#1PRESENTATION OF KINNEVIK'S Q4 2022 2 FEBRUARY 2023#2Q4 2022 1 2 Investee Performance 3 4 5 Key Events of the Quarter 6 Private Valuations Our Transformation Looking Into 2023 Q&A Today's Presenters Georgi Ganev Chief Executive Officer Samuel Sjöström Chief Financial Officer Torun Litzén Director Corporate Communications KINNEVIK#3KEY EVENTS OF THE QUARTER INVESTEE PERFORMANCE PRIVATE VALUATONS KINNEVIK#4THE CHALLENGING MARKET ENVIRONMENT CONTINUES, BUT OUR RESILIENCE ENABLES US TO CONTINUE EXECUTING OUR STRATEGY RECURSION MEWS H2green steel Note: oda POWERED BY HONORDEX 2632 LEADER FG Key Events of The Quarter Q4 2022 NAV of SEK 52.9bn or 189 per share, down 9 percent in Q4 and down 27 percent in full-year 2022. Fair value of unlisted investments down around 10 percent in Q4 due primarily to multiple contraction and by more than 50 percent on an underlying basis in full-year 2022 Invested USD 75m in a private placement in Recursion, a clinical-stage biotechnology company industrializing drug discovery. Added hospitality management system business Mews to our portfolio of travel businesses with a EUR 40m investment, simplifying and automating all operations for modern hoteliers and their guests H2 Green Steel, the Swedish venture aiming to produce green steel in a fully integrated plant, added to our emerging portfolio within climate tech through a EUR 25m investment Oda raised NOK 1.5bn in new capital from new investors, with participation from Kinnevik, as it continues its geographic expansion Net Asset Value adjusted for Other Net Assets / Liabilities Kinnevik received double recognition for our leadership in sustainability - we were the only firm awarded the highest category in Honordex Inclusive Index Report 2022, and one of the top performing companies in Sweden in a sustainability ranking by Lund University Net Asset Value • Public, Private, Net Cash / (Debt), SEKbn 72.4 5.4 34.9 32.6 2021 Q4 Investments 5.7 58.0 12.5 15.6 30.6 2022 Q3 Investment Activity Full-Year 2022, SEKbn (7.0) 52.9 4 10.4 14.6 28.8 2022 Q4 Divestments Net Investments (1.3) KINNEVIK#52022 WAS A STRONG YEAR OPERATIONALLY FOR OUR INVESTEES, AND DURING THE END OF THE YEAR, WE BEGAN TO REBASE GROWTH PLANS... 200% 175% 150% 125% 100% 75% 50% 25% Value-Based Care Source: FactSet Private Company Revenue Growth in 2022 By NAV Category, Value-Weighted Per Q4 2022, Public Comps in Gray Virtual Care Platforms & Marketplaces Software Consumer Finance Value-Weighted Private Portfolio Our portfolio outpaced their public market comparables on topline by around 3x on average in 2022, and while our expectations on topline have been revised downward we expect a differential of similar magnitude in 2023 5 KINNEVIK#6...IN EXCHANGE, PROFITABILITY IMPROVEMENTS ARE ACCELERATED, RUNWAYS ARE EXTENDED, AND RELIANCE ON NEAR-TERM FUNDING ENVIRONMENT IS LOWER Note: Average Change in 2023 Topline Outlook Q4 '22 vs Q3 '22, Value-Weighted (15)% 100% 80% 60% 40% 20% Runway & Profitability Navigating Uncertainty Change in Cash Runway Estimates % of Unlisted Portfolio Fair Value, Q4 '22 versus Q3 '22 Q3 2022 Profitable or Funded to Break-Even 12-24 Months ■<6 Months Cash runway estimates excludes investments within Early Bets & New Themes 10% Q4 2022 >24 Months 6-12 Months I I Improvement driven by - 1. more conservative business plans: II. fundraises during 2022; III. consolidation; and IV. write-downs of less robust investees Pro rata share of investees' cash burn expected to decrease by more than 40% from 2022 e.g. Village MD, Instabee and Jobandtalent are cash flow profitable already, or in 2023 We expect to invest around SEK 2.5bn into our existing portfolio in 2023 ▪ The absolute majority of our follow-on investments will be deployed to accrete ownership in our highest-conviction businesses Around 10% of our unlisted portfolio by value will need new financing in 2023, with another 20% in 2024 6 KINNEVIK#7HENCE, WE ARE ENTERING 2023 WITH A REBASED VIEW ON PERFORMANCE, AND VALUATIONS