Profit after tax for 2008 amounted to KSEK 11,7.


Stockholm, February 5, 2009                                                     

PRESS RELEASE                                                                   
	                                                                               
YEAR-END REPORT 2008                                                            

Profit after tax for 2008 amounted to KSEK 11,7.                                

Reported shareholders' equity per share at the end of 2008 was SEK 38,47, of    
which cash and cash equivalents accounted for SEK 29,24.                        

NAXS made in March 2008 a commitment of MEUR 10 to FSN Capital III LP.          

In April 2008, NAXS made a commitment of MEUR 20 to Nordic Capital Fund VII LP. 

NAXS made in September 2008 a commitment of MNOK 40 to Herkules Private Equity  
Fund III LP.                                                                    

As of the end of 2008, NAXS had made investment commitments totaling            
approximately KSEK 638, equivalent to 110 percent of the Company's equity.      

There has been a high degree of activity in the fund portfolio. At the end of   
2008, 24 percent of the Company's equity had been drawn by underlying funds,    
which had acquired over 25 portfolio companies.                                 

As of December 31, 2008, cash and cash equivalents amounted to KSEK 439. During 
2008, liquid assets were invested in interest-bearing instruments or held on    
interest-bearing bank accounts, in accordance with the Company's policy.        

As of the date of this Year-End Report, not all of the underlying funds had     
provided their reports relating to Q4 2008, and there thus may be a quarterly   
delay in the adjustments of some the valuations.                                

--------------------------------------------------------------------------------
|                                             |  Jan 1, 2008- |    Sep 18,2006 |
--------------------------------------------------------------------------------
|                                             |  Dec 31, 2008 |   Dec 31, 2007 |
--------------------------------------------------------------------------------
| Profit before tax, KSEK                     |        19 021 |          7 843 |
--------------------------------------------------------------------------------
|                                             |               |                |
--------------------------------------------------------------------------------
|                                             |          2008 |           2007 |
--------------------------------------------------------------------------------
|                                             |        Dec 31 |         Dec 31 |
--------------------------------------------------------------------------------
| Investment commitments, KSEK                |       637 689 |        268 340 |
--------------------------------------------------------------------------------
| Of which paid, KSEK                         |      -139 162 |        -40 657 |
--------------------------------------------------------------------------------
| Outstanding investment commitments, KSEK    |       498 526 |        227 683 |
--------------------------------------------------------------------------------
|                                             |               |                |
--------------------------------------------------------------------------------
| Cash and cash equivalents and current       |       438 544 |        543 900 |
| investments, KSEK                           |               |                |
--------------------------------------------------------------------------------
|                                             |               |                |
--------------------------------------------------------------------------------
| Cash and cash equivalents per share, KSEK   |         29,24 |          36,26 |
--------------------------------------------------------------------------------
| Equity per share, SEK                       |         38,47 |          39,21 |
--------------------------------------------------------------------------------








NAXS NORDIC ACCESS BUYOUT FUND AB                                               




YEAR-END REPORT                                                                 



January 1 - December 31, 2008                                                   

OPERATIONS                                                                      

NAXS operates as a fund-of-funds with investments in Nordic buyout funds. The   
objective is to make the Nordic private equity market accessible for a broader  
range of investors, while offering liquidity through the Company's publicly     
traded shares. The investment strategy is oriented towards a selective but      
diversified fund portfolio.                                                     

NAXS Nordic Access Advisors AB has been contracted as the investment and        
management advisor to the Company.                                              

Operations commenced on April 17, 2007 and the Company has been listed on OMX   
Nordic Exchange First North since May 14, 2007.                                 
                                                                                
NAXS Nordic Access Buyout Fund AB (publ), headquartered in Stockholm, is the    
Group's Parent Company. In addition to the Parent Company, the Group consists of
the operational Norwegian subsidiary NAXS Nordic Access Buyout AS, headquartered
in Oslo. The subsidiary operates as a holding company for the Group's fund      
investments.                                                                    

