NORDIC SURVEILLANCE QUARTERLY REPORT

January‐March 2017

The exchange rules as well as the methodology of the surveillance are in substance harmonized between the Nasdaq exchanges in the Nordic countries. Due to national regulations however, there might be differences. For the reader to be able to distinguish the differences, some of the articles will be marked with flags to highlight this circumstance. The “Exchange” refers to Nasdaq as relevant in each local jurisdiction.

IMPORTANT REMINDER – ISSUERS URGED TO ACQUIRE AND REPORT LEI CODES With reference to upcoming requirements under MiFID II, the Exchange once again urges all issuers to acquire a LEI code and submit the LEI code to the Exchange at the latest May 1, 2017 if not already associated with one.

The LEI code is a 20‐character reference code that uniquely identifies legally distinct entities that engage in financial transactions associated reference data. The LEI code is issued by so called Local Operating Units (“LOU”) endorsed by the LEI Regulatory Oversight Committee (“LEI ROC”). To obtain a LEI code, issuers will need to carry out a self‐registration at a LOU.

A list of LOUs with links to their websites can be found on LEI ROC’s website along with further information and a guide on how to obtain a LEI code: HTTP://WWW.LEIROC.ORG.

Please submit the LEI code to the Exchange at the latest May 1, 2017 on the following email: [email protected] (Sweden), listing‐[email protected] (Denmark), [email protected] (Finland) and and [email protected] (Iceland).

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NEW PROCEDURES REGARDING LISTING OF ADDITIONAL SHARES The Exchange has introduced a new, mandatory, process for admission to trading of new shares of an already listed series of shares. The admission to trading of such additional shares or depositary receipts must be applied for via the Nasdaq Listing Center. The new procedure entered into force in Sweden on April 1, 2017 and has since previously been in force in .

The admission to trading could be triggered by e.g. share issues or other increases of the number of outstanding shares or depositary receipts of an already listed series of shares or depositary receipts, such as exercise of warrants or conversion of shares into already listed depositary receipts.

The new process is partly required due to the Exchange’s reporting obligation to the respective national Financial Supervisory Authority under MiFID II and the EU Regulation on market abuse1 (“MAR”).

The Nasdaq Listing Center is available via HTTPS://LISTINGCENTER.NASDAQ.COM. Follow the below steps in order to apply for admission to trading of new shares of an already listed series of shares:

 Create an account in the Nasdaq Listing Center (can be done either by the company or by its advisors)  Create and submit an application for admission to trading of additional shares 1) Log into the Nasdaq Listing Center 2) Go to “Create a new form” 3) Select “Applying to List Additional Shares on the Main (regulated) Market” or “Applying to List Additional Shares on First North” 4) Select “Listing of additional issue of shares” and include short name and ISIN code for the already listed shares 5) Include company and contact information as well as specific information about the share issue 6) Upload a prospectus valid for the purpose of admission to trading, if needed, or confirm that no prospectus is required 7) Submit the form

The application must be submitted in the Nasdaq Listing Center no later than five days prior to registration of the new shares or as soon as possible in the case of conversion of shares into already listed depositary receipts.

During 2017, the Exchange will implement similar procedures for all types of financial instruments, including admission to trading by increase of outstanding amount in fixed income instruments such as bond loans and structured products.

1 Regulation (EU) No. 596/2014

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STOCKHOLM

Issuer Surveillance

DISCIPLINARY CASE 2017:2 – HEXAGON AB On March 19, 2017, the Disciplinary Committee of Nasdaq AB found that Hexagon AB, listed on Nasdaq Stockholm, had breached the Exchange’s Rule Book for Issuers (the “Rulebook”). The company was imposed a fine corresponding to two annual listing fees.

The Disciplinary Committee concluded that Hexagon AB, in two respects, had breached item 3.1 of the Rulebook. The violations related to the company’s disclosure of information in conjunction with the arrest of the company’s CEO on the afternoon of October 26, 2016 for suspected insider trading regarding a private investment in a share listed on Oslo Børs and, later on, the Oslo Districts Court’s decision of detention of the CEO on October 29, 2016. Hexagon AB did not disclose information about the events until the morning of October 31, 2016.

