#1Kichak PRESENTATION OF KINNEVIK'S Q1 2023 20 APRIL 2023#2Q1 2023 1 2 Capital Reallocation in Healthcare Key Events of the Quarter 3 Valuations & Capital Allocation Update 4 5 Tracking Against Our Priorities Q&A Today's Presenters Georgi Ganev Chief Executive Officer Samuel Sjöström Chief Financial Officer Torun Litzén Director Corporate Communications ΚΙΝΝΕΥΙΚ#3KEY EVENTS OF THE QUARTER CAPITAL REALLOCATION IN HEALTHCARE ΚΙΝΝΕΥΙΚ#4Q1 WAS A QUARTER OF MARKET VOLATILITY AND UNCERTAINTY DURING WHICH WE REMAINED FOCUSED ON EXECUTING ON OUR 2023 PRIORITIES Spring Health Enveda Note: Teladoc Livongo® Agreena EQUALITY GROUP EQUILE/P MAKE A DIFFERENCE AND A RETURN Key Events of The Quarter Q1 2023 NAV of SEK 55.5bn or 198 per share, up 5% in Q1 2023 and down 18% from Q1 2022. Fair value of unlisted investments up 4% in the quarter through SEK 0.8bn in follow-ons and a small write-up of underlying valuations Invested USD 50m into Spring Health, redoubling our investment in one of our highest conviction, strongest performing businesses. The company has grown revenues by 7x since our first investment in late 2021, and is now funded to break-even with a path to reach cash flow profitability in 2024 Enveda, a biotechnology company tackling drug discovery through a nature- based approach, added to our emerging portfolio within life sciences through a USD 25m investment after quarter-end alongside our partner fund Dimension Fully exited our Teladoc investment, realizing a >55% IRR since our first Livongo investment in 2017 and releasing an incremental SEK 1.0bn of which 0.8bn redeployed into Spring Health and Enveda Agreena raised EUR 46m in new financing in the quarter, having scaled its activities by 10x since our first investment and expanded its geographic footprint to cover 16 European countries Net Asset Value adjusted for Other Net Assets / Liabilities Again recognized for our leadership within diversity, equity and inclusion being the leading investor in the Honordex Inclusive Index Report 2023, and ranking as the only investor among Equileap's top companies in Sweden for gender equality, and the 2nd ranked globally for our equal parental leave policy Net Asset Value • Public, Private, Net Cash / (Debt), SEKbn 67.9 5.0 32.6 31.0 Q1 2022 Investments 0.8 52.9 10.4 14.6 28.8 Q4 2022 Investment Activity Q1 2023, SEKbn 55.5 (1.0) 10.5 15.8 29.9 Q1 2023 Divestments Net Investments (0.2) KINNEVIK#5OUR USD 50 MILLION FOLLOW-ON INVESTMENT INTO SPRING HEALTH IN Q1 IS A PERFECT EXAMPLE OF USING 2023 TO DOUBLE DOWN IN OUR WINNERS ■ ■ Redoubling our commitment in one of our high- conviction, strong-performing businesses at a balanced USD 2.5bn valuation ■ ■ Significant Follow-On in Spring Health Supporting & Maximizing Impact of High-Conviction Businesses I USD 40m primary investment in a 71m round, corresponding to >10x our pro rata share USD 10m secondary purchase from an early-stage investor in need of liquidity Accreting ownership from 5 to 7% Spring has grown revenues by more than 4x since our 2021 investment on an NTM basis, and by more than 7x on an LTM basis The business is now funded to break-even with a path to reach cash flow profitability in 2024 through operating leverage Emerging as a new star healthcare investment behind Livongo, Cedar, Cityblock and VillageMD with significant growth opportunities ahead From Our 1st Investment to Today Select KPIs 4.3x Growth in NTM Revenue 2.7x Growth in Corporate Clients (69)% Change in EV/NTM Revenue 2.4x Growth in Covered Lives "Kinnevik has become our trusted partner and advisor for every part of our business. It's easy to take a long-term stance in a bull market, and Kinnevik has proven to us they are a wonderful partner no matter the macro environment. Kinnevik has stood with us for all our growth, as well as the occasional bump in the road that every startup faces. Everyone looks for a value-add investor, and there's no question that Kinnevik fits that profile." April Koh CEO and Co-Founder Spring Health has the potential and the momentum to become one of Kinnevik's most successful healthcare investments, and 2023 created an opportunity for us to lean in and commit more capital at a rebalanced valuation, providing the company fast access to capital and ability to focus singularly on continuing to capture the massive market opportunity KINNEVIK#6OUR TELADOC EXIT REALIZES A >55% IRR INVESTMENT, WITH GAINS REALLOCATED INTO NEW CARE DELIVERY MODELS AND OUR ENTRY INTO LIFE SCIENCES I In Q1, we exited our remaining stake in Teladoc This is the first significant full exit in the Growth Portfolio generating a >55% IRR on an aggregate SEK 1.4bn investment over a six-year tenure starting