#1PRESENTATION OF KINNEVIK'S 03.2022 19 OCTOBER 2022#2PRESENTATION OF KINNEVIK'S THIRD QUARTER 2022 RESULTS 1 2 3 Highlights of the Quarter Key Valuation Changes Our Financial Position Kinnevik's Q3 2022 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#3CHALLENGING MARKETS CONTINUES TO PUT PRESSURE ON GROWTH INVESTING WHILE ALSO PRESENTING LONGER-TERM OPPORTUNITIES budbee instabox Note: Solugen monese H2green steel Highlights of The Quarter Q3 2022 NAV of SEK 58.0bn or SEK 207 per share, down 5 percent from the second quarter and 20 percent below where we ended 2021. The fair value of our unlisted assets was written up by SEK 0.3bn but would have been down by SEK 1.2bn without the continued currency tailwinds Budbee and Instabox announced they are joining forces in the new combined company Instabee, creating a new group with the power to invest in, and push the boundaries of, consumer-centric and sustainable last-mile delivery services for the e-commerce sector in Europe We invested USD 50m into Solugen, the industrial green chemicals platform providing cheaper, safer chemicals without using fossil fuels. This is Kinnevik's first sizeable investment into climate tech Monese announced a USD 35m investment by HSBC as part of a broader, strategic partnership that will focus on Monese's industry-leading, cloud- based Platform as a Service business Net Asset Value adjusted for Other Net Assets / Liabilities In October, we invested EUR 25m into H2 Green Steel, the Swedish producer of green steel reducing carbon emissions by up to 95 percent compared to traditional steelmaking Net Asset Value • Public, Private, Net Cash / (Debt), SEKbn 67.9 32.6 31.0 5.0 2022 Q1 Investments 3.2 61.1 19.0 29.3 13.6 2022 Q2 Investment Activity Q1-Q3 2022, SEKbn (7.0) 58.0 3 15.6 30.6 12.5 Divestments Net Investments 2022 Q3 (3.9) KINNEVIK#4OUR NAV IS DOWN 5% WITH A STABLE GROWTH PORTFOLIO AND A TELE2 TRADING DOWN DURING THE QUARTER 61.1 1.4 2.5 9.4 6.9 2.8 7.8 16.0 Q2 2022 13.6 (0.8) (2.7) Tele2 Value Change 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) (0.7) Listed Growth +0.8 (0.4) Excluding liquidation preferences and currency tailwinds, the fair value of our unlisted Growth Portfolio would be SEK 1.9bn lower Unlisted Growth (Q3 Transaction Valuations) Unlisted Growth +1.0 Net Investments in Growth Portfolio 4 NAV Down (5)% 58.0 2.0 2.8 8.8 6.4 2.8 8.9 13.3 Q3 2022 12.5 (0.8) Ο ΚΙΝΝEVIK#5OUR UNDERLYING VALUE REASSESSMENT OF (13) % IS INVERTED TO +1% BY DEAL VALUATIONS AND POSITIVE EFFECTS FROM PREFERENCES AND CURRENCIES ■ Two transactions guide our marks in Q3 - Budbee, ascribed a >20% higher valuation in the Instabox merger relative to our Q2 2022 valuation M ■ Monese, raising preferred capital at a considerable value uplift (which we discount due to the terms provided to the strategic investor) Before taking preferences and currencies into direct account, we are writing down our private portfolio by around 6% - fairly in line with broader market benchmarks Liquidation preferences provide a SEK 0.4bn positive effect, adding to last quarter's accrued difference to underlying pro rata valuations - now totalling SEK 2.7bn in 'off-balance sheet debt' that can be amortized through write-ups of the handful of businesses affected ■ Currencies primarily the dollar provided a SEK 1.5bn positive effect in the third quarter, with the year-to-date effect amounting to SEK 3.9bn - Q3 2022 Valuations of Unlisted Assets Put in Perspective Average Write-Down (13)% Quarterly Write-Down Bridge From Underlying Assessments to NAV Impact, % Change After Q3 Transactions (11)% Weighted by Value (6)% After Preferences (4)% After Currencies 5 +1% In another market-driven quarter, valuations are broadly in line with the share price development observed in our publicly listed peer sets KINNEVIK#62022 MULTIPLE CONTRACTION IS REFLECTED IN OUR MARKS, AND OUR INVESTEES CONTINUE TO OUTPACE PEERS ON GROWTH 60% 50% 40% 30% 20% 10% Multiple Contraction in 2022 YTD Peer Average (Grey) & Investee Weighted Average (Colored) Value-Based Virtual Care Care Platforms & Marketplaces Q3 2022 Valuations of Unlisted Assets Multiples & Top-Line Growth Note: Weighted by value as at 30 September 2022 Source: FactSet Software Consumer Finance Revenue Growth in 2022 YTD, Y/Y Peer