NAXS — Interim / Quarterly Report 2018

Jul 12, 2018

NAXS AB (publ) Half year financial report January-June 2018

First half-year 2018

• Net profit/loss for the first half-year amounted to MSEK 11.6 (59.8).
• Earnings per share amounted to SEK 0.86 (4.14).
• Net asset value amounted to MSEK 773 (SEK 60.73 per share) at June 30, 2018, compared to MSEK 821 (SEK 60.17 per share) at year-end 2017. The large share repurchases completed during the quarter and the payment of the FY 2017 dividend were the 2 main factors behind the decrease in net asset value.
• Net cash amounted to MSEK 328 (SEK 25.77 per share) at June 30, 2018, compared to MSEK 450 (SEK 32.97 per share) at year-end 2017.

Second quarter 2018

• Net profit/loss for the quarter amounted to MSEK -9.5 (49.2).
• Earnings per share amounted to SEK -0.72 (3.41).
• NAXS paid a dividend of SEK 2.53 per share for FY 2017.

Comments by the CEO

NAXS had a busy second quarter.

The Company made in May an investment in Nordic Capital CV1, a new fund that acquired certain assets of Nordic Capital Fund VII. We believe that this transaction, combining elements of a new fund commitment with those of a secondary transaction with full visibility on underlying assets, represents a particularly attractive risk/reward profile.

In June, NAXS announced that it had made a commitment to the JAB

Consumer Fund – Global Consumer Brands II. Like its predecessor, the fund will co-invest in premium consumer brands alongside JAB Holding. The fund will in particular provide an exposure to the recently announced merger to form the Keurig-Dr Pepper beverage group, as well as to the acquisition of casual dining chain Pret a Manger. We are pleased to have been able to invest with this extremely sought-after manager.

NAXS continued during the second quarter to repurchase its own shares, notably acquiring a block representing 6% of the total number of shares. We view this transaction, effected at a discount of approximately 16% to the Q1 net asset value per share, as value-accretive for the company and our shareholders. Over the last 12 months, NAXS has repurchased approximately 9.5% of its own shares.

On June 5, the Annual General Meeting approved the payment of a dividend of SEK 2.53 per share for FY 2017. The dividend represents 5% of the net asset value per share at December 31, 2017.

Taking into account the FY 2017 dividend and the recent share repurchases, NAXS has distributed SEK 17.17 per share over the last 5 years to its shareholders through dividends and share repurchases.

Lennart Svantesson

Financial summary

	2018	2017	2018	2017
	1/1–6/30	1/1–6/30	4/1–6/30	4/1–6/30
Net profit/loss for the period, KSEK	11 570	59 828	-9 473	49 246

	2018	2017
	06/30	12/31
Private equity fund investments, KSEK	397 717	357 780
Private equity fund investments in % of equity	51	44
Remaining commitments, KSEK	98 253	92 928
Total exposure to private equity fund investments, KSEK	495 970	450 708
Net cash, KSEK	328 069	449 671
Private equity fund investments per share, SEK	31.24	26.24
Net cash per share, SEK	25.77	32.97
Net asset value per share, SEK	60.73	60.17
Share price, SEK	50.40	50.25

Operations

NAXS AB (publ) ("NAXS" or the "Company") is an investment company listed on NASDAQ Stockholm. NAXS primarily invests in private equity funds with a Nordic focus, but may also make direct investments or co-investments alongside private equity or other alternative assets funds. In addition, NAXS may make other types of investments with up to 40% of its net asset value.

Operations commenced on April 17, 2007, and the Company was listed on First North on May 14, 2007, where it traded until its change of listing to NASDAQ Stockholm on June 8, 2010.

NAXS is the Group's parent company and is headquartered in Stockholm. In addition to the parent company, the Group consists of an operational Danish subsidiary, NAXS A/S, headquartered in Copenhagen, and a Norwegian subsidiary, NAXS Nordic Access Buyout AS, headquartered in Oslo. The Danish subsidiary operates as the holding company for the Group's investments.

Naccess Partners AB has been contracted as the investment advisor to the Danish subsidiary.

Market review

The market conditions during the second quarter of 2018 were largely similar to those that had prevailed during the first quarter, both in regard to the level of activity in the private equity industry and the volatility in the public markets.

