Kinnevik Results Presentation Deck

PRIVATE AND PUBLIC MARKET VALUATIONS ARE BEING RECONCILED, BUT THERE IS STILL SIGNIFICANT AMOUNTS OF DRY POWDER IN THE SYSTEM ■ Private markets are now being brought in line with public markets ▪ IPOS, SPACs and de-SPACs have cooled down materially There is a flight to quality as it relates to both companies and stewards of capital, and companies should be seeing the true value of long-term patient capital over the next months and quarters ■ ■ ■ Private and Public Markets What's Unfolding in 2022 Fundraising is down materially - few companies dare to go into 'price discovery' mode and instead utilize internal rounds, investor-friendly terms, and convertibles when capital becomes more scarce, its allocators accrete more power Many companies that raised last year have huge cash balances, with no need to raise until next year in what may be a more benign market (in particular if they can burn more efficiently) ■ From a valuation point of view, we see two wedges - one between later stage companies and earlier stage companies, and one between the category winners and the category followers Later-stage businesses priced on more short-term expectations where valuations were set with reference to prices that cross-over investors could achieve a public market exit at are facing the most pressure ▪ We believe category-winning businesses with strong unit economics should still be able to raise capital at satisfactory terms, drawing on the flight to quality, whereas the median business that rose with the tide in 2021 may struggle (the former tend to overlap with businesses with strong cash balances) Source: FactSet, LionTree, Renaissance Capital, Forge Global, Pitchbook, Carta, CB Insights, Numis, SEC <(80)% # of US IPOs Priced 2022 vs 2021 YTD (24)% IPO ETF Q1 2022 (30)% Drop in >USD 100m Rounds Q1 2022 vs Q1 2021 >50bn SEK Raised Kinnevik Investees in 2021 (65)% Announced SPAC Deals Q1 2022 vs Q1 2021 (27)% De-SPAC ETF Q1 2022 (19)% Global VC Deal Volume Q1 2022 vs Q1 2021 >8bn SEK Net Cash Kinnevik PF Dividends 6 KINNEVIK

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