Kinnevik Results Presentation Deck

LARGE WRITE-DOWNS IN THE UNLISTED PORTFOLIO WITH A FEW EXCEPTIONS PLEO TravelPerk VillageMD CITYBLOCK Mathem " " ■ ■ I I Key Unlisted Valuations Five Key Assessments Valuation decrease of 10% in line with the share price development in the quarter of our SaaS peer group's top quartile Still at a considerable premium to SaaS peers on an NTM basis, but normalizes over the longer term as Pleo is expected to grow significantly faster than the peer group's best-in-class companies, which valuations are also significantly above the group average Valuation is in line with the post-money valuation of USD 1.3bn from its December fundraise The valuation reflects Travelperk's superior performance, benefiting from a sharp rebound in travel as well as continued strong acquisition of new clients On a 2023 basis TravelPerk is valued largely in line with the broader SaaS peer group Valuation is 11% below the WBA transaction that closed in Q4 2021, with the forward-looking multiple contracting in excess of the peer group average VillageMD is now valued in line with the top performers in the peer group of value-based care operators on a forward-looking basis reflective of the company's competitive advantage and stronger growth trajectory stemming from the WBA partnership Decrease in fair value by 17% from last quarter The write-down is due to the multiple contraction in the value-based care operator peer group in the quarter The valuation remains at a premium to most, but not all, key peers' revenue multiples on a forward-looking basis reflective of the company's materially higher growth rate Valuation decrease of >40%, reflective of key peer multiple contraction of 35-45% While Mathem's merger with Mat.se and its long-term strategic supply agreement with Dagab is a major positive it is not enough to balance out the material correction in the market 12 KINNEVIK

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