Gross proft	138	104	434	327
% Margin	43%	42%	42%	40%
EBITDA	-28	-42	-128	-217
% Margin	-9%	-17%	-13%	-27%

All fgures excludes Jabong. EBITDA adjusted for share-based compensation. Growth fgures in constant currencies and pro forma divested operations.

Rocket Internet is a global internet platform that incubates and develops e-commerce and other consumer-oriented online companies. Founded in 2007, Rocket Internet now has a network of companies in a large number of countries across the globe.

• Rocket Internet's larger portfolio companies continued to grow revenues and improve proftability in 2016. Aggregate GMV amounted to EUR 2.4bn for the full year, and aggregate revenues to EUR 2.2bn, a growth of 28% and 29%, respectively
• Aggregate adjusted EBITDA margin for the larger portfolio companies amounted to -15% for full year 2016, an improvement of 16 percentage points compared to full year 2015
• HelloFresh grew revenues by 96% in 2016 to EUR 597m, while improving its adjusted EBITDA margin by 15 percentage points to -14%. Delivery Hero increased GMV by 62% to EUR 2.3 billion in 2016 and revenues by 79% to EUR 297 million
• Rocket Internet and its companies continue to be well funded, with available cash of EUR 1.5bn at Rocket Internet and an additional EUR 0.8bn at the companies, as of the end of March 2017

Qliro Group was founded in 1999 and is a leading e-commerce group in the Nordic region. Qliro Group focuses its operations on three business areas: Marketplace, Fashion and Financial services.

• Qliro Group increased gross proft by 15% in its e-commerce businesses (Marketplace and Fashion) in the frst quarter and became proftable before depreciation and amortisation in Qliro Financial Services (QFS)
• In March, QFS received authorisation from the SFSA to operate as a credit market company. The authorisation gives QFS the opportunity to launch new fnancial services such as savings accounts covered by the public deposit insurance and to introduce the payment solution in Norway
• On 25 April, Qliro Group announced it had entered into an agreement to divest Lekmer to Babyshop. Together with Lekmer, Babyshop will become partners to QFS and CDON Marketplace following the transaction, which is expected to be completed in the second quarter 2017

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29% KINNEVIK STaKE

4.0M

acTIVE cuSTOMERS

	jan-Mar		Full year
Key data (SEKm)	2017	2016	2016	2015
Net sales	1 000	1 011	4 469	4 431
% Growth	-1%	-	1%	-
Gross proft	192	156	787	679
% Margin	19%	16%	18%	15%
EBITDA	-10	-20	18	-28
% Margin	-1%	-2%	0%	-1%

Excluding items affecting comparability and discontinued operations.

westwing is an international home & living e-commerce company offering a curated selection of home décor, interior design and furniture products. Westwing covers 14 markets across Europe, Brazil and Russia.

• For the full year 2016, revenues grew by 14% to EUR 250m, GMV increased by 14% to EUR 267m and adjusted EBITDA margin improved by 17 percentage points to -6%. Active customers increased by 8% and totalled 1.0 million at the end of 2016
• Westwing delivered a strong fourth quarter 2016 growing revenues and GMV by 18% and 17% respectively. Its inspirational content resulted in an increase in number of orders and all-time high average order values
• The adjusted EBITDA margin improved by 9 percentage points to EUR 2m in the fourth quarter 2016, thereby reaching EBITDA break-even for the frst time. This was primarily a result of effciency improvements and automation across the cost base, as well as increasing focus on content marketing

Home24 is an online store for furniture and home accessories in seven core markets in Europe and Brazil. The broad range of around 100,000 products from over 800 manufacturers includes furniture, lamps, home accessories and garden equipment.

• For the full year 2016, revenues grew by 4% to EUR 244m, GMV increased by 3% to EUR 251m and adjusted EBITDA margin improved by 16 percentage points to -17%. Active customers remained largely fat and totalled 1.0 million at the end of 2016
• During the fourth quarter 2016, revenues and GMV grew by 8% and 1%, respectively. The adjusted EBITDA margin improved by 23 percentage points to -8%
• Home24 published its second print magazine in March to showcase the revamped product suite and its new style categories
• The company opened its frst showroom in Germany in Berlin's renowned home and living design centre stilwerk. The offine presence enables Home24 to consult customers with individual tips and ideas, present its collections live and further extend its customer relationships

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1.0M acTIVE cuSTOMERS

I I 70
	KINNEVIK STAKE

17% SEK 78M KINNEVIK STaKE FaIR VaLuE

1.0M acTIVE cuSTOMERS

		Oct-Dec		Full year
Key data (EURm)	2016	2015	2016	2015
Revenue	77	65	250	219
% Growth	18%	5%	14%	66%
Gross proft	33	28	106	93
% Margin	43%	43%	43%	42%
EBITDA	2	-4	-14	-50
% Margin	3%	-6%	-6%	-23%

EBITDA adjusted for share-based compensation.

	Oct-Dec		Full year
Key data (EURm)	2016	2015	2016	2015
Revenue	66	61	244	234
% Growth	8%	12%	4%	46%
Gross proft	30	26	102	90
% Margin	45%	42%	42%	38%
EBITDA	-6	-19	-40	-75
% Margin	-8%	-31%	-17%	-32%

EBITDA adjusted for share-based compensation.

Quikr is India's number one online classifeds platform. The company launched in 2008 and serves approximately 20 million unique monthly visitors. Quikr focuses its operations on fve verticals; Goods, Cars, Jobs, Homes and Services.

• Quikr's platform generated 11 million responses in March 2017. Responses per listing increased by 52% compared to the same period last year
• The frst of the company's fve categories achieved segmental proftability at the end of the quarter
• Quikr continued to focus on deeper participation in the transaction process, most recently launching a platform to connect recruiters with consultants

Saltside launched in 2011 and operates the top online horizontal classifeds platform in three frontier markets - Bangladesh, Ghana and Sri Lanka.

• Saltside's regional platforms generated 3.5 million responses in March 2017, an increase of 20% compared to the same month last year
• Small and medium sized enterprise memberships continue to be a signifcant driver with revenue more than doubling year-on-year
• The company completed an internal reorganisation to largely focus on its Asian markets and further decentralise decision-making

11.0M MaRch RESPONSES

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61% SEK 199M KINNEVIK STaKE FaIR VaLuE

3.5M MaRch RESPONSES

communication

Millicom is an international telecom and media company dedicated to emerging markets in Latin America and Africa since 1990. Millicom offers innovative and customer-centric digital lifestyle services.

