Kinnevik Results Presentation Deck

AFTER EXPANDING MATERIALLY DURING THE PANDEMIC, MULTIPLES ARE NOW BELOW PRE-PANDEMIC AND FIVE-YEAR MEDIAN LEVELS 40.0x 35.0x 30.0x 25.0x 20.0x 15.0x 10.0x 5.0x Mar '17 Median Mar '18 Private and Public Markets EV/NTM Revenue, BVP Emerging Cloud Index, Q1 2017-22 >30% Revenue Growth Median Mar ¹19 Covid-19 willen Мновитимим me miser rechen. Mar ¹20 <20% Revenue Growth Median may - Five-Year Median Mar ¹21 тими Note: BVP's Emerging Cloud Index is designed to track the performance of emerging public companies primarily involved in providing cloud software to their customers Source: BVP, FactSet 2022 ► 5-Year US Treasury Yield (RHS) 5 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% Mar '22 Sector averages can be deceiving - the median SaaS businesses in BVP's Emerging Cloud index growing by >30% trades at around 13x NTM revenues while the median business growing by <20% trades at around 4x NTM revenues KINNEVIK

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