AB Q3 016 www.naxs.se. Grev Turegatan 10, 1tr, SE-114 46 Stockholm, Sweden. Phone: +46 (0) 8 611 33 5
AB Permanent capital focusing on the Nordic market NAXS 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, to a limited extent, make other types of investments. Listed in 007, the company currently offers an attractive exposure to the private equity buyout segment: 8 private equity funds from 6 managers 11 underlying portfolio companies 3 vintage years (007, 008, 011) exposure to large, mid and small cap segments, with strong weighting towards small and mid cap managers Fund Commitment Fund Size Apax Europe VII EUR 15m EUR 11bn FSN Capital III EUR 10m EUR 375m Herkules Private Equity Fund III NOK 40m NOK 6bn Intera Fund I EUR 7m EUR 15m Intera Fund II EUR 7,5m EUR 00m Nordic Capital Fund VII EUR 0m EUR 4.3bn Valedo Fund I SEK 60m SEK 1bn Valedo Fund II SEK 65m SEK bn As per Q3 016, 47 full exits and more than 0 recapitalisations. The 47 exits have generated an average gross IRR of 3% Distribution policy aiming at returning to shareholders, in the long-term, 50% to 75% of profit after tax. For FY 015, NAXS has paid a dividend of SEK.50/share (an 8.7% increase over the FY 014 dividend of SEK.30/share). Fee structure Management fee 1% p.a. up to NAV of SEK 1 billion 0.5% p.a. on NAV over SEK 1 billion Carried interest 5% over a preferred return of 5% to investors PLEASE REFER TO THE FULL YEAR-END 015 REPORT (AVAILABLE ON WWW.NAXS.SE) FOR COMPLETE INFORMATION
Snapshot IPO in May 007 As per Q3 016, 8 private equity funds, over 65 portfolio companies, 47 exits and more than 0 recapitalisations Summary Financial Information (Q3 016) Equity/share: SEK 54.19 Private equity fund investments: 57% of equity NAXS AB Total equity MSEK 806 SEK 54.19 per share NAXS A/S Naccess Partners Small cap Fund size less than MEUR 300 Mid cap Fund size MEUR 300,000 Large cap Fund size above MEUR,000 Valedo I & II Intera I & II FSN III Herkules III Nordic Capital VII Apax VII Sweden Finland Norway/Nordic Norway/Nordic Nordic/Europe Europe/Global 3
NAV evolution The NAV per share increased by 1.6% during Q3 016 and by 4.7% over 1 months (incl. dividend paid) 65 60,5,5 55 50,3,3,3,3,3,3 45 40 39,7 40,83 43 41,71 4,34 43,9 46,09 44,86 48,85 53 51,94 5,06 54,16 5,76 54,5 53,3 54,19 35 Q3 01 Q4 01 Q1 013 Q 013 Q3 013 Q4 013 Q1 014 Q 014 Q3 014 Q4 014 Q1 015 Q 015 Q3 015 Q4 015 Q1 016 Q 016 Q3 016 NAV Dividend paid 01 Dividend paid 013 Dividend paid 014 Dividend paid 015 Dividend paid 016 4
47 exits 11 portfolio companies have been acquired since inception in 007, 47 of which have been fully exited (Q3 016) 0 No of companies acquired per year (exited companies in grey) 15 10 10 7 8 3 The 47 exits have generated an average gross IRR of 3% 9 7 3 5 0 1 11 8 7 6 6 5 4 3 007 008 009 010 011 01 013 014 015 016 Remaining companies Exited 5
Examples of recent exits in the press Herkules in NOK.bn Espresso House exit
On a street near you! N.B. The companies featured on this slide comprise both existing and former portfolio companies
Summary 8 private equity funds 6 managers over 60 underlying portfolio companies High degree of diversification with attractive Nordic-based companies No of companies acquired per year (exited companies in grey) 0 11 companies acquired over a 9-year period 47 exits and more than 0 recapitalizations as of Q3 016 15 10 5 0 7 3 8 10 7 9 3 11 1 8 6 5 6 7 3 4 00700800901001101013014015016 Average holding period of current portfolio companies is approx. 5 years Remaining companies Exited For FY 015, NAXS has paid a dividend of SEK.50/share (an 8.7% increase over the SEK.30/share dividend for FY 014) Value transfer to shareholders 8
AB Appendix
Selected data Current portfolio 8 underlying private equity funds (Q3 016) Fund Fund size Segment Vintage Geographic focus # of current portfolio companies # of exited portfolio companies Website NAXS original Commitment Valedo Partners Fund I AB MSEK 1,000 Small cap 007 Sweden 7 www.valedopartners.se MSEK 60 Intera Fund I KY MEUR 15 Small cap 007 Finland 3 4 wwww.interapartners.fi MEUR 7 Apax Europe VII LP MEUR 11,000 Large cap 008 Europe/Global 15 0 www.apax.com MEUR 15 FSN Capital III LP MEUR 375 mid cap 008 Norway/Nordic 5 5 www.fsncapital.no MEUR 10 Herkules Private Equity Fund III LP MNOK 6,000 mid cap 008 Norway/Nordic 5 6 www.herkulescapital.no MNOK 40 Nordic Capital Fund VII LP MEUR 4,300 Large/mid cap 008 Primarily Nordic 15 3 MEUR 0 Intera Fund II KY MEUR 00 Small cap 011 Finland 11 1 wwww.interapartners.fi MEUR 7.5 Valedo Partners Fund II AB MSEK,000 Small cap 011 Sweden 9 1 www.valedopartners. MSEK 65 10
NAXS AB Board of Directors & Executives NAXS AB (publ) Board of Directors John Chapman (1956) Chairman Tony Gardner-Hillman (1956) Board Member Lawyer and Chartered Financial Analyst (CFA) specializing in representing shareholder interests in connection with the operation and management of investment funds Example of board positions: ACP Capital Limited, Central Asia Regional Growth Fund, Black Sea Property Fund, Trinity Capital Plc Lawyer with over 30 years of extensive experience in investment funds, corporate and trust company law, regulation and practice. Example of board positions: Bellzone Mining Plc, The Ottoman Fund Limited, Black See Property Fund Limited, ACP Capital Limited NAXS AB (publ) Executives Lennart Svantesson (1953) CEO Former CEO of Bure Equity AB, Scribona AB, Arthur D. Little Scandinavia Example of board positions: Vehco AB, Icomera AB, Chalmers Innovation AB Gösta Lundgren (1955) CFO Former CFO of Varyag Resources and auditor at Osborne Johnson Revisionsbyrås AB Andrew Wignall (1964) Board Member Fellow of the Institute of Chartered Accountants in England and Wales Independent non-executive director of a number of private equity, real estate and other alternative fund structures Example of board positions: Alden Global Capital, DN Capital, Capvis Equity Partners Priveq Investments