Investment portfolio

Private equity fund investments

As of June 30, 2018, NAXS had commitments to 11 private equity funds (10 buyout funds and 1 special situations fund):

• private equity fund investments amounted to MSEK 398, which corresponds to 51 percent of the Company's equity;
• remaining commitments amounted to MSEK 98.

Other investments

As of June 30, 2018, NAXS held 2 direct investments in listed shares:

• 350,000 shares in Scout Gaming Group AB (publ), a provider of Fantasy Sport and Daily Fantasy Sports solutions to online gaming operators. As of June 30, 2018, the holding of NAXS in Scout Gaming Group was valued at MSEK 15;
• 689,482 shares in Awilco Drilling Plc, a UK-based drilling contractor. The shares are listed on the Oslo Stock Exchange. As of June 30, 2018, the holding of NAXS in Awilco Drilling was valued at MNOK 30.

Exposure to private equity fund investments and other investments

As of June 30, 2018, the total exposure to private equity fund investments and other investments amounted to MSEK 456, which corresponds to 58 percent of the Company's equity

Private equity fund investments and other investments, and total exposure to private equity fund investments and other investments (in % of equity)

Evolution of private equity fund investments and other investments (in % of equity)

Private equity fund investments and other investments Cash

The net asset value (NAV) per share decreased by 2.5% during the second quarter of 2018, and by 1.3% over 12 months, mainly due to the payment of the dividend for FY 2017 during the quarter.

Investments

During the second quarter, NAXS acquired 160,480 additional shares in Awilco Drilling PLC on the market for a total amount of KSEK 6,281.

Acquisitions

10 new investments were made by underlying funds during the quarter:

Company	Sector	Country	Fund
Acorn Holdings	Consumer goods & services	Global	JAB Consumer Fund II
Acino	Healthcare	Switzerland	Nordic Capital CVI
Binding Site	Healthcare	UK	Nordic Capital CVI
Bladt	Building & construction	Denmark	Nordic Capital CVI
Britax	Consumer goods & services	UK	Nordic Capital CVI
Ellos	Consumer goods & services	Sweden	Nordic Capital CVI
Itiviti (formerly Orc)	Financial services	Sweden	Nordic Capital CVI
Master Marine	Oil & gas services	Norway	Nordic Capital CVI
Sport Nordic Group (formerly Sport Master)	Consumer goods & services	Denmark	Nordic Capital CVI
Sunrise Medical (Handicare spin-out)	Healthcare	USA	Nordic Capital CVI

Liquidity events

12 full exits took place during the fourth quarter:

Portfolio Company	Sector	Year of initial investment	Fund
Green Landscaping	Building & construction	2009	FSN Capital III
Royal Ravintolat	Consumer goods & services	2011	Intera Partners II
Acino	Healthcare	2013	Nordic Capital VII
Convatec	Healthcare	2008	Nordic Capital VII
Binding Site	Healthcare	2011	Nordic Capital VII
Bladt	Building & construction	2012	Nordic Capital VII
Britax	Consumer goods & services	2010	Nordic Capital VII
Ellos	Consumer goods & services	2013	Nordic Capital VII
Itiviti (formerly Orc)	Financial services	2012	Nordic Capital VII
Master Marine	Oil & gas services	2009	Nordic Capital VII
Sport Nordic Group (formerly Sport Master)	Consumer goods & services	2012	Nordic Capital VII
Sunrise Medical (Handicare spin-out)	Healthcare	2010	Nordic Capital VII
Oscar Jacobson	Consumer good & services	2008	Valedo Partners I

As of June 30, 2018, NAXS underlying funds had acquired a total of 126 companies, 71 of which had been fully divested. These 71 exits have generated an average gross IRR of 20%. The average holding period for the remaining 55 portfolio companies is approx. 4 years.

No. of portfolio companies acquired per year

June 30, 2018

• Total exposure to private equity fund investments: 64% of total equity
• Private equity fund investments: 51% of total equity
• Number of full exits since inception: 71
• Average gross IRR generated by the 71 full exits since inception: 20%

Portfolio composition/diversification

As of June 30, 2018, NAXS provided the following exposure:

• 11 private equity funds (10 buyout funds and 1 special situations fund) from 8 managers:

