#1PRESENTATION OF KINNEVIK'S 21 2022 21 APRIL 2022 بزرگی#2PRESENTATION OF KINNEVIK'S Q1 2022 RESULTS 1 2 3 4 5 Highlights of the Quarter Expanding our Growth Portfolio Updated NAV Statement Key Valuation Changes Kinnevik's Q1 2022 Agenda & Presenters Our Financial Position 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 CONTINUE TO STRENGTHEN AND BUILD OUT OUR GROWTH PORTFOLIO, ADDING THREE NEW COMPANIES 3 omnipresent Safety Wing Transcarent Agreena LUNAR® Common joint academy Market environment DİVERSİTY VC Note: Highlights of The Quarter Q1 2022 We doubled-down on our investment theme 'the future of work' through two new investments - Omnipresent, a SaaS-based employment partner, and SafetyWing, a workforce insurance provider Transcarent, the first comprehensive health and care experience company for self-insured employers, was added to the portfolio We led a funding round in Agreena, supporting farmers' transition to regenerative agriculture practices through the voluntary carbon market Follow-on investments were concluded in Lunar, Common and Joint Academy Private market valuations are increasingly coming in line with public market levels, putting short-term pressure on our net asset value but creating long-term opportunities as the pendulum shifts in favor of active, hands-on investors with long investment horizons Kinnevik ranked first in the VC category of Equality Group's "Equality, Diversity and Inclusion 2022 Private Equity & Venture Capital Index" Net Asset Value pro forma Zalando and adjusted for Other Net Assets/Liabilities. A more detailed breakdown of NAV can be found on p. 13 Net Asset Value • Public, Private, Net Cash / (Debt), SEKbn 71.4 43.0 25.2 3.9 2021 Q1 72.4 Investments 1,658 34.9 32.6 5.4 2021 Q4 Investment Activity Q1 2022, SEKM Divestments (1,015) 3 67.9 32.6 31.0 5.0 2022 Q1 Net Investments 643 KINNEVIK#4IN THE QUARTER, WE BACKED TWO NEW COMPANIES REDEFINING THE FUTURE OF WORK AND HELPING COMPANIES WIN THE WAR ON TALENT Matthew Wilson and Guenther Eisinger Co-Founders and Co-CEOs ■ Deepening Our Exposure to the Future of Work Trend Omnipresent & SafetyWing omnipresent Omnipresent provides a client-focused, end-to-end service to support and guide businesses hiring talent globally Kinnevik invested USD 40m for a 6% stake Kinnevik and Tencent led the USD 120m Series B funding round with participation from Uncorrelated Ventures ▪ The two-year-old company saw its team grow by 10x and revenue grow by 25x during 2021 ▪ The new funding will help the fully remote company to hire several hundred more people to meet demand for its global employment platform ■ Safety Wing SafetyWing offers a global travel medical insurance for digital nomads and global health insurance for remote teams Kinnevik invested USD 19m for a 10% stake ■ Hans Nyvold Kjellby, Sondre Rasch, and Sarah Beyahte Sandnes Co-Founders Kinnevik led the USD 35m Series B funding with full participation from existing investors Creandum and byFounders The funding will enable the business to scale its Remote Health offering, as the pandemic has accelerated the adoption of remote work in companies across the globe Its Remote Health insurance is a fully fledged health insurance product for remote teams and entrepreneurs. Since last year, the product has grown almost 10x 4 KINNEVIK#5WE MADE A FOLLOW-ON INVESTMENT IN LUNAR AS IT CONTINUES TO GROW ORGANICALLY, LAUNCH NEW PRODUCTS AND EXPAND THROUGH ACQUISITIONS Doubling Down in the Leading Nordic Challenger Bank Jul 2021: Kinnevik's first investment into Lunar Mar 2022: Kinnevik participates in Lunar's Series D-2 funding round GG Mar 2022: Lunar offers to buy all shares of Norwegian digital bank Instabank Lunar "When we first