© Box IR 2012

IR-survey 2012IR-survey 2012

A total of 113 respondents from over 100 companies listed on Nasdaq OMX Stockholm answered questionsregarding the equity market

The survey was conducted during the period 20 Nov – 7 Dec

51 CEOs and CFOs as well as 46 IR & Head ofcommunications participated

© Box IR 2012

Table of contentsTable of contents

• Variable pay based on KPIs?

• Do you know how you are percevied by the financial

market participants?

• Have you ever actively worked to alter your shareholder

base?

• Knowledge of how the markets price your share?

• How would you act if the quartely reporting requirement

was eliminated?

• Which reporting activities are overly cumbersome?

• Greatest IR challenges in the coming 12 months?

• Appendix

� CEO/CFO & IR questions

© Box IR 2012

Less than 20% has variable compensationLess than 20% has variable compensation

Do you have a variable compensation based on KPI:s on your IR work?

© Box IR 2012

Do you know how you are perceived by the financial market participants?Do you know how you are perceived by the financial market participants?

© Box IR 2012

4 out of 10 work actively with the

shareholder base

4 out of 10 work actively with the

shareholder baseDo you, or have you, actively worked to change the shareholder base?

© Box IR 2012

Knowledge of how the markets price the share?Knowledge of how the markets price the share?

© Box IR 2012

Companies ambivalent on quartely

reporting

Companies ambivalent on quartely

reporting

Text & numbers tougher than presentingText & numbers tougher than presenting

” Nothing particularly

cumbersome.”

”It is simply part of the

job.”

”Nothing. The report

creates a natural basis for

dialogue with the market

on performance.”

”Extended IFRS

requirements in the

interim reports.”

It is a time-consuming

process, but would not

call any component

"overly cumbersome."Mid Cap

Small Cap

Large CapMid Cap

Small Cap

© Box IR 2012

On the agenda the upcoming 12 monthsOn the agenda the upcoming 12 months

© Box IR 2012

Questions in the survey Questions in the survey What is your position and where is your company listed?

Who are you reporting to?

1. Which criteria (KPIs) are used to follow up on your IR efforts?

2. Do you have a variable compensation based on these criteria?

� If yes, how many months is the ceiling?

3. Do you use perception studies to find out how the financial markets percieve your

company and your IR efforts?

4. Do you, or have you, actively worked to alter your shareholder base?

5. When the fair value of the company is not reflected in the share price…

� We are mostly aware of the reasons

� We are mostly not aware of the reasons

6. Do you produce a board report containing share price development, valuation, estimatesetc?

7. How would you act if the requirement on reporting quartely was abolished?

� We would continue as before

� We would publish full semiannual reports and a lighter quartely version in between

� We would only report semiannual

� Other alternative

� What reporting activities do you consider to be to burdensome?

8. What, in your view, are the greatest IR challenges in the coming 12 months?

9. In your view, how do your company’s IR efforts contribute to shareholder value?

Appendix 1

Communication rooted in target groupCommunication rooted in target group

� Mikael Zillén� Since 2005 worked with financial communications and investor relations

both as self-employed and as senior consultant at Citigate Stockholm.

� Institutional sales at Handelsbanken, Nordea and Danske Bank during

more than 15 years. He also has experience from several IPOs.

� Tomas Öqvist� Long experience as top ranked equity analyst at e.g. Carnegie and

Alfred Berg. Speaking partner to large Swedish, European and US

institutions and also participated in a number of IPOs and M&A deals.

� Since 2007 he has been a consultamt within financial communication

and investor relations.

� Anders Bruzelius� With his18 years in the financial markets thorough knowledge of equity

valuation and communications. He has worked as an equity analyst at

Danske Markets and Carnegie, where he held top rankings in the

automotive and engineering sectors. Experience from a number of IPOs

and M&A transactions.

� Until recently, Anders worked as head of equity research at Swedbank.

+46 762 13 00 40 | mikael@boxir.se

+46 705 54 34 40 | tomas@boxir.se

+46 703 50 40 88 | anders@boxir.se

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114 35 Stockholm

08-21 41 00

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