• Organic service revenue declined by 2% at a group level in the frst quarter 2017, held back by a weaker quarter in Africa. The rapid build-out of the HFC network in Latin America continued, with 8.4 million homes passed, and the 4G customer base grew by almost 400,000 to 3.8 million
• The EBITDA margin was stable and amounted to 36.8% at a group level, to 40.5% in Latin America, refecting a better performance in Colombia, and to 30.2% in Africa
• In Senegal, Millicom signed an agreement for the sale of its Tigo business to Wari Group, and in Ghana, Millicom and Airtel signed an agreement to combine their operations

Founded in 1993, Tele2 is one of Europe's fastest growing telecom operators offering mobile services, fxed broadband and telephony, data network services, content services and global IoT solutions to 17 million customers in 9 countries.

• Mobile end-user service revenue grew by 10% on a like for like basis in the frst quarter 2017, driven by continued data growth in Sweden and the Baltics
• Strong EBITDA growth of 28% on a like for like basis, and the operating cash fow more than doubled on a rolling 12 month basis
• In Kazakhstan the benefts of the JV are starting to materialise, with more effcient operations and scale. Mobile end-user service revenue grew 14% like-for-like and the EBITDA margin amounted to 19% in the quarter
• In the Netherlands, mobile end-user service revenues increased 40%, and the cost structure became more effcient with data and voice increasingly on the Tele2 network

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57M MOBILE SuBScRIBERS

	jan-Mar		Full year
Key data (USDm)	2017	2016	2016	2015
Revenue	1 505	1 499	6 249	6 572
% Growth	-2%	2%	-5%	5%
EBITDA	555	539	2 225	2 227
% Margin	37%	36%	36%	34%
EBIT	223	223	761	843
% Margin	15%	15%	12%	13%
Net proft/loss	24	38	-32	-559

Figyres are based on full consolidation of Guatemala (55% ownership) and Honduras (66.7% ownership).

30% SEK 13.0BN KINNEVIK STaKE FaIR VaLuE

15.6M

MOBILE SuBScRIBERS

	jan-Mar		Full year
Key data (SEKm)	2017	2016	2016	2015
Revenue	7 875	6 446	28 292	26 856
% Growth	22%	-1%	5%	3%
EBITDA	1 723	1 226	5 334	5 757
% Margin	22%	19%	19%	21%
EBIT	806	520	2 071	2 890
% Margin	10%	8%	7%	11%
Net proft/loss	401	339	–2 164	1 268

Figures refer to continuing operations excluding one-off items. TDC Sweden is included from 31 October 2016.

Entertainment

Financial Services

MTG is an international digital entertainment group. Its operations began in 1986, spans six continents and include TV channels and online platforms, content production and distribution businesses, radio stations, multi-platform networks, esports and online gaming.

• MTG had organic revenue growth of 8% and reported its highest frst quarter revenues to date, as this quarter was the third consecutive quarter with organic revenue growth in excess of 5%
• EBIT increased 15% driven by higher profts for both the Nordic and International Entertainment businesses. This refected both the sales growth and ongoing positive impact of the cost transformation program launched in 2015
• The company's portfolio realignment continued during the quarter with the sale of its Czech and Baltic operations. The sales proceeds will be used to invest in Nordic entertainment products, in MTGx and to increase ownership in online games developer InnoGames to 51%, further accelerating MTG's digital transformation

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1.0M SuBScRIBERS

	jan-Mar		Full year
Key data (SEKm)	2017	2016	2016	2015
Revenue	4 228	3 826	17 299	16 218
% Growth	8%	3%	5%	1%
EBIT	183	159	1 347	1 268
% Margin	4%	4%	8%	8%
Net proft/loss	118	50	-109	251

Excludes discontinued operations. EBIT is excluding non-recurring items.

Bayport provides fnancial solutions to formally and informally employed individuals in emerging markets. Founded in 2001, Bayport operates in 9 countries in Africa and Latin America.

• In Q1 2017, Bayport's core payroll customer base grew by 2.8% to 448,000, providing 8.3% loan book growth
• The company continued to grow its digital retail offering My Money, which surpassed USD 1m in total loan disbursements for the frst time in March
• The Latin America region had a strong quarter, with both Mexico and Colombia disbursing loans to record values

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24% SEK 1.2BN 0.4M KINNEVIK STaKE FaIR VaLuE cORE PayROLL cuSTOMERS

Milvik offers, under the brand name BIMA, affordable and uniquely designed life and health insurance products via mobile phones since 2010. BIMA is active across 16 markets in africa, asia, Latin america and the Caribbean.

• At the end of the frst quarter, BIMA had 5.7 million active users, representing a yearly increase of 24% excluding discontinued products
• In April, BIMA announced a USD 16.8m investment from Axiata Digital, the digital services arm of Axiata Group. Axiata is one of Asia's largest telecommunication groups with presence in 10 countries and over 320 million customers across the region, and already works with BIMA as a partner in several markets. The investment further strengthens the partnership with Axiata and is expected to enable accelerated growth in existing markets as well as new market launches

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Betterment is the largest independent automated investing service company in the United States. Betterment's vertically integrated platform provides fully automated, personalized advice and access to a lowcost, globally diversifed investment portfolio.

• Assets under management amounted to USD 8.3bn at the end of the frst quarter 2017, a yearly increase of over 100%. Number of customers totalled 244,000, a yearly increase of over 60%
• In the frst quarter 2017, Betterment expanded the company's platform beyond a single digital product to a multi-plan advice offering that now includes access to certifed fnancial planners and licensed fnancial consultants
• Betterment for Business, the company's 401(k) solution, announced a partnership with ADP, the largest provider of payroll and employment benefts in the U.S. The partnership will allow companies that use ADP's payroll solution to have an automated exchange of data, reducing administrative burden and improving accuracy

244 000

cuSTOMERS

healthcare & Other

Babylon launched in 2015 and is a pioneer in personal digital healthcare. Based in the UK, the company has over 700,000 registered users across the UK, Ireland and Rwanda.

