#1KINNEVIK S CAPITAL MARKETS UPDATE 19 OCTOBER 2022#2TODAY'S AGENDA Time 14.00 - 14.20 14.20-14.35 14.35 14.45 14.45 14.55 14.55-15.20 15.20-15.45 15.45-15.55 15.55 - 16.00 Agenda Item Introduction & Strategy Valuations & Financial Framework Q&A Kinnevik in the Nordics Exploring Future of Work Case Study - Jobandtalent Exploring Climate Tech Case Study - Solugen Q&A Wrap-Up Speakers Georgi Ganev CEO Samuel Sjöström Incoming Chief Financial Officer Georgi Ganev & Samuel Sjöström Andreas Bernström Senior Investment Director li Natalie Tydeman Senior Investment Director Natalie Tydeman Senior Investment Director jobandtalent Juan Urdiales Georgi Ganev CEO % Solugen Andreas Bernström & Natalie Tydeman Co-Founder & Co-CEO Gaurab Chakrabarti Co-Founder & CEO Sean Hunt Co-Founder & CTO KINNEVIK#3GEORGI GANEV, CHIEF EXECUTIVE OFFICER INTRODUCTION & STRATEGY KINNEVIK#4WE ASPIRE TO BE EUROPE'S LEADING LISTED GROWTH INVESTOR 11 IV V Invest in businesses that harness the power of technology to address vital everyday needs Make the most of our permanent capital - being a bold, stage-agnostic, long-term partner and trusted advisor to talented entrepreneurs Focus on themes underpinned by digital disruption as well as the biggest challenge of our generation, climate tech Invest in Europe and the US Leverage our experience and expertise to support our companies in building long-term sustainable and successful businesses 4 (5) ΚΙΝΝΕVIK#5WE FOCUS ON DISRUPTIVE THEMES IN GEOGRAPHIES WITH THE DYNAMICS TO BUILD TRANSFORMATIVE BUSINESSES Emerging Markets Early Bets & New Themes Consumer Finance Portfolio Composition As at 30 September 2022 TELE2 VillageMD cityblock PLEO TravelPerk Value-Based Care Software babylon jobandtalent spring health budbee Virtual Care Platforms & Marketplaces 5 (5) ΚΙΝΝΕVIK#6THERE ARE FOUR CORE REASONS TO BELIEVE IN OUR SUCCESS PROVEN EXPERTISE We have hands-on operational experience in navigating complex business environments We have a strong track record of building the next generation of winning businesses LONG SUSTAINABILITY TRACK RECORD LEADER Sustainability is at the core of our business and of our investment process - we lead by example and set bold targets We give shareholders access to a portfolio of some of the world's most exciting businesses INVESTMENT ACCESS 6 (5) ΚΙΝΝΕVIK#7DESPITE THE MARKET SETBACK, WE HAVE DELIVERED SOLID RETURNS 10x 9x 8x 7x 6x 5x 4x 3x 2x 1x Ox Returns by Company Money Multiple & Tenure (Years) VillageMD - 7.4x Cityblock - 4.0x 1 Yr Jobandtalent - 1.1x ● Value-Based Care ● Platforms & Marketplaces ● Consumer Finance 2 Yr 3 Yr 4 Yr Investment Returns 2018-22 By Company & Vintage, as at 2022 Q3 Cedar - 7.5x Pleo - 5.8x Budbee - 5.3x TravelPerk-2.9x 5 Yr ● Virtual Care ● Software ● Early Bets & New Themes 6 Yr 4.8 13.2 2018 Investments & Returns Vintage By Year of 1st Investment (SEKbn) 2.4 7.5 2019 Invested Capital 2.2 4.3 2020 4.8 5.0 2021 Carried & Released Capital (5) ΚΙΝΝΕVIK#8OUR S-CURVE CONTINUES TO EVOLVE... Agreena Venture omnipresent Safety Wing cityblock Growth PLEO TravelPerk ap budbee Scale jobandtalent TELE2 Mature Dividend Payer 8 (5) ΚΙΝΝΕVIK#9...AS DOES OUR THEMATIC FOCUS AREAS Into 2000s Telecom Media Online TELE2 MO Into 2010s e-Commerce Online Classifieds Emerging Markets zalando Avito OFG Into 2020s Marketplaces Digital Health Consumer Finance Livongo Betterment