Kinnevik Results Presentation Deck

THE WRITE-DOWN OF OUR UNLISTED ASSETS IS RELATIVELY MUTED DUE TO OUR BUSINESSES' RESILIENCE, CURRENCY TAILWINDS, AND DOWNSIDE PROTECTIONS ■ Valuation of Our Unlisted Portfolio Key Premises and Value Development In the first quarter, we are writing down our unlisted portfolio by SEK 894m, or 7%, in the context of an aggregate 11% decline in our full net asset value, the Nasdaq declining by 14% and the OMXS30 trading down by 16% There are four important premises to bear in mind this quarter - Defensive Portfolio Around half of our unlisted portfolio is invested in businesses within Healthcare Services, Online Food and Last-Mile Logistics - three sectors that have seen unchanged or increased demand during recent weeks 1. II. Downside Protection In companies where we have invested in the most recent funding rounds, we in many cases hold shares with customary preferential rights, such as liquidation preferences III. Currency Movements While some currencies, such as the Norwegian krona, have depreciated against the Swedish krona in the quarter, the dollar and the euro have appreciated significantly, providing tailwind to our foreign currency operating or denominated companies IV. Volatility and Uncertainty Volatile equity markets, and less certainty around the financial outlook of our investees and their publicly listed peer groups, affect our assessed valuations which are based on the market environment per end of March At neutral currencies and without downside protections, the write-down of our unlisted portfolio would have been closer to the first quarter development of broader equity indices of relevance, such as the Nasdaq and OMXS30 Value Development • Consumer Services, Healthcare Services, Financial Services, Net Investments, SEKbn 12.6 4.8 3.7 4.1 2019 Q4 0.0 (0.1) More Resilient Healthcare Services, Online Food & Last-Mile Logistics Down 0.5% (0.2) (0.6) Less Resilient Discretionary Consumption & Financial Services Down 12.5% We continue to work towards more dynamic assessments and transparent disclosure of fair values In our 2020 Q1 Report you will find more extensive descriptions than in prior quarters on pages 23-25 10 0.4 12.1 4.2 3.8 4.1 2020 Q1 KINNEVIK

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