• At the end of March 2017, Babylon had over 700,000 registered users and is providing thousands of triages and appointments per day, awarding the company sector-leading user ratings
• Since launching six months ago, Babylon scaled rapidly in Rwanda and grew its customer base with 150,000 people during the frst quarter 2017 as part of providing digital healthcare in partnership with the Ministry of Health
• The company successfully launched a partnership with the UK's NHS to power its urgent care line with Babylon's automated triage for a test group of over one million people

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13% SEK 291M KINNEVIK STaKE FaIR VaLuE

700 000 REGISTERED uSERS

Financial review

DIVIDEND aND caPITaL STRucTuRE

As at 31 March 2017, Kinnevik was in a SEK 447m net cash position.

For the fnancial year 2016, the Board of Directors of Millicom, Tele2 and MTG have recommended the following dividends:

Kinnevik's part of dividend recommended to be paid from listed investee companies	amount (SEKm)
Millicom	USD 2.64 per share	8891
Tele2	SEK 5.23 per share	797
MTG	SEK 12.00 per share	162
Total ordinary dividends		1 848
Recommended cash distribution to Kinnevik's shareholders
Ordinary dividend	SEK 8.00 per share	2 201

¹Based on a USD/SEK exchange rate of 8.90

FINaNcIaL TaRGETS

attractive Returns

Kinnevik's objective is to generate a long term total return to our shareholders in excess of our cost of capital. We aim to deliver an annual total shareholder return of 12-15% over the business cycle.

Low Leverage

Given the nature of Kinnevik's investments, our goal is to carry low leverage, not exceeding 10% of portfolio value.

Increasing Shareholder Remuneration

Kinnevik aims to pay an annual dividend growing in line with dividends received from our investee companies and the cash fow generated from our investment activities.

Kinnevik will make share buybacks when our shares trade at a signifcant discount to their intrinsic value, as perceived by Kinnevik, and the company has signifcant net cash (taking into consideration its dividend expectations, net investment plan and operating cost).

INVESTMENT acTIVITy

Investee company (SEKm)	jan-Mar 2017
Livongo	112
Babylon	74
Other	9
Investments	195
Rocket Internet	1 971
Other	112
Divestments	2 083
Net divestments	1 888

EVENTS aFTER ThE REPORTING PERIOD

On 27 April, Kinnevik announced it has agreed to acquire 33.9 million shares, corresponding to an approximate 18.5% interest, in Com Hem from NorCell S.à r.l., the indirect investment holding company of funds advised by BC Partners LLP, for a cash consideration of SEK 110 per share, or SEK 3.7bn in total. Closing is expected to occur on 4 May.

VaLuaTION OF uNLISTED FINaNcIaL aSSETS

				change in fair value and dividend received
Investment (SEKm)	Kinnevik ownership	Net invested amount	Fair value 31 Mar 2017	jan-Mar 2017	Valuation method
Global Fashion Group 1, 2, 3	35%	5 658	5 437	-204	Revenue multiple
Home & Living
Home24 2	17%	833	78	-16	Revenue multiple
Westwing 2	17%	419	433	4	Revenue multiple
Other	Mixed	52	28	-	Mixed
Other E-Commerce
Lazada	4%	87	694	-12	Latest transaction
Linio 2	27%	438	329	37	Revenue multiple
Konga 3	34%	266	102	-40	Revenue multiple
Other 1	Mixed	182	125	-24	Mixed
Marketplaces
Quikr	18%	879	1 519	-16	DCF
Saltside	61%	195	199	-1	DCF
Other	Mixed	223	20	-	Mixed
Total E-commerce & Marketplaces		9 231	8 964	-272
Metro	100%	916	276	-1	DCF
Other	Mixed	128	110	-2	Mixed
Total Entertainment		1 044	386	-3
Bayport	24%	467	1 180	-21	Latest transaction
Betterment	9%	538	580	-10	Latest transaction
Milvik/BIMA	33%	151	430	28	Latest transaction
Other	Mixed	103	162	-3	Mixed
Total Financial Services		1 259	2 352	-6
Babylon 3	13%	238	291	63	Latest transaction
Livongo	4%	112	112	-	Latest transaction
Other	Mixed	242	49	-2	Mixed
Total healthcare & Other		592	452	61
Total Unlisted Financial Assets		12 126	12 154	-220

¹ Net invested amounts include SEK 1.0bn in share distributions received from Rocket Internet.

² Ownership not adjusted for employee stock option plans and employee equity at subsidiary level.

3 Includes investments and change in fair value of shareholder loan.

FaIR VaLuES aS aT 31 MaRch 2017

At the end of March, the fair value of Kinnevik's unlisted fnancial assets amounted to a total of SEK 12,154m, to be compared with an accumulated invested amount (net after dividends received) of SEK 12,126m. Change in fair value and dividends received amounted to negative SEK 220m in the quarter, as specifed in the table on the previous page.

As a consequence of Kinnevik's investee companies adopting different fnancing structures, such as liquidation preferences, the value of Kinnevik's shareholding in an investee company may be higher or lower than implied by Kinnevik's percentage ownership stake. Liquidation preferences determine how proceeds from a liquidity event are allocated between shareholders and this allocation may become increasingly complex as a company raises several funding rounds at different valuations. An increase or decrease in the equity value of an investee company where liquidation preferences apply may result in a disproportionate increase or decrease in the fair value of Kinnevik's shareholding in that investee company.

GLOBaL FaShION GROuP

The valuation of Kinnevik's shareholding in Global Fashion Group (GFG) has been based on an average multiple of 1.3x the company's latest publicly available 12 months' net revenues and net cash position as at 31 December 2016. The average multiple used in the valuation corresponds to a 43% discount to GFG's listed and proftable developed market peers. The fair value of Kinnevik's aggregate shareholding in GFG implies a EUR 1.7bn valuation for 100% of the company's fully diluted equity. Kinnevik holds 35% of the share capital in GFG.

E-cOMMERcE

Revenue multiple valuations have been applied for Kinnevik's shareholdings in the e-commerce companies listed in the table on the right-hand side. The valuations have in all cases been based on the respective company's latest publicly available 12 months' net revenues and net cash positions as at 31 December 2016.

The peer group's average revenue multiple within the Home & Living category has been discounted downwards to 0.8x for Home24 and to 0.9x for Westwing when assessing the fair values of Kinnevik's shareholding.