FUND PORTFOLIO                                                                  
NAXS' total investment commitments to underlying funds amount to 110 percent of 
the Company's equity, while 24 percent of the Company's equity has been drawn by
underlying funds. Over 25 portfolio companies have been acquired by underlying  
funds.                                                                          


--------------------------------------------------------------------------------
|                              |  commitment   |   Currency    |  commitment   |
|                              |               |               |      (T)      |
--------------------------------------------------------------------------------
| Apax Europe VII              |     2007      |      EUR      |    15,000     |
--------------------------------------------------------------------------------
| FSN Capital III              |     2008      |      EUR      |    10,000     |
--------------------------------------------------------------------------------
| Herkules Private Equity Fund |     2008      |      NOK      |    40,000     |
| III                          |               |               |               |
--------------------------------------------------------------------------------
| Intera Fund I                |     2007      |      EUR      |     7,000     |
--------------------------------------------------------------------------------
| Nordic Capital Fund VII      |     2008      |      EUR      |    20,000     |
--------------------------------------------------------------------------------
| Valedo Partners Fund I       |     2007      |      SEK      |    60,000     |
--------------------------------------------------------------------------------
| Total KSEK                   |               |               |    637,689    |
--------------------------------------------------------------------------------


Apax Europe VII LP                                                              
Apax Europe VII is a MEUR 1,100 fund focusing on investments in the healthcare, 
tech & telecom, financial & business services, retail & consumer, as well as    
media sectors in Europe.                                                        

FSN Capital III LP                                                              
FSN Capital III is a MEUR 375 fund targeting investment in mid-size companies in
Norway and the Nordic region.                                                   




Herkules Private Equity Fund III LP                                             
Herkules Fund III is MNOK 6,000 fund targeting investments in mid-size companies
in Norway and the Nordic Region.                                                

Intera Fund I KY                                                                
Intera Fund I is a MEUR 125 fund targeting investment in the small cap segment  
in Finland.                                                                     

Nordic Capital Fund VII LP                                                      
Nordic Capital Fund VII is a MEUR 4,300 funds targeting investments primarily in
the Nordic region.                                                              

Valedo Partners Fund I AB                                                       
Valedo Partner Fund I is a KSEK 1,000 fund targeting investments in the small   
cap segment in Sweden.                                                          

Commitment and Investment Levels                                                


Valuation of fund units                                                         
NAXS is valuating its fund units, i.e. the moneys paid to underlying funds, to  
the lowest of the acquisition value and of the valuation reported to NAXS by    
each underlying fund. Such reports usually are provided on a quarterly basis. As
of the date of this Year-End Report, not all of the underlying funds had        
provided their reports relating to Q4 2008, and there thus may be a quarterly   
delay in the adjustments of some the valuations. In view of the financial       
markets turbulences and the recessionary environment, a downward adjustment in  
the valuations of the fund units can be expected in Q4 2008.                    

GROUP                                                                           

EARNINGS                                                                        
Until the second quarter of 2007, the Group did not conduct any operations and  
therefore no comparative figures have been published. The comparative figures   
included in this report are the same as in the Annual report for 2007.          

Operating result                                                                
The operating result amounted to a loss of KSEK 17,996 for 2008. Operating      
expenses totaled KSEK 69,273 and mainly comprised of remuneration of  KSEK 8,723
to the investment advisor and personnel costs of KSEK 1,431. The rate of        
expenses followed the established budget.  The operating result includes a KSEK 
8,723 write-off of fund units as a result of a decrease in the valuation of     
underlying funds.                                                               

Financial items                                                                 
Financial items totaled KSEK 37,017 for the reporting period. Interest income   
amounted to KSEK 22,376 and unrealized exchange rate gains to KSEK 14,641.      