Fund	Commitment Year	Commitment Currency	Initial Commitment Amount (in 000s)
Apax Europe VII LP	2007	EUR	15,000
FSN Capital III LP	2008	EUR	10,000
Herkules Private Equity III LP	2008	NOK	40,000
Intera Fund I KY	2007	EUR	7,000
Intera Fund II KY JAB Consumer Fund – Global	2011	EUR	7,250
Consumer Brands II	2018	USD	5,000*
Mimir Invest AB	2017	SEK	50,000
Nordic Capital Fund VII LP	2008	EUR	20,000
Nordic Capital CV1	2018	EUR	4,000
Valedo Partners Fund I AB	2007	SEK	60,000
Valedo Partners Fund II AB	2011	SEK	65,000

* as part of a consortium

• 5 different fund vintages and a diversification in terms of size segments, with small cap being the largest, as illustrated below (based on current commitments):

• 55 portfolio companies (remaining after 71 exits) acquired by underlying funds over a period of approx. 11 years, with the 10 largest holdings accounting for less than 30% of the total equity and no single portfolio company accounting for more than 5.5% of the total equity.

• a diversification of portfolio companies per geography and sector as illustrated below (based on the fair value of the current portfolio companies):

• direct investments in 2 listed companies:

Company	Sector	Exchange	Timing of initial investment	Size of initial investment
Scout Gaming Group	iGaming	NASDAQ First North	Q4 2017	MSEK 8
Awilco Drilling	Energy	Oslo Exchange	Q1 2018	MNOK 23

Underlying funds

Summary information regarding NAXS' underlying funds is provided below:

Fund	Fund size	Segment	Vintage	Geographic focus	# of portfolio companies	# of exits
Apax Europe VII	MEUR 11,000	large cap	2008	Europe/Global	12	23
FSN Capital III	MEUR 375	mid cap	2008	Norway/Nordic	2	8
Herkules PE III	MNOK 6,000	mid cap	2008	Norway/Nordic	4	7
Intera Partners I	MEUR 125	small cap	2007	Finland	3	4
Intera Partners II	MEUR 200	small cap	2011	Finland	8	4
JAB Consumer Fund – GCB II	MEUR 5,000	large cap	2018	Global	1	0
Nordic Capital VII	MEUR 4,300	mid/large cap	2008	Primarily Nordic	3	15
Nordic Capital CV1	MEUR 2,500	mid/large cap	2018	Primarily Nordic	9	0
Mimir Invest	<msek 500<="" td="">	small cap	2017	Sweden/Nordic	3	0	small cap	2017	Sweden/Nordic	3	0
Valedo Partners I	MSEK 1,000	small cap	2007	Sweden	0	9
Valedo Partners II	MSEK 2,000	small cap	2011	Sweden	10	1

Group

Financial performance, Second quarter 2018

Operating profit

The operating profit amounted to KSEK -8,312 (49.380) for the quarter. The operating profit includes a change in value of KSEK -1,650 (53,103), whereof KSEK -10,008 (53,103) is a change in value of private equity fund investments, and KSEK 8,358 (-) is a change in value of other investments. Operating expenses amounted to KSEK 6,662 (3,723).

Financial performance, First half-year 2018

Operating profit/loss

The operating profit/loss amounted to KSEK 19,399 (60,338) for the year. The operating profit/loss includes a change in value of KSEK 29,454 (67,300), whereof KSEK 19,686 (67,300) is a change in value of private equity fund investments, and KSEK 9,768 (-) is a change in value of other investments. Realized profit/loss in investments in private equity funds amounts to KSEK 25,581 (104,477), and unrealized profit/loss amounted to KSEK -5,895 (-37,177). The currency effects are included in the changes in value, and amounted to KSEK 8,832 (2,834) for the year. Realized profit/loss in other investments amounts to KSEK 1,220 (-), and unrealized profit/loss amounted to KSEK 8,548 (-). Operating expenses amounted to KSEK 10,055 (6,962).

January 1 – June 30, 2018

Changes in value of private equity fund investments: KSEK 19,399, whereof currency effects on private equity fund investments KSEK 8,832.

Financial items

Financial items net totaled KSEK -7,829 (-510) for the first half-year. The net interest income on cash in banks amounted to KSEK -1,108 (-932). Exchange rate profit/loss amounted to KSEK -6,721 (422).

Tax and net profit

The Group's profit/loss after financial items for the first half-year amounted to KSEK 11,570 (59,828). Income taxes amounted to KSEK 0 (0). Net profit/loss after tax amounted to KSEK 11,570 (59,828). Earnings per share were SEK 0.86 (4.14).

