Kinnevik Results Presentation Deck

KEY IN-QUARTER REASSESSMENTS REVOLVE AROUND FOUR INVESTEES VillageMD spring " Valuation increase of >15% in dollar terms, at a 10-15% discount to the funding round in part financing the acquisition of Summit Health ■ ▪ The combined company expected to be EBITDA positive and grow faster than its listed value-based care benchmarks in 2023 " Key Write-Ups M Key Valuation Reassessments " Valued at a slightly increased premium to highly volatile valuation levels in public benchmarks through this quarter's repricing Underlying valuation increase of >25% in dollar terms, muted by liquidation preferences Multiple contraction of around 6% in the quarter and almost 70% during full-year 2022 Now valued virtually back in line with our entry valuation in Q3 2021 Q4 2022 budbee instabox 4 cityblock ■ I I Key Write-Downs Valuation decrease of 28% from last quarter's carrying value, which was in line with the merger valuation Reassessment mainly driven by cautious revisions of the near-term outlook in the current economic climate with softening consumer spend The combined company expected to be EBITDA positive and grow materially (2-3x) faster than public benchmarks Valuation decrease of 18% in dollar terms Multiple contraction of 10%, valued at a virtually unchanged discount to our VillageMD valuation Consolidating its footprint, which impacts top-line negatively in short term and gross profit positively in the medium and long-term The aggregate write-down of the fair value of our unlisted investments amounts to 10% in the quarter, driven primarily by high single-digit multiple contraction, revised 2023 outlooks, and currency effects 9 KINNEVIK

View entire presentation