Agreena omnipresent 2020s Care Delivery Innovation Life Sciences B2B SaaS Consumerization of Enterprise Climate Tech Future of Work API-Driven Finance Safety Wing cityblock PEO TravelPerk budbee jobandtalent We will continue pursuing opportunities within our core themes where we have the deepest experience and expertise, while taking incremental evolutionary steps and investing time and resources in exploring new areas 9 KINNEVIK#10WE HAVE THREE OVERARCHING PRIORITIES GOING FORWARD II Maintain Our Investment Momentum Our permanent capital allows us to have a long-term investment horizon Disciplined Capital Allocation Support our winners and maintain a high bar for new investments Leverage our Strong Financial Position Make the best possible use of our cash through the downturn 10 (5) ΚΙΝΝΕVIK#11SAMUEL SJÖSTRÖM, INCOMING CHIEF FINANCIAL OFFICER VALUATIONS & FINANCIAL FRAMEWORK KINNEVIK#12THREE INTEGRAL TOPICS -VALUATIONS, BALANCE SHEET & CAPITAL ALLOCATION 0 11 Valuing a Permanent Capital Firm's Portfolio Our Capital Structure Our Capital Allocation 12 KINNEVIK#13OFFERING OUR INVESTORS LIQUIDITY CAUSES US TO INVEST CONSIDERABLE TIME AND RESOURCES IN MAKING SURE OUR NAV IS FAIR EVERY QUARTER 13% Q4 2017 5 Q4 2017 66% 16 Valuing a Permanent Capital Firm's Portfolio Offering Liquidity at Fair Values of Portfolio is Now Private >SEK 500m Private Investments Valued in Our Q3 2022 Report >265bn SEK Aggregate Turnover in the Kinnevik Stock 2018-22 Q3 at a Weighted-Average 6% Discount to NAV We provide public access to fairly valued top-tier venture and growth companies, allowing investors to realize or double down on their investment at their discretion 13 KINNEVIK#14PEER AVERAGES MAY BE DECEIVING... (25)% Flat Valuing a Permanent Capital Firm's Portfolio Benchmarking Against Public Peers 25% Note: Chart shows constituents of BVP Nasdaq Emerging Cloud Index Source: FactSet "SaaS trades at 6.5x revenues" 50% 75% NTM Revenue Growth 100% 125% 30x 25x 14 20x 15x 10x 5x 150% Peer averages are a valuable tool to gauge general valuation levels, in particular if you are valuing an average company EV/NTM Revenue (9) ΚΙΝΝEVIK#15...BECAUSE EACH AND EVERY PEER BENCHMARK IS UNIQUE... (25)% Flat Valuing a Permanent Capital Firm's Portfolio Benchmarking Against Public Peers 25% Note: Chart shows constituents of BVP Nasdaq Emerging Cloud Index Source: FactSet 50% 75% NTM Revenue Growth R² 0.5 100% 125% 30x 25x 15 20x 15x 10x 5x 150% We take into account a considerable amount of data points and considerations when assessing public market valuation levels EV/NTM Revenue (9) ΚΙΝΝEVIK#16.AS ARE OUR COMPANIES (25)% Flat Valuing a Permanent Capital Firm's Portfolio Benchmarking Against Public Peers 25% Note: Chart shows constituents of BVP Nasdaq Emerging Cloud Index Source: FactSet 50% GB 75% NTM Revenue Growth R² 0.5 4 100% 125% * 30x 25x 16 20x 15x 10x 5x 150% We are valuing high-growth companies with financial profiles you do not typically find in public markets EV/NTM Revenue (9) ΚΙΝΝEVIK#17WE HAVE INCREASED OUR CAPITAL REALLOCATION INTENSITY, AND ALLOW OURSELVES TO OPERATE WITH A LARGER BUFFER 15.0 12.5 10.0 7.5 5.0 2.5 1. Q4 2017 Our Balance Sheet Ensuring Flexibility & Agility (SEKbn) Q4 2019 LTM Divestments LTM Investments Net Cash / (Debt) as X of LTM Investments Our SEK 12.5bn net cash position allows us to maintain a 5bn p.a. momentum