NASDAQ First North Stockholm€¦ · First North Stockholm | Introduction 03 First North is...

NASDAQ – First North Stockholm

Market Survey – September 2017

Dated: September 8th 2017


Market Survey – September 2017

Dated: September 8th 2017

TABLE OF CONTENTS

Content Page

Introduction 2

Development of listed companies 5Industry / Sector break-down 6

Certified Advisers involved 7Heavy Weights 8

Light Weights 9Performance 2017 YTD | Overview 102017 YTD | TOP & FLOP Performers 11

Average Trading Volume last 12 months 1212 months Trading Volume vs. Market Capitalization 13

Free Float and Nominal Value Analysis 14Low prices Issuers 15Dual Listings in Germany 17Did you know that?! 20Appendix A | Data Sheets 22

Appendix B | Admission Requirements 32Appendix C | Listing Fees & Annual Fees 37

First North Stockholm | Introduction 03

First North is Nasdaq‘s European growth market, designed for small andgrowing companies. The First North market runs parallel to the main market,where the shares are traded in a single trading system. Unlike the regulatedmain market, every company on First North has a Certified Adviser to ensurethat companies comply with all requirements and rules. Nasdaq Firth North isan alternative market, operated by the different exchanges within Nasdaq – itdoes not have the legal status as an EU-regulated market.

The market place Nya Marknaden in Stockholm changed its name into FirstNorth in June 2006. First North expanded to the Stock Exchange of Iceland inJanuary 2007, Helsinki in April 2007 and Copenhagen in February 2008.

© Capital Lounge GmbH

First North Stockholm | Development of listed companies 05


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1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

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● number of listed companies (in total) ● number of Going Publics in a specific year

» Since 2015, Nasdaq First North Stockholm is Europe's listing venuewith the highest growth rate of listed companies. «

First North Stockholm | Industry / Sector break-down 06


The pie chart above shows of the mix (in %) of all 18 represented Industry Sectors by number of representatives.

» NASDAQ First North Stockholm is Europe's listing venue forcompanies out of the Health Care, Gaming & Technology sector.«

Automobiles & Parts (1,2%) Basic Resources (2,4%) Chemicals (4,4%) Construction & Materials (0,8%)

Financial Services (2,4%) Food & Beverage (1,6%) Health Care (23,2%) Industrial Goods & Services (17,2%)

Insurance (0,4%) Media (2,8%) Oil & Gas (4,4%) Personal & Household Goods (4,8%)

Real Estate (10,0%) Retail (3,2%) Technology (17,2%) Telecommunications (1,2%)

Travel & Leisure (2,0%) Utilities (0,8%)

First North Stockholm | CERTIFIED ADVISERS INVOLVED 07

All in all we could discover 18 active Certified Advisers being involved in the IPOs / Listings that took place on Nasdaq First North Stockholm:


CERTIFIED ADVISER WEBSITE HEADQUARTER IPOs / LISTINGS

Aqurat Fondkommision AB http://aqurat.se/ Stockholm 1

Arctic Securities https://www.arctic.com/secno Oslo 2

Augment Partners https://www.augmentpartners.se/ Stockholm 2

Avanza Bank AB https://www.avanza.se/start Stockholm 23

Corpura Fondkommission AB http://corpura.se/ Malmö, Stockholm 1

Eminova Fondkommission AB http://www.eminova.se/ Stockholm 2

Erik Penser Bankaktiebolag https://www.penser.se/ Stockholm 53

FNCA Sweden AB http://fnca.se/ Stockholm 20

G&W Fondkommission AB http://www.gwkapital.se/ Stockholm 12

Mangold Fondkommission AB https://www.mangold.se/ Stockholm 43

Pareto Securities AB http://www.paretosec.com/ Oslo 4

Partner Fondkommission AB http://www.partnerfk.com/ Gothenburg, Stockholm 4

Redeye AB https://www.redeye.se/ Stockholm 13

Remium Nordic AB http://www.introduce.se/Remium/ Stockholm 40

Sedermera Fondkommission AB http://www.sedermera.se/ Malmö, Stockholm 11

Summa Capital Oy https://www.summa.fi/en/ Helsinki 2

Västra Hamnen Corporate Finance http://www.vhcorp.se/ Malmö 7

Wildeco Ekonomisk Information AB http://www.wildeco.se/ Stockholm 9

http://aqurat.se/

https://www.arctic.com/secno

https://www.augmentpartners.se/

https://www.avanza.se/start

http://corpura.se/

http://www.eminova.se/

https://www.penser.se/

http://fnca.se/

http://www.gwkapital.se/

https://www.mangold.se/

http://www.paretosec.com/

http://www.partnerfk.com/

https://www.redeye.se/

http://www.introduce.se/Remium/

http://www.sedermera.se/

https://www.summa.fi/en/

http://www.vhcorp.se/

http://www.wildeco.se/

First North Stockholm | Heavy Weights 08

Below you will find a table showing the TOP 10 HEAVY WEIGHTS of the Nasdaq First North Stockholm Equity Market plus a short company profil:

ISSUER MARKET CAPCERTIFIED ADVISER

FERRONORDIC MACHINES AB 1'291'150'000 EURAvanza Bank AB

PARADOX INTERACTIVE AB 793'029'600 EURAvanza Bank AB

LEOVEGAS AB 767'076'901 EURAvanza Bank AB

THQ NORDIC AB 577'009'106 EURFNCA Sweden AB

SAMHALLSBYGGNADSBOLAGET AB 485'153'532 EURRemium Nordic AB

STARBREEZE AB 362'413'327 EURRemium Nordic AB

CATENA MEDIA PLC 304'649'482 EURAvanza Bank AB

MAGNOLIA BOSTAD AB 301'975'007 EURErik Penser

ALM EQUITY AB 278'287'620 EURErik Penser

INTERNATIONAL PETROLEUM CORP 252'061‘395 EURPareto Securities AB


FERRONORDIC MACHINES AB sells, rents, and services construction equipment and other machinery. The Companyoffers excavators, backhoe loaders, dump truckks, pipelayers, forestry machines, bulldozers, gensets in Russia & Sweden.

PARADOX INTERACTIVE AB provides publishing and printing solutions. The Company develops and publishes PC-basedstrategy games. Paradox Interactive conducts business operations worldwide.

LEOVEGAS AB operates as a mobile gaming company. The Company develops and creates mobile casino games formobile platforms. LeoVegas conducts business in Europe.

THQ NORDIC AB designs and develops video games. The Company offersd action, adventure, sports, racing, role playing,casual, and family games. THQ Nordic conducts ist business in Sweden.

SAMHALLSBYGGNADSBOLAGET AB owns and manages residential buildings. The Company offers building maintenance,technical, project monitoring and financial management services. Samhallsbyggnadsbolaget serves customers in Sweden.

STARBREEZE AB is an independent creator, publisher and distributor of high quality entertainment products. Withstudios in Stockholm, Paris and Los Angeles, the company creates games by own design and through licensed content.

CATENA MEDIA PLC is an online lead generation company, generating traffic to clients via various online channels.Catena Media also offers search engine optimization and website creation services focused around the iGaming industry.

MAGNOLIA BOSTAD AB provides real estate related services: offering homes, developed and undeveloped properties,design, redevelopment, property acquisition, financing, concept development to sales, and construction of housing.

ALM EQUITY AB buys, develops and resells properties. The Company is focused on the Swedish Market and hasoperations in residential properties.

INTERNATIONAL PETROLEUM CORP operates as an oil and gas company. The Company provides extraction, exploration,and production of oil and gas. IPC serves customers worldwide.

First North Stockholm | Light Weights 09

Below you will find a table showing the 10 SMALLEST COMPANIES of the Nasdaq First North Stockholm Equity Market (according to their market cap) plus a shortcompany profil:

ISSUER MARKET CAPCERTIFIED ADVISER

CYBAERO AB 133'468 EURFNCA Sweden AB

KAKEL MAX AB 297'231 EURMangold Fondkommission AB

HUBBR AB 384'902 EURMangold Fondkommission AB

INTUITIVE AERIAL AB 849'986 EURG&W Fondkommission AB

ARCTIC GOLD AB 913'429 EURPartner Fondkommission AB

DEFLAMO AB 970'707 EURAvanza Bank AB

PALLAS GROUP AB 1'081'799 EURMangold Fondkommission AB

SAXLUND GROUP AB 1'083'624 EURErik Penser

POLYPLANK AB 1'342'524 EURMangold Fondkommission AB

ONLINE BRANDS NORDIC AB 1‘383‘524 EURMangold Fondkommission AB


CYBAERO AB develops and manufactures high-quality, effective systems that enable clients to operate from the airwithout putting people and property at risk, namely remotely piloted helicopters, ground stations, sensors and data links.

KAKEL MAX AB manufactures home improvement products. The Company supplies ceramic tiles, vowels, fixes, naturalstones, joints, and bathroom fittings for large property companies, plumbers, and construction comnpany.

HUBBR AB provides administrative services and owns and manages shares, real estate and other securities. TheCompany offers call center, staffing, sales & customer development, outsourcing and insourcing, market research.

INTUITIVE AERIAL AB offers products for professional cinematographers and broadcasters in Sweden and internationally.The Company offers DOMINION controller, a wireless & high precision remote control toolset for gimbal, camera & lens.

ARCTIC GOLD AB is a mineral exploration company. The Company is focused on the Bidjovagge Gold Copper Project inthe Finnmark plain, northern Norway. Arctic Gold also has gold and base metal projects in Sweden.

DEFLAMO AB develops, produces and markets an environmentally friendly flame retardant chemical. The Company sellsto manufacturing and service companies in Europe.

PALLAS GROUP AB is a dibersified company. The Company operates within shipping and shipowning, the oil sector, andcredit operations on the West Coast of Sweden. The Company trades oil, builds ships and provides shipping brokerage.

SAXLUND GROUP AB manufactures material handling machinery. The Company distributes chain conveyors, combustiongrates, bucket elevators, solid pump, tube feeders, silo storage, truck loading systems, hydraulic rotors and many more.

