Kinnevik Results Presentation Deck

WE SEEK TO BE SYSTEMATIC IN CONSTRUING PEER SETS FOR OUR UNLISTED INVESTMENTS, AND RESTRAINED IN AMENDING THEM ▪ In triangulating the relevant peer set, we focus on a handful of characteristics, including - I 1. Financial Profile e.g. top-line growth, margins, scale and financial strength 2. Business Model I Peer Sets Construing & Amending the Benchmark e.g.product/service offering, target customers, place in value chain 3. Geographic Footprint 4. Research Coverage and Other Technicals e.g. recency of listing and idiosyncratic shocks Peer groups are reviewed more in-depth once per year, but we make minor amendments throughout the year primarily to accommodate for additions on the back of new peers going public ▪ We typically prefer smaller peer sets of companies we track and understand over macro-level peer sets (e.g. BVP's Emerging Cloud Index) ■ The average peer set consists of 5-10 companies, and we tend to use one directly applied peer set and one or more reference groups Private transactions (that we do not participate in ourselves) are used for reference only, considering the lower quality, access and reliability of data ▪ At what relative level we value our companies to the peer group (premiums & discounts) depends on the above characteristics, as well as additional parameters, and is often recalibrated in connection with transactions that provide new and clear indications of fair value Source: FactSet Average Financial Profile Business Model Geographic Footprint Relevance InPost 20% Topline Growth 40% Gross Margin Box & home delivery Home market winner High customer concentration European Significant footprint in Poland Illustrative Example Pros & Cons of Budbee Peers Food Delivery >50% Topline Growth 35% Gross Margin Distribution models Top market positions Different service Developed Markets 7 Mobility 10% Topline Growth 50% Gross Margin Similar value proposition Increasingly tilting towards delivery More akin to a marketplace Worldwide KINNEVIK

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