Investments, financing and liquidity

Private equity fund Investments

During the first half-year, net investments (-)/repayments from (+) private equity funds amounted to KSEK -34,551 (117,789) whereof KSEK 25,581 (104,477) is realized gains. As of June 30, 2018, private equity fund investments amounted to KSEK 397,717 (357,780).

June 30, 2018

Private equity fund investments per share: SEK 31.24

Other investments

During the second quarter, NAXS acquired 160,480 additional shares in Awilco Drillling PLC on the market for a total amount of KSEK 6,281. As of June 30, 2018, Other Investments amounted to KSEK 48,194.

Financing

The Group is financed with shareholders' equity. Shareholders' equity amounted to KSEK 773,188 (820,567) at the end of the first quarter, corresponding to SEK 60.73 (62.17) per share and an equity/asset ratio of 100 (100) percent.

June 30, 2018 Equity per share: SEK 60.73

Net cash

At the end of the first quarter, net cash amounted to KSEK 328,069 (449,671), which corresponds to SEK 25.77 (32.97) per share. During the interim period, cash and cash equivalents were invested in interest-bearing instruments or held on interest-bearing bank accounts, in accordance with the Company's policy.

June 30, 2018 Net cash per share: SEK 25.77

Significant risks and uncertainty factors

Significant risks and uncertainty factors are described in the Annual Report 2017. There has been no significant change in relation to risks and uncertainty factors since the publication of the Annual Report.

Future prospects

NAXS does not expect the short- to medium-term market conditions to deviate much from the ones that have prevailed since the start of the year.

Parent company

The parent company has not had any sales during the first half-year. The profit/loss after financial items amounted to KSEK 19,424 (11,770). During the year, dividends from subsidiaries amounting to KSEK 20,675 (14,466) were received. The net interest income amounted to KSEK -497 (-601) and exchange rate profit/loss amounted to KSEK 1,444 (268). Income tax amounted to KSEK 0 (0). The net profit/loss amounted to KSEK 19,423 (11,770).

Organization

The Company's CEO is Lennart Svantesson. The Board of Directors consists of John D. Chapman (chairman), Damhnait Ni Chinneide, Tony Gardner-Hillman and Andrew Wignall, who were re-elected at the 2018 Annual General Meeting.

The share

The NAXS share was initially listed on First North on May 14, 2007. Since June 8, 2010, the share is traded on NASDAQ Stockholm. The share trades under the designation "NAXS".

The number of outstanding shares in the Company at the beginning of the year was 13,637,387. During the interim period 906,557 shares were repurchased. The number of outstanding shares in the Company at the end of the interim period was 12,730,830. In June, the company made a share cancellation of 491,761 repurchased shares. Prior to the cancellation of the repurchased shares, the total number of shares and voting rights in NAXS was 14,066,531. The number of shares and voting rights decreased by 491,761 through the share cancellation. As of 30 June 2018, following completion of the share cancellation, the total number of shares and voting rights in NAXS was 13,574,770. At the end of the interim period, the NAXS share price was SEK 50.40 and the total shareholders' equity per share was SEK 60.73. The Company's market capitalization was MSEK 642 and the number of shareholders was 1,026.

Evolution of the share price during first half-year 2018

Accounting principles

The condensed consolidated financial statements have been established in accordance with the International Financial Reporting Standards (IFRS), as recognized by the EU. This report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Reporting legislation.

The accounting principles applied in this report are described in the Annual Report 2017. The Parent Company follows the Swedish Annual Reporting legislation and the Swedish Financial Reporting Board RFR 2 for legal entities, which provides that the IFRS principles shall apply.

Alternative performance measures

The definitions for the net asset value, net cash/net debt and gross IRR performance measures are provided in the 2017 Annual Report and in the definitions on page 19 of this report. The equity ratio is defined as equity in relation to total assets. These alternative performance measures are essential for the understanding and evaluation of NAXS's business.

Financial information Contact persons

Interim Report (9 months): October 19, 2018 Lennart Svantesson, CEO Year-end Report (12 months): January 29, 2019 +46 73 311 00 11

lennart.svantesson@naxs.se Gösta Lundgren, CFO +46 70 710 47 88 gosta.lundgren@naxs.se

Ticker codes

NAXS SS in Bloomberg NAXS.ST in Reuters

This information is information that NAXS AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 8.30 CET on July 12, 2018.

This report is an in-house translation of the original report in Swedish

The undersigned declare that the half-year report provides a true and fair overview of the Parent Company's and the Group's operations, their financial position and performance, and describes material risks and uncertainties facing the Parent Company and other companies in the Group.

