|NORDAX LARGEST SHAREHOLDERS AS OF 31 OCTOBER 2017*||Ownership**|
|Allianz Global Investors||6.2|
|Investment AB Öresund||5.3|
|Janus Henderson Investors||2.0|
|Swedbank Robur Fonder||1.7|
|Source: Holdings of Modular Finance AB. Compiled and processed data from various sources, including Euroclear, Morningstar and the Swedish Financial Supervisory Authority|
* The verification date may vary for foreign shareholders.
** On 13th of October Nordic Capital Fund VIII announced that they had aquried 9,96% of the listed shares. In addition the Fund has entered into a call option agreement which entitles them to aquire an additional 5.04% of the shares, subject to approval by the Swedish Financial Supervisory Authority. Given approval by SFSA their ownership would increase to 15.0%.