Year-End Report 2016 CEO Johan Forssell 1 2 2016 summary > - PowerPoint PPT Presentation

Year-End Report 2016 CEO Johan Forssell 1

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2016 summary > Investor fully supports Atlas Copco’s proposal to split into two market -leading companies > SEK 1.5 bn. invested in listed core investments Ericsson, Wärtsilä and Atlas Copco > Laborie new subsidiary within Patricia Industries > Net asset value, with dividend added back, up 13 percent > Total shareholder return 13 percent (SIXRX 10 percent) > The Board proposes a dividend of SEK 11.00 per share (10.00) a 10 percent increase EQT AB EQT Equity EQT Infrastructure EQT Midmarket EQT Credit Financial Investments 3

Listed Core Investments Summary 2016 > Total return 14 percent (SIXRX 10 percent) > SEK 1.5 bn. invested in Ericsson, Wärtsilä and Atlas Copco > SEK 8.3 bn. in dividends received, up 8 percent 4

Listed Core Investments Atlas Copco > Proposal to split the group into two focused, market-leading companies > Logical and natural next step > Strong platforms for continued profitable growth and long-term value creation > Investor fully supports the proposal > Both companies will be listed core investments 5

EQT Summary 2016 > High activity during the year > Value change +10 percent in constant currency > SEK 1.0 bn. net cash flow to Investor 6

Mölnlycke Performance 2016 % 20 Key priorities going forward +16% > Invest in R&D, new products and 16 complementary acquisitions 12 +11% > Grow in emerging markets 8 +6% > Continued focus on operational 4 excellence 0 Sales growth EBITA growth Growth in operating cash flow 7

Continued growth in 2016 Organic growth, constant currency % 18 17% 16 14 13% 12 10% 10 8 7% 6% 6% 6% 6 5% 4 2 0 Vectura BraunAbility Laborie Aleris Mölnlycke Permobil Grand Group 3 Scandinavia (service rev.) 8

Strong distributions in 2016 Total SEK 3.9 bn.* SEK bn. 4 SEK 2.9 bn. 3 2 1 SEK 0.8 bn. SEK 0.2 bn. 0 Mölnlycke 3 Scandinavia Permobil *Excluding SEK 860 m. in proceeds from refinancing of Laborie 9

Strong cash flow Leverage 5.3 percent - essentially flat despite investments and dividend paid Main sources, SEK 13.2 bn. Main uses, SEK 13.8 bn. Distributions* from Mölnlycke, Acquisition of Permobil, 3 Scandinavia Laborie SEK 3.9 bn. SEK 4.7 bn. Net cash flow from EQT SEK 1.0 bn. Dividend paid Investments, Dividends received, SEK 7.6 bn. Listed Core Investments Listed Core Investments SEK 1.5 bn. S EK 8.3 bn. *Excluding SEK 860 m. in proceeds from refinancing of Laborie 10

Our strategy remains firm > Grow Net Asset Value Total shareholder return % 30 > Operate efficiently 25 > Pay a steadily rising dividend 20 15 10 Generating an attractive total shareholder return 5 0 1 year 5 years 10 years 20 years INVE B SIXRX 11

Financials January-December 2016 CFO Helena Saxon Presentation – January 31st, 2017

Financial highlights Q4 2016 > Net Asset Value (NAV) amounted to SEK SEK bn. 350 300.1 bn, an increase of SEK 9.4 bn during 300 300 the quarter, corresponding to a change of 3% 250 > Total shareholder return (Investor B-share) 200 150 9% compared to 3% SIXRX Index 100 50 0 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16

Contribution to Net Asset Value Q4 2016 SEK m.

Listed Core Investments Q4 2016 Contribution to NAV, Total return, SEK m. Investor (%) Atlas Copco 4 930 9.3 SEB 4 501 11.5 Saab 1 193 11.9 Wärtsilä 840 6.3 Nasdaq 610 5.4 Electrolux 589 5.7 Sobi 54 0.5 ABB -209 -0.5 SEK 248 354 m. 78 percent of Husqvarna -267 -3.7 total assets Ericsson -1 409 -13.1 AstraZeneca -3 467 -11.9 Total* 7 341 Q4 2016 Invested SEK m. Divested SEK m. Ericsson 1 011 Total 1 011 * Including Management cost

EQT Q4 2016 Net cash flow SEK m. 5,000 SEK m. 4,000 3,000 2,000 1,000 0 SEK 13 996 m. 2011 2012 2013 2014 2015 2016 5 percent of total assets Q4 2016 Draw-downs Proceeds to Investor SEK m. 976 873 A private equity group with portfolio companies in Northern and Eastern Europe, Asia and the U.S.

