#1Ο ΚΙΝΝΕVIK INTERIM REPORT FIRST QUARTER 2022#2Intro Net Asset Value (SEK) 67.9bn Key Financial Data SOLID POSITION IN TURBULENT TIMES SEKM Net Asset Value Net Asset Value per Share, SEK Share Price, SEK Net Cash/ (Debt) SEKM Net Asset Value Net Profit/(Loss) Net Profit / (Loss) per Share Pre Dilution, SEK Net Profit / (Loss) per Share Post Dilution, SEK Change in Fair Value of Financial Assets Dividends Received Dividend Paid, In Kind Dividend Paid, Cash Investments Divestments Note: Portfolio Overview Year-on-year change in NAV excludes Zalando. Ο ΚΙΝΝEVIK Interim Report Q1 2022 Change in NAV Q/Q (6)% 31 Mar 2022 67 859 243.50 247.05 4 977 Q1 2022 -4541 -16.29 -16.29 -4 589 1 658 -1 015 Change in NAVY/Y (5)% 31 Dec 2021 72 391 259.86 323.95 5 384 Q1 2021 Sustainability 6 072 21.86 21.86 6 136 1 006 -207 31 Mar 2021 117 752 423.91 425.15 3 895 FY 2021 14 777 53.12 53.12 13 269 1 689 -54 140 -44 6 376 -5 544 Financial Statements One-Year TSR (2)% Other Five-Year Annualised TSR 21% "Challenging times often spur innovation, and thanks to our strong market position we are ready to sup- port founders who are building transformative di- gital companies that make people's lives better. Despite the new macropolitical and financial realities, it is our firm belief that quality companies with inno- vative customer propositions and strong traction will continue to grow and create value." Georgi Ganev CEO of Kinnevik 2#3Intro Key Strategic Events We doubled-down on our investment theme 'the future of work' through two new investments - Omnipresent, a SaaS-based em- ployment partner, and SafetyWing, a workforce insurance provider ● KEY HIGHLIGHTS IN THE QUARTER ● ● Net Asset Value ● 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 vo- luntary carbon offset 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 international "Equality, Diversity and Inclusion 2022 Private Equity & Venture Capital Index" KINNEVIK Portfolio Overview Interim Report Q1 2022 Investment Management Activities We invested SEK 1,658m in the quarter, including: • SEK 546m into Transcarent SEK 377m into Omnipresent ● ● Sustainability ● SEK 211m into Lunar ● SEK 177m into SafetyWing SEK 127m into Agreena We continued to reallocate capital within our growth portfolio by releasing SEK 1.0bn from Teladoc, adding to the SEK 2.2bn released last quarter Financial Statements Other Financial Position • NAV of SEK 67.9bn (SEK 244 per share), down SEK 4.5bn or 6% in the quarter • Net cash position of SEK 5.0bn, corresponding to 7.8% of portfolio value by quarter-end Kinnevik's ambition is to be Europe's leading listed growth investor, and we back the best digital companies for a reimagined everyday and to deliver significant returns. We understand complex and fast-changing consumer behaviours, and have a strong and expanding portfolio in healthtech, consumer services, foodtech and fintech. As a long-term investor, we strongly believe that investing in sustainable business models and diverse teams will bring the greatest returns for shareholders. We back our compa- nies at every stage of their journey and invest in Europe, with a focus on the Nordics, and in the US. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik's shares are listed on Nasdaq Stockholm's list for large cap companies under the ticker codes KINV A and KINV B. • Pro forma net cash position of SEK 8.1bn after dividends from Tele2 to be received in May 3#4Intro Net Asset Value CHIEF EXECUTIVE'S REVIEW Kinnevik's Q1 Results Our Net Asset Value amounted to SEK 67.9bn or SEK 244 per share at the end of the first quarter of 2022, down by SEK 4.5bn or 6 percent from where we ended 2021. In 2021, the venture and growth capital environment enjoyed record-high inflows of capital as investors pursued growth and risk in a low interest rate environment, exacerbated by monetary and fiscal stimulus. This, in turn, led to expansive valuations, swelling round sizes, and increased funding round intensity. As noted in our year-end report, 2022 has started off with clear indications that these trends are reversing as a result of the gravitational pull of rising interest rates combatting soaring inflation. When the tide turns, we expect a flight to quality in line with trends seen in previous downturns. Quality, both in relation to what businesses to back and what stewards of capital to entrust. This will reveal to entrepreneurs the benefit of raising capital from active, patient and long-term investors relative to the hands-off fast money that has been available over the last 18 months. We believe Kinnevik, our growth companies, and their stellar foun- ders will be the beneficiaries of this flight to quality, and that it creates attractive long-term opportunities for an investor with permanent and unrestricted capital like Kinnevik. However, the correction of valuation levels clearly puts short- term pressure on the on-paper snapshot value of our portfolio. The fair value of our investments in unlisted companies decreased KINNEVIK Portfolio Overview Dear Shareholders, the first quarter of 2022 was turbulent. Russia's invasion of Ukraine, which Kinnevik strongly condemns, is causing massive human suffering and dislocation and will have long lasting ef- fects on human lives and global relations. Kinnevik has limited exposure to the directly affected areas, and our focus is on ensuring the safety of our investee's employees in the region. In the private mar- kets, we see a a pressure on valuations having an impact on our portfolio. However, despite the new macropolitical and financial reality, it is our firm belief that quality companies with innovative customer propositions will continue to grow and create value. Interim Report - Q1 2022 Sustainability by SEK 1.7bn in the quarter, with a SEK 3.3bn or 10 percent ag- gregate write-down being partly offset by net investments of SEK 1.6bn. This write-down needs to be unpacked in order to be understood. Excluding the very few companies that recently priced their equity at the current market valuation levels, the average value depreciation of our unlisted companies exceeded 20 percent in the quarter. Taking into account the companies' relative weight in our portfolio and other factors impacting our valuations, the actual decline in value was around 10 percent - in line with the Nasdaq and top quartile tech stocks. You find an expanded description of our methodology when marking our unlisted companies to market on pages 29-32. In the public part of our portfolio, weak share price develop- ments in our growth assets Global Fashion Group, Babylon and Teladoc had a negative impact on our NAV that was somewhat offset by Tele2's strong trading. Continued Investment Activity The investment environment tilting in favour of our competitive advantage and active approach to investment and ownership coincides with our financial position being historically strong. Pro forma the upcoming Tele2 dividends in May, we have a net cash position of SEK 8.1 bn. Accordingly, our clear ambition is to maintain our investment momentum and continue to build on our portfolio with investments in existing and new companies Financial Statements Other across various stages of growth. Total investments in the quarter amounted to SEK 1.7bn, whereof 1.2bn into four new additions to our portfolio and 0.4bn in follow-ons. We also continued to recycle capital from the ends of the growth curve, selling some SEK 1.0bn worth of shares in Teladoc. During the quarter we participated in Lunar's EUR 70m funding round. When we first invested in Lunar last year, we did so out of a firm belief that the business has all the ingredients to become a category winner. It is the only cloud-based digital banking platform to be granted a banking licence in the Nordics and has a rapidly growing base of loyal users. At the end of March, the company made a cash offer for the listed Norwegian digital bank Instabank that has been accepted by more than 90 percent of the target's shareholders. If approved by the customary gover- ning bodies, Lunar's position as a leading financial challenger across banking, payments and investments in the Nordics will be cemented. Among the quarter's new investments, the largest one - back- ing Livongo-founder Glen Tullman and his new venture Transca- rent - was covered in our year-end report. The smallest one was in Agreena, a Danish AgTech startup. Agreena mints, verifies and sells carbon certificates generated by farmers who transition to regenerative farming. We are excited to back Julie, Ida and Simon and the wider team in their pursuit to support the shift to regenerative agriculture, and in turn the transformation of the wider food ecosystem. In addition, Agreena's business model is one we understand well: a managed marketplace with highly fragmented supply in need of handholding on one side, and excess demand on the other side. It is a market and business model with strong strategic fit to the Kinnevik portfolio. In addition to Transcarent and Agreena, we made two new investments drawing on our thematic work within what we refer to as... 4#5Intro • The Future of Work The rapid digitalization of workplaces that occurred due to the Covid-19 pandemic accelerated a trend that we had monitored for some time, where employees were demanding more out of their employers, influenced by the customer experience users have grown accustomed to by consumer-facing digital platforms. Our investment thesis in the space is anchored around three key elements that we believe will be enduring: the roll-out of new technologies and increased digitalisation; the mainstream acceptance of remote working and the ongoing relevance of gig jobs; and • the war on talent and shift in expectations for company- provided benefits and social security. Over the last four months, Kinnevik has invested in all three of these trends. Last year, we invested in Jobandtalent, the leading digital challenger in the temporary staffing sector. This quarter, Omnipresent and SafetyWing are two new investments that ride, drive and build on these trends with their innovative service offerings. ● ● Net Asset Value Omnipresent provides an end-to-end service to support and guide businesses hiring talent globally. Where Omnipresent sets itself apart is its expert understanding of local differences in a globalized