Kinnevik Results Presentation Deck

Intro Net Asset Value CHIEF EXECUTIVE'S REVIEW Kinnevik's Q1 Results Our Net Asset Value amounted to SEK 67.9bn or SEK 244 per share at the end of the first quarter of 2022, down by SEK 4.5bn or 6 percent from where we ended 2021. In 2021, the venture and growth capital environment enjoyed record-high inflows of capital as investors pursued growth and risk in a low interest rate environment, exacerbated by monetary and fiscal stimulus. This, in turn, led to expansive valuations, swelling round sizes, and increased funding round intensity. As noted in our year-end report, 2022 has started off with clear indications that these trends are reversing as a result of the gravitational pull of rising interest rates combatting soaring inflation. When the tide turns, we expect a flight to quality in line with trends seen in previous downturns. Quality, both in relation to what businesses to back and what stewards of capital to entrust. This will reveal to entrepreneurs the benefit of raising capital from active, patient and long-term investors relative to the hands-off fast money that has been available over the last 18 months. We believe Kinnevik, our growth companies, and their stellar foun- ders will be the beneficiaries of this flight to quality, and that it creates attractive long-term opportunities for an investor with permanent and unrestricted capital like Kinnevik. However, the correction of valuation levels clearly puts short- term pressure on the on-paper snapshot value of our portfolio. The fair value of our investments in unlisted companies decreased KINNEVIK Portfolio Overview Dear Shareholders, the first quarter of 2022 was turbulent. Russia's invasion of Ukraine, which Kinnevik strongly condemns, is causing massive human suffering and dislocation and will have long lasting ef- fects on human lives and global relations. Kinnevik has limited exposure to the directly affected areas, and our focus is on ensuring the safety of our investee's employees in the region. In the private mar- kets, we see a a pressure on valuations having an impact on our portfolio. However, despite the new macropolitical and financial reality, it is our firm belief that quality companies with innovative customer propositions will continue to grow and create value. Interim Report - Q1 2022 Sustainability by SEK 1.7bn in the quarter, with a SEK 3.3bn or 10 percent ag- gregate write-down being partly offset by net investments of SEK 1.6bn. This write-down needs to be unpacked in order to be understood. Excluding the very few companies that recently priced their equity at the current market valuation levels, the average value depreciation of our unlisted companies exceeded 20 percent in the quarter. Taking into account the companies' relative weight in our portfolio and other factors impacting our valuations, the actual decline in value was around 10 percent - in line with the Nasdaq and top quartile tech stocks. You find an expanded description of our methodology when marking our unlisted companies to market on pages 29-32. In the public part of our portfolio, weak share price develop- ments in our growth assets Global Fashion Group, Babylon and Teladoc had a negative impact on our NAV that was somewhat offset by Tele2's strong trading. Continued Investment Activity The investment environment tilting in favour of our competitive advantage and active approach to investment and ownership coincides with our financial position being historically strong. Pro forma the upcoming Tele2 dividends in May, we have a net cash position of SEK 8.1 bn. Accordingly, our clear ambition is to maintain our investment momentum and continue to build on our portfolio with investments in existing and new companies Financial Statements Other across various stages of growth. Total investments in the quarter amounted to SEK 1.7bn, whereof 1.2bn into four new additions to our portfolio and 0.4bn in follow-ons. We also continued to recycle capital from the ends of the growth curve, selling some SEK 1.0bn worth of shares in Teladoc. During the quarter we participated in Lunar's EUR 70m funding round. When we first invested in Lunar last year, we did so out of a firm belief that the business has all the ingredients to become a category winner. It is the only cloud-based digital banking platform to be granted a banking licence in the Nordics and has a rapidly growing base of loyal users. At the end of March, the company made a cash offer for the listed Norwegian digital bank Instabank that has been accepted by more than 90 percent of the target's shareholders. If approved by the customary gover- ning bodies, Lunar's position as a leading financial challenger across banking, payments and investments in the Nordics will be cemented. Among the quarter's new investments, the largest one - back- ing Livongo-founder Glen Tullman and his new venture Transca- rent - was covered in our year-end report. The smallest one was in Agreena, a Danish AgTech startup. Agreena mints, verifies and sells carbon certificates generated by farmers who transition to regenerative farming. We are excited to back Julie, Ida and Simon and the wider team in their pursuit to support the shift to regenerative agriculture, and in turn the transformation of the wider food ecosystem. In addition, Agreena's business model is one we understand well: a managed marketplace with highly fragmented supply in need of handholding on one side, and excess demand on the other side. It is a market and business model with strong strategic fit to the Kinnevik portfolio. In addition to Transcarent and Agreena, we made two new investments drawing on our thematic work within what we refer to as... 4

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