Kinnevik Results Presentation Deck

ONLINE GROCERIES IS A VITAL SERVICE IN TIMES OF SOCIAL DISTANCING, WITH A SHARP SURGE IN DEMAND AND ONLY LIMITED SUPPLY CHAIN DISRUPTION ► Significant increase in demand has positively impacted customer intake and revenue, however warehouse limitations have hampered capacity I ■ MatHem has had a record customer intake in the last few weeks and is currently operating at maximum capacity In anticipation of the completion of the new warehouse in 2021, the company is assessing options to expand warehouse capacity An increase in new hires has increased costs short term, but these have been partially offset by material cuts in marketing With MatHem's capital raise in mid-February of SEK 500m, in which AMF invested SEK 280m and Kinnevik 150m, the company is well-capitalized Revenues LTM (SEKm) MatItem.se. +15% 1 337 1 423 1 467 1 509 1 542 Q4 Q1 Q2 Q3 Q4 2018 2019 2019 2019 2019 Number of completed deliveries LTM Q4 2019 1.2m ■ Note: MatHem's LTM revenue growth in Q4 2020 is partially fuelled by MatHem's acquisition of Fruktbudet. High warehouse efficiency has enabled the company to scale its operations quickly and capitalise on the surge in demand Kolonal.no's sales in end-March had essentially doubled compared to the beginning of 2020, and with a customer intake of 10x that of normal levels the company is operating at close to maximum capacity The company's warehouse efficiency has improved throughout the last 18 months and the contribution margin was significantly positive already going into this year Kolonial.no has been able to scale its operational model and speed up its growth plans significantly, which should drastically shorten the company's path to profitability The company is experiencing relatively limited supply chain disruption, and is currently delivering 97% of all items compared to 99% normally Revenues LTM (NOKm) Kolonial.no +19% 919 950 974 1 031 1 094 Q4 Q1 Q2 Q3 Q4 2018 2019 2019 2019 2019 While too early to asses the impact on the online grocery market long-term, the situation has allowed more people to experience the benefits of shopping their groceries online Number of completed deliveries LTM Q4 2019 0.9m 5 KINNEVIK

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