Trading Update

The sale of shares in CTM has nothing to do with our view on the stock or the future for the company. On the contrary, the company has reached yet another stage where we feel comfortable to sell. We have always sold responsibly in the past (previously at 33 and 80 SEK) and investors have done well subsequently. We have not weighed in any valuation or outlook aspects in our decision. If so, we would not have sold. We are focused on developing new companies as a venture firm and can not have a portfolio dominated by one single listed and well developed share over time, whichever it would be. Hence we are surprised that our sale is seen as dramatic by some. Having said that, Catena Media remains our most important holding and we will continue to be very active and long term owners. This is evidenced by the one year lockup, which is four times longer than market standard. We currently don’t even have an intention to sell after that expiry. We look forward to our continued active board work in the company!