with our Livongo investment in 2017 Of SEK 5.4bn in total proceeds, we have redeployed 4.6bn into a number of new businesses with a current carrying value of 7.0bn - ■ ■ Rotating Out Of Teladoc Capital Reallocation in Healthcare " value-based care innovator Cityblock focused on the underserved Medicaid population; next-generation care delivery businesses such as Spring Health and Transcarent (led by Livongo's founder Glen Tullman); and more novel drug discovery businesses such as Recursion and Enveda, leveraging our partner fund Dimension Going forward, we remain focused on three areas of investment within healthcare - 1. technology-enabled care delivery companies such as Cityblock, Spring Health and Transcarent; II. software healthcare enablers such as Cedar; and III. life sciences businesses such as Enveda and Recursion 2017 First Investment : Livong 1.4bn Nasdac Total Invested Capital (SEK) >55% 2020 2021 2022 2022 2023 Inception IRR cityblock Spring Health transcarent RECURSION Enveda o Quit Genius P Parsley The return on our Livongo/Teladoc investment has financed our capital deployment into new Healthcare businesses over 2020-23, maintaining a center of gravity in the venture and growth section of the business maturity S-curve KINNEVIK#7IN APRIL WE INVESTED USD 25M INTO ENVEDA BIOSCIENCES, ADDING TO OUR EMERGING CLUSTER OF LIFE SCIENCES INVESTMENTS ■ I ■ Enveda Enveda Biosciences is a Colorado-based biotech founded in 2019 by Viswa Colluru, a PhD in cellular and molecular biology who joined our investee company Recursion as an early employee in 2016 Plant Based Drug Discovery Viswa left Recursion in 2019 to launch Enveda, and found early backing from the founders at Recursion and the team behind our partner fund Dimension In April we invested USD 25m into Enveda alongside a follow-on investment by Dimension and other insiders ■ The company focuses on mining natural products (mostly plants) for drug discovery. Nature has yielded a large share of past blockbuster drug successes such as Aspirin and Metformin, but has suffered diminishing returns due in part to our inability to understand its chemical make-up Enveda uses novel machine learning techniques such as large language models, metabolomics, and robotics to index nature's chemical space and annotate its function for new drug discovery Enveda's platform is multi-layered and IP-protected, generating a compounding, proprietary dataset, and is attracting significant interest from pharma and biotech partners Enveda fits squarely into our emerging life sciences strategy expanding our healthcare portfolio into accessing the current technology revolution in the pharma industry Enveda's Search Engine New Drugs in a Dark Chemical Space I want an @inflammasome inhibitor that is not @cytotoxic that is available in the @brain that has a @mass between 200-600. CONTINUE > Viswa Colluru, PhD CEO & Founder While at an early stage, we believe Enveda has the potential to become a truly big company over the next 5-10 years 7 KINNEVIK#8VALUATIONS & CAPITAL ALLOCATION UPDATE ΚΙΝΝΕΥΙΚ#9GROWTH WAS THE KEY UPWARD DRIVER OF VALUATIONS IN THE QUARTER, WITH SOME INERTIA CAUSED BY THE REVERSAL OF LIQUIDATION PREFERENCES ■ ■ U Q1 2023 Valuations In Q1, an underlying valuation reassessment of 2-3% translates into a fair value write-up of SEK 0.3bn or 1% Driven by a combination of on-plan growth in B2B, slight incremental softness in consumer-facing businesses and stable multiples ■ Public benchmark multiples were up by >15% on average, but by considerably less when excluding a positively volatile value-based care peer set Implied forward revenue multiples for our investees were up by 1% on average (down 1% when excluding value-based care) The aggregate impact from liquidation preferences amounts to SEK 2.9bn at the end of the quarter - down from 3.2bn in Q4, with this "amortization" muting the quarter's write-up slightly Currencies were stable in aggregate, but the Norwegian krona depreciated materially by 6% to its Swedish variety Six funding rounds in the quarter at an average c. 50% premium to our Q4 carrying values (>75% if excluding Spring Health) spanning (5) to >150% Drivers & Parameters 28.8 Q4 2022 Value Drivers Unlisted Assets, Illustrative, Q4 2022 to Q1 2023 (SEKbn) NTM Revenue NTM Revenue Outlook Multiples ■Value-Based Care Virtual Care Cash Burn & Dilution Platforms & Marketplaces Liquidation Preferences & Currencies Software Follow-On Investments Consumer Finance 29.9 Business-facing investees are performing in line with expectations, but incremental conservati eness on multiples, softening expectations on consumer-facing businesses and liquidation preferences hold back this