world. We have seen the benefits of its platform first- hand - companies are scaling their operations into new markets in ways they simply could not achieve without Omnipresent's support. The business model is differentiated, and we believe the team that co-founders Mathew and Guenther have built is uniquely strong and can deliver on the vast market opportunity. SafetyWing's vision is to build a global social safety net, ma- king equal opportunities and freedom for everyone attainable worldwide. The company's unique global travel and health in- surance plan helps firms set themselves apart by offering better benefits to remote workforces. We have been very impressed with their strong team and company culture, and look forward to support co-founders Sondre, Sarah and Hans on their continued growth journey. KINNEVIK Interim Report - Q1 2022 Portfolio Overview Sustainability 8.1bn Kinnevik's net cash position pro forma the upcoming Tele2 dividends The investment environment tilting in favour of our competitive advantage and active approach to investment and ownership coincides with our financial position being historically strong. Financial Statements Other Leading the way in Diversity & Inclusion In March, Kinnevik ranked first in the VC category of "Equality Group's Equality, Diversity and Inclusion ("D&I") 2022 Private Equity & Venture Capital Index". The index ranks over 300 busi- nesses across the PE and VC industries on their equality, diversity, and inclusion performance across six categories: leadership, actions and policies, work-life balance, inclusive team, explicit D&I support, and additional public information. While we are proud of this achievement, we are not satisfied, and we remain committed to our D&l strategy and the updated set of D&l targets we communicated earlier this year. We continue to challenge our own and others' non-inclusive and biased norms by proactively changing our behaviours and making D&l an integral part of our culture, leadership and investment process. Concluding Remarks The war in Ukraine is a humbling reminder of the fragility of peace and dramatically reduces the importance of financial returns. Navigating the current market environment is challen- ging, but with our long-term horizon, broad portfolio of growth companies and solid financial position, we stand strong despite the current uncertainty. Challenging times often spur innovation, and thanks to our strong market position we are ready to support founders who are building transformative digital companies that make people's lives better. Despite the new macropolitical and financial realities, it is our firm belief that quality companies with innovative customer propositions and strong traction will con- tinue to grow and create value. In May, we will host our Annual General Meeting, and I look forward to welcoming shareholders in person for the first time in three years. Georgi Ganev CEO of Kinnevik 5#6Intro Sector Split KINNEVIK IN SUMMARY • Value-Based Care • Virtual Care • Platforms & Marketplaces • Software • Consumer Finance (2)% One Year Value-Based Care Virtual Care Platforms & Marketplaces Software Consumer Finance Note: For more information about the sector split see Note 4 on page 29. TMT Total Portfolio Annualised Total Shareholder Return Net Asset Value KINNEVIK 21% 7% 2% Five Years Fair Value Five Year Annualised IRR per Sector 18% 10 188 17% 3 900 6 139 10 168 2.899 18% Note: The annualised total shareholder return includes reinvested dividends. Interim Report Q1 2022 Ten Years Return 4.0x 3.1x 1.2x 4.2x 1.1x 73% 71% Portfolio Overview 93% Average Holding Period 2.9 Years 3.4 Years 2.7 Years 3.5 Years 3.8 Years 16% Thirty Years 6,376 (5,544) FY 2021 Sustainability 2021 Revenue Growth +145-165% Investment Activity (SEKm) +125-145% +40-60%/ +140-160% +130-150% +30-50% 832 2021 Gross Margin Investments Divestments 5-15% 50-70% 30-40% / 60-80% 7.8% Net Investments 60-80% 50-70% 1,658 Financial Statements 2022 EV/Revenue 4.5-6.5x 1-3x/6-8x (1,015) 8-12x Q1 2022 30-40x Net Cash to Portfolio Value 8-10x 643 Other Composition of Portfolio Value Tele2 42% Emerging Markets 3% 71.4 Value-Based Care 16% Virtual Care 6% Early Bets & New Themes 2% Platforms & Marketplaces 10% NAV Development (SEKbn) (Excluding Zalando) 76.2 75.8 72.4 Consumer Finance 5% 67.9 Software 16% Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 6#7Intro NET ASSET VALUE GROWTH PORTFOLIO SEKM Babylon Cityblock Transcarent Village MD Value-Based Care Parsley Health Quit Genius Spring Health Teladoc Virtual Care Budbee Common HungryPanda Jobandtalent Mathem Oda Omio Vivino Platforms & Marketplaces Net Asset Value KINNEVIK Interim Report Q1 2022 Vintage 2016 2020 2022 2019 2021 2021 2021 2017 2018 2020 2020 2021 2019 2018 2018 2021 Portfolio Overview Ownership 13% 8% 3% 4% 11% 12% 5% 2% 28% 14% 11% 5% 31% 21% 5% 11% Value Q1 2022 1 992 3 364 559 4 273 10 188 214 280 932 2 474 3 900 1 309 132 511 1 047 699 1 499 417 525 6 139 Sustainability Released 3 110 3 110 4 363 4 363 Financial Statements Invested 847 933 546 986 3312 191 259 861 1394 2 705 337 295 424 1 006 1 220 711 566 586 5 145 Return 2.4x 3.6x 1.0x 7.5x 4.0x 1.1x 1.1x 1.1x 4.9x 3.1x 3.9x 0.4x 1.2x 1.0x 0.6x 2.1x 0.7x 0.9x 1.2x Other Value Q4 2021 2 90 4 036 4 658 11 594 208 272 905 4 149 5 534 1 309 163 573 1 040 1 254 1 604 427 510 6 880 Value Q1 2021 2 680 2116 7 280 12 076 11 868 11 868 948 245 343 1 490 1610 462 641 5 739 7#8Intro NET ASSET VALUE GROWTH PORTFOLIO SEKM Ced Omnipresent Pleo Sure TravelPerk Software Betterment Lunar Monese Raisin DS Consumer Finance Early Bets & New Themes Global Fashion Group Other Emerging Markets Emerging Markets Other Total Growth Portfolio whereof Unlisted Assets Net Asset Value KINNEVIK Interim Report Q1 2022 Vintage 2018 2022 2018 2021 2018 2016 2021 2018 2018 2010 2007-13 Portfolio Overview Ownership 6% 14% 9% 15% 14% 6% 23% 2% 36% Mixed Value Q1 2022 2 284 368 5 333 466 1717 10 168 1 395 800 519 185 2 899 1416 1 403 606 2009 140 36 860 30 990 Sustainability Released 56 56 7 530 3 166 Financial Statements Invested 270 377 646 435 679 2 407 1 135 717 481 273 2 606 1512 6 290 2 196 8 486 26 173 17 641 Return 1.0x 8.3x 1.1x 2.5x 4.2x 1.2x 1.1x 1.1x 0.7x 1.1x 0.9x 0.2x 0.3x 0.2x 1.7x 1.9x Other Value Q4 2021 2 5 884 453 1668 10 530 1586 526 534 247 2 893 1 004 3612 1.019 4 631 236 43 302 32 641 Value Q1 2021 2 431 434 799 3 664 1 008 427 262 1 697 352 9 067 1 323 10 390 322 46 108 25 173 8#9Intro SEKM NET ASSET VALUE LEGACY ASSETS, FINANCIAL POSITION & TOTALITY Tele2 Zalando Total Portfolio Value Gross Cash Gross Debt Net Cash / (Debt) Other Net Assets/(Liabilities) Total Net Asset Value Net Asset Value Per Share, SEK Closing Price, Class B Share, SEK Growth Portfolio 18.6 Net Invested Cash Net Asset Value KINNEVIK SEKbn 36.9 Fair Value 2022 Q1 Vintage Interim Report Q1 2022 1993 2010 Portfolio Overview Tele2 42% Ownership Note: Other Net Assets/ (Liabilities) include the reservation from Q4 2020 regarding a potential capital gains tax liability of SEK 0.8bn relating to the merger between Teladoc and Livongo, based on the rules for accounting for uncertain tax positions in IFRIC 23. Value Q1 2022 9% Listed Growth 26 735 63 595 8 595 -3 618 4 977 -713 67 859 243.50 247.05 Sustainability Composition of Portfolio Value Per quarter-end Unlisted Growth 2016-21 Investments 49% 55% ) 5 Tele2 42% Financial Statements 3% Pre 2016 Investments Other Value Q4 2021 24 240 67 541 10 549 -5 165 5 384 -534 72 391 259.86 323.95 ASSESSMENTS OF FAIR VALUE OF UNLISTED INVESTMENTS Value Q1 2021 22 0 46 310 114 490 6 902 -3 007 3 895 -633 117 752 423.91 425.15 In assessing the fair value of our unlisted investments, we apply IFRS 13 and the International Private Equity and Ven- ture Capital Valuation Guidelines, whereunder we make an assessment to establish the valuation methods and points of reference that are most suitable and relevant in deter- mining the fair value of each of our unlisted investments. Read more in Note 4 on pages 29-32. MORE → 9#10Intro HEALTHCARE Empowering people to live their healthiest lives by transforming the healthcare experience Fair Value SEK 2.5bn Kinnevik Stake 2% Net Asset Value Digital healthcare service com- pany combining mobile tech and artificial intelligence with medical expertise Fair Value SEK 2.0bn Kinnevik Stake 13% A leading US based provider of primary care and a pioneer in the delivery of value-based care Fair Value SEK 4.3bn Kinnevik Stake 4% KINNEVIK Interim Report - Q1 2022 Revenue (USDm) 383 Q4 2020 454 Q1 2021 Portfolio Overview Total revenue (USDm) 79 2020 503 Q2 2021 523 Value-based patients February 2022 361k Q3 2021 323 2021 VillageMD Teladoc 554 Sustainability Q4 2021 HEALTH Adjusted EBITDA Margin 13% Q4 2020 babylon 66 12% 31 Dec 20 Q1 2021 13% Active markets February 2022 22 Q2 2021 US value based care members ('000) 167 Financial Statements 31 Dec 21 13% Q3 2021 14% Q4 2021 276 31 Jan 22 US Paid Membership (m) 51.8 Other Q4 2020 51.5 Q1 2021 52.0 Fair Value SEK Kinnevik Stake Q2 2021 52.5 280m 12% Monitor Q3 2021 53.6 Quit Genius The world's first digital clinic delivering a comprehensive Medication-Assisted Treatment program for multiple addictions, 100% virtually Q4 2021 10#11Intro HEALTHCARE Fair Value SEK 3.4bn Kinnevik Stake 8% Value-based healthcare provider focused on underserved urban populations with complex care needs Net Asset Value Fair Value SEK Kinnevik Stake KINNEVIK Spring Health is making mental health fundamental, providing employers with the most diverse, comprehensive care for employ- ees and their families 932m 5% CITYBLOCK spring health Interim Report Q1 2022 Portfolio Overview ystoc Sustainability Fair Value SEK 214m Kinnevik Stake 11% America's largest holistic virtual- first consumer subscription service, caring for and supporting chronic conditions for women Financial Statements Fair Value SEK Kinnevik Stake 559m 3% Parsley Health A new and different health and care experience company for em- ployees of self-insured employers and their families Other T Transcarent 11#12Intro PLATFORMS & MARKETPLACES Customer centric last-mile logistics platform specialised for e-Commerce businesses Fair Value SEK 1.3bn Kinnevik Stake 28% Sweden's leading independent online grocery retailer, reaching more than half of all Swedish households Fair Value SEK Kinnevik Stake