Interim Report January-September 2017

Nine months 2017

• Net profit/loss for the period amounted to MSEK 43.4 (55.1).

• Earnings per share amounted to SEK 3.07 (3.70).

• Net asset value amounted to MSEK 824 (SEK 60.41 per share) at September 30, 2017,
  compared to MSEK 842 (SEK 56.69 per share) at year-end 2016.

• Net cash amounted to MSEK 455 (SEK 33.35 per share) at September 30, 2017,
  compared to MSEK 384 (SEK 25.85 per share) at year-end 2016.

• The 2017 Annual General Meeting resolved that no dividend would paid for FY 2016 in
  view of the fact that SEK 38m (SEK 2.57/share) had been distributed through shares
  buybacks during Q1 2017.

  Third quarter 2017
  • Net profit/loss for the quarter amounted to MSEK -16.4 (9.9).

  • Earnings per share amounted to SEK -1.19 (0.66).

  Comments by the CEO

  NAXS’s NAV/share contracted by 1.9% during the third quarter, due to a
  slightly negative development of the valuation of private equity fund
  investments and exchange rates. Over the first nine months of 2017, the
  NAV/share increased by 6.6%, and by 11.5% over 12 months.

  NAXS continued to repurchase its own shares during the third quarter,
  acquiring 419,282 shares. These repurchases, made at an average
  discount of 16% to the June 30th net asset value, were deemed capital-
  efficient for the Company and value-accretive for our shareholders. As of

  the end of the third quarter, NAXS held a total of 422,812 shares, representing 3% of the
  total number of shares.

  Lennart Svantesson