well into late 2024 Q3 2022 17 3.0x 2.5x 2.0x 1.5x 1.0x 0.5x (5) ΚΙΝΝΕVIK#18OUR GROWTH PORTFOLIO IS YOUNG, AND BEFORE THE CURRENT MARKET TROUGH WE PROVED OUR ABILITY TO REALLOCATE CAPITAL WITHIN IT 6.8 Years 5.7 Years Q4 2017 Growth Portfolio Age Value-Weighted Average Tenure (including Zalando) Our Capital Allocation Approaching a Steady-State Flywheel Effect 3.5 Years Q3 2022 8bn 5.5x 41% SEK Released from the Growth Portfolio Average Return Realized of Total Invested Capital Realized from VillageMD, Livongo & Bread (as % of Growth Portfolio Investments 2016-22) Out of the SEK 19bn invested in our Growth Portfolio we have already realized >40% at attractive returns, and when the cycle ultimately reverses, we will return to a dynamic reallocation of capital within our Growth Portfolio 18 (5) ΚΙΝΝΕVIK#19DRAWING ON OUR ACHIEVEMENTS IN CREATING A GROWTH-FOCUSED KINNEVIK, WE ARE AMENDING OUR CAPITAL ALLOCATION FRAMEWORK 33/67 2-4 Even >15% 30 Capital Allocation Framework 2019-23 Transformation of Capital Into New Co's and Follow-On Investments New Co's on Average p.a. Allocation Across Focus Sectors Ownership Stake Target Co's in Portfolio Our Capital Allocation Amending Our Framework 57/43 0000 High c. 12% 6 2019-22 Actuals As at Q3 2022 Plus Announcements of Capital Into New Co's and Follow-On Investments New Co's on Average p.a. Allocation Into Healthcare and Platforms & Marketplaces Value-Weighted Average Ownership Stake Co's With >5% Weight in the Growth Portfolio 50/50 0-8 Evolve Current View Drawing on Our Achievements 10-20 of Capital Into New Co's and Follow-On Investments New Co's p.a. Driven by Opportunity Flow Our Thematic Focus Influence Rather Than % Ownership Material Co's in Portfolio Having built a well-balanced Growth Portfolio, we can now be more opportunistic and focus on pursuing the best possible investment opportunities within our continuously evolving focus areas 19 KINNEVIK#20Q & A#21ANDREAS BERNSTRÖM, SENIOR INVESTMENT DIRECTOR KINNEVIK IN THE NORDICS – ΚΙΝΝΕVΙΚ#22THE NORDICS MAKE UP AN IMPORTANT PART OF OUR PORTFOLIO, WITH A SEK 9BN PORTFOLIO OFF A SEK 5.6BN INVESTMENT PER Q3 12.0 10.0 8.0 6.0 4.0 2.0 2018 budbee PLEO oda KARMA Invested Capital & Returns to Date Nordic Investments, At Q3 2022 (SEKbn) Follow-On Accumulated from Prior Years 2019 Mathem 2020 Jointaczemy simple feast New Investment ■Fair Value 2021 VIVINO LUNAR superb NICK'S Kinnevik will continue to support the best digital businesses across the region over the long-term - from venture to IPO and beyond 2022 Q3 Agreena Safety Wing 22 KINNEVIK#23OUR SUCCESSES AT BUDBEE AND PLEO SERVE AS A TESTAMENT TO THE POWER OF OUR ABILITY TO INVEST EARLY IN OUR HOME MARKET AND THEN FOLLOW ON budbee budbee 80 80 2018 126 5.3x Return on Investment to Date From a SEK 80m investment to a SEK 2.4bn carrying value 224 2019 337 769 2020 337 1,309 2018 Nordic Cohort Aggregate Investments and Fair Value (SEKm) 2021 452 2,415 2022 Q3 PLEO 67 68 2018 153 5.7x Return on Investment to Date From a SEK 67m investment to a SEK 3.7bn carrying value 345 2019 153 407 2020 646 5,884 2021 We are delighted to be able to offer Kinnevik's shareholders access to emerging innovative winners 23 646 3,719 2022 Q3 KINNEVIK#24FOUR YEARS INTO OUR TENURE, BUDBEE IS ENTERING A SYNERGISTIC MERGER WITH INSTABOX, WITH THEIR COMPLEMENTARY OFFERINGS AND FOOTPRINTS budbee instabox