POLYPLANK AB produces an ecocyling composite material which is made from recycled thermoplastics mixed withorganic fibers. Its product is resistent to damp & rot and is used for fencing, doors, walls & for profile products.

ONLINE BRANDS NORDIC AB is an e-commerce company with a focus on targeting women. The Company operatesonline shops with jewelry made primarily of gold and silver, namely hedbergsguld.se and jewel.se.

First North Stockholm | Performance 2017 YTD | Overview 10


Nr. COUNTRY STOCK EXCHANGE SEGMENT PERFORMANCE01 Germany Deutsche Börse TecDAX 24,8%02 France EURONEXT Alternext All-Share 23,6%03 Italy Borsa Italiana AIM 22,4%04 USA Nasdaq Nasdaq 100 20,8%05 Great Britain London Stock Exchange AIM All-Share 18,9%06 Japan Japan Exchange Group Nikkei Mid and Small Cap 10,107 Sweden Nasdaq First North 5,9%10 Poland Giełda Papierów Wartościowych w Warszawie New Connect 1,3%08 Spain BME Bolsas y Mercados Españoles MaB 0,1%09 China Shanghai Stock Exchange Chinext -5,4%

» Nasdaq First North Stockholm has increased by 5,9% in the firsteight months of 2017.«

First North Stockholm | 2017 YTD | TOP & FLOP Performers (01.01.2017 – 31.08.2017) 11


Nr. TOP ISSUERS PERFORMANCE CERTIFIED ADVISER MAIN INVESTOR01 COPPERSTONE RESOURCES AB 450,1% G&W Fondkommission AB Avanza Pension Forsakring02 NORDIC LEISURE AB 215,5% Mangold Fondkommission AB Erlinghundra AB03 IRLAB THERAPEUTICS AB 160,2% FNCA Sweden AB Sivert Larsson SCH Found04 AXICHEM AB 142,5% Redeye AB Manakin Ltd.05 TRANSTEMA GROUP AB 129,3% Erik Penser Tornas Invest AB06 THQ NORDIC AB 126,7% FNCA Sweden AB Didner & Gerge Fonder AB07 GOMSPACE GROUP AB 113,7% FNCA Sweden AB Hansen Og Langeland APS08 HEMCHECK SWEDEN AB 103,3% Corpura AB Didrikson Hjalmar09 REALFICTION HOLDING AB 101,1% Sedermera Fondkommission AB Ceranco Equity SCS10 PALLAS GROUP AB 99,3% Mangold Fondkommission AB Petterson Inge

Nr. FLOP ISSUERS PERFORMANCE CERTIFIED ADVISER MAIN INVESTOR01 SAXLUND GROUP AB -84,0% Erik Penser Gabrielsson Mats02 ALIGERA HOLDING AB -76,5% FNCA Sweden AB 9119 Enterprise AB03 WIFOG HOLDINIG AB -74,0% Mangold Fondkommission AB UBS Switzerland AG04 THE MARKETING GROUP PLC -73,9% Mangold Fondkommission AB CBLDN-CIP-IGNIS05 CYBAERO AB -68,7% FNCA Sweden AB Avanza Pension Forsakring06 HUBBR AB -68,0% Mangold Fondkommission AB Gruppo AB07 DEFLAMO AB -67,9% Avanza Bank AB Gryningskust Holding AB08 AURIANT MINING AB -66,9% Mangold Fondkommission AB Bertil Holdings Ltd.09 ROBERT FRIMAN INTERNATIONAL -63,8% Partner Fondkommission AB Friman Brothers AB10 INTUITIVE AERIAL AB -60,7% G&W Fondkommission AB Lindqvist Jonas

First North Stockholm | Ø Trading Volume per day in the last 12 months (if existent) 12


Nr. ISSUER Ø TRADING VOLUME CERTIFIED ADVISER MAIN INVESTOR01 MYFC HOLDING AB 2'7366'76 EUR Avanza Bank AB Avanza Pension Forsakring02 TERRANETT HOLDING AB 2'4199'43 EUR FNCA Sweden AB Alandsbanken ABP03 STARBREEZE AB 2'216'959 EUR Remium Nordic AB Avanza Pension Forsakring04 INTERNATIONAL PETROLEUM CO 1'935'394 EUR Pareto Securities AB Nemesia SARL05 LEOVEGAS AB 1'493'038 EUR Avanza Bank AB Hagman Gustaf06 SALTX TECHNOLOGY HOLD. AB 1'102'868 EUR FNCA Sweden AB Nordstrom Olle07 CATENA MEDIA PLC 900'563 EUR Avanza Bank AB Ekdahl Henrik Persson08 POWERCELL SWEDEN AB 809'054 EUR G&W Fondkommission AB Midroc New Technology AB09 PARADOX INTERACTIVE AB 608'503 EUR Avanza Bank AB Westerinvest AB10 KAMBI GROUP PLC 575'128 EUR Redeye AB Veralda Invest Ltd.

Nr. ISSUER Ø TRADING VOLUME CERTIFIED ADVISER MAIN INVESTOR01 NETJOBS GROUP AB 1'142 EUR Avanza Bank AB Kvick Henrik02 PRECOMP SOLUTIONS AB 1'206 EUR Erik Penser Precomp Holding03 MISEN ENERGY AB 1'223 EUR Erik Penser Neliston Holdings Ltd04 MODERN EKONOMI SVERIGE 1'962 EUR Mangold Fondkommission AB Provobis Holding AB05 HOUSE OF FRIENDS AB 2'025 EUR Erik Penser Svanvik & Friends Hld AB06 PAPILLY AB 2'310 EUR Eminova Fondkommission AB Investmentaktiebolaget QV07 ARCTIC GOLD AB 2'766 EUR Partner Fondkommission AB Avanza Pension Forsakring08 LINK PROP INVESTMENT AB 2'831 EUR Wildeco Ekonomisk Infor AB LMK Stiftelsen09 KENTIMA HOLDING AB 3'074 EUR Västra Hamnen Corporate Fin. Dewani AB10 ENORAMA PHARMA AB 3'770 EUR Partner Fondkommission Swede Unipharma AB

First North Stockholm | 12 months Trading Volume (if existent) vs Market Capitalization 13


Nr. ISSUER TRADING VOLUME VS MC CERTIFIED ADVISER PERFORMANCE (YTD)01 CYBAERO AB 20'372,7% FNCA Sweden AB -68,7%02 MARKETING GROUP PLC/THE 5'881,3% Mangold Fondkommission AB -73,9%03 MYFC HOLDING AB 854,5% Avanza Bank AB 45,1%04 KAKEL MAX AB 652,4% Mangold Fondkommission AB 69,8%05 HUBBR AB 606,7% Mangold Fondkommission AB -68,0%06 VA AUTOMOTIVE I HASSLEHOLM A 378,0% Avanza Bank AB -38,2%07 POLYPLANK AB 367,0% Mangold Fondkommission AB -59,0%08 ROBERT FRIMAN INTERNATIONAL 356,0% Partner Fondkommission -63,8%09 AURIANT MINING AB 345,6% Mangold Fondkommission AB -66,9%10 GAMING CORPS AB 318,6% Remium Nordic AB -53,5%

Nr. ISSUER TRADING VOLUME VS MC CERTIFIED ADVISER PERFORMANCE (YTD)01 MISEN ENERGY AB 0,7% Erik Penser Bankaktiebolag -6,2%02 A GROUP OF RETAIL ASSETS SWE 1,0% Remium Nordic AB -6,8%03 FERRONORDIC MACHINES AB-PREF 1,1% Avanza Bank AB 39,2%04 LOGISTEA AB 1,3% FNCA Sweden AB -8,2%05 ALM EQUITY AB 1,4% Erik Penser Bankaktiebolag -0,4%06 SKANE-MOLLAN AB 1,5% Mangold Fondkommission AB 2,9%07 URB-IT AB 2,1% Mangold Fondkommission AB -23,8%08 SKANSKA ENERGI AB-B SHS 2,1% Erik Penser Bankaktiebolag -8,3%09 LINK PROP INVESTMENT AB 3,2% Wildeco Ekonomisk Information AB 3,9%10 ABSOLENT GROUP AB 3,5% Erik Penser Bankaktiebolag 10,6%

First North Stockholm | Free Float and Nominal Value Analysis 14

One of the main criteria to become listed on Nasdaq First North is the FreeFloat of an issuer.

The minimum Free Float required is 10 percent with the perspective of beingincreased to at least 25 percent. In addition, each Issuer shall have a minimum of100 investors, having invested each at least 500 Euro.

In case the above mentioned criteria are not met, a mandate of a LiquidityProvider might heal the situation.

Below you will find a table showing the Free Float split of companies listed onNasdaq First North Stockholm:


There is no minimum Nominal Value among Swedish stock corporations.

The highest Nominal Values found among all companies listed on Nasdaq FirstNorth Stockholm are SEK 25 (Polyplank AB), SEK 20 (Oniva Online GroupEurope AB) and RLS Global AB with SEK 11.30 per share.

On the other hand, there are a lot of companies without Nominal Value suchas Robert Friman International AB.

