Kinnevik Results Presentation Deck

Intro Net Asset Value CONSUMER FINANCE Our Consumer Finance businesses are benchmarked against different but in part overlapping public market benchmarks, reflecting their dif- ferences and similarities in business models. Betterment is primarily benchmarked against digital wealth managers such as Avanza (AZA.ST) and Nordnet (SAVE.ST), as well as the broader public SaaS company universe considering the recurring revenue cha- racteristics of its fee-based assets under management ("AUM") model. AUM has increased materially during the first half of 2023 driven by the appreciation of broader market indices, amounting to USD 36.9bn per end of May. Betterment has also enjoyed significant growth in its cash deposit product, and strong net deposits from its customers. An under- lying write-up in spite of a contracting multiple is muted by the effect of liquidation preferences this quarter. Lunar is benchmarked against a mix of the aforementioned digital wealth managers, and consumer subscription businesses such as Netflix (NFLX) and Match Group (MTCH) considering the similarities in business model (albeit with very different offerings and underlying consumer markets). During the first quarter, Lunar raised EUR 35m in new financing from existing investors. Kinnevik participated with slightly less than our pro rata share of the round, and our fair value is more than 35 percent below the valuation implied by this funding round even after the increase in valuation this quarter. Monese is benchmarked against similar peer groups as Lunar, but with references drawn to software licensing businesses such as Cisco (CSCO) and Oracle (ORCL) with respect to its B2B revenue streams. In this quarter, positive movements in the peer group and on-plan performance drive a write-up of the fair value of our stake. A continued relative growth of the company's B2B offering may warrant a slightly increased multiple going forward considering the more attractive margin structure of this business line relative to the consumer offering. KINNEVIK Interim Report Q2 2023 Portfolio Overview Consumer Finance Revenue Growth (2022) Gross Margin (2022) EV/NTM R EV/NTM R (Q/Q Change) Equity Value (Q/Q Change) Note: 12x 9x 6x 3x Sustainability Our Investees 5% 26% 46% EV/NTM Revenue and Revenue Growth Key Public Benchmarks as at Quarter-End 5.4x (1)% +8% Peer Average 10% 3% Digital Wealth Managers 65% 5.9x "Peer Top Quartile" data points are the average metrics of the top quartile peers in terms of revenue multiple +0% +14% Peer Top Quartile (1)% 74% 8.5x (7)% (1)% 15% Financial Statements ● Subscription Businesses 8% +8% 20% Unlisted Portfolio Weight Other Fair Value Change (Q/Q) Software Licensing 25% 30% High-Growth SaaS 35% 35

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