Kinnevik Results Presentation Deck

Intro Net Asset Value VALUE-BASED CARE Value-Based Care consists of care delivery companies that take risk on patient health outcomes and are rewarded if they keep their patients healthy and out of the hospital. 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 em- ploying this business model have therefore historically been valued at a significant premium to fee-for-service businesses. During the last two quarters, our investments' most comparable public peers One Medical (ONEM), Oak Street Health (OSH), and Signify (SGFY), have all been taken private through takeover offers. The multiples at which these transactions occurred are outlined in the scatter chart on the right-hand side. These levels are helpful in gauging our valuation levels considering the challenge in triangulating valuation multiples for our businesses against more traditional healthcare businesses such as United Health (UNH) and Humana (HUM), and enabler businesses Agilon (AGL) and Privia (PRVA). To better relate our value-based care investments to the benchmarks available, we increasingly focus on capital efficiency metrics (revenue growth plus EBITDA margins) when calibrating our valuations. Year to date, Cityblock has beaten expectations on both revenue and EBITDA. While encouraging, we refrain from extrapolating this into H2 2023 and H1 2024. The company remains focused on improving margins by dedicating its operations to regions and populations where its care model is proving the strongest health outcomes and financial results, and is funded to break-even after raising nearly USD 600m in 2021. Our valuation corresponds to an NTM revenue multiple some 20 percent below where One Medical and Oak Street Health were taken private. VillageMD is integrating its acquisition of Summit Health, and cost synergies are being realized at higher levels than expected. Expectations on growth have been lowered due to a faster pace of right-sizing the company's footprint after increasing significantly in scale following the acquisition. This drives this quarter's write-down. We have contracted our NTM revenue multiple by just over 5 percent relative to a fairly flat peer group, which adds to the downwards revision. Our valuation corresponds to an NTM revenue multiple 10 percent below where One Medical and Oak Street Health were taken private, and a slightly decreased 10 percent premium to the multiple used in valuing Cityblock. KINNEVIK Interim Report Q2 2023 Portfolio Overview Value-Based Care Revenue Growth (2022) Gross Margin (2022) EV/NTM R EV/NTM R (Q/Q Change) Note: 12x 9x 6x 3x Sustainability 10% Our Investees VBC Enablers 46% 14% 3.3x (6)% Equity Value (Q/Q Change) (11)% +5% "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 Peer Average 13% 22% 20% 1.6x (2)% Peer Top Quartile Traditional Care Providers 15% EV/NTM Revenue and Capital Efficiency (Revenue Growth plus EBITDA Margin) Key Public Benchmarks as at Quarter-End 27% 2.7x (1)% +11% Financial Statements 30% 26% (4)% 40% Previous VBC Peers Taken Private Other Unlisted Portfolio Weight Fair Value Change (Q/Q) 50% 60% ● Healthcare Technology (Transcarent) 70% 31

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