Kinnevik Results Presentation Deck

Intro Net Asset Value at a significantly higher rate fuelled by its geographical expansion. The valuation also reflects the exceptional operational efficiency of the com- pany's proprietary fulfilment solution. The fair value of Kinnevik's 11 percent shareholding in Vivino amounts to SEK 577m, effectively flat in the quarter save for currency tailwinds. The valuation is mainly based on forward-looking GMV multiples of a peer group of global online marketplaces with high user engagement such as Etsy (ETSY). Our assessed value of the company as a whole is written down in line with the trading of the peer group in the quarter, which has seen its average forward-looking GMV multiple contract by around 35 percent. The valuation remains at an unchanged and relatively material discount to the peer group's average multiple. As our holding benefits from downside protection from the preferential terms of our investment in the company's latest equity fundraise, the fair value of our investment remains largely unchanged. The fair value of Kinnevik's 5 percent shareholding in Jobandtalent amounts to SEK 1,082m, effectively flat in the quarter. The valuation is based on near-term forward-looking revenue multiples of a peer group consisting of human capital-focused businesses such as Fiverr (FVRR) and Upwork (UPWK), with reference also drawn to B2B marketplaces. The peer group's average NTM revenue multiple contracted by around 40 percent in the second quarter, with the company's revenue growth muting the impact of a contracting multiple somewhat. The company remains valued at an unchanged premium to the peer group consider- ing its significantly stronger revenue growth relative to the peer group constituents while maintaining comparable margins. Our holding benefits from downside protection from the preferential terms of our investment in the company's fundraise in the fourth quarter of 2021, supporting an effectively unchanged fair value. SOFTWARE Our Software businesses are typically benchmarked against a peer set of SaaS businesses such as Atlassian (TEAM) and Salesforce (CRM), and of more transactional software businesses like Twilio (TWLO) and Shopify (SHOP). The companies in the peer set typically grew revenue at around 35 percent in 2021 and have gross margins of 80 percent, compared to KINNEVIK Interim Report Q2 2022 Portfolio Overview Sustainability our businesses which typically are growing more than four times faster with almost comparable gross margins. The fair value of Kinnevik's 8 percent shareholding in Cedar amounts to SEK 2,061m, down around 10 percent in the quarter. The valuation reflects an unchanged premium to the peer group's average NTM revenue multiple, which has contracted by around 30 percent in the quarter. Our fair value is supported upwards by continued strong revenue growth and the Swedish krona's depreciation against the dollar. The company is valued in line with the richest valued companies in its peer group, cor- responding to a material premium to the peer group average to reflect Cedar's considerably stronger growth rate. In relation to this average, the valuation normalizes materially twelve months out, courtesy of the company's strong outlook. The fair value of Kinnevik's 14 percent shareholding in Pleo amounts to SEK 4,502m, down around 16 percent from last quarter's valuation, which in turn was 10 percent below where the company raised new financing at in the fourth quarter of 2021. The write-down reflects a largely unchanged premium to the peer group's more resilient quartile on an NTM revenue basis, which has contracted by around 40 percent in the quarter. Due to Pleo's significantly higher pace of growth than the peer group aver- age, the write-down becomes more muted. The valuation still implies a significant premium to the peer group on an NTM basis, but normalizes over the coming 12 months in relation to the best-in-class companies in the peer group as Pleo is expected to grow at a significantly faster pace. The fair value of Kinnevik's 15 percent shareholding in TravelPerk amounts to SEK 1,923m, effectively flat in dollar terms in the quarter but gaining 10 percent from a weakening Swedish krona. The assessed valuation is fairly in line with where the company raised new financing in late December 2021, and where smaller secondary transactions took place during the quarter, in which Kinnevik participated. The resilience of the carrying value of our TravelPerk investment reflects the company's superior performance benefiting from a sharp rebound in travel as well as continued strong acquisition of new clients more than offsetting an approximate 30 percent decline in the NTM revenue multiple during the first half of 2022. Financial Statements Other CONSUMER FINANCE Our Consumer Finance businesses are typically benchmarked against a peer set of digital wealth managers such as Avanza (AZA.ST) and Nordnet (SAVE.ST), and consumer-facing subscription businesses such as Match Group (MTCH) and Netflix (NFLX). On average, the companies in the broader composite peer set grew revenue by 40 percent in 2021 with gross margins above 50 percent, largely in line with our investments in the sector. The fair value of Kinnevik's 13 percent shareholding in Betterment amounts to SEK 1,415m, effectively flat in the quarter in SEK terms. The peer group's average NTM revenue multiple contracted by nearly 30 percent in the second quarter and we continue to value Betterment at an unchanged approximate 10 percent premium to the peer group av- erage in consideration of the company's stronger growth trajectory. Per the end of May, the company's assets under management amounted to around USD 32bn. While the revenue mix is becoming more diversified, Betterment's revenues are still primarily derived from fees on these assets under management and therefore remain in part correlated with the development of the US and global stock market. To reflect the drawdown in equity markets, our revenue outlook has been adjusted downwards by double-digit percentages relative to last quarter's forecast. At the current valuation level, the carrying value of our investment is positively affected by liquidation preferences, causing a more muted change in fair value relative to our underlying valuation of the business. The fair value of Kinnevik's 6 percent shareholding in Lunar amounts to SEK 522m, down 35 percent in the quarter and from the valuation applied in a secondary transaction in the company during the first quarter. The peer group's average NTM revenue multiple contracted by around 25 percent in the quarter, and this contraction is reflected in our valuation. The valuation remains at a premium to peers on an NTM revenue multiple basis, but is within the peer group spread on a 2023 revenue basis due to the company's continued stronger growth rate relative to the peer group. 33