Kinnevik Results Presentation Deck

WITHOUT PRICE POINTS SERVING AS GUIDANCE, WE HAVE WRITTEN DOWN OUR PRIVATE INVESTMENTS BY MORE THAN 50% ON AVERAGE DURING 2022 ■ ▪ This is equivalent to a slightly above-median development relative to public market comps ■ ■ Excluding valuation reassessments with a large positive NAV impact due to priced rounds in the current market environment (VillageMD, Monese, Omio and Budbee) - the average write-down amounts to 54% ■ The impact from liquidation preferences amounts to SEK 3.2bn at end of 2022 (up from SEK 2.7bn in Q3) The bulk of this difference sits in a handful of later-stage companies A weakening Swedish krona (primarily against the US dollar) has had a positive SEK 2.8bn impact on the private portfolio in 2022 2022 Full-Year Write-Down Put in Perspective Average Write-Down From Underlying Write-Downs to NAV Impact % Change, 2022FY With Priced Transactions IT (54)% Weighted by Value After Preferences & Currencies 8 (23)% Our underlying discretionary write-downs in 2022 are muted by priced transactions, downside protection and a weakening Swedish krona KINNEVIK

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