The table below shows the Nominal Value split among the companies listed onNasdaq First North Stockholm :

FREE FLOAT ISSUERS

0 % - 10 % 210 % - 25 % 2325 % - 50 % 7150 % - 75 % 79

75 % - 100 % 75

NOMINAL VALUE ISSUERS

0 SEK 180,01 SEK – 0,25 SEK 1180,26 SEK – 0,50 SEK 320,51 SEK – 1,00 SEK 38

> 1,00 SEK 44

First North Stockholm | Low priced Issuers (based on their Price-Revenue-Ratio) 15


Nr. ISSUER ISIN MARKET CAP NET REVENUE P/R RATIO INDUSTRY01 HUBBR AB SE0007227673 384'902 EUR 10'519'974 EUR 0,04 Industrial Goods & Services02 KAKEL MAX AB SE0009921075 297'231 EUR 3'725'890 EUR 0,08 Retail03 ROBERT FRIMAN INTERNATIONAL SE0008320345 2'879'738 EUR 34'497'420 EUR 0,08 Basic Resources04 SAXLUND GROUP AB SE0008966014 1'083'624 EUR 11'238'802 EUR 0,10 Industrial Goods & Services05 AURIANT MINING AB SE0001337213 4'540'830 EUR 39'167'694 EUR 0,12 Basic Resources06 MARKETING GROUP PLC/THE GB00BYZX7449 1'879'868 EUR 15'840'000 EUR 0,12 Media07 VA AUTOMOTIVE I HASSLEHOLM A SE0006426508 5'775'441 EUR 42'690'162 EUR 0,14 Automobiles & Parts08 PRECOMP SOLUTIONS AB-B SHS SE0006091724 2'698'368 EUR 18'167'798 EUR 0,15 Industrial Goods & Services09 HANZA HOLDING AB SE0005878543 26'353'045 EUR 137'631'320 EUR 0,19 Industrial Goods & Services10 WESC AB SE0001824103 3'077'947 EUR 13'903'314 EUR 0,22 Retail

» 18 percent of the companies listed on Nasdaq First North Stockholm do not

generate revenues, yet. «

First North Stockholm | Low priced Issuers (based on their Price-Earnings-Ratio) 16


Nr. ISSUER ISIN MARKET CAP NET INCOME P/E RATIO INDUSTRY01 ALIGERA HOLDING AB SE0009470271 3'331'694 EUR 1'378'000 EUR 2,4 Utilities02 VA AUTOMOTIVE I HASSLEHOLM SE0006426508 5'775'441 EUR 1'423'216 EUR 4,1 Automobiles & Parts03 SEAMLESS DISTRIBUTION SYS SE0009994445 16'905'603 EUR 3'354'882 EUR 5,0 Technology04 UNLIMITED TRAVEL GROUP SE0001834821 14'042'504 EUR 2'328'181 EUR 6,0 Travel & Leisure05 A GROUP OF RETAIL ASSETS SE0007158456 80'430'154 EUR 13'069'600 EUR 6,2 Real Estate06 AMASTEN HOLDING AB SE0005034550 55'135'428 EUR 8'731'863 EUR 6,3 Real Estate07 ADDVISE GROUP AB SE0001306119 11'137'382 EUR 1'500'158 EUR 7,4 Health Care08 DELARKA HOLDING AB SE0005504347 60'078'000 EUR 7'805'502 EUR 7,7 Real Estate09 STENDORREN FASTIGHETER AB SE0006543344 198'685'750 EUR 25'717'600 EUR 7,7 Real Estate10 BYGGOARTNER I DALARNA HOLD SE0009242324 41'600'488 EUR 5'323'754 EUR 7,8 Construction & Materials

» More than 60 percent of the companies listedon Nasdaq First North Stockholm are not

profitable, yet. «

First North Stockholm | Dual Listings in Germany 17

Nasdaq First North managed to become one of the few European MTFs that are recognized by Deutsche Börse and regional German Stock Exchanges as fully-fledged Listing Venue and therefore authorizes for a Dual Listing in Germany. The graph below shows the link between Sweden and Germany (including the numberof Dual Listings per Stock Exchange in Germany:


Stockholm

Berlin

MünchenStuttgart

Frankfurt


Below you will find a chart showing the German merchant banks being involved in Dual Listings of Nasdaq First North companies and their market share:


First North Stockholm | Miscellaneous 20 20

MISCELLANEOUS


» DID YOU KNOW THAT...

...the total Market Capitalization of all 250 companies listed on Nasdaq First North Stockholm as of September 4th 2017 has been 13.8 billion Euro...

...the average Trading Volume of all companies listed on Nasdaq First North Stockholm in the last 12 months hasbeen 6.3 billion Euro respectively 45.7 percent of the total Market Capitalization...

...more than 13 percent of all companies listed on Nasdaq First North Stockholm do not generate revenue, yet…

...the biggest non-Nordic Institutional Investor active on Nasdaq First North Stockholm is Blackrock Fund Advisors, holding (among others) stakes in Paradox Interactice AB, LeoVegas AB and StarBreeze AB…

… the State of California is among the biggest investors of StarBreeze AB, holding 301'322 shares

??? «

21

APPENDIX A

DATA SHEETS


First North Stockholm | Appendix A | Data Sheets 22


ISSUER IPO CERTIFIED ADVISER ISIN IND. SECTOR MARKET CAP PERF. YTD Ø DAILY TRADING VOL. REVENUE 16 NET INCOME 16 FREEFLOAT

A CITY MEDIA AB 2015 Mangold Fondkommission AB SE0001920760 Media 15.759.367 € -29,8% 41.612 € 9.873.872 € 1.315.181 € 31,1%

A GROUP OF RETAIL ASSETS SWE 2015 Remium Nordic AB SE0007158456 Real Estate 80.430.154 € -6,8% 4.801 € 34.782.000 € 13.069.600 € 39,5%

A1M PHARMA AB 2013 Erik Penser Bankaktiebolag SE0009973357 Health Care 8.797.052 € -58,6% 40.507 € 0 € -5.736.079 € 80,0%

AAC MICROTEC AB 2016 G&W Fondkommission AB SE0009268154 Technology 18.047.979 € -31,0% 319.113 € 2.406.282 € -2.404.701 € 62,7%

ABSOLENT GROUP AB 2014 Erik Penser Bankaktiebolag SE0006256558 Industrial Goods & Services 151.241.906 € 10,6% 22.342 € 43.366.830 € 8.313.425 € 9,2%

ACARIX AB 2016 Wildeco Ekonomisk Information AB SE0009268717 Health Care 45.871.914 € -17,3% 66.081 € 0 € -2.823.666 € 96,4%

ADDERACARE AB 2016 Sedermera Fondkommission SE0009160922 Health Care 18.421.803 € -10,7% 40.306 € 9.885.466 € 936.268 € 23,9%

ADDVISE GROUP AB 1999 Mangold Fondkommission AB SE0001306119 Health Care 11.137.382 € 17,3% 5.605 € 20.583.566 € 1.500.158 € 50,5%

ADVENICA AB 2014 Erik Penser Bankaktiebolag SE0006219473 Technology 24.794.422 € -22,1% 30.739 € 5.650.494 € -2.395.426 € 42,1%

AGES INDUSTRI AB 2014 Remium Nordic AB SE0005799046 Industrial Goods & Services 83.704.886 € 17,9% 27.086 € 83.897.346 € 6.218.600 € 18,8%

AINO HEALTH AB 2016 Erik Penser Bankaktiebolag SE0009242555 Health Care 6.630.096 € -60,0% 52.030 € 2.108 € 176.195 € 60,2%

AKTIEBOLAGET FASTATOR PUBL 2012 Erik Penser Bankaktiebolag SE0009994429 Real Estate 38.421.288 € -10,5% 7.696 € 755.718 € -2.558.585 € 26,6%

ALCADON GROUP AB 2016 Erik Penser Bankaktiebolag SE0008732218 Technology 67.218.385 € 34,5% 42.249 € 30.059.026 € 3.667.920 € 48,1%

ALELION ENERGY SYSTEMS AB 2016 G&W Fondkommission AB SE0008348072 Industrial Goods & Services 46.531.179 € -4,3% 113.630 € 5.032.850 € -1.810.877 € 47,4%

ALIGERA HOLDING AB PUBL 2017 FNCA Sweden AB SE0009470271 Utilities 3.331.694 € -76,5% 5.446 € 6.362.998 € 1.378.000 € 100,0%

ALLGON AB 2005 Redeye AB SE0008374003 Technology 20.674.142 € -18,8% 23.734 € 14.724.380 € -2.527.070 € 39,7%

ALM EQUITY AB 2012 Erik Penser Bankaktiebolag SE0000540163 Real Estate 278.287.620 € -0,4% 16.072 € 152.640.280 € 22.899.836 € 18,5%

AMASTEN HOLDING AB 2004 FNCA Sweden AB SE0005034550 Real Estate 55.135.428 € 2,4% 64.417 € 25.939.994 € 8.731.863 € 57,0%

ANDERS J AHLSTROM -B SHARES 2014 Avanza Bank AB SE0006510491 Real Estate 74.568.249 € 12,8% 24.786 € 19.946.950 € 4.705.056 € 54,1%

ANNEXIN PHARMACEUTICALS AB 2017 Redeye AB SE0009664154 Health Care 4.477.805 € -35,4% 28.996 € 9.486 € -1.048.936 € 53,4%

ARC AROMA PURE AB 2013 Erik Penser Bankaktiebolag SE0004977452 Industrial Goods & Services 81.181.102 € 88,5% 167.950 € 533.324 € -1.153.320 € 36,9%

ARCOMA AB 2014 Erik Penser Bankaktiebolag SE0006219176 Health Care 8.784.017 € 92,3% 7.200 € 10.759.232 € -1.357.447 € 31,3%

ARCTIC GOLD AB 2009 Partner Fondkommission SE0000697948 Basic Resources 913.429 € -10,3% 2.766 € 0 € -387.345 € 51,3%

AROCELL AB 2011 Redeye AB SE0003883990 Health Care 16.471.496 € -26,1% 24.131 € 0 € -972.714 € 84,4%

ASPIRE GLOBAL PLC 2017 Pareto Securities AB MT0001530105 Travel & Leisure 176.605.440 € 24,4% 371.907 € 60.170.000 € 1.511.331 € 28,4%




AURIANT MINING AB 2005 Mangold Fondkommission AB SE0001337213 Basic Resources 4.540.830 € -66,9% 61.793 € 39.167.694 € 13.906.581 € 28,0%

AVENSIA AB 2000 Remium Nordic AB SE0000671745 Technology 32.968.124 € -2,8% 43.050 € 12.866.178 € 1.472.227 € 34,8%

AVTECH SWEDEN AB-B SHS 2012 Redeye AB SE0004270445 Technology 24.109.431 € 25,3% 23.713 € 877.982 € -1.212.100 € 82,1%

AXICHEM AB 2013 Redeye AB SE0005250719 Chemicals 20.132.062 € 142,5% 18.856 € 0 € -624.600 € 81,1%

