NAXS AB July 2020

www.naxs.se. Grev Turegatan 10, 1tr, SE-114 46 Stockholm, . Phone: +46 (0) 8 611 33 25 NAXS Permanent capital focusing on the Nordic market

• NAXS is a company listed on NASDAQ Stockholm and investing primarily in funds Commitment Fund Size funds with a Nordic focus. NAXS may also make direct Apax Europe VII EUR 15m EUR 11bn investments or co-investments alongside private equity or other alternative FSN Capital III EUR 10m EUR 375m assets funds. In addition, NAXS may, to a limited extent, make other types Herkules Private Equity III NOK 40m NOK 6bn of investments. Intera Fund I EUR 7m EUR 125m Intera Fund II EUR 7,25m EUR 200m • Listed in 2007, the company currently offers an attractive exposure to the JAB Consumer Fund – GCB II USD 5bn private equity segment: JAB Consumer Fund – GCB III

• 11 private equity funds from 8 managers Nordic Capital Fund VII EUR 20m EUR 4.3bn • 39 underlying portfolio companies (remaining after 94 exits) Nordic Capital CV1 EUR 4m EUR 2.5bn Valedo Fund II SEK 65m SEK 2bn • 6 vintage years (2007, 2008, 2011, 2017, 2018 and 2020) and exposure to large, mid and small cap segments

• NAXS also offers an exposure to 2 listed companies: Special situations fund Commitment Fund Size • Scout Gaming Group, a provider of Daily Fantasy Sports listed on Mimir Invest AB SEK 50m < SEK 500m NASDAQ First North • Awilco Drilling, a drilling operator listed on the Oslo exchange

• In addition, NAXS holds a senior secured bond issued in 2018 by Jacktel Direct investments Size of initial investment Scout Gaming Group SEK 9.5m AS, a wholly-owned subsidiary of Master Marine AS. The Bond has a tenor Awilco Drilling Plc SEK 30.7m of 5 years and a coupon of 10% p.a., with quarterly interest payments. Jacktel A/S SEK 28.3m • As per Q2 2020, 94 full exits and more than 30 recapitalisations. The 94 exits have generated an average gross IRR of 18%. Fee structure • NAXS has a distribution policy aiming at returning to shareholders, in the long-term, 50% to 75% of profits after tax. For FY 2019 NAXS has paid a 1% p.a. up to NAV of SEK 1 5% over a preferred return billion dividend of SEK 3.00/share, representing a dividend yield of 6.1% (share of 5% to investors price at 31/12, 2019) 0.5% p.a. on NAV over SEK 1 – billion

N.B. This presentation should be read along with all comments and definitions given in the OMX prospectus and the financial reports available at www.naxs.se 2 NAXS Snapshot Q2 2020

IPO in May 2007 – As of Q2 2020, 11 private equity funds, 39 portfolio companies, 94 exits, direct investments in 2 listed companies and 1 bond

NAXS AB

Total equity MSEK 618 SEK 55.42 per share Direct investments NAXS A/S Naccess Partners

Small cap buyout Mid cap buyout Large cap buyout Small cap special situations Fund size less than MEUR 300 Fund size MEUR 300–2,000 Fund size above MEUR 2,000 JAB Consumer Fund Nordic Capital VII Valedo I & II Intera I & II FSN III Herkules III Apax VII GCB II Mimir Invest AB JAB Consumer Fund Nordic Capital CV1 GCB III SwedenEXITED /Nordic Norway/Nordic IPO EXITED Nordic/Europe Europe/Global Primarily Nordic EXITED IPO Global IPO EXITED EXITED

EXITED IPO IPO EXITED EXITED IPO EXITED IPO

3 NAXS NAV evolution

The NAV per share decreased by 12% during Q2 2020 and by 6% over 12 months (including the dividend paid)

80,00 3,00 2,78 75,00 2,78 2,78 2,78 2,53 2,53 2,53 2,53 2,53 2,53 2,53 2,50 70,00 2,53 2,50 2,50 2,50 3,00 2,50 2,50 2,50 2,50 2,50 2,30 2,30 2,30 2,50 2,50 2,50 2,30 2,78 2,30 2,30 2,30 2,30 2,00 2,30 2,00 2,00 2,00 65,00 2,30 2,30 2,00 0,50 2,50 2,00 2,30 2,00 2,00 2,00 0,50 0,50 2,53 2,50 0,40 0,50 0,50 2,00 0,50 2,00 0,50 0,50 0,40 0,50 0,40 0,40 2,30 2,00 0,40 0,40 0,40 2,50 0,40 0,50 0,50 0,40 2,50 2,30 0,50 0,40 60,00 2,50 2,00 0,40 0,40 2,30 2,30 2,00 0,50 2,30 0,50 0,40 2,00 2,00 0,40 0,50 55,00 2,00 0,50 0,40 0,50 0,40 0,40