The Disciplinary Committee concluded that the information concerning the arrest of the CEO on suspicion of insider trading constituted inside information for Hexagon AB. The Rulebook, which refers to Article 17 of MAR regarding disclosure of inside information, states that the general rule is that inside information shall be disclosed to the public as soon as possible. In an exception to this general rule, MAR permits the issuer to delay the disclosure of inside information provided that all of the following three criteria are met:

(a) Immediate disclosure is likely to prejudice the legitimate interest of the issuer. (b) Delay of disclosure is not likely to mislead the public. (c) The issuer is able to ensure the confidentiality of the information.

Hexagon AB decided to delay disclosure of the arrest and the suspicions raised against the CEO on October 26, 2016 based upon the assessment that the information available at the time was sparse, contradictory and likely to change, why an immediate disclosure was likely to prejudice the legitimate interest of the company. However, on the morning of October 27, 2016, Hexagon AB received a Nordic arrest warrant regarding the CEO, and according to the Disciplinary Committee this information was sufficiently specific to determine that the company’s legitimate interest would not have been prejudiced had the company disclosed that the CEO had been arrested on suspicion of an insider offence. Accordingly, the conditions for delaying the disclosure of the inside information were not met at that point of time, why the information should have been disclosed as soon as possible.

In addition to the above, the Disciplinary Committee also found that the press release published by Hexagon AB at 08:15 CET on October 31, 2016, which contained information about the detention of the CEO, did not provide any information about how the company intended to address the fact that the CEO was under suspicion of insider trading or a plan for the day‐to‐day administration of the company in the absence of the CEO, and could therefore not be considered relevant and clear enough.

Given the surprising nature and severity of the situation in which Hexagon AB found itself and the challenge of applying the new Rulebook that entered into force on July 3, 2016, the Disciplinary Committee determined that the sanction should not exceed a fine of two annual listing fees.

A detailed description of the matter and the Disciplinary Committee’s decision are available at: HTTP://WWW.NASDAQOMX.COM/LISTING/EUROPE/SURVEILLANCE/STOCKHOLM/DISCIPLINARYCOMMITTEE/ DECISIONS/

A complete description of disciplinary proceedings and market interventions conducted by the surveillance department in Stockholm is available in the Appendix.

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Trading Surveillance

REFERRALS ON SUSPECTED MARKET ABUSE During the first quarter, 27 matters have been reported to the Swedish FSA in accordance with the Exchange’s obligation to refer matters of suspected market abuse. 18 of these matters concerned suspected illegal insider trading and 9 matters concerned suspected market manipulation.

HELSINKI

Issuer Surveillance

DISCIPLINARY CASE 2017:1 – DIGIA OYJ On March 31, 2017, the Disciplinary Committee of Nasdaq Ltd found that Digia Oyj, listed on , had breached the Exchange’s Rule Book for Issuers (the “Rulebook”) when announcing a significant business contract. The company was imposed a public warning and a fine of EUR 40,000.

On October 14, 2016 at 16:10 EET, Digia Oyj disclosed a company announcement with information regarding that the Finnish Tax Administration had chosen Digia Finland Ltd as software supplier of national income register. The Finnish Tax Administration had earlier the same day at 13:17 EET published a press release stating that it had chosen Digia Finland Ltd as software supplier of national income register. The trading in the shares of Digia Oyj was afterwards suspended until the company was able to disclose a company announcement regarding the decision. Prior to the trading halt, the price of company’s share had risen by 7.8 per cent and the trading volume was approximately 30 times higher than the previous trading hour.

In the company announcement on October 14, 2016, Digia Oyj stated that “the project is very important for Digia” and “the overall cost for a 15‐year contract period is approximately EUR 90 million, of which Digia Oyj accounts for approximately EUR 60 million.” The significance of the project was also highlighted in the company’s interim report on October 28, 2016.

