Kinnevik Results Presentation Deck

OUR VALUATION PROCESS OPERATES WITHIN IFRS AND IPEV GUIDELINES Regulatory Framework US GAAP IPEV & IFRS IPEV IFRS Our Framework and Principles Valuations of Unlisted Investments IFRS 13 defines fair value as the price that would be received to sell an asset in an orderly transaction between market participants ▪ Three techniques - market, cost and income ▪ International Private Equity and Venture Capital ("IPEV") Guidelines set out recommendations intended to represent best practice in valuing private investments Compliant with both IFRS and US GAAP I ■ I ▪ We make a collective assessment to establish the most suitable and relevant valuation methods Ambition is to value our businesses as any prospective investor or purchaser would, whilst taking a fairly conservative approach to expectations, forecasts and valuation levels Robust process independent of investment managers Approved by the Audit & Sustainability Committee Reviewed by external auditors, more in-depth formal review in Q2 and Q4, and full audit of Annual Report ■ In-depth recommendations on e.g. valuation techniques and how to use recent transactions to calibrate inputs used in valuation methods ■ I Third-party review of top 10 investments (at least) once per year, covering our valuation approach, technical correctness, peer group composition and distribution of value between different equity instruments 3 KINNEVIK

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