Kinnevik Results Presentation Deck

Intro Net Asset Value VALUE-BASED CARE Value-Based Care consists of care delivery companies that take risk and reward on patient health outcomes. This stands in contrast to care delivery businesses that charge patients and payers on a fee-for-service basis. Value-based care enjoys strong secular tailwinds, and companies employing this business model has therefore historically been valued at a significant premium to fee-for-service businesses. During the last two quarters, our investments' most comparable pu- blic peers One Medical (ONEM), Signify (SGFY), and Oak Street Health (OSH), have all been subject to takeover offers. This causes a challenge in triangulating appropriate valuation levels for our businesses. We mitigate some of this through two measures. Firstly, we reference more traditional healthcare businesses such as United Health (UNH) and Humana (HUM) in our calibrations. Secondly, we expand our valuation multiples more cautiously than what we have observed in the limited number of public value-based care businesses in the quarter. In order to relate our value-based care investments to more traditional healthcare businesses, we increasingly focus on capital efficiency metrics (revenue growth plus EBITDA margins) when calibrating our valuation multiples (as depicted in the scatter chart on the right-hand side). For Transcarent, a business with structurally higher gross margins, we benchmark our valuation against higher-margin healthcare technology businesses. Cityblock grew considerably faster than its public peers in 2022, and is now focused on improving margins by consolidating its footprint where its care model is proving the strongest results. At the same time, Cityblock is expanding into geographies where the population faces health and social challenges that can be alleviated by Cityblock's partnership-driven strategy and high-touch care model. The company is funded to break-even, having raised nearly USD 600m in 2021. Our valuation corresponds to an NTM revenue multiple in line with where One Medical was taken private, and at a discount to where Oak Street ended the quarter. VillageMD is integrating its acquisition of Summit Health, and is per- forming in line with plan. The combined company is growing revenues at around 35 percent and is expected to be EBITDA profitable in 2023. We value the business in line with where it raised equity in late 2022 to finance the acquisition of Summit Health, corresponding to an unchanged 10-15 percent premium to the revenue multiple used in valuing Cityblock. KINNEVIK Interim Report Q1 2023 Portfolio Overview Value-Based Care Revenue Growth (2022) Gross Margin (2022) EV/NTM R EV/NTM R (Q/Q Change) Note: 4x 3x 2x Sustainability 1x Our Investees 10% 45% 14% 3.5x +5% Peer Average 45% Equity Value (Q/Q Change) +11% +47% "Peer Top Quartile" data points are the average metrics of the top quartile peers in terms of revenue multiple "Revenue Growth (2022)" pro forma Village MD's acquisition of Summit Health 19% 2.5x +35% Peer Top Quartile 20% 49% 27% 3.5x +55% +74% EV/NTM Revenue and Capital Efficiency (Revenue Growth plus EBITDA Margin) Key Public Benchmarks as at Quarter-End (Excluding Transcarent's Healthcare Technology Peers) Financial Statements • Value Based Care 30% 30% +10% Unlisted Portfolio Weight . Traditional Care Providers Other Fair Value Change (Q/Q) 40% 50% 60% 30

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