Kinnevik Rocket Capital Markets Day

Berlin, 22 May 2014

Introduction
Cristina Stenbeck, Executive Chairman
Lorenzo Grabau, CEO
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Kinnevik today focus on growth sectors and markets
Leading international TMT focused investment company
Significant stakes in publicly-listed, market-leading, cash flow generating Communication and Entertainment
companies
Unique portfolio of investments in growth oriented E-commerce, Marketplaces and Financial Services
businesses
Significant size and scale across geographies
Market Cap of SEK 69.3bn, NAV of SEK 66.2bn and Net Cash of SEK 1.8bn
Present in over 80 countries across five continents with a focus on key growth markets
Focused investment strategy
Invest early into companies and management teams pursuing most attractive opportunities within consumer
focused digital businesses
Grow the amount of capital deployed in each company based on performance to be the key counterpart to
the founders / management teams
First outside investor into Rocket Internet
Partnered with Rocket Internet in 2009 and invested SEK 10.8bn to date into Rocket and its portfolio
companies. Investments account for 27% of Kinneviks NAV
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The Kinnevik portfolio














Large public
investments
Note: Selected investments only. Kinnevik GAV (Gross Asset Value) per Q1 2014
EFF/Rocket partnership Direct
Other private and
public investments
63% 27%
= Gross Asset Value (Q1 2014)
Private digital investments




























6% 4%
4
Kinnevik identified the opportunity and partnered with Rocket Internet early
Note: Selected investors only
2009 2010 2011 2012 2013 2014
5
24%
Kinnevik and Rocket partnership
36%
Fashion General Merchandise Home & Living
Other
investors
Note: Selected investments only
6
Rocket has built a global footprint complementary to Kinneviks international presence
Note: Footprint represents only companies attending on CMD
7
18
21
5
66
22

Change in
net cash

NAV Q1 2014 E-commerce &
Marketplaces

Communication,
Entertainment,
Financial
Services & Other

NAV Q1 2009
Kinnevik portfolio transformation to E-Commerce & Marketplaces since 2009
Dividends received and
divestment of Korsns
Net investments of
SEK 13bn
25
(113%)
44
(66%)
SEK bn
Net of SEK 6bn in
dividends paid
E-commerce &
Marketplaces
Communication,
Entertainment,
Financial
Services &
Other
Net cash
<1 (1%)
3 (-14%)
21
(32%)
2 (3%)
18
8
Kinnevik E-commerce investments alongside Rocket
Investment vehicle Company 2009-2011 2012 2013-2014Q1
Total invested
amount
n/a 1,027 3,658 3,231* 7,916
Bigfoot 532 1,003 32 1,567
Bigfoot II 228 532 170 930
BigCommerce - 289 317 606
Other** 1,605 173*** (1,952)**** (174)
Total 3,392 5,655 1,798 10,846
SEK m
* Including SEK 2,372m of shares distributed by Rocket Internet
** Includes Rocket Internet and the remaining investments related to Rocket Internet
*** Net of SEK 974m received in dividends related to Groupon
**** Negative due to Rocket distribution of Zalando shares of SEK 2,372m
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Kinnevik E-commerce & Marketplaces financial performance
(11)%
(19)%
(24)%
(1 000)
(2 000)
(20)%
(40)%
3 000
2 000
1 000
0
80%
60%
40%
20%
0%
Q2 2013 Q1 2013 Q4 2012 Q3 2012 Q2 2012 Q1 2012
+73%
Q1 2014 Q4 2013 Q3 2013
+38%
Sales
EBIT margin
SEK m
Note: Includes investments not related to Rocket Internet
10
Value of Kinneviks Rocket-related investments
23.6
17.6
10.8
Implicit value at latest funding rounds Kinnevik book value Capital invested*
SEK bn, per Q1 2014
*Net of dividends and disposals
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Our partnership with Rocket Internet
Rocket
Advisory
Board
Operating
Company
Advisory
Boards
Operational
Reviews
Shareholder
Approvals
Portfolio company operational and financial performance
Strategic discussions
Current and future venture pipeline
Investment and divestment decisions
In place for all largest companies
Kinnevik representatives alongside Rocket and other
shareholders
4-6 meetings a year
Based on monthly reporting from each company
Relevant KPIs, detailed profit and loss, working capital
and cash flow
Continuous follow-ups with management teams
Based on shareholder agreements for each company
All major strategic and other decisions covered
All changes to the capital structure, major investments
and stock options plans
Matching rights for existing shareholders
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Agenda
22 May
09.20-11.00 Rocket Internet Oliver Samwer, Peter Kimpel, Alexander Kudlich, Johannes Bruder, Christian von
Hardenberg
11.00-11.15 Break
11.15-12.45 The Global Fashion E-commerce Footprint Oliver Samwer & Founders
12.45-13.45 Meet the Rocket companies over lunch (tables hosted by founders)
13.45-14.30 General Merchandise E-commerce Founders
14.30-15.15 Home and Living Founders
15.15-15.30 Break
15.30-16.30 Zalando: The European Fashion Powerhouse Zalando Management
16.30-17.00 Wrap up
17.00 Refreshments
23 May
Erfurt Zalando warehouse visit