www.naxs.se. Grev Turegatan 10, 1tr, SE-114 46 Stockholm, Sweden. Phone: +46 (0) 8 611 33 25

January 2020NAXS AB

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

NAXS

• NAXS is a company listed on NASDAQ Stockholm and investing primarily in private equity funds with a Nordic focus. NAXS 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 2007, the company currently offers an attractive exposure to the private equity segment:

• 11 private equity funds from 8 managers

• 44 underlying portfolio companies (remaining after 90 exits)• 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:

• Scout Gaming Group, a provider of Daily Fantasy Sports listed on 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 AS, a wholly-owned subsidiary of Master Marine AS. The Bond has a tenor of 5 years and a coupon of 10% p.a., with quarterly interest payments.

• As per Q4 2019, 90 full exits and more than 30 recapitalisations. The 90 exits have generated an average gross IRR of 19%.

• NAXS has a distribution policy aiming at returning to shareholders, in the long-term, 50% to 75% of profits after tax. For FY 2019, the Board of Directors of NAXS proposes a dividend of SEK 3.00/share, representing a dividend yield of 6.1% (share price at 31/12, 2019)

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Permanent capital focusing on the Nordic market

Fee structure

Management fee Carried interest

1% p.a. up to NAV of SEK 1 billion

5% over a preferred returnof 5% to investors

0.5% p.a. on NAV over SEK 1 billion

–

Buyout funds Commitment Fund Size

Apax Europe VII EUR 15m EUR 11bn

FSN Capital III EUR 10m EUR 375m

Herkules Private Equity III NOK 40m NOK 6bn

Intera Fund I EUR 7m EUR 125mIntera Fund II EUR 7,25m EUR 200m

JAB Consumer Fund – GCB II USD 5bn

JAB Consumer Fund – GCB III

Nordic Capital Fund VII EUR 20m EUR 4.3bn

Nordic Capital CV1 EUR 4m EUR 2.5bn

Valedo Fund II SEK 65m SEK 2bn

Special situations fund Commitment Fund Size

Mimir Invest AB SEK 50m < SEK 500m

Direct investments Size of initial investment

Scout Gaming Group SEK 9.5m

Awilco Drilling Plc SEK 30.7m

Jacktel A/S SEK 28.3m

NAXS Snapshot Q4 2019

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Sweden Finland Norway/Nordic

NAXS AB

Total equity MSEK 710SEK 63.63 per share

Europe/Global

NAXS A/S Naccess Partners

Valedo I & II Intera I & II FSN III Herkules III Nordic Capital VIIApax VII

Mid cap buyoutFund size MEUR 300–2,000

Large cap buyoutFund size above MEUR 2,000

Nordic/EuropeNorway/Nordic

Small cap buyoutFund size less than MEUR 300

EXITEDEXITED

EXITED

EXITEDIPO

IPOEXITEDIPO

IPO

IPO EXITED

Mimir Invest AB

Small cap special situations

EXITED

IPO in May 2007 – As of Q4 2019, 11 private equity funds, 44 portfolio companies, 90 exits, direct investments in 2 listed companies and 1 bond

Primarily Nordic

IPO

IPO

Direct investments

Nordic Capital CV1

JAB Consumer FundGCB II

Global

EXITED

JAB Consumer FundGCB III

EXITED

NAXS

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NAV evolutionThe NAV per share decreased by 0.8% during Q4 2019 and increased by 7.5% over 12 months (including the dividend paid)

52,78

54,52

53,3 54,1956,69 57,68

61,55 60,41 60,1762,32 60,73 62,31 61,81

63,75 62,264,16 63,63

0,4

0,40,4

0,4

0,40,4

0,40,4 0,4

0,40,4

0,4 0,4

0,40,4

0,4 0,4

0,5

0,50,5

0,5

0,50,5

0,50,5 0,5

0,50,5

0,5 0,5

0,50,5

0,5 0,5

2

22

2

22

22 2

22

2 2

22

2 2

2,32,3

2,32,3

2,32,3

2,32,3 2,3

2,32,3

2,3 2,32,3

2,32,3 2,3

2,52,5

2,52,5

2,52,5 2,5

2,52,5

2,5 2,52,5

2,52,5 2,52,53

2,53 2,532,53

2,532,53 2,53

2,782,78 2,78

35

40

45

50

55

60

65

70

75

80

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019

NAV Dividend paid 2012 Dividend paid 2013 Dividend paid 2014

Dividend paid 2015 Dividend paid 2016 Dividend paid 2018 Dividend paid 2019

0 0 1

53 3 2

53

5

1

12

4

11

16

11

13

1412

6

3

2

11

0

2

4

6

8

10

12

14

16

18

20

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Remaining companies Exited

NAXS

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90 exits (Q4 2019)

The 90 exits have generated an average gross IRR of 19%

134 portfolio companies have been acquired since inception in 2007, 90 of which have been fully exited

NAXSExamples of exits in the press

NAXSOn a street near you!