invested in Lunar last year, we did so out of a firm belief that Lunar has all the ingredients to be a category winner, as the leading challenger bank in the Nordics and the only cloud- based digital banking platform to be granted a banking licence in the Nordics. The company's rapidly growing customer base of loyal users, plus it's plans for more exciting acquisitions, such as recently announced Instabank, have positioned the company for long-term success." Georgi Ganev, Kinnevik's CEO I Ken Villum Klausen Founder and CEO LUNARⓇ Lunar is a financial technology company that lets consumers and businesses handle everything money in one place Kinnevik made a follow-on investment of SEK 211m Kinnevik participated in the EUR 70m Series D-2 funding round, bringing the Series D total to EUR 280m The new funding will enable Lunar to keep momentum in its Nordic expansion. In the first months of 2022, the company launched a new Nordic crypto platform, enabled its business customers to accept and track card payments in their webshop, and Lunar anticipate M&A activities to complement its Nordic offering 5 KINNEVIK#6IN THIS QUARTER, WE ARE DOUBLING THE NUMBER OF CATEGORIES IN OUR NAV FOR A MORE REFINED DEPICTION OF OUR PORTFOLIO Healthcare Services Consumer Services Financial Services Recategorization of existing portfolio New NAV Split Redefined Categories Value-Based Care Virtual Care Platforms & Marketplaces Software Consumer Finance Early Bets & New Themes Care delivery companies taking risk and being paid on the basis of patient health outcomes Businesses that deliver general or specialized care services through virtual channels Companies connecting buyers and sellers of products and services, or playing a direct and curated role in the transaction itself Software services companies with a blend of subscription and transactional revenue Companies primarily offering B2C financial services such as banking and asset management Smaller early-stage investments and investments drawn from new, more exploratory themes 6 KINNEVIK#7WE ARE PROVIDING MORE SPECIFIC, ALBEIT AGGREGATED, METRICS, THAT WE HOPE FURTHER INVESTOR UNDERSTANDING OF OUR PORTFOLIO Investment Value-Based Care Virtual Care Platforms & Marketplaces Software Consumer Finance Early Bets & New Themes Emerging Markets Average Tenure (Years) 2.9 3.4 2.7 3.5 3.8 0.9 11.7 Carrying Values & Returns Value (SEKm) 10 188 3 900 6 139 10 168 2 899 1 416 New NAV Split Key Data Points 2 009 Return (MoM) 4.0x 3.1x 1.2x 4.2x 1.1x 0.9x 0.2x Average Growth (2021) 145-165% 125-145% 130-150% Financials & Valuation Average Gross Margin (2021) 30-50% 5-15% 40-60% / 140-160% 30-40% / 60-80% 50-70% 60-80% 50-70% 7 Average EV/R (2022E) 4.5-6.5x 8-12x 1-3x/6-8x 30-40x 8-10x KINNEVIK#8IF OUR UNLISTED INVESTEES FORMED AN EQUALLY-WEIGHTED INDEX OF STOCKS, IT WOULD BE DOWN BY AROUND 20%, IN LINE WITH RELEVANT BENCHMARKS Source: Top Quartile of Bessemer Cloud BVP, FactSet (12)% Internet (22)% Private and Public Markets Write-Down Put in Perspective (Indicative and Approximate) ARK ETF (30)% Average Kinnevik Investee (21)% Weighted by Value (14)% After Liquidation Preferences (12)% From (21)% down on an equally-averaged equity value to (10)% down on an NAV SEK basis via portfolio weights, liquidation preferences and currency tailwinds After the Weakening SEK (10)% Key mitigants to the broad-based correction in Q1 is that (i) we do not believe we hold an 'average portfolio' but rather a group of assets that should be benchmarked against above-average comparables; and (ii) our companies are generally growing materially faster even than these comparisons, bringing valuation levels down materially when looking into 2023-24 revenues 8 