The Disciplinary Committee assessed if Digia Oyj had breached the procedures on inside information required by the Rulebook when participating in the public procurement process of the national income register and when it received information on the selection of the software supplier for the Finnish Tax Administration.

On October 14, 2016 at 12:08 EET, Digia Oyj was informed that the Finnish Tax Administration had chosen the company as the contract partner in the public procurement process.

According to the Disciplinary Committee, the information regarding the framework agreement was non‐public and precise concerning the positive result of the public procurement process. The company was offered a significant possibility for a long‐term project representing the value of approximately EUR 60 million when completed in full. When assessing the preciseness of the information, it is not a determining factor that the contract is a framework agreement. There can always be uncertainties when it comes to the materialization of framework agreements and other long‐term contracts. These kinds of uncertainties in an agreement relating to its actual occurrence or materialization later do not decrease the preciseness of the information if there has been a factual possibility for the circumstance or event to occur.

The Disciplinary Committee concluded that the framework agreement in its entirety had been significant for the company. When the Finnish Tax Administration informed the decision of the public procurement process to the company by phone, that information was latest at that point such which – if made public – would have had a significant effect on the price of the company’s shares. The company should have assessed the matter as inside information and prepared it to be disclosed. The company would have had a possibility to do so, and the contract partners had also indicated the same. According to the Rulebook, inside information shall be disclosed as soon as possible in such a manner that the information is made available in a non‐discriminatory way enabling fast access and complete, correct and timely assessment of the information by the public.

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When the press release from the Finnish Tax Administration became public, the situation changed. Therefore, when assessing the disclosure, Digia Oyj should also have taken into consideration the information published in the press release by the Finnish Tax Administration.

The Disciplinary Committee stated that after the press release from the Finnish Tax Administration was published, Digia Oyj was obliged to correct the erroneous information of material significance without delay. The company specified in its own company announcement the total value of the contract for the company itself. However, the company announcement did not state, among other things, that the contract was a framework agreement and that there were uncertainties related to it. The company announcement was inadequate as stated by the company itself and misleading. Thus, the company had not kept sufficient information equally and consistently available to the investors on factors that may have a material effect on the value of the company’s shares.

The Disciplinary Committee also stated that the administration of Diga Oyj in this case had not been established in such a way that the company was able to provide the market with reliable, accurate and up‐to‐ date information as required from a listed company. The company should have been able to prepare an appropriate company announcement in accordance with the Rulebook and to disclose it as soon as possible. The company announcement was disclosed not until four hours after when the company was informed about the decision from the Finnish Tax Administration and the content of the announcement was inadequate.

The Disciplinary Committee concluded that Digia Oyj breached items 1.2.6, 1.2.7, 2.2.4.3, 2.3.1.1 and 2.3.1.2 of the Rulebook when disclosing the information on the agreement regarding the company. Therefore, the Disciplinary Committee imposed a public warning and a fine of EUR 40,000 on the company.

A detailed description of the matter and the Disciplinary Committee’s decision are available at: HTTPS://NEWSCLIENT.OMXGROUP.COM/CDSPUBLIC/VIEWDISCLOSURE.ACTION?DISCLOSUREID=766262&LAN G=EN

A complete description of disciplinary proceedings and market interventions conducted by the surveillance department in Helsinki is available in the Appendix.

Trading Surveillance

REFERRALS ON SUSPECTED MARKET ABUSE During the first quarter, 4 matters of possible misuse of insider information and 4 matters of suspected price manipulation were handed over to the Finnish FSA.

COPENHAGEN

Issuer Surveillance

A complete description of disciplinary proceedings and market interventions conducted by the surveillance department in Copenhagen is available in the Appendix. Please also refer to Nasdaq Copenhagen’s “Decisions and Statements”, available at: HTTP://WWW.NASDAQOMX.COM/LISTING/EUROPE/SURVEILLANCE/COPENHAGEN?LANGUAGEID=1

Trading Surveillance

REFERRALS ON SUSPECTED MARKET ABUSE During the first quarter, 8 matters have been reported to the Danish FSA in accordance with the Exchange’s obligation to refer matters of suspected market abuse. 5 matters concerned suspected price manipulation and 3 matters concerned suspected insider trading.

