The nomination committee’s proposal for the annual general meeting 2014

N.B. The English text is an in-house translation of the original Swedish text. Should there be any disparities between the Swedish and the English text, the Swedish text shall prevail.

Valberedningens för NAXS Nordic Access Buyout Fund AB (publ) förslag inför
årsstämman 2014

The proposal of the nomination committee of NAXS Nordic Access Buyout Fund
AB (publ) for the annual general meeting 2014
_____________________________________________________________________________
En valberedning i NAXS Nordic Access Buyout Fund AB (publ) (”Bolaget” eller ”NAXS”) har
i enlighet med de principer som fastställdes vid årsstämman 2013 utsetts bestående av Mattias
Runesson som representerar Tardus Intressenter, Amaury de Poret som representerar QVT
Financial L.P. samt NAXS styrelseordförande John Chapman. Till ordförande i valberedningen
utsågs Mattias Runesson. Valberedningen kan kontaktas via e-post till mattias@mantle.se.

A nomination committee of NAXS Nordic Access Buyout Fund AB (publ) (the “Company” or
“NAXS”) has been appointed in accordance with the principles established by the annual
general meeting 2013 and consists of Mattias Runesson, representing Tardus Intressenter,
Amaury de Poret, representing QVT Financial L.P. and NAXS’s chairman of the board John
Chapman. Mattias Runesson was appointed chairman of the nomination committee. The
nomination committee can be contacted via e-mail to mattias@mantle.se.

Valberedningens förslag till val av ordförande vid stämman, fastställande av
antalet styrelseledamöter, fastställande av arvode åt styrelse och revisor samt
val av styrelseledamöter, styrelseordförande och revisor samt eventuella
styrelsesuppleanter

The proposal of the nomination committee for election of chairman of the
meeting, determination of the number of members of the board, determination of
the fees to be paid to the members of the board and auditor, as well as election
of members of the board, chairman of the board and auditor as well as any
deputy members of the board

Valberedningen i Bolaget föreslår att årsstämman ska besluta enligt följande:

 Till ordförande på årsstämman föreslås advokat Jesper Schönbeck.
 Styrelsen föreslås, för tiden intill slutet av nästa årsstämma, bestå av fyra (4) ordinarie
ledamöter och inga suppleanter.
 Arvode till styrelsen föreslås, för kommande mandatperiod, utgå med totalt 675 000
kronor, varav 225 000 kronor till styrelsens ordförande och 150 000 kronor vardera till
övriga ledamöter utsedda av bolagsstämman och som inte är anställda i Bolaget. Arvode
till revisorn föreslås utgå enligt godkänd räkning.
 Till revisor föreslås revisionsbolaget Ernst & Young AB.
 Till ordinarie ledamöter föreslås omval av Tony Gardner-Hillman, Andrew Wignall,
Ramanan Raghavendran och John Chapman. Vidare föreslås omval av John Chapman till
styrelsens ordförande.
Valberedningens motiverade yttrande avseende förslaget till styrelse framgår nedan. Information
om de ledamöter som är föreslagna till omval återfinns på Bolagets webbplats (www.naxs.se).
The nomination committee of the Company proposes that the meeting resolves in accordance
with the following;

 Jesper Schönbeck, member of the Swedish Bar Association, is proposed to chair the
annual general meeting.
 It is proposed that, for the period until the end of the next annual general meeting, the
board shall consist of four (4) members without any deputy members of the board.
 For the forthcoming period of office, it is proposed that the members of the board shall
be paid a total amount of SEK 675,000, of which SEK 225,000 shall be paid to the
chairman of the board and SEK 150,000 shall be paid to each other member of the board

elected by the meeting and who is not employed by the Company. It is proposed that

auditor fees shall be paid in accordance with an approved invoice.

