Investor Capital Markets Day

Johan Forssell CEO

Purpose of the day Present our strategic direction Explain the value creation in our business areas Present the wholly-owned subsidiaries within Patricia Industries 3

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 Long-term, active owner of great companies buy-to-build strategy We strive to support our companies to become and stay best-in-class We focus on what we believe is best for each individual company Our long-term perspective is no excuse for lack of short-term performance Our model builds on clear roles of responsibility and great people 5

What has been the focus over the past two years? 1 Established a new organizational structure and Management Team 2 Several key activities in our portfolio companies 3 Significant investments in attractive assets while maintaining financial flexibility 6

Strong business focus with common support functions LISTED CORE INVESTMENTS 248 78% 14 5% 55 17% SEK bn. of total assets SEK bn. of total assets SEK bn. of total assets EQT AB EQT EQUITY EQT INFRASTRUCTURE EQT MIDMARKET EQT CREDIT EQT VENTURES Financial Investments Common corporate support functions 8

New Management Team established Clear division of responsibilities, efficient decision-making process Johan Forssell CEO Helena Saxon CFO Petra Hedengran General Counsel, Head of Corporate Governance, EQT investments Daniel Nodhäll Head of Listed Core Investments Stefan Stern Head of Corporate Relations, Sustainability and Communications ~100 years at Investor AB Christian Cederholm Co-head of Patricia Industries, Nordic Noah Walley Co-head of Patricia Industries, North America 9

Valuation of unlisted holdings in Patricia Industries Facilitating evaluation of Investor s net asset value Increasing consistency between reporting of Listed Core Investments and unlisted holdings Continued effort to increase transparency 10

Sobi > Successful launches of Elocta and Alprolix > Group sales SEK 2.6 bn. 2014, SEK 5.8-6.0 bn. expected 2017 12

Husqvarna > Major operational improvement, significant margin expansion > Three business areas focusing on growth > Consumer brands focusing on improving profitability 13

Atlas Copco > Vacuum grows into new business area > Proposal to split into two focused market leaders 14

Ericsson > Tough market environment > New CEO in place > Focused business strategy presented 15

Our subsidiaries within Patricia Industries 16

Listed Core Investments SEK 7 bn. invested 2015-2016 SEK 220 200 Close Share price Average price paid SEK 120 100 Share Close price Invested Average price paid 180 160 80 140 60 120 2015 2016 2017 40 2015 2016 2017 EUR 55 50 45 40 35 SEK 270 Close Share price Average share price paid price Close Share price Average price paid 250 230 210 190 170 30 2015 2016 2017 150 2015 2016 2017 18

Patricia Industries Two new subsidiaries in North America 19

Significant investments in attractive assets Sources Uses SEK ~30 bn. SEK ~30 bn. LISTED CORE INVESTMENTS Strong financial flexibility for more investments 20

Strong performance % 14 12 10 8 6 4 2 Inve B SIXRX 0 2015 2016 YTD YTD as of March 24, 2017 21

Going forward 22

Clear strategy to build on going forward Grow Net Asset Value Strong owner Capital allocation Operate efficiently Generate an attractive total shareholder return Pay a steadily rising dividend 23

Our model builds on clear roles of responsibility and great people The Board 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 24

Structured approach to value creation Value Full value potential Industrial structure Capital structure Current value Operational excellence Value-creating growth We are long-term in vision, but relentlessly impatient in follow-up Time 25

Be efficient, agile, and invest for the future Efficiency Cost efficiency Agility Long-term growth Geographic expansion Innovation Service Sustainability Technology change Both are necessary to ensure long-term competitiveness 26

Clear strategy to build on going forward Grow Net Asset Value Strong owner Capital allocation Operate efficiently Generate an attractive total shareholder return Pay a steadily rising dividend 27

Well-positioned to find attractive investments Focused business areas Listed Core Investments Strong balance sheet and cash flow EQT Broad network Patricia Industries 28

What we look for in Listed Core Investments and Patricia Industries Geography Listed Core Investments Nordics Patricia Industries Nordics and North America Industry Attractive industry niches Company Growth opportunities Market-leading positions Strong cash flow generation Flexible business models Strong service offering 29

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 LISTED CORE INVESTMENTS 30

Attractive to invest in EQT funds Return, % 35 30 25 > Strong team and track record > Major part of the returns generated from investments as a Limited Partner 20 15 > Returns have been boosted by our part of carry and surplus from management fees 10 > Our part of carry and surplus from management fees have declined over time 5 0 Since inception Last 10 years > Today Investor owns 19 percent of EQT AB 31

EQT SEK 1.5 bn. in average annual net cash flow 2007-2016 SEK m. 7 000 6 000 5 000 4 000 3 000 2 000 1 000 0-1 000-2 000-3 000-4 000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Net cash flow Distributions Drawdowns 32

Patricia Industries investment priorities Add-on investments in existing companies New platforms in the Nordics and North America 33

Tough competition for assets The stock market development Tough competition for assets 34

What is our edge? Focused organization Deep knowledge in focused areas Financial strength Heritage and network Preferred buyer and ability to generate synergies 35

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 Generate an attractive total shareholder return Pay a steadily rising dividend 37

As always, getting the balance right is important 38

Clear strategy to build on going forward Grow Net Asset Value Operate efficiently Generate an attractive total shareholder return Pay a steadily rising dividend 39

Pay a steadily rising dividend DPS, SEK 12 10 8 6 4 2 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016p 40

Strategic priorities going forward LISTED CORE INVESTMENTS > More companies to become best-in-class > Gradually strengthen ownership in selected holdings > Continue to invest in EQT funds > New platforms in the Nordics and North America > Continued profitable growth in the existing companies > Pay a steadily rising dividend > Generate an attractive total shareholder return SUPPORT FUNCTIONS > High quality > Cost-efficient 41

Performance % 30 INVE B SIXRX Return requirement 25 20 15 10 5 0 1 year 5 years 10 years 20 years 42

Thank you