BAMBUSER AB 2017 Västra Hamnen Corporate Finance SE0009663834 Technology 6.269.755 € -37,5% 30.822 € 611.320 € -393.068 € 70,8%

BAYN EUROPE AB 2014 Mangold Fondkommission AB SE0006261046 Chemicals 1.830.128 € 11,3% 8.045 € 99.076 € -718.555 € 51,6%

BIMOBJECT AB 2014 Sedermera Fondkommission SE0009382906 Technology 137.966.782 € 77,5% 227.333 € 3.519.306 € -3.502.442 € 41,5%

BIOSERVO TECHNOLOGIES AB 2017 FNCA Sweden AB SE0009779085 Health Care 14.222.720 € -21,3% 26.745 € 396.304 € -1.301.555 € 69,6%

BIOVICA INTERNATIONAL AB-B 2017 FNCA Sweden AB SE0008613731 Health Care 22.226.750 € 0,0% 67.298 € 256.122 € -1.564.031 € 91,1%

BONASUDDEN HOLDING AB 2015 Wildeco Ekonomisk Information AB SE0007157953 Real Estate 154.716.660 € 12,7% 35.779 € 4.194.920 € 2.289.183 € 69,5%

BREDBAND2 I SKANDINAVIEN AB 2000 Remium Nordic AB SE0000648669 Technology 71.299.578 € -5,4% 69.069 € 47.558.588 € 3.590.135 € 49,6%

BRIGHTER AB 2012 Remium Nordic AB SE0004019545 Health Care 30.698.481 € 20,2% 207.399 € 0 € -1.539.789 € 80,3%

BRINOVA FASTIGHETER AB 2016 Remium Nordic AB SE0008347652 Real Estate 98.684.438 € -15,7% 70.388 € 11.762.640 € 4.700.840 € 50,9%

BYGGPARTNER I DALARNA HOLDIN 2016 FNCA Sweden AB SE0009242324 Construction & Materials 41.600.488 € -11,6% 120.155 € 118.638.240 € 5.323.754 € 62,6%

CANTARGIA AB 2015 Sedermera Fondkommission SE0006371126 Health Care 9.232.734 € -4,0% 44.456 € 0 € -1.793.717 € 78,1%

CAPACENT HOLDING AB 2015 Mangold Fondkommission AB SE0007439633 Industrial Goods & Services 8.958.818 € -28,4% 21.542 € 15.064.822 € 1.092.260 € 46,1%

CASSANDRA OIL AB 2004 Remium Nordic AB SE0001234923 Oil & Gas 5.787.510 € -45,6% 28.529 € 0 € -3.316.833 € 80,0%

CATENA MEDIA PLC 2016 Avanza Bank AB MT0001000109 Media 304.649.482 € 6,4% 900.563 € 40.050.000 € 1.701.156 € 31,4%

CELL IMPACT AB 2013 Erik Penser Bankaktiebolag SE0005003217 Industrial Goods & Services 17.967.142 € -31,7% 45.170 € 192.882 € -886.216 € 73,6%

CELLINK AB - B 2016 Mangold Fondkommission AB SE0009189657 Health Care 67.412.766 € 5,4% 149.820 € kA kA 100,0%

CHROMOGENICS SWEDEN AB 2017 G&W Fondkommission AB SE0009496268 Construction & Materials 12.233.950 € -21,9% 30.959 € 320.416 € -5.201.912 € 24,6%

CIMCO MARINE AB 2017 Västra Hamnen Corporate Finance SE0009888613 Industrial Goods & Services 35.837.539 € 0,6% 379.931 € 725.152 € -2.255.033 € 28,5%

CINNOBER FINANCIAL TECHNOLOG 2014 Avanza Bank AB SE0010023556 Technology 202.142.380 € 24,7% 326.395 € 34.882.130 € 849.102 € 56,9%

CLAVISTER HOLDING AB 2014 Remium Nordic AB SE0005308558 Technology 45.850.296 € -59,2% 253.950 € 8.201.174 € -7.479.711 € 79,2%

CLEAN MOTION AB 2016 G&W Fondkommission AB SE0008216303 Automobiles & Parts 12.656.622 € -26,5% 20.896 € 471.138 € -646.102 € 28,1%




CLEMENDO GROUP AB 2013 Redeye AB SE0005504669 Chemicals 11.400.992 € -30,3% 14.392 € 24.655.168 € -4.049.890 € 94,0%

CLINICAL LASERTHERMIA SYSTEM 2009 Västra Hamnen Corporate Finance SE0002756130 Health Care 29.648.960 € 9,6% 41.173 € 0 € -2.853.820 € 92,7%

COGNOSEC AB 2016 Mangold Fondkommission AB SE0007604061 Technology 12.198.024 € 50,8% 31.361 € 14.640.000 € -285.950 € 89,3%

CONFIDENCE INTERNATIONAL-B 1999 Erik Penser Bankaktiebolag SE0000325839 Industrial Goods & Services 4.404.696 € -40,0% 5.008 € 12.918.878 € 76.415 € 49,7%

COPPERSTONE RESOURCES AB 2007 G&W Fondkommission AB SE0001915190 Basic Resources 48.678.830 € 450,1% 546.426 € 9.486 € -993.500 € 84,9%

CORLINE BIOMEDICAL AB 2015 Sedermera Fondkommission SE0006887451 Health Care 13.364.480 € -4,0% 24.610 € 100.130 € -550.188 € 44,7%

CORTUS ENERGY AB 2004 Mangold Fondkommission AB SE0001296542 Oil & Gas 28.681.156 € 55,5% 86.006 € 130.696 € -2.019.675 € 77,0%

CRUNCHFISH AB 2016 Sedermera Fondkommission SE0009190192 Technology 15.828.792 € -58,3% 185.771 € 378.386 € -1.282.645 € 100,0%

CYBAERO AB 2007 FNCA Sweden AB SE0005188711 Industrial Goods & Services 133.468 € -68,7% 107.051 € 506.974 € -9.152.514 € 87,5%

CYXONE AB 2016 Erik Penser Bankaktiebolag SE0007815428 Health Care 9.536.065 € -6,2% 69.881 € 0 € -421.178 € 52,9%

DDM HOLDING AG 2014 Erik Penser Bankaktiebolag CH0246292343 Financial Services 54.780.621 € 47,9% 82.601 € 16.130.000 € 1.232.920 € 28,5%

DEFLAMO AB 2008 Avanza Bank AB SE0007045406 Chemicals 970.707 € -67,9% 4.442 € 407.898 € -1.540.069 € 80,4%

DELARKA HOLDING AB 2013 Wildeco Ekonomisk Information AB SE0005504347 Real Estate 60.078.000 € -4,0% 48.854 € 10.400.872 € 7.805.502 € 82,4%

DIADROM HOLDING AB 2007 Partner Fondkommission SE0001606906 Technology 12.663.500 € 32,0% 11.790 € 4.907.424 € 744.651 € 39,4%

DIAMYD MEDICAL AB 2013 FNCA Sweden AB SE0005162880 Health Care 9.170.122 € -39,3% 58.453 € 80.104 € -3.379.019 € 85,6%

DIGNITANA AB 2009 Erik Penser Bankaktiebolag SE0002108001 Health Care 30.023.325 € -29,3% 34.748 € 938.060 € -3.647.296 € 67,6%

DISTIT AB 2011 Remium Nordic AB SE0003883800 Technology 66.020.453 € -1,4% 57.375 € 162.553.150 € 5.544.356 € 52,3%

DOME ENERGY AB 2011 Mangold Fondkommission AB SE0000548281 Oil & Gas 1.994.281 € -10,6% 21.574 € 3.886.098 € -7.371.781 € 33,9%

DOXA AB 2014 Erik Penser Bankaktiebolag SE0005624756 Health Care 9.644.161 € -1,4% 7.857 € 1.848.716 € -1.063.275 € 71,4%

DRILLCON AB 2006 Remium Nordic AB SE0001770702 Basic Resources 31.495.627 € 69,6% 26.858 € 27.160.526 € 2.104.206 € 34,7%

EFFNETPLATTFORMEN AB 2017 Remium Nordic AB SE0009522451 Technology 14.670.188 € -36,9% 13.891 € kA kA 100,0%

ELLEN AB 2006 Erik Penser Bankaktiebolag SE0001233289 Health Care 2.080.154 € -43,6% 5.190 € 1.946.738 € -556.731 € 86,0%

ENERSIZE OYJ 2017 Sedermera Fondkommission FI4000233317 Technology 22.027.779 € -17,5% 269.843 € 350.000 € -35.021 € 41,2%

ENORAMA PHARMA AB 2016 Partner Fondkommission SE0008216329 Health Care 3.393.688 € -21,1% 3.770 € 0 € -808.690 € 31,1%

ENZYMATICA AB 2011 Erik Penser Bankaktiebolag SE0003943620 Health Care 27.589.177 € 6,3% 26.693 € 3.844.992 € -4.867.056 € 33,0%




EXPRES2ION BIOTECH HOLDING A 2016 Sedermera Fondkommission SE0008348262 Health Care 4.874.361 € -30,7% 19.791 € 0 € kA 49,8%

FASTIGHETS AB TRIANON 2017Avanza Bank AB / Erik Penser Bankaktiebolag

SE0009921471 Real Estate 181.106.185 € -3,3% 152.683 € 18.381.760 € 9.766.153 € 28,8%

FERRONORDIC MACHINES AB-PREF 2013 Avanza Bank AB SE0005465929 Automobiles & Parts 1.291.150.000 € 39,2% 57.835 € 246.061.570 € 1.161.259 € 99,4%

FIREFLY AB 1999 Remium Nordic AB SE0000395428 Industrial Goods & Services 24.669.355 € 18,6% 21.963 € 17.911.676 € 565.998 € 35,9%

FRISQ HOLDING AB 2016 Remium Nordic AB SE0006994539 Technology 32.277.644 € -24,1% 18.675 € kA -2.548.572 € 88,9%

GAMING CORPS AB 2015 Remium Nordic AB SE0007100615Personal & Household Goods

2.249.093 € -53,5% 28.212 € kA -3.519.438 € 62,4%

GAPWAVES AB 2016 G&W Fondkommission AB SE0009155518 Technology 21.683.614 € 6,5% 225.306 € 163.370 € -215.278 € 91,7%