NAXS A/S Board of Directors NAXS Nordic Access Buyout A/S is the holding company for NAXS fund investments Grace Reksten Skaugen (1953) Chairperson Robin Ahlström (1946) Board Member Former Director Corporate Finance, Orkla Enskilda Securities Former CEO of Alfred Berg and former Head of Nordic Region, Goldman Sachs Example of board positions: Investor AB, StatoilHydro ASA, Orkla ASA Example of current board positions: Stronghold AB, Niam AB, Ahlström Oy Other positions: industrial advisor to Altor Equity Partners Lennart Svantesson John Chapman (1953) Board Member (1956) Board Member Lawyer and Chartered Financial Analyst (CFA) specializing in representing shareholder interests in connection with the operation and management of investment funds Example of board positions: ACP Capital Limited, Central Asia Regional Growth Fund, Black Sea Property Fund, Trinity Capital Plc CEO of NAXS AB Former CEO of Bure Equity AB, Scribona AB, Arthur D. Little Scandinavia Example of board positions: Vehco AB, Icomera AB, Chalmers Innovation AB
Naccess Partners AB Investment advisor Naccess Partners AB Thomas Åkerman (1955) Managing Partner Amaury de Poret (1971) Managing Partner Per Rinder (1949) Chairman Co-founder of the NAXS Group Over 0 years of experience in investment banking and private equity Former head of Corporate Finance for Sweden at Alfred Berg ABN Amro Former head of Merger & Acquisition for Sweden at Enskilda Securities Former president of Novestra, a venture capital fund listed on the Stockholm exchange B.Sc. (Economics and Mathematics) from the Stockholm and Lund Universities. Co-founder of the NAXS Group Over 15 years of private equity and alternative assets experience Associate in private equity and merger & acquisition practices of leading international law firms (lastly at the Stockholm office of White & Case) Part of the management team of a private equity fund managed out of São Paulo, Brazil and Washington DC Swiss-qualified attorney and LL.B. from the University of Fribourg, Switzerland. Former head of private equity fund investments at the Sixth Swedish National Pension Fund, one of the largest institutional private equity investors in the Nordic Region Reporting Clerk to the Court of Appeal and LL.B. from Stockholm University Member of the board of Accent Equity Partners AB 13
Investment characteristics and Company Facts* Investment criteria Investments in private equity funds, which have one or more of the Nordic countries (Denmark, Finland, Norway and Sweden) as their investment focus Legal form A public limited liability company incorporated under Swedish law Investment alongside private equity funds and other alternative assets funds in the Nordic countries Investable assets Up to SEK 1,000 million Up to twenty-five percent of NAV may be invested in any securities or assets in any jurisdiction. Number of shares 15 000 000 shares (excl. share repurchase)/ single share class Investment size and diversification NAXS intends to hold a diversified portfolio of investments However, based on market conditions, up to 40% of NAV may be placed in a single investment Advisory service fee 1% of reported NAV up to SEK 1.0bn, and 0.5% over SEK 1.0bn Carried interest Investors 95.0% and the Manager 5.0%, after a 5.0% preferred return for the benefit of investors 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 of net cash Fund investments are financed through equity Liquid assets/net cash invested in secure short interestbearing instruments only Auditor Reporting Ernst & Young Aggregate NAV reported on a quarterly basis * Please refer to www.naxs.se and the OMX listing prospectus for exhaustive information 14
Selected definitions / Contact information Selected definitions* 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 Net asset value The fair value of total assets, less net debt (corresponds to equity) Net debt/net cash Cash and cash equivalents, short-term investments and interest-bearing current and long-term receivables, less interest-bearing current and longterm liabilities Private equity fund investments Fair value of investments in private equity funds Total exposure to private equity fund investments Private equity funds investments and remaining commitments to private equity funds * For a full set of definitions please refer to the last page of the Company s financial reports or www.naxs.se Contact information NAXS AB Lennart Svantesson, CEO Grev Turegatan 10 114 46 Stockholm Email: lennart.svantesson@naxs.se Tel: +46 733 110 011 Naccess Partners AB Thomas Åkerman Email: thomas@naccess.se Amaury de Poret Email: adp@naccess.se Pareto Securities AB (share and trading information) Joakim Appeltofft Email: Joakim.appeltofft@paretosec.com Tel: +46 40 750 15