Kinnevik Results Presentation Deck

KEY IN-QUARTER REASSESSMENTS REVOLVE AROUND FIVE INVESTEES VillageMD cityblock Spring Write-Ups ■ Key Valuation Reassessments W Valuation increase of >10% in dollar terms at both companies through mid-single digit multiple expansion and on-plan performance Buyouts of Oak Street Health, One Medical and Signify impairs accuracy of peer set - multiples relative to peers down materially in the quarter as more difficult to calibrate the premium on value- based care operators versus fee-for-service Underlying valuation increase of around 25% in dollar terms, slightly muted by amortization of liquidation preferences Valued in line with recent funding round Multiple expansion of >10% in the quarter fairly in line with peers, but still down >40% year-on-year Q1 2023 budbee instabox monese H ■ H ■ Write-Downs Valuation decrease of 15% from last quarter's carrying value Performing above plan during first few months of 2023, but write-down stemming from additional caution in outlook for consumer spending in the Nordics as pressure from rising interest rates increasing Valuation decrease of 35% in sterling terms Driven by revised expectations on investment need as it continues to rebalance its business mix from B2C to B2B revenues Among business-facing investees (73% of our private portfolio), a weighted-average write-up amounted to +6%, whereas among more consumer-facing investees (27%) a weighted-average write-down amounted to almost (10)% 10 KINNEVIK

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