Slide 1: Evli Nordic Senior Secured Loan B
EVLI NORDIC SENIOR SECURED LOAN 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: FI40
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 Nordic fixed income funds vs. the market
8 Evli’s Nordic fixed income funds vs. the market 30.9.2026 8,0 Evli’s Nordic credit fund Evli Nordic Senior Secured Loan (AIF; 6,96%) The Market 7,0 Evli Nordic High Yield (6,74%) European Developed Markets High Yield Constrained 6,0 5,0 Evli Nordic Corporate Bond (4,86%) Yield to maturity EMU IG C
Slide 9: Evli's Nordic corporate bond and loan funds in a nutshell
9 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 yield bonds
Slide 10: Why invest in Nordic senior secured?
10 WHY INVEST IN NORDIC SENIOR SECURED? CONFIDENTIAL
Slide 11: Access to attractive and unique markets
11 Access to attractive and unique markets – Portfolio consist of 3 different asset As of 30.6.2025 classes Segment Investments Weight Leverage YTM (EUR – “Invitation-only” Nordic senior secured (#) (%) ratio hedged) mid-market loans are the sweet spot for (average) Evli Nordic Senior Secured Loan F
Slide 12: Why Nordic senior secured mid-market loans?
12 Why Nordic senior secured mid- market loans? – Nordic senior secured mid-market loans Nordic mid-market European TLB are the sweet spot for Evli Nordic Senior Benchmark Issue > 150 € mln > 500 € mln Secured Loan Fund. size Currency EUR/SEK/NOK/DKK EUR/GBP/USD – Characteristics as secured private
Slide 13: Access to unique assets
13 Access to unique assets – Nordic senior secured mid-market are hold by a Morningstar European Leveraged Loan Market Index small amount of investors (Usually around 10) - composition by # of borrowers (396 in total) – “Invite only” type of approach 450 120% 100% 400 – Also, Nordic more liquid TLB
Slide 14: Term Loan B market
14 Term Loan B market – Term Loans have in crises proven to be Fund compared to TLB and Euro HY market1 more stable than the High yield market dur to the characteristics of the Loan Market – Floating structure, seniority, institutional owner base all reduce volatility – Fund has been more stable tha
Slide 15: Nordic High Yield bonds add names and liquidity
15 Nordic High Yield bonds add names and liquidity Part of Nordic Senior Secured Fund is invested into bonds. 8,0 Typically, 10-30%. 7,0 6,7 Brings diversification, liquidity and shorter settlements to the 6,0 5,7 fund 4,9 5,0 – Nordic Issuers offer higher credit spread for similar credit risk 4,0 c
Slide 16: Nordic senior secured loan market size
16 Nordic senior secured loan market size Segment Market size (EUR) Average deal size (EUR) Number of potential borrowers (#) Nordic mid-market loans ~EUR 30 billion Below EUR 300 million 200-250 Target segments of Evli Nordic Senior Nordic large-cap loans ~EUR 20 billion Above EUR 300 million 25-50
Slide 17: Nordic HY, low historical default rate outside the Energy sector
17 Nordic HY, low historical default rate outside the Energy sector Nordic default rate Both Nordic non-energy HY and EUR HY 40% have similar historical default rates of around 2% 35% 30% 25% 20% 15% 10% 5% 0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Energy Total Non-energy S
Slide 18: Nordic HY recovery rates
18 Nordic HY rates Recovery rates have been high – same for loans Nordic HY Implied nominal average recovery rate –Recovery for bonds have in the 100% Nordic been very high 90% 80% –For mid-market loans there is no 70% public default statistics, however many participants have had almost 60% zero def
Slide 19: General Nordic HY vs. EUR HY comparison
19 General Nordic HY vs. EUR HY comparison Nordic HY bond EUR HY bond Result Issues size 75meur 300meur Local market Currency SEK/NOK/EUR/USD EUR Fully hedged to EUR Coupon Floating rate Fixed coupon Less interest rate risk Rating ~75% unrated Public ratings Extra yield, No passives Secondary Market
Slide 20: Evli Nordic Senior Secured Loan
20 EVLI NORDIC SENIOR SECURED LOAN “Evli is your gateway to the Nordic Leveraged Loan and High Yield market” CONFIDENTIAL
Slide 21: What Makes Evli Senior Secured Loan Fund Unique
21 What Makes Evli Senior Secured Loan Fund Unique Impressive Returns Enhanced Risk-Return Profile Incorporation of ESG Factors Trusted Expertise A spread exceeding +150bps Carefully diversified across Integrated into all investment 40 years of experience in compared to EUR Leverage various sectors
Slide 22: Evli Nordic Senior Secured Loan Fund
