NAXS Interim Report January-March 2017

           First quarter 2017

• Net profit for the first quarter amounted to MSEK 10.6 (25.2).

• Earnings per share amounted to SEK 0.73 (1.69).

• Net asset value amounted to MSEK 811 (SEK 57.68 per share) at March 31, 2017,
  compared to MSEK 842 (SEK 56.69 per share) at year-end 2016. The fact that the total
  net asset value decreased, while the net asset value per share increased is due to the
  shares repurchases made during the first quarter.

• Net cash amounted to MSEK 351 (SEK 24.98 per share) at March 31, 2017, compared to
  MSEK 384 (SEK 25.85 per share) at year-end 2016.

  Distribution of profits

  The Board of Directors previously communicated its intention to make the dividend for the
  fiscal year 2016 dependent on the amount that might have been distributed under the
  form of share repurchases during the first quarter of 2017. The Board of Directors stated
  that the actual level of the dividend would be set as the difference between SEK
  40,090,415.40 and the amount that had been distributed under the form of share
  repurchases during the period between January 1 and March 31, 2017.

  NAXS repurchased shares for a total amount of SEK 38,151,029 during the period between
  January 1 and March 31, 2017. Therefore, the amount that remains available to be paid as
  dividend for the fiscal year 2016 is SEK 1,939,386.40, corresponding to SEK 0.13/share.

  In view of the low amount that remains available to paid as dividend after the share
  repurchases conducted during the first quarter, the Board of Directors proposes to the
  Annual General Meeting that no dividend be paid for the fiscal year 2016.

  Share repurchases

  The Board of Directors proposes to the 2017 Annual General Meeting to vote on a
  continued share repurchase mandate and on a reduction of the share capital in
  combination with a bonus issue. The reduction shall be effected through a cancellation of
  the repurchased shares that are held by the Company on the day of the notice to the 2017
  Annual General Meeting, and the bonus issue shall be carried out without the issuance of
  new shares.

  Comments by the CEO

  NAXS actively repurchased shares during the quarter in accordance with
  the mandate granted to the Company at the 2016 Annual General
  Meeting, notably acquiring a block of 5% of the total number of shares.
  Such acquisition, made at 15% discount to the net asset value, was
  deemed capital-efficient for the Company and value-accretive for our
  shareholders. As of the end of the first quarter, NAXS held a total of
  933 469 shares, representing 6.2% of the total number of shares.

As a result of the above-mentioned share repurchases, the total net asset value decreased
slightly during the first quarter, while the net asset value per share increased by 1.7%,
also due to a positive valuation development of NAXS’s private equity fund investments.

NAXS made in January a SEK 50m commitment to Mimir Invest, a newly established
Swedish special situations fund. NAXS believes that, besides occupying an attractive niche,
Mimir offers a degree of diversification within its private equity strategy, and one that is
well-suited to the current investment climate. In March, NAXS made a smaller investment
in MIPS AB in the IPO of the company on NASDAQ Stockholm. These two new investments
were made in accordance with the revised investment policy adopted by NAXS in January
2016.

Lennart Svantesson