The valuation of Kinnevik's shareholding in Lazada has been based on the valuation implied by Kinnevik's partial divestment which was completed during the second quarter 2016. The valuation implies an equity value of USD 2.0bn.

Kinnevik's other general e-commerce investee companies, Linio and Konga, are continuing their shift from a purely inventory based business model into a marketplace model, where third party products are sold on the companies' platforms. Revenues from this model generally consist of the fees charged third party merchants. To refect the ongoing shift in business model in the method of valuing Kinnevik's shareholding in each company, the average trading multiples of two different peer groups have been applied in proportion to the revenue contribution of each business model. The weighted average multiple applied on the respective company's latest publicly available 12 months' net revenue is 2.2x for Linio and 1.8x for Konga (0.8x and 0.6x, respectively, in relation to net merchandise value during the same period).

Company	31 Mar 2017 *	31 Dec 2016 *	Adjusted multiple **
GFG	1.3	1.4	Yes
Home24	0.8	0.8	Yes
Westwing	0.9	0.9	Yes
Linio	2.2	1.7	Yes
Konga	1.8	2.4	Yes

* Multiple of latest publicly available 12 months historical net revenues.

** Multiple has been adjusted as per 31 March 2017 to refect differences in factors such as proftability and growth rate. See Note 4 for further details.

MaRKETPLacES

The valuation of Kinnevik's shareholding in Quikr has been based on a discounted cash fow analysis. The valuation implies an equity value of USD 947m.

FINaNcIaL SERVIcES

The valuation of Kinnevik's shareholding in Bayport has as in the previous quarter been based on the value implied by cash transactions made in secondary Bayport shares in February 2016 at a valuation of USD 547m. The size of the transactions, approximately 5% of the company's diluted share capital at that point in time, is considered suffciently large to be applied to Kinnevik's entire shareholding in Bayport.

Kinnevik's shareholding in Milvik/BIMA has been valued in line with a third party investment in March 2017, where Kinnevik offered the third party to take over its previous outstanding investment commitment of USD 7m. The valuation implies a fully diluted equity value of USD 146m.

Kinnevik's shareholding in Betterment has been valued in line with the valuation applied in the USD 100m funding round announced in the frst quarter of 2016, corresponding to a fully diluted equity value of USD 700m.

FaIR VaLuES aND IMPLIED VaLuES FROM LaTEST TRaNSacTIONS aS aT 31 MaRch 2017

Investment (SEKm)	Valuation in latest transaction	Implied value Kinnevik's stake	Fair value Kinnevik's stake	Difference	Nature of latest transaction
Global Fashion Group	9 854	3 201	5 437	-2 236	New share issue
Home24	4 014	681	78	603	New share issue
Westwing	4 808	814	433	381	New share issue
Lazada	17 857	694	694	-	Sale of shares
Linio	1 428	329	329	-	New share issue
Quikr	13 699	2 461	1 519	942	New share issue
Saltside	1 012	615	199	416	New share issue
Bayport	4 879	1 180	1 180	-	Sale of shares
Betterment	6 178	580	580	-	New share issue
BIMA	1 221	430	430	-	New share issue
Iroko	598	109	109	-	New share issue
Other E-Commerce & Marketplaces	-	1 014	275	739	Various
Other Financial Services	-	164	162	2	Various
Other Entertainment	-	277	277	-	Various
Other	-	452	452	-	Various
Total		13 001	12 154	847

In a number of Kinnevik's unlisted investee companies, shares have been issued or transacted at price levels that diverge from Kinnevik's recognized assessed fair values.

Newly issued shares may have preferential rights such as higher preference over an investee company's assets in the event of a liquidation or sale than Kinnevik's shares have; may represent a small share of an investee company's share capital; and may be directed solely to existing shareholders. Transactions in secondary shares may also represent a small share of an investee company's share capital or otherwise not be refective of the value of an investee company as a whole. Therefore, Kinnevik does not necessarily consider these price levels as the most relevant base in assessing the fair values in Kinnevik's accounts.

As specifed in the table above, the total difference between Kinnevik's pro rata share of the valuations implied by the latest transactions and the fair values in Kinnevik's accounts amounted to SEK 847m applied to Kinnevik's shareholdings as at 31 March 2017, whereof Kinnevik's E-Commerce & Marketplaces portfolio represented SEK 845m. Excluding Global Fashion Group, where Kinnevik's assessed fair value exceeds the value implied by the EUR 330m funding round completed in the third quarter of 2016, the aggregate difference amounted to SEK 3.1bn.

For further information about valuation principles and assumptions, please see Note 4.

TOTaL ShaREhOLDER RETuRN

Total shareholder return is calculated on the basis of shareholders reinvesting all cash dividends, dividends in kind and mandatory share redemption proceeds into the Kinnevik share.

&RQGHQVHG &RQVROLGDWHG ,QFRPH 6WDWHPHQW

seK m	note	2017 1 Jan 31 mar	2016 1 Jan 31 mar	2016 Full year
Change in fair value of fnancial assets	4	7 093	-10 192	-4 969
Dividends received	5	-	-	1 733
Administration costs		-47	-47	-261
Other operating income		5	2	47
Other operating expenses		0	-1	-1
2SHUDWLQJ SURğWORVV		7 051	-10 238	-3 451
Financial net		-1	7	-7
3URğWORVV DIWHU ğQDQFLDO QHW		7 050	-10 231	-3 458
Tax		-	-	-1
1HW SURğWORVV IRU WKH SHULRG		7 050	-10 231	-3 459
Net proft/loss per share before dilution		25,63	-37.04	-12.55
Net proft/loss per share after dilution		25,60	-37.04	-12.55
2WKHU FRPSUHKHQVLYH LQFRPH
Cash fow hedging, gains/losses during the period		2	0	5
7RWDO RWKHU FRPSUHKHQVLYH LQFRPH IRU WKH SHULRG		2	0	5
7RWDO FRPSUHKHQVLYH LQFRPH IRU WKH SHULRG		7 052	-10 231	-3 454
Outstanding shares at the end of the period		275 115 735	275 101 170	275 115 735
Average number of shares before dilution		275 115 735	276 251 946	275 570 219
Average number of shares after dilution		275 378 238	276 423 284	275 802 078

consolidated earnings For the First quarter

The change in fair value of fnancial assets amounted to a proft of SEK 7,093m (loss of 10,192) for the frst quarter of which a proft of SEK 7,313m (loss of 8,532) was related to listed holdings and a loss of SEK 220m (loss of 1,660) was related to unlisted holdings. See note 4 for further details.

