Governance structure

NCAB’s shares are traded on Nasdaq Stockholm and therefore apply, in addition to the rules of the Swedish Companies Act and the Swedish Annual Accounts Act the Nasdaq Stockholm’s Rule Book for Issuers and the Swedish Corporate Governance Code (the “Code”) as well as other Swedish and foreign laws and regulations, where relevant. The Code defines a norm for corporate governance on a higher level of ambition than the Swedish Companies Act and other regulations’ minimum requirements. The Code is based on the principle of “comply or explain.” It means that the company must not, at every occasion comply with every rule of the Code, but may choose other solutions that are deemed to better respond to the circumstances in the individual case. Provided that the company openly reports every such non-compliance, describes the alternative solution chosen and states the reasons for this.

No violations of applicable rules and regulations occurred in 2018 and NCAB’s operations were conducted in accordance with good practice in the equities market. The company has not deviated from the Code.