#1PRESENTATION OF KINNEVIK'S Q2 2022 JULY 2022#2PRESENTATION OF KINNEVIK'S SECOND QUARTER 2022 RESULTS 1 2 3 4 Highlights of the Quarter Key Valuation Changes Kinnevik's Q2 2022 Our Broad and Robust Growth Portfolio Our Financial Position Agenda & Presenters Today's Presenters Georgi Ganev Chief Executive Officer Erika Söderberg Johnson Chief Financial Officer Torun Litzén Director Corporate Communications Samuel Sjöström Chief Strategy Officer 2 KINNEVIK#3WE ARE NAVIGATING A HIGHLY CHALLENGING ENVIRONMENT FROM A POSITION OF STRENGTH, WITH SHORT-TERM CHALLENGES AND LONG-TERM OPPORTUNITIES Note: budbee Mathem TELE2 Highlights of The Quarter Q2 2022 NAV decreased by 10% to SEK 61.1 bn or SEK 218 per share, as the downward valuation trend continued without abatement. On average, revenue multiples contracted by around 30% in the quarter, and the fair value of our unlisted portfolio declined by around 20% before taking liquidation preferences and material currency tailwind into account We made a follow-on investment in Budbee, valuing the company at SEK 7.3bn, supporting its continued strong organic and profitable growth. We also participated in Mathem's funding round valuing the company at SEK 2.3bn, in line with our first quarter 2022 valuation We divested 27% of our shareholding in Tele2 for SEK 6.0bn, providing us with additional financial strength at a time of market uncertainty. We have a net cash runway through 2024, and will continue to support our most promising companies and to take stock of opportunities emerging in the prevailing market environment Net Asset Value adjusted for Other Net Assets / Liabilities We published our inaugural Climate Progress Report to follow-up on our climate target for the portfolio. Between 2020 and 2021, the emissions- reporting companies in Kinnevik's portfolio have decreased their emissions intensity by 11%, thus achieving our annual target of 7% Net Asset Value • Public, Private, Net Cash / (Debt), SEKbn 72.4 67.9 32.6 !!! 32.6 31.0 29.3 5.0 34.9 5.4 2021 Q4 Investments 0.5 2022 Q1 Investment Activity Q2 2022, SEKbn Divestments (6.0) 3 61.1 19.0 13.6 2022 Q2 Net Investments (5.6) KINNEVIK#4WE HAVE MADE GREAT STRIDES IN BUILDING A BALANCED GROWTH PORTFOLIO SPREAD ACROSS THE TYPICAL S-CURVE OF GROWTH AND TIME TO PROFITABILITY Omnipresent (Early-Stage Growth) We invested in March 2022 During 2021, the company grew its team by 10x and revenue by 25x ■ vay Morena Venture omnipresent A Broad and Robust Growth Portfolio PEO Balanced S-Curve Exposure, Illustrative Budbee (Mid-Stage Growth) We invested in 2018 Since our first investment in 2018, the company has grown revenue by >30x and was profitable in its underlying operations during FY2021 CITYBLOCK V Acceleration budbee jobandtalent Growth Success Jobandtalent (Later-Stage Growth) We invested in end of 2021 The company was profitable in 2021, and expects to double sales in 2022 I 4 KINNEVIK#5WE INVESTED EARLY IN BUDBEE AND HAVE CONTINUED TO DEPLOY MORE CAPITAL AS THE COMPANY CONTINUES TO SHOW STRONG ORGANIC AND PROFITABLE GROWTH 0000 for budo Winning in Last-Mile Delivery Budbee Full year 2021 revenues amounted to SEK 835m more than double compared to the previous year Reached profitability at group level in FY 2021 Raised SEK 400m at a valuation of SEK 7.3bn in May 2022, up >40% from our Q1 2022 mark 5,000 parcel lockers contracted across its markets, including installations in 700 Albert Heijn stores in the Netherlands budbee Fredrik Hamilton CEO & Founder The contract with Albert Heijn in the Netherlands and the oversubscribed capital raise, in which Kinnevik invested SEK 115m, mark key milestones on Budbee's growth journey and are solid proof of their successful business model. Kinnevik's investment in Budbee has generated a return of 4.4x our aggregate invested capital, and 11x our first investment in 2018 5 KINNEVIK#6KINNEVIK ACHIEVED ITS CLIMATE TARGET FOR THE PORTFOLIO IN 2021 ■ In our first Climate Progress Report published end of June, we follow-up on the fulfilment of Kinnevik's annual intensity reduction target for the portfolio, and report on the performance against the Climate Sustainability Performance Target of our outstanding Sustainability Linked Bonds Between 2020 and 2021, the six companies in Kinnevik's portfolio reporting emissions have decreased their emissions intensity by 11%, thus achieving our annual target of 7% ■ Tele2 and GFG were the largest contributors to the overall reduction in 2021, due to their relatively large weight in our portfolio as well as their strong performance in decreasing emissions