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seK m	note	2017 1 Jan 31 mar	2016 1 Jan 31 mar	2016 Full year
Dividends received	5	-	-	1 733
Cash fow from operations		-67	-68	-250
&DVK ĠRZ IURP RSHUDWLRQV EHIRUH LQWHUHVW QHW DQG LQFRPH WD[HV		-67	-68	1 483
Interest, received		4	0	54
Interest, paid		-11	-10	-41
&DVK ĠRZ IURP RSHUDWLRQV		-74	-78	1 496
Investments in fnancial assets		-218	-1 152	-3 330
Sale of shares and other securities		2 107	2	480
&DVK ĠRZ IURP LQYHVWLQJ DFWLYLWLHV		1 889	-1 150	-2 850
Change in interest bearing loans		477	0	381
Repurchase of shares		-	-500	-500
Redemption program and dividend paid to equity holders of the Parent company		-	-	-7 084
&DVK ĠRZ IURP ğQDQFLQJ DFWLYLWLHV		477	-500	-7 203
&DVK ĠRZ IRU WKH SHULRG		2 292	-1 728	-8 557
&DVK DQG VKRUW WHUP LQYHVWPHQWV RSHQLQJ EDODQFH		323	8 880	8 880
&DVK DQG VKRUW WHUP LQYHVWPHQWV FORVLQJ EDODQFH		2 615	7 152	323
supplementarY cash FloW inFormation
Investments in fnancial assets	4	-195	-1 152	-3 399
Current period investments, not yet paid		-	-	69
Prior period investments, paid in current period		-23	-	-
&DVK ĠRZ IURP LQYHVWPHQWV LQ ğQDQFLDO DVVHWV		-218	-1 152	-3 330

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seK m	note	2017 31 mar	2016 31 mar	2016 1 'HF
assets
)L[HG DVVHWV
Financial assets accounted at fair value through proft and loss	4	79 032	66 918	73 827
Tangible fxed assets		61	65	63
Other fxed assets		3	3	3
7RWDO ğ[HG DVVHWV		79 096	66 986	73 893
Other current assets		58	22	103
Short term investments		2 215	6 776	0
Cash and cash equivalents		400	376	323
total assets		81 769	74 160	74 319
shareholders' equitY and liaBilities
Shareholders' equity attributable to equityholders of the Parent Company		79 488	72 735	72 434
Interest bearing liabilities, long term		1 063	1 261	41
Interest bearing liabilities, short term		1 086	0	1 600
Non interest bearing liabilities		132	164	244
total equitY and liaBilities		81 769	74 160	74 319

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ratio	note	2017 31 mar	2016 31 mar	2016 1 'HF
Debt/equity ratio		0.03	0.02	0.02
Equity ratio		97%	98%	97%
Net cash/(Net debt) for the Group, including net loans to investee compa nies	6	593	6 236	-1 309
Leverage		-	-	2%

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seK m	6KDUH FDSLWDO	2WKHU FRQWULEXW HG FDSLWDO	+HGJLQJ UHVHUYH	7UDQVODWLRQ UHVHUYH	5HWDLQHG HDUQLQJV LQFOXGLQJ QHW UHVXOW IRU WKH \HDU	7RWDO VKDUH KROGHUVł HTXLW\
2SHQLQJ EDODQFH 1 -DQXDU\ 201	28	8 840	-34	0	74 630	83 464
Proft for the year					-3 459	-3 459
Other comprehensive income			5			5
7RWDO FRPSUHKHQVLYH LQFRPH IRU WKH SHULRG	0	0	5	0	-3 459	-3 454
7UDQVDFWLRQV ZLWK VKDUHKROGHUV
Effect of employee share saving programme					8	8
Redemption program and cash dividend					-7 084	-7 084
Share buy-backs	-1				-499	-500
&ORVLQJ EDODQFH 1 'HFHPEHU 201	27	8 840	-29	0	63 596	72 434
Proft for the period					7 050	7 050
Other comprehensive income			2			2
7RWDO FRPSUHKHQVLYH LQFRPH IRU WKH SHULRG	0	0	2	0	7 050	7 052
7UDQVDFWLRQV ZLWK VKDUHKROGHUV
Effect of employee share saving programme					2	2
&ORVLQJ EDODQFH 1 0DUFK 2017	27	8 840	-27	0	70 648	79 488

notes For the group

1RWHV IRU WKH *URXS 6(.P

note 1 accounting principles

The consolidated fnancial statements are prepared in accordance with the International Financial Reporting Standards (IFRS), as adopted by the EU. This report was prepared in accordance with the Annual Accounts Act and IAS 34, Interim Financial Reporting. Information in accordance with IAS 34, Interim Financial Reporting is provided in the notes as well as on other places in the interim report.

The accounting principles and calculation methods applied in this report are the same as those described in the 2016 Annual Report.

note 2 risK management

Kinnevik has a model for risk management, which aims to identify, control and reduce risks. The identifed risks and how they are managed are reported to the Kinnevik Board of Directors on a quarterly basis.

Kinnevik's fnancing and management of fnancial risks is centralised within Kinnevik's fnance function and is conducted on the basis of a fnance policy established by the Board of Directors. Kinnevik is exposed to fnancial risks mainly in the form of changes in the value of the stock portfolio, changes in currency and interest rates, and fnancing risks. Operational risks are managed within each company with an operating business. Kinnevik is also exposed to political risks since the companies in which Kinnevik has invested have substantial operations in less developed markets in Latin America, Sub-Saharan Africa and South East Asia.

For a more detailed description of Kinnevik's risks and uncertainties, as well as risk management, refer to Note 18 for the Group.

note 3 related partY transactions

Related party transactions for the period are of the same character as the transactions described in the 2016 Annual Report.

note 4 Financial assets accounted at Fair Value through proFit and loss

Kinnevik's unlisted holdings are valued using IFRS 13 and the International Private Equity and Venture Capital Valuation Guidelines, whereby a collective assessment is made to establish the valuation method that is most suitable for each individual holding. Firstly, it is considered whether any recent transactions have been made at arm's length in the companies. For new share issues, consideration is taken to if the newly issued shares have preferential rights, such as senior liquidation preference to the company's assets than earlier issued shares. For companies where no or few recent arm's length transactions have been performed, a valuation is conducted either by applying relevant multiples to the company's historical and forecast key fgures, such as sales, proft, equity, or by discounting future expected cash fows. When performing a valuation based on multiples, consideration is given to potential adjustments due to, for example, difference in size, historic growth, proftability and geographic market between the current company and the group of comparable companies.