Net Asset Value 699m 31% The leading online grocery store in Norway, with the ambition to make grocery shopping an effortless ac- tivity Fair Value SEK 1.5bn Kinnevik Stake 21% KINNEVIK Interim Report - Q1 2022 Number of New Merchants 203 Q1 2021 2319 Q4 2020 345 Revenues LTM (SEKm) 1978 Q2 2021 Q4 2020 Portfolio Overview 2 694 Q1 2021 Revenues LTM (NOKm) Mathem 2315 Q1 2021 268 Q3 2021 2737 Q2 2021 oda 2 404 385 Q2 2021 Q4 2021 2727 Q3 2021 2471 Q3 2021 budbee 357 Q1 2022 2 648 Q4 2021 2484 Sustainability Q4 2021 2.1 Q4 2020 Number of Completed Deliveries LTM (m) 1.6 2.4 Q4 2020 Q1 2021 1.8 2.5 Q1 2021 Q2 2021 Financial Statements Number of Completed Deliveries LTM (m) 2.0 1.9 Q2 2021 muy 100% Fo 2.7 Q3 2021 Q3 2021 2.3 Q4 2021 2.0 Other Q4 2021 budbee Fair Value SEK Kinnevik Stake Behöve Chatta me ✓ Common Residential brand and tech- enabled managed rental housing marketplace in the US 132m 14% appen eller skickc 12#13Intro PLATFORMS & MARKETPLACES A global leader in online Asian food delivery Fair Value SEK 511m Kinnevik Stake 11% Net Asset Value Fair Value SEK 417m Kinnevik Stake 5% The largest multi-modal travel platform in Europe operating in 15 countries KINNEVIK Interim Report Q1 2022 熊猫外卖 HungryPanda 'omio Portfolio Overview Hungry Panda |熊猫外卖 Sustainability Fair Value SEK Kinnevik Stake The world's leading digital temp staffing agency 1.0bn 5% The world's leading wine app Fair Value SEK Kinnevik Stake Financial Statements 525m 11% jobandtalent VIVINO 50.6 Other Q1 2021 Review your cont 52.0 9:41 Q2 2021 TOUR CURRENT WORK Warehouse operatives Y JONANDTAL ENT Total number of users (m) Tekaloring €16,490 E 7 were €1,824 Clocking e back of your working hours Q3 2021 Shifts Accept and reject yourshits Contract details Review & Down your contracts 53.5 55.6 Q4 2021 57.1 Q1 2022 13#14Intro SOFTWARE Fair Value SEK Kinnevik Stake Provides a smarter way for hospi- tals, health systems and medical groups to manage the patient payment ecosystem Net Asset Value 2.3bn 8% Offers smart payment cards to employees while making sure the company remains in full control of spending Fair Value SEK 5.3bn Kinnevik Stake 14% KINNEVIK cedar Interim Report Q1 2022 10.3 Q1 2021 14.0 Portfolio Overview Number of customers ('000) Q2 2021 ABC Health aystore ww wa 15.0 Vorrat options Q3 2021 PATUTA PAYMENT PLAN TO PAY PETRTIAL AR GET HELP 18.5 Q4 2021 21.0 Sustainability Q1 2022 PLEO Fair Value SEK Kinnevik Stake SURE The leading global insurtech enabling the insurance industry to reach its full potential in an online era Financial Statements 466m 9% Travel Perk The leading solution for busi- nesses to book corporate travel online Fair Value SEK Kinnevik Stake Other With customers McDonald's .ee House Coffee meeting with Aaron B 1.7bn 15% 14#15Intro Net Asset Value SOFTWARE Matthew Wilson and Guenther Eisinger Co-Founders and Co-CEOs of Omnipresent. About Omnipresent Omnipresent is a rapidly growing scale-up that helps businesses operate in a geograp- hically distributed way - by letting them em- ploy staff anywhere, quickly and compliantly. Hiring across more countries grants the bu- sinesses cost and talent advantages, while opening the best work globally up to em- ployees. By taking care of a host of employ- ment-related issues - including compliance, payroll, expenses and benefits - Omnipresent liberates its customers to focus on higher- value aspects of people management. The company grew its revenue by 25x and staff by 10x during 2021 and now employs >250 people all over the world. KINNEVIK omnipresent What problem does Omnipresent solve? There is a war for talent among companies today and many are looking to benefit from the quality and diversity of a global workforce. But operating globally is very complex. It's completely different hiring someone from for example Germany, the US, Ghana or Singa- pore. This goes beyond labour laws, but also Interim Report Q1 2022 Portfolio Overview understanding and setting up employee be- nefits, payroll, taxes, different cultural norms, currencies, and languages. Omnipresent helps solve these complexities and acts as a partner to help companies go global-first. How has the Covid pandemic affected demand for your services? During the pandemic, mainstream compa- nies saw that employees don't need to be co-located to work well together. Since the pandemic, they've started to understand that the same remote working practices allow them to hire the best people anywhere. So while Omnipresent's revenues grew explosively during the pandemic - they've continued growing dramatically, beating ambitious targets, after the pandemic too. There's a tectonic shift underway in how busines- ses operate. Geography is becoming less of a constraint and more of an opportunity: a revolu- tion in how we work, that's still in its early days... What does the future look like for Omnipresent? The revolution in how companies operate across countries is just getting started - the demand for these services will keep growing quickly. Companies' needs are also varied and Omnipresent will cater to far more of these needs over the coming months and years. Ultimately, there is a whole world of operational complexity that many companies can outsource to an expert provider who is able to capture dramatic economies of scale. Sustainability Financial Statements Sondre Rasch Co-Founder and CEO of SafetyWing Safety Wing What problem does SafetyWing solve? When I started Superside, a freelancer plat- form, we wanted to provide benefits for the freelancers but discovered that nobody of- fered it. In the end we decided to build it ourselves. Remote work has created a global labour market, but the existing infrastructure that supports that market has become ob- solete, including for example social safety nets and health insurance. The remote teams are global, but the social safety nets are not. That's why we built the world's first global health insurance for remote teams and indi- viduals in 180 countries. Other What does the future look like? Right now, we are in a period of explosive growth and we want the company to continue along this trajectory. That means growing the customer base, while being able to ser- vice them well, as well as growing the team. In addition, we are on a journey to build a global safety net which means adding more products such as retirement and parental leave. Eventually we want to contribute to what we call "a country on the Internet". Why did you choose to partner with Kinnevik? My favourite thing about Kinnevik is that it's not a fund that will be dissolved in 5-10 years, but a 100-year old company, and because of that long history you can support our long future and our vision of building a global safety net. You also come highly recommen- ded. When speaking to other companies in your portfolio, like Quit Genius and Oda, they think you are great owners. Finally, we liked everyone we met at Kinnevik during the funding round process. At the stage we are at, investors are not just money but also people you work closely with to fulfil your mission, which is key for us. 15#16Intro CONSUMER FINANCE US based smart money manager offering investing and retirement solutions Fair Value SEK 1.4bn Kinnevik Stake 14% Net Asset Value The first fully mobile current ac- count in the UK Fair Value SEK 519m Kinnevik Stake 23% KINNEVIK Interim Report Q1 2022 28.6 Assets Under Management (USDbn) Q1 2021 3.4 Betterment Q1 2021 Portfolio Overview 31.3 Q2 2021 Signed-Up Customers (m) 3.6 31.8 Q2 2021 Q3 2021 ✔ monese 3.7 33.9 Q3 2021 Q4 2021 3.9 Q4 2021 33.1 Q1 2022 4.1 Q1 2022 Sustainability Customers ('000) 632 Q1 2021 677 Q2 2021 £1,085.00 693 Q3 2021 monese Financial Statements 713 Q4 2021 750 Q1 2022 Other LUNARⓇ Financial technology company that lets consumers and busines- ses handle everything money in one place Fair Value SEK Kinnevik Stake 800m 6% raisin. Open Banking platform allowing banks to offer third party depo- sit products through customers' existing accounts Fair Value SEK Kinnevik Stake 185m 2% 16#17Intro Net Asset Value EARLY BETS & NEW THEMES Agreena Supporting farmers' transition to regenerative agriculture practices through the voluntary carbon market In February 2022, we lead the USD 22.5m Series A funding round of Agreena. The com- pany enables turning agricultural land into carbon sinks, using their technology to reduce greenhouse gases in our atmosphere at scale. The company's offer combines a vertically-in- tegrated tech solution with deep knowledge in sustainable agricultural practices. This rare mix creates the right incentives for farmers who want to shift to regenerative agriculture and leverage the buoyant voluntary carbon credit market. Kinnevik is excited by Agreena and the overall opportunity to participate in the shift to regenerative agriculture, and in turn the transformation of the wider food ecosystem. KINNEVIK Portfolio Overview Interim Report Q1 2022 joint academy® Swedish digital health company that connects patients with phy- sical therapists to deliver an online evidence-based treatment for chro- nic joint pain simple feast A leading plant-based meal kit provider Sustainability KARMA Financial Statements Sustainable food platform allowing retailers to sell both surplus food with a discount and food from their regular menu with the goal of preven- ting food waste superb The first all-in-one Guest Expe- rience Management platform for restaurants Other NICK'S Swedish-born, global food-tech innovator of healthy and indulgent snacks and ice cream vay A Berlin-based tech-enabled mobility company that is on track to launch a mobility service with teledriven electric VayCars on European public streets 17#18Intro OTHER PORTFOLIO Enables mobile and fixed connectivity, telephony, data, TV and streaming Fair Value SEK 26.7bn Kinnevik Stake 27% Net Asset Value The leading fashion and lifestyle retail destination in growth markets Fair Value SEK 1.4bn Kinnevik Stake 36% KINNEVIK Interim Report. Q1 2022 Revenue (SEKbn) 6.9 Q4 2020 EMERGING MARKETS 6.6 2.0 Q1 2021 Q4 2020 Portfolio Overview 2.0 Q1 2021 6.6 Net Merchandise Value LTM (EURbn) Q2 2021 2.2 6.6 Q2 2021 Q3 2021 2.2 Q3 2021 7.0 TELE2 ..... Q4 2021 OFG 2.4 Q4 2021 Sustainability Adjusted EBITDAaL Margin 34% Q4 2020 GLOBAL FASHION GROUP 1.2% 34% Q4 2020 Q1 2021 Adjusted EBITDA Margin LTM 2.0% 36% Q1 2021 Q2 