Corporate governance within the Kinnevik Group is based on Swedish legislation, the Stockholm Stock Exchange’s listing requirements, listing agreement and the regulations and recommendations issued by relevant self-regulatory bodies, such as the Swedish Industry and Commerce Stock Exchange Committee.

As of 1 July 2005, Kinnevik applies the Swedish Code of Corporate Governance (“the Code”). Kinnevik applies the Code in accordance with the “comply or explain” principle, meaning that deviations from the Code are permissible but must be explained.