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2016-05-16

Pomegranate Investment AB: Pomegranate completes successful pre-IPO private placement of shares.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR
INTO THE UNITED STATES, AUSTRALIA, HONG KONG, JAPAN, CANADA, SINGAPORE, NEW
ZEALAND OR IN ANY JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR
DISTRIBUTION WOULD BE UNLAWFUL. THIS PRESS RELEASE DOES NOT CONSTITUTE AN
OFFER OF ANY SECURITIES OF POMEGRANATE INVESTMENT. THIS PRESS RELEASE MAY NOT
BE DISTRIBUTED TO ANY “U.S. PERSON”, INCLUDING ANY U.S. CITIZEN OR PERMANENT
RESIDENT (‘GREEN CARD HOLDER’) OR ANY ENTITY ORGANISED IN THE UNITED STATES,
WHETHER LOCATED INSIDE OR OUTSIDE THE UNITED STATES. NO SOLICITATIONS
RELATING TO A POSSIBLE TRANSACTION IN CONNECTION WITH THE OFFERING ARE BEING
MADE OR WILL BE MADE, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES.

Pomegranate Investment AB (publ) (“Pomegranate” or the “Company”), an
investment company focusing on the unique investment opportunity in Iran,
hereby announces the outcome of its recent private placement of new shares
(the “Offering”).

The Offering attracted strong interest from a wide range of investors,
including but not limited to, institutional asset managers, specialist tech
funds, emerging market investors and entrepreneurs as well as family offices.
The Offering was over-subscribed and the upsize option was fully exercised.

The Offering was structured as a pre-IPO private placement of new shares.
Pomegranate's intention is to complete an initial public offering, with
listing in Sweden, within twelve months post closure of the Offering.

The Offering in brief

* The price in the Offering was €24 per share, implying a pre-money valuation
of €40m based on the Company’s 1,654,601 shares outstanding before the
Offering.
* The Offering originally comprised up to 2,083,333 new shares (equivalent to
€50m) but was, in accordance with the terms of the Offering, increased by
416,667 additional new shares (equivalent to €10m). Thus, the final
Offering comprised 2,500,000 new shares, equivalent to €60m, representing
60% of the shares and votes in Pomegranate after the Offering.
* The Company received gross proceeds of €60m through the issue of new shares
as a part of the Offering.
* The total number of shares in Pomegranate is 4,154,601 shares after the
Offering, implying a post-money valuation of €100m based on the Offer price
of €24.
* The Offering garnered strong interest from existing shareholders, jointly
acquiring €11.6m of the Offering, more than 50% of what Pomegranate has
raised in previous founding rounds combined. More than 50% of Pomegranate’s
approximately 100 existing shareholders, including CEO Florian Hellmich,
participated in the Offering.
* Approximately 100 new investors were allocated shares in Pomegranate
through the Offering. Geographically our combined old and new shareholders
are predominantly from Northern and Western Europe, 50% from Sweden, 18%
UK, 17% CEE, 12% from Switzerland and Austria, and 3% others.

The proceeds of this private placement will enable Pomegranate to proceed with
its planned investment in Iran’s fastest growing sectors, in particular in
consumer technology, which presents its shareholders with a unique
opportunity in a sector with significant growth potential. With its
entrepreneurial background, Pomegranate is committed to transfer of knowhow
to its partners and will be working closely with its investee companies to
help them scale and tackle the challenges of fast growth in coming years.

Florian Hellmich, CEO, comments:

"We are humbled by the strong interest shown in becoming a shareholder of
Pomegranate and very pleased with the outcome of the Offering which positions
us well, together with our Iranian partners, to be part of the unique
investment opportunity we believe Iran represents. We thank our existing
shareholders for their continued support, welcome our new shareholders to
Pomegranate, and look forward to working with our local partners to
accelerate our business strategy on the back of the capital successfully
raised in the Offering.

Pomegranate has a fundamental and constant belief that good business and good
investment comes from mutual understanding, trust and partnership along with
transfer of knowhow through personal commitments. This means that our
management, the people who invest in us and the businesses in which we invest
are drawn together into a partnership by mutual respect and a strong desire
to be successful together.

Together with our Iranian partners we will continue to support Iranian
entrepreneurs to develop their businesses and create jobs that are accretive
to the Iranian economy by remaining focused on the new expanding segments of
the economy.”