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ICELAND A complete description of disciplinary proceedings and market interventions conducted by the surveillance department in Iceland is available in the Appendix.

REFERRALS ON SUSPECTED MARKET ABUSE AND DISCLOSURE OBLIGATIONS During the first quarter, 1 matter was reported to the Icelandic FSA which concerned the publication of a flagging announcement.

STUDY ON SIGNIFICANT DEVIATIONS IN FINANCIAL RESULTS OR FINANCIAL POSITIONS IN THE NORDIC MARKETS Background and Scope During 2016, Nordic Surveillance has conducted a study with the scope of identifying possible differences in market practices and interpretations in the Nordic markets relating to situations in which companies disclose deviations in financial results or financial position or in which companies disclose forecast adjustments. The study focused on situations where such deviations could be considered significant, in the sense that they might constitute inside information. Such disclosures were classified as profit warnings, even though the legal definition for profit warnings might differ between the Nordic countries or be non‐ existent in some countries. Update of financial results within a previously disclosed guidance was classified as clarifications, which may be a less significant deviation.

Gathered data (April 1, 2016–November 30, 2016) included information about deviations published in separate announcements, forecast adjustments published with financial reports and clarifications to previously disclosed information on future prospects or changes in financial positions. The study covered Main Market companies. The Swedish part of the study did not include deviations classified as clarifications.

Regulation The obligation to disclose financial information and/or inside information to the public as soon as possible derives primarily from EU legislation on market abuse and transparency, as well as requirements in national legislation. Furthermore, the Exchange’s Rule Book for Issuers includes Nordic harmonized requirements on financial information and inside information that companies are obligated to follow.

During the time data was gathered, the EU Regulation on market abuse1 (“MAR”) entered into force on July 3, 2016, and the Exchange’s Rule Book for Issuers was updated on the same date.2 Even if the study indicated that MAR brought no changed practices regarding disclosures of significant deviations in financial results or financial positions, as similar requirements existed in the EU Market Abuse Directive3 and/or national legislation and thus had no implications for the study, there is a possibility that MAR will have effects on Swedish listed companies’ practices going forward since the obligation to disclose inside information “as soon as possible” might be interpreted differently in Sweden after the entering into force of MAR as compared to before.

Findings and Conclusions The total number of disclosures during the observation period was 234 (Denmark 134, Finland 72, Sweden 19 and Iceland 9). Of these, 196 (Denmark 105, Finland 63, Sweden 19 and Iceland 9) were categorized as profit warnings and 38 (Denmark 29, Finland 9, Sweden 0 and Iceland 0) as clarifications.

The diagrams on the next page illustrate the main results of the study on a Nordic level.

1 Regulation (EU) No. 596/2014 2 MAR has not yet entered into force in Iceland 3 Directive 2003/6/EC

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The study revealed certain differences in practices between the Nordic countries. The number of disclosures is relatively higher in Finland, Denmark and Iceland than in Sweden. In addition, the number of separate disclosures was higher in Finland than in the other countries. In all Nordic countries, deviations in financial results or financial position or forecast adjustments were disclosed relatively close to the financial reports.

One explanation of the outcome could be different market practice as regards the interpretation of the EU Accounting Directive4, whereas Swedish companies do not usually disclose any material guidance in the same way as in the other countries. This naturally affects the number of disclosures on changes in financial result or financial position. Most observed profit warnings from Swedish companies were disclosed as preliminary information before a financial report, as a separate release.

Danish and Icelandic companies provide financial guidance in their annual reports (financial statements) and often change the guidance in interim reports. Some companies change the guidance several times during a year and hence the changes may expectedly be less significant. Disclosures can be either adjustments to previously disclosed guidance or actual profit warnings or even a clarification within the previous guidance. Sometimes the companies change their guidance in a separate disclosure due to either a single event or based on a general development of the business.

