Slide 1: Evli Euro Liquidity B
EVLI EURO LIQUIDITY 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: FI0008804463 BLO
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 corporate bond and loan funds in a nutshell
8 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 9: Why invest in Nordic short-term loans?
9 WHY INVEST IN NORDIC SHORT-TERM LOANS? Evli Euro Liquidity CONFIDENTIAL
Slide 10: Evli Euro Liquidity
10 Evli Euro Liquidity Nordic short-term fixed income fund Invests primarily in Nordic fixed income instruments and other interest-bearing instruments Aiming for high risk-adjusted returns No index or credit rating restrictions Quality and stability over high yield potential: successful Excellent tr
Slide 11: Evli Liquidity – Key takeaways
11 Evli Liquidity – Key takeaways for FUND SIZE, BILLION EURO MORNINGSTAR the Nordic Ultra Short Corporate Bond Fund – Evli Liquidity is a short duration fixed income 2.3 Bn 5 Stars fund investing mainly in Nordic fixed income instruments YIELD-TO-MATURITY, FUND INCEPTION YEAR – Evli Liquidity has t
Slide 12: Investment philosophy and process
12 INVESTMENT PHILOSOPHY AND PROCESS Evli Euro Liquidity CONFIDENTIAL
Slide 13: Investment Philosophy
13 Investment Philosophy • Invests in Nordic fixed income markets + Estonia NORDIC FOCUS • Currency risk is always fully hedged to EUR Final legal maturity date • Fixed coupon bonds mostly < 2 years (2-3y max 10%), LIMITED CREDIT RISK • FRNs max 3 years (>2y max 20%) • Senior bonds only, with a buy
Slide 14: The fund invests in stable and high-quality corporate bonds
14 The fund invests in stable and high-quality corporate bonds AAA – The fund emphasizes investments in fundamentally stable so-called AA crossover bonds A – The official credit rating is not decisive, but the real credit quality is BBB – In unrated bonds, we focus on the same Unrated high-quality b
Slide 15: Investment Process
15 Investment Process IDENTIFICATION ANALYSIS PORTFOLIO Issuer universe: Analysis on: Follow-up: – Govts and supranationals – Euro economics and ECB – Continuous analysis on Euro-area developments – Banks (bonds/CD’s) – Nordic issuer names in all currencies (currency hedging) – Continuous corporate
Slide 16: Company analysis
16 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 17: ESG integration in Investment Process
17 ESG integration in Investment Process – Daily activity on fund and company level 2. MONITORING AND ENGAGEMENT – Portfolio managers are responsible for the daily 1. ANALYSIS ESG integration and taking ESG issues into account in all investment decisions. – Responsible Investment Team is responsible
Slide 18: With Systematic Climate Change Policy
18 With Systematic Climate Change Policy ANALYSIS ENGAGEMENT EXCLUSION REPORTING ▪ Monitoring the ▪ Encouraging ▪ Avoiding investments ▪ Funds’ carbon emissions of companies to in companies that footprints are companies in Evli’s report the climate gain a significant reported publicly. funds through
Slide 19: Euro Liquidity Team
19 Euro Liquidity Team Team Member Main decision Research maker responsibility Juhana Heikkilä Nordic issuers Yes Euro sovereigns, supras Fund Manager Juhana Heikkilä SENIOR PORTFOLIO MANAGER Investment Grade and Decision maker when Master of Economics, Helsinki Business Juhamatti Pukka main fund ma
Slide 20: Evli's fixed income team
20 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 21: Evli Euro Liquidity Fund in a Nutshell
21 Evli Euro Liquidity Fund in a Nutshell Type of Fund Eurozone short-term fixed income fund (UCITS) Morningstar Fund Category TM EAA Fund EUR Ultra Short-Term Bond Benchmark 3-month Euribor Return Index Fund Units Both distribution (A) and growth units (B), also institutional (IB) and B SEK units a
Slide 22: Evli's European and Emerging Markets corporate bond funds in a nutshell
22 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 Eur
Slide 23: Evli's funds vs. the market
23 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 24: Considerations and Risk Factors
24 Considerations and Risk Factors The aim of the fund is to achieve a return that exceeds the return of the benchmark index. All investments are made in euro-denominated instruments free of currency risk. The fund’s overall risk is also affected by the following risk factors, which may not be fully
Slide 25: Track record and portfolio composition
25 TRACK RECORD AND PORTFOLIO COMPOSITION Evli Euro Liquidity CONFIDENTIAL
Slide 26: Net of fee returns - 1 Year
