Kinnevik Results Presentation Deck

WITH OUR RECENT SUCCESSES WE EXPECT OUR 2023 INVESTMENTS TO BE MORE SKEWED TOWARDS FOLLOW-ONS IN THE WINNERS OF OUR PORTFOLIO ■ ■ ■ Significant strides in the quarter, including the investment into Spring Health, mean we now envisage two-thirds of capital deployment to be dedicated to follow-on investments in the existing portfolio (from the previous expectation of a 50/50 split between new investments and follow-on investments) Of our currently forecasted follow-on investments, around 80% of capital is expected to be deployed into high-conviction businesses where we are either instigating transactions or willingly accreting ownership (as in Spring Health) Assessments of investee runways remain largely unchanged, with key developments being extensions of runways through funding rounds in the quarter Around 4% of our private investees by value have a runway not lasting longer than to end of 2023 (from 6% in Q1 2023) Capital Reallocation 2023 Expectations Type of Follow-On Investment Q1 Forecast vs Current Forecast (Approximations) Pre-Empting or Instigating Transactions in High-Conviction Businesses Above Pro Rata Participation in Planned Rounds in High-Conviction Businesses Pro Rata Participation in Planned Rounds in Emerging Businesses Minimized Participation in Planned Rounds in Struggling or Low-Conviction Businesses 30% 50% 40% 30% 20% 10% 10% 10% We remain focused on making the most of the current environment through maximizing the impact of our highest-conviction investments and capturing opportunities that arise during a period of more risk-averse sentiment KINNEVIK

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