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Kinnevik Investor Event Presentation Deck

PEER AVERAGES MAY BE DECEIVING... (25)% Flat Valuing a Permanent Capital Firm's Portfolio Benchmarking Against Public Peers 25% Note: Chart shows constituents of BVP Nasdaq Emerging Cloud Index Source: FactSet "SaaS trades at 6.5x revenues" 50% 75% NTM Revenue Growth 100% 125% 30x 25x 14 20x 15x 10x 5x 150% Peer averages are a valuable tool to gauge general valuation levels, in particular if you are valuing an average company EV/NTM Revenue (9) ΚΙΝΝEVIK

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