26 Net of fee returns - 1 Year Portfolio Benchmark Difference 1 Month 0.08% 0.21% -0.13% 3 Months 0.41% 0.57% -0.16% 6 Months 1.24% 1.08% 0.16% 1 Year 2.12% 2.11% 0.01% Portfolio Benchmark Difference Volatility 0.33% 0.08% 0.24% Sharpe 0.03 -0.00 0.03 Tracking Error 0.33% - - Information Ratio 0.03
Slide 27: Net of fee returns - 10 Years
27 Net of fee returns - 10 Years Portfolio Benchmark Difference 1 Year 2.12% 2.11% 0.01% 3 Years 10.85% 9.25% 1.59% 5 Years 13.42% 10.94% 2.49% 10 Years 15.75% 8.86% 6.89% 10 Years, 1.47% 0.85% 0.62% annualized return Portfolio Benchmark Difference Volatility 0.64% 0.24% 0.39% Sharpe 0.98 -0.00 0.98
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 0.27% 0.06% 0.68% 0.19% 0.67% -0.71% 4.55% 4.59% 2.91% 1.52% Benchmark -0.33% -0.33% -0.34% -0.39% -0.55% -0.33% 3.04% 3.99% 2.40% 1.58% Difference 0
Slide 29: Maturity breakdown in years
29 Maturity breakdown in years % Maturity breakdown 50 45 40 35 30 25 20 15 10 5 0 <0.5 v 0.5-1 v 1-2 v 2-3 v >3 CONFIDENTIAL
Slide 30: Evli Liquidity statistics
30 Evli Liquidity statistics Historical returns are no guarantee of future returns. Statistics 31.07.2026 Fund Yield (YTM) 3.12% Yield to worst (YTW) 3.09% Modified duration 0.56 Spread duration 0.76 Average rating Crossover Green bonds 16.36% Responsibility score (MSCI) A Number of issuers ~100 Siz
Slide 31: Top holdings 30.09.2026
31 Top holdings 30.09.2026 10 LARGEST INVESTMENTS 10 LARGEST ISSUERS % % Fortum Oyj 26.5.2028 4% Callable Fixed 2.92% Nordea Bank Abp 3.61% Kojamo Oyj 27.5.2027 1.875% Callable Fixed 2.90% FORTUM OYJ 2.92% Essity Ab 30.3.2027 1.625% Callable Fixed 2.41% Lumo Kodit Oyj 2.90% Teollisuuden Voi 31.3.202
Slide 32: Portfolio structure 30.09.2026
32 Portfolio structure 30.09.2026 Evli Euro Liquidity B CONFIDENTIAL
Slide 33: Peer analysis – 3 years
33 Peer analysis – 3 years Past returns are no guarantee of future returns. Return (cum.) Beta Down Capture Ratio Up Capture Ratio Max Drawdown Evli Euro Liquidity B 10,80 0,99 58,84 115,86 -0,18 The upper quartile 9,58 1,01 200,69 106,34 -0,10 Median 9,00 1,00 45,10 97,21 -0,23 The lower quartile 8
Slide 34: ESG Metrics 30.06.2026
34 EVLI EURO LIQUIDITY ESG Metrics 30.06.2026 Responsibility score AA Carbon footprint 49 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 Exce
Slide 35: Ambition
35 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 36: Responsible investing with 20 years of experience
36 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 37: Four pillars of responsible investing at Evli
37 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 38: Monitoring, engagement and active ownership
38 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 39: Exclusions in practice in all Evli funds
39 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 40: Evli's Climate and Nature Principles
40 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 41: Evli's climate targets
41 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 42: What opportunities does the market currently offer?
42 WHAT OPPORTUNITIES DOES THE MARKET CURRENTLY OFFER? Evli Euro Liquidity - Overview of the market CONFIDENTIAL
Slide 43: Evli's Nordic fixed income funds vs. the market
43 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
Slide 44: Market outlook
44 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 45: Spreads: BBB-rated IG in Europe
45 Spreads: BBB-rated IG in Europe (02/10/2026) Last 5 years Since 1999 Source: ICE BofAML, EVLI CONFIDENTIAL
Slide 46: Spreads: B-rated HY in Europe
46 Spreads: B-rated HY in Europe (02/10/2026) Last 5 years Since 1999 Source: ICE BofAML, EVLI CONFIDENTIAL
Slide 47: Credit metrics (IG + HY)
47 Credit metrics (IG + HY) Investment Grade High Yield Source: ICE BofAML, Bloomberg, Cognitive CONFIDENTIAL
Slide 48: Credit metrics (IG + HY)
48 Credit metrics (IG + HY) Source: FactSet, Bloomberg, S&P Capital IQ, company data, Morgan Stanley Research CONFIDENTIAL
Slide 49: HY: 3-4% annual default rate expected by YE26
49 HY: 3-4% annual default rate expected by YE26 – Market default forecasts show around 3-4% default rates by year-end 2026. – For 2027, market expectations range from 2% to 4%. Healthy credit fundamentals and high balance sheet liquidity support lower default rate while prolonged war in Iran is a n
Slide 50: Benchmark total return % YTD 2026
50 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 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 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 53: LinkedIn – Evli Funds Facebook – Evli Funds Message Service X – Evli Funds
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