Slide 1: Evli UK Value Fund
EVLI UK VALUE FUND 30.09.2026 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.
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: Evli UK Value
6 Evli UK Value – The Fund invests in companies either domiciled in the UK or with a substantial part of their business in the UK United Kingdom – Underperformance of the British stock market after the Brexit decision, resulting in a good supply of “cheap stocks” Reasons for launching the fund – The
Slide 7: Same lead portfolio manager, same strategy since launch
7 Same lead portfolio manager, same strategy since launch Petter Langenskiöld Henrik Kyynäräinen Wilhelm Törrönen PORTFOLIO MANAGER PORTFOLIO MANAGER ANALYST Licentiate of Science (Economics and Business M.Sc. (Finance), Hanken. Henrik has over 25 years M.Sc. (Finance), Hanken. Wilhelm has over 5 ye
Slide 8: Team's funds: Europe, Precious metals and UK
8 Team’s funds: Europe, Precious metals and UK Evli Hannibal - launched March 2007 Evli Silver and Gold - launched January 2016 Evli UK Value Fund - launched April 2021 Launch of Evli Hannibal, a deep value/contrarian -European Launch of Evli Silver and Gold, after the historical PM equities Launch
Slide 9: Track Record
9 TRACK RECORD Evli UK Value Fund CONFIDENTIAL
Slide 10: Evli UK Value Fund / 20.4.2021 – 9/2026
Evli UK Value Fund / 20.4.2021 – 9/2026 Fund launched Realised gains Net Net unrealised AUM at 20.4.2021 (and dividends subscriptions LOSS in 30.9.2026 received) during the current holdings since launch until period September 2026 10.5 m€ +14.7 m€ + 1,3 m€ -2.7 m€ 23.8 m€ Source: Evli Plc (2026) CON
Slide 11: Full exits make up most of the realised gains since inception
Following “full exits” make up most of the realised gains since inception, as of 9/26 (alphabetical order) abrdn Plc financial services J Sainsbury Plc retail Brown (N) Group Plc retail bid Johnson Matthey Plc chemicals, materials BT Group Plc telecom Jupiter Fund Management Plc financial services B
Slide 12: Evli UK Value Fund vs UK Small Cap Equity (208 funds)
Evli UK Value Fund vs UK Small Cap Equity (208 funds) Source: ft.com, Morningstar Direct (2026) CONFIDENTIAL
Slide 13: Fund performance since inception vs. current portfolio 5y share price performance
Fund performance since inception vs. Current portfolio 5y share price performance, as of 9/26 Fund performance since inception, 5 years + 5 months +114 % -77 % Weighted 5y share price performance of current portfolio Source: Zenostock (2026), Evli Plc (2026) CONFIDENTIAL
Slide 14: Valuation graphs for the fund's portfolio as of 30.9.2026
14 Resulting in the following valuation graphs for the funds portfolio as of 30.9.2026 A portfolio of British equities valued and . . . with a significant normalisation potential to acquired at or close to historical lows . . . historical valuation levels. Evli UK Value Fund per 30.9.2026 Evli UK Va
Slide 15: Morningstar 'style box'
15 Morningstar ‘style box’ Source: Morningstar Direct (2026) CONFIDENTIAL
Slide 16: According to Morningstar UK Value Fund is in the bottom-left-corner
16 According to Morningstar UK Value Fund is in the bottom-left-corner (and has always been) P/B for United Kingdom Equity Funds Weighted average P/B of all stocks in a portfolio (373 funds) as of July 31, 2026 5 4 3 Median P/B 2.11 2 1 Evli UK Value Fund P/B 0,63 0 0 50 100 150 200 250 300 350 400
Slide 17: Strategy & Investment Process
17 STRATEGY & INVESTMENT PROCESS Evli UK Value Fund CONFIDENTIAL
Slide 18: The logic and aim of the Fund's strategy
18 The logic and aim of Evli UK Value Fund’s strategy Before investment Search for, research and invest in companies: 1) with a (remarkably) low valuation 2) that is (clearly) lower than before And nothing else. 3 After investment Our trading discipline: ▪ Winners are sold after partial or full mean
Slide 19: The logic and aim of the Fund's strategy