NAXS

134 companies acquired by underlying funds over a 13-year period

90 exits and more than 30 recapitalizations as of Q4 2019

Average holding period of current portfolio companies is approx. 4.5 years

No of companies acquired per year

• 11 private equity funds• 8 managers• 44 underlying portfolio companies

• direct investments in 2 listed companies and 1 bond

High degree of diversification with attractive Nordic-based companies

Value transfer to shareholders via dividends and/or share repurchases

Summary

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For FY 2019, NAXS BoD proposes a dividend of SEK 3.00/share, representing a dividend yield of 6.1% (share price 31/12 2019)In addition, NAXS repurchased >6% of its own shares during ́2019

0 0 1

53 3 2

53

5

1

12

4

11

1611

1314

12

63

21

1

0

2

4

6

8

10

12

14

16

18

20

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Remaining companies Exited

AppendixNAXS AB

NAXS portfolio

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11 private equity funds and direct investments in 2 listed companiesand 1 bond

Buyout Funds Fund size Segment VintageGeographic focus

# of current portfolio companies

# of exitedportfolio companies Website

NAXSoriginal Commitment

Intera Fund I KY MEUR 125 Small cap 2007 Finland 1 6 wwww.interapartners.fi MEUR 7

Apax Europe VII LP MEUR 11,000 Large cap 2008 Europe/Global 10 26 www.apax.com MEUR 15

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

Herkules Private Equity Fund III LP MNOK 6,000 Mid cap 2008 Norway/Nordic 1 10 www.herkulescapital.no MNOK 40

Nordic Capital Fund VII LP MEUR 4,300 Large/mid cap 2008 Primarily Nordic 2 17 www.nordiccapital.com MEUR 20

Intera Fund II KY MEUR 200 Small cap 2011 Finland 7 4 wwww.interapartners.fi MEUR 7.25

Valedo Partners Fund II AB MSEK 2,000 Small cap 2011 Sweden 8 3 www.valedopartners. MSEK 65

Mimir Invest AB <MSEK 500m Small cap 2017 Primarily Nordic 7 0 www.mimirinvest.com MSEK 50

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 0 0 www.jabholdco.com

Direct Investments Sector Type of instrumentTiming of original investment Website

Size ofinitial 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

NAXS AB

Tony Gardner-Hillman(1956)Board Member

Board of Directors & Executives

• 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: BellzoneMining Plc, The Ottoman Fund Limited, Black See Property Fund Limited, ACP Capital Limited

John Chapman(1956)Chairman

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 AB (publ) – Board of Directors

• Former CEO of Bure Equity AB, ScribonaAB, Arthur D. Little Scandinavia

• Example of board positions: Vehco AB, Icomera AB, Chalmers Innovation AB

Lennart Svantesson(1953)CEO

Gösta Lundgren(1955)CFO

• Former CFO of Varyag Resources and auditor at Osborne Johnson Revisionsbyrås AB

NAXS AB (publ) – Executives

Damhnait Ni Chinneide(1974)Board Member

• 16 year career in global financial markets in both banking and asset management, with various positions at Pioneer Investments, Lee Overlay Partners and JPMorgan

• BA in Finance from National University of Ireland and Masters in Financial Services from University College Dublin

NAXS A/SBoard of Directors

• 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

John Chapman(1956)Board Member

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

• CEO of NAXS AB

• Former CEO of Bure Equity AB, ScribonaAB, Arthur D. Little Scandinavia

• Example of board positions: Vehco AB, Icomera AB, Chalmers Innovation AB

Lennart Svantesson(1953)Board Member

Robin Ahlström(1946)Chairman

• Former CEO of Alfred Berg and former Head of Nordic Region, Goldman Sachs

• Example of current board positions: Stronghold AB, Niam AB, Ahlström Oy

• Other positions: industrial advisor to Altor Equity Partners

Naccess Partners AB

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Investment advisor

Amaury de Poret(1971)Managing Partner

• 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.

Thomas Åkerman(1955)Managing Partner

• Co-founder of the NAXS Group

• Over 20 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.

NAXS

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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

• Investment alongside private equity funds and other alternative assets funds

• Up to 40% of NAV may be invested in any securities or assets in any jurisdiction.

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

Dividend policy • 50–75% of profit after tax, excluding unrealized income and costs

Financing & management of net cash

• Fund investments are financed through equity

• Liquid assets/net cash invested in secure short interest-bearing instruments only

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

Legal form A public limited liability company incorporated under Swedish law

Investable assets Up to SEK 1,000 million

Number of shares 11,910,061 shares / single share class

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 to investors

Listing NASDAQ OMX Stockholm

Ticker • NAXS SS in Bloomberg

• NAXS.ST in Reuters

Auditor Ernst & Young

Reporting Aggregate NAV reported on a quarterly basis

NAXS

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Selected definitions / Contact informationSelected definitions*

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

CommitmentThe maximum amount that a limited partner agrees to invest in a fund

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

Gross IRRThe 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 valueThe fair value of total assets, less net debt (corresponds to equity)

Net debt/Net cashCash and cash equivalents, short-term investments and interest-bearing current and long-term receivables, less interest-bearing current and long-term liabilities

Other investmentsInvestments in financial instruments other than private equity fundsPrivate equity fund investmentsFair value of investments in private equity funds

Special situations fundA 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 investmentsPrivate equity funds investments and remaining commitments to private equity funds, as well as other investments

* 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, CEOGrev Turegatan 10114 46 StockholmEmail: lennart.svantesson@naxs.seTel: +46 733 110 011

Naccess Partners AB

Thomas ÅkermanEmail: thomas@naccess.seAmaury de PoretEmail: adp@naccess.se

Pareto Securities AB (share and trading information)

Joakim AppeltofftEmail: Joakim.appeltofft@paretosec.com

Tel: +46 40 75022