Kinnevik Results Presentation Deck

OUR VALUATION FRAMEWORK RENDERS QUARTER-ON-QUARTER CHANGES IN SEVERAL OF OUR INVESTMENTS' ASSESSED FAIR VALUES I ■ ■ Valuations Our unlisted holdings are valued using IFRS 13 and the International Private Equity and Venture Capital Valuation Guidelines Fair values are typically based on trading multiples of relevant peer groups and in some cases on discounted cash flows Valuations & Disclosure Methodology and Guidelines Valuations applied in recent transactions are used to calibrate inputs to our valuation models Valuations are monitored regularly, and not insignificant changes in business performance - such as reaching particular milestones - or equity markets are translated into revised assessments of fair values Tolerable Deviation Range (Illustrative) Modelled Value Fair Value I ■ High Disclosure Low Disclosure Squaring unlisted, growth-focused companies operating in highly dynamic environments with public equity market disclosure standards poses challenges We are actively working with our companies to improve how we report their performance to our investors Disclosure We are seeking to increase our disclosure level and improve our disclosure methodology and will provide more information as our companies grow and mature Select KPIs Venture Increasingly Financial KPIs Growth Fuller Disclosure Pre-IPO We continue to work towards more dynamic and transparent assessments of fair values, and will introduce improvements of how we report the performance of our companies during 2020 9 Listed KINNEVIK

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