2021 2.0% Q2 2021 Financial Statements 39% Q3 2021 0.8% Q3 2021 34% Q4 2021 0.9% Q4 2021 Revenue Generating Units Sweden and the Baltics (m) 9.3 Q4 2020 Other 16.3 Q4 2020 9.3 Active Customers (m) Q1 2021 16.7 Q1 2021 9.3 Q2 2021 17.0 Q2 2021 9.4 Q3 2021 16.9 Q3 2021 9.4 Q4 2021 17.0 Q4 2021 18#19Intro ENVIRONMENT Material Topics "We have high ambitions in sustainability because we fundamentally believe it builds better busi- nesses and creates superior shareholder value. We have seen it time and time again, the companies that operate in a sustainable manner offer better products and services to their customers, are more appealing to employees, and ultimately outperform their competitors in the long run." Georgi Ganev, CEO of Kinnevik Environmental Responsibility and Reduced Climate Impact KINNEVIK PUBLISHED THE SUSTAINABILITY REPORT 2021 • Greenhouse Gas Emissions • Use of Resources Sustainability Targets Net Asset Value • Net zero greenhouse gas emissions from Kinnevik's operations excluding the portfolio from 2020 and onward • 50% reduction in greenhouse gas emission intensity in Kinnevik's portfolio by 2030 compared to 2020 KINNEVIK SOCIETY Social Equality and Good Corporate Citizenship • Human Rights • Business Ethics • Well-being & Personal Development. • Health & Safety • Diversity & Inclusion • Community Outreach • 40/60 gender composition in all Kinnevik teams by 2022 Portfolio Overview • Measure all managers on inclusive leadership annually • 10% of capital invested per year into new companies should go to female founded or led companies • Follow-on investments conditional upon clear D&I progress Interim Report Q1 2022 GOVERNANCE Sound Governance Structures and Economic Growth • Corporate Governance. • Risk Management • Compliance Economic Growth Sustainability ENVIRONMENT GOVERNANCE • Deliver an annual total sharehol- der return of 12-15% over the business cycle • 5 percentage point improvement in annual average ESG score across portfolio Financial Statements SOCIETY Other Highlights from the Sustainability Report 2021 We continued the roll-out of our climate strategy across the portfolio. Per end of 2021, companies representing 52% of portfolio value have measured their emissions in Scope 1, 2 and relevant scope 3 categories in accordance with the GHG Protocol, compared to 28% at the end of 2020 on a comparative basis We provided hands-on support to many of our companies in implementing forward-leaning Diversity & Inclusion stra- tegies. In addition, 24% of Kinnevik's investments into new companies during 2021 was invested in female founded companies, compared to our target of 10%. In February 2022, we announced updated and more ambitious Diver- sity & Inclusion targets to address a broader approach to diversity and the importance of inclusion of all We continued to improve the governance structures across the portfolio, with a particular focus on new companies. In 2021, the annual average ESG score increased by 12 per- centage points on a comparative basis In November 2021, Kinnevik published a Sustainability- Linked Financing Framework as a next step in integrating our commitment and ambition to be a sustainability leader into our financing solutions. The final redemption prices of the bonds depend on Kinnevik's ability to meet annual sus- tainability performance targets The full Annual & Sustainability Report for 2021 is available on www.kinnevik.com. 19#20Intro FINANCIAL REVIEW Investee (SEKm) Agreena Common Joint Academy Lunar Omnipresent Safetywing Town Hall Ventures III Transcarent Other Investments Teladoc Other Divestments Net Investments / (Divestments) Net Asset Value KINNEVIK Interim Report Q1 2022 Q1 2022 127 68 57 211 377 177 93 546 2 1 658 -986 -29 -1 015 643 Portfolio Overview Sustainability Capital Allocation Framework Over 2019-23, Kinnevik is aiming to systematically invest its capital under a capital allocation framework which entails: • Investing one-third of our capital into first round investments, and two-thirds of our capital into follow- on investments in the high-performing companies of our growth portfolio, on average per year. • Adding one or two international, later-stage compa- nies, and one or two Nordic earlier-stage companies on average per year. Distributing our capital evenly across our focus sectors. ● • Aiming to accrete 15-25 percent ownership stakes. • Targeting a portfolio of 30 companies, with a more even distribution of value across investments and sectors, as well as levels of risk and stages of maturity. Financial Statements Other During the first quarter, we invested a total of SEK 1.7bn into the private companies in our Growth Portfolio. SEK 0.4bn was deployed into our existing businesses, and our largest follow-on investment in the quarter was the SEK 211m invested into Lunar, in part financing the company's intended acquisition of Norwegian digital bank Instabank. SEK 93m was committed to Town Hall Ventures third fund, to further cement our partnership with Andy Slavitt and his team in US healthcare. New investments totalled SEK 1.2bn, and was deployed into four businesses - Transcarent, Glen Tullman's (the founder of Livongo) healthcare startup focusing on self-insured employ- ers; Omnipresent, the SaaS-based global employment partner business in the intersection of our enabler and human capital themes; SafetyWing, an early-stage Nordic-founded bet also fitting under our human capital umbrella; and Agreena, sup- porting the transition to regenerative agriculture practices th- rough the voluntary carbon market. We released SEK 1.0bn from our Growth Portfolio during the quarter, primarily from continued deallocation of capital out of our Teladoc investment. Notwithstanding the market volatility, we believe that main- taining our investment momentum and actively reallocating ca- pital is key to ensure our portfolio remains vibrant and dynamic as long as opportunities to back great founders and ideas arise. Therefore, in 2022 we expect to continue deploy around as much capital as we have averaged during the last three years, in the region of SEK 5bn. 20#21Intro Net Asset Value CAPITAL STRUCTURE As at 31 March 2022, Kinnevik had a net cash position of SEK 5.0bn, corresponding to 7.8% of portfolio value. This net cash position was mainly made up of SEK 8.6bn in cash and short-term investments, less SEK 3.5bn in senior unsecured bonds with a remaining tenor exceeding 12 months and 0.1bn in debt for unpaid investments. Tele2 has proposed ordinary and extraordinary dividends that would lead to Kinnevik receiving SEK 3.1bn in May and SEK 0.6bn in October, in total SEK 3.7bn whereof SEK 1.3bn in ordinary dividends and SEK 2.4bn in extraordinary dividends. KINNEVIK Interim Report Q1 2022 Portfolio Overview Sustainability FINANCIAL TARGETS Attractive Returns Kinnevik's objective is to generate a long term total return to our shareholders in excess of our cost of capital. We aim to deliver an annual total shareholder return of 12-15% over the business cycle. Low Leverage Given the nature of Kinnevik's investments, our goal is to carry low leverage, not exceeding 10% of portfolio value. Shareholder Remuneration Policy Kinnevik generates shareholder returns primarily through capital appreciation, and will seek to return excess capital generated by its investments to shareholders through extra dividends. Financial Statements Other 21#22Intro SEK m GROUP FINANCIAL STATEMENTS Change in fair value of financial assets Dividends received Condensed Consolidated Income Statement and report concerning Total Comprehensive Income Administration costs Other operating income Other operating expenses Operating profit/loss Net Asset Value Interest income and other financial income Interest expenses and other financial expenses Profit/loss after financial net Tax Net profit/loss for the period Total comprehensive income for the period Net profit/loss per share before dilution, SEK Net profit/loss per share after dilution, SEK Outstanding shares at the end of the period Average number of shares before dilution Average number of shares after dilution Portfolio Overview KINNEVIK Sustainability Interim Report Q1 2022 Financial Statements Note 4 5 Other Q1 2022 -4 589 -58 2 0 -4 645 159 -55 -4541 0 -4541 -4 541 -16.29 -16.29 278 677 265 278 677 265 278 677 265 Q1 2021 6 136 -69 3 0 6 070 35 -33 6 072 0 6 072 6 072 21.86 21.86 277 775 037 277 775 037 277 775 037 FY 2021 13 269 1 689 -319 10 -3 14 646 210 -74 14 782 -5 14 777 14 777 53.12 53.12 278 677 265 278 177 851 Consolidated Earnings for the First Quarter The change in fair value of financial assets amounted to a loss of SEK 4,589m (profit of 6,136) for the first quarter of which a loss of SEK 1,310m (loss of 440) was related to listed holdings and a loss of SEK 3,279m (profit of 6,576) was related to unlisted holdings. See note 4 for further details. The improved financial net is mainly attributable to revaluation of swaps and positive exchange rate differences. 