Guidelines for Remuneration for Senior Executives

The guidelines shall apply to remuneration agreed, and amendments to remuneration already agreed, after adoption of the guidelines by the 2026 Annual General Meeting. These guidelines will not apply to any remuneration separately decided or approved by the General Meeting, such as ordinary Board remuneration and share-related or share price-related remuneration.

The guidelines’ promotion of Kinnevik’s business strategy, long-term interests and sustainability

Kinnevik is an active owner and partner, providing patient capital from its own balance sheet to technology-enabled growthbusinesses. Kinnevik's founders are building tomorrow's industry leaders making everyday life easier and better for peoplearound the world. Kinnevik invests at all stages of a company's growth journey, free from industry constraints and singularlydetermined to create long-term shareholder value. For more information regarding Kinnevik's business strategy, please seeKinnevik's website at www.kinnevik.com under the heading "Who we are".

A prerequisite for the sustainable and successful implementation of Kinnevik's business strategy and safeguarding of itslong-term interests is that Kinnevik is able to attract, motivate and retain the best talent in Sweden and globally. To achievethis, it is necessary that Kinnevik offers competitive and cost efficient remuneration packages to create incentives toexecute strategic plans, deliver excellent operating results and to ensure financial alignment with Kinnevik's shareholders.These guidelines for remuneration enable Kinnevik to offer Senior Executives a competitive remuneration package, whichtogether with Kinnevik's long-term incentive plans ("LTIPs") promote Kinnevik's business strategy and its long-term interestsand sustainability. The guidelines aim to ensure that variable compensation correlates with behaviour, actions and outcomesthat generate meaningful shareholder value whilst achieving sustainability targets that ensure sound and sustainablebusiness practices. Furthermore, the Board shall have the authority, subject to the restrictions that may apply under law orcontract, to in whole or in part reclaim variable remuneration paid on incorrect grounds or based on information that wasmanifestly misstated.

Types of remuneration

The remuneration shall be on market terms and consist of fixed cash salary, variable cash remuneration, pension benefitsand other customary benefits. Additionally, the General Meeting may resolve on, among other things, share-related or shareprice-related remuneration.

The fixed cash salary is reviewed each year and is based on the Senior Executive's importance to Kinnevik's future valuecreation, competence and areas of responsibility in relation to market benchmarks.

Variable cash remuneration can amount to a maximum of 100 percent of the Senior Executive's fixed annual cash salary.Additional variable cash remuneration may be awarded in particularly extraordinary circumstances, provided that sucharrangements are made on an individual basis for the purpose of recruiting or retaining Senior Executives. Such additionalremuneration may not exceed an amount corresponding to 150 percent of the Senior Executive's fixed annual cash salary.

LTIPs are resolved upon by the General Meeting irrespective of these guidelines and shall be structured to ensure thatSenior Executives' remuneration is tied to the long-term development of Kinnevik's shareholder's wealth and to ensure thatSenior Executives have a portion of their capital tied to the long-term creation of Kinnevik shareholder value. The outcomeof LTIPs shall be linked to predetermined and objective performance criteria, based on Kinnevik's share price and/or valuegrowth. For more information regarding the LTIPs that are ongoing, or that have ended during the current year, please seeKinnevik's website at www.kinnevik.com under the heading "Remuneration" (which can be found under the section"Governance").

Pension benefits shall be premium defined. Variable cash remuneration shall not qualify for pension benefits. Pensionpremiums for premium defined pension shall not amount to more than 30 percent of a Senior Executive's fixed annual cashsalary. Other customary benefits may include, for example, life insurance, medical insurance and a company car. Suchbenefits may not amount to more than 10 percent of the Senior Executive's fixed annual cash salary.

Termination of employment 

Upon termination of employment by Kinnevik, notice periods may not exceed 12 months. Fixed cash salary during the noticeperiod and severance pay may not together exceed an amount corresponding to the fixed cash salary for 18 months for theChief Executive Officer and 12 months for other Senior Executives. When termination is made by the Senior Executive, thenotice period may not exceed 12 months for the Chief Executive Officer and six months for other Senior Executives, with noright to severance pay.

