Kinnevik Results Presentation Deck

WITH INVESTORS PRICING OUR BUSINESSES ON THE BASIS OF EXPECTATIONS, SIGNIFICANT VALUE UPLIFTS MAY BE FOLLOWED BY A NUMBER OF FLAT QUARTERS NEW +70% From a premium to peers... Transaction ARR +30% One Q Transaction Valuations Growing Into a Valuation (Illustrative) Near-Term Forward Multiple +80% Two Q's Peer Benchmark Multiple +30% Three Q's 0% ...to in line with peers 11 One Year Provided markets remain relatively stable, we may allow companies to 'grow into' their valuation for a few quarters until the mark looks more grounded in public market valuation terms - this catching up may however be preceded by another transaction pushing the multiple horizon further into the future KINNEVIK

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