intensity. Meanwhile, Budbee and TravelPerk had the largest relative intensity decrease among the companies Climate Progress Report On Track to Reach Our Long-Term Target 11% 50% The emission-reporting companies in Kinnevik's portfolio decreased their emissions intensity by 11% between 2020 and 2021, thus achieving our target of 7% Kinnevik's long-term target is a 50% emissions intensity reduction by 2030 compared to 2020 6 KINNEVIK#7AN UNDERLYING VALUE REASSESSMENT OF (30)% IS CUSHIONED BY A HANDFUL OF TRANSACTIONS, AND POSITIVE EFFECTS FROM PREFERENCES AND CURRENCIES ■ ■ In or shortly after the second quarter, there were transactions in a handful of investees that priced these companies in the current valuation environment, primarily - Budbee, raising SEK 400m at a SEK 7.3bn post-money valuation in late May, a >40% uplift to our Q1 2022 valuation Omio, raising USD 80m at a valuation causing a >70% uplift to our Q1 2022 valuation Excluding the valuations supported by transactions during the second quarter, we have written down the underlying value of our unlisted portfolio by more than 30% on average in Q2 2022 by contracting our valuation multiples on fairly equal footing with the peer group averages Including these valuations, the average write-down is around 20% Liquidation preferences and currency tailwind provide a significant cushion to this substantial write-down, bringing it to the 7% SEK fair value write-down posted in today's NAV statement Q2 2022 Valuations of Unlisted Assets Put in Perspective Average Write-Down >(30)% Quarterly Write-Down Bridge From Underlying Assessments to NAV Impact, % Decline After Q2 Transactions (20)% After Preferences (12)% The valuation reassessments that are not triggered by transactions taking place in the quarter are generally in line with the share price decreases observed in their respective publicly listed peer groups 7 After Currencies (7)% KINNEVIK#8MULTIPLE CONTRACTION IN COMPANIES NOT PRICED IN Q2 IS SLIGHTLY MORE MODEST THAN THE LISTED BENCHMARKS THAT OUR INVESTEES ARE OUTGROWING 60% 50% 40% 30% 20% 10% Value-Based Virtual Care Care Multiple Contraction in H1 2022 Peer Average (Grey) & Investee Weighted Average (Colored) Source: FactSet Q2 2022 Valuations of Unlisted Assets Multiples & Top-Line Growth Platforms & Marketplaces Software Consumer Finance Revenue Growth in H1 2022, Y/Y Peer Average (Grey) & Investee Weighted Average (Colored) Value-Based Care Jl. Platforms & Marketplaces Virtual Care Software Excluding the valuations underpinned by transactions during the second quarter, our valuation multiples have contracted by around 43% on average during the first half of 2022 (40% contraction including these transactions) - this is 12pp more modest than the average peer group contraction Meanwhile, our investees outpace their valuation peers by >4.5x on average, growing by >135% Y/Y in H1 2022 (relative to peers at <30%) Consumer Finance 8 225% 200% 175% 150% 125% 100% 75% 50% 25% KINNEVIK#9LIQUIDATION PREFERENCES AND CURRENCIES HAVE A SIGNIFICANTLY POSITIVE EFFECT ON OUR CARRYING VALUES AS PER QUARTER-END ■ Q2 2022 Valuations of Unlisted Assets Liquidation Preferences & Currencies Liquidation preferences can provide some protection against downside in sales or listings of businesses at a valuation lower than a previous private funding round Our valuation framework (IFRS 13 and the IPEV Guidelines) define fair value as the price that would be received to sell an asset in an orderly transaction We therefore take liquidation preferences into account when valuing our interests in our investee companies In constant currencies, the positive effect stemming from liquidation preferences amounts to SEK 2.2bn per end of Q2 2022. In quarter-end currency rates, the effect amounts to SEK 2.4bn This means that as at end of June without preferences the fair value of our unlisted assets would be SEK 2.4bn lower (around 8%), and that SEK 2.4bn in underlying value appreciation is required before accruing an on-paper return on investment This effect is centred around the new investments made in 2021 and early 2022 The Swedish krona has depreciated materially during 2022, in particular against the US dollar In Q2 2022, the dollar was up 10% against the krona, and during H1 2022 it was up 13% Had exchange rates been unchanged from end of 2021, the fair value of our unlisted assets would be SEK 2.2bn lower (around 8%) YTD Effect of Liquidation Preferences & Currencies Bolstering Effect on Reported NAV, SEKbn 32.6 Q4 '21 Residual Fair Value 31.0 29.9 Q1 ¹22 Liquidation Preferences Including SEK 2.1bn