budbee I || IV OX Budbee & Instabox Proposed Merger 18bn Combined Value (SEK) 13% Kinnevik Stake Complementary product offerings (home delivery and boxes) Potential to consolidate infrastructure in core overlapping markets Complementary footprint outside of core overlapping markets Strong cap table with supportive shareholder base Budbee & Instabox Present Budbee Present Instabox Present 24 KINNEVIK#25OVER THE LAST TWELVE MONTHS, WE ADDED TWO NEW NORDIC BUSINESSES AT AN EARLY STAGE, DRAWING ON OUR CLIMATE TECH AND HUMAN CAPITAL THEMES Agreena 73 Safety Wing 2022 Nordic Cohort New Investments & Funnel Supporting farmers to make a sustainable and profitable transition to regenerative farming European leader in 13 countries with 10x hectare growth since end of 2021 Recently acquired Al and satellite company Hummingbird Supporting >20,000 users with global health and travel insurance for remote companies and workers >2x growth in written premiums Y/Y Expanding into retirement, life and disability insurance as well as parental leave - to name a few >200 Businesses Reviewed c. 100 Reviewed In-Depth c. 35 Presented at Pipeline Meetings 8 Taken to IC 2 Investments 25 KINNEVIK#26NATALIE TYDEMAN, SENIOR INVESTMENT DIRECTOR EXPLORING NEW THEMES: HUMAN CAPITAL KINNEVIK#27THE WORKPLACE IS UNDERGOING DISRUPTION NOT SEEN FOR DECADES Human Capital Convergence of Trends Increasing prominence of freelance and fractional work ► Full-time freelancers represented 36% of the US workforce in 2020, expected to increase towards 50% by 2027 ► Almost 44% of millennials and 50% of Gen-Z are already freelancing Remote workforces will be a permanent fixture ► Up to 25-30% of all professional jobs could be permanently remote ME Ever-growing skills gap, together with automation of legacy job profiles, drives urgency of up- and reskilling ▸ Tight labour market - 9/10 industry executives are experiencing or anticipating skills gaps in their workforce Automation advancements, fuelled by the pandemic, are forcing workforce lay-offs en masse and accelerating the growth of the knowledge economy Around 800m global workers are predicted to lose their jobs by 2030 due to automation, whilst 97m new roles may emerge that are more adapted to the new division of labour between humans, machines, and algorithms by 2025 The ever-growing skills gap is expected to result in USD 8.5tr in unrealised revenue globally by 2030 The relationship between employer and employee is evolving for the 21st century and giving rise to new products and services 27 KINNEVIK#28WE HAVE IDENTIFIED SEVERAL INVESTMENT THEMES WITHIN THE SPACE THY GENERATION NEW WORKERS Demanding new tools, processes, benefits, and ways of working D omnipresent Safety Wing Helping a resource- poor, understaffed and under-tooled segment to provide enterprise- grade experience and efficiency SMB-FOCUSED Human Capital TOOLS the Future of Work UNDERSERVED EMPLOYEES Beyond the white- collar worker, making up 80% of workers but only 1% of capital invested in the space jobandtalent TALENT Business-critical amidst the global war for talent ACQUISITION RESKILLING PLATFORMS Narrowing the ever- growing skills gap as industries are rapidly disrupted 8 UP Rethinking people's everyday learning and working experience can have a massive impact The space has a large and growing TAM and is undergoing significant digital and societal