Kinnevik Results Presentation Deck

Intro Net Asset Value The fair value of Kinnevik's 8 percent shareholding in Cedar amounts to SEK 2,284m, effectively flat in the quarter. The valuation implies a premium to the peer group average on a 2022 basis that normalizes into 2023, courtesy of Cedar's strong performance and improved outlook. The fair value of Kinnevik's 14 percent shareholding in Pleo amounts to SEK 5,333m, down almost 10 percent in the quarter from a mark cor- responding to where the company raised new financing at in the fourth quarter of 2021. The write-down reflects the share price development of the peer group's top quartile in the quarter. The valuation still implies a significant premium to the peer group in the near-term, but normalizes over the longer term as Pleo is expected to grow significantly faster than the best-in-class companies in the peer group that are valued significantly above the peer group's average valuation level. The fair value of Kinnevik's 15 percent shareholding in TravelPerk amounts to SEK 1,717m, effectively flat in the quarter. The assessed valuation is in line with where the company raised new financing in late December 2021 and the unchanged equity value reflects Travelperk's superior performance benefiting from a sharp rebound in travel as well as continued strong acquisition of new clients. The valuation is largely in line with the broader peer group average on a 2023 revenue basis. 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 14 percent shareholding in Betterment amounts to SEK 1,395m, down some 12 percent in the quarter. The peer group's average multiple contracted by nearly 20 percent in the first quarter and we continue to value Betterment at an approximate 10 percent premium to the peer group average in consideration of the company's stronger growth trajectory. Betterment's revenues are primarily derived from fees on assets under management and therefore remain in KINNEVIK Interim Report Q1 2022 Portfolio Overview Sustainability part correlated with the development of the US and global stock market. This may clearly affect performance and the near-term outlook over the coming quarters considering the current market environment. Per the end of March, the company's assets under management exceeded USD 33bn. The fair value of Kinnevik's 6 percent shareholding in Lunar amounts to SEK 800m, up around 12 percent in the quarter in addition to the new capital invested. The valuation of Lunar relative to the peer group is calibrated by a secondary transaction in the company during the quarter, but disregards the valuation level at which the company raised new financing from existing shareholders at around the same time. The valuation is at an approximate 30 percent discount to this higher valuation, but still at a material premium to peers on a near-term forward-looking revenue multiple basis. Our carrying value normalizes into 2023 due to the company's stronger growth rate. Financial Statements Other 32

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