REFLECTING PUBLIC MARKET MULTIPLE CONTRACTION IN 2022 (10)% (20)% (30)% (40)% (50)% (60)% (70)% Source: FactSet Price Value-Based Care EV/NTM R Changes in Prices & Multiples Public Peer Sets vs Kinnevik Key Private Categories, 2022FY (10)% (20)% (30)% (40)% (50)% (60)% (70)% Top Quartile Software & Virtual Care Price Median EV/NTM R ■Kinnevik Weighted Average (10)% (20)% (30)% (40)% (50)% (60)% (70)% Platforms & Marketplaces Price We believe that we have reflected movements in public markets adequately during 2022, ith valuation and multiple changes within the ranges observed in our public peer groups during the year 7 EV/NTM R KINNEVIK#8WITHOUT PRICE POINTS SERVING AS GUIDANCE, WE HAVE WRITTEN DOWN OUR PRIVATE INVESTMENTS BY MORE THAN 50% ON AVERAGE DURING 2022 ■ ▪ This is equivalent to a slightly above-median development relative to public market comps ■ ■ Excluding valuation reassessments with a large positive NAV impact due to priced rounds in the current market environment (VillageMD, Monese, Omio and Budbee) - the average write-down amounts to 54% ■ The impact from liquidation preferences amounts to SEK 3.2bn at end of 2022 (up from SEK 2.7bn in Q3) The bulk of this difference sits in a handful of later-stage companies A weakening Swedish krona (primarily against the US dollar) has had a positive SEK 2.8bn impact on the private portfolio in 2022 2022 Full-Year Write-Down Put in Perspective Average Write-Down From Underlying Write-Downs to NAV Impact % Change, 2022FY With Priced Transactions IT (54)% Weighted by Value After Preferences & Currencies 8 (23)% Our underlying discretionary write-downs in 2022 are muted by priced transactions, downside protection and a weakening Swedish krona KINNEVIK#9KEY IN-QUARTER REASSESSMENTS REVOLVE AROUND FOUR INVESTEES VillageMD spring " Valuation increase of >15% in dollar terms, at a 10-15% discount to the funding round in part financing the acquisition of Summit Health ■ ▪ The combined company expected to be EBITDA positive and grow faster than its listed value-based care benchmarks in 2023 " Key Write-Ups M Key Valuation Reassessments " Valued at a slightly increased premium to highly volatile valuation levels in public benchmarks through this quarter's repricing Underlying valuation increase of >25% in dollar terms, muted by liquidation preferences Multiple contraction of around 6% in the quarter and almost 70% during full-year 2022 Now valued virtually back in line with our entry valuation in Q3 2021 Q4 2022 budbee instabox 4 cityblock ■ I I Key Write-Downs Valuation decrease of 28% from last quarter's carrying value, which was in line with the merger valuation Reassessment mainly driven by cautious revisions of the near-term outlook in the current economic climate with softening consumer spend The combined company expected to be EBITDA positive and grow materially (2-3x) faster than public benchmarks Valuation decrease of 18% in dollar terms Multiple contraction of 10%, valued at a virtually unchanged discount to our VillageMD valuation Consolidating its footprint, which impacts top-line negatively in short term and gross profit positively in the medium and long-term The aggregate write-down of the fair value of our unlisted investments amounts to 10% in the quarter, driven primarily by high single-digit multiple contraction, revised 2023 outlooks, and currency effects 9 KINNEVIK#10IN TOTAL, NET ASSET VALUE WAS DOWN 27% IN 2022 Per re 72.4 4.9 24.2 10.7 32.6 Q4 2021 260 Net Asset Value Development in 2022 • Private Growth, Public Growth, Tele2, Net Cash / (Debt) & Other, SEKbn (8.4) Private Growth (8.0) Public Growth (12.5) Tele2 Stake Size +9.6 Tele2 Reallocation (0.2) Other 52.9 9.5 11.8 2.9 28.8 Q4 2022 189 10 KINNEVIK#11CLOSING 2022 Value-weighted revenue growth of 100% in 2022, outpacing public benchmarks by around 3x >50% multiple contraction in the unlisted portfolio, in line with public market magnitudes 15% cuts on 2023 growth outlook in favor of materially extended