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Investor AB

At the Investor AB general meeting on June 17th, 2020, Folketrygdfondet, manager of the Government Pension Fund Norway, voted against item 12.B for the following reasons:

Item 12.B: Election of Johan Forssell to the Board of Directors

Rationale:

Folketrygdfondet opposes the election of the CEO to the board of directors as a matter of
principle. One of the board’s main tasks is the supervision of company management, which
includes appointment and dismissal of the CEO. Folketrygdfondet considers that board members
can only supervise company management adequately if they are not recruited from among
management. For this reason, we voted against item 12.B.

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