Information transformed to knowledge is power High quality equity research is the foundation to any investment decision and as such Carlsquare Equity Research holds an important position Carlsquare has been a pioneer within the field of equity research by providing Commissioned Equity Research since 2013 Over time we have covered more than 180 companies from various sectors Carlsquare Equity Research works in teams typically consisting of two Equity Research Analysts accompanied by an industry expert with hands on experience from the specific industry herefore each team has a profound and unique understanding of the specific sector and are able to point to the investment case and help investors understand the true value of the share During 2020 Carlsquare initiated a new further developed and unique Equity Research service By tracking the impact of our service we can see astonishing figures including an increased interest and liquidity by high double digit percentages The numbers we are seeing on market impact of our research speak for themselves We are able to add value to the companies as well as the investors It s a result of long experience integrity and well composed teams as well as team work says Markus Augustsson Head of Equity Research at Carlsquare Stockholm Indisputably Carlsquare knows how to add value to their clients The research reports are composed to meet the interest of all investors independent of previous experience or knowledge Although the reports have been developed to a greater extent serve the needs for professional investors we never lose focus on the key objectives Obtain and maintain investor knowledge and interest Increase shareholder base and improve liquidity of the stock Facilitate access to growth capital Peter Gönczi CEO and board member at Spotlight Group a listed company under coverage by Carlsquare points out our integrity competencies and reputation in the market In our view Carlsquare is a very competent company with a good reputation and renowned analysts For us independence is of the utmost importance it gives increased trust and credibility in the market Carlsquare has a broad and unique platform to give companies access to local and international capital This is acknowledged by Philip Delborn CFO at GHP Specialty Care We chose to work with Carlsquare to reach a wider range of different categories of investors We also appreciate the professionalism and commitment that Carlsquare has shown Carlsquare Equity Research s second offering valuation and consultancy assignments continues to grow Our clients range from pre revenue startups to mature companies that turn to Carlsquare to get our view on their valuation We do over 300 valuations on average per year 15

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