KINNEVIK#9AFTER EXPANDING MATERIALLY DURING THE PANDEMIC, MULTIPLES ARE NOW BELOW PRE-PANDEMIC AND FIVE-YEAR MEDIAN LEVELS 40.0x 35.0x 30.0x 25.0x 20.0x 15.0x 10.0x 5.0x Mar '17 Median Mar '18 Private and Public Markets EV/NTM Revenue, BVP Emerging Cloud Index, Q1 2017-22 >30% Revenue Growth Median Mar '19 Covid-19 wichtiger Мновитами me miser Brillen Mar '20 <20% Revenue Growth Median mpy - Five-Year Median Mar ¹21 тами Note: BVP's Emerging Cloud Index is designed to track the performance of emerging public companies primarily involved in providing cloud software to their customers Source: BVP, FactSet 2022 ► 5-Year US Treasury Yield (RHS) 9 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% Mar ¹22 Sector averages can be deceiving - the median SaaS businesses in BVP's Emerging Cloud index growing by >30% trades at around 13x NTM revenues while the median business growing by <20% trades at around 4x NTM revenues Ο ΚΙΝΝEVIK#10PRIVATE AND PUBLIC MARKET VALUATIONS ARE BEING RECONCILED, BUT THERE IS STILL SIGNIFICANT AMOUNTS OF DRY POWDER IN THE SYSTEM ■ Private markets are now being brought in line with public markets ▪ IPOS, SPACs and de-SPACs have cooled down materially There is a flight to quality as it relates to both companies and stewards of capital, and companies should be seeing the true value of long-term patient capital over the next months and quarters ■ ■ ■ Private and Public Markets What's Unfolding in 2022 Fundraising is down materially - few companies dare to go into 'price discovery' mode and instead utilize internal rounds, investor-friendly terms, and convertibles when capital becomes more scarce, its allocators accrete more power Many companies that raised last year have huge cash balances, with no need to raise until next year in what may be a more benign market (in particular if they can burn more efficiently) ■ From a valuation point of view, we see two wedges - one between later stage companies and earlier stage companies, and one between the category winners and the category followers Later-stage businesses priced on more short-term expectations where valuations were set with reference to prices that cross-over investors could achieve a public market exit at are facing the most pressure ▪ We believe category-winning businesses with strong unit economics should still be able to raise capital at satisfactory terms, drawing on the flight to quality, whereas the median business that rose with the tide in 2021 may struggle (the former tend to overlap with businesses with strong cash balances) Source: FactSet, LionTree, Renaissance Capital, Forge Global, Pitchbook, Carta, CB Insights, Numis, SEC <(80)% # of US IPOs Priced 2022 vs 2021 YTD (24)% IPO ETF Q1 2022 (30)% Drop in >USD 100m Rounds Q1 2022 vs Q1 2021 >50bn SEK Raised Kinnevik Investees in 2021 (65)% Announced SPAC Deals Q1 2022 vs Q1 2021 (27)% De-SPAC ETF Q1 2022 (19)% Global VC Deal Volume Q1 2022 vs Q1 2021 >8bn SEK Net Cash Kinnevik PF Dividends 10 KINNEVIK#11REVENUE GROWTH IS MORE THAN OFFSET BY CONTRACTING MULTIPLES IN Q1 Note: 32.6 Q4 2021 +5.3 Q1 2022 Value Drivers From 2021 Q4 (Approximations), SEKbn Effect of revenue growth on the basis of Q4 2021 LTM revenue multiples Revenue Growth (8.5) Effect of multiple contraction on the basis of Q1 2022 LTM revenues Multiple Contraction +1.6 Net Investments (0.0) Net effect of factors such as liquidation preferences and currencies (both positive), cash burn (negative), and the change in fair value of unlisted emerging markets investments (negative) Other 31.0 Illustratively based on LTM revenues and multiples, which does not correspond to the valuation method applied in valuing each of Kinnevik's investments Q1 2022 Multiple