 The registered auditing company Ernst & Young AB is proposed as auditor.
 Tony Gardner-Hillman, Andrew Wignall, Ramanan Raghavendran and John Chapman
are proposed for re-election as members of the board. It is also proposed that John
Chapman is re-elected as chairman of the board.
The nomination committee’s motivated statement regarding the proposal for the board
composition can be found below. Such statement together with information about the board
members who are proposed for re-election can be found on the Company’s website
(www.naxs.se).
Valberedningens förslag till beslut om principer för utseende av valberedning
inför årsstämman 2015
The proposal of the nomination committee for principles for appointment of a
nomination committee for the annual general meeting 2015
_____________________________________________________________________________
Valberedningen föreslår att årsstämman ska besluta om principer för utseende av valberedning
inför årsstämman 2015 enligt följande.
The nomination committee proposes that the annual general meeting shall resolve to adopt
principles for the appointment of a nomination committee for the annual general meeting 2015
in accordance with the following.
Valberedningen ska bestå av tre ledamöter. Styrelsens ordförande kontaktar de två, vid utgången
av årets tredje kvartal, till röstetalen största aktieägarna. Dessa erbjuds att utse var sin ledamot
till en valberedning, vari även en styrelseledamot i Bolaget ska ingå som ledamot. Om någon av
dessa aktieägare väljer att avstå från denna rätt att utse en ledamot övergår rätten till den
aktieägare, som efter dessa aktieägare har det största aktieinnehavet. Valberedningens
ordförande ska väljas av och bland valberedningens ledamöter, dock att styrelseledamot inte får
vara ordförande i valberedningen.
The nomination committee shall have three members. The chairman of the board shall
contact the two largest shareholders, with respect to voting power as per the end of the third
quarter of the year. These two shareholders are offered to appoint one member each to the
nomination committee, in which a member of the board also shall be a member. If any such
shareholder chooses not to exercise its right to appoint a member, the right shall pass on to
the shareholder who, after the aforementioned shareholder, has the largest shareholding. The
chairman of the nomination committee shall be elected by and from the members of the
nomination committee. However, a member of the board of the Company may not be
chairman of the nomination committee.
Om någon av de aktieägare som utsett en ledamot av valberedningen säljer en icke oväsentlig
del av sitt aktieinnehav under valberedningens mandatperiod och därmed upphör att vara en
aktieägare med rätt att utse en ledamot av valberedningen, bör den ledamot som aktieägaren
utsett avgå ur valberedningen. Denne ledamot ska då ersättas av en ledamot utsedd av den
aktieägare, som baserat på röstetalen efter aktieförsäljningen, kommit att tillhöra de två största
aktieägarna i Bolaget. Om denne avstår sin rätt att utse ledamot till valberedningen ska ovan
beskrivet förfarande tillämpas.
If a shareholder, who has appointed a member of the nomination committee, sells a not
insignificant part of its shareholding during the tenure of the nomination committee and
thereby ceases to be a shareholder with rights to appoint a member of the nomination
committee, the member appointed by such shareholder should resign from the nomination
committee. Such member shall then be replaced by a member appointed by the
shareholder who, based on voting power following the sale, is one of the two largest

shareholders in the Company. If such shareholder does not exercise its right to appoint a
member of the nomination committee, the procedure above shall be applicable.

Om en ledamot inte längre företräder den aktieägare som utsett honom eller henne, eller annars
lämnar valberedningen innan dess arbete är slutfört, ska aktieägaren beredas tillfälle att utse en
ny ledamot i valberedningen.
In the event a member no longer represents the shareholder who appointed him or her, or in any
other way is dismissed from the nomination committee prior to the completion of the nomination
committee’s work, such shareholder shall be allowed to appoint a new member of the
nomination committee.

Arvode ska ej utgå till valberedningens ledamöter. Valberedningen ska fullgöra de uppgifter
som enligt Svensk kod för bolagsstyrning ankommer på valberedningen.
No fees shall be paid to the members of the nomination committee. The nomination committee
shall pursue the tasks that, according to the Swedish Code of Corporate Governance, are of
the responsibility of a nomination committee.

Valberedningens motiverade yttrande avseende förslag till styrelse

The motivated statement of the nomination committee regarding proposals for
the board of NAXS Nordic Access Buyout Fund (publ)
_____________________________________________________________________________
Valberedningen har diskuterat de krav på kompetens, erfarenhet och bakgrund som kan ställas
på styrelsen i Bolaget.

The nomination committee has discussed the requirements for the board of the Company, in
terms of competence, experience and background of the respective board members.

Valberedningens majoritet gör bedömningen att den föreslagna styrelsen med hänsyn till
Bolagets verksamhet, utvecklingsskede och förhållanden i övrigt, ger en ändamålsenlig
sammansättning. Vid en bedömning av de föreslagna styrelseledamöternas oberoende har
valberedningens majoritet funnit att dess förslag till styrelsesammansättning i NAXS uppfyller
de krav på oberoende som uppställs i Svensk kod för bolagsstyrning.

The majority of the nomination committee’s assessment is that the proposed board is
appropriate in consideration of the Company’s operations, current stage of development and
general state of affairs. Further to its assessment of the proposed board members’
independence, it is the view of the majority of the nomination committee that the proposed
board of NAXS meets the independence requirements set forth by the Swedish Corporate
Governance Code.

Valberedningens ordförande Mattias Runesson stöder förslaget att omvälja nuvarande
styrelseledamöter men vill dock framföra att han, enligt hans bedömning, inte har givits
möjlighet att göra en välgrundad bedömning av de föreslagna styrelseledamöternas kompetens,
erfarenhet, bakgrund eller oberoende.

Whilst the chairman of the nomination committee Mattias Runesson supports the proposal to
re-elect the current board members, he would like to state the fact that, in his opinion, he has
not been given the opportunity to make a qualified assessment of the competence, experience,
background and independence of such proposed board members.

_______________________
Stockholm i april 2014
Stockholm, April 2014

Valberedningen för NAXS Nordic Access Buyout Fund AB (publ)

The nomination committee of NAXS Nordic Access Buyout Fund AB (publ)

NAXS_-_AGM_2014_-_Valberedningens_forslag.pdf

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The nomination committee’s proposal for the annual general meeting 2014

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