278 177 851 22#23Intro Consolidated Statement of Cash Flow SEK m Dividends received Cash flow from operating costs Interest, received Interest, paid Cash flow from operations Investments in financial assets Sale of shares and other securities Cash flow from investing activities Repayment of loan Borrowing Sale of treasury shares Dividend paid to equity holders of the Parent company Cash flow from financing activities Cash flow for the period Net Asset Value Short term investments and cash, opening balance Revaluation of short term investments Short term investments and cash, closing balance KINNEVIK Interim Report Q1 2022 Portfolio Overview Sustainability Financial Statements Note 5 Other Q1 2022 -123 0 -28 -151 -2 000 1 291 -709 -1 210 -1 210 -2 070 10 544 -33 8 441 Q1 2021 -103 0 -28 -130 -975 207 -768 -899 7 589 0 6 690 FY 2021 1 689 -321 0 -55 1 313 -6 014 5 799 -215 -190 2 000 91 -44 1 857 2 955 7 589 0 10 544 23#24Intro Supplementary Cash Flow Information SEK m Net Asset Value Investments in financial assets Investments not paid Prior period investments, paid in current period Exchange differences on investments not paid Cash flow from investments in financial assets Sale of shares and other securities Divestments with no cash flow Paid on divestments earlier periods Exchange differences pertaining to divestments Cash flow from sale of shares and other securities KINNEVIK Interim Report Q1 2022 Portfolio Overview Sustainability Financial Statements Note 4 Other Q1 2022 -1 658 93 -433 -2 -2 000 1 015 276 1 291 Q1 2021 -1 006 107 -76 -975 207 207 FY 2021 -6376 442 -90 10 -6 014 5 544 -3 94 164 5 799 24#25Intro Condensed Consolidated Balance Sheet SEK m ASSETS Fixed assets Financial assets held at fair value through profit or loss Tangible fixed assets Right of use asset Other fixed assets Total fixed assets Current assets Other current assets Short-term investments Cash and cash equivalents Total current assets Net Asset Value TOTAL ASSETS KINNEVIK Interim Report Q1 2022 Portfolio Overview Sustainability Financial Statements Note 4 Other 31 Mar 2022 31 Mar 2021 63 595 45 50 6 9 148 215 63 794 114 764 # 187 344 7 751 3 883 690 2 807 8 628 114 490 72 422 7 034 31 Dec 2021 121 798 67 541 46 6 210 67 803 240 6 684 3 860 10 784 78 587 25#26Intro Condensed Consolidated Balance Sheet SEK m SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity attributable to equityholders of the Parent Company Interest bearing liabilities, long term Interest bearing liabilities, short term Non interest bearing liabilities TOTAL EQUITY AND LIABILITIES KEY RATIOS Ratio Net Asset Value Debt/equity ratio Equity ratio Net interest bearing assets/ (liabilities) Net cash/Net debt, for the Group KINNEVIK Interim Report Q1 2022 Portfolio Overview Sustainability Financial Statements Note 6 6 Other 31 Mar 2022 67 859 3512 1 051 72 422 0.05 94% 5 177 4 977 31 Mar 2021 117 752 1 535 1 400 1111 121 798 0.02 97% 4 080 3 895 31 Dec 2021 72 391 3511 1210 1 475 78 587 0.07 92% 5 704 5 384 26#27Intro Condensed Report of Changes in Equity for the Group SEK m Opening balance Profit/loss for the period Total comprehensive income for the period Transactions with shareholders Effect of employee share saving programme Sale of own shares Dividend in kind Net Asset Value Cash dividend Closing balance for the period KINNEVIK Interim Report Q1 2022 Portfolio Overview Sustainability Financial Statements Other Q1 2022 72 391 -4 541 -4 541 9 67 859 Q1 2021 111 671 6 072 6 072 9 117 752 FY 2021 111 671 14 777 14 777 36 91 -54 140 -44 72 391 27#28Intro Net Asset Value NOTES FOR THE GROUP Note 1 Accounting Principles The consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS), as adopted by the EU. This report was prepared in accordance with the Annual Accounts Act and IAS 34, Interim Financial Reporting. Information in accordance with IAS 34, Interim Financial Reporting is provided in the notes as well as in other places in the interim report. Dividend in kind is valued at fair value at the time of the distribution in accordance with IFRIC 17 -"Distributions of Non-cash Assets to Owners" for the Group. For the Parent Company the dividend is valued at book value of the assets. The accounting principles are the same as described in the 2021 Annual Report. KINNEVIK Portfolio Overview Interim Report Q1 2022 Sustainability Note 2 Risk Management Kinnevik's management of financial risks is centralized within Kinnevik's finance function and is conducted based on a Finance Policy established by the Board of Directors. The policy is reviewed continuously by the finance function and updated when appropriate in discussion with the Audit & Sustainability Committee and as approved by the Board of Di- rectors. Kinnevik has a model for risk management that aims to identify, control and reduce risks. The output of the model is reported to Audit & Sustainability Committee and Board of Directors on a regular basis. Kinnevik is mainly exposed to financial risks in respect of: • Valuation risk, in relation to negative changes in the value of the portfolio • Liquidity and financing risk, in relation to increased cost of financing, and difficulties in refinancing maturing loans and facilities, ultimately leading to payment obligations not being met • Foreign exchange rate risk, in relation to transaction and translation currency exposure • Interest rate risk, having an adverse impact on financing costs For a more detailed description of Kinnevik's risks and uncertainties, as well as risk management, refer to Note 17 for the Group in the 2021 Annual Report. Financial Statements Other Note 3 Related Party Transactions Related party transactions for the period are of the same character as the transactions described in the 2021 Annual Report. 28#29Intro Net Asset Value Note 4 Financial Assets Accounted at Fair Value Through Profit & Loss OUR FRAMEWORK AND PRINCIPLES In assessing the fair value of our unlisted investments, we apply IFRS 13 and the International Private Equity and Venture Capital Valuation Guidelines, whereunder we make a collective assessment to establish the valuation methods and points of reference that are suitable and rel- evant in determining the fair value of each of our unlisted investments. Valuations in recent transactions are not applied as a valuation method, but typically provides important points of reference for our valuations. When applicable, consideration is taken to preferential rights such as liquidation preferences to proceeds in a sale or listing of a business. Valuation methods include revenue, GMV, and profit multiples, with consideration to differences in size, growth, profitability and cost of equity capital. We also consider the strength of a company's financial position, cash runway, and the funding environment. The valuation process is led independently from the investment team. Accuracy and reliability of financial information is ensured through con- tinuous contacts with investee management teams and regular reviews of their financial and operational reporting. Information and opinions on applicable valuation methods are obtained periodically from investment managers and well-renowned investment banks and audit firms. The val- uations are approved by Kinnevik's CFO and CEO after which a proposal is presented and discussed with the Audit & Sustainability Committee and Kinnevik's external auditors. After their scrutiny and potential adjustments, the valuations are approved by the Audit & Sustainability Committee and included in Kinnevik's financial reports. When establishing the fair value of other financial instruments, meth- ods assumed to provide the best estimation of fair value are used. For assets and liabilities maturing within one year, a nominal value adjusted for interest payments and premiums is assumed to provide a good approximation of fair value. Information in this note is provided per class of financial instruments that are valued at fair value in the balance sheet, distributed in the levels stated below: KINNEVIK Interim Report Q1 2022 Portfolio Overview Category • Value-Based Care • Virtual Care • Platforms & Marketplaces • Software • Consumer Finance Sustainability 2021 Kinnevik Unlisted Investee Averages Revenue Growth +105-125% +215-235% +40-60% / +140-160% +130-150% +30-50% Note: Kinnevik unlisted investee averages are weighted by fair value. 2021 Gross Margin 5-15% 35-55% 30-40% / 60-80% 60-80% 50-70% Financial Statements 2022 EV/Revenue Level 1: Fair value established based on listed prices in an active market for the same instrument. Level 2: Fair value established based on valuation techniques with observable market data, either directly (as a price) or indirectly (derived from a price) and not included in Level 1. Level 3: Fair value established using valuation techniques, with sig- nificant input from data that is not observable in the market. For companies that are valued based on multiples, an increase in the multiple by 10% would have increased the assessed fair value by SEK 2,363m. Similarly, a decrease in the multiple by 10% would have decreased the assessed fair value by SEK 2,586m. LIQUIDATION PREFERENCES Kinnevik's unlisted investee companies adopt different financing struc- tures and may at times issue shares with liquidation preference rights. Liquidation preferences determine how value is allocated between shareholders in e.g. a sale or listing of a business. This allocation may become increasingly complex over time, and Kinnevik's share of proceeds may significantly deviate from its percentage ownership of the investee company's issued equity. Accordingly, an increase or decrease in val- ue of an investee company's equity where liquidation preferences are applicable may result in a disproportionate increase or decrease in the fair value of Kinnevik's shareholding. Liquidation preferences may also 5.5-7.5x 17.5-20x 1-3x/6-8x 30-40x 8-10x 2021 Revenue Growth +55% +80% +40% / 45% +35% +40% Other Peer Group Averages 2021 Gross Margin 25% 45% 40% / 80% 80% 55% 2022 EV/Revenue 3.0x 3.5x 1-3x/6x 11.5x 8x entail that the fair value of Kinnevik's investment remains unchanged in spite of the assessed value of a particular investee company as a whole changing materially. An unlisted investee company's transition into a publicly listed com- pany may also affect the value of Kinnevik's shareholding due to the dismantling or triggering of such provisions. OUR Q1 2022 VALUATIONS In 2021, the venture and growth capital ecosystem saw a massive influx of capital as investors pursued growth and risk in a low interest rate environment, exacerbated by monetary and fiscal stimulus. This in turn led to expanding valuations, swelling round sizes, and increased funding round intensity. Since late 2021, the gravitational pull of rising interest rates combatting soaring inflation has caused valuations of publicly listed equity in high- growth technology companies to derate materially. The forward-looking revenue multiples of broader tech indices are now below both pre-pan- demic and five-year median levels. Adding to the cyclical macroeconomic forces, Russia's unlawful invasion of Ukraine creates additional uncertainty and inflationary effects on commodities, albeit eclipsed by the ongoing humanitarian suffering. Private markets have in previous bear markets taken 6-9 months to adjust, but we see clear signals of valuation levels between the two asset classes reconciling at a faster pace this time around. 