19 The logic and aim of Evli UK Value Fund’s strategy Leads to the following valuation graph of our current . . . which, if we succeed, results in a fund performance going in holdings . . . the opposite direction. Evli UK Value Fund per 30.9.2026 . . . and wait for a mean reversion in valuation leve
Slide 20: The core of the Fund's strategy
20 The core of Evli UK Value Fund’s strategy A portfolio of British equities valued and . . . with a significant normalisation potential to acquired at or close to historical lows . . . historical valuation levels. Evli UK Value Fund per 30.9.2026 Evli UK Value Fund per 30.9.2026 >107 % 74 Source: Z
Slide 21: The core of the Fund's strategy
21 The core of Evli UK Value Fund’s strategy Where depressed valuations are typically driven by current . . . creating a sharp contrast between historical earnings power earnings headwinds; yielding low multiples on normalised earnings: and the market’s expectations about the future (74/10=7.4) Evli
Slide 22: Our strategy leads to a portfolio with quite different characteristics
22 Our strategy leads to a portfolio with quite different characteristics Evli UK Value Fund per 30.9.2026 FTSE All-Share (top 10) per 30.9.2026 MSCI UK Value (top 10) per 30.9.2026 We believe that the fund will outperform during the coming years because of its dramatically lower starting point. Thi
Slide 23: Major differences compared to standard value strategies
23 Major differences compared to “standard value”-strategies "Standard value" Evli UK Value Current or forecasted P/E-ratio Very important Not important Current profitability Very important Not important "Shiller P/E-ratio" Not important Very important Current P/B-ratio vs. historical mean Not impor
Slide 24: Investment Process
24 Investment Process QUANTITATIVE SCREENING QUALITATIVE RESEARCH PORTFOLIO >870 UK equities in ~left with 5-9% of ~40-50 positions research database population - Screening for stocks with beaten down share - Deep value investing leads to a larger Usually 40-50 positions, currently 43 prices and val
Slide 25: Portfolio Composition and Valuation
25 PORTFOLIO COMPOSITION AND VALUATION Evli UK Value Fund CONFIDENTIAL
Slide 26: 10 year price charts of top 24 holdings as of 30/09/2026
27 10 year price charts of TOP 24 holdings as of 30/09/2026 (in descending order, together 79 % x AUM) Victrex Plc Morgan Advanced Materials Plc Future Plc Mondi Plc Marshalls Plc Workspace Plc Reach Plc Hilton Food Group Plc Clarivate Plc IP Group Plc Barrat Redrow Plc Telecom Plus Plc Ibstock Plc
Slide 27: Fund holdings grouped by theme
28 As of 30/09/2026, 63 % of the fund’s holdings can be grouped as follows 8 x Homebuilding/construction, 19.7 % 3 x Chemical Industry, 10.2 % 3 x Media, 9.1 % Construction & Homebuilding Construction & Homebuilding Chemical Industry Chemical Industry Media Media 3 x Food, Agriculture, 7.1 % 2 x Rea
Slide 28: British Stock Market
29 BRITISH STOCK MARKET Evli UK Value Fund CONFIDENTIAL
Slide 29: British writings about their own stock market
30 British writings about their own stock market CONFIDENTIAL
Slide 30: The British stock market has lagged since Brexit
31 The British stock market has lagged since Brexit (10 years ago) Total return of major indices from Brexit to 30/09/2026 Return development of major indices from Brexit to 30/09/2026 600 FTSE All Shares 500 DAX 40 400 300 EuroStoxx 50 200 S&P 500 100 0 Nikkei 225 2016 2017 2018 2019 2020 2021 2022
Slide 31: Resulting in a big market with plenty of cheap equities
32 Resulting in a big market with plenty of cheap equities FTSE All-Share companies per industry Shares with # 100 Share price below 1Y ago 359 41 % 88 Share price below 3Y ago 429 49 % 79 Share price below 5Y ago 431 49 % 80 Share price below 10Y ago 298 34 % 60 Shares with # P/B <1 279 32 % 38 38
Slide 32: Appendix – British Economy
33 APPENDIX – BRITISH ECONOMY Evli UK Value Fund CONFIDENTIAL
Slide 33: Track Record and Portfolio Composition
36 TRACK RECORD AND PORTFOLIO COMPOSITION Evli UK Value Fund CONFIDENTIAL
Slide 34: Net of fee returns - YTD
37 Net of fee returns - YTD Portfolio Benchmark Difference YTD 31.87% 