GASPOROX AB 2016 FNCA Sweden AB SE0008991624 Industrial Goods & Services 5.589.455 € -26,2% 64.820 € 236.096 € -398.096 € 46,1%

GENERIC SWEDEN AB 2006 Remium Nordic AB SE0001790791 Technology 6.335.381 € -10,8% 4.011 € 10.826.688 € 715.771 € 11,5%

GENOVIS AB 2008 Erik Penser Bankaktiebolag SE0002485979 Health Care 19.827.613 € 20,4% 18.248 € 1.954.116 € -1.556.772 € 55,2%

GOMSPACE GROUP AB 2016 FNCA Sweden AB SE0008348304 Technology 193.726.610 € 113,7% 573.184 € 5.706.356 € -1.529.354 € 53,7%

GOTENEHUS GROUP AB 2011 Erik Penser Bankaktiebolag SE0001799636Personal & Household Goods

53.836.938 € 23,4% 58.011 € 86.841.168 € 5.340.302 € 40,7%

GREATER THAN AB 2014 Mangold Fondkommission AB SE0005881554 Technology 17.563.332 € 54,5% 8.509 € 460.598 € -1.198.397 € 43,7%

GWS PRODUCTION AB 2014 Sedermera Fondkommission SE0006117297 Technology 6.450.126 € -40,4% 14.183 € 947.546 € -1.743.211 € 21,9%

HANZA HOLDING AB 2014 Erik Penser Bankaktiebolag SE0005878543 Industrial Goods & Services 26.353.045 € -1,8% 35.235 € 137.631.320 € 2.835.260 € 53,5%

HEDERA GROUP AB 2013 Mangold Fondkommission AB SE0007815113 Industrial Goods & Services 6.752.552 € -12,8% 5.563 € 14.875.102 € 453.852 € 21,5%

HELIOSPECTRA AB 2014 Redeye AB SE0005933082 Industrial Goods & Services 16.246.533 € -43,5% 45.222 € 2.429.470 € -3.410.744 € 66,6%

HEMCHECK SWEDEN AB 2017 Corpura AB SE0009320278 Health Care 15.172.957 € 103,3% 104.473 € 3.162 € -238.084 € 54,1%

HIFAB GROUP AB 2000 Remium Nordic AB SE0000483943 Technology 20.840.369 € 5,1% 7.250 € 50.058.676 € 930.893 € 28,6%

HOGKULLEN AB-PREF 2015 Avanza Bank AB SE0008679740 Real Estate 32.608.125 € -1,8% 50.026 € kA kA 100,0%

HOUSE OF FRIENDS AB 2007 Erik Penser Bankaktiebolag SE0002053876 Media 2.867.350 € -38,9% 2.025 € 9.293.118 € 161.367 € 64,7%

HOVDING SVERIGE AB 2015 Västra Hamnen Corporate Finance SE0007075262Personal & Household Goods

19.022.272 € -29,6% 44.017 € 1.460.844 € -4.288.094 € 100,0%

HOYLU AB 2017 Remium Nordic AB SE0009581192 Technology 3.172.540 € -31,6% 48.206 € 428.978 € -149.352 € 100,0%

HUBBR AB 2010 Mangold Fondkommission AB SE0007227673 Industrial Goods & Services 384.902 € -68,0% 10.065 € 10.519.974 € -1.335.523 € 65,8%

IMMUNICUM AB 2013 Redeye AB SE0005003654 Health Care 42.955.672 € -37,2% 91.067 € 0 € -4.599.946 € 81,9%




IMMUNOVIA AB 2015 Wildeco Ekonomisk Information AB SE0006091997 Health Care 178.885.940 € 8,2% 333.032 € 18.972 € -1.578.681 € 53,5%

IMPACT COATINGS AB 2004 Remium Nordic AB SE0001279142 Chemicals 57.582.654 € -2,3% 204.536 € 2.550.680 € -728.525 € 82,9%

INDEX PHARMACEUTICALS HOLDIN 2016 Redeye AB SE0008966295 Health Care 33.611.533 € -11,4% 70.632 € 18.972 € -4.168.465 € 45,7%

INFANT BACTERIAL THERAPEUTIC 2016 Erik Penser Bankaktiebolag SE0008015259 Health Care 48.727.009 € 92,6% 78.599 € 0 € -4.014.686 € 94,2%

INISSION AB 2015 Avanza Bank AB SE0009889678 Industrial Goods & Services 25.548.960 € 18,3% 13.006 € 55.436.184 € 2.003.759 € 19,1%

INSPLANET AB 2006 Mangold Fondkommission AB SE0001718032 Insurance 16.645.547 € 42,9% 5.939 € 9.989.812 € 759.829 € 41,9%

INTEGRUM AB 2017 Erik Penser Bankaktiebolag SE0009807266 Health Care 17.429.892 € -15,1% 13.821 € 1.293.258 € 19.955 € 27,7%

INTERNATIONAL PETROLEUM CORP 2017 Pareto Securities AB CA46016U1084 Oil & Gas 252.061.395 € -18,0% 1.935.394 € 172.539.180 € -108.274.712 € 66,0%

INTERVACC AB 2017 Remium Nordic AB SE0009607252 Health Care 14.376.745 € 10,4% 19.122 € 5.858.132 € -779.499 € 48,2%

INTUITIVE AERIAL AB 2015 G&W Fondkommission AB SE0006504353 Industrial Goods & Services 849.986 € -60,7% 9.581 € 1.009.732 € -929.161 € 80,3%

IRISITY AB 2013 Erik Penser Bankaktiebolag SE0005365681 Technology 9.575.539 € -15,7% 26.306 € 2.412.606 € -1.516.138 € 55,5%

IRLAB THERAPEUTICS AB 2017 FNCA Sweden AB SE0009242225 Health Care 111.406.829 € 160,2% 92.126 € 0 € -4.853.986 € 40,4%

ISOFOL MEDICAL AB 2017 FNCA Sweden AB SE0009581051 Health Care 67.621.618 € -17,4% 143.061 € 0 € -6.747.392 € 82,2%

ISR IMMUNE SYSTEM REGULATION 2017 Erik Penser Bankaktiebolag SE0008212195 Health Care 11.894.390 € -42,8% 31.694 € 0 € kA 55,4%

IVISYS AB 2015 Sedermera Fondkommission SE0006800439 Industrial Goods & Services 5.121.019 € -19,2% 7.129 € 121.210 € -1.125.672 € 37,6%

JAYS AB 2011 Remium Nordic AB SE0003204908Personal & Household Goods

3.221.842 € 9,0% 8.056 € 4.808.348 € -2.213.216 € 61,5%

JLT MOBILE COMPUTERS AB 1999 Remium Nordic AB SE0000725624 Technology 13.233.919 € -11,9% 53.236 € 13.378.422 € 1.375.470 € 52,4%

K2A KNAUST & ANDERSSON-PREFI 2015 Avanza Bank AB SE0006852075 Real Estate 32.695.080 € 8,5% 53.760 € kA kA 97,5%

KAKEL MAX AB 2000 Mangold Fondkommission AB SE0009921075 Retail 297.231 € 69,8% 7.757 € 3.725.890 € -127.007 € 20,7%

KALLEBACK PROPERTY INVEST AB 2014 Wildeco Ekonomisk Information AB SE0005704079 Real Estate 52.512.915 € 10,0% 51.425 € 7.044.936 € kA 58,0%

KAMBI GROUP PLC 2014 Redeye AB MT0000780107 Retail 244.035.539 € -38,7% 575.128 € 56.000.000 € 928.152 € 72,7%

KANCERA AB 2011 FNCA Sweden AB SE0003622265 Health Care 32.951.741 € -22,6% 70.376 € 32.674 € -2.348.523 € 79,7%

KARESSA PHARMA HOLDING AB 2015 Remium Nordic AB SE0005506193 Health Care 12.115.730 € -31,1% 8.721 € 0 € -1.105.119 € 55,9%

KARLBERGSVAGEN 77 FASTI-PREF 2017 Erik Penser Bankaktiebolag SE0009470230 Real Estate 23.739.242 € -1,0% 28.236 € kA kA 100,0%

KENTIMA HOLDING AB 2013 Västra Hamnen Corporate Finance SE0005100757 Technology 3.319.582 € 19,6% 3.074 € 3.502.442 € -162.843 € 52,5%




KLARIA PHARMA HOLDING AB 2015 FNCA Sweden AB SE0007280326 Health Care 31.643.399 € 0,6% 30.773 € 0 € -1.525.665 € 51,3%

KONTIGO CARE AB 2015 Eminova Fondkommission AB SE0007075247 Health Care 5.633.057 € -19,5% 29.250 € 113.832 € -2.025.788 € 88,7%

KOPY GOLDFIELDS AB 2010 Aqurat Fondkommission AB SE0002245548 Basic Resources 13.384.433 € 36,8% 40.086 € 230.826 € -1.312.968 € 73,6%

LAURITZ.COM GROUP A/S 2016 Erik Penser Bankaktiebolag DK0060733368 Retail 34.075.820 € -8,7% 8.361 € 29.465.420 € 3.368.373 € 100,0%

LEOVEGAS AB 2016 Avanza Bank AB SE0008091904 Travel & Leisure 767.076.901 € 95,2% 1.493.038 € 141.400.000 € 1.539.051 € 71,0%

LEXINGTON CO AB/THE 2017 Arctic Securities SE0006510640Personal & Household Goods

10.668.905 € -31,6% 13.743 € 29.473.002 € -23.399 € 40,4%

LIDDS AB 2014 Redeye AB SE0001958612 Health Care 21.271.573 € 79,8% 38.601 € 0 € -699.240 € 76,6%

LIGHTLAB SWEDEN AB-B SHS 2005 Erik Penser Bankaktiebolag SE0005126125 Industrial Goods & Services 9.569.826 € -2,8% 9.760 € 457.436 € -1.051.154 € 84,2%

