Kinnevik Results Presentation Deck

SIX MATERIAL REVISIONS - THREE ON UPSIDE AND THREE ON DOWNSIDE, DRIVEN BY A CONFLUENCE OF MULTIPLES, OUTLOOK AND CASH BURN budbee i cityblock VillageMD ■ Key Write-Ups ■ Q3 2022 Valuations of Unlisted Assets Valuation increase of >20% in line with the value ascribed in the merger with Instabox Premium to InPost expanding slightly on an NTM basis towards high 60s %, courtesy of considerably (>4x) stronger growth and proven underlying profitability ▪ Merger should create a stronger combined business funded to break-even with a strong shareholder collective of Nordic investors Valuation increase of 25% from expanding peer multiples, strong performance and tempered burn, as well as considerable dollar tailwind Valued in line with listed VBC peers, including those subject to takeover bids or speculation, and at a contracting premium when excluding these Valuation increase of 15% from similar dynamics as experienced at Cityblock Key Reassessments Valued at a low premium to listed VBC peers, including takeover comps, and at a contracting premium when excluding these Mathem oda PLEO I ■ ■ ■ Key Write-Downs Valuation decrease of >75%, down >85% in 2022 to date - a magnitude slightly higher than key e-commerce peers Driven by multiple contraction of >55% in the quarter and >65% year-to-date, continued soft top-line development due to reversing pandemic trends, and increased burn and capital need Considerably rebased valuation and expectation levels relative to past quarters Valuation decrease of almost 50% (down around 40% including our in-quarter investment) from contracting peer multiples and lowered outlook Continues to grow well in excess of peers, with ongoing geographical expansion providing strong lever to maintain this outperformance Valuation decrease of >15% from multiple contraction 20pp more severe than the peer group I Reflects the market's increased valuation of profitability relative to growth, multiple now down >55% year-to-date 7 KINNEVIK

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