#1PRESENTATION OF KINNEVIK'S Q4 2021 3 FEBRUARY 2022 4#2PRESENTATION OF KINNEVIK'S Q4 2021 RESULTS 1 2 3 4 5 Highlights of the Quarter Proof point for our Nordic Venture Strategy Kinnevik's Q4 2021 Agenda & Presenters Deep dive into two new companies Key Valuation Changes 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 (5) ΚΙΝΝΕVIK#3WE ENDED THE YEAR WITH A MORE BALANCED GROWTH PORTFOLIO AFTER CONTINUED HIGH TRANSACTION ACTIVITY THROUGH THE FOURTH QUARTER PLEO jobandtalent vay NICK'S VillageMD* Teladoc Note: Mathem HEALTH Travel Perk KINNEVIK SUSTAINABILITY LINKED FINANCING FRAMEWORK 2021 Highlights of The Quarter Q4 2021 We invested in Pleo's USD 200m financing round to further build on our >10x return on investment to date We continued to strengthen our Growth Portfolio through three new investment - Jobandtalent, a world-leading digital temp staffing agency; Vay, a tech-enabled mobility company and Nick's, a global food-tech innovator We maintained a high capital reallocation activity with SEK 5.3bn released from Teladoc and Village MD Mathem agreed to merge with Mat.se, Axfood's online grocer business, and to enter into a long-term strategic supply agreement with Axfood's purchasing and logistics company Dagab. At another one of our software successes, TravelPerk raised USD 115m, of which 25m from us, at an 80 percent premium to last quarter's fair value - a testament to how the founder Avi Meir and his team steered the company through the pandemic We launched updated Diversity & Inclusion targets for 2022 and published our first Sustainability-Linked Financing Framework Net Asset Value pro forma Zalando and adjusted for Other Net Assets/Liabilities. A more detailed breakdown of NAV can be found on p. 8 Net Asset Value • Public, Private, Net Cash / (Debt), SEKbn 62.3 40.7 17.5 4.8 2020 Q4 2.4 75.8 Investments 40.6 34.0 1.8 2021 Q3 Investment Activity Q4 2021, SEKM (5.3) Divestments 3 72.4 35.1 32.4 5.4 2021 Q4 (2.9) Net Investments (5) ΚΙΝΝΕVIK#4LATEST FUNDING ROUND POSITIONS PLEO AS THE HIGHEST-VALUED B2B SPEND MANAGEMENT SERVICE IN EUROPE 2018 Q2 First Investment 14% Ownership SEK 646m Invested Capital SEK 5,884m Fair Value Co-Founders Jeppe Rindom and Niccolo Perra Further Proof Point For Our Nordic Venture Strategy >10x Return On Investment Since 2018 PLEO Offers smart payment cards to employees while making sure the company remains in full control of spending USD 25m invested in Pleo's latest funding round of USD 200m The round nearly triples Pleo's valuation from USD 1.7 bn to USD 4.7bn ■ ■ I I ■ The additional funds will further empower Pleo's plans to expand into Europe - with 15 territories marked for the immediate future - as well as supporting the company's growing customer base, hiring initiatives, and new spend management features Pleo today works with more than 20,000 businesses and processes their employees' aggregate annualised spend of over USD 1bn with strong customer satisfaction scores The wealth of data Pleo has access to compounds with the lack of innovation from incumbents and means that Pleo's addressable market can extend well beyond expense management into the offering of a holistic suite of financial tools to their clients Pleo currently offers smart company cards and expense management for businesses across Denmark, Sweden, Germany, Spain, Ireland and the UK. We continue to support our high-performing companies as they continue to grow and require additional capital 4 KINNEVIK#5EXPANDING OUR PORTFOLIO TO HUMAN CAPITAL TECHNOLOGY WITH A WORKFORCE-AS-A-SERVICE Co-Founders Felipe Navío and Juan Urdiales GG A World-Leading Digital Temp Staffing Agency Placing People Back at The Centre of Employment New jobandtalent PLATFORM "We are delighted to have Kinnevik support us on the next stage of our journey. Kinnevik has an impressive track record in building successful and sustainable global businesses, and shares our long term view and our ambition to have a real impact on the lives of workers all around the world." ■ I Jobandtalent is a workforce marketplace that matches workers with temporary roles - aiming to make the labour market more fluid and accessible by tearing down the barriers to job searching and hiring Kinnevik invested USD 115m for a 5% stake Kinnevik led the USD 500m financing round with an investment of USD 115m for a 5% percent stake joined by SoftBank Vision Fund 2 Jobandtalent has developed proprietary job matching technology to match workers with temporary roles at companies in a range of sectors including logistics, e-commerce, warehousing, and manufacturing. Riding on the secular megatrends of digitalisation and globalization: forcing employers to adapt to new ways of working The funding will be used to accelerate the company's expansion in key markets such as the United States, significantly increase the size of its tech and sales teams over the next two years, and add key executive roles Jobandtalent is growing by 130% annually and is EBITDA profitable Jobandtalent fits squarely in the intersection of Kinnevik's themes of managed marketplaces and enabler businesses 5 (9) ΚΙΝΝΕVIK#6WE ARE BACKING THE FIRST COMPREHENSIVE HEALTH AND CARE EXPERIENCE COMPANY FOR SELF-INSURED EMPLOYERS