The valuation process for Kinnevik's unlisted holdings is run by the fnancial department and based on fnancial information reported from each holding. The correctness of the fnancial information received is ensured through continuous contacts with management of each holding and monthly reviews of the accounts. Prior to decisions being made about the valuation method to be applied for each holding, and the most suitable peers with which to compare the holding, the fnancial department obtains information and views from the investment team, as well as external sources of information. Information and opinions on applicable methods and groups of comparable companies are also obtained periodically from well-renowned, valuation companies in the market. The results from the valuation is discussed frstly with the CEO following which a draft is sent to the Audit Committee as well as the companies external auditors, who each quarter analyze and discuss the outcome before it is approved.

company	9DOXDWLRQ PHWKRG	9DOXDWLRQ DVVXPSWLRQV
Global Fashion	The valuation is based on the average sales multiple of a group of comparable companies (Zalando, Asos and Yoox Net-a-Porter Group), adjusted with a 43% discount on an aggregated level to adjust for	12 months historical sales (ending 31 Dec 2016)
Group	emerging market exposure and path to proftability. The valuation considers preferential rights in case of a liquidation or sale of the company.	Multiple: 1.3x
Home24	The valuation is based on the average sales multiple of a group of comparable companies (including Ocado Group, Wayfair and AO World), adjusted with a 20% discount on an aggregated level to adjust for growth and path to proftability.	12 months historical sales (ending 31 Dec 2016)
	The valuation considers preferential rights in case of a liquidation or sale of the company.	Multiple: 0.8x
Westwing	The valuation is based on the average sales multiple of a group of comparable companies (includ ing Ocado Group, Wayfair and AO World). The average sales multiple of the peer group has been reduced by 10% due to factors such as lower proftability and company size.	12 months historical sales (ending 31 Dec 2016)
	The valuation considers preferential rights in case of a liquidation or sale of the company.	Multiple: 0.9x
Lazada	The valution is based on the sale of 4% of Kinnevik's stake in the company. The valuation implies an equity value of USD 2.0bn.
Linio	The valuation is based on the average sales multiple of a group of comparable companies. Linio gen erates revenue from two business models, inventory and marketplace. Accordingly, two different peer groups are used in the valuation and the multiple weighted based on sales. The peer group for the inventory model includes AO World, B2W, CNova and JD.com. The peer group for the marketplace model includes MercadoLibre, eBay and Alibaba. This has then been adjusted by a 40% discount on aggregate level to adjust for factors such as path to proftability and emerging market exposure.	12 months historical sales (ending 31 Dec 2016) Multiple: 2.2x
	The valuation considers preferential rights in case of a liquidation or sale of the company.
Konga	The valuation is based on the average sales multiple of a group of comparable companies. Konga generates revenue from two business models, inventory and marketplace. Accordingly, two differ ent peer groups are used in the valuation and the multiple weighted based on sales. The peer group for the inventory model includes AO World, B2W, CNova and JD.com. The peer group for the mar ketplace model includes MercadoLibre, eBay and Alibaba. This has then been adjusted by a 43% discount on aggregate level to adjust for factors such as path to proftability and emerging market exposure.	12 months historical sales (ending 31 Dec 2016) Multiple: 1.8x
	The valuation considers preferential rights in case of a liquidation or sale of the company.
Quikr	The valuation is based on discounted cash fows valuing Quikr at USD 947m.
Bayport	The valuation is based on the latest transaction at arm's length; secondary share transactions in Febru ary 2016. The transaction valued all shares in Bayport at USD 547m.
Milvik/BIMA	The valuation is based on the latest transaction at arm's length; third-party investment in March 2017. The transaction valued all shares in BIMA at USD 146m.
Betterment	The valuation is based on the latest funding round where Kinnevik invested USD 65m. The transaction valued all shares in Betterment at USD 700m on a fully diluted basis.

Below is a summary of the valuation methods applied in the accounts as per 31 March 2017:

For the companies in the table above that are valued based on multiples (i.e. Global Fashion Group, Home24, Westwing, Linio and Konga), an increase in the multiple by 10% would have increased estimated fair value by SEK 414m. Similarly, a decrease in the multiple by 10% would have decreased estimated fair value by SEK 426m.

When establishing the fair value of other fnancial instruments, methods that in every individual case are assumed to provide the best estimation of fair value have been used. For assets and liabilities maturing within one year, a nominal value adjusted for interest payments and premiums is assumed to provide a good approximation to fair value.

Information is provided in this note per class of fnancial instruments that are valued at fair value in the balance sheet, distributed in the levels stated below:

Level 1: Fair value established based on listed prices in an active market for the same instrument.

Level 2: Fair value established based on valuation techniques with observable market data, either directly (as a price) or indirectly (derived from a price) and not included in Level 1.

Level 3: Fair value established using valuation techniques, with signifcant input from data that is not observable in the market.

&KDQJH LQ IDLU YDOXH RI ğQDQFLDO DVVHWV	2017 1 Jan 31 mar	2016 1 Jan 31 mar	2016 Full year
Black Earth Farming	42	-6	100
Millicom	4 086	-1 691	-3 689
MTG	400	346	711
Qliro Group	183	-134	-147
Rocket Internet	-361	-688	-1 637
Seamless	5	-0	-7
Tele2	1 867	-1 321	-1 255
Zalando	1 090	-5 037	1 302
7RWDO /LVWHG KROGLQJV	7 313	-8 532	-4 623
Babylon	63	-6	-10
Bayport	-21	-207	-77
Betterment	-10	-11	52
Global Fashion Group	-204	-1 537	71
Home24	-16	-309	-734
Konga	-40	42	7
Lazada	-12	533	601
Linio 1	37	-35	-90
Livongo	-	-	-
Milvik/BIMA	28	39	113
Quikr	-16	-58	16
Westwing	4	3	-16
Other 1	-33	-114	-279
7RWDO 8QOLVWHG KROGLQJV	-220	-1 660	-346
total	7 093	-10 192	-4 969

