Kinnevik Results Presentation Deck

VALUATION INCREASES ARE DRIVEN BY TRANSACTIONS WHILE PEER DEVELOPMENT IMPACTS SOME OF OUR KEY ASSETS PLEO TravelPerk VillageMD CITYBLOCK - Mathem I ■ - ■ ■ I I I Key Unlisted Valuations Five Key Assessments Valuation increase of 180% in line with the USD 200m fundraise concluded in December 2021 at a pre-money valuation of USD 4.5bn. Including our USD 25m investment, the fair value of our stake is up 2x Considerable premium to SaaS peers, but normalizes over 2023-24, reflective of Pleo's expected higher growth rate Valuation increase of >2x in line with the post-money valuation of USD 1.3bn from its December fundraise, including our USD 25m investment The valuation reflects a post-pandemic rerating towards transactional software multiples, as well as the company's continued strong acquisition of customers, financial performance and outlook On a forward-looking basis TravelPerk is valued largely in line with the broader SaaS peer group Valuation is in line with the WBA transaction that closed in the quarter, while the average peer group multiple is down 20% Moderate premium to a peer group of value-based care operators on a forward-looking basis reflective of Village MD's competitive advantage stemming from the WBA partnership To facilitate the deepened WBA partnership, we released SEK 3.1 bn of capital in the quarter Decrease in equity value by 10% compared to the valuation used in the company's funding round in the third 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 key peers' revenue multiples on a forward-looing basis reflective of the company's materially higher growth rate Valuation decrease of 14%, reflective of key peer multiple contraction of 10-25% The muted write-down compared to peers is reflective of Mathem's strengthened outlook thanks to its agreement to merge with Mat.se and its long-term strategic supply agreement with Dagab which was signed in the quarter The company is valued at a 30% discount to main peer HelloFresh, down from 40% 7 KINNEVIK

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