Average (Grey) & Investee Weighted Average (Colored) ... Platforms & Marketplaces Value-Based Care Virtual Care Software Excluding the valuations underpinned by transactions during the third quarter, our valuation multiples have contracted by almost 50% on average during 2022 to date (42% contraction including these transactions) - more severe than the average peer group contraction of 45% Meanwhile, our investees outpace their valuation peers by >4x on average, growing by >110% Y/Y in 2022 to date (relative to peers at <30%) Consumer Finance 6 225% 200% 175% 150% 125% 100% 75% 50% 25% KINNEVIK#7SIX MATERIAL REVISIONS - THREE ON UPSIDE AND THREE ON DOWNSIDE, DRIVEN BY A CONFLUENCE OF MULTIPLES, OUTLOOK AND CASH BURN budbee i cityblock VillageMD ■ Key Write-Ups ■ Q3 2022 Valuations of Unlisted Assets Valuation increase of >20% in line with the value ascribed in the merger with Instabox Premium to InPost expanding slightly on an NTM basis towards high 60s %, courtesy of considerably (>4x) stronger growth and proven underlying profitability ▪ Merger should create a stronger combined business funded to break-even with a strong shareholder collective of Nordic investors Valuation increase of 25% from expanding peer multiples, strong performance and tempered burn, as well as considerable dollar tailwind Valued in line with listed VBC peers, including those subject to takeover bids or speculation, and at a contracting premium when excluding these Valuation increase of 15% from similar dynamics as experienced at Cityblock Key Reassessments Valued at a low premium to listed VBC peers, including takeover comps, and at a contracting premium when excluding these Mathem oda PLEO I ■ ■ ■ Key Write-Downs Valuation decrease of >75%, down >85% in 2022 to date - a magnitude slightly higher than key e-commerce peers Driven by multiple contraction of >55% in the quarter and >65% year-to-date, continued soft top-line development due to reversing pandemic trends, and increased burn and capital need Considerably rebased valuation and expectation levels relative to past quarters Valuation decrease of almost 50% (down around 40% including our in-quarter investment) from contracting peer multiples and lowered outlook Continues to grow well in excess of peers, with ongoing geographical expansion providing strong lever to maintain this outperformance Valuation decrease of >15% from multiple contraction 20pp more severe than the peer group I Reflects the market's increased valuation of profitability relative to growth, multiple now down >55% year-to-date 7 KINNEVIK#8WE HAVE SEK 12.5BN IN NET CASH, PROVIDING NET CASH RUNWAY WELL INTO 2024, AND EXPECT TO INVEST SLIGHTLY MORE THAN SEK 5BN IN 2022 ■ ■ ■ We held a SEK 12.5bn net cash position at quarter-end (SEK 13bn pro forma the second tranche of Tele2's ordinary dividend) We expect to invest slightly more than our SEK 5bn benchmark target in 2022 Year to date, we have invested SEK 3.2bn split approximately 60/40 between new and follow-on investments We estimate that private investees corresponding to almost 70% of the total fair value of our unlisted investments are fully funded or have runway into 2024, with 12% having a runway that ends within the next 9 months At a sustained SEK 5bn p.a. investment momentum, Kinnevik has net cash runway well into late 2024 even without any inflows Financial Strength Overview Investee Cash Runway Indicative, % of Fair Value 5% <3 Months 3-9 Months 21% 9-15 Months 6% 69% >15 Months or Fully Funded 12.5 10.0 7.5 5.0 2.5 Q4 2018 Capital Rotation & Financial Strength Since Q4 2018, SEKbn LTM Investments LTM Divestments -Net Cash/(Debt) as X of LTM Investments Our financial strength provides us with the ability to pursue opportunities as and when they arise in the current market 8 2.5x 2.0x 1.5x 1.0x Q3 2022 0.5x KINNEVIK#9DRAWING 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 00000 57/43 6 High c. 12% Capital Allocation Overview 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 8008 0-8 Evolve Influence 10-20 Current View Drawing on Our Achievements of Capital Into New Co's and Follow-On Investments New Co's p.a. Driven by Opportunity Flow Our Thematic Focus 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 9 KINNEVIK#10WE invest FOR A REIMAGINED EVERYDAY#11Q&A