Molindo Energy has had an excellent first quarter of 2019. The total net asset value as per 31 December 2018 amounted to 138 MSEK and has increased by 64% to 227 MSEK as per 31 March 2019. The net asset value per share has during the first quarter 2019 increased from 124 SEK per share to 187 SEK per share, an increase of 51%.
The remarkable net asset value per share development during the first quarter 2019 is
mainly the result of the value increase in Exeger following the investment by SoftBank.

Monthly Highlights

Meva Energy
Focus is on the Essity project and  final negotiations are taking place. We are
aiming to have an agreement in place during this first half 2019. The size and
reputation of Essity will make an excellent commercial launch for Meva Energy.
There is furthermore a clear interest from traditional gas companies to form partnerships with Meva Energy. There is an increased interest for biogas and especially for biogas that is locally produced and a partnership with Meva Energy offers the traditional gas companies a continued role as gas distributors.

QFS
We are now fully prepared to execute on a commercial deal and hope to commercially launch shortly. QFS is waiting on their Chinese counterparties to finalize the remaining paperwork. We continue to have a strong belief in the business although things take longer than expected. The first deals to execute are a couple of spot transactions of refined products such as diesel, gasoline and jet fuel. Following spot deals, there is interest from these buyers to move toward term deals of monthly deliveries for 12 months. 
 
Exeger
The obvious significant event during the first quarter 2019 for Exeger was the
announcement that Japanese SoftBank invested MUSD 10 in Exeger. The investment is important for Exeger, but we see the partnership agreement between SoftBank and Exeger as even more valuable. With several hundreds of portfolio companies within the tech and consumer electronics markets, there is now a giant customer market within SoftBank. The commercialisation process continues for Exeger and if it was a strong case before the partnership with SoftBank, it has become an even stronger case after.

The clear next milestone for Exeger is obviously a commercial order and through SoftBank the probability is much higher. Even if the valuation significantly increased following the investment, we feel that much of the valuation upside remains and we are looking forward to a commercial break through for the company.

Molindo Energy
We could not have hoped for a better first quarter 2019, as we have seen a strong net asset value increase per share of 51% and overall good progress in all portfolio companies.

Yours sincerely,
 
Morgan Sadarangani