22 Evli Nordic Senior Secured Loan Fund Past returns are no guarantee of future returns. Portfolio 31.7.2026 YTM (hedged to EUR) 6.86% Modified duration 0.12 Credit duration 2.03 Credit quality B+ Credit spread (OAS) 418 bps Unrated bonds / loans 83% Floating rate bonds/loans 100% Number of issuers
Slide 23: Evli Nordic Senior Secured Loan Strategy
Evli Nordic Senior Secured Loan Strategy ▪ Evli has +20 years of expertise from European and Nordic High Yield markets ▪ Deep local loan market knowledge gives Evli unique capabilities to invest successfully into Long track-record Nordic senior secured (leveraged) loans ▪ Strong and experienced team
Slide 24: Evli Nordic Senior Secured Loan Fund: OAS and YTM
24 Evli Nordic Senior Secured Loan Fund Option Adjusted Spreads (OAS) and Yield to Maturity (YTM) 4/2022-4/2026 in EUR Series1 Series2 1100 10,00% 1000 9,00% 900 8,00% 800 April -22 7,00% YTM 3.94% OAS 4.45% 700 6,00% Apr-26 600 YTM 6.70% 5,00% OAS 4.26% 500 4,00% 400 3,00% 300 2,00% 200 1,00% Apr-2
Slide 25: Evli Nordic Senior Secured Loan Fund – investments
25 Evli Nordic Senior Secured Loan Fund – investments Investments Nordic mid-market loans – Evli Nordic Senior Secured Loan Fund commenced investment activity (May-2026) – Fund size (May-26) ~ EUR 360m (inc. new subscriptions) – Fund’s deployment percentage (May-26) ~ 90 % (investments + investment
Slide 26: Net of fee returns - 1 Year
26 Net of fee returns - 1 Year Portfolio 1 Month 0.19% 3 Months 1.50% 6 Months 3.25% 1 Year 4.94% Portfolio Volatility 0.96% Sharpe 3.12 CONFIDENTIAL
Slide 27: Net of fee returns - 5 Years
27 Net of fee returns - 5 Years Portfolio 1 Year 4.94% 3 Years 20.37% 5 Years 27.56% 5 Years, 4.99% annualized return Portfolio Volatility 1.75% Sharpe 1.67 CONFIDENTIAL
Slide 28: Net of fee returns - Since launch
28 Net of fee returns - Since launch Portfolio 1 Year 4.94% 3 Years 20.37% 5 Years 27.56% Since launch 27.34% Since launch, 4.87% annualized return Portfolio Volatility 1.76% Sharpe 1.60 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total 2021 NaN NaN NaN NaN NaN NaN NaN 0.00 % -0.17 % -0.09 % -0.
Slide 29: Annual returns, after fees, 30.09.2026
29 Annual returns, after fees, 30.09.2026 Past returns are no guarantee of future returns. 2021 2022 2023 2024 2025 2026 Portfolio -0.36% 0.02% 7.95% 7.95% 5.82% 3.62% Volatility 1.86% 3.14% 2.34% 2.02% 1.71% 1.60% Evli Nordic Senior Secured Loan B CONFIDENTIAL
Slide 30: Portfolio structure 30.09.2026
30 Portfolio structure 30.09.2026 Evli Nordic Senior Secured Loan B CONFIDENTIAL
Slide 31: Evli Nordic Senior Secured Loan in a Nutshell
31 Evli Nordic Senior Secured Loan in a Nutshell Type of Fund Senior Secured Loan Fund (AIF) Benchmark Fund has no benchmark Fund Units Both distribution (A) and growth units (B), Institutional share class available (IB) A units EUR: EVELLAE FH / FI4000507249, SEK: EVELASI FH / FI4000603444 B units
Slide 32: Investment Philosophy and Process
32 INVESTMENT PHILOSOPHY AND PROCESS Evli Nordic Senior Secured Loan CONFIDENTIAL
Slide 33: Investment Philosophy and Strategy
33 Investment Philosophy and Strategy Creditworthiness is the most important - We assess the TRUE credit quality, NOT relying on official rating factor in selecting investment targets. Credit - Corporate bonds have limited upside but, in extreme cases, can lose their is about capital protection. val
Slide 34: Nordic HY Investment Process
34 Nordic HY Investment Process SCREENING COMPANY ANALYSIS PORTFOLIO Market screening Analysis of fundamentals ~60-100 and pricing companies Investment universe: Company analysis Overview and diversity: - Nordic HY bonds – Financial Statement Analysis – Diverse portfolio with 60-100 - Unrated and ra
Slide 35: Company analysis
35 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 36: How ESG is taken into account in investment decisions?
36 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, le
Slide 37: Evli Nordic Senior Secured Loan Fund - team
37 Evli Nordic Senior Secured Loan Fund - team Jussi Hyyppä Mikael Lundström HEAD OF LOAN STRATEGIES, LEAD PORTFOLIO MANAGER CHIEF INVESTMENT OFFICER, PORTFOLIO MANAGER Joined Evli in 2020 to establish and spearhead Evli’s Loan At Evli since 1996. Specialized in corporate bond and fixed Strategy. Pr
Slide 38: Evli's fixed income team
38 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 39: Important information
39 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 40: Disclaimer statement
40 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 41: 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