#1*ΚΙΝΝΕVΙΚ CLIMATE TECH PRESENTATION 7 FEBRUARY 2023#2KINNEVIK'S TEAM OF CLIMATE TECH EXPERTS Senior Investment Director Natalie Tydeman Magnus Jakobson Jessica Pedroni Samuel Marsden Anna Adlarson Anfisa Tukhvatullina Cecilia Zhao 2 KINNEVIK#3CLIMATE TECH IS EXPANDING RAPIDLY DRIVEN BY A CONFLUENCE OF TECHNOLOGICAL, SOCIETAL AND REGULATORY ADVANCEMENTS SAVE OUR PLANET SATIRE 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, with the IRA expanding and accelerating climate tech TAM 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 Balk 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 3 KINNEVIK#4OUR 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 4 Commercial LULUCF Forest Land Other Land 250 MtCO₂e Ο ΚΙΝΝΕΜΙΚ W#5AFTER 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 LO 5 & KINNEVIK WX 95%#6WE 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 6 Ο ΚΙΝΝΕΜΙΚ A 95%#7WE 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 7 KINNEVIK#8EVOLVING OUR PORTFOLIO USING A PROVEN METHOD 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 2% Q4 2018 Applying Our Learnings in Healthcare Onto Climate Tech A Growing Healthcare Portfolio % Healthcare Investments of Portfolio Value 39% 25% Q4 2022 Kinnevik has positioned itself as one of the leading investors in the US healthcare space through a combination of positive sector tailwinds, our deep and evolving expertise and network, and our willingness to take long-term risk and invest early Through the years, we have built a prowess, a portfolio, and a track record in healthcare and have added companies in a balanced way across various stages of growth and maturity In building our climate tech portfolio, we have adopted a similar method to what we have leveraged in healthcare identifying a secular growth trend, beginning to develop deep sector knowledge, and building a network of industry experts and specialist funds L +57% 5-Year IRR Healthcare Portfolio Per year-end 2022 8 KINNEVIK#9WE 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 Regenerative Agriculture & Nature-Based Carbon Credits SEK 127m in Q1 2022 Carbon Neutral Chemicals SEK 508m in Q3 2022 Our Investments Green Steel SEK 275m in Q4 2022 Climate Tech c. 546 Businesses Reviewed c. 119 Reviewed In-Depth c. 45 Presented at Pipeline Meetings 9 Taken to IC 4 Investments KINNEVIK#10OUR CURRENT CLIMATE TECH PORTFOLIO IS DIVERSIFIED IN TERMS OF UNFUNDED EQUITY REQUIREMENT AND TIME TO COMMERCIALISATION High Unfunded Equity Requirement Low Agreena Solugen Already Commercialised Note: ¹Based on current operating plan as with all companies shown above Portfolio Positioning Indicative vay Solugen is now fully funded through to profitability¹ Time to Commercialisation H2green steel 2025+ 10 KINNEVIK#11WE RECENTLY INVESTED USD 50M INTO SOLUGEN - A TEXAS-BASED COMPANY THAT ARE AIMING TO DECARBONIZE THE CHEMICALS INDUSTRY Product Market Focus Areas Funding Requirements ■ ■ ■ ■ ■ ■ Solugen Overview Production of organic acids and platform chemicals from sugar instead of polluting feedstocks (petroleum) by leveraging engineered enzymes and metal catalysts Since we invested last year, Solugen have continued to strengthen our conviction by achieving almost nine figures of revenue in 2022, demonstrating consistently high product margins and by accelerating the timeline of their bioforge roll-out 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' 11 Solugen's Co-Founders Gaurab Chakrabarti and Sean Hunt KINNEVIK#12WE HAVE ALSO INVESTED EUR 25M INTO H2 GREEN STEEL TO ACCELERATE THE DECARBONIZATION OF STEEL - ONE OF THE LARGEST CO₂ EMITTING INDUSTRIES 2 Product Market Focus Areas Funding Requirements ■ ▪ Producer of green steel, reducing CO₂ emissions with up to 95% compared to traditional steelmaking ■ H2green steel ■ Overview ■ 5 million tonnes of green steel produced in Boden by 2030 A fully integrated, digitalized, and sustainable plant ▪ Off-take supply agreements with partners across industries from automotive to construction to white goods Targeting the steel, one of the most used products in the world, representing ~7% of global CO₂ emissions Developing Boden plant Exploring opportunities in green hydrogen and green iron I Announced debt commitments for EUR 3.5bn in Oct 2022 Anticipated to raise further capital for Project Boden Very strong cap table consisting of several players with significant and long-term capital ALTOR G GIC MARCEGAGLIA VARGAS HOLDING 33 AMF HITACHI Inspire the Ned Hitachi Energy ORSTEIN GROUP IMAS Foundation SCANIA Boden plant design Kingspan SCHAEFFLER 12 Exor B KINNEVIK SMS group FAM KOBELCO Swedbank ( Partners and co-investors KINNEVIK#13OUR CLIMATE TECH PORTFOLIO ALSO INCLUDES VAY AND AGREENA Recently became the 1st company to teledrive on European public roads without a safety driver Product Market Focus Areas Funding Requirements ■ ■ I vay Overview Vay is creating a proprietary teledriving platform that allows drivers in central teledriving hub to remotely drive connected fully electric cars on public roads The company enables a more efficient use of cars which leads to the total emissions reduction The global urban mobility sector is a €4.2tn market, which has already seen, and will continue to experience tectonic shifts in response to changes in consumer preferences and technology advances Getting the green light from authorities to launch a small commercial service in Germany and/or the US Further building out the organisation, processes and team Strong funding position with ~2 years of runway Notes: ¹MRV = Measurement, Reporting and Verification vay ■ ■ ■ Agreena Overview Has scaled the number of hectares by 10x during 2022 Direct-to-farmer, vertically integrated, platform to help farmers transition to regenerative ag by providing a secondary carbon finance revenue stream via the voluntary carbon market (VCM) Regenerative ag restore the soil and capture carbon (via reduced tillage, crop rotation, organic fertilizers etc.) World-leading MRV software uses ground-truth data, satellites and Al to ensure scalable detection and trustworthy transition Reaching the 1.5-degree target require negative emissions Regenerative farming can remove 100-500 MT CO₂ every year The VCM is currently worth +2bn USD and expected to be worth upward of USD 50bn by 2030 Scale platform to farmers across Europe and globally Product development to strengthen farmer experience and MRV Asset light model with strong funding position and >1 year of runway 13 KINNEVIK#14Q & A