Stockholm, July 12, 2018

John D. Chapman Chairman

Tony Gardner-Hillman Director

Damhnait Ni Chinneide Director

Andrew Wignall Director

Lennart Svantesson Chief Executive Officer

This report has not been subject to review by the Company's auditors.

This report and other information are available on www.naxs.se

NAXS AB (publ) Corp. Reg. No. 556712-2972 Grev Turegatan 10 114 46 Stockholm, Sweden Tel: +46 8 611 33 25, E-mail: info@naxs.se

Consolidated Income Statement Amounts in SEK 000s

	2018	2017	2018	2017
	1/1-6/30	1/1-6/30	4/1-6/30	4/1–6/30
Change in value	29 454	67 300	-1 650	53 103
Operating costs Note 1	-10 055	-6 962	-6 662	-3 723
Operating profit/loss	19 399	60 338	-8 312	49 380
Net financial items	-7 829	-510	-1 161	-134
Profit/loss after financial items	11 570	59 828	-9 473	49 246
Income taxes	-	-	-	-
Net profit/loss	11 570	59 828	-9 473	49 246
Attributable to:
Parent company shareholders	11 570	59 828	-9 473	49 246
Earnings per share, SEK*	0,86	4,14	-0,72	3,41
Average number of shares, 000s Basic and diluted	13 380	14 457	13 153	14 457

Consolidated Statement of Comprehensive Income Amounts in SEK 000s

	2018	2017	2018	2017
	1/1-6/30	1/1-6/30	4/1-6/30	4/1–6/30
Net income	11 570	59 828	-9 473	49 246
Other comprehensive income
Items which will be reversed to the income statement
Exchange differences	20 931	2 319	13 366	5 218
Total comprehensive income	32 501	62 147	3 893	54 464
Attributable to:
Parent company shareholders	32 501	62 147	3 893	54 464
Total comprehensive income	32 501	62 147	3 893	54 464

Consolidated Balance Sheet Amounts in SEK 000s

	2018	2017
	06/30	12/31
Assets
Private equity fund investments	397 717	357 780
Other financial investments	48 194	13 930
Total non-current assets	445 911	371 710
Other receivables	299	161
Cash and cash equivalents	328 069	449 671
Total current assets	328 368	449 832
Total assets	774 279	821 542
Equity	773 188	820 567
Current liabilities	1 091	975
Total equity and liabilities	774 279	821 542

Consolidated Net cash Amounts in SEK 000s

	2018	2017
	6/30	12/31
Cash, bank and short-term investments	328 069	449 671
Total net cash	328 069	449 671

Consolidated Statement of Changes in Equity Amounts in SEK 000s

	2018	2017	2017
	1/1-6/30	1/1-12/31	1/1-6/30
Equity at the beginning or the year	820 567	841 816	841 816
Repurchases of own shares	-47 671	-60 234	-38 323
Dividend	-32 209	-	-
Total comprehensive income for the period	32 501	38 985	62 147
Shareholder's equity at the end of the period	773 188	820 567	865 640

Consolidated Statement of cash flows analysis Amounts in SEK 000s

	2018	2017
	1/1-6/30	1/1-6/30
Profit/loss after financial items	11 570	59 828
Adjustment for non-cash items, etc.	688	39 568
Income tax paid	-	-
Cash flow from operating activities before changes in working capital	12 258	99 396
Cash flow changes in working capital	-32	462
Cash flow from operating activities	12 226	99 858
Acquisitions/disposals of private equity fund
investments, net	-31 530	13 309
Other financial investments	-24 909	-
Cash flow from investing activities	-56 439	13 309
Repurchases of own shares	-47 671	-38 323
Dividend	-32 209	-
Cash flow from financing activities	-79 880	-38 323
Cash flow during the period	-124 093	74 844
Cash and cash equivalents, beginning of the year *	449 671	383 807
Exchange-rate differences in cash and cash
equivalents	2 491	-72
Cash and cash equivalents at the end of the
period	328 069	458 579
* Including short-term investments

Parent Company Income Statement Amounts in SEK 000s

	2018	2017	2018	2017
	1/1-6/30	1/1-6/30	4/1-6/30	4/1–6/30
Operating costs	-2 198	-2 363	-1 082	-1 435
Operating profit/loss	-2 198	-2 363	-1 082	-1 435
Income from shares in group companies	20 675	14 466	20 675	14 466
Net financial items	947	-333	94	43
Profit /loss after financial items	19 424	11 770	19 687	13 074
Income taxes	-	-	-	-
Net profit/loss for the period	19 424	11 770	19 687	13 074