I Efternoon ***** Good u Carolin Cha Transcarent On A Mission To Align Incentives Backing Livongo's Founder's New Company Transcarent is a new and different health and care experience company for employees of self-insured employers and their families Kinnevik invested USD 60m for a 3% stake Kinnevik led the USD 200m funding round together with previous Livongo co-investor Human Capital, joined by Ally Bridge Group and a number of leading US health systems Addressing the problems of spiralling cost and fragmentation of solutions, by building a comprehensive, curated platform of care services for self-insured employers and their employees to deliver a single, easy-to-understand digital interface providing a personalised health and care experience for virtually all of the most common and most challenging needs. Fully-Insured Employers Employer Self-Insured Employers Employer Plans take full risk, but premiums are rising Employer Transcarent's Model 70% of US employers are self-insured to control costs, forcing them to design their own plans and contract with point solutions such as Livongo Employees Health Plan Value-based, risk- sharing contracts T Care Platform Care Guides Partnerships Inhouse Capabilities End-to-End Data Loops Telemedicine I. DO Inpatient Care Inpatient Care Telemedicine Mental Health Mental Health Chronic Care Inpatient Care 6 NO Telemedicine Mental Health Chronic Care Urgent Care 音 Y Primary Care Urgent Care Primary Care Covering 50% of health spend by 2022 and 90% by 2023 Urgent Care Chronic Care Primary Care KINNEVIK#7VALUATION INCREASES ARE DRIVEN BY TRANSACTIONS WHILE PEER DEVELOPMENT IMPACTS SOME OF OUR KEY ASSETS PLEO TravelPerk VillageMD CITYBLOCK - Mathem I ■ - ■ ■ I I I Key Unlisted Valuations Five Key Assessments Valuation increase of 180% in line with the USD 200m fundraise concluded in December 2021 at a pre-money valuation of USD 4.5bn. Including our USD 25m investment, the fair value of our stake is up 2x Considerable premium to SaaS peers, but normalizes over 2023-24, reflective of Pleo's expected higher growth rate Valuation increase of >2x in line with the post-money valuation of USD 1.3bn from its December fundraise, including our USD 25m investment The valuation reflects a post-pandemic rerating towards transactional software multiples, as well as the company's continued strong acquisition of customers, financial performance and outlook On a forward-looking basis TravelPerk is valued largely in line with the broader SaaS peer group Valuation is in line with the WBA transaction that closed in the quarter, while the average peer group multiple is down 20% Moderate premium to a peer group of value-based care operators on a forward-looking basis reflective of Village MD's competitive advantage stemming from the WBA partnership To facilitate the deepened WBA partnership, we released SEK 3.1 bn of capital in the quarter Decrease in equity value by 10% compared to the valuation used in the company's funding round in the third 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 key peers' revenue multiples on a forward-looing basis reflective of the company's materially higher growth rate Valuation decrease of 14%, reflective of key peer multiple contraction of 10-25% The muted write-down compared to peers is reflective of Mathem's strengthened outlook thanks to its agreement to merge with Mat.se and its long-term strategic supply agreement with Dagab which was signed in the quarter The company is valued at a 30% discount to main peer HelloFresh, down from 40% 7 KINNEVIK#8OUR NAV IS DOWN 5% IN THE QUARTER, AS SOFT TRADING IN OUR PUBLIC ASSETS IS PARTLY OFFSET BY PLEO'S VALUATION BOOST IN ITS LAST FUNDING ROUND Note: 75.8 1.3 28.8 5.3 14.8 24.4 Q3 2021 1.8 (0.5) 273 (0.1) Tele2 (4.1) Net Asset Value Development • Consumer Services Financial Services Healthcare Services Tele2 Emerging Markets & Other .Net Cash/(Debt) • Other Net Assets/(Liabilities) NAV Per Share, SEK GFG (3.9) Clear Effects of Market Rotation in Public Markets Listed Healthcare (0.0) Unlisted Healthcare (0.3) Online Food & Last Mile Figures per Last Close are adjusted for the USD 60m Transcarent investment announced in January +3.7 Driven by Pleo's USD 4.7bn valuation Financial Services +0.6 Rest of Portfolio (2.9) Net Investments NAV Down (4.6)% 72.4 1.3 19.8 9.2 13.0 24.2 Q4 2021 5.4 (0.5) 260 8 Up 0.4% 2022 YTD 72.7 1.3 19.5 9.2 12.7 25.7 Listed per Last Close 4.8 (0.5) 261 (5) ΚΙΝΝΕVIK#9DURING 2022 WE EXPECT TO DEPLOY CAPITAL IN THE REGION OF SEK 5BN, IN LINE WITH THE AVERAGE FROM THE LAST THREE YEARS 2021 Ambitions 2021 2019-21 Investments Around SEK 6.0bn SEK 6.4bn SEK 13.3bn Capital Allocation New / Follow-Ons Overallocation into New Investments SEK 4.4bn into New Investments SEK 2.0bn into Follow-Ons SEK 7.2bn into New Investments SEK 6.1 bn into Follow-Ons Overview New Companies >7 10 17 1.8 Net Cash 2021 Q3 10.5 Gross Cash +0.6 Tele2 Dividend Net Cash Development Q3 to Q4, SEKbn (1.2) 2022-03 Divested +5.3 (1.5) Composition of Net Cash / (Debt) By Source, SEKbn 2025-02 Bonds (1.5) (2.4) 2026-11 Invested (0.5) 2028-11 Other 9 (0.5) Other 5.4 Net Cash 2021 Q4 5.4 Net Cash KINNEVIK#10WE INVEST FOR A REIMAGINED EVERYDAY 1 ff#11Q&A 饮