Tax and earnings after tax                                                      
The Group's profit before tax amounted to KSEK 19,021 for the reporting period. 
Tax amounted to KSEK 7,297 whereof 2,250 was decreased deferred tax assets, and 
the result after tax amounted to KSEK 11,724.                                   

INVESTMENTS, FINANCING AND LIQUIDITY                                            

Investments                                                                     
During the reporting period, KSEK 116,344 was invested in underlying funds. As  
of December 31, the fund units amounted to KSEK 139,162.  The fund units were   
written-off with KSEK 8,723 as a result of reported decrease in the valuation of
underlying funds.                                                               

Financing                                                                       
Financing currently occurs through shareholders' equity. Shareholders' equity   
amounted to KSEK 577,042 at the end of 2008, corresponding to SEK 38,47 per     
share and an equity/asset ratio of 99 percent.  Negative translation difference 
of TSEK 22 796 as a result of NOK currrency. All investments in fond units are  
made through the Norwegian subsidiary .                                         




Cash and cash equivalents                                                       
As of December 31, 2008, cash and cash equivalents amounted to KSEK 438,544,    
which corresponds to SEK 29,24 per share.  Current investments amounts to SEK   
299 million, whereof KSEK 200 are invested in bank deposits with fixed interest 
rate. During 2008, liquid assets were invested in interest-bearing instruments  
or held on interest-bearing bank accounts, in accordance with the Company's     
policy.                                                                         

EVENTS AFTER THE END OF 2008                                                    
There is no event after the end of 2008 to report.                              

Future prospects                                                                
As a result of the financial markets turbulences and the recessionary           
environment, private equity funds are expected to have a slower investment pace 
in the coming months than during 2008. The credit crisis is particularly        
affecting the large cap segment. One will note, however, that difficult market  
conditions appear to provide attractive investment opportunities and that the   
private equity fund vintages that have been invested during adverse market      
conditions have historically provided the best returns. NAXS has 76% of its     
equity available for future investments.                                        

PARENT COMPANY                                                                  
Profit before tax amounted to KSEK 7,733 for 2008. Tax amounted to KSEK 2,250,  
and profit after tax amounted to KSEK 5,483.                                    
The Parent Company's cash and cash equivalents amounted to KSEK 1o8 310 and     
current investments amounted to KSEK 199 264..                                  

ORGANIZATION                                                                    
Jeff Bork is the Company's CEO. The Board of Directors consists of Chairman     
Björn C. Andersson and Board members Robin Ahlström, Birgitta Johansson-Hedberg 
and Clas Romander.                                                              

ANNUAL GENERAL MEETING                                                          
The 2009 Annual General Meeting will be held on May 5, 2009. The Chairman of the
Board will contact the major shareholders in order to discus the composition of 
the Board.                                                                      

THE SHARE                                                                       
The NAXS share was listed on the First North (part of the NASDAQ OMX Nordic     
Exchange) on May 14, 2007. The share is traded under the designation “NAXS” and 
a full trading lot consists of 200 shares. The price at the time of listing was 
SEK 40.                                                                         

The number of shares in the Company at the end of 2008 was unchanged at         
15,000,000.                                                                     

