February 2020

EVLI FUND MANAGEMENT COMPANY LTD Aleksanterinkatu 19 A, P.O. Box 1081, FI-00101 Helsinki, Finland www.evli.com

EVLI GLOBAL - MONTHLY REVIEWISIN: FI0008801188 (B-share, EUR)

Manager's Comment

By sector, stock selection weakened the return differential. The mostnegative selection effects came from consumer discretionary,information technology, and industrials, and the most positive onesfrom health care and consumer staples. The net effect of sectorweights on the return differential was slightly positive. A lack ofinvestments in energy benefitted the Fund the most, while anoverweight in industrials harmed it the most. Geographically, stockselection in the aggregate hurt the relative return. The most negativeeffects came from the UK and Japan, and the most helpful ones fromSweden. Effects of country and currency weights were small. Bystock, the top attributors were Nexon, Betsson, and UnitedTherapeutics, while the bottom attributors were Deluxe, Playtech, andJupiter Fund Management.

We invest in underpriced companies that generate cash flow andhave strong debt coverage. There are no benchmark, sector,geographical or market cap constraints within the investmentuniverse.

Hans-Kristian Sjöholm

The Fund’s return was -8.4% in February, whilethe return of the benchmark index was -7.8%.The Fund’s return since 31.5.2011 (when presentmanagement took over) was 10.7% p.a., whilethe benchmark return was 10.8% p.a.

Performance, 31.05.2011–29.02.2020

Portfolio Distributions, 29.02.2020

Returns, % Fund Index* Diff

1 month -8.4 -7.8 -0.63 months -9.3 -6.1 -3.26 months 1.4 0.8 0.61 year 2.2 8.3 -6.13 years 4.6 18.9 -14.35 years 28.0 36.0 -8.0Since strategy launch** 143.8 145.9 -2.1Return p.a. 10.7 10.8 -0.1

2020 -10.5 -7.1 -3.42019 28.1 30.2 -2.12018 -10.4 -4.2 -6.22017 5.5 7.4 -1.92016 16.8 10.8 6.0

Statistics Fund Index* Diff

Volatility, % 14.3 14.7 -0.4Sharpe 0.74 0.73 0.01Tracking Error, % 4.4 - -Information Ratio -0.03 - -Beta 0.93 1.00 -0.07Alpha, % 0.6 - -R2 0.91 - -Active Share, % 95AUM, M€ 160.2

Note: Statistics and return p.a. calculated for 31.05.2011 -29.02.2020 or as of 29.02.2020.

* MSCI World TR Net Index.** New investment strategy since May 31, 2011.

February 2020

EVLI FUND MANAGEMENT COMPANY LTD Aleksanterinkatu 19 A, P.O. Box 1081, FI-00101 Helsinki, Finland www.evli.com

Attribution Effects, February 2020

Holding % Port. % Active Return, % Attrib., %

Nexon Co Ltd (JP) 1.44 1.43 16.76 0.31Betsson Ab (SE) 0.99 0.99 18.09 0.22United Therapeutics Corp (US) 1.57 1.57 6.20 0.21Usana Health Sciences Inc (US) 1.46 1.46 7.93 0.20Generac Holdings Inc (US) 2.36 2.36 0.16 0.18

Holding % Port. % Active Return, % Attrib., %

Deluxe Corp (US) 1.24 1.24 -23.64 -0.31Playtech Plc (GB) 1.09 1.09 -29.42 -0.24Jupiter Fund Management (GB) 1.34 1.34 -24.20 -0.22Jcu Corp (JP) 1.77 1.77 -19.40 -0.21Benext Group Inc (JP) 1.02 1.02 -25.42 -0.20

Top Attributors, February 2020 Bottom Attributors, February 2020

This report is intended only for the client's personal and private use. This report is based on sources that Evli Bank Plc considers correct and reliable. However, neither Evli Bank Plc nor its employees give any guarantee concerning thecorrectness, accuracy or completeness of any information, views, opinions, estimates or forecasts presented in this review, nor are they liable for any damage caused by the use of this publication. Evli Bank is not responsible for any material orinformation produced or published by a third party that may be contained in this review. The information provided in the review is not intended as investment advice, or as a solicitation to buy or sell financial instruments. Past performance is noguarantee of future returns. This publication may not be copied, distributed, or published in the USA, and it is not intended for citizens of the USA. This material is not intended for persons resident in countries where the activities carried out byEvli Bank Plc have not been authorized by law. This publication, or any part thereof, may not be copied, distributed or published in any form without Evli Bank Plc's written, advance consent. All rights reserved.Sources of data: Evli, MSCI, Bloomberg.Source and Copyright: Citywire: Fund Group Evli Fund Management have achieved a Gold Rating in the sector Equity - Global Equities by Citywire for their rolling risk-adjusted performance, across all management teams in the sector, over theperiod 31/12/2012-31/12/2019. Citywire information is proprietary and confidential to Citywire Financial Publishers Ltd (“Citywire”), may not be copied and Citywire excludes any liability arising out its use.Source of index data: MSCI. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to beobtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any such data. Without limiting any of theforegoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (includinglost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.