contraction has a >25% negative effect on our fair values in Q1 2022, as peer multiples have contracted across all peer groups (albeit at varying magnitudes) 11 KINNEVIK#12LARGE WRITE-DOWNS IN THE UNLISTED PORTFOLIO WITH A FEW EXCEPTIONS PLEO TravelPerk VillageMD CITYBLOCK Mathem " " ■ ■ I I Key Unlisted Valuations Five Key Assessments Valuation decrease of 10% in line with the share price development in the quarter of our SaaS peer group's top quartile Still at a considerable premium to SaaS peers on an NTM basis, but normalizes over the longer term as Pleo is expected to grow significantly faster than the peer group's best-in-class companies, which valuations are also significantly above the group average Valuation is in line with the post-money valuation of USD 1.3bn from its December fundraise The valuation reflects Travelperk's superior performance, benefiting from a sharp rebound in travel as well as continued strong acquisition of new clients On a 2023 basis TravelPerk is valued largely in line with the broader SaaS peer group Valuation is 11% below the WBA transaction that closed in Q4 2021, with the forward-looking multiple contracting in excess of the peer group average VillageMD is now valued in line with the top performers in the peer group of value-based care operators on a forward-looking basis reflective of the company's competitive advantage and stronger growth trajectory stemming from the WBA partnership Decrease in fair value by 17% from last quarter The write-down is due to the multiple contraction in the value-based care operator peer group in the quarter The valuation remains at a premium to most, but not all, key peers' revenue multiples on a forward-looking basis reflective of the company's materially higher growth rate Valuation decrease of >40%, reflective of key peer multiple contraction of 35-45% While Mathem's merger with Mat.se and its long-term strategic supply agreement with Dagab is a major positive it is not enough to balance out the material correction in the market 12 KINNEVIK#13OUR NAV IS DOWN 6% IN THE QUARTER WITH WRITE-DOWNS AND LACKLUSTRE PERFORMANCE IN PUBLIC GROWTH ASSETS PARTLY OFFSET BY TELE2 72.4 4.9 1.0 2.9 10.5 6.9 5.5 11.6 24.2 Q4 2021 5.4 (0.5) 260 Net Asset Value Development • 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). NAV Per Share, SEK 2.5 Tele2 (2.2) GFG (1.6) (1.0) Derating in listed Healthcare assets with ripple effects in the private portfolio Teladoc & Babylon (0.8) Unlisted Platforms Value-Based & Marketplaces Care (0.7) (0.2) Write-downs across the unlisted portfolio with some downside protection Software Rest of 2016-22 Cohort (0.5) Emerging Markets 0.6 Net Investments NAV Down (6)% 67.9 2.1 2.9 10.2 6.1 3.9 10.2 26.7 Q1 2022 5.0 (0.7) 244 1.4 13 Down (6)% 2022 YTD 67.8 1.9 2.9 10.2 6.1 3.5 10.1 27.3 Listed per Last Close 5.0 (0.7) 1.4 243 (9) ΚΙΝΝEVIK#14DURING 2022 WE EXPECT TO DEPLOY CAPITAL IN THE REGION OF SEK 5BN, ROUGHLY IN LINE WITH THE AVERAGE FROM THE LAST THREE YEARS 2022 YTD 2019-22 YTD Investments New & Follow-Ons New Co's SEK 1.7bn 14.9bn SEK 1.2bn (New) 0.4bn (Follow-On) 8.4bn (New) 6.5bn (Follow-On # 4 21 Capital Reallocation Divestments SEK 1.0bn 21.6bn 2022 Ambition We expect to deploy around as much capital as we have averaged during 2019-21, in the region of SEK 5bn Overview 5.4 Net Cash 2021 Q4 8.6 Gross Cash +1.0 Divested (1.5) Net Cash Development 2021 Q4 to 2022 Q1, SEKbn 2025-02 (1.7) Invested (1.5) +0.2 2026-11 Bonds Other Composition of Net Cash / (Debt) By Source, SEKbn Net Cash 2022 Q1 5.0 (0.5) 2028-11 Tele2 May Dividends 14 +3.1 Other (0.1) 8.1 Pro Forma Net Cash 2022 Q1 5.0 Net Cash KINNEVIK#15WE INVEST FOR A REIMAGINED EVERYDAY **** 10 بزرگی#16Q&A 意