Slide 1: Evli European High Yield B
EVLI EUROPEAN HIGH YIELD B This is marketing material for the fund and is not intended as investment advice or recommendation. Before making an investment decision, the investor must read the fund's key information document and other statutory information about the fund. 30.09.2026 ISIN: FI000880392
Slide 2: Evli in brief
2 EVLI IN BRIEF “We see wealth as an engine to drive sustainable progress.” CONFIDENTIAL
Slide 3: Evli in brief
3 ASSETS UNDER MANAGEMENT (EUR MARKET POSITION AS INSTITUTIONAL Evli in brief BILLION) JUNE 30, 2026 ASSET MANAGER (KANTAR PROSPERA 2026) We are a Finnish independent investment 22.6 1. service company with a 40-year operating history. NET REVENUE (EUR MILLION) IN 2025 FINLAND’S THIRD LARGEST FUND M
Slide 4: Evli's investment funds
4 Evli’s investment funds FUND AUM (EUR BILLION) NUMBER OF FUNDS Funds are managed by Evli Fund Management JUNE 30, 2026 Company Ltd. The company is part of Evli Group whose parent company is Evli Plc. 17.1 70 Morningstar, an independent fund research firm, awarded Evli Fund Management Company the b
Slide 5: Award-winning asset management from Evli
5 Award-winning asset management from Evli Evli has consistently ranked at the very top of Kantar Prospera’s client survey for 14 consecutive years. In the SFR Research’s Institutional Investment Services survey, Evli has been ranked first for six years and second for four, based on the overall qual
Slide 6: Successful fixed income management from Evli
6 SUCCESSFUL FIXED INCOME MANAGEMENT FROM EVLI The results of Evli’s corporate bonds family of funds CONFIDENTIAL
Slide 7: Evli's excellent corporate bond track record
7 Evli’s excellent corporate bond track record Quartile Rankings 3Q 2026* Historical returns are no guarantee of future returns. Morningstar Peer 3 5 10 15 Evli Fund Group Years Years Years Years EUR Ultra Short-Term Evli Euro Liquidity 1 1 1 1 Bond – The first credit fund, Evli Corporate Bond Fund
Slide 8: Evli's European and Emerging Markets corporate bond funds in a nutshell
8 Evli’s European and Emerging Markets corporate bond funds in a nutshell Fund Evli Short Corporate Bond Evli Corporate Bond Evli Green Corporate Bond Evli European Investment Grade Evli European High Yield Evli Emerging Markets Credit Invests into Short dated European European investment grade Euro
Slide 9: Why invest in European high yield bonds?
9 WHY INVEST IN EUROPEAN HIGH YIELD BONDS? Evli European High Yield CONFIDENTIAL
Slide 10: Evli European High Yield: Top Performer
10 Evli European High Yield: Top Performer Historical returns are no guarantee of future returns. - Long-term the fund has outperformed the available index products (and their benchmarks) - No investable index product for the fund’s benchmark - During the last 10 years the fund has outperformed the
Slide 11: Evli European High Yield Fund
11 Evli European High Yield Fund FUND Evli European High Yield Invests into European high yielding bonds – Fund Manager since launch Mr. Mikael Lundström Primary Rated €, £ HY bonds investments – Invests in corporate bonds of companies Non-rated issuers operating in Europe. Most of the investments a
Slide 12: Investment philosophy and process
12 INVESTMENT PHILOSOPHY AND PROCESS Evli European High Yield CONFIDENTIAL
Slide 13: Investment Philosophy and Strategy
13 Investment Philosophy and Strategy - Creditworthiness is the most important factor in selecting investment targets DISCIPLINED - We assess the TRUE credit quality, NOT relying on official rating - The coupon is a central part of the return - We invest in issuers that we like, regardless of their
Slide 14: Fundamental Credit Investment Process
14 Fundamental Credit Investment Process – We seek to create value across the universe through intensive security selection and optimization of the risk-reward profile of the fund Overall Idea Credit Investment market view generation analysis decision Portfolio • PMs set baseline views • Investment
Slide 15: Company analysis
15 Company analysis – Main focus on companies that over the cycle: – generate consistent positive free cash flow – debt leverage decreasing & debt coverage increasing – Are priced at an attractive spread compared to their risk Management and other Interest Groups - Management’s abilities and future
Slide 16: How ESG is taken into account in investment decisions
16 How ESG is taken into account in investment decisions ESG factors will influence our analysis of the company, industry as well as our thoughts on the management and owners. Portfolio Managers - Focus on issues that are quantifiable in terms of credit quality - For example: Damage to brands, legal
Slide 17: Portfolio Management: Evli European High Yield
17 Portfolio Management: Evli European High Yield Evli’s team analyzing High Yield Roosa Leikkonen Credit Analyst High Yield In the industry since 2023 Mikael Lundström Ada Nyström CHIEF INVESTMENT OFFICER AND PORTFOLIO MANAGER Credit Analyst High Yield In the industry since 2024 At Evli since 1996.