quarter's write-up Q1 2023 Early Bets & New Themes KINNEVIK#10KEY IN-QUARTER REASSESSMENTS REVOLVE AROUND FIVE INVESTEES VillageMD cityblock Spring Write-Ups ■ Key Valuation Reassessments W Valuation increase of >10% in dollar terms at both companies through mid-single digit multiple expansion and on-plan performance Buyouts of Oak Street Health, One Medical and Signify impairs accuracy of peer set - multiples relative to peers down materially in the quarter as more difficult to calibrate the premium on value- based care operators versus fee-for-service Underlying valuation increase of around 25% in dollar terms, slightly muted by amortization of liquidation preferences Valued in line with recent funding round Multiple expansion of >10% in the quarter fairly in line with peers, but still down >40% year-on-year Q1 2023 budbee instabox monese H ■ H ■ Write-Downs Valuation decrease of 15% from last quarter's carrying value Performing above plan during first few months of 2023, but write-down stemming from additional caution in outlook for consumer spending in the Nordics as pressure from rising interest rates increasing Valuation decrease of 35% in sterling terms Driven by revised expectations on investment need as it continues to rebalance its business mix from B2C to B2B revenues Among business-facing investees (73% of our private portfolio), a weighted-average write-up amounted to +6%, whereas among more consumer-facing investees (27%) a weighted-average write-down amounted to almost (10)% 10 KINNEVIK#11IN TOTAL, NET ASSET VALUE WAS UP 5% IN Q1 2023 Per Share Note: 52.9 10.4 11.8 2.9 28.8 Q4 2022 189 Net Asset Value Development in Q1 2023 • Private Growth, Public Growth, Tele2, Net Cash / (Debt), SEKbn +1.1 Private Growth Total Net Asset Value including Other Net Assets / Liabilities (1.2) Public Growth +2.4 Tele2 +0.1 Other 55.5 10.5 14.2 1.6 29.9 Q1 2023 198 11 KINNEVIK#12OUR CAPITAL ALLOCATION EXPECTATIONS REMAIN UNCHANGED, WITH KEY ALLOCATION RISKS RELATING TO MISSED UPSIDE OPPORTUNITIES ■ Capital Reallocation 2023 Expectations Our 2023 expectations remain unchanged - around SEK 5bn in total investments split 50/50 between new investments and follow-on investments in the existing portfolio Our assessments of investee runways also remain largely unchanged, with the key development being extensions of runways through funding rounds in the quarter ■ Around 6% of our private investees by value have runway not lasting longer than to end of 2023 (from 10% in Q4 2022) Of our currently forecasted follow-on investments, around 70% of capital is expected to be deployed into high-conviction businesses where we are either instigating transactions or willingly accreting ownership (as in Spring Health) Two main factors could affect our expectations - 1. an inability to deploy as much capital as we would like into our existing high-conviction businesses (pushing the SEK 5bn and the % share of follow- on investments downward) 2. not finding enough attractive opportunities to invest in new businesses due to companies not coming to market (pushing the SEK 5bn and the % share of new investments downward) Type of Follow-On Investment Approximations, Current Forecast 30% Pre-Empting or Instigating Transactions in High-Conviction Businesses 40% Above Pro Rata Participation in Planned Rounds in High-Conviction Businesses 20% Pro Rata Participation in Planned Rounds in Emerging Businesses 10% Minimized Participation in Planned Rounds in Struggling or Low-Conviction Businesses We remain focused on making the most of the current environment through maximizing the impact of our highest-conviction investments and capturing opportunities that arise during a period of more risk-averse sentiment 12 KINNEVIK#13TRACKING AGAINST OUR PRIORITIES ΚΙΝΝΕΥΙΚ#14WE ARE TRACKING AGAINST OUR 2023 PRIORITIES AND EXPECTATIONS OUR 2023 PRIORITIES Continued disciplined capital allocation Support and maximize the impact of our highest-conviction investments Minimize capital and exposure to our lowest-conviction investments Pursue new investments selectively, leveraging our financial strength and long-term perspective Capture opportunities arising during a period of a risk-averse sentiment OUR 2023 EXPECTATIONS Maintain our momentum of SEK 5bn in annual investments Investments split roughly 50/50 between existing and new companies Our investees will need to continuously adapt to a dynamic and complex economic environment Continued crystallization of long-term winners and investments that will be pruned and transitioned out Ending the year within a more stable outlook for the venture and growth capital ecosystem 14 KINNEVIK#15Q&A#16WE INVEST FOR A REIMAGINED EVERYDAY