runways, with almost 40% of our private portfolio being profitable or funded to break-even Carrying value of unlisted portfolio down 23% in 2022, due to underlying write-downs of >50% on average Bulk of favorable effects from liquidation preferences limited to a handful, primarily later-stage investments ENTERING 2023 Expecting our investees to continue outpace public benchmarks on top-line growth materially Portfolio still valued in line with public market levels looking beyond NTM Expectations reflect a highly uncertain and recessionary economy, with less reliance on the fundraising environment Theoretical "downround overhang" should already be fairly materialized Potential inertia on future write-ups limited to the same handful of investments In 2022 we have sought to accurately reflect the public market drawdown on private venture and growth capital businesses We head into 2023 with rebased valuation multiples, revised investee expectations, and eventually a return of priced transactions 11 KINNEVIK#12OUR TRANSFORMATION KINNEVIK#13OVER THE LAST FIVE YEARS KINNEVIK HAS BEEN TRANSFORMED INTO A LEADING LISTED GROWTH-FOCUSED INVESTMENT COMPANY 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% Q4 2017 MO Q4 2018 Our Transformation % Growth Investments of Portfolio Value, Spin-Offs tico Q4 2019 ● Q4 2020 zalando Q4 2021 Q4 2022 At end of 2022 our Growth Portfolio represented more than 70% of our total portfolio - up from around 10% five years ago 13 (9) ΚΙΝΝΕVIK#14WE HAVE SOUGHT TO BUILD A GROWTH PORTFOLIO THAT IS BALANCED ACROSS DIFFERENT STAGES OF MATURITY AND RISK WITHIN OUR CORE FOCUS AREAS Agreena Venture Solugen spring TravelPerk Our Growth Portfolio Illustrative by Stages Growth PEO cityblock Scale & Profits VillageMD jobandtalent budbee instabox TELE2 Mature Dividend Payer 14 KINNEVIK#15WE HAVE REALLOCATED CAPITAL AT A HIGH LEVEL OF INTENSITY AND DISCIPLINE, AND >35% OF INVESTMENTS HAVE BEEN FINANCED BY GROWTH PORTFOLIO EXITS 12bn 20bn 8bn Sources Dividends Received from Legacy TMT Investments Our Capital Reallocation Sell-downs in Tele2, Zalando & Legacy Companies 2018-22 Sources & Uses, SEKbn Realized Growth Portfolio Returns at 5.5x Invested Capital 7bn 11bn 22bn Uses Dividends Paid (2018-19 Ordinary & 2021 Extra) Strengthening of Our Financial Position Investments Into the Growth Portfolio Even though our Growth Portfolio is still very young, we have already proven our ability to reallocate capital within it Additionally, we have distributed close to SEK 75bn in dividends in kind over these last five years 15 KINNEVIK#16OUR GROWTH PORTFOLIO HAS GENERATED SIGNIFICANT RETURNS OVER THE LAST FIVE YEARS EVEN WITH THE MATERIAL DOWNWARD CORRECTION IN 2022 +57% +56% (6)% Healthcare Virtual & Value-Based Software 5-Year IRR at 2022 End, Focus Areas and the 2018-22 Cohort Our Track Record Platforms & Marketplaces +33% 2018-22 Cohort of Investees As we continue delivering in line with our results to te, our Growth Portfolio will have a significantly larger impact on our shareholder returns over the next five years than it has over the past five years 16 KINNEVIK#17LOOKING INTO 2023 KINNEVIK#18OUR 2023 PRIORITIES Continued disciplined capital allocation Support and maximize the impact of our highest-conviction investments Minimize capital and exposure to our lowest-conviction investments Pursue new investments selectively, leveraging our financial strength and long-term perspective Capture opportunities arising during a period of a risk-averse sentiment OUR 2023 EXPECTATIONS Maintain our momentum of SEK 5bn in annual investments Investments split roughly 50/50 between existing and new companies Our investees will need to continuously adapt to a dynamic and complex economic environment Continued crystallization of long-term winners and investments that will be pruned and transitioned out Ending the year within a more stable outlook for the venture and growth capital ecosystem 18 KINNEVIK#19Q&A#20WE INVEST FOR A REIMAGINED EVERYDAY