Slide 18: Evli's fixed income team
18 Evli’s fixed income team Mikael Lundström Juhamatti Pukka Jussi Hyyppä Juhana Heikkilä Jani Kurppa Juha Mäntykorpi CHIEF INVESTMENT HEAD OF FIXED INCOME HEAD OF LOAN SENIOR PORTFOLIO SENIOR PORTFOLIO PORTFOLIO MANAGER OFFICER STRATEGIES MANAGER MANAGER AT EVLI SINCE 1996, AT EVLI SINCE 2008, AT E
Slide 19: Evli European High Yield Fund in a Nutshell
19 Evli European High Yield Fund in a Nutshell Type of Fund European High Yield bond fund (UCITS) Benchmark ICE BofAML European Currency Developed Markets High Yield Constrained Index (HPCD) Fund Units Both distribution (A) and growth units (B), Institutional share class available (IB) B units EUR:
Slide 20: Considerations and Risk Factors
20 Considerations and Risk Factors The fund’s investment activities aim to achieve a higher long-term return on assets than the benchmark. The fund’s return expectation and risk are higher than for funds that invest solely in government bonds. The fund’s overall risk is also affected by the followin
Slide 21: Track record and portfolio composition
21 TRACK RECORD AND PORTFOLIO COMPOSITION Evli European High Yield CONFIDENTIAL
Slide 22: Net of fee returns - 1 Year
22 Net of fee returns - 1 Year Portfolio Benchmark Difference 1 Month -1.81% -1.77% -0.04% 3 Months -1.57% -1.82% 0.24% 6 Months 1.80% 1.79% 0.01% 1 Year 1.36% 0.59% 0.77% Portfolio Benchmark Difference Volatility 2.39% 2.61% -0.23% Sharpe -0.31 -0.58 0.27 Tracking Error 0.52% - - Information Ratio
Slide 23: Net of fee returns - 10 Years
23 Net of fee returns - 10 Years Portfolio Benchmark Difference 1 Year 1.36% 0.59% 0.77% 3 Years 21.55% 20.24% 1.32% 5 Years 14.73% 13.24% 1.50% 10 Years 32.65% 40.46% -7.81% 10 Years, 2.87% 3.45% -0.58% annualized return Portfolio Benchmark Difference Volatility 6.15% 5.95% 0.20% Sharpe 0.33 0.44 -
Slide 24: Annual returns, after fees, 30.09.2026
24 Annual returns, after fees, 30.09.2026 Past returns are no guarantee of future returns. 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Portfolio 6.89% -4.28% 7.82% -1.12% 3.18% -10.57% 12.06% 8.33% 5.51% 0.52% Benchmark 6.86% -3.74% 11.39% 2.54% 3.36% -11.10% 12.29% 8.15% 5.18% 0.06% Differenc
Slide 25: Portfolio positioning and trades last 12 months
25 Portfolio positioning and trades last 12 months (October 2026) – The higher yields in short end (2-5 yrs) supports BB-bonds – BB’s are attractive as behaving mostly like IG – The market recovered swiftly from the March sell-off, with spreads retracing and primary issuance hitting a record shortly
Slide 26: Portfolio rating weights (%)
Portfolio rating weights (%) CONFIDENTIAL
Slide 27: Evli High Yield fund characteristics
27 Evli High Yield fund characteristics Past return is no guarantee of future returns Statistics 30.9.2026 Fund Index Yield (YTM) 6.92% 6.88% YTM (local currency) 6.97% - Yield to worst (YTW) 6.80% 6.61% Modified duration 2.86 3.25 Average rating Ba3/BB- Ba3/BB- Credit spread (OAS) 338 308 Number of
Slide 28: Portfolio structure 30.09.2026
28 Portfolio structure 30.09.2026 Evli European High Yield B CONFIDENTIAL
Slide 29: Top holdings 30.09.2026
29 Top holdings 30.09.2026 10 LARGEST INVESTMENTS 10 LARGEST ISSUERS % % Mitsubishi Ufj 15.12.2050 Convertible FRN 1.45% Nidda Healthcare Holding GmbH 2.30% Arena Lux Fin 30.6.2031 4.5% Callable Fixed 1.25% SoftBank Group Corp 1.92% Intesa Sanpaolo 7% Perp/Call Variable 1.22% Heimstaden Bostad AB 1.
