Slide 1: EVLI GEM
EVLI GEM 30.09.2026 ISIN: FI4000518816 INSTITUTIONAL ACCUMULATING SERIES 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 informatio
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 equity fund management
6 SUCCESSFUL EQUITY FUND MANAGEMENT The Results of Evli’s Global equities family of funds CONFIDENTIAL
Slide 7: Strong track record
7 Strong track record Past returns are no guarantee of future returns. – Award-winning portfolio management: Quartile rankings 30.09.2026* – Nine consecutive years as an Awards nominee 2015-2023 (Morningstar/ Lipper) 3 years 5 years 10 years – Awards winner in 2017, 2018, 2020, 2021, Evli Europe B/I
Slide 8: Why invest in this fund?
8 WHY INVEST IN THIS FUND? Evli GEM CONFIDENTIAL
Slide 9: Evli GEM IB – key figures
9 Evli GEM IB – key figures FUND SIZE, EUR MILLION FUND STARTING DATE 30.9.2026 Past returns are no guarantee of future returns. 211.5 25.1.2016 – Evli GEM is an equity fund that invests its assets primarily in emerging markets equities NUMBER OF HOLDINGS ACTIVE SHARE % – Bottom-up stock selection s
Slide 10: Investment philosophy and process
10 INVESTMENT PHILOSOPHY AND PROCESS Evli GEM CONFIDENTIAL
Slide 11: Investment philosophy
11 Investment philosophy – Cash is King. Invest in companies with good long-term cash flow characteristics and strong debt coverage – See the world as it is. Focus on what company management has done, not what they say they will do – Don’t overpay. In company valuation, use cautious assumptions. It
Slide 12: Investment strategy
12 Investment strategy – Focus on companies that 3. Growth –Generate cash flow 4. Caution* 2. Cash flows –Have strong debt coverage –Are underpriced – Bottom-up approach –No benchmark, sector, geographical or market cap constraints – Investment universe: 1. Time 5. Debt coverage –Emerging and fronti
Slide 13: Find free cash flow and don't overpay
13 Find free cash flow and don’t overpay We invest in companies that generate cash flow, have strong debt coverage, and are Stock selection underpriced No benchmark, sector or geographical constraints. Sector and country weights are a Active result of stock selection. Focuses mainly on equity market
Slide 14: Workflow
14 Workflow SCREENING RESEARCH PORTFOLIO ~ 26,000 ~ 100 companies Equal weights companies Investment universe: Share liquidity analysis Construction and risk control: – GEM/Frontier Cash flow analysis: – Adequate diversification with a minimum of 20 holdings Stock screen: – Stability – Stock positio
Slide 15: ESG integration
15 ESG integration – Focus on companies that generate free cash flow, have strong debt coverage, and are underpriced – Integration of ESG related cash outflows that are material, probable and quantifiable ENVIRONMENT Restoration, rehabilitation, possible engagement within FINANCIAL STATEMENT ANALYSI
Slide 16: ESG examples - Evli Global Equities Team
16 ESG examples - Evli Global Equities Team ENVIRONMENTAL Researching a mining company, PM became aware of serious environmental violations and handed the company over to RI Team for further analysis. Process led to conduct-based exclusion of company from Evli’s investment universe. SOCIAL A large r
Slide 17: Portfolio management team
17 Portfolio management team Hans-Kristian Sjöholm Wilhelm Bruun Marjaana Haataja Kati Viljakainen PORTFOLIO MANAGER, PORTFOLIO MANAGER, PORTFOLIO MANAGER, PORTFOLIO MANAGER, GLOBAL EQUITIES, SINCE 2010 GLOBAL EQUITIES, SINCE 2010 GLOBAL EQUITIES, SINCE 2011 GLOBAL EQUITIES, SINCE 2011 M.Soc.Sc. (Ec
Slide 18: Evli GEM in a nutshell
18 Evli GEM in a nutshell Type of Fund International equity fund (UCITS) Benchmark MSCI Emerging Markets TR Net USD Fund Units Both distribution (A) and growth units (B, B SEK & B USD), institutional share class available (IB) Bloomberg/ISIN B-units EUR: EVLGEMB FH / FI4000153697 (no dividend); B-un
Slide 19: Evli's Global Equities family of funds
19 Evli’s Global Equities family of funds – Our family of funds using the same investment philosophy consists of eight funds investing in different geographical areas: – Evli Europe (current strategy since 1 April 2010) – Evli Global (current strategy since 31 May 2011) – Evli North America (current
Slide 20: Considerations and risk factors 1/2
20 Considerations and risk factors 1/2 The aim is to earn a return which, in the long term, exceeds the return of the benchmark index. As the fund’s return expectation and risk level are high, we recommend the fund to experienced investors with long investment horizons. All the fund’s assets are inv
Slide 21: Considerations and risk factors 2/2
21 Considerations and risk factors 2/2 Liquidity Management Tools—In exceptional circumstances, the fund management company may activate the following liquidity management tools specified in the fund rules to safeguard the fund's liquidity, where required by the interests of unitholders. The use of
Slide 22: What opportunities does the market currently offer?
