Kinnevik Results Presentation Deck

Intro Net Asset Value Note 4 Financial Assets Accounted at Fair Value Through Profit & Loss OUR FRAMEWORK AND PRINCIPLES In assessing the fair value of our unlisted investments, we apply IFRS 13 and the International Private Equity and Venture Capital Valuation Guidelines, whereunder we make a collective assessment to establish the valuation methods and points of reference that are suitable and rel- evant in determining the fair value of each of our unlisted investments. Valuations in recent transactions are not applied as a valuation method, but typically provides important points of reference for our valuations. When applicable, consideration is taken to preferential rights such as liquidation preferences to proceeds in a sale or listing of a business. Valuation methods include revenue, GMV, and profit multiples, with consideration to differences in size, growth, profitability and cost of equity capital. We also consider the strength of a company's financial position, cash runway, and the funding environment. The valuation process is led independently from the investment team. Accuracy and reliability of financial information is ensured through con- tinuous contacts with investee management teams and regular reviews of their financial and operational reporting. Information and opinions on applicable valuation methods are obtained periodically from investment managers and well-renowned investment banks and audit firms. The val- uations are approved by Kinnevik's CFO and CEO after which a proposal is presented and discussed with the Audit & Sustainability Committee and Kinnevik's external auditors. After their scrutiny and potential adjustments, the valuations are approved by the Audit & Sustainability Committee and included in Kinnevik's financial reports. When establishing the fair value of other financial instruments, meth- ods assumed to provide the best estimation of fair value are used. For assets and liabilities maturing within one year, a nominal value adjusted for interest payments and premiums is assumed to provide a good approximation of fair value. Information in this note is provided per class of financial instruments that are valued at fair value in the balance sheet, distributed in the levels stated below: KINNEVIK Interim Report Q1 2022 Portfolio Overview Category • Value-Based Care • Virtual Care • Platforms & Marketplaces • Software • Consumer Finance Sustainability 2021 Kinnevik Unlisted Investee Averages Revenue Growth +105-125% +215-235% +40-60% / +140-160% +130-150% +30-50% Note: Kinnevik unlisted investee averages are weighted by fair value. 2021 Gross Margin 5-15% 35-55% 30-40% / 60-80% 60-80% 50-70% Financial Statements 2022 EV/Revenue Level 1: Fair value established based on listed prices in an active market for the same instrument. Level 2: Fair value established based on valuation techniques with observable market data, either directly (as a price) or indirectly (derived from a price) and not included in Level 1. Level 3: Fair value established using valuation techniques, with sig- nificant input from data that is not observable in the market. For companies that are valued based on multiples, an increase in the multiple by 10% would have increased the assessed fair value by SEK 2,363m. Similarly, a decrease in the multiple by 10% would have decreased the assessed fair value by SEK 2,586m. LIQUIDATION PREFERENCES Kinnevik's unlisted investee companies adopt different financing struc- tures and may at times issue shares with liquidation preference rights. Liquidation preferences determine how value is allocated between shareholders in e.g. a sale or listing of a business. This allocation may become increasingly complex over time, and Kinnevik's share of proceeds may significantly deviate from its percentage ownership of the investee company's issued equity. Accordingly, an increase or decrease in val- ue of an investee company's equity where liquidation preferences are applicable may result in a disproportionate increase or decrease in the fair value of Kinnevik's shareholding. Liquidation preferences may also 5.5-7.5x 17.5-20x 1-3x/6-8x 30-40x 8-10x 2021 Revenue Growth +55% +80% +40% / 45% +35% +40% Other Peer Group Averages 2021 Gross Margin 25% 45% 40% / 80% 80% 55% 2022 EV/Revenue 3.0x 3.5x 1-3x/6x 11.5x 8x entail that the fair value of Kinnevik's investment remains unchanged in spite of the assessed value of a particular investee company as a whole changing materially. An unlisted investee company's transition into a publicly listed com- pany may also affect the value of Kinnevik's shareholding due to the dismantling or triggering of such provisions. OUR Q1 2022 VALUATIONS In 2021, the venture and growth capital ecosystem saw a massive influx of capital as investors pursued growth and risk in a low interest rate environment, exacerbated by monetary and fiscal stimulus. This in turn led to expanding valuations, swelling round sizes, and increased funding round intensity. Since late 2021, the gravitational pull of rising interest rates combatting soaring inflation has caused valuations of publicly listed equity in high- growth technology companies to derate materially. The forward-looking revenue multiples of broader tech indices are now below both pre-pan- demic and five-year median levels. Adding to the cyclical macroeconomic forces, Russia's unlawful invasion of Ukraine creates additional uncertainty and inflationary effects on commodities, albeit eclipsed by the ongoing humanitarian suffering. Private markets have in previous bear markets taken 6-9 months to adjust, but we see clear signals of valuation levels between the two asset classes reconciling at a faster pace this time around. 29

View entire presentation