Options Exercised I

PHI has two option programs, both with a final subscription date of October 24, 2017. The programs, directed to board members and advisors of the Company, were implemented as the Company was listed at AktieTorget. The options are market valued according to Black & Scholes. After recalculation with reference to equity issues, option program 2012 qualifies for sub­scrip­tion of 43 872 shares at 16.50 SEK per share (originally 40 000 shares at 18.12 SEK) per share and option program 2013 for subscription of 209 000 shares at 12.80 SEK per share (originally 190 000 shares at 14.00 SEK per share). If all 252 872 shares are subscribed, the share capital of the Company will increase by 50 574 SEK (2.14 % dilution) and the equity by 3 399 088 SEK.

Ulf Avrin, board member of PHI until October 2014, has now exercised his entire option holdings, subscribing 5 484 shares at 16.50 SEK per share and 22 000 shares at 12.80 SEK per share. Through this subscription, the equity of PHI increases by 372 086 SEK. The exercise of the options implies a dilution of 0.2 % for current shareholders. After registration of the new shares at Bolagsverket (Swedish Companies Registration Office), the total number of shares in PHI will amount to 11 576 939 and the share capital to 2 315 387.80 SEK.

The above information was made public pursuant to the EU Market Abuse Regulation