Funds managed by Anabranch Capital Management, LP (“Anabranch”) have owned shares of Karnov Group AB (“Karnov” or the “Company”) (KAR SS) since June 2023 and currently own more than 5.7 million shares, corresponding to approximately 5.3% of all outstanding shares in the Company. Anabranch believes the SEK 84 per share offer from Forseti III AB is far below Karnov’s intrinsic value, and Anabranch intends to reject the offer.

Disclaimer: The views expressed are those of the authors and Anabranch Capital Management, LP as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be a forecast of future events or a guarantee of future results. These views may not be relied upon as investment advice. The information provided should not be considered a recommendation to buy or sell any of the securities mentioned nor a recommendation on how or if to vote or act, and should be construed only as an expression of how Anabranch Capital Management, LP currently intends to vote or act. This material is for informational purposes and should not be construed as a research report.

Jonathan Gasthalter/Amanda Shpiner Gasthalter & Co. 212 257 4170

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