50,00 63,75 64,16 63,63 61,73 62,32 62,31 61,81 62,20 63,13 60,41 60,17 60,73 56,69 57,68 45,00 55,42 53,30 54,19

40,00

35,00 Q2 Q3 Q4 Q1 Q2 Q32017 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2016 2016 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020

NAV Dividend paid 2012 Dividend paid 2013 Dividend paid 2014 Dividend paid 2015

Dividend paid 2016 Divend paid 2018 Dividend paid 2019 Dividend paid 2020

4 NAXS 94 exits (Q2 2020)

133 portfolio companies have been acquired since inception in 2007, 93 of which have been fully exited

20

15

The 94 exits have generated an 15 10 average gross 15 IRR of 18% 13 16

11 3 12 11 1 5 6 2 1 5 5 3 3 3 2 2 2 1 1 0 0 0 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Remaining companies Exited

5 NAXS Examples of exits in the press NAXS On a street near you! NAXS Summary

• 11 private equity funds • 8 managers High degree of diversification • 39 underlying portfolio with attractive Nordic-based companies companies • direct investments in 2 listed companies and 1 bond

20 No of companies acquired per year

15 133 companies acquired by underlying funds over a 13- 15 Average holding period of current year period 10 15 portfolio companies is approx. 13 16 4.75 years 93 exits and more than 30 11 3 12 11 1 recapitalizations as of Q2 5 6 2 2020 1 5 5 3 3 3 2 2 2 1 1 0 0 0 0 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20

Remaining companies Exited

For FY 2019, NAXS paid a dividend of SEK 3.00/share, representing a Value transfer to shareholders dividend yield of 6.1% (share price 31/12 2019) via dividends and/or share repurchases In addition, NAXS repurchased >6% of its own shares during 2019 8 NAXS AB Appendix NAXS portfolio 11 private equity funds and direct investments in 2 listed companies and 1 bond

# of current # of exited NAXS Geographic portfolio portfolio original Buyout Funds Fund size Segment Vintage focus companies companies Website Commitment

wwww.interapartners.fi Intera Fund I KY MEUR 125 Small cap 2007 Finland 0 7 MEUR 7

Apax Europe VII LP MEUR 11,000 Large cap 2008 Europe/Global 8 28 www.apax.com MEUR 15

Norway/Nordic www.fsncapital.no FSN Capital III LP MEUR 375 Mid cap 2008 1 9 MEUR 10

www.herkulescapital.no Herkules Private Equity Fund III LP MNOK 6,000 Mid cap 2008 Norway/Nordic 0 11 MNOK 40

Nordic Capital Fund VII LP MEUR 4,300 Large/mid cap 2008 Primarily Nordic 1 18 www.nordiccapital.com MEUR 20

wwww.interapartners.fi Intera Fund II KY MEUR 200 Small cap 2011 Finland 6 5 MEUR 7.25

Valedo Partners Fund II AB MSEK 2,000 Small cap 2011 Sweden 6 5 www.valedopartners. MSEK 65

Mimir Invest AB

Nordic Capital CV1 MEUR 2,500 Large/mid cap 2018 Primarily Nordic 8 1 www.nordiccapital.com MEUR 4

JAB Consumer Fund GCB II USD 5,000 Large Cap 2018 Global 4 0 www.jabholdco.com MUSD 5

JAB Consumer Fund GCB III n/a Large cap 2020 Global 1 0 www.jabholdco.com

Timing of original Size of Direct Investments Sector Type of instrument investment Website initial investment

Scout Gaming Group AB iGaming listed share (Nasdaq First North) Q4 2017 www.scoutgaminggroup.com MSEK 9.5

Awilco Drilling PLC Oil & Gas listed share (Oslo Exchange) Q1 2018 www.awilcodrilling.com MSEK 30.7

Jacktel AS Oil & Gas bond Q4 2018 www.master-marine.no MSEK 28.3

10 NAXS AB Board of Directors & Executives

NAXS AB (publ) – Board of Directors

John Chapman Tony Gardner-Hillman Andrew Wignall Damhnait Ni Chinneide (1956) (1956) (1964) (1974) Chairman Board Member Board Member Board Member

• Lawyer and Chartered Financial Analyst • Lawyer with over 30 years of extensive • Fellow of the Institute of Chartered • 16 year career in global financial (CFA) specializing in representing experience in investment funds, Accountants in England and Wales markets in both banking and asset shareholder interests in connection with corporate and trust company law, management, with various positions at the operation and management of regulation and practice. • Independent non-executive director of a Pioneer Investments, Lee Overlay investment funds number of private equity, real estate and Partners and JPMorgan • Example of board positions: Bellzone other alternative fund structures • Example of board positions: ACP Capital Mining Plc, The Ottoman Fund Limited, • BA in Finance from National University • Example of board positions: Alden Global Limited, Central Asia Regional Growth Black See Property Fund Limited, ACP of Ireland and Masters in Financial Capital, DN Capital, Capvis Equity Partners Fund, Black Sea Property Fund, Trinity Capital Limited Services from University College Dublin Capital Plc Priveq Investments

