Investor Capital Markets Day

Johan ForssellCEO

Purpose of the day

3

Present our strategic direction

Explain the value creation in our business areas

Present the wholly-owned subsidiaries within Patricia Industries

Agenda

09:00 Welcome – Pia Djupmark & Johan Forssell

09:10 Investor strategy – Johan Forssell

09:40 Financial strategy – Helena Saxon

10:00 Listed Core Investments – Daniel Nodhäll

10:45 Break

11:00 EQT – Thomas von Koch

11:20 Patricia Industries – Christian Cederholm & Noah Walley

11:45 Aleris – Alexander Wennergren Helm

12:05 Vectura – Susanne Ekblom

12:15 Lunch

13:00 Permobil – Jon Sintorn

13:20 BraunAbility – Nick Gutwein

13:50 Laborie – Brian Ellacott

14:15 Mölnlycke – Richard Twomey

14:45 Concluding remarks – Johan Forssell

4

Our genes – who we are

5

Long-term, active owner of great companies – buy-to-build strategy

We strive to support our companies to become and stay best-in-class

Our long-term perspective is no excuse for lack of short-term performance

We focus on what we believe is best for each individual company

Our model builds on clear roles of responsibility and great people

What has been the focus over the past two years?

6

Established a new organizational structure and

Management Team

Several key activities in our portfolio companies

Significant investments in attractive assets while

maintaining financial flexibility

1

2

3

What has been the focus over the past two years?

7

Established a new organizational structure and

Management Team

Several key activities in our portfolio companies

Significant investments in attractive assets while

maintaining financial flexibility

1

2

3

Strong business focus with common support functions

8

Common corporate support functions

LISTED CORE INVESTMENTS

EQT EQUITY

EQT INFRASTRUCTURE

EQT MIDMARKET

EQT CREDIT

EQT AB

EQT VENTURES

Financial Investments

248SEK bn.

78%of total assets

14SEK bn.

5%of total assets

55SEK bn.

17%of total assets

New Management Team established

9

Clear division of responsibilities, efficient decision-making process

Johan ForssellCEO

Helena SaxonCFO

Petra HedengranGeneral Counsel, Head of Corporate Governance, EQT investments

Daniel NodhällHead of Listed Core Investments

Stefan SternHead of Corporate Relations, Sustainabilityand Communications

Christian CederholmCo-head of Patricia Industries, Nordic

Noah WalleyCo-head of Patricia Industries, North America

~100 years at Investor AB

Valuation of unlisted holdings in Patricia Industries

10

Facilitating evaluation of Investor’s

net asset value

Increasing consistency between reporting of

Listed Core Investments and unlisted holdings

Continued effort to increase transparency

What has been the focus over the past two years?

11

Established a new organizational structure and

Management Team

Several key activities in our portfolio companies

Significant investments in attractive assets while

maintaining financial flexibility

1

2

3

Sobi

12

> Successful launches of Elocta and Alprolix

> Group sales SEK 2.6 bn. 2014, SEK 5.8-6.0 bn. expected 2017

Husqvarna

13

> Major operational improvement, significant margin expansion

> Three business areas focusing on growth

> Consumer brands focusing on improving profitability

Atlas Copco

> Vacuum grows into new business area

> Proposal to split into two focused market leaders

14

Ericsson

15

> Tough market environment

> New CEO in place

> Focused business strategy presented

Our subsidiaries within Patricia Industries

16

What has been the focus over the past two years?

17

Established a new organizational structure and

Management Team

Several key activities in our portfolio companies

Significant investments in attractive assets while

maintaining financial flexibility

1

2

3

Listed Core Investments – SEK 7 bn. invested

18

2015-2016

120

140

160

180

200

220

2015 2016 2017

SEK

Close price Average

40

60

80

100

120

2015 2016 2017

SEK

Close price Invested

30

35

40

45

50

55

2015 2016 2017

EUR

Close price Average share price

150

170

190

210

230

250

270

2015 2016 2017

SEK

Close price Average price

Share price Average price paid

Share price Average price paid Share price Average price paid

Share price Average price paid

Patricia IndustriesTwo new subsidiaries in North America

19

Sources

SEK ~30 bn.

