Dear shareholders,
The great net asset value performance in the first quarter continued in the second quarter, with the total net asset value increasing by 26% from 227 MSEK as per 31 March 2019 to 287 MSEK as per 30 June 2019.
Most importantly, the net asset value per share has during the second quarter 2019 increased from SEK 187 per share to SEK 229 per share, an increase of 23%. In total for the first six months 2019 the net asset per share development is 85%.

The remarkable net asset value per share development during both the first and the second quarter 2019 is almost entirely the result of the value increase in Exeger.

Monthly key events

Meva Energy
We expected to have signed a first agreement by now, but can conclude that the process takes longer than first anticipated which is a disappointment. Despite the delays we see positive development in the project and this experience has given us valuable knowledge which will sharpen and improve the marketing strategy in the future.
There are several other customer leads for Meva Energy and two companies are moving ahead with negotiations. We expect decisions from these potential customers during the third and fourth quarter.

QFS/Delta
The development for both QFS and Delta has unfortunately been slow. QFS is looking to bring supply to China and Delta is looking to bring demand for Chinese refined products.
We are still in the process of establishing the legal framework between buyers and sellers as well as aligning banking and payment structure. We continue to develop the business plan and we maintain our strong belief in the business although things take longer than expected.

Exeger
It was announced that Japanese SoftBank invested in Exeger and entered into a partnership agreement with Exeger. Exeger also announced the long awaited first commercial contract and this followed followed by the news of an investment from AMF Pension in Exeger. All things are now pointing in the right direction for Exeger, the backing from giant investors and a commercial contract with a global large consumer electronics company.  
Several exciting milestones are ahead, product launch and additional commercial contracts. The coming years are extremely interesting from a growth and valuation perspective.

Molindo Energy
Due to the strong performance of Exeger during the first half 2019, Molindo Energy has had an exceptional net asset value increase per share of 85%. We are naturally happy about this development, but at the same time we expect better progress in the other portfolio companies. I wish you all a continued great summer!

Yours sincerely,
Morgan Sadarangani