22 WHAT OPPORTUNITIES DOES THE MARKET CURRENTLY OFFER? Evli GEM CONFIDENTIAL
Slide 23: Characteristics 30.09.2026
23 Characteristics 30.09.2026 Past returns are no guarantee of future returns. Fund Evli Global Evli Europe Evli N. America Evli Japan Evli Nordic Evli GEM Return on Equity, % 20.8 13.7 16.5 11.9 14.1 16.2 Debt-to-Equity, % 77.9 63.2 59.7 13.2 83.7 27.2 Price-to-Earnings 16.5 16.2 17.3 14.7 17.1 12.
Slide 24: Characteristics 30.09.2026
24 Characteristics 30.09.2026 Lightly colored circles denote MSCI benchmarks ex Financials. Price and company data: Bloomberg. Index member data: MSCI. Fundamental data as of latest reported period if available, else latest reported fiscal year, 12-month rolling basis where applicable. Data aggregat
Slide 25: Valuation – GEM research list
25 Valuation – GEM research list Emerging Market Research List 15 14 13 12 Free Cash Flow Yield 11 10 9 8 7 6 5 4 3 Research list - median Research list - period average MSCI Emerging Markets exFinancials Our fundamental screen evaluates past ability to generate cash over the short- and long-term, a
Slide 26: Track record and portfolio composition
26 TRACK RECORD AND PORTFOLIO COMPOSITION Evli GEM CONFIDENTIAL
Slide 27: Net of fee returns - Since current strategy launch
27 Net of fee returns - Since current strategy launch Portfolio Benchmark Difference 1 Year 14.71% 33.65% -18.94% 3 Years 43.82% 79.25% -35.44% 5 Years 41.02% 56.17% -15.15% 10 Years 125.09% 135.64% -10.55% Since current 179.01% 192.40% -13.39% strategy launch Since current strategy launch, 10.08% 1
Slide 28: Annual returns, after fees, 30.09.2026
28 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 11.00% -5.40% 19.98% 0.60% 18.51% -13.03% 18.02% 11.43% 8.86% 13.22% Benchmark 20.44% -10.52% 21.06% 8.67% 4.40% -14.95% 6.14% 15.10% 17.42% 27.89% D
Slide 29: Net of fee returns - YTD
29 Net of fee returns - YTD Portfolio Benchmark Difference YTD 13.22% 27.89% -14.67% Portfolio Benchmark Difference Volatility 16.12% 24.75% -8.63% Sharpe 0.72 1.06 -0.34 Tracking Error 16.64% - - Information Ratio -0.88 - - Beta 0.49 - - The fund's benchmark is MSCI Daily TR Net Emerging Markets In
Slide 30: Net of fee returns - 10 Years
30 Net of fee returns - 10 Years Portfolio Benchmark Difference 1 Year 14.71% 33.65% -18.94% 3 Years 43.82% 79.25% -35.44% 5 Years 41.02% 56.17% -15.15% 10 Years 125.09% 135.64% -10.55% 10 Years, 8.45% 8.94% -0.49% annualized return Portfolio Benchmark Difference Volatility 15.01% 15.74% -0.73% Shar
Slide 31: Global emerging stock markets YTD (EUR)
31 Global emerging stock markets YTD (EUR) Past returns are no guarantee of future returns. RETURNS BY SECTOR (%) Index Fund Information Technology Index Industrials Energy Health Care Fund Financials Utilities Materials Real Estate Consumer Staples Consumer Discretionary Communication Services -40
Slide 32: Attribution by sector YTD
32 Attribution by sector YTD ATTRIBUTION EFFECTS AVERAGE WEIGHTS Total Allocation Selection Currency Financials Portfolio weight Communication Services Active weight Materials Industrials Consumer Staples Energy Utilities Health Care Real Estate Consumer Discretionary Information Technology Other an
Slide 33: Global emerging stock markets YTD (EUR)
33 Global emerging stock markets YTD (EUR) Past returns are no guarantee of future returns. RETURNS BY COUNTRY (%) Index Fund South Korea Taiwan Colombia Peru Hungary Poland Greece Index Thailand Brazil Turkey Fund Egypt United Arab Emirates Saudi Arabia Mexico Malaysia Kuwait Czech Republic Russia
Slide 34: Attribution by country YTD
34 Attribution by country YTD ATTRIBUTION EFFECTS AVERAGE WEIGHTS Data as of 30.12.2025 – 30.9.2026 Sources: Evli, Bloomberg CONFIDENTIAL
