<a id="bm-comp-9e65c450-9782-4f19-81ae-d21ecfff3957" name="bm-comp-9e65c450-9782-4f19-81ae-d21ecfff3957" class="BMCustomAnchor"></a><table><tr><td bm-component-id="9e65c450-9782-4f19-81ae-d21ecfff3957" style="vertical-align: top; width:100.000000%;"><ul><li>Diversified Nordic buyout platform with multi-vintage exposure</li><li>Documented realisation discipline and resilient NAV progression</li><li>Trading above historical NAV discount, driven by private risk premium</li></ul></td></tr></table><a id="bm-comp-c3302b90-413d-48af-aa44-8d3faa9369d0" name="bm-comp-c3302b90-413d-48af-aa44-8d3faa9369d0" class="BMCustomAnchor"></a><table><tr><td bm-component-id="c3302b90-413d-48af-aa44-8d3faa9369d0" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Diversified Nordic buyout platform</h3><p>Coeli Private Equity provides listed exposure to ~40 Nordic small- and mid-cap buyout funds, representing over 220 underlying portfolio companies. The multi-vintage structure reduces single-cycle risk and supports continuous capital deployment across market environments. The evergreen format enables reinvestment, distributions or share buybacks as realised proceeds are generated, preserving capital allocation flexibility over time.</p><h3 class="bm-h3">Documented value creation and NAV resilience</h3><p>Historical exit data (including the platform track record prior to listing) indicates average realised multiples of ~2.7x and IRR of ~20% across more than 170 exits. Realised values have on average exceeded prior carrying values, indicating conservative fund-level valuations. NAV has remained resilient across cycles, with 12-month rolling NAV growth of ~6.5% (including the March 2026 distribution) despite a softer exit environment post-2022. The performance reflects diversified exposure and disciplined manager selection rather than single outlier transactions.</p><h3 class="bm-h3">Valuation reflects elevated private market risk premium</h3><p>As of April 2026, reported NAV amounts to SEK 174.47 per share, with the stock trading at a ~28.4% discount - above the average of ~21% since 2020. The valuation reflects a continued private market risk premium linked to valuation lag, exit timing and limited near-term distribution visibility. Applying a 20-35% discount range to current NAV implies a fair value range of SEK 113-140 per share, reflecting varying assumptions regarding exit normalisation and structural risk premia. Relative to its peer NAXS, Coeli is trading at a wider discount despite stronger NAV progression and a leaner cost base. This suggests discount dynamics remain closely tied to exit visibility and capital recycling momentum.</p></td></tr></table>