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Kinnevik Investor Event Presentation Deck

...BECAUSE EACH AND EVERY PEER BENCHMARK IS UNIQUE... (25)% Flat Valuing a Permanent Capital Firm's Portfolio Benchmarking Against Public Peers 25% Note: Chart shows constituents of BVP Nasdaq Emerging Cloud Index Source: FactSet 50% 75% NTM Revenue Growth R² 0.5 100% 125% 30x 25x 15 20x 15x 10x 5x 150% We take into account a considerable amount of data points and considerations when assessing public market valuation levels EV/NTM Revenue (9) ΚΙΝΝEVIK

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