Slide 35: Top/Bottom attributors YTD
35 Top/Bottom attributors YTD Past returns are no guarantee of future returns. TOP ATTRIBUTORS % Port % Active Return, % Attrib., % Tencent Holdings Ltd (CN) 0.00 -3.42 -25.41 2.39 Alibaba Group Holding Ltd (CN) 0.00 -2.39 -23.59 1.45 Plan B Media Pcl (TH) 0.79 0.79 55.63 0.90 Acter Group Corp Ltd (
Slide 36: Portfolio structure 30.09.2026
36 Portfolio structure 30.09.2026 Evli GEM IB CONFIDENTIAL
Slide 37: Top holdings 30.09.2026
37 Top holdings 30.09.2026 10 LARGEST INVESTMENTS % Plan B Media Pcl 2.04% Genius Electronic Optical Co L 1.90% Triputra Agro Persada PT 1.71% Hana Microelectronics PCL 1.70% S-1 Corp 1.69% Realtek Semiconductor Corp 1.65% Tung Ho Steel Enterprise Corp 1.58% Newborn Town Inc 1.56% Cyient Ltd 1.53% C
Slide 38: Companies 30.09.2026 (83 stocks)
38 Companies 30.09.2026 (83 stocks) Communication Consumer Consumer Health Information Active Energy Industrials Materials Real Estate Utilities Other Portfolio MSCI EM Services Discretionary Staples Care Technology Weight Grendene TIM Brazil Brazil Mahle-Metal Leve Ambev Intelbras 8.1% 4.1% 4.0% Te
Slide 39: Portfolio changes YTD
39 Portfolio changes YTD SECTOR COUNTRY Consumer Discretionary China Taiwan Information Technology South Korea Communication Services India Brazil Consumer Staples Thailand Industrials South Africa Materials Poland Philippines Health Care Hungary Real Estate Indonesia Energy United Arab Emirates Tur
Slide 40: Portfolio changes YTD
40 Portfolio changes YTD SIZE NUMBER OF POSITIONS < 2 bn EUR 92 At Beginning of Period 47 Sold 2 - 5 bn EUR 46 Held > 5 bn EUR 38 Bought Other and Cash 83 At End of Period -80% -60% -40% -20% 0% 20% 40% 60% 0 20 40 60 80 100 Weight at end of period Weight at beginning of period Active weight at end
Slide 41: Portfolio changes YTD
41 Portfolio changes YTD BOUGHT (38) BOUGHT cont. SOLD (47) SOLD cont. AAC Technologies Holdings (CN, Information Technology) Puregold Price Club (PH, Consumer Staples) ADNOC Distribution (AE, Consumer Discretionary) Haidilao International Holding (CN, Consumer Discretionary) ANTA Sports Products (C
Slide 42: Holdings-based style map
42 Holdings-based style map CONFIDENTIAL
Slide 43: ESG Metrics 30.06.2026
43 EVLI GEM ESG Metrics 30.06.2026 Responsibility score A Carbon footprint 212 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 Excellent (AAA)
Slide 44: Ambition
44 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 45: Responsible investing with 20 years of experience
45 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 46: Four pillars of responsible investing at Evli
46 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 47: Monitoring, engagement and active ownership
47 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 48: Exclusions in practice in all Evli funds
48 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 49: Evli's Climate and Nature Principles
49 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 50: Evli's climate targets
50 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 51: Important information
51 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 52: Disclaimer statement
52 Disclaimer statement Morningstar Morningstar Awards 2015, 2016, 2017, 2018, 2019, 2023 (c). Morningstar, Inc. All Rights Reserved. Evli Global, managed by Hans-Kristian Sjöholm, received a Morningstar Award reward in 2017 and was chosen as the best Global Equity Fund in Finland and Sweden. 2015 E
Slide 53: Disclaimer statement
53 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 54: Evli social media and contact details
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