LINK PROP INVESTMENT AB 2015 Wildeco Ekonomisk Information AB SE0006993804 Real Estate 18.205.215 € 3,9% 2.831 € 3.505.604 € 1.615.752 € 61,8%

LOGISTEA AB 2017 FNCA Sweden AB SE0009696792 Real Estate 31.936.200 € -8,2% 12.389 € kA kA 100,0%

MACKMYRA SVENSK WHISKY AB-B 2011 Erik Penser Bankaktiebolag SE0000731747 Food & Beverage 17.120.350 € 58,7% 8.795 € 7.732.144 € -1.435.759 € 72,1%

MAGNOLIA BOSTAD AB 2015 Erik Penser Bankaktiebolag SE0007074505 Real Estate 301.975.007 € -22,6% 379.996 € 106.454.000 € 35.941.400 € 24,6%

MAHA ENERGY AB 2016 FNCA Sweden AB SE0008374383 Oil & Gas 45.967.561 € -44,5% 553.873 € 0 € -1.768.464 € 65,7%

MANGOLD AB 2012 G&W Fondkommission AB SE0001449380 Financial Services 19.835.124 € 28,4% 10.861 € 10.978.464 € 695.640 € 16,0%

MANTEX AB 2017 G&W Fondkommission AB SE0009663339 Industrial Goods & Services 4.971.354 € -27,3% 34.072 € 299.336 € -255.384 € 47,0%

MARKETING GROUP PLC/THE 2016 Mangold Fondkommission AB GB00BYZX7449 Media 1.879.868 € -73,9% 435.282 € 15.840.000 € 234.093 € 58,4%

MATRA PETROLEUM AB 2017 Mangold Fondkommission AB SE0009696040 Oil & Gas 24.672.430 € -34,1% 13.621 € 4.788.240 € -2.286.439 € 100,0%

MAVSHACK AB 2008 Erik Penser Bankaktiebolag SE0005992419 Retail 1.891.027 € 22,3% 19.430 € 2.484.278 € -2.386.061 € 77,4%

MAXFASTIGHETER I SVERIGE AB 2016 Erik Penser Bankaktiebolag SE0008406417 Real Estate 42.086.240 € -21,0% 15.594 € 6.279.732 € 3.746.970 € 93,6%

MAXKOMPETENS SVERIGE AB 2015 Remium Nordic AB SE0007640321 Industrial Goods & Services 8.619.612 € 97,2% 4.935 € 14.091.980 € 295.542 € 100,0%

MEDICAL PROGNOSIS INSTITUTE 2016 Sedermera Fondkommission DK0060732477 Health Care 26.548.241 € -55,6% 27.739 € 670.157 € -1.163.216 € 100,0%

MEDIRATT AB-B SHS 2011 Mangold Fondkommission AB SE0003656834 Health Care 9.279.862 € 8,2% 60.811 € 0 € -681.757 € 22,3%

MINESTO AB 2015 G&W Fondkommission AB SE0007578141 Oil & Gas 40.914.792 € -26,0% 46.830 € 0 € -1.639.047 € 36,9%

MISEN ENERGY AB 2007 Erik Penser Bankaktiebolag SE0001486952 Oil & Gas 38.837.084 € -6,2% 1.223 € 68.838.848 € 1.564.558 € 19,7%

MODERN EKONOMI SVERIGE HOLDI 2006 Mangold Fondkommission AB SE0005991601 Industrial Goods & Services 6.446.727 € -5,7% 1.962 € 10.262.798 € 216.702 € 68,8%




MOMENT GROUP AB 2006 FNCA Sweden AB SE0000680902 Travel & Leisure 27.515.493 € -12,5% 21.370 € 89.557.326 € -800.513 € 35,3%

MYFC HOLDING AB 2014 Avanza Bank AB SE0005505898 Industrial Goods & Services 81.348.396 € 45,1% 2.736.676 € 35.836 € -3.264.238 € 90,1%

MYTASTE AB 2010 Erik Penser Bankaktiebolag SE0003036821 Technology 10.210.648 € -42,8% 28.692 € 4.650.248 € -909.918 € 53,3%

NEPA AB 2016 Erik Penser Bankaktiebolag SE0008066302 Industrial Goods & Services 69.692.848 € -21,3% 96.220 € 19.546.430 € 53.360 € 100,0%

NETJOBS GROUP AB 2006 Avanza Bank AB SE0001790346 Industrial Goods & Services 1.538.313 € -52,7% 1.142 € 4.365.668 € 105 € 16,9%

NEW NORDIC HEALTHBRANDS AB 2007 Mangold Fondkommission AB SE0001838038 Retail 19.458.627 € 9,8% 10.619 € 32.235.536 € 1.370.938 € 24,9%

NEXAM CHEMICAL HOLDING AB 2013 FNCA Sweden AB SE0005101003 Chemicals 58.668.425 € -29,0% 102.736 € 871.658 € -2.478.797 € 92,9%

NICOCCINO HOLDING AB 2014 Remium Nordic AB SE0005506185Personal & Household Goods

5.072.733 € -23,8% 4.240 € 37.944 € -13.086.886 € 55,3%

NILORNGRUPPEN AB-B SHS 2015 Erik Penser Bankaktiebolag SE0007100342Personal & Household Goods

101.249.083 € 6,4% 432.365 € 64.344.592 € 7.906.265 € 56,3%

NILSSON SPECIAL VEHICLES AB 2015 Sedermera Fondkommission SE0007702949 Industrial Goods & Services 8.965.784 € -20,6% 10.496 € 19.871.062 € 1.078.031 € 36,1%

NITRO GAMES OYJ 2017 Augment Partners FI4000242961Personal & Household Goods

3.786.902 € -13,4% 17.529 € 830.000 € -1.230.839 € 29,0%

NORDIC FLANGES GROUP AB 2007 Avanza Bank AB SE0001994658 Financial Services 9.104.543 € -8,3% 3.808 € 830.000 € 286.793 € 29,6%

NORDIC LEISURE AB 2006 Mangold Fondkommission AB SE0001666553 Travel & Leisure 80.849.248 € 215,5% 78.245 € 24.320.000 € 4.405.298 € 67,7%

NORTH NET CONNECT AB-B 2017 G&W Fondkommission AB SE0009921976 Telecommunications 2.626.252 € -27,0% 7.279 € 0 € kA 100,0%

NUEVOLUTION AS 2015 Redeye AB SE0007730650 Health Care 68.661.944 € 10,0% 124.673 € 2.246.074 € -16.008.784 € 100,0%

ONIVA ONLINE GROUP EUROPE AB 1999 Mangold Fondkommission AB SE0005249570 Technology 11.948.649 € -3,2% 10.267 € 18.179.392 € 733.795 € 62,3%

ONLINE BRANDS NORDIC AB 2007 Mangold Fondkommission AB SE0001960949 Retail 1.383.572 € -4,1% 13.064 € 2.292.450 € 12.226 € 82,3%

ORGANOCLICK AB 2015 Erik Penser Bankaktiebolag SE0006510335 Chemicals 52.710.811 € 5,1% 12.726 € 4.094.790 € -3.134.432 € 33,8%

PALLAS GROUP AB-B SHS 2010 Mangold Fondkommission AB SE0003329994 Industrial Goods & Services 1.081.799 € 99,3% 8.976 € 3.519.306 € -21.080 € 59,0%

PAPILLY AB 2014 Eminova Fondkommission AB SE0005849205 Technology 1.579.943 € -52,4% 2.310 € 2.108 € -913.782 € 77,1%

PARADOX INTERACTIVE AB 2016 Avanza Bank AB SE0008294953Personal & Household Goods

793.029.600 € 36,9% 608.503 € 68.904.196 € 32.464.043 € 16,6%

PAXMAN AB 2017 Erik Penser Bankaktiebolag SE0009806284 Health Care 31.560.319 € 57,8% 22.503 € kA kA 23,5%

PEGROCO INVEST AB - PREF 2015 Erik Penser Bankaktiebolag SE0007100540 Financial Services 19.646.560 € 13,5% 17.764 € kA kA 81,8%

PHOTOCAT A/S 2015 Redeye AB DK0060668796 Chemicals 6.798.300 € 21,3% 12.301 € 695.674 € -829.920 € 30,4%

PIEZOMOTOR UPPSALA AB 2016 Erik Penser Bankaktiebolag SE0008294102 Industrial Goods & Services 16.673.448 € 26,2% 23.783 € 1.582.054 € -2.820.926 € 35,2%




PLEDPHARMA AB 2011 Erik Penser Bankaktiebolag SE0003815604 Health Care 60.527.694 € -33,1% 148.374 € 0 € -4.011.735 € 54,6%

POLYGIENE AB 2016 Remium Nordic AB SE0007692157 Chemicals 23.137.534 € -15,2% 38.925 € 6.488.424 € -357.517 € 67,3%

POLYPLANK AB 2012 Mangold Fondkommission AB SE0005569290 Chemicals 1.342.524 € -59,0% 19.399 € 2.570.706 € -1.046.517 € 49,5%

POWERCELL SWEDEN AB 2014 G&W Fondkommission AB SE0006425815 Industrial Goods & Services 165.681.642 € 19,3% 809.054 € 1.284.826 € -6.966.835 € 45,2%

PRECIO FISHBONE AB 2000 Erik Penser Bankaktiebolag SE0000141137 Technology 17.504.892 € 14,8% 9.921 € 20.150.372 € 1.578.576 € 71,1%

PRECOMP SOLUTIONS AB-B SHS 2007 Erik Penser Bankaktiebolag SE0006091724 Industrial Goods & Services 2.698.368 € -38,8% 1.206 € 18.167.798 € 155.465 € 37,2%

PRIME LIVING AB 2015 Mangold Fondkommission AB SE0006422309 Real Estate 166.268.452 € 6,2% 217.430 € 3.835.506 € 434.880 € 62,4%

PROMORE PHARMA AB 2017 Redeye AB SE0009947740 Health Care 34.977.566 € 11,9% 51.967 € 0 € kA 9,0%

QUARTIERS PROPERTIES AB 2017 Mangold Fondkommission AB SE0009697204 Real Estate 48.108.474 € -23,8% 42.853 € 0 € 4.359.239 € 25,1%