Patricia Industries Q4 2016 Contribution to NAV, SEK m. Mölnlycke 809 Financial Vectura 296 Investments Laborie 268 SEK 21 067 m. SEK 10 024 m. 3 Scandinavia 184 BraunAbility 172 Grand Group -13 Aleris -38 Permobil -40 SEK 5 446 m. SEK 54 806 m. 17 percent of Financial Investments 24 total assets Total* 1 601 SEK 181m. SEK 2 161 m. Q4 2016 SEK 3 136 m. Invested Divested/Distributions SEK m. 155 4 673 SEK 3 923 m. SEK 4 928 m. SEK 3 940 m. * Including Management cost

Mölnlycke Q4 2016 > Organic growth 4 percent in constant EUR m. % currency 1,600 35 1,400 > Both Wound Care and Surgical 30 1,200 25 1,000 contributed to growth 20 800 15 600 > U.S. and Europe continued to grow, 10 400 5 200 strong growth in Emerging Markets 0 0 2012 2013 2014 2015 2016 > EBITA margin increased driven by mix, Sales EBITDA, % EBITA, % operating leverage > Continued investments in Procedure Pak TM assembly facility > Distribution of EUR 300 m to Patricia Industries A provider of advanced products for treatment and prevention of wounds and single-use surgical solutions

Laborie Q4 2016 > Organic growth 6 percent in constant currency > Continued strong performance within urodynamic business > EBITA margin impacted by transaction costs. Underlying margin 25 percent > Refinancing completed, USD 100 m. distributed to Patricia Industries A leading provider of innovative capital and consumables for the diagnosis and treatment in urologic and gastrointestinal (GI) disorders

Aleris Q4 2016 > Organic growth 3 percent in constant currency SEK m. % 10,000 7 > Growth mainly driven by Care in Norway 9,000 6 8,000 5 7,000 and Denmark 6,000 4 5,000 > EBITA margin increase mainly driven by 3 4,000 3,000 2 Curato 2,000 1 1,000 0 0 > Two of Aleris’ Swedish hospitals again 2012 2013 2014 2015 2016 qualified in the top of a yearly ranking Sales EBITDA, % EBITA, % A provider of healthcare and care services in Scandinavia

Permobil Q4 2016 > Organic growth 1 percent in constant SEK m. currency % 4,000 25 > U.S. sales somewhat lower than last year, 3,500 20 3,000 2,500 good growth in Europe 15 2,000 10 1,500 > EBITA margin largely unchanged 1,000 5 500 > SEK 200 m distributed to owners, of which 0 0 2012 2013 2014 2015 2016 SEK 194 m to Patricia Industries Sales EBITDA, % EBITA, % A provider of advanced mobility and seating rehab solutions

BraunAbility Q4 2016 > Organic growth 13 percent in constant USD m. % currency 450 10 > Strong demand for commercial wheelchair 400 8 350 6 accessible vans (WAVs) and domestic lifts 300 4 > EBITA margin slightly higher despite 250 2 200 0 significant investments 2013 2014 2015 2016 Sales EBITDA, % EBITA, % > Continued improvement in production quality and efficiency A world-leading manufacturer of wheelchair accessible vehicles and wheelchair lifts

Vectura and Grand Group Q4 2016 SEK m. % Vectura 200 80 > Growth 16 percent 60 150 40 100 20 > Grand Hôtel, new Aleris facilities, Hamlet 0 50 addition contributed to growth -20 0 -40 > New construction project initiated 2013 2014 2015 2016 Sales EBITDA, % EBITA, % Grand Group SEK m. % 700 10 > Growth 5 percent 600 5 500 400 > All segments grew, primarily Lodging 0 300 200 -5 > EBITA margin declined somewhat 100 0 -10 2013 2014 2015 2016 Sales EBITDA, % EBITA, % Vectura, develops and manages real estate, including Grand Hôtel and Aleris-related properties Grand Hôtel , Scandinavia’s leading five -star hotel, and Lydmar Hotel, offering both lodging and food & beverage

3 Scandinavia Q4 2016 > The subscriber base decreased by 10,000 in the quarter SEK m. % 12,000 28 > Hallon and Oister continued to attract 27 10,000 26 8,000 25 subscribers 6,000 24 23 > Service revenue growth 7 percent 4,000 22 2,000 21 > EBITDA grew 9 percent 0 20 2012 2013 2014 2015 2016 > SEK 623 m distributed to the owners, of Sales EBITDA, % which SEK 249 m to Patricia Industries 3 Scandinavia, a provider of mobile voice and broadband services in Sweden and Denmark

Financial Investments Q4 2016 > Continued focus on divestitures > Net proceeds amounted to SEK 292 m SEK 10 024 m. 3 percent of total assets Financial Investments consists of all former Investor Growth Capital (IGC) investments and other holdings

Leverage development > Leverage 5.3% (5.5%) as of December 31, Leverage development % 30 2016 25 > Net debt amounted to SEK 16.8 bn 20 15 > Cash and readily available placements 10 5 amounted to SEK 16.7 bn 0 -5 > Average maturity of the debt portfolio 10.0 -10 years -15 > After the end of the quarter the SEK 10 bn Revolving Credit Facility was refinanced Leverage target range Leverage Maximum leverage Current rating Standard & Poor’s AA- Moody’s Aa3