disruption 28 KINNEVIK#29WE HAVE INVESTED SEK 1.6BN INTO THREE INVESTMENTS IN THE FUTURE OF WORK jobandtalent omnipresent Safety Wing New Generation Workers SEK 377m in Q1 2022 Our Investments Underserved & Underinvested-In Employee Groups SEK 1,006m in Q4 2021 New Generation Workers SEK 177m in Q1 2022 the Future of Work >80 Businesses Reviewed >30 Reviewed In-Depth >20 Presented at Pipeline Meetings 6 Taken to IC 3 Investments 29 KINNEVIK#30IN 2021 WE INVESTED EUR 100M INTO JOBANDTALENT - A MADRID-BASED WORKFORCE-AS-A-SERVICE PLATFORM Product Market Focus Areas Financials ▪ Workforce marketplace that matches workers with temporary roles Proprietary job matching technology to match workers with temporary roles within a range of sectors such as e-commerce ■ ■ ■ ■ ■ ■ ■ jobandtalent Overview ■ Makes the labour market more fluid and accessible by tearing down the barriers to job searching and hiring The temporary staffing sector is a EUR 500bn highly fragmented global market Characterized by traditional agencies delivering poor service, and low worker and employee satisfaction Accelerating expansion in key markets Significantly increase the size of its tech and sales teams Has grown revenues by >2x since our investment in late 2021 EBITDA profitable on an underlying level Funded to cash flow break-even 分 Van Driver TE 12,290 C Clocking P Shifts cependct your he track of your HGKING PIN at Last 1,345 Contract details A&Dead your com Payslips Ac S Other documents A GMP Riport an issue Lyonca Delivery driver pe M D Wys y no thin De w the way an offer valgmunties Jobandtalent's Co-Founders Felipe Navio & Juan Urdiales 30 KINNEVIK#31NATALIE TYDEMAN, SENIOR INVESTMENT DIRECTOR EXPLORING NEW THEMES: CLIMATE TECH KINNEVIK#32CLIMATE TECH IS EXPANDING RAPIDLY DRIVEN BY A CONFLUENCE OF TECHNOLOGICAL, SOCIETAL AND REGULATORY ADVANCEMENTS SAVE OUR PLANET SATINE USTAINABI LINKED FINANCING FRAMEWORK 021 Why Now for Climate Tech? New and cheaper technologies have shifted the cost curve for a positive climate impact downwards Consumer demand for sustainability has rocketed, with more and more 'climate tech unicorns' emerging Regulators are increasingly taking action on net zero, even though COP26 may have been a disappointment A robust corporate demand signal now exists, with more and more corporates committing to net zero Investor demand for ESG and impact investment continues to increase The war in Ukraine has increased the urgency of energy transition The tailwinds behind the climate tech sector are clearer than ever, driven by a confluence of advancements within technology, society and the regulatory environment and accelerated further by the war in Ukraine 32 KINNEVIK#33AFTER FOCUSING ON SUSTAINABILITY OVER THE LAST YEARS, NOW IS THE TIME FOR US TO ASSESS CLIMATE TECH AS AN INVESTMENT THEME IN ITS OWN RIGHT EXISTING EXPERTISE Able to leverage expertise gained from focusing on sustainability within our portfolio for years Why Now for Kinnevik? Tectonic shift in consumer behavior and a need to invest for the long term SECTOR TAILWINDS GE PERMANENT CAPITAL Competitive advantage considering longer R&D cycles, operational scaling and commercial lead times the Nordics is an epicenter for climate initiatives, and we can leverage our network and business-building DNA NORDIC HERITAGE KINNEVIK DNA 33 & KINNEVIK WX 95%#34OUR PRIORITIZED