Criteria for awarding variable cash remuneration

Variable cash remuneration shall be based on predetermined and measurable financial and non-financial criteria that theBoard believes will over time generate long-term shareholder value. The criteria shall encompass both individual andcompany-level objectives with a positive impact on Kinnevik's long-term total shareholder returns and sustainability targets. In order to further ensure alignment with Kinnevik's shareholders, payment of part of the variable cash remuneration isconditional upon a portion of it being re-invested into Kinnevik shares, until the Senior Executive has a shareholding inKinnevik corresponding to three (3) times his or her fixed annual cash salary, net after taxes. Relative to what has beenawarded under the previous guidelines for remuneration, variable cash remuneration under these guidelines shall exhibit ahigher variance between individuals and between years.

The extent to which the criteria for awarding variable cash remuneration have been satisfied shall be evaluated annually. Evaluation of financial criteria shall to the extent possible be based on the financial information made public by Kinnevik.The People & Remuneration Committee is responsible for the evaluation, and the Committee shall have the discretion afforded them by shareholders to ensure that variable cash remuneration commensurately reflects shareholder valuecreation by making any necessary adjustments to the Senior Executives' actual rewards. This means that in years of pooroverall performance, the outcome of variable cash remuneration may be adjusted downwards despite achievement ofpredetermined criteria.

Salary and employment conditions for employees 

In preparation of the Board's proposal for these remuneration guidelines, salary and employment conditions for Kinnevik'semployees have been taken into account by including information on the employees' total income, the components of theremuneration and increase and growth rate over time, as the basis for the People & Remuneration Committee's and the8Board's decision when evaluating whether the guidelines and the limitations set out herein are reasonable. The developmentof the remuneration to other employees is disclosed in the remuneration report.

Remuneration to Board members 

Members of Kinnevik's Board elected at General Meetings may in certain cases receive compensation for servicesperformed within their respective areas of expertise, outside of their Board duties in Kinnevik. Compensation for suchservices shall be paid on market terms, be approved by the Board and disclosed.

The decision-making process to determine, review and implement the guidelines 

The Board has established a People & Remuneration Committee tasked to prepare the Board's resolutions in remuneration-related matters and the Board's proposal for remuneration guidelines for Senior Executives. The People & Remuneration Committee's tasks also include assisting in other matters such as the composition of the Senior Executive team, talentmanagement, diversity and inclusion, and terms of termination of employments. The People & Remuneration Committee also monitors and evaluates the programs for variable remuneration for Senior Executives individually and the full Kinnevikteam organizationally as well as the application of these guidelines and the remuneration structures and levels within Kinnevik in general.

Remuneration under employment subject to other rules than Swedish rules may be duly adjusted to comply with mandatoryrules or established local practice, taking into account, to the extent possible, the overall purpose of these guidelines.

The members of the People & Remuneration Committee are independent of the Company and the executive management.Senior Executives do not participate in the Board's deliberations and resolutions regarding remuneration-related matters inso far as they are affected by such matters.

The Board shall prepare a proposal for new guidelines where material changes of the guidelines become necessary, and inany case at least every fourth year and submit it to the General Meeting. The guidelines shall be in force until new guidelinesare adopted by the General Meeting.

Derogation from the guidelines 

The Board may temporarily resolve to derogate from the guidelines, in whole or in part, if in a specific case there is specialcause for the derogation and a derogation is necessary to serve Kinnevik's long-term interests, including its sustainability,or to ensure Kinnevik's financial viability.

Material changes to the guidelines adopted by the 2024 Annual General Meeting

The maximum amount for additional variable cash remuneration that may be awarded in particularly extraordinarycircumstances for the purpose of recruiting or retaining Senior Executives is proposed to be raised to 150 percent of theSenior Executive's fixed annual cash salary. This reflects the increasingly competitive global market for top executive talentand is intended to strengthen Kinnevik's ability to recruit and retain key individuals in extraordinary circumstances. Further,to increase alignment with Kinnevik's shareholders, the threshold at which variable cash remuneration is conditional uponbeing re-invested in Kinnevik shares is proposed to be raised to a shareholding corresponding to three (3) times the SeniorExecutive's fixed annual cash salary, net after taxes. Save for said adjustments, no other material changes have been madecompared to the remuneration guidelines adopted by the 2024 Annual General Meeting. The Board has not received any feedback from shareholders concerning the remuneration guidelines.

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