4 Directive 2013/34/EU

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Finnish companies disclose guidance in the financial statement release based on the EU Accounting Directive and requirements in the Finnish Accounting Act and disclose changes in that guidance and what could be reasonably expected based on financial information previously disclosed by the company. In Finland, companies tend to disclose also changes (clarifications or adjustments) that may not constitute inside information as a separate disclosure even if that is not required based on applicable rules and legislation.

Recommendations Based on the study, Nordic surveillance has agreed to highlight the following:  When disclosing information regarding significant deviations, special attention should be paid to the level of information since the disclosure most likely will result in a significant effect on the share price. The disclosure shall always include sufficient reasoning for the deviation, change and underlying assumptions.  As regard changes to guidance, previously disclosed guidance shall always be included in the disclosure in order to evaluate the significance of the change.  Clarifications that are not considered inside information can be disclosed in periodic reports. Adjustments that are considered inside information can be disclosed in a periodic report only if the disclosure fulfils the requirement on “as soon as possible” and is disseminated on a non‐ discriminatory basis in accordance to MAR.  With reference to guidance published by the European Securities and Markets Authority, it is highly unlikely that a disclosure of inside information relating to financial performance, such as a profit warning in accordance with the definition used in the study, can be delayed. Nevertheless, if such a delay is considered the company must carefully assess whether all requirements for a delayed disclosure according to MAR are fulfilled, especially whether the delay is likely to mislead the public.  Companies are not obliged to comment on analysts’ estimates. However, if analysts’ estimates differ substantially from disclosed guidance or what could be reasonably expected based on financial information previously disclosed by the company or from the actual performance of the company, the company should investigate whether it may have given the market certain expectations based on information previously disclosed by the company and assess whether a profit warning should be disclosed.

FIRST NORTH

DISCIPLINARY CASE 2017:1 – PETROTARG AB (NASDAQ FIRST NORTH STOCKHOLM) On February 17, 2017, the Disciplinary Committee of Nasdaq Stockholm AB found that Petrotarg AB, traded on Nasdaq First North Stockholm, repeatedly had conducted a number of breaches of the Nasdaq First North Nordic Rulebook (the “Rulebook”) and therefore decided that the company’s shares were to be removed from trading on Nasdaq First North Stockholm with last day of trading on March 17, 2017.

On May 25, 2016, U.S. Energy Group AB, a company at that time traded on the Swedish MTF AktieTorget, published a press release with information regarding a merger with Petrotarg AB, at that time under the name Ginger Oil AB. Despite the information from U.S. Energy Group AB, Petrotarg AB did not disclose a press release about the merger until several hours later and the Exchange decided to halt the trading in the company’s share pending the disclosure. When the company eventually published the press release, the release did not contain important details regarding the relationship between the CEO of U.S. Energy Group AB, the same person who was proposed as CEO for the new company following the merger, and an investment company that played an essential role in the completion of the merger and the financing of Petrotarg AB.

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Following the merger with U.S. Energy Group AB, the Exchange requested Petrotarg AB to undergo a new listing process since the company was, according to the Exchange, to be considered as a new company after the merger. The Exchange therefore asked Petrotarg AB to provide the Exchange with a new and thorough company description no later than on November 4, 2016. After receiving a draft of the company description on that date, the Exchange concluded that the draft lacked material information and also contained wrongful information and the company was given several comments. However, for several weeks no updated draft was provided. For this reason, combined with the substantial shortcomings in connection with the announcement of the merger on May 25, 2016 and other rule breaches, the Exchange informed Petrotarg AB that the company could not be deemed to fulfill the listing requirements and the company was urged to apply for voluntarily delisting as soon as possible. However, no such application was submitted to the Exchange, and the Exchange decided to hand the matter over to the Disciplinary Committee.

The Disciplinary Committee concluded that Petrotarg AB had, on several occasions and for a relatively long period of time, failed to fulfill its disclosure obligations. The Disciplinary Committee took a particularly serious view of the breaches conducted in conjunction with the company’s merger with U.S. Energy Group AB, announced in May 25, 2016, in connection with which Petrotarg AB contravened the Rulebook in a number of aspects. Furthermore, the Disciplinary Committee also concluded that Petrotarg AB breached the Rulebook when not informing about the Exchange’s request for delisting referred to above when announcing a share issue in December 2016. In all, the breaches resulted in that the Disciplinary Committee determined that Petrotarg AB did not have the necessary organization or resources in place for information disclosure.

