Kinnevik Results Presentation Deck

Intro Net Asset Value EARLY BETS & NEW THEMES Green chemicals producer providing cheaper, safer chemicals without using fossil fuels Kinnevik invested USD 50m into Solugen in the third quarter 2022. The global chemicals industry is a 6 tril- lion USD market which responsible for 6 percent of global CO2 emissions. Houston- based Solugen is the premier company t that is aiming to decarbonise that industry. Solu- gen has developed, and is now scaling, an industrial green chemicals platform that uses biologically engineered enzymatic catalysis and metal catalysis to produce organic acids and platform chemicals from sugar instead of petroleum, resulting in safer, cheaper, and more environmentally friendly chemical pro- ducts. The company was founded by Gaurab Chakrabarti and Sean Hunt whilst they were completing their PhDs at the University of Texas and MIT, respectively. Gaurab is a physician-scientist and his research revol- ved around the role chemicals can play in cancer therapy, whilst Sean's focused on im- proving traditional chemical manufacturing methods. The two founders connected over the fact they were both researching the same KINNEVIK Portfolio Overview Interim Report Q3 2022 Solugen problem from different angles, and it is that same research that now underpins Solugen's technology. In 2017, they were both named in Forbes' 30 under 30 list and joined the Y Combinator accelerator programme as one of relatively few non-software companies to be admitted. With growing demand from some of the biggest industrial powerhouses in the world, Solugen's industrial-grade specialty chemicals have a significant value proposition across sectors, and the company's current product portfolio has use cases across indu- stries including agriculture, concrete, water treatment, and energy. This list will also con- tinue to expand as they commercialise pro- ducts from their extensive pipeline - impro- ving price-performance fit in those industries whilst helping to spark a decarbonization movement in parallel. As an indicator of the company's potential environmental impact, by 2030 they plan to have sequestered 10m tonnes of carbon - the equivalent of removing two million cars from the road. Sustainability Another of the company's major innova- tions is the design of its highly modular and low-capex manufacturing plants (or Biofor- ges). The first Bioforge has proven its ability to scale at strong gross margins and will provide a blueprint for the construction of another four flexible, modular, and scalable chemical production facilities that can be co-located with suppliers and / or customers by 2025. Additionally, the company's competitive Financial Statements advantages are safeguarded by extensive intellectual property across formulations and applications, their internal processes, as well as the enzymes and catalysts that enable their unique manufacturing process. Garaub and Sean's passion for using biology in unconventional ways to solve in- Other credibly complex problems - along with the support of their highly impressive team - has enabled them to build Solugen into a world leader in the clean chemistry space and we are very excited to be able to support them on this journey. Gaurab Chakrabarti, Co-Founder & CEO, and Sean Hunt, Co-Founder & CTO of Solugen. 17

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