Significant investments in attractive assets

Uses

SEK ~30 bn.

LISTED CORE INVESTMENTS

20

Strong financial flexibility for more investments

Strong performance

0

2

4

6

8

10

12

14

2015 2016 YTD

%Inve B SIXRX

21

YTD as of March 24, 2017

22

Going forward

Clear strategy to build on going forward

Grow Net

Asset Value

Operate efficiently

Pay a steadily

rising dividend

Generate an attractive

total shareholder return

Strong owner

Capital allocation

23

Our model builds on clear roles of responsibility and great people

24

Management

> Board recruitment

> Value creation plans

> Benchmarking

> Appoints the CEO

> Strategy and goals

> Financial development/reporting

> Capital structure

> Executes strategic decisions

> Manages day-to-day operations

> Reports back to the Board

The Board

Structured approach to value creation

25

Currentvalue

Full valuepotential

Operational excellence

Value-creatinggrowth

Capital structure

Industrial structure

Value

Time

We are long-term in vision, but relentlessly impatient in follow-up

Be efficient, agile, and invest for the future

26

Both are necessary to ensure long-term competitiveness

Efficiency

Cost efficiency

Agility

Long-term growth

Geographic expansion

Innovation

Service

Sustainability

Technology change

Clear strategy to build on going forward

Grow Net

Asset Value

Operate efficiently

Pay a steadily

rising dividend

Generate an attractive

total shareholder return

Strong owner

Capital allocation

27

Well-positioned to find attractive investments

28

Strong balance sheet and cash flow

Focused business areasListed Core Investments

Patricia Industries

EQT

Broad network

Listed Core Investments – Nordics

Patricia Industries – Nordics and North America

Attractive industry niches

Growth opportunities

Market-leading positions

Strong cash flow generation

What we look for in Listed Core Investments and Patricia Industries

29

Geography

Industry

Company Flexible business models

Strong service offering

Listed Core Investments – investment priorities

> Continue to gradually increase our ownership in selected listed core investments

> Ready to support companies in rights issues

> New investments not ruled out should the right opportunities arise

30

LISTED CORE INVESTMENTS

Attractive to invest in EQT funds

> Strong team and track record

> Major part of the returns generated from

investments as a Limited Partner

> Returns have been boosted by our part of

carry and surplus from management fees

> Our part of carry and surplus from

management fees have declined over time

> Today Investor owns 19 percent of EQT AB

31

0

5

10

15

20

25

30

35

Since inception Last 10 years

Return, %

EQT – SEK 1.5 bn. in average annual net cash flow

32

2007-2016

-4 000

-3 000

-2 000

-1 000

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Distributions

Drawdowns

Net cash flow

SEK m.

Patricia Industries – investment priorities

33

New

platforms in

the Nordics

and North

America

Add-on

investments

in existing

companies

Tough competition for assets

The stock market development Tough competition for assets

34

What is our edge?

35

Focused

organization

Deep knowledge

in focused areas

Financial

strength

Heritage

and network

Preferred buyer and ability to generate synergies

It’s far better to buy a wonderful

company at a fair price than a fair

company at a wonderful price.”

Warren Buffett

36

Clear strategy to build on going forward

Grow Net

Asset Value

Operate efficiently

Pay a steadily

rising dividend

Generate an attractive

total shareholder return

37

As always, getting the balance right is important

38

Clear strategy to build on going forward

Grow Net

Asset Value

Operate efficiently

Pay a steadily

rising dividend

Generate an attractive

total shareholder return

39

Pay a steadily rising dividend

0

2

4

6

8

10

12

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016p

40

DPS, SEK

Strategic priorities going forward

> More companies to become best-in-class

> Gradually strengthen ownership in selected holdings

> New platforms in the Nordics and North America

> Continued profitable growth in the existing companies

> Continue to invest in EQT funds

> High quality

> Cost-efficient

> Pay a steadily rising

dividend

> Generate an attractive

total shareholder

return

LISTED CORE

INVESTMENTS

SUPPORT

FUNCTIONS

41

Performance

42

0

5

10

15

20

25

30

1 year 5 years 10 years 20 years

% INVE B SIXRX Return requirement

Thank you