REALFICTION HOLDING AB 2017 Sedermera Fondkommission SE0009920994 Media 17.779.195 € 101,1% 173.163 € 2.074.935 € -362.522 € 34,3%

RETHINKING CARE SWEDEN AB 2016 Sedermera Fondkommission SE0008705255 Health Care 3.394.994 € -31,9% 12.280 € 0 € kA 60,0%

RLS GLOBAL AB 2012 Erik Penser Bankaktiebolag SE0005190725 Health Care 38.610.913 € -33,2% 24.787 € 303.552 € -1.440.502 € 42,7%

ROBERT FRIMAN INTERNATIONAL 2008 Partner Fondkommission SE0008320345 Basic Resources 2.879.738 € -63,8% 40.358 € 34.497.420 € 78.994 € 73,7%

SALTANGEN PROPERTY INVEST AB 2015 Wildeco Ekonomisk Information AB SE0006504163 Real Estate 62.301.940 € 14,8% 119.321 € 8.492.078 € 7.807.294 € 90,9%

SALTX TECHNOLOGY HOLDING AB 2015 FNCA Sweden AB SE0005308541 Industrial Goods & Services 187.917.457 € 96,9% 1.102.868 € 153.884 € -2.132.137 € 77,8%

SAMHALLSBYGGNADSBOLAGET I NO 2014 Remium Nordic AB SE0009554454 Real Estate 485.153.532 € -30,4% 85.662 € 1.011.840 € 316.200 € 99,6%

SAVO-SOLAR OYJ 2015 Augment Partners FI4000123096 Oil & Gas 7.128.011 € -31,9% 74.604 € 5.400.000 € -454.341 € 83,9%

SAXLUND GROUP AB 2005 Erik Penser Bankaktiebolag SE0008966014 Industrial Goods & Services 1.083.624 € -84,0% 11.615 € 11.238.802 € -5.186.945 € 92,4%

SCANDBOOK AB 2010 Erik Penser Bankaktiebolag SE0003175660 Media 7.073.481 € 21,7% 5.166 € 29.982.084 € 226.451 € 33,6%

SCANDIDOS AB 2014 Erik Penser Bankaktiebolag SE0005768124 Health Care 23.714.606 € 74,2% 51.536 € 3.539.332 € -1.325.510 € 77,3%

SCANDINAVIAN CHEMOTECH AB 2016 Västra Hamnen Corporate Finance SE0009242654 Health Care 7.784.449 € -9,6% 33.959 € 1.054 € -121.110 € 63,4%

SCANDINAVIAN ENVIRO SYSTEMS 2014 Mangold Fondkommission AB SE0005877560 Industrial Goods & Services 9.996.324 € -1,3% 23.536 € 22.134 € -3.509.715 € 58,3%

SCIBASE HOLDING AB 2015 Avanza Bank AB SE0007045414 Health Care 15.456.331 € -10,0% 6.721 € 678.776 € -5.596.108 € 87,9%

SDIPTECH AB - B 2017 Erik Penser Bankaktiebolag SE0003756758 Industrial Goods & Services 149.989.393 € -17,0% 208.332 € 96.029.940 € 11.678.320 € 93,8%

SEAMLESS DISTRIBUTION SYSTEM 2017 Mangold Fondkommission AB SE0009994445 Technology 16.905.603 € -27,1% 71.994 € 10.163.722 € 3.354.882 € 76,7%




SEATWIRL AB 2016 Mangold Fondkommission AB SE0009242175 Oil & Gas 3.767.792 € -34,7% 13.843 € 0 € -192.202 € 100,0%

SECITS HOLDING AB 2017 Eminova Fondkommission AB SE0009664436 Industrial Goods & Services 12.033.632 € 45,5% 51.046 € 0 € kA 20,3%

SEDANA MEDICAL AB 2017 Pareto Securities AB SE0009947534 Health Care 48.585.029 € 26,1% 82.505 € 3.389.664 € -138.552 € 59,5%

SENZIME AB 2008 FNCA Sweden AB SE0002478776 Health Care 23.896.801 € -2,6% 21.562 € 171.802 € -991.919 € 45,4%

SERSTECH AB 2013 Västra Hamnen Corporate Finance SE0005365095 Industrial Goods & Services 14.552.603 € -48,3% 94.483 € 1.844.500 € -625.338 € 83,9%

SIMRIS ALG AB 2016 Västra Hamnen Corporate Finance SE0008091664 Food & Beverage 14.618.980 € -15,5% 24.754 € 76.942 € -1.976.998 € 71,3%

SJR IN SCANDINAVIA AB-B SHS 2007 Avanza Bank AB SE0008406151 Industrial Goods & Services 46.702.741 € 16,4% 74.033 € 35.957.210 € 3.781.225 € 62,4%

SKANE-MOLLAN AB 1999 Mangold Fondkommission AB SE0000476228 Food & Beverage 48.115.100 € 2,9% 7.302 € 17.735.658 € 1.154.235 € 39,7%

SKANSKA ENERGI AB-B SHS 2011 Erik Penser Bankaktiebolag SE0004051969 Utilities 49.727.282 € -8,3% 4.409 € 29.520.432 € -3.251.906 € 66,4%

SMART EYE AB 2016 Erik Penser Bankaktiebolag SE0009268279 Industrial Goods & Services 47.007.361 € -25,3% 185.458 € kA -1.176.159 € 61,6%

SOLNABERG PROPERTY AB 2016 FNCA Sweden AB SE0009155211 Real Estate 46.962.024 € 13,4% 23.030 € kA kA 80,1%

SOLTECH ENERGY SWEDEN AB 2015 G&W Fondkommission AB SE0005392537 Oil & Gas 33.007.927 € -25,7% 95.365 € 5.194.112 € -1.654.042 € 79,0%

SONETEL AB 2017 G&W Fondkommission AB SE0009580517 Technology 9.751.371 € -19,6% 90.208 € 2.206.022 € -362.230 € 100,0%

SPIFFX AB 2015 G&W Fondkommission AB SE0006913497 Financial Services 2.858.945 € -24,0% 9.942 € 154.938 € -1.117.577 € 48,0%

SPRINT BIOSCIENCE AB 2014 Redeye AB SE0006343745 Health Care 17.270.612 € -27,6% 17.932 € 3.687.946 € 481.279 € 34,0%

STARBREEZE AB 2000 Remium Nordic AB SE0005992831 Technology 362.413.327 € -43,0% 2.216.959 € 36.411.484 € 5.950.252 € 87,8%

STENDORREN FASTIGHETER AB 2011 Remium Nordic AB SE0006543344 Real Estate 198.685.750 € -2,6% 113.373 € 46.376.000 € 25.717.600 € 58,9%

STILLE AB 2005 Remium Nordic AB SE0000998650 Health Care 30.784.399 € 26,6% 39.999 € 10.153.182 € 1.714.858 € 24,5%

STILLFRONT GROUP AB 2015 Avanza Bank AB SE0007704788Personal & Household Goods

62.471.317 € 12,3% 154.015 € 9.995.082 € 2.561.747 € 58,8%

SURGICAL SCIENCE SWEDEN AB 2017 Erik Penser Bankaktiebolag SE0009947948 Health Care 35.757.602 € 20,0% 129.935 € 5.459.720 € -21.080 € 43,6%

SVENSKA AEROGEL HOLDING AB 2016 FNCA Sweden AB SE0008212161 Chemicals 13.016.900 € -37,2% 44.419 € 29.512 € -1.319.713 € 70,7%

SWEDENCARE AB 2016 Remium Nordic AB SE0008294078 Food & Beverage 39.893.365 € -3,2% 31.979 € 5.708.464 € 1.193.760 € 18,0%

TAGMASTER AB 1999 Remium Nordic AB SE0000514408 Industrial Goods & Services 42.452.800 € 73,2% 33.043 € 12.004.006 € 46.587 € 53,2%

TALKPOOL AG 2016 Remium Nordic AB CH0322161768 Telecommunications 8.010.657 € -24,8% 26.484 € 11.570.000 € -37.299 € 21,4%

TANGIAMO TOUCH TECHNOLOGY AB

2017 G&W Fondkommission AB SE0009664303Personal & Household Goods

6.344.502 € -21,1% 37.111 € 368.900 € -474.366 € 73,4%




TARGETEVERYONE AB 2015 Mangold Fondkommission AB SE0006994448 Technology 7.704.051 € -20,4% 12.200 € 10.744.476 € -3.140.182 € 68,0%

TC CONNECT AB 2017 Mangold Fondkommission AB SE0009889488 Telecommunications 7.704.740 € -20,6% 118.954 € 16.136.740 € kA 20,3%

TC TECH SWEDEN AB 2015 Erik Penser Bankaktiebolag SE0007603170 Industrial Goods & Services 28.895.554 € -55,5% 58.907 € 0 € -2.397.428 € 84,9%

TERRANET HOLDING AB-B 2017 FNCA Sweden AB SE0009806045 Technology 64.643.992 € 37,8% 2.419.943 € 0 € -3.960.616 € 90,6%

THQ NORDIC AB 2016 FNCA Sweden AB SE0009241706Personal & Household Goods

577.009.106 € 126,7% 355.052 € 31.818.152 € 10.014.581 € 97,2%

TOBIN PROPERTIES AB-PREF 2014 Avanza Bank AB SE0006117487 Real Estate 130.334.129 € 6,0% 28.047 € 1.158.346 € 4.945.895 € 34,6%

TORSLANDA PROPERTY INVESTMEN 2015 Wildeco Ekonomisk Information AB SE0006503975 Real Estate 31.916.174 € 18,3% 8.128 € 5.263.676 € 3.338.353 € 14,0%

TRANSTEMA GROUP AB 2015 Erik Penser Bankaktiebolag SE0006758587 Industrial Goods & Services 116.559.236 € 129,3% 166.838 € 45.583.392 € kA 55,1%

UNIBAP AB 2017 Mangold Fondkommission AB SE0009606809 Technology 13.451.827 € -6,1% 178.998 € 833.714 € -21.135 € 46,3%