¹ Comparable periods have been adjusted for the swap between Linio and Africa E-Commerce Holding.

notes For the group

		1 0DUFK 2017 OLVWHG FRPSDQLHV
%RRN YDOXH RI )LQDQFLDO DVVHWV	&ODVV \$ VKDUHV	&ODVV % VKDUHV	&DSLWDO 9RWHV	2017 31 mar	2016 31 mar	2016 1 'HF
Black Earth Farming	51 811 828	-	24.6/24.6	350	203	308
Millicom	37 835 438	-	37.6/37.6	18 876	16 788	14 790
MTG	4 461 691	9 042 165	20.3/48.0	4 050	3 284	3 650
Qliro Group	42 613 642	-	28.5/28.5	550	379	367
Rocket Internet	10 858 482	-	6.6/6.6	1 659	4 938	3 990
Seamless	3 526 334	-	6.0/6.0	25	34	20
Tele2	20 733 965	131 699 187	30.3/47.9	13 033	10 203	11 166
Zalando	78 427 800	-	31.7/31.7	28 335	20 907	27 245
7RWDO /LVWHG KROGLQJV				66 878	56 736	61 536
Babylon			12.8/12.8	291	112	154
Bayport			24.2/24.2	1 180	1 071	1,201
Betterment			9.3/9.3	580	527	590
Global Fashion Group			35.4/35.4	5 437	2 999	5,641
Home24			17.0/17.0	78	492	94
Konga			34.0/34.0	102	145	133
Lazada			3.6/3.6	694	1 053	706
Linio 1			27.0/27.0	329	232	292
Livongo			3.5/3.5	112	-	-
Milvik/BIMA			33.0/33.0	430	390	464
Quikr			18.0/18.0	1 519	1 461	1,535
Saltside			60.8/60.8	199	195	200
Westwing			16.5/16.5	433	390	429
Other 1			-/-	770	1 115	852
7RWDO 8QOLVWHG KROGLQJV				12 154	10 182	12 291
total				79 032	66 918	73 827

¹ Comparable periods have been adjusted for the swap between Linio and Africa E-Commerce Holding.

notes For the group

,QYHVWPHQWV LQ ğQDQFLDO DVVHWV	2017 1 Jan 31 mar	2016 1 Jan 31 mar	2016 Full year
Tele2	-	-	898
7RWDO OLVWHG KROGLQJV	-	-	898
Babylon	74	118	164
Betterment	-	538	538
Global Fashion Group	-	469	1 503
Home24	-	-	27
Iroko	-	17	17
Konga	9	-	23
Linio 1	-	-	115
Livongo	112	-	-
Westwing	-	-	58
Other	-	10	56
7RWDO XQOLVWHG KROGLQJV	195	1 152	2 501
total	195	1 152	3 399

¹ Comparable periods have been adjusted for the swap between Linio and Africa E-Commerce Holding ("Jumia").

&KDQJHV LQ XQOLVWHG DVVHWV OHYHO	2017 1 Jan 31 mar	2016 1 Jan 31 mar	2016 Full year
Opening balance	12 291	10 692	10 692
Investments	195	1 152	2 501
Disposals / Exit proceeds	-112	-2	-556
Change in fair value	-220	-1 660	-346
&ORVLQJ EDODQFH	12 154	10 182	12 291

note 5 diVidends receiVed

	2017 1 Jan 31 mar	2016 1 Jan 31 mar	2016 Full year
Millicom	-	-	823
Tele2	-	-	725
MTG	-	-	155
Other	-	-	30
7RWDO GLYLGHQGV UHFHLYHG	-	-	1 733
Of which cash dividends	-	-	1 733
Of which ordinary cash dividends	-	-	1 703

note 6 interest Bearing assets and liaBilities

Kinnevik's total interest bearing assets amounted to SEK 2,789m as at 31 March 2017. The total amount of interest bearing liabilities was SEK 2,149m and the debt for unpaid investments/divestments was SEK 47m. Kinnevik was in a net cash position of SEK 447m as at 31 March 2017 (net debt SEK 1,367m as at 31 December 2016). Including net oustanding loans to investee companies, the corresponding fgure was SEK 593m (net debt SEK 1,309m as at 31 December 2016).

On 14 February 2017, Kinnevik announced that it has resolved to establish a medium term note programme (the "MTN Programme") with a framework amount of SEK 4bn and on 8 March a SEK 1bn bond was issued in the Swedish market. The bond has a fnal maturity of fve years and a foating rate coupon of the three-month STIBOR plus 1.10 percent. In order to hedge the interest rate risk, Kinnevik has entered into an interest rate swap agreement whereby it will pay a fxed annual interest rate of 1.495 percent on the full SEK 1bn.

Kinnevik's total credit facilities (including issued bonds) amounted to SEK 8,330m as at 31 March 2017 whereof SEK 6,000m related to revolving credit facilities and SEK 2,200m related to bonds. The total amount of used credit facilities was SEK 2,086m.

The Group's available liquidity, including short term investments and available unutilized credit facilities, totaled SEK 8,745m as at 31 March 2017 (SEK 6,053m as at 31 December 2016).

seKm	2017 31 mar	2016 31 mar	2016 1 'HF
,QWHUHVW EHDULQJ DVVHWV
Loans to investee companies	173	407	91
Short term investments	2 215	6 776	-
Cash and cash equivalents	400	376	323
7RWDO LQWHUHVW EHDULQJ DVVHWV	2 789	7 559	413
,QWHUHVW EHDULQJ ORQJ WHUP OLDELOLWLHV
Debt to investee companies	28	0	32
Liabilities to credit institutions	16	34	21
Capital markets issues	1 000	1 200	0
Accrued borrowing cost	-11	-6	-12
Other interest bearing liabilities	31	33	31
	1 063	1 261	73
,QWHUHVW EHDULQJ VKRUW WHUP OLDELOLWLHV
Capital markets issues	1 200	-	1 200
- of which held in own custody	-114	-	-
Commercial papers	-	-	400
	1 086	0	1 600
7RWDO LQWHUHVW EHDULQJ OLDELOLWLHV	2 149	1 261	1 673
Net interest bearing liabilities (-) / assets (+)	640	6 298	-1 260
Debt, unpaid investments/divestments	-47	-62	-49
1HW FDVK1HW GHEW IRU WKH *URXS LQFOXGLQJ QHW ORDQV WR LQYHVWHH FRPSDQLHV	593	6 236	-1 309

The outstanding loans carry an interest rate of Stibor or similar base rate with an average margin of 1.4%. All bank loans have variable interest rates (up to 3 months) while fnancing from the capital markets vary between 1 to 12 months for the loans under the commercial paper program and 5 years fxed for the outstanding bond (as per date of issue).

