Kinnevik Results Presentation Deck

LIQUIDATION PREFERENCES CAN CAUSE SOME IMMOBILITY IN OUR FAIR VALUES, IN PARTICULAR IN INVESTMENTS WHERE WE HAVE ONLY INVESTED IN ONE ROUND ■ ■ In the event of an exit at a valuation lower than a company has raised capital at, contractual liquidation preferences can skew the allocation of value away from % ownership towards the benefit of investors over management, and of shares purchased at a higher valuation over shares purchased at a lower valuation ■ Very broadly speaking, we are invested in three varieties of equity capital structures - No liquidation preferences ■ Transaction Valuations I Liquidation Preferences Liquidation preferences where all investors rank equally in proportion to the capital they have invested, commonly referred to as pari passu ("equal footing") Liquidation preferences where investors rank differently, typically in order from latest round to earliest round, often referred to as standard seniority ▪ We typically take liquidation preferences into account when valuing our investments both from a fundamental perspective and an allocation of value perspective ▪ The prevalence of liquidation preferences in late-stage growth companies went from >50% in the early 2010s to just above 10% in late 2021, as investors sacrificed protective deal terms in exchange for deal flow access Source: Pitch Book Our investments in new businesses in 2021 are protected by these types of downside protections 20% 20% 20% 40% Ownership Common ■Series A Effect of Liquidation Preferences Illustrative Examples 77% 15% 8% Invested Capital With pari passu preferences, all preferential investors recoups their investment at valuations exceeding total capital raised, and share value in proportion to invested capital at valuations lower than total capital raised ► With ranked preferences, Series C recoups their investment at valuations exceeding capital raised in the Series C round before other investors receive anything, Series B recoups at valuations exceeding capital raised in the Series B and C rounds before Series A receives anything (and so forth) ► Common shares are typically only worth something at valuations exceeding invested capital, and do not receive their ownership % of value until the valuation is at or exceeds the last valuation the company raised capital at ► At valuations between total capital raised and the last valuation the company raised capital at, common shares and preferred shares issued in earlier rounds typically receive the full value differential in order to "catch up" to preferred equity issued in the most recent funding round Series B Series C 12 KINNEVIK

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