At the end of 2008, share price for NAXS shares was SEK 20.40, and the reported 
shareholders' equity per share was SEK 38,47. The Company's market value was    
KSEK 306. The number of shareholders was 770.                                   
--------------------------------------------------------------------------------
| Consolidated Income Statement               |               |                |
--------------------------------------------------------------------------------
|                                             |  Jan 1, 2008- |    Sep 18,2006 |
--------------------------------------------------------------------------------
| Amounts in KSEK                             |  Dec 31, 2008 |   Dec 31, 2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating expenses                          |        -9 273 |         -7 227 |
--------------------------------------------------------------------------------
| Write-off fund participations               |        -8 723 |              - |
--------------------------------------------------------------------------------
| Operating loss                              |       -17 996 |         -7 227 |
--------------------------------------------------------------------------------
| Financial items                             |               |                |
--------------------------------------------------------------------------------
| Interest income                             |        22 376 |         14 841 |
--------------------------------------------------------------------------------
| Exchange rate gains                         |        14 641 |            229 |
--------------------------------------------------------------------------------
| Profit before tax                           |        19 021 |          7 843 |
--------------------------------------------------------------------------------
| Tax                                         |        -7 297 |          3 581 |
--------------------------------------------------------------------------------
| Net profit for the period                   |        11 724 |         11 424 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share, SEK                     |          0,78 |           1,15 |
--------------------------------------------------------------------------------
| Shareholders' equity per share, SEK         |         38,47 |          39,21 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NUMBER OF SHARES                            |               |                |
--------------------------------------------------------------------------------
| At the beginning of the period              |    15 000 000 |          5 000 |
--------------------------------------------------------------------------------
| At the end of the period                    |    15 000 000 |     15 000 000 |
--------------------------------------------------------------------------------
| Average number of shares                    |    15 000 000 |      9 905 808 |
--------------------------------------------------------------------------------


Definition of key figures                                                       

Earnings per share                                                              
Earnings after tax divided by weighted average number of shares.                

Shareholders' equity per share                                                  
Reported shareholders' equity in relation to the number of shares at the end of 
the period.                                                                     


--------------------------------------------------------------------------------
| Consolidated balance sheet                  |               |                |
--------------------------------------------------------------------------------
|                                             |  Dec 31, 2008 |   Dec 31, 2007 |
--------------------------------------------------------------------------------
| Amounts in KSEK                             |               |                |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Assets                                      |               |                |
--------------------------------------------------------------------------------
| Fixed assets                                |               |                |
--------------------------------------------------------------------------------
| Equipment                                   |             - |              7 |
--------------------------------------------------------------------------------
| Fund units                                  |       139 162 |         40 657 |
--------------------------------------------------------------------------------
| Deferred tax assets                         |         1 330 |          3 581 |
--------------------------------------------------------------------------------
| Total fixed assets                          |       140 492 |         44 245 |
--------------------------------------------------------------------------------
| Current assets                              |               |                |
--------------------------------------------------------------------------------
| Accrued interest income                     |         3 622 |          1 097 |
--------------------------------------------------------------------------------
| Other current assets                        |           150 |            101 |
--------------------------------------------------------------------------------
| Current investments                         |       299 264 |        200 000 |
--------------------------------------------------------------------------------
| Cash and bank                               |       139 280 |        343 900 |
--------------------------------------------------------------------------------
| Total current assets                        |       442 316 |        545 098 |
--------------------------------------------------------------------------------
| Total assets                                |       582 808 |        589 343 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' equity and liabilities        |               |                |
--------------------------------------------------------------------------------
| Shareholders' equity                        |       577 042 |        588 114 |
--------------------------------------------------------------------------------
| Current liabilities                         |               |                |
--------------------------------------------------------------------------------
| Accounts payable                            |             5 |            297 |
--------------------------------------------------------------------------------
| Other non-interest-bearing liabilities      |         5 228 |            206 |
--------------------------------------------------------------------------------
| Accrued expenses                            |           533 |            726 |
--------------------------------------------------------------------------------
| Total current liabilities                   |         5 766 |          1 229 |
--------------------------------------------------------------------------------
| Total shareholders' equity and liabilities  |       582 808 |        589 343 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CHANGE IN SHAREHOLDERS' EQUITY              |               |                |
--------------------------------------------------------------------------------
|                                             |  Jan 1, 2008- |    Sep 18,2006 |
--------------------------------------------------------------------------------
| Amounts in KSEK                             |  Dec 31, 2008 |   Dec 31, 2007 |
--------------------------------------------------------------------------------
| At the beginning of the period              |       588 114 |              0 |
--------------------------------------------------------------------------------
| New share issue (company formation)         |             - |            500 |
--------------------------------------------------------------------------------
| New share issue (company formation)         |             - |        600 000 |
--------------------------------------------------------------------------------
| Share exercise                              |             - |           -500 |
--------------------------------------------------------------------------------
| Issue expenses                              |             - |        -21 544 |
--------------------------------------------------------------------------------
| Translation difference                      |       -22 796 |         -1 766 |
--------------------------------------------------------------------------------
| Net profit for the period                   |        11 724 |         11 424 |
--------------------------------------------------------------------------------
| Shareholders' equity at period end          |       577 042 |        588 114 |
--------------------------------------------------------------------------------