29#30Intro Net Asset Value In assessing our valuations per end of Q1 2022, we are not taking into consideration private markets potentially lagging behind public markets, but seek to wholly reflect the end of March valuation levels of publicly listed peers when valuing our younger, faster-growing unlisted businesses. In reflecting the public market correction, we believe this impacts later stage companies more adversely than earlier stage companies. We also see clear indications of the public market contraction bearing less effect on companies regarded as leading businesses in their respective sector or business area. The best performing businesses typically, but not always, overlap with the companies that have raised the most equity financing and therefore have the strongest balance sheets and longest runways. This makes them less dependent on the near-term funding climate, and provides for more robust valuations. In our valuations, we take all these parameters into consideration. The material derating in public growth equities used as benchmarks for our private businesses was the singlemost driver of the downwards value change in our unlisted portfolio during the quarter. Illustratively, multiple contraction had a materially negative effect of SEK 8.5bn on our valuations in the quarter. Revenue growth offset slightly more than half of the impact of compressing valuation levels with a positive contribution of around SEK 5bn. In this quarter we are rearranging our NAV statement. Our aim is to categorize our private investments in a more refined way, grouping them with their shared publicly listed comparable companies in mind. This, we believe, together with the aggregated financial metrics we are providing for each category, is a leap forward in terms of transparency of the performance and our assessed valuations of our unlisted assets. The table on the previous page outlining the metrics for our new categories of investments and their peer groups should be read together with the qualitative commentary provided on the following pages. Please also note that the averages for Kinnevik's unlisted investees are weighted by fair value. VALUE-BASED CARE Value-Based Care consists of care delivery companies that take risk on, and are paid on the basis of, patient health outcomes. These companies KINNEVIK Interim Report Q1 2022 Portfolio Overview Value Drivers in the Unlisted Portfolio 2021 Q4-2022 Q1 Approximations, SEKbn 32.6 Sustainability Q4 2021 +5.3 Revenue Growth (8.5) Multiple Contraction are benchmarked against a peer set of businesses in various ways de- livering or driving a shift towards value-based care, such as Oak Street Health (OSH), Agilon Health (AGL), and Signify Health (SGFY). On average, the companies in the peer set grew revenue by 55 percent in 2021 with gross margins of 25 percent, and trade at around 3x 2022 revenues. Our businesses are growing twice as fast with slightly slimmer gross margins, and are valued at around 5.5-7.5x 2022 revenues on average. The fair value of Kinnevik's 8 percent in Cityblock amounts to SEK 3,364m, down some 17 percent in the quarter. The forward-looking multiple has been compressed by almost twice as much as the peer group average to accelerate into a normalization of the valuation level. Thanks to continued strong underlying performance, the write-down becomes more muted. The valuation remains at a premium to most - but not all - peers on a 2023 revenue multiple basis. The fair value of Kinnevik's 4 percent shareholding in VillageMD amounts to SEK 4,273m, down some 8 percent in the quarter from a level corresponding to the valuation Village MD was ascribed in the transaction with Walgreens Boots Alliance during the fourth quarter of 2021. As a result, the forward-looking multiple contracts well in excess of the peer group average and the premium to peers contracts materially Financial Statements +1.6 Net Investments Other (0.0) Other 31.0 Q1 2022 to a point where VillageMD is valued in line with the top performers in its peer group on a 2023 revenue basis. This is reflective of the company's structural advantage and stronger growth trajectory stemming from the unique partnership with Walgreens Boots Alliance. VIRTUAL CARE Virtual Care consists of healthcare businesses that deliver general or spe- cialized care services through virtual channels, and leverage technology such as Al to improve the care outcomes for their users. We benchmark these businesses against a peer set of listed telemedicine companies, both generalists such as Teladoc (TDOC) and Amwell (AMWL), but also vertical players such as Hims & Hers (HIMS) and Lifestance (LFST). The companies in the peer set grew revenues by around 80 percent on average in 2021 with gross margins of 40-50 percent. In 2022, the average expected peer growth rate is closer to 20-30 percent, and the peer group trades at an average 3.5x 2022 revenues. Our businesses are growing revenues at a materially higher rate with comparable gross margins, and are better positioned for long-term growth compared to their more mature listed peers. Virtual Care is nascent in itself and the current cohort of listed peers largely consists of companies facing structural challenges that 30#31Intro Net Asset Value our unlisted companies aim to disrupt. As a consequence, our Virtual Care companies are valued at a material premium to the peer group, at around 17.5-20x 2022 revenues on average. The fair value of Kinnevik's 5 percent shareholding in Spring Health amounts to SEK 932m, and is in line with the capital we invested into the company when it raised capital during the third quarter of 2021. The valuation of the company has been adjusted downwards to reflect the multiple compression of the listed peer group in the quarter, but due to liquidation preferences the fair value of our shareholding re- mains unchanged in dollar terms. Also after this downwards adjustment, the valuation remains at a significant but unchanged premium to the forward-looking multiples of a peer group of telemedicine operators, justified by Spring Health's materially higher growth rate. PLATFORMS & MARKETPLACES Our Platforms and Marketplace businesses is arguably the most diverse group of investments in our new NAV categorization. The group spans online grocer businesses such as Mathem and Oda with mid-30s gross margins, to pure marketplaces like Jobandtalent with gross margins more than twice as high. Accordingly, these businesses are valued against different peer sets. The average peer group valuation levels span 1-3x 2022 revenues for lower-margin e-commerce peers and around 6x 2022 revenues on average for higher margin marketplace peers. Average peer growth rates were typically around 40-45 percent in 2021 in both ends of the margin spectrum. Our Platforms & Marketplaces companies are typically valued in line with their respective peer group average. This is reflective of their later stage of maturity, but also of the valuation levels at these businesses have raised capital relative to how their listed peer groups were valued at the time. The fair value of Kinnevik's 28 percent shareholding in Budbee amounts to SEK 1,309m, flat in the quarter. The valuation is based on near-term forward-looking multiples inferred from a set of logistics technology and mobility businesses such as InPost (INPST.AS), DoorDash (DASH) and Uber (UBER). Budbee's revenue multiple is in line with the peer group average, and as such our assessed valuation can from here on out move more in tandem with the company's performance and the movements KINNEVIK Interim Report Q1 2022 Portfolio Overview Sustainability of the broader peer group. The fair value of Kinnevik's 31 percent shareholding in Mathem amounts to SEK 699m, down more than 40 percent in the quarter. The valuation is based on trailing revenue multiples of a composite peer group of inventory holding e-commerce retailers and meal kit businesses such as Zalando (ZAL.DE), Boozt (BOOZT.ST) and HelloFresh (HFG.DE), as well as estimates of market valuations of Ocado's (OCDO.L) retail business. The multiples of key peers contracted by more than 35 percent in the quarter. Meanwhile, the merger with Mat.se was concluded, and Math- em entered into a long-term strategic supply agreement with Axfood's purchasing and logistics company Dagab. This strengthens Mathem's outlook materially, and warrants a slightly contracting discount to the peer group over the last two quarters. The assessed valuation implies a multiple of 0.8x the company's 2021 revenues, but is based on revenues during the last twelve months as at 31 March 2022. The fair value of Kinnevik's 21 percent shareholding in Oda amounts to SEK 1,499m, down almost 7 percent in the quarter. The valuation is based on a combination of trailing and forward-looking revenue multiples of a composite peer group corresponding to that of Mathem. The decrease in fair value is due to Oda's growth not offsetting the material peer multiple contraction in the quarter. The assessed valuation implies a multiple of 2.5x the company's 2021 revenues, at a significant premium to the peer group. The multiple declines to a level more in line with key peers looking into 2023, as Oda is expected to grow at a significantly higher rate fueled by its geographical expansion. The valuation also reflects the exceptional operational efficiency of the company's proprietary fulfilment solution. The fair value of Kinnevik's 11 percent shareholding in HungryPanda amounts to SEK 511m, down some 11 percent in the quarter to reflect the general derating in the peer group. The valuation is based on for- ward-looking GMV multiples in line with the average of a peer group of food delivery businesses like Doordash (DASH), Delivery Hero (DHER. DE) and Just Eat Takeaway.com (TKWY.AS). Our holding benefits slightly (less than a 5 percent effect on our fair value) from downside protection from the preferential terms of our investment in the company's latest equity fundraises. The fair value of Kinnevik's 11 percent shareholding in Vivino amounts Financial Statements Other to SEK 525m, effectively flat in the quarter. The valuation is based on forward-looking GMV multiples of a peer group of global online mar- ketplaces with high user engagement such as Etsy (ETSY). The discount to the peer group's average GMV multiple is primarily calibrated by comparing Vivino's profitability with the peer group's, taking into account Vivino's more efficient marketing economics thanks to its potential to organically acquire customers through its