in YTD net investments 29.3 2.2 2.2 9 24.9 Q2 '22 Currencies The change in fair value of our unlisted growth assets is negative SEK 5.4bn or (16) % YTD when adjusting for net investments Without the effects from liquidation preferences and favorable currency movements, the YTD decline in fair value would be closer to SEK 10bn or >(30)% KINNEVIK#10BUDBEE IS THE ONLY MATERIAL WRITE-UP IN Q2, WITH OUR LARGER INVESTMENTS OTHERWISE BEING SUBJECTED TO MULTIPLE CONTRACTION IN LINE WITH PEERS budbee PLEO VillageMD CITYBLOCK - ■ ■ ■ I ■ ■ ■ I ■ I Q2 2022 Valuations of Unlisted Assets Key Reassessments Valuation increase of >40% in line with where the company raised SEK 400m in the quarter, led by a SEK 200m investment from a small (c. 2.5%) existing shareholder At an approximate 50% premium to key peer InPost on an NTM basis, courtesy of considerably (around 4x) stronger growth and proven underlying profitability at group level NTM revenue multiple contracting by around 35% in Q2 and by almost 45% YTD, in line with peers when under-indexing movements in constituents with considerable exposure to pandemic-fueled sectors such as e-commerce and communication At a premium to peers considering considerably (around 4x) higher growth, but normalizes over the coming 12 months in relation to the valuations of the peer group's best-in-class companies Valuation is >20% below the WBA transaction that closed in Q4 2021 in SEK terms, and >30% below in USD terms YTD NTM revenue multiple compression of almost 50%, 5pp deeper than the average peer At a premium to the peer average on an NTM multiple basis, but increasingly in line or at a deeper discount to the more richly valued constituents of the peer group already on a 2023 revenue basis, as the company is outgrowing peers by >2x Valuation is down >25% YTD in SEK terms and down >35% in USD terms YTD NTM revenue multiple compression of >50%, almost 10pp deeper than the average peer At a slightly higher premium to the peer average on an NTM multiple basis than VillageMD, but similar pattern of catching up to the peer group already on a 2023 revenue basis, as also Cityblock is outgrowing peers by 2x 10 KINNEVIK#11OUR NAV IS DOWN 10% WITH PRESSURE IN GROWTH BALANCED OUT BY OUR SIGNIFICANT NET CASH POSITION AND A MORE RESILIENT TELE2 67.9 2.7 1.6 10.2 6.1 3.9 10.2 26.7 Q1 2022 5.0 2.1 (0.7) (9.1) Tele2 Capital Reallocation Net Asset Value Development (SEKbn) ● Value-Based Care • Virtual Care • Platforms & Marketplaces • Software . Consumer Finance • Early Bets & New Themes • Emerging Markets & Other Tele2 .Net Cash/(Debt) • Other Net Assets/(Liabilities) (1.6) Tele2 Value Change (2.9) Listed Growth +1.0 (3.2) Excluding liquidation preferences and currency tailwinds, the fair value of our unlisted Growth Portfolio would be SEK 3.6bn lower Unlisted Growth (Q2 Transaction Valuations) Unlisted Growth +0.5 Net Investments in Growth Portfolio 11 NAV Down (10)% 61.1 2.5 1.4 9.4 6.9 2.8 7.8 16.0 1.6 Q2 2022 13.6 (0.8) KINNEVIK#12OUR FINANCIAL POSITION ALLOWS US TO MAINTAIN OUR INVESTMENT MOMENTUM, AND WE AIM TO ALLOCATE CAPITAL IN A DISCIPLINED BUT FLEXIBLE FASHION ■ We held a SEK 13.6bn net cash position at quarter-end, and expect to invest in the region of SEK 5bn during 2022 We expect these SEK 5bn to be split fairly evenly between new investments and follow-on investments Year to date, we have invested SEK 2.1bn, split 1.3bn into new investments and 0.8bn into follow-ons In addition to our own net cash position, our pro rata share of net cash in our investees exceeds SEK 2bn We estimate that investees corresponding to almost 50% of fair value have cash runway extending into 2024, with only around 9% having runway that ends during 2022 On a value-weighted basis, our investees have around 18- 24 months cash runway At a sustained SEK 5bn p.a. investment momentum, Kinnevik has net cash runway well into 2024 even without any material capital inflows Our financial strength also provides us with flexibility to time our capital deployment in an attractive way in the current environment Capital Reallocation Overview Investee Cash Runway Indicative, % of Fair Value 9% <6 Months 6-12 Months 35% 12-18 Months 8% 48% >18 Months or Profitable 12.5 10.0 7.5 5.0 2.5 Rolling LTM Investments & Divestments Since Q4 2018, SEKbn Q4 2018 Rolling LTM Investments Rolling LTM Divestments Our financial strength provides us with the ability to exploit a depressed valuation environment We intend to combine flexibility with discipline as we maintain our investment momentum Q2 2022 12 KINNEVIK#13WE invest FOR A REIMAGINED EVERYDAY#14Q&A