NAXS AB (publ) – Executives

Lennart Svantesson Gösta Lundgren (1953) (1955) CEO CFO

• Former CEO of Bure Equity AB, Scribona • Former CFO of Varyag Resources AB, Arthur D. Little Scandinavia and auditor at Osborne Johnson Revisionsbyrås AB • Example of board positions: Vehco AB, Icomera AB, Chalmers Innovation AB NAXS A/S Board of Directors

NAXS Nordic Access Buyout A/S is the holding company for NAXS’s investments

Robin Ahlström Lennart Svantesson John Chapman (1953) (1946) (1956) Board Member Chairman Board Member

• Former CEO of Alfred Berg and former • Lawyer and Chartered Financial Analyst • CEO of NAXS AB Head of Nordic Region, Goldman Sachs (CFA) specializing in representing shareholder interests in connection with • Former CEO of Bure Equity AB, Scribona AB, Arthur D. Little Scandinavia • Example of current board positions: the operation and management of Stronghold AB, Niam AB, Ahlström Oy investment funds • Example of board positions: Vehco AB, • Other positions: industrial advisor to • Example of board positions: ACP Capital Icomera AB, Chalmers Innovation AB Altor Equity Partners Limited, Central Asia Regional Growth Fund, Black Sea Property Fund, Trinity Capital Plc Naccess Partners AB Investment advisor

Thomas Åkerman Amaury de Poret (1955) (1971) Managing Partner Managing Partner

• Co-founder of the NAXS Group • Co-founder of the NAXS Group

• Over 20 years of experience in • Over 15 years of private equity and and private equity alternative assets experience

• Former head of Corporate Finance for • Associate in private equity and merger Sweden at Alfred Berg ABN Amro & acquisition practices of leading international law firms (lastly at the • Former head of Merger & Acquisition Stockholm office of White & Case) for Sweden at Enskilda Securities • Part of the management team of a • Former president of Novestra, a private equity fund managed out of fund listed on the São Paulo, Brazil and Washington DC Stockholm exchange • Swiss-qualified attorney and LL.B. from • B.Sc. (Economics and Mathematics) the University of Fribourg, Switzerland. from the Stockholm and Lund Universities.

13 NAXS Investment characteristics and Company Facts*

Investment criteria • Investments in private equity funds, which have one or Legal form A public limited liability company incorporated under more of the Nordic countries (, Finland, Norway Swedish law and Sweden) as their investment focus

• Investment alongside private equity funds and other Investable assets Up to SEK 1,000 million alternative assets funds

• Up to 40% of NAV may be invested in any securities or Number of shares 11,910,061 shares / single share class assets in any jurisdiction.

Advisory service fee 1% of reported NAV up to SEK 1.0bn, and 0.5% over SEK 1.0bn Investment size and • NAXS intends to hold a diversified portfolio of diversification investments Carried interest Investors 95.0% and the Manager 5.0%, after a 5.0% • However, based on market conditions, up to 40% of NAV preferred return to investors may be placed in a single investment

Listing NASDAQ OMX Stockholm

Dividend policy • 50–75% of profit after tax, excluding unrealized income and costs Ticker • NAXS SS in Bloomberg • NAXS.ST in Reuters

Financing & management • Fund investments are financed through equity Auditor Ernst & Young of net cash • Liquid assets/net cash invested in secure short interest- bearing instruments only Reporting Aggregate NAV reported on a quarterly basis

* Please refer to www.naxs.se and the OMX listing prospectus for exhaustive information

14 NAXS Selected definitions / Contact information

Selected definitions* Contact information

Buyout fund NAXS AB A private equity fund, whose strategy is to acquire a controlling interest in the targeted companies Lennart Svantesson, CEO Grev Turegatan 10 Commitment 114 46 Stockholm The maximum amount that a limited partner agrees to invest in a fund Email: [email protected] Current commitments Tel: +46 733 110 011 Acquisition cost for private equity fund investments, plus remaining commitments to private equity funds Gross IRR Naccess Partners AB The internal rate of return generated annually at the underlying private equity funds’ level, before the deduction of the management fees and Thomas Åkerman carried interest Email: [email protected] Net asset value Amaury de Poret The fair value of total assets, less net debt (corresponds to equity) Email: [email protected] Net debt/Net cash Cash and cash equivalents, short-term investments and interest-bearing current and long-term receivables, less interest-bearing current and long- Pareto Securities AB (share and trading information) term liabilities Other investments Joakim Appeltofft Investments in financial instruments other than private equity funds Email: [email protected] Private equity fund investments Tel: +46 40 75022 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 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

15 * For a full set of definitions please refer to the last page of the Company’s financial reports or www.naxs.se