Accendo Capital is an activist investor focused on listed Northern European small cap companies. It has delivered strong returns since 2008, outperforming benchmarks with annual returns of 10-12% and volatility of 10-16%. The founder has extensive experience in private equity, angel investing, and corporate finance. Accendo seeks to increase shareholder value by focusing on real strategic thinking rather than just corporate governance formalities.

1. ACCENDO CAPITAL
Activist investor in listed Northern European companies

2. “All my working life, I have been creating value through
active ownership. Initially in private equity, later in angel
investing and corporate finance, and since 2007 as the
founder of Accendo Capital.
Accendo philosophy
There are enormous opportunities to increase shareholder value in
listed companies. Far too many companies focus on the formalities of
corporate governance, use executive nominations as means of
securing or repaying favors, and replace real strategic thinking with an
over-emphasis on explaining risks.” - Henri Österlund, Founder
2

3. -5%
0%
5%
10%
15%
20%
25%
30%
35%
Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16
BX-class since inception (Sep 2015) vs. Benchmark
Accendo BX MSCI Europe Small Cap TR
-20%
0%
20%
40%
60%
80%
100%
120%
140%
160%
2008 2009 2010 2011 2012 2013 2014 2015 2016
A-class since inception (Feb 2008)
Performance
3-year +92%, 1-year +34%, 2016 YTD +17%, AUM EUR 42M
Performance data shown net of fees. Through 15 April 2016. 3
Accendo A-class
MSCI Europe
Small Cap Total
Return
MSCI Europe
Total Return
0%
2%
4%
6%
8%
10%
12%
10% 12% 14% 16% 18% 20%
Annual return
Annual volatility
Since inception

4. Why invest in Accendo Capital
4
Track record
Interests aligned
Strategic focus
Seasoned activist investment team generating superior risk-
adjusted and uncorrelated performance over 8+ years in an
under-exploited segment.
Managers have more than EUR 1 million own money invested, in
addition to Mr. Österlund’s significant family investment.
Commitment to focus on activist strategy in small cap niche,
therefore will only accept commitments above AUM EUR 80
million.