UNLIMITED TRAVEL GROUP AB 2006 Remium Nordic AB SE0001834821 Travel & Leisure 14.042.504 € -19,5% 28.972 € 52.324.776 € 2.328.181 € 38,9%

URB-IT AB 2017 Mangold Fondkommission AB SE0009921034 Industrial Goods & Services 24.067.820 € -23,8% 12.997 € 29.512 € -5.748.731 € 28,9%

VA AUTOMOTIVE I HASSLEHOLM A 2014 Avanza Bank AB SE0006426508 Automobiles & Parts 5.775.441 € -38,2% 86.640 € 42.690.162 € 1.423.216 € 67,0%

VERISEC AB 2014 Remium Nordic AB SE0006343950 Technology 72.476.372 € 79,1% 11.486 € 6.334.540 € -1.960.018 € 28,8%

VICORE PHARMA HOLDING AB 2015 Erik Penser Bankaktiebolag SE0007577895 Health Care 39.761.030 € 34,5% 88.282 € 89.590 € -700.805 € 54,6%

VOSTOK EMERGING FINANCE-SDR 2015 Pareto Securities AB SE0007192018 Financial Services 124.104.586 € 5,4% 101.000 € 43.136.310 € 5.128.342 € 28,7%

WAYSTREAM HOLDING AB 2015 FNCA Sweden AB SE0007577077 Technology 7.355.693 € 6,2% 6.307 € 6.324.000 € 2.846 € 51,8%

WESC AB 2008 Mangold Fondkommission AB SE0001824103 Retail 3.077.947 € -57,3% 6.763 € 13.903.314 € -7.434.178 € 80,8%

WEST INTERNATIONAL AB 2007 Erik Penser Bankaktiebolag SE0002169292 Industrial Goods & Services 26.560.800 € 79,0% 33.300 € 8.114.746 € 324.737 € 60,0%

WIFOG HOLDING AB 2008 Mangold Fondkommission AB SE0007614722 Media 1.746.352 € -74,0% 7.218 € 1.001.300 € -1.936.725 € 49,8%

XBRANE BIOPHARMA AB 2016 Avanza Bank AB SE0007789409 Health Care 30.700.616 € 67,9% 62.912 € 262.446 € -3.501.574 € 64,9%

XINTELA AB 2016 Erik Penser Bankaktiebolag SE0007756903 Health Care 10.469.160 € -6,7% 36.271 € 0 € -1.802.024 € 54,6%

XMREALITY AB 2017 Redeye AB SE0009664188 Technology 14.857.924 € -35,7% 286.777 € 543.864 € -1.051.514 € 70,4%

ZAPLOX 2017 Sedermera Fondkommission SE0009722465 Technology 12.109.236 € -22,5% 69.563 € 211.854 € -3.377.698 € 27,2%

ZETADISPLAY AB 2011 Erik Penser Bankaktiebolag SE0001105511 Technology 21.979.902 € 6,3% 30.669 € 15.012.122 € 906.440 € 41,7%

ZINZINO AB-B SHS 2010 Erik Penser Bankaktiebolag SE0002480442 Retail 35.369.526 € -9,6% 22.813 € 45.996.560 € 1.480.238 € 57,1%

32

APPENDIX B

ADMISSION REQUIREMENTS


First North Stockholm | Appendix B | Contents of the Company Description 33

CONDITION REQUIREMENT

Prospectus Prospectus is needed only when securities are offered to the public.

Examination Examination by Certified Adviser

Approval Examination by Certified Adviser and Admission approval by the Stock Exchange.

Operating history Not needed

Documented profitability Not needed

Shares Sufficient number of shareholders (100) and at leasts 10% of shares in public hands, or an assigned Liquidity Provider.

Market value No minimum market value

Administration Administration of the company supported by the Certified Adviser

Corporate Governance code Not needed

Certified Adviser Certified Adviser required at all times


Admission Requirements Overview:

First North Stockholm | Appendix B | Admission requirements 34


1) Requirements for shares

a) In order for shares to be traded on Nasdaq First North, conditions for sufficient supply and demand must exist. The Exchange will considerthis requirement to be satisfied if there is a sufficient number of shareholders holding shares with a value of at least EUR 500 and if atleast 10 percent of the share class to be traded is held by the general public. „General public“ means persons who directly of indirectlyown less than 10 percent of the share capital or voting rights. In exceptional cases, the Exchange may also consider this requirement to besatisfied if the Issuer retains the services of a Liquidity Provider.

b) The share price shall, at the time of admission, be at least 50 Eurocent or the equivalent amount in the relevant trading currency.c) The shares must be registered electronically and must be able to be cleared and settled in a manner acceptable by the Exchange.d) An applicant for admission of shares to trading shall cover all shares of the same class.e) The articles of association of the Issuer shall provide that the shares are freely negotiable. The Exchange may, in special circumstances,

admit trading of shares which may be acquired only subject to the Issuer‘s consent, provided that the applicant of such clause isreasonably expected not to disturb trading.

2) Company Description

a) The Exchange must receive a Company Description or an approved prospectus not later than at the time it receives an application foradmission to trading on Nasdaq First North. The Certified Adviser shall ensure that the Company Description contains all of theinformation required. Those information are displayed on the next page.

b) A Company Description is not necessary if the Issuer is required to publish a prospectus according to law or where sufficientinformation is already available to the market.

3) Certified Adviser

a) The Issuer shall sign an agreement with a Certified Adviser.b) If the Exchange terminates the agreement with the Issuer‘s Certified Adviser, the Issuer shall be obliged to enter into an agreement

with a new Certified Adviser within two months from the date on which the termination became effective.

First North Stockholm | Appendix B | Contents of the Company Description 35


The contents of the Company Description are:

1) Description of the Issuer, including the business model, organization, competitive situation, most significant markets, most significant riskfactors and the reasons for the decision to apply for admission to trading.

2) The Issuer's annual reports or financial statements for the last two years, where applicable as well as the general financial trend over the lasttwo years.

3) The Issuer's most recent financial report.4) Description of the Board of Directors and the management of the Issuer.5) All information about historical, or on-going, bankruptcy, liquidation or similar procedure and also fraud related convictions or on-going

procedures in which any person in the management and/or board of the Issuer has been involved. The historical information shall cover atleast the five previous years.

6) Description of significant contracts/patents, etc.7) Description of the ownership structure, including any shareholdings in the Issuer held by the Board of Directors, senior management and

Certified Adviser.8) Description of any share-based incentive programs.9) Description of any transactions with persons discharging managerial responsibilities in the Issuer, board members, affiliates to such persons,

major owners or another company within the same group as the applicant.10) The date of the first annual general shareholder meeting following the application as well as the scheduled date for first publication of the

audited or unaudited annual earnings figures or half-yearly report following such application, as the case may be.11) The identity of the Certified Adviser and any Liquidity Provider retained by the Issuer.12) All relevant information about the financial instruments to be traded, including the Issuer's articles of association, information on the Issuer's

share capital and breakdown by share class.13) Other relevant information depending on specific circumstances, such as tax, litigation etc.14) If an Issuer does not possess documented earnings capacity, an explanation stating whether the Issuer possesses sufficient financial resources

in order to be able to conduct the planned business for at least 12 months after the first day of trading. It shall also be made clear when theIssuer expects to be profitable and how the Issuer intends to finance its operation until such time.

15) A disclaimer concerning the Nasdaq First North market shall be put on the first page of the Company Description.

36

APPENDIX C

LISTING FEES & ANNUAL FEES


First North Stockholm | Listing Fees & Annual Fees 37


LISTING FEES EUR SEK DKK

Application Fee for Admission to Trading 9'000 82'000 67'000

Application Fee for Admission to Trading on secondary First North Market 50% Discount 50% Discount 50% Discount

Application Fee for Admission to Trading on First North Premier 20'000 200'000 150'000

Application Fee when switching from First North to First North Premier 10'000 100'000 75'000

- The application fee is due at preliminary application before the exchange starts processing the application.- If substantial changes are made to a company during a short period of time, or in ist business activities in other respects, to such a degree that the company may be regarded as a new undertaking, the exchange may initiate an examination comparable to that conducted for an entirely new company applying for trading on the exchange. If this is considered to tbe the case, the exchange maycharge application fees in accordance with the above.

ANNUAL FEE EUR SEK DKK

Minimum Fee 8'000 73'326 59'616

Maximum Fee 42'800 392'296 318'946

- The annual fee is based on the average market capitalization for the previous year (December to November), and is calculated in accordance with the tables below. - The average market capitalization will be calculated based on the closing price for each trading day.

EUR ANNUAL FEE

0 – 20 MCAP (M) 8'000 (MIN)

20 – 50 MCAP (M) 8'000 + (MCAP – 20 M) * 360

50 – 100 MCAP (M) 18'800 + (MCAP – 50 M) * 240

100 – 200 MCAP (M) 30'800 + (MCAP – 100 M) * 120

> 200 MCAP (M) 42'800 (MAX)

SEK ANNUAL FEE

0 – 183 MCAP (M) 73'326 (MIN)

183 – 458 MCAP (M) 73'326 + (MCAP – 183 M) * 360

458 – 917 MCAP (M) 172'317 + (MCAP – 458 M) * 240

917 – 1'833 MCAP (M) 282'307 + (MCAP – 917 M) * 120

> 1'833 MCAP (M) 392'296 (MAX)

SEK ANNUAL FEE

0 – 183 MCAP (M) 73'326 (MIN)

183 – 458 MCAP (M) 73'326 + (MCAP – 183 M) * 360

458 – 917 MCAP (M) 172'317 + (MCAP – 458 M) * 240

917 – 1'833 MCAP (M) 282'307 + (MCAP – 917 M) * 120

> 1'833 MCAP (M) 392'296 (MAX)


Market Survey

For further information please contact:

Mr. Alexander COENENManaging Partner of Capital Lounge GmbH

Phone: +49 (0)89 2060 21 147eMail: [email protected]

Emil-Riedel-Str. 2180538 Munich Germany

http://www.capitallounge.de

Capital Lounge GmbH is a FinGroup company

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