Slide 30: Attribution 30.12.2025-30.6.2026
30 Attribution 30.12.2025-30.6.2026 (Official BM return 1.91%, difference from FX and hedging) - Portfolio outperformed by 70bps (Gross-of- fees). - Best performing sectors were Banking, Energy and Technology * - Biggest attribution Banking (overweight), Technology (overweight) and Telecom (selectio
Slide 31: Attribution 2025
31 Attribution 2025 - Portfolio outperformed by 133 bps (Gross-of- fees). - Best performing sectors were Banking, Real Estate and Automotive * - Biggest attribution Banking (OW, selection), Basic Industry (UW, selection) and Financial Services *Cash includes interest rate futures Source; Bloomberg P
Slide 32: Peer analysis – 5 years
32 Peer analysis – 5 years Past returns are no guarantee of future returns. Return (cum.) Beta Bear Beta Bull Beta Down Capture Ratio Up Capture Ratio Max Drawdown Evli European High Yield B 14,73 1,04 1,09 1,11 104,42 115,11 -15,12 The upper quartile 12,13 1,05 1,12 1,14 115,52 108,72 -12,56 Median
Slide 33: ESG Metrics 30.06.2026
33 EVLI EUROPEAN HIGH YIELD ESG Metrics 30.06.2026 Responsibility score A Carbon footprint 71 UN Global Compact 0.0 % SFDR classification: Article 8 (t CO2e/M$ sales) fails CURRENT RESPONSIBILITY SCORES CARBON FOOTPRINT AND FOSSIL FUEL RESERVES DEVELOPMENT OF CARBON INTENSITY OF CURRENT INVESTMENTS
Slide 34: Ambition
34 AMBITION “We want to be the forerunner in responsible wealth management in the Nordics, and in this way help our clients in managing their wealth to support a sustainable future.” CONFIDENTIAL
Slide 35: Responsible investing with 20 years of experience
35 Responsible investing with 20 Review of Evli’s climate targets years of experience Signatory of a COP15 initiative ’Moving Together on Nature’ Signatory of a joint TNFD Signatory of Open Letter to Joining the PRI statement on Nature EU leaders from investors Advance initiative as European Report
Slide 36: Four pillars of responsible investing at Evli
36 Four pillars of responsible investing at Evli #1 in Sustainable investing according to Finnish institutions2 Principles for ESG 1 -integration in Engagement and Reporting Responsible Investment Team Responsible Investment investment process active ownership – Decided by Evli’s – Portfolio – Manag
Slide 37: Monitoring, engagement and active ownership
37 Monitoring, engagement and active ownership ENGAGEMENT ACTIVITIES 2025 UN Global Compact, the UN Guiding Principles on Business and Human COLLABORATIVE ENGAGEMENT PARTICIPATING IN GENERAL Rights, the OECD Guidelines for Multinational Enterprises and Evli’s Climate INITIATIVES MEETINGS and Nature
Slide 38: Exclusions in practice in all Evli funds
38 Exclusions in practice in all Evli funds – With 0% revenue threshold: – Controversial weapon manufacturers – Companies manufacturing peat for energy production – With 5% revenue threshold: – Tobacco producers, adult entertainment producers and companies practicing controversial lending – With 10%
Slide 39: Evli's Climate and Nature Principles
39 Evli’s Climate and Nature Principles 1. Analysis – Monitoring the emissions of companies in Evli’s funds through fund- specific carbon footprints and companies’ emission reduction targets. – Evli’s Responsible Investment team utilizes available tools and data to identify nature-related risks, dep
Slide 40: Evli's climate targets
40 Evli’s climate targets Evli aims to achieve net zero by 2050 at the latest. The interim target for the investments -50% reduction in indirect emissions from investments by 2030 (compared to 2019). 1 We are aware that a credible long-term net zero goal requires systematic work and sufficiently amb
Slide 41: What opportunities does the market currently offer?