As at 31 March 2017, the average remaining tenor was 2.9 years for all credit facilities including the bonds. As at 31 March 2017, Kinnevik had not provided any security for any of its outstanding loans.

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seK m	2017 1 Jan 31 mar	2016 1 Jan 31 mar	2016 Full year
Administration costs	-30	-41	-245
Other operating income and costs	0	0	7
2SHUDWLQJ ORVV	-30	-41	-238
Dividends received, external	-	-	786
Result from subsidiaries	0	-22	-3 431
Financial net	-16	-10	-45
3URğWORVV DIWHU ğQDQFLDO LWHPV	-46	-73	-2 928
Group contribution	-	-	100
3URğWORVV EHIRUH WD[HV	-46	-73	-2 828
Taxes	-	-	-
1HW SURğWORVV IRU WKH SHULRG	-46	-73	-2 828
7RWDO FRPSUHKHQVLYH LQFRPH IRU WKH SHULRG	-46	-73	-2 828

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seK m	2017 31 mar	2016 31 mar	2016 1 'HF
assets
Tangible fxed assets	4	4	4
Financial fxed assets	50 348	54 277	51 960
Short term receivables	19	12	121
Short term investments	2 215	6 769	0
Cash and cash equivalents	391	1 319	317
total assets	52 977	62 381	52 402
shareholders' equitY and liaBilities
Equity	42 064	51 942	42 108
Provisions	27	28	27
Long term interest bearing liabilities	9 365	10 324	6 605
Short term liabilities	1 521	87	3 662
total shareholders' equitY and liaBlities	52 977	62 381	52 402

The Parent Company's liquidity, including short-term investments and unutilized credit facilities, totalled SEK 8,737m (11,218) at 31 March 2017. The Parent Company's interest bearing external liabilities amounted to SEK 2,097m (1,225) on the same date. Investments in tangible fxed assets amounted to SEK 0m (0) during the period.

Distribution by class of shares on 31 March 2017 was as follow:

	1XPEHU RI VKDUHV	1XPEHU RI YRWHV	3DU YDOXH 6(. 000V
Outstanding Class A shares, 10 votes each	41 157 144	411 571 440	4 116
Outstanding Class B shares, 1 vote each	233 959 015	233 959 015	23 396
Class B shares in own custody	350 479	350 479	35
5HJLVWHUHG QXPEHU RI VKDUHV	275 466 638	645 880 934	27 547

The total number of votes for outstanding shares amounted at 31 March 2017 to 645,530,455 excluding 350,479 class B treasury shares. During the frst quarter 424 Class B shares were delivered to a participant in a long term incentive program.

The Board has authorization to repurchase up to a maximum of 10% of all shares in the Company over 12 months, ending at the AGM of 2017.

There are no convertibles or warrants in issue.

deFinitions oF alternatiVe perFormance measures

Kinnevik presents some performance measures in the interim report that are not defned by IFRS. Kinnevik believes that these performance measures adds valuable information to the company's investors and the company's management since they enable assessment of the Kinnevik's and its portfolio companies performance and position. Since all companies do not calculate their performance measures in the same manner, these are not always comparable with similar measures used by other companies. Such performance measures shall therefore not be used in replacement of measures defned by IFRS.

Alternative performance measures in Kinnevik's interim report include:

Active customers	Number of customers having made at least one order within the last 12 months
Debt/equity ratio	Interest-bearing liabilities including interest-bearing provisions divided by shareholders' equity
Equity ratio	Shareholders' equity including non-controlling interest as percentage of total assets
Gross merchandise value, GMV	Total value of all sale transactions during the period, including taxes but excluding ship ping costs
Internal rate of return, IRR	The annual rate of return calculated in quarterly intervals on a SEK basis that renders a zero net present value of (i) fair values at the beginning and end of the respective meas urement period, (ii) investments and divestments, and (iii) cash dividends and dividends in kind
Investments	All investments in listed and unlisted fnancial assets, including loans to portfolio com panies
Leverage	Net debt as a percentage of portfolio value
Net asset value, NAV	Net value of all assets on the balance sheet, equal to the shareholders' equity
Net cash/(net debt)	Interest bearing receivables (excluding net outstanding receivables relating to portfolio companies), short-term investments and cash and cash equivalents less interest-bearing liabilities including interest-bearing provisions and unpaid investments/divestments
Net investments	The net of all investments and divestments in listed and unlisted fnancial assets
Net merchandise value, NMV	Gross merchandise value after actual and provisioned returns and rejections
Portfolio value	Value of all assets on the balance sheet, less cash and cash equivalents
Total shareholder return, TSR	Annualized total return of the Kinnevik B share on the basis of shareholders reinvesting all cash dividends, dividends in kind, and mandatory share redemption proceeds into the Kinnevik B share, before tax, on each respective ex-dividend date. The value of Kinnevik B shares held at the end of the measurement period is divided by the price of the Kinnevik B share at the beginning of the period, and the resulting total return is then recalculated as an annual rate

The Annual General Meeting will be held on 8 May 2017 in Stockholm. Further details on how to register could be found at Kinnevik's website www.kinnevik.com.

The Board of Directors has proposed an ordinary cash dividend of SEK 8.00 (7.75) per share.

Financial reports

Dates for 2017 reporting:

21 July Interim Report January-June 2017 26 October Interim Report January-September 2017

Stockholm 27 April 2017

Joakim Andersson, Acting CEO

This Interim Report has not been subject to specifc review by the Company's auditors.

This information is information that Kinnevik AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out below, at 08.00 CET on 27 April 2017.

For further information, visit www.kinnevik.com or contact:

Torun Litzén Director Investor Relations Phone +46 (0)8 562 000 83 Mobile +46 (0)70 762 00 83

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