AREAS WILL DIRECTLY ADDRESS A MASSIVE PROPORTION OF EMISSIONS AND OUR FOCUS ON CARBON WILL ADDRESS THE REMAINDER Industry Other Industry Waste Management O&G Refining Cement Mining Non-Metallic Minerals Iron & Steel Food Ehtylene 1,140 MtCO₂e Chemicals O&G Upstream Pulp & Paper Non-Ferrous Metals Power Emissions Baseline by Sector MtCO₂e, Direct EU Emissions, 2017 3 930 MtCO₂e Note: All areas will be indirectly targeted through carbon capture, utilization and storage Source: McKinsey, IEA, UNFCCC TH Transportation Passenger Cars Heavy Duty Trucks & Buses Light Duty Trucks Other Aviation 820 MtCO₂e Shipping Buildings Residential Agriculture 490 MtCO₂e Enteric Fermentation Soils Equipment Manure 470 MtCO₂e Other 34 Commercial LULUCF Forest Land Other Land 250 MtCO₂e KINNEVIK W#35WE WILL FOCUS ON EXCITING COMPANIES ALIGNING WITH FIVE PILLARS Address USDtn markets with high emissions Interventions with high potential impact on most urgent needs for 2025-30 targets Five Pillars Opportunity Selection Strong moats through tech IP, network effects, scale or first-mover advantage S Proven technology with a clear path to commercialisation We believe that focusing on companies that have these characteristics will enable us to generate venture / growth-type returns within climate tech Founders and teams able to build innovative businesses in conservative industries 35 Ο ΚΙΝΝΕΜΙΚ A 95%#36WE HAVE THE FOLLOWING AMBITIONS WITHIN CLIMATE TECH O || Our Ambitions Climate Tech Invest selectively but meaningfully Build an outstanding portfolio over the next five years Build a reputation similar to what we have in healthcare 36 KINNEVIK#37WE HAVE INVESTED SEK 1.1BN INTO FOUR INVESTMENTS OVER THE PAST YEAR IN INDUSTRIES THAT COLLECTIVELY ACCOUNT FOR 34% OF GLOBAL CO2 EMISSIONS vay Agreena Solugen H2green steel Low-Carbon Mobility SEK 206m in Q4 2021 Our Investments Regenerative Agriculture & Nature-Based Carbon Credits SEK 127m in Q1 2022 Carbon Neutral Chemicals SEK 508m in Q3 2022 Green Steel SEK 274m in Q4 2022 (at current FX) Climate Tech >80 Businesses Reviewed c. 40 Reviewed In-Depth c. 25 Presented at Pipeline Meetings 10 Taken to IC 4 Investments 37 KINNEVIK#38WE RECENTLY INVESTED USD 50M INTO SOLUGEN - A TEXAS-BASED COMPANY THAT ARE AIMING TO DECARBONIZE THE CHEMICALS INDUSTRY Product Market Focus Areas Funding Requirements ■ ■ I ■ I ■ ■ ■ Solugen Overview Production of organic acids and platform chemicals from sugar instead of polluting feedstocks (petroleum) by leveraging engineered enzymes and metal catalysts Innovative approach operates at lower temperatures and generates higher yields, thereby lowering waste, emissions, and cost Highly modular production facilities (or BioForges) reduce capex, carbon footprint, and supply chain risk Disrupting the USD 6tn chemicals industry, responsible for 6% of global CO₂ emissions Products address a wide range of applications in sectors ranging from cement to food & beverage Build out BioForge footprint Invest heavily into R&D to broaden and mature the product portfolio Very strong funding position with almost three years runway A cap table consisting of many of the foremost investors in the climate tech space Solugen's manufacturing facility design the 'Bioforge' Solugen's Co-Founders Gaurab Chakrabarti and Sean Hunt 38 KINNEVIK#39Q & A#40GEORGI GANEV, CHIEF EXECUTIVE OFFICER WRAP-UP KINNEVIK