Advisors

In connection with the Offering, Pareto Securities acted as Global Coordinator
and Joint Bookrunner, Renaissance Capital acted as Joint Bookrunner, Vinge
acted as legal adviser as to Swedish law and Freshfields Bruckhaus Deringer
LLP acted as legal advisor as to sanctions compliance.

For further information, please contact

Florian Hellmich, CEO Tel:

+46 8 545 015 50

Email: florian.hellmich@pomegranateinvestment.com

Investor Relations

Email: ir@pomegranateinvestment.com

Media requests

Email: mediarequests@pomegranateinvestment.com

About Pomegranate

Pomegranate Investment AB (publ) is based in Sweden and was founded in 2014 by
a pioneering team with a long and successful track record of investing in
high growth companies in emerging markets, particularly in the technology
sector. Pomegranate is an investment company focused on early stage
investment in Iran’s consumer technology sector, which, with the easing of
international sanctions, represents an extraordinary growth opportunity for
European investors. We are entrepreneurs, we invest in entrepreneurs and a
significant proportion of our investors are entrepreneurs themselves.

Main holdings

Pomegranate has been able to establish a unique position as one of the first
international investors in Iran’s consumer internet space. Pomegranate’s main
investment is in Sarava, where it remains a minority shareholder and is
committed to transfer of know-how and management experience. Sarava is a
pioneer in Internet and e-commerce investments in Iran and, through offering
world class services and mentorship, has established a unique track record in
supporting local entrepreneurs to build some of the most successful consumer
technology companies in the country and region. Pomegranate further holds
minority stakes in Sheypoor, the no 2 online classified business, Griffon
Capital, a newly formed Iranfocused investment and advisory boutique, and
Carvanro, Iran’s first online ride-sharing service. Pomegranate aims to hold
between 5 and 10 minority stakes in consumer tech and consumer companies.

IMPORTANT NOTICE

The release, publication or distribution of this press release in certain
jurisdictions may be restricted. This press release does not constitute an
offer of, or an invitation to purchase or subscribe for, any securities of
Pomegranate in any jurisdiction.

Specifically, without limiting the foregoing, the Offer Shares have not been
registered, and will not be registered, under the United States Securities
Act of 1933, as amended (the “Securities Act”) or the securities legislation
of any state or other jurisdiction in the United States, and may not be
offered, sold or otherwise transferred, directly or indirectly, in or into
the United States or to U.S. persons. The Offer Shares are being offered
outside the United States in compliance with Regulation S under the
Securities Act.

This press release is not a prospectus for the purposes of Directive
2003/71/EC (such Directive, together with any applicable implementing
measures under such Directive in the relevant home Member State, the
“Prospectus Directive”). Pomegranate has not authorised any offer to the
public of shares or rights in any Member State of the European Economic Area
and no prospectus or other offering document has been or will be prepared in
connection with the Private Placement. With respect to each Member State of
the European Economic Area and which has implemented the Prospectus Directive
(each, a “Relevant Member State”), no action has been undertaken to date to
make an offer to the public of shares or rights requiring a publication of a
prospectus in any Relevant Member State.

This press release is being issued solely to and directed at persons having
professional experience in matters relating to investments and on the basis
that each person in the United Kingdom to whom it is issued is reasonably
believed to be such a person as is described in Article 19 (Investment
professionals) or Article 49 (High net worth companies, unincorporated
associations etc.) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 ("Exempt Persons" and each an "Exempt Person"), or is a
person to whom this document may otherwise lawfully be distributed. In
addition to the foregoing restrictions, in relation to persons who are in the
United Kingdom, this press release is made and directed only at persons
falling within the meaning of "qualified investors" as defined in Section 86
of the Financial Services and Markets Act 2000.

This press release may contain "forward-looking statements”, which are
statements related to future events. In this context, forward-looking
statements often address Pomegranate’s expected future business and financial
performance, and often contain words such as "expect”, "anticipate”,
"intend”, "plan”, "believe”, "seek”, or "will”. Forward-looking statements by
their nature address matters that are, to different degrees, uncertain and
can be influenced by many factors, including the behaviour of financial
markets, fluctuations in interest and exchange rates, commodity and equity
prices and the value of financial assets; the impact of regulation and
regulatory, investigative and legal actions; strategic actions; and numerous
other matters of national, regional and global scale, including those of a
political, economic, business and competitive nature. These factors may cause
Pomegranate’s actual future results to be materially different than those
expressed in its forward-looking statements. Pomegranate does not undertake
to update its forward-looking statements

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