X0306 4 2017-09-13 0 0001348911 KalVista Pharmaceuticals, Inc. KALV 0001388325 Novo Holdings A/S TUBORG HAVNEVEJ 19 HELLERUP G7 2900 DENMARK 0 0 1 0 Common Stock 2017-09-13 4 S 0 25900 8.016 D 2876027 D Common Stock 2017-09-14 4 S 0 10000 8.05 D 2866027 D Common Stock 2017-09-15 4 S 0 140744 7.0045 D 2725283 D Common Stock 2017-09-15 4 S 0 3 8.00 D 2725280 D The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $8.00 to $8.43, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $7.00 to $7.59, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote. Novo Holdings A/S (formerly known as Novo A/S) is a Danish limited liability company. The board of directors of Novo Holdings A/S (the "Novo Board"), which is currently comprised of Sten Scheibye, Goran Ando, Jeppe Christiansen, Steen Riisgaard, Lars Rebien Sorensen and Per Wold-Olsen, has shared investment and voting control over the securities of the Issuer held by Novo Holdings A/S (the "Shares") and may exercise such control only with the support of a majority of the Novo Board. As such, no individual member of the Novo Board is deemed to hold any beneficial ownership or reportable pecuniary interest in the Shares. /s/ Peter Haahr, Chief Financial Officer 2017-09-15