high-engagement platform. Our assessed value of the company as a whole is written-down in line with the trading of the peer group in the quarter, and the valuation remains at an unchanged and relatively material discount to the peer group's average forward-looking GMV multiple. Our holding benefits from downside protection from the preferential terms of our investment in the company's latest equity fundraise, which is why the fair value of our investment remains largely unchanged. The fair value of Kinnevik's 5 percent shareholding in Jobandtalent amounts to SEK 1,047m, effectively flat in the quarter. The valuation is based on near-term forward-looking revenue multiples of a peer group consisting of human capital-focused businesses such as Fiverr (FVRR) and Upwork (UPWK), with reference also to B2B marketplaces. The peer group's average multiple contracted by almost 15 percent in the first quarter, rendering an approximate 10 percent write-down of the com- pany as revenue growth mutes the impact of a contracting multiple. The company remains valued at an unchanged and narrow premium to the peer group considering its superior growth rate at comparable margins. Our holding benefits from downside protection from the preferential terms of our investment in the company's fundraise in the fourth quarter of 2021, causing an effectively unchanged fair value. SOFTWARE Our Software businesses are typically benchmarked against a peer set of SaaS businesses such as Atlassian (TEAM) and Salesforce (CRM), and of more transactional software businesses like Twilio (TWLO) and Shopify (SHOP). The companies in the peer set typically grew revenue at around 35 percent in 2021 and have gross margins of 80 percent, compared to our businesses which typically are growing more than four times faster with almost comparable gross margins. 31#32Intro Net Asset Value The fair value of Kinnevik's 8 percent shareholding in Cedar amounts to SEK 2,284m, effectively flat in the quarter. The valuation implies a premium to the peer group average on a 2022 basis that normalizes into 2023, courtesy of Cedar's strong performance and improved outlook. The fair value of Kinnevik's 14 percent shareholding in Pleo amounts to SEK 5,333m, down almost 10 percent in the quarter from a mark cor- responding to where the company raised new financing at in the fourth quarter of 2021. The write-down reflects the share price development of the peer group's top quartile in the quarter. The valuation still implies a significant premium to the peer group in the near-term, but normalizes over the longer term as Pleo is expected to grow significantly faster than the best-in-class companies in the peer group that are valued significantly above the peer group's average valuation level. The fair value of Kinnevik's 15 percent shareholding in TravelPerk amounts to SEK 1,717m, effectively flat in the quarter. The assessed valuation is in line with where the company raised new financing in late December 2021 and the unchanged equity value reflects Travelperk's superior performance benefiting from a sharp rebound in travel as well as continued strong acquisition of new clients. The valuation is largely in line with the broader peer group average on a 2023 revenue basis. CONSUMER FINANCE Our Consumer Finance businesses are typically benchmarked against a peer set of digital wealth managers such as Avanza (AZA.ST) and Nordnet (SAVE.ST), and consumer-facing subscription businesses such as Match Group (MTCH) and Netflix (NFLX). On average, the companies in the broader composite peer set grew revenue by 40 percent in 2021 with gross margins above 50 percent, largely in line with our investments in the sector. The fair value of Kinnevik's 14 percent shareholding in Betterment amounts to SEK 1,395m, down some 12 percent in the quarter. The peer group's average multiple contracted by nearly 20 percent in the first quarter and we continue to value Betterment at an approximate 10 percent premium to the peer group average in consideration of the company's stronger growth trajectory. Betterment's revenues are primarily derived from fees on assets under management and therefore remain in KINNEVIK Interim Report Q1 2022 Portfolio Overview Sustainability part correlated with the development of the US and global stock market. This may clearly affect performance and the near-term outlook over the coming quarters considering the current market environment. Per the end of March, the company's assets under management exceeded USD 33bn. The fair value of Kinnevik's 6 percent shareholding in Lunar amounts to SEK 800m, up around 12 percent in the quarter in addition to the new capital invested. The valuation of Lunar relative to the peer group is calibrated by a secondary transaction in the company during the quarter, but disregards the valuation level at which the company raised new financing from existing shareholders at around the same time. The valuation is at an approximate 30 percent discount to this higher valuation, but still at a material premium to peers on a near-term forward-looking revenue multiple basis. Our carrying value normalizes into 2023 due to the company's stronger growth rate. Financial Statements Other 32#33Intro CHANGE IN FAIR VALUE OF FINANCIAL ASSETS (SEK M) Alliance Data Babylon Global Fashion Group Teladoc Tele2 Zalando Total Listed Holdings Babylon Betterment Bread Budbee Cedar Cityblock Common HungryPanda Jobandtalent Lunar Mathem Monese Oda Omio Omnipresent Parsley Health Net Asset Value KINNEVIK Interim Report Q1 2022 Portfolio Overview Q1 2022 - 908 - 2 209 -688 2 495 - 1310 - 191 - 241 - 672 - 99 - 62 7 63 - 555 - 15 - 105 - 11 - 9 6 Q1 2021 28 1 379 - 434 1 623 -3 036 - 440 155 38 179 1 859 1 021 30 43 175 - 3 490 23 FY 2021 28 - 1892 - 4 075 - 5 974 3 790 4 795 - 3 329 2 224 546 1 540 1953 2642 - 52 160 35 20 - 210 70 484 - 17 17 Sustainability Pleo Quit Genius Raisin DS Spring Health Sure Financial Statements Other Q1 2022 - 551 8 - 62 27 13 14 49 - 385 15 - 42 - 413 - 3 212 Q1 2021 - 67 - 4 589 - 3 278 27 5 Transcarent TravelPerk Village MD Vivino Early Bets & New Ventures Emerging Markets & Other Total Unlisted Holdings Other Contractual Rights Total whereof unrealized gains/losses for assets in Level 3 Change in unrealized gains or losses for assets in Level 3 for the period are recognised in the Income State- ment as change in fair value of financial assets. 354 2 438 55 11 504 FY 2021 6 394 182 6 136 6 573 4 983 13 - 10 44 18 996 2 926 -76 - 17 - 788 16 502 96 13 269 16 577 33#34Intro FAIR VALUE OF FINANCIAL ASSETS (SEKM) Babylon Global Fashion Group Teladoc Tele2 Zalando Total Listed Holdings Babylon Betterment Budbee Cedar Cityblock Common HungryPanda Jobandtalent Lunar Mathem Monese Oda Omio Omnipresent Net Asset Value KINNEVIK Class A shares 54 942 568 Class B shares 79 093 454 3 683 668 20 733 965 166 879 154 Interim Report Q1 2022 Capital/ Votes % 13.3/3.6 36.0/36.0 2.3/2.3 27.2/41.9 14/14 28/28 8/8 8/8 14/14 11/11 5/5 6/6 31/31 23/23 21/21 5/5 6/6 Portfolio Overview 31 Mar 2022 1992 1 403 2 474 26 735 32 604 1 395 1 309 2 284 3 364 132 511 1 047 800 699 519 1 499 417 368 31 Mar 2021 9 067 11 868 22 073 46 310 89 317 2 680 1 008 948 2 431 2116 245 343 1 490 427 1610 462 31 Dec 2021 2900 3612 4 149 24 240 34 901 1 586 1 309 2 525 4 036 163 573 1 040 526 1 254 534 1 604 427 Sustainability Parsley Health Pleo Quit Genius Raisin DS Spring Health Sure Transcarent TravelPerk VillageMD Vivino Early Bets & New Themes Emerging Markets & Other Total Unlisted Holdings Other Contractual Rights Total Financial Statements Class A shares Class AB shares Capital/ Votes % 11/11 14/14 12/12 2/2 5/5 9/9 3/3 15/15 4/4 11/11 Other 31 Mar 2022 214 5 333 280 185 932 466 559 1717 4 273 525 1416 606 30 850 140 63 595 31 Mar 2021 434 262 799 7 280 641 352 1 323 24 851 322 114 490 31 Dec 2021 208 5 884 272 247 905 453 1 668 4 658 510 1 004 1 019 32 405 236 67 541 34#35Intro INVESTMENTS IN FINANCIAL ASSETS (SEKM) Total Listed Assets Babylon Betterment Cityblock Common HungryPanda Jobandtalent Lunar Mathem Monese Oda Omio Omnipresent Parsley Health Pleo Quit Genius Raisin DS Spring Health Sure Net Asset Value KINNEVIK Interim Report Q1 2022 Portfolio Overview Q1 2022 68 211 1 377 Q1 2021 255 42 1 33 1 10 FY 2021 43 70 553 42 113 1 006 506 149 35 33 6 191 494 259 10 861 435 Sustainability Transcarent TravelPerk Vivino Early Bets & New Themes Emerging Markets & Other Total Unlisted Holdings Total Changes in unlisted assets (level 3) Opening balance Investments Disposals / Exit proceeds Reclassification Change in fair value Closing balance Financial Statements Other Q1 2022 546 454 1 1 658 1 658 32 641 1 658 - 29 - 3 278 30 990 Q1 2021 66 586 9 3 1 006 1 006 17 602 1 006 - 11 6 576 25 173 FY 2021 292 586 688 4 6 376 6 376 17 602 6 376 -3 144 -4 792 16 598 32 641 35#36Intro Note 5 Dividends Received SEK m Tele2 Total dividends received Of which ordinary cash dividends Net Asset Value KINNEVIK Q1 2022 Q1 2021 FY 2021 Note 6 Interest Bearing Assets and Liabilities The net interest bearing assets amounted to SEK 5,295m and Kinnevik was in a net cash position of SEK 4,977m as at 31 March 2022. Kinnevik's total credit facilities (including issued bonds) amounted to SEK 8,630m as at 31 March 2022 whereof SEK 5,000m related to unutilised revolving credit facilities and SEK 3,500m related to bonds with maturity in 3-7 years. During the quarter, SEK 1,210m in outstanding corporate bonds fell due for payment and the Group's available liquidity, including short term investments and available unutilized credit facilities, totalled SEK 13,571m as at 31 March 2022 (SEK 15,869m as at 31 December 2021). Interim Report Q1 2022 1 689 1 689 1 126 Portfolio Overview SEK m Interest Bearing Assets Loans to investee companies Short term investments Cash and cash equivalents Revaluation of Swap Other interest bearing assets Total Interest Bearing Long Term Liabilities Corporate bonds Accrued borrowing cost Other interest bearing liabilities Total Interest Bearing Short Term Liabilities Corporate bonds Total Total Interest Bearing Liabilities Net interest bearing assets (+)/ liabilities (-) Sustainability Debt, unpaid investments/divest- ments Net Interest Bearing Assets Net Cash/(Net Debt) for the Group 31 Mar 2022 200 7 751 690 154 145 8 940 3 500 -15 27 3 512 0 3 512 5 428 -133 5 295 4 977 31 Mar 2021 185 3 883 2 807 0 212 7 087 1 500 -7 42 1 535 1 400 1 400 2 935 4152 -72 4 080 3 895 31 Dec 2021 137 6 684 3 860 5 210 10 896 3 500 -16 27 3 511 1 210 1 210 4 721 6 175 -471 5 704 5 384 Financial Statements Other Kinnevik currently has no bank loans outstanding, and its bank fa- cilities when drawn carry variable interest rates. Debt capital market financing consist of commercial paper and senior unsecured bonds. Commercial paper is issued with a maximum tenor of 12 months un- der Kinnevik's SEK 5bn commercial paper program, and senior un- secured bonds are issued with a minimum tenor of 12 months under Kinnevik's SEK 6bn medium term note program. In order to hedge interest rate risks, Kinnevik has entered into a number of interest rate swap agreements whereby it pays a fixed annual interest rate also on bonds with a floating rate coupon. The derivatives had a positive market value of SEK 154m at the end of the quarter and are marked to market based on discounted cash flows with observable market data. The derivatives are covered by ISDA agreement. As at 31 March 2022, the average interest rate for outstanding senior unsecured bonds amounted to 1.3% and the weighted average remaining tenor for all Kinnevik's credit facilities amounted to 3.0 years. The carrying amount of the liabilities is a reasonable approximation of fair value as they bear variable interest rates. 