#1PRESENTATION OF KINNEVIK'S Q2 2021 12 JULY 2021 j#2PRESENTATION OF KINNEVIK'S Q2 2021 RESULTS 1 2 3 4 5 Highlights of the Quarter Continued Advancements in Healthcare Kinnevik's Q2 2021 Agenda & Presenters Strong Development in the Nordics 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 Head of Strategy 2 KINNEVIK#3WE CONTINUE OUR PIVOT, AND OUR GROWTH PORTFOLIO HAS GAINED 29% PERCENT IN VALUE DURING THE FIRST HALF OF 2021 zalando babylon PLEO budbee Teladoc superb Parsley Health Note: DIVERSITY VC STANDARD SEPT Haga Initiative Business Climate Leaders Highlights of The Quarter We distributed our Zalando investment to our shareholders Babylon will become a public company through merging with the SPAC Alkuri Global Acquisition Corp. Q2 2021 Pleo raised USD 150m in a funding round that firmly places the company among Europe's fintech breakout companies, in which we participated with USD 27m at a significantly increased valuation We saw a large uplift in the valuation of Budbee reflective of investor appetite in last mile e-commerce delivery businesses and a continued strong operational performance Our NAV was negatively impacted by Teladoc trading down 10 percent We led a EUR 12m funding round in Superb, the first all-in-one guest experience management platform for restaurants We invested USD 23m into Parsley Health, a holistic virtual-first consumer subscription service that offers personalised doctor-led care and support for chronic conditions for women Women now make up 38% of our investment team Kinnevik was awarded a green light by Hagainitiativet Net Asset Value pro forma Zalando and adjusted for Other Net Assets/Liabilities of SEK (0.7)bn in 2020 Q4, 2021 Q1 and 2021 Q2 Net Asset Value Public, Private, Net Cash / (Debt), SEKbn 53.9 34.7 13.8 5.5 2020 Q2 734 62.3 Investments 40.6 17.6 4.8 2020 Q4 (43) 71.4 43.0 3 25.2 Investment Activity Q2 2021, SEKm 3.9 2021 Q1 76.2 42.8 29.7 4.3 2021 Q2 691 Divestments Net Investments Ο) ΚΙΝΝEVIK#4THE FAST-CHANGING HEALTHCARE ENVIRONMENT CREATES ENORMOUS OPPORTUNITY TO INCREASE ACCESS AND SHIFT PROFIT POOLS FROM INCUMBENTS I ■ Secular Growth Trends Next 20 Years From a "one size fits all" approach to data- driven, preventative, personalised, virtual care pathways An ageing population and chronic diseases require care to shift into the home From fee-for-service to alignment of incentives through value-based care and outcomes- based pricing ▪ Seamless data flow through the value chain, generating real-time insights into care and R&D What's Next Source: Accessing care virtually, McKinsey & Company Healthcare Services 11% used telehealth in 2019. 76% interested in using it going forward What's Next for Kinnevik Going deeper into virtual specialty care and value-based care delivery, exploring senior hospital-in-the-home, and patient monitoring companies care, Continuing to explore payer and provider automation tools on the back of our success at Cedar Expand into pure play B2B, assessing data enablers in real-world evidence and in the drug discovery process The pandemic has brought forward a ten-year shift into a two-year period, and as we continue to build our portfolio we combine a deep appreciation of the accelerating pace of innovation with a 20-year perspective 4 KINNEVIK#5WE SEE SIGNIFICANT OPPORTUNITIES IN THE INTERSECTION OF VIRTUAL AND VALUE- BASED CARE, AND AIM TO REPEAT OUR SUCCESS IN VIRTUAL SPECIALITY CARE I babylon This Quarter in Healthcare Going public Scalable, digital-first, value-based care provider Eight years after being founded by Ali Parsa, Babylon is becoming a listed company through a SPAC merger with Alkuri, raising USD 575m in gross proceeds The transaction implies a USD 4.2bn valuation, corresponding to a 5.5x return and a 65% IRR since we first backed the company back in 2016 Babylon covers 24 million lives, with 90,000 capitated lives in the US, and helps a patient every 5 seconds Source: Babylon investor announcement presentation, June 2021 Healthcare Services Supported by the capital raised, Babylon will continue to expand its services both with existing and new clients, focusing on rapidly scaling its US operations I ■ ■ Parsley Health New Holistic health platform for women's chronic conditions Parsley Health is a virtual-first consumer subscription service founded by Robin Berzin, caring for and supporting chronic conditions for women - a notoriously underinvested area of healthcare We led the company's recent funding round with a USD 23m investment after having spent several years looking at companies in the women's health space Robin's business represents the future of virtual care delivering peronalised, tailor made experiences to patients in a longitudinal care model that lets patients engage with the same physician over time We will actively work to support the company, drawing on our extensive experience in building condition-specific virtual care companies Our healthcare portfolio continues to evolve and adapt to a rapidly evolving landscape of services and delivery models, and we have seen close to SEK 25bn in value creation since our first investment in Babylon in early 2016 5 KINNEVIK#6OVER THE LAST 3 YEARS WE HAVE RE-ESTABLISHED KINNEVIK AS A LEADING INVESTOR IN THE NORDICS, WITH A SEK 7.4BN PORTFOLIO OFF A 3.6BN INVESTMENT Our Nordic Portfolio What We've Built Since 2018 ▪ The Nordics is integral to our culture and heritage, and is a region with a thriving tech ecosystem that continuously give birth to new and exciting businesses I ▪ Since 2018, we have built our Nordic presence by investing SEK 3.6bn into 10 new companies spanning food, enablers, healthcare and financial services Concurrently, we have developed a strong network, reputation and brand as a venture and growth investor with strong access to deals and high dependability as a partner ▪ Our 2018 cohort (Budbee, Karma, Oda and Pleo) show class- leading IRR of close to 80% - or >3x our invested capital after only around three years ▪ Our permanent long-term capital means we're best placed to support fast-growth companies over many years and throughout the entirety of their lifecycle Da PLEO budbee >120% Growth 5.0x Return to Date >100% Growth 3.7x Return to Date We're delighted to be able to offer Kinnevik's shareholders access to emerging innovative winners in the Nordics and beyond 6 KINNEVIK#7YEAR TO DATE, WE HAVE ADDED TWO BUSINESSES TO OUR NORDIC PORTFOLIO THAT DEMONSTRATE THE BREADTH OF OUR NORDIC INVESTMENT REMIT LUNAR Adding More Nordic Winners Lunar & Superb LUNARⓇ A digital challenger bank offering a mobile-based banking app that helps consumers control their personal finances Kinnevik invested USD 49m alongside former Zalando partner Heartland Lunar is the only Nordic challenger bank competing to replace rather than complement traditional incumbents It is a tech company at heart with its own cloud-based banking platform with key parts developed in-house and a proven product development at speed Funds raised will be used to scale Sweden and develop additional products on the platform ■ ■ superb The first all-in-one guest experience management platform for restaurants Kinnevik led the company's EUR 12m funding round Pioneered guest experience management in 2017 - a new way for restaurants to build relationships and maximise revenue by leveraging data Present in 12 markets - one of the largest platforms in Denmark, Sweden, Norway and Italy Has grown 100% since first lockdown last year and the team has more than doubled The ambition is to add another 1,000 restaurants to the customer base in 2021 alone 7 KINNEVIK#8FOUR MATERIAL VALUATION RE-ASSESSMENTS IN OUR UNLISTED HEALTHCARE AND NORDIC ASSETS ON THE BACK OF STRONG PERFORMANCE AND TRANSACTIONS babylon PLEO VillageMD budbee I ■ ■ Valuation increase of more than 190% in line with recent fundraise Considerable premium to peers on a current year basis, at a normalized level looking into 2022 and beyond ■ Key Unlisted Valuation Changes Four Key Reassessments ■ Valuation increase of 73% on the basis of the agreed USD 4.2bn post-money valuation of the upcoming SPAC merger Valued on forward-looking revenue multiples of a peer group of i.a. Oak Street Health, Teladoc and One Medical Valuation increase of 8%, on the basis of a valuation of the company at around USD 11bn tinues to be at a fairly material, but slightly shrinking, discount to key direct-to-consumer care peers on a 2021 basis Discount has contracted on the back of continued strong performance and stable markets, and increasingly referencing forward- looking multiples in our calibration considering Village MD's materially higher growth rate than peers Valuation increase of 33% driven by multiple expansion compounded with continuously strong performance Valued on near-term forward-looking revenue multiples of a peer group of legacy logistics companies but with particular focus on last-mile e-commerce delivery company InPost We value Budbee at a >55% discount on an NTM basis to InPost, but at a significant premium to legacy peers 8 KINNEVIK#9OUR PRO FORMA NAV IS UP SEK 4.7BN, OR 7%, IN THE QUARTER, DRIVEN BY STRONG PERFORMANCE IN OUR PRIVATE PORTFOLIO Note: 71.4 1.6 26.6 2.1 15.8 22.1 Q1 2021 3.9 (0.6) 257 Pro forma Zalando (0.2) Tele2 (1.2) Teladoc Net Asset Value Development • Consumer Services Financial Services Healthcare Services ● TMT • Emerging Markets & Other .Net Cash/(Debt) • Other Net Assets/(Liabilities) NAV Per Share, SEK +1.1 GFG +2.5 Value-Based Care Assets Driving Value Increase Unlisted Healthcare +0.3 +1.4 Strong Momentum Online Food & Last Mile Financial Services (0.3) Emerging Markets & Other +0.7 Net Investments NAV Up 7% 76.2 1.3 28.1 3.8 17.4 21.9 Q2 2021 4.3 (0.7) 274 Up 23% YTD 76.4 1.3 27.6 3.8 17.4 22.6 Listed per Last Close 4.3 (0.7) 275 KINNEVIK#10IN 2021, WE ARE LOOKING TO INVEST AT AROUND OUR 2019-20 AVERAGE, AND AIM TO BE SLIGHTLY OVERALLOCATED INTO NEW INVESTMENTS Note: 2021 Ambitions 2021 YTD Progress 2019-21 YTD Progress Investments SEK 2.3-4.6bn Between 2019 & 2020 SEK 1.7bn SEK 8.6bn Capital Allocation Ambitions and Actuals New / Follow-Ons Figures per end of Q2 2021, i.e. excluding the investment in Lunar Slight Overallocation into New Investments SEK 0.9bn into New Investments SEK 0.9bn into Follow-Ons SEK 3.8bn into New Investments SEK 5.0bn into Follow-Ons New Companies Four to Six Three Ten 3.9 2021 Q1 7.3 Gross Cash +0.6 Net Cash Development Q2, SEKbn Tele2 Ord. Dividend +0.6 (0.7) Tele2 Inv. Div. Ext. Ord.. Capital Capital Dividend (1.4) Composition of Net Cash / (Debt) By Source, SEKbn (1.5) +0.0 (0.0) Bonds (2022-03 & 2025-02) 10 Other Other 4.3 2021 Q1 4.3 Net Cash KINNEVIK#11* &A j#12WE INVEST FOR A REIMAGINED EVERYDAY