NAXS Year-end Report 2016

January-December 2016

• Net profit/loss for the period amounted to MSEK 94.0 (64.2).

• Earnings per share amounted to SEK 6.32 (4.32).

• Net asset value amounted to MSEK 842 (SEK 56.69 per share) at December 31, 2016,
  compared to MSEK 785 (SEK 52.78 per share) at year-end 2015.

• Net cash amounted to MSEK 384 (SEK 25.85 per share) at December 31, 2016, compared
  to MSEK 351 (SEK 23.60 per share) at year-end 2015.

• NAXS paid a dividend of SEK 2.50 per share for the fiscal year 2015.
  Fourth quarter 2016

  Net profit/loss for the quarter amounted to MSEK 38.9 (-25.0).
   Earnings per share amounted to SEK 2.62 (-1.68).

  Distribution of profits
  

  The Board of Directors intends to make the dividend to be proposed for the fiscal year
  2016 dependent on the amount that may be distributed under the form of
  share repurchases during the first quarter of 2017.

  The Board of Directors intends to propose a dividend of maximum SEK 2.70/share for
  the fiscal year 2016, corresponding to SEK 40,090,415.40 at December 31, 2016.
  The actual level of the dividend will be set as the difference between SEK
  40,090,415.40 and the amount that has been distributed under the form of share
  repurchases during the period between January 1 and March 31, 2017. The Board of
  Directors will announce the level of the proposed dividend ahead of the publication of the
  notice of the 2017 Annual General Meeting

  In addition, the Board of Directors proposes to the Annual General Meeting to vote on a
  continued share repurchase mandate.

  Comments by the CEO
  

  We were pleased to see NAXS continue to make good progress during
  2016, with the net asset value per share increasing by 12.2%, including
  the dividend paid. This performance was generated by a strong exit
  activity, positive valuation developments in the remaining portfolio, as
  well as positive currency effects.

  During the past year, NAXS’s underlying funds made 3 new acquisitions,
  10 full exits, and 4 partial exits through initial public offerings.
  Worth mentioning for 2016 were also the adoption of a revised
  investment policy and the shortening of the company’s name from NAXS

  Nordic Access Buyout Fund AB (publ) to NAXS AB (publ).
  NAXS currently has a robust balance sheet, with a relatively high proportion of cash, which
  the company continues to selectively seek to deploy. After the end of the reporting period,

NAXS made a SEK 50m commitment to Mimir Invest, a Swedish private equity special
situation fund.

Lennart Svantesson