36#37Intro Condensed Parent Company Income Statement SEK m Administration costs PARENT COMPANY FINANCIAL STATEMENTS Other operating income Operating profit/loss Profit/Loss from financial assets, associated companies and other Profit from financial assets, subsidaries Financial net Profit/loss after financial items Net Asset Value Group contribution Profit/loss before tax Taxes Net profit/loss for the period Total comprehensive income for the period KINNEVIK Portfolio Overview Interim Report Q1 2022 Sustainability Financial Statements Other Q1 2022 -54 0 -54 29 42 99 116 116 116 116 Q1 2021 -57 0 -57 75 570 15 603 603 603 603 FY 2021 -310 2 -308 -442 9 346 21 8 617 177 8 794 8 794 8794 37#38Intro Condensed Parent Company Balance Sheet SEK m ASSETS Tangible fixed assets Equipment Shares and participation in Group companies Shares and participation in associated companies and other companies Receviables from Group companies Other long-term receivables Total fixed assets Current assets Short term receivables Short term investments Cash and cash equivalents Total current assets Net Asset Value TOTAL ASSETS KINNEVIK Interim Report Q1 2022 Portfolio Overview Sustainability Financial Statements Other 31 Mar 2022 4 86 650 6 561 27 576 145 120 936 176 7 751 92 8 019 128 955 31 Mar 2021 4 97 540 0 17 600 212 115 356 94 3 883 2 607 6 584 121 940 31 Dec 2021 4 87 593 6 561 27 756 210 122 124 231 6 684 3 546 10 461 132 585 38#39Intro Condensed Parent Company Balance Sheet SEK m SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders equity Restricted equity Unrestricted equity Total shareholders' equity Provisions Provisions for pensions and other Total Provisions Long-term liabilities External interest-bearing loans Total long term liabilities Short-term liabilities External interest-bearing loan Liabilities to Group companies Other Liabilities Net Asset Value Total Short-term liabilities TOTAL SHAREHOLDERS' EQUIITY AND LIABILITIES KINNEVIK Portfolio Overview Interim Report Q1 2022 Sustainability Financial Statements Other 31 Mar 2022 6 896 63 611 70 507 19 19 3 485 3 485 54 905 39 54 944 128 955 31 Mar 2021 6 896 106 070 112 966 19 19 1 502 1 502 1 400 6 025 28 7 453 121 940 31 Dec 2021 6 896 63 487 70 383 19 19 3 484 3 484 1210 57 398 91 58 699 The Parent Company's liquidity, including short-term investments and unutilised credit facilities, totalled SEK 12,973m (12,804) per 31 March 2022. The Parent Company's interest bearing external liabilities amounted to SEK 3,485m (2,902) on the same date. Investments in tangible fixed assets amounted to SEK Om (1) during the period. 132 585 39#40Intro Distribution by Share Class per 31 March 2022 SEK m Net Asset Value Outstanding Class A shares, 10 votes each Outstanding Class B shares, 1 vote each Outstanding Class D-G shares (LTIP 2018), 1 vote each Outstanding Class D-G shares (LTIP 2019), 1 vote each Outstanding Class C-D shares (LTIP 2020), 1 vote each Outstanding Class C-D shares (LTIP 2021), 1 vote each Class C-D shares (LTIP 2021) shares in own custody Registered number of shares KINNEVIK Portfolio Overview The total number of votes for outstanding shares amounted at 31 March 2022 to 582 476 153 excluding 19,950 Class C-D shares from LTIP 2021. Interim Report Q1 2022 Sustainability Financial Statements Other Number shares 33 755 432 242 153 584 297 258 645 054 992 337 833 600 19 950 278 697 215 Number of votes 337 554 320 242 153 584 297 258 645 054 992 337 833 600 19 950 582 496 103 Par value (SEK 000s) 3 376 24 215 30 65 99 83 2 27 870 40#41Intro Net Asset Value Kinnevik applies the Esma Guidelines on Alternative Performance Measures (APM). An APM is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the appli- cable financial reporting framework. For Kinnevik's consolidated accounts, this typically means IFRS. APMs are disclosed when they complement performan- ce measures defined by IFRS. The basis for disclosed APMs are that they are used by management to evaluate the fi- nancial performance and in so believed to give analysts and other stakeholders valuable information. Definitions of all APMs used are found below. Reconciliations of a selec- tion of APMs can be found on Kinnevik's corporate website www.kinnevik.com. AVERAGE REMAINING DURATION The value weighted average number of years until maturity for all credit facilities including outstanding bonds DEBT/EQUITY RATIO Interest-bearing liabilities including interest-bearing provisions divided by shareholders' equity DEFINITIONS AND ALTERNATIVE PERFORMANCE MEASURES DIVESTMENTS All divestments in fixed listed and unlisted financial assets EQUITY RATIO Shareholders' equity as a percentage of total assets GROSS CASH Short-term investments, cash and cash equivalents and other interest-bearing receivables KINNEVIK Portfolio Overview Interim Report Q1 2022 Sustainability GROSS DEBT Interest-bearing liabilities including unpaid investments/divest- ments INTERNAL RATE OF RETURN, IRR The annual rate of return calculated in quarterly intervals on a SEK basis that renders a zero net present value of (i) fair values at the beginning and end of the respective measurement period, (ii) investments and divestments, and (iii) cash dividends and dividends in kind INVESTMENTS All investments in fixed listed and unlisted financial assets, in- cluding loans to portfolio companies KINNEVIK MARKET CAPITALIZATION Market value of all outstanding shares in Kinnevik at the end of the period NET ASSET VALUE, NAV Net value of all assets on the balance sheet, equal to the sha- reholders' equity NET ASSET VALUE CHANGE Change in net asset value without adjustment for dividend paid or other transactions with shareholders NET ASSET VALUE PER SHARE, SEK Total net asset value attributable to each share based on the number of shares outstanding at the end of the period NET CASH/(NET DEBT) Gross cash less gross debt Financial Statements Other NET CASH/(NET DEBT) INCLUDING NET LOANS TO INVESTEE COMPANIES Gross cash and net outstanding receivables relating to portfolio companies less gross debt NET CASH TO PORTFOLIO VALUE/(LEVERAGE) Net cash/(debt), excluding net loans to investee companies, as percentage of portfolio value NET INVESTMENTS/(DIVESTMENTS) The net of all investments and divestments in fixed listed and unlisted financial assets NET PROFIT/(LOSS) PER SHARE BEFORE AND AFTER DILUTION, SEK Net profit/(loss) for the period attributable to each share based on the average number of shares outstanding during the period before and after dilution PORTFOLIO VALUE Total book value of fixed financial assets held at fair value th- rough profit or loss TOTAL SHAREHOLDER RETURN, TSR Annualized total return of the Kinnevik B share on the basis of shareholders reinvesting all cash dividends, dividends in kind, and mandatory share redemption proceeds into the Kinnevik B share, before tax, on each respective ex-dividend date. The value of Kinnevik B shares held at the end of the measurement period is divided by the price of the Kinnevik B share at the beginning of the period, and the resulting total return is then recalculated as an annual rate 41#42Intro OTHER INFORMATION KINNEVIK'S ANNUAL GENERAL MEETING 2022 The Annual General Meeting will be held on 9 May 2022. Further details on how and when to register, inlcuding the notice, is available at kinnevik.com. FINANCIAL REPORTS Dates for 2022 reporting: Net Asset Value 11 July Interim Report January-June 19 October Interim Report January-September Stockholm, 21 April 2022 Georgi Ganev Chief Executive Officer KINNEVIK Portfolio Overview Interim Report Q1 2022 This Interim Report has not been subject to specific review by the Company's auditors. Sustainability This information is information that Kinnevik AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out below, at 08.00 CET on 21 April 2022. For further information, visit www.kinnevik.com or contact: Torun Litzén Director Investor Relations Phone +46 (0)70 762 00 50 Email [email protected] Financial Statements Kinnevik's ambition is to be Europe's leading listed growth investor, and we back the best digital companies for a reimagined everyday and to deliver significant returns. We understand complex and fast- changing consumer behaviours, and have a strong and expanding portfolio in healthtech, consumer services, foodtech and fintech. As a long-term investor, we strongly believe that investing in sustainable business models and diverse teams will bring the greatest returns for shareholders. We back our companies at every stage of their journey and invest in Europe, with a focus on the Nordics, and in the US. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik's shares are listed on Nasdaq Stockholm's list for large cap companies under the ticker codes KINVA and KINV B. Other 42#43KINNEVIK For further information visit www.kinnevik.com or contact: Torun Litzén Director Investor Relations Phone +46 (0)70 762 00 50 Email [email protected]