--------------------------------------------------------------------------------
| Consolidated cash-flow statement            |               |                |
--------------------------------------------------------------------------------
|                                             |  Jan 1, 2008- |    Sep 18,2006 |
--------------------------------------------------------------------------------
| Amounts in KSEK                             |  Dec 31, 2008 |   Dec 31, 2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit after financial items                |        19 021 |          7 843 |
--------------------------------------------------------------------------------
| Adjustment for non-cash items               |               |                |
--------------------------------------------------------------------------------
| Depreciation and impairment                 |         8 730 |             37 |
--------------------------------------------------------------------------------
| Unrealized exchange rate gains              |       -14 337 |           -229 |
--------------------------------------------------------------------------------
| Paid income tax                             |             - |              - |
--------------------------------------------------------------------------------
| Cash flow from operational activities       |        13 414 |          7 651 |
| before working capital changes              |               |                |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from working capital changes      |        -3 184 |             21 |
--------------------------------------------------------------------------------
| Cash flow from operational activities       |        10 230 |          7 672 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investments in equipment                    |             - |             -9 |
--------------------------------------------------------------------------------
| Acquisition of fund units*)                 |      -116 344 |        -39 290 |
--------------------------------------------------------------------------------
| Acquisition of subsidiaries                 |             - |            -35 |
--------------------------------------------------------------------------------
| Interest-bearing financial investments      |       -99 264 |       -200 000 |
--------------------------------------------------------------------------------
| Cash flow from investing activities         |      -215 608 |       -239 334 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| New issues                                  |             - |        578 456 |
--------------------------------------------------------------------------------
| Cash flow from financing activities         |             - |        578 456 |
--------------------------------------------------------------------------------
| Cash flow for the period                    |      -205 378 |        346 794 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents, beginning of the |       343 900 |              0 |
| period                                      |               |                |
--------------------------------------------------------------------------------
| Exchange rate differences in cash and cash  |           758 |         -2 894 |
| equivalents                                 |               |                |
--------------------------------------------------------------------------------
| Cash and cash equivalents, period end       |       139 280 |        343 900 |
--------------------------------------------------------------------------------

*) Outstanding investment commitments at December 31, 2008 amounted to KSEK     
498,526   (227,683).                                                            



Accounting principles                                                           
This Year-End Report complies with the accounting principles set forth in the   
2007 Annual Report.                                                             








Stockholm, February 5, 2008                                                     


NAXS Nordic Access Buyout Fund AB (publ)                                        


Jeff Bork,                                                                      
CEO                                                                             


This report has not been reviewed by the Company's auditors.                    


FOR FURTHER INFORMATION, PLEASE CONTACT                                         
Jeff Bork, CEO, +46 (0)761-00 00 00                                             


FINANCIAL INFORMATION                                                           
Interim Report (3 months): April 21, 2009                                       
Annual General Meeting: May 5, 2009                                             























      NAXS Nordic Access Buyout Fund AB (publ), Corp. Reg. No. 556712-2972      
                 Grev Turegatan 10, 114 46   Stockholm, Sweden                  
                 Tel: +46 (0)8-611 33 25, E-mail: info@naxs.se                  
                                  www.naxs.se

Attachments

naxs year end report 2008.pdf