Parent Company Statement of Comprehensive Income Amounts in SEK 000s

Total comprehensive income for the period	19 424	11 770	19 687	13 074
Net profit/loss for the period	19 424	11 770	19 687	13 074
	1/1-6/30	1/1-6/30	4/1-6/30	4/1–6/30
	2018	2017	2018	2017

Parent Company Balance Sheet

Amounts in SEK 000s

	2018	2017
	6/30	12/31
Assets
Shares in subsidiaries	481 802	481 802
Receivables on group companies	26 757	25 312
Total non-current assets	508 559	507 114
Other receivables	358	161
Cash and cash equivalents	224 246	286 330
Total current assets	224 604	286 491
Total assets	733 163	793 605
Equity	732 474	792 930
Current liabilities	689	675
Total equity and liabilities	733 163	793 605

Parent Company Statement of Changes in equity Amounts in SEK 000s

	2018	2017	2017
	1/1-6/30	1/1–12/31	1/1-6/30
Equity at the beginning of the year	792 930	843 372	843 372
Repurchases of own shares	-47 671	-60 234	-38 323
Dividend	-32 209	-	-
Total comprehensive income for the period	19 424	9 792	11 770
Shareholder's equity at the end of the period	732 474	792 930	816 819

Note 1

Operating costs Amounts in SEK 000s

	2018	2017	2018	2017
	1/1-6/30	1/1-6/30	4/1-6/30	4/1–6/30
Fee to the investment advisor	-3 824	-3 760	-1 996	-1 788
Carried interest to the investment advisor	-3 682	-409	-3 435	-255
Personnel expenses	-910	-772	-460	-394
Other operating costs	-1 639	-2 020	-771	-1 286
	-10 055	-6 962	-6 662	-3 723

No related party transaction occurred during the period, except for remunerations to the board members and the managing director.

Note 2

Financial assets and liabilities

NAXS's financial instruments consist of fund investments, cash and cash equivalents and accounts payable. Level 3 investments includes only the Company's publicly traded share of the fund holdings / securities of unlisted companies (in some cases, also listed companies). When observable prices are not available for these securities, the fund manager uses one or more valuation techniques (e.g. yield methods or income-based methods), or a combination of techniques, for which sufficient and reliable data are available. Within Level 3, the market approach generally uses earnings multiples of comparable companies, while the income-based approach generally uses the present value of estimated future cash flows, adjusted for liquidity, credit, market and/or other risk factors.

For NAXS, the book value of all financial assets and liabilities corresponds to fair value. All amounts are shown in the reported balance sheets.

Definitions

Buyout fund

A private equity fund, whose strategy is to acquire a controlling interest in the targeted companies

Cash & cash equivalents Cash, bank and short-term investments

Cash per share

Cash & cash equivalents in relation to the number of outstanding shares at the end of the period

Commitment The maximum amount that a limited partner agrees to invest in a fund

Current commitments

Acquisition cost for private equity fund investments, plus remaining commitments to private equity funds

Gross IRR

The internal rate of return generated annually at the underlying private equity funds' level, before the deduction of the management fees and carried interest. The calculation includes all payments to the funds and all distributions from the funds since their inception, but excludes the management fees and carried interest

Net asset value (NAV)

The fair value of total assets, less net debt (corresponds to equity)

Net asset value (NAV) per share

The fair value of total assets, less net debt (corresponds to equity) in relation to the number of outstanding shares at the end of the period

Net cash/Net debt

Cash and cash equivalents, short-term investments and interest-bearing current and longterm receivables, less interest-bearing current and long-term liabilities

Other investments

Investments in financial instruments other than private equity funds

Private equity fund investments Fair value of investments in private equity funds

Special situations fund

A private equity fund, whose strategy is to acquire companies, where an active ownership is required, such as under-performing companies, and/or imply complex transactions, such as carve-outs from larger conglomerates.

Total assets

All assets and liabilities not included in net debt or net cash, which is the same as the balance sheet total, less asset items included in net debt or net cash and less non-interestbearing liabilities

Total exposure to private equity fund investments and other investments Private equity funds investments and remaining commitments to private equity funds, as well as other investments