In summary, the Disciplinary Committee concluded that the breaches were of such a serious nature that they may undermine the market’s and the public’s confidence in Nasdaq Stockholm, Nasdaq First North and the securities market in general. Accordingly, the Disciplinary Committee decided that the company’s shares should be delisted from Nasdaq First North.

A detailed description of the matter and the Disciplinary Committee’s decision are available at: HTTP://WWW.NASDAQOMX.COM/LISTING/EUROPE/SURVEILLANCE/STOCKHOLM/DISCIPLINARYCOMMITTEE/ DECISIONS/

A complete description of disciplinary proceedings and market interventions conducted on Nasdaq First North is available in the Appendix.

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APPENDIX

REPRIMANDS AND SANCTIONS TOWARDS ISSUERS, MEMBERS AND CERTIFIED ADVISERS

ISSUER/MEMBER/CA CATEGORY MONTH MARKET MM or FN REASON

Disciplinary Issuer Committee March Helsinki Main Market Described in section “Helsinki” above Decision The company failed to follow good securities Non‐public markets practice as well as regulations governing March Helsinki First North Issuer reprimand the securities markets and the operations of the Exchange. Non‐public The company failed to disclose inside information as March Stockholm First North Issuer reprimand soon as possible Disciplinary Hexagon AB Committee March Stockholm Main Market Described in section "Stockholm" above Decision Non‐public Failed to comply with the acquisition of own shares February Helsinki Main Market Issuer reprimand guideline The company did not include sufficient details about Non‐public February Stockholm First North the counterparty in a press release regarding an Issuer reprimand important agreement The Certified Adviser did not have adequate Non‐public February Stockholm First North routines in place in connection with delisting of paid Certified Adviser reprimand subscription shares in a company Disciplinary Petrotarg AB Committee February Stockholm First North Described in section "First North" above Decision Public February Copenhagen Main Market Possible late disclosure/insider trading Issuer Reprimand Public February Copenhagen Main Market Late disclosure of inside information Issuer Reprimand Non‐public February Copenhagen Main Market Late disclosure of AGM resolutions Issuer reprimand The company did not include sufficient information Non‐public January Stockholm Main Market about the purchase price and financing in a press Issuer reprimand release regarding a real estate transaction The company did not include sufficient details about Non‐public January Stockholm Main Market the counterparty in a press release regarding an Issuer reprimand important agreement The company failed to include sufficient information Non‐public in a press release regarding a share issue. The January Stockholm Main Market Issuer reprimand company only included a link to its website where further information was available

TRADING HALTS COMPANY DATE MARKET MM or FN REASON

Parken Sport & Entertainment 2017‐03‐23 Copenhagen Main Market Awaits sentence

Takoma Oyj 2017‐03‐20 Helsinki Main Market Filed for bankruptcy

Small Cap Danmark (fond) 2017‐02‐28 Copenhagen Main Market Awaits sentence

Small Cap Danmark 2017‐02‐28 Copenhagen Main Market Awaits sentence The trading was halted in preparation for 2017‐02‐20 Stockholm Main Market Eltel AB announcement of information The trading was halted due to suspected leakage 2017‐02‐16 Stockholm First North Diamyd Medical AB of inside information

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The trading was halted in preparation for 2017‐02‐13 Stockholm Main Market Black Earth Farming Ltd. announcement of information SparInvest 2017‐02‐08 Copenhagen Main Market No NAV The trading was halted due to suspected leakage 2017‐02‐03 Stockholm First North Maha Energy AB of inside information The trading was halted due to leakage of inside 2017‐02‐03 Stockholm Main Market Swedish Orphan Biovitrum AB information The trading was halted due to suspected leakage 2017‐01‐30 Stockholm Main Market Precise Biometrics AB of inside information The trading was halted due to suspected leakage 2017‐01‐26 Stockholm First North The Marketing Group plc of inside information SPIEUVKL 2017‐01‐23 Copenhagen Main Market Technical issues The trading was halted due to suspected leakage 2017‐01‐12 Stockholm First North Immunovia AB of inside information

