Kinnevik Results Presentation Deck

VALUATIONS ASCRIBED TO OUR COMPANIES IN FUNDING ROUNDS OR OTHER TRANSACTIONS ARE IMPORTANT CALIBRATORS OF PREMIUMS/DISCOUNTS TO PEERS ▪ Transaction valuations calibrate how we value our companies relative to their listed peer group ■ ■ Considering (our relatively conservative approach and) the fact that investors typically price companies further into the future than our models, transactions tend to provide the largest changes in valuations in any given quarter Key factors that are taken into account when calibrating our valuations based on transactions include - ■ Rights such as liquidation preferences, where investments enjoy some downside protection (see overleaf) The participants in the transaction, e.g. primary or secondary equity and existing or new investors ▪ The size of the transaction as % of the company For younger high-growth businesses, the concept of "growing into" or "catching up to" a valuation still holds and may lead to a fairly static valuation for a number of quarters after a transaction ▪ Bar material changes in our companies or their peers that render a transaction-inferred valuation irrelevant, we decouple our marks from transaction-guided levels earlier for later-stage companies (sometimes as quickly as one or two quarters) and later for earlier-stage companies (sometimes as slowly as four or six quarters) Source: FactSet Transaction Valuations Their Influence on Our Valuations Investee PLEO VillageMD CITYBLOCK cedar TravelPerk oda Betterment budbee jobandtalent spring health Time of Transaction December 2021 October 2021 September 2021 March 2021 January 2022 April 2021 September 2021 January 2021 December 2021 September 2021 Transaction Valuations 10 Largest Unlisted Assets, LTM Revenue Basis Peer Multiple Contraction (Since Then) (30)% (40)% (40)% (40)% (30)% (70)% (25)% (60)% (40)% (50)% Value Change (Since Then) (10)% (11)% (22)% (12)% (10)% (16)% +70% (11)% (15)% ✓ Offset ✓ Revenue Growth Offsetting Peer Multiple Contraction 71 ✓ Offset Almost offset 71 Significantly more than offset More than offset X Less than offset Almost offset Significantly more than offset More than offset Significantly more than offset 10 KINNEVIK

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