41 WHAT OPPORTUNITIES DOES THE MARKET CURRENTLY OFFER? Evli European High Yield - Overview of the market CONFIDENTIAL
Slide 42: Evli's funds vs. the market
42 Evli’s European and Global fixed income funds and government bond funds vs. the market 30.9.2026 8,0 Evli’s European credit fund Evli European High Yield (6,92%) Evli’s Global credit fund 7,0 European Developed Markets High Yield Constrained Evli’s government bond fund Evli Emerging Markets Credi
Slide 43: Credit market returns and YTM
43 Credit market returns and YTM Source: Bloomberg, Evli CONFIDENTIAL
Slide 44: Yield curves
44 Yield curves Euro swap curve (10 – 2 yrs) Yield curves Source: Bloomberg, Evli CONFIDENTIAL
Slide 45: Market outlook
45 Market outlook – The long-end sell-off has intensified over – Another solid earnings season: The Q2 – High all-in yields: Following the shift up in the past month. The 10-year OAT–Bund reporting season so far has been strong in the yield curve, the overall yield levels are spread has widened to a
Slide 46: Benchmark total return % YTD 2026
46 Benchmark total return % YTD 2026 Past returns are no guarantee of future returns. Source: ICE BofAML, Evli. Returns are hedged to the EUR. CONFIDENTIAL
Slide 47: Spreads: BBB-rated IG in Europe
47 Spreads: BBB-rated IG in Europe (02/10/2026) Last 5 years Since 1999 Source: ICE BofAML, EVLI CONFIDENTIAL
Slide 48: Spreads: B-rated HY in Europe
48 Spreads: B-rated HY in Europe (02/10/2026) Last 5 years Since 1999 Source: ICE BofAML, EVLI CONFIDENTIAL
Slide 49: Credit metrics (IG + HY)
49 Credit metrics (IG + HY) Investment Grade High Yield Source: ICE BofAML, Bloomberg, Cognitive CONFIDENTIAL
Slide 50: The European Credit Market
50 The European Credit Market CONFIDENTIAL
Slide 51: Company analysis and models
51 Company analysis and models – We use independent external research providers – Octus, Lucror, CreditSights, etc. – Quarterly figures standardized by Cognitive credit – Currently covers 691 Euro HY issuers – Updated within minutes after figures released – Can build own financial models and forecas
Slide 52: Evli Financial Analysis Tool using Cognitive data
52 Evli Financial Analysis Tool using Cognitive data CONFIDENTIAL
Slide 53: Company Analysis
53 Company Analysis 1. Building an investment case; breaking down the business, modelling the financials and weighing the opportunities against the risks 2. Setting clear expectations with our forecast model for where the company is headed 3. Tracking the company results quarter by quarter so see ho
Slide 54: Evli Credit Scoring Model
54 Evli Credit Scoring Model A proprietary tool for credit analysis Detailed 6-page report Cross-check for decisions - Evli’s own AI internal model, - Company overview - Used as a cross-check, combined supporting credit analysis with our forward-looking - Executive summary expectations - Tested with
Slide 55: Evli's funds vs. the market
55 Evli’s funds vs. the market 30.9.2026 8,0 Evli’s Nordic credit fund Evli European High Yield (6,92%) Evli Nordic Senior Secured Loan (AIF; 6,96%) Evli’s European credit fund 7,0 European Developed Markets High Yield Constrained Evli’s Global credit fund Evli Nordic High Yield (6,74%) Evli’s gover
Slide 56: Evli's European and Emerging Markets corporate bond funds in a nutshell
APPENDIX 56 Evli’s European and Emerging Markets corporate bond funds in a nutshell Fund Evli Short Corporate Bond Evli Corporate Bond Evli Green Corporate Bond Evli European Investment Grade Evli European High Yield Evli Emerging Markets Credit Invests into Short dated European European investment
Slide 57: Evli's Nordic corporate bond and loan funds in a nutshell
APPENDIX 57 Evli’s Nordic corporate bond and loan funds in a nutshell Fund Evli Euro Liquidity Evli Nordic Corporate Bond Evli Nordic High Yield Evli Nordic Senior Secured Loan (AIF) Invests into Nordic ultra-short term corporate bonds Nordic crossover corporate bonds Nordic rated and unrated high y
Slide 58: Important information
58 Important information This marketing material is intended for non-professional and professional clients in Finland, Sweden, Lithuania, Latvia and Estonia. In other jurisdictions this Document is intended only for professional clients. The management company of the fund is Evli Fund Management Com
Slide 59: Disclaimer statement
59 Disclaimer statement Evli This presentation is intended only for the recipient's personal and private use. This material is based on sources that Evli Group (Evli) considers correct and reliable. However, neither Evli nor its employees give any guarantee concerning the correctness, accuracy or co
Slide 60: Evli contact and social media
LinkedIn – Evli Funds LinkedIn – Evli Funds Facebook – Evli Funds Facebook – Evli Funds Facebook – Evli Funds Message Service X – Evli Funds Message Service X – Evli Funds Message Service X – Evli Funds evli.com evli.com evli.com Evli Plc | Aleksanterinkatu 19 | P.O. Box 1081 | FI-00101 Helsinki, Fi