SPI and SSI 2017‐01‐10 Copenhagen Main Market No NAV

Jyske Invest 2017‐01‐05 Copenhagen Main Market No NAV

PFA Invest 2017‐01‐05 Copenhagen Main Market Technical issues

SICAV 2017‐01‐03 Copenhagen Main Market No NAV

Sparinvest and SICAV 2017‐01‐02 Copenhagen Main Market No NAV

OBSERVATION STATUS NORDICS REASON FOR COMPANY DATE REASON MARKET MM or FN END DATE REMOVAL The fund has decided to put Fundamental Invest 2017‐03‐30 a maximum of outstanding Copenhagen Main Market (fund) shares Vigmed Holding AB 2017‐02‐27 Subject to a takeover offer Stockholm First North Due to extensive change in 2017‐02‐13 Stockholm Main Market Black Earth Farming Ltd. business or organization Comptel Oyj 2017‐02‐09 Subject to a takeover offer Helsinki Main Market Due to uncertainty about Uncertainty no 2017‐01‐30 the pricing of the Helsinki First North 2017‐02‐20 Nexstim Oyj longer existed company's shares Due to uncertainty about Uncertainty no 2017‐01‐30 the pricing of the Stockholm First North 2017‐02‐20 Nexstim Oyj longer existed company's shares Due to extensive change in 2017‐01‐25 Stockholm First North Empire AB business or organization

PKC Group Oyj 2017‐01‐20 Subject to a takeover offer Helsinki Main Market

Expedit A/S 2017‐01‐10 Subject to a takeover offer Copenhagen Main Market Subject to a takeover offer. Updated due to the 2016‐12‐30 Stockholm First North 2017‐01‐20 Delisted RusForest AB company applied for delisting. The Disciplinary Committee Melitho AB (Fixed of Nasdaq Stockholm AB 2016‐12‐27 Stockholm First North 2017‐02‐28 Delisted Income) has decided that the bonds shall be delisted Subject to a mandatory 2016‐12‐23 Stockholm Main Market Rezidor Hotel Group AB takeover offer Subject to a takeover offer. Updated 2017‐03‐27 due 2016‐12‐21 Stockholm Main Market Transcom Worldwide AB the company applied for delisting

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Due to compulsory 2016‐12‐15 Copenhagen Main Market 2017‐01‐12 Delisted Asgaard Group A/S redemption Subject to a takeover offer. Updated 2017‐02‐02 due to 2016‐12‐15 Stockholm First North 2017‐02‐17 Delisted Matse Holding AB the company applied for delisting Due to uncertainty about Eniro AB 2016‐12‐14 the company's financial Stockholm Main Market position Changes in business or Due to extensive change in organization was 2016‐12‐06 Stockholm First North 2017‐03‐31 Effnetplattformen AB business or organization completed after a reverse takeover Due to uncertainty about Misen Energy AB 2016‐11‐30 the company's financial Stockholm First North situation Due to compulsory 2016‐11‐16 Copenhagen Main Market 2017‐01‐10 Brøndby IF redemption The company has initiated Ahlstrom Oyj 2016‐11‐07 an extensive change in its Helsinki Main Market business/organization Takeover offer Honkarakenne Oyj 2016‐11‐03 Subject to a takeover offer Helsinki Main Market 2017‐01‐25 was announced to be rejected Norvestia Oyj 2016‐11‐03 Subject to a takeover offer Helsinki Main Market Subject to a takeover offer. Updated 2017‐02‐02 due to 2016‐10‐25 Stockholm Main Market 2017‐02‐17 Delisted Nordnet AB the company applied for delisting Due to uncertainty about Componenta Oyj 2016‐09‐01 the company's financial Helsinki Main Market situation The company had applied 2016‐08‐11 Stockholm First North Pallas Group AB for delisting Due to uncertainty about Nordic Mines AB 2016‐08‐04 the company's financial Stockholm Main Market position Subject to takeover offer. Updated 2016‐08‐05 and 2016‐07‐14 Stockholm Main Market Haldex AB 2016‐09‐05 due to additional takeover offers. Changes in Due to extensive change in business or 2016‐06‐01 Stockholm Main Market 2017‐01‐26 Trention AB business or organization organization was completed Due to uncertainty about CybAero AB 2016‐05‐12 the company's financial Stockholm First North situation No longer substantial Due to uncertainty about uncertainty Atlantic Petroleum A/S 2016‐03‐09 the company's financial Copenhagen Main Market 2017‐03‐29 about the situation company's financial situation Due to uncertainty about the company's financial position. Updated 2016‐10‐ 21 due to the company had been subject to an Petrotarg AB (previously extensive change in its 2016‐02‐05 Stockholm First North 2017‐03‐17 Delisted Ginger Oil AB) organization. Updated 2017‐02‐21 due to the Disciplinary Committee of Nasdaq Stockholm AB had decided that the shares shall be delisted.

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Due to uncertainty about Cassandra Oil AB 2015‐05‐27 the company's financial Stockholm First North position Due to uncertainty about Polyplank AB 2015‐04‐23 the company's financial Stockholm First North position

Due to uncertainty about Tecnotree Oyj 2015‐03‐05 the company's financial Helsinki Main Market situation.

Due to uncertainty about Valoe Oyj (Cencorp Oyj) 2015‐02‐19 the company's financial Helsinki Main Market situation Due to uncertainty about Trainers' House Oyj 2014‐12‐12 the company's financial Helsinki Main Market situation. The company has signed a Copenhagen Network conditional agreement 2014‐11‐26 Copenhagen Main Market A/S regarding the sale of all operational activities Due to uncertainty about Ríkisútvarpið ohf. 2014‐10‐02 the issuer's financial Iceland Main Market situation Nordic Blue Invest A/S Due to uncertainty about (prev. Hellerup 2014‐02‐28 the company's financial Copenhagen Main Market Consulting Group A/S) situation Uncertainty concerning the Takoma Oyj 2013‐12‐09 company's financial Helsinki Main Market situation Uncertainty concerning the Talvivaara Oyj 2013‐11‐15 company's financial Helsinki Main Market situation Due to uncertainty about Nordicom A/S 2013‐08‐14 the company's financial Copenhagen Main Market situation Due to uncertainty about Vestjysk Bank A/S 2013‐03‐01 the company's financial Copenhagen Main Market situation The company plans to make Victoria Properties A/S 2013‐01‐11 an extensive change in its Copenhagen Main Market business Due to uncertainty about Kristensen, Germany 2011‐03‐09 the company's financial Copenhagen Main Market (Bond) situation Uncertainty concerning the 2010‐09‐02 Iceland Main Market Jeratún ehf. issuer's financial position Uncertainty concerning the 2010‐09‐01 Iceland Main Market Reykjanesbær issuer's financial position Uncertainty concerning the 2010‐05‐04 Iceland Main Market Reykjaneshöfn issuer's financial position

Kalvebod 2 (Bond) 2009‐02‐25 Awaits future interest pay Copenhagen Main Market

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WWW.NASDAQOMX.COM/NORDICSURVEILLANCE

ISSUER SURVEILLANCE

STOCKHOLM [email protected] +46 8 405 70 50

COPENHAGEN [email protected] +45 33 93 33 66 (switchboard)

HELSINKI [email protected] +358 9 61 66 71 (switchboard)

ICELAND [email protected] +354 525 2800 (switchboard)

TRADING SURVEILLANCE

STOCKHOLM [email protected] +46 8 405 62 90

COPENHAGEN [email protected] +45 33 77 04 59

HELSINKI [email protected] +358 9 61 66 71 (switchboard)

ICELAND [email protected] +354 525 2800 (switchboard)

OSLO [email protected] +47 6752 8019

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