Kinnevik Results Presentation Deck

LIVONGO INTEND TO MERGE WITH TELADOC, CREATING A CONSUMER CENTRED VIRTUAL CARE PLATFORM FOR A FULL SPECTRUM OF HEALTH NEEDS #1 Sector-Defining Company #2 Broadest Multi-Product Solution in the Market #3 Complementary Solutions & Technology #4 Highly Complementary Channel Synergies #5 Strong Financial Profile Transaction Rationale and Our Investment Returns A Transformative Transaction Validating our Strategy Strategic Rationale The joint entity will be a >USD 35bn digital-first, consumer-centric healthcare leader, serving over 70 million members every year The most complete end-to-end digital health solution, addressing critical, chronic and everyday care across areas such as diabetes, dermatology, hypertension, sexual health, tobacco cessation, mental health, MSK, nutrition and weight management and caregiving Serving patients and facilitating care across multiple medical and non-medical settings such as at home, in the clinic or in the hospital Significant cross-selling opportunities offered by a combined broader set of US and international distribution channels and deeper client base Expected 2020 pro forma revenue of ca. USD 1.3bn (85% pro forma growth), and pro forma adjusted EBITDA of over USD 120m, underlined by a business model that is driven by subscription and recurring revenue streams ■ ■ I I ■ Our Investment History and Returns Kinnevik first invested in Livongo in March 2017 and have led every round since including being the largest buyer in the IPO in July 2019. We have invested a total of USD 155m in the company As per 30 September 2020, our stake is valued at SEK 15.9bn, a return of 11.4x MoM and a 228% unrealized IRR Livongo was the second investment as part of our healthcare strategy put in place almost five years ago, aimed at applying our learnings from consumer-centric and technology- enabled transformation of other sectors to healthcare The proposed transaction, which is expected to close in the fourth quarter of 2020, is a testament to the value of Livongo's platform and validates Kinnevik's healthcare investment strategy In total, Kinnevik has invested SEK 3.9bn into our digital healthcare businesses, generating an exceptional 5.9x return on our total investment and an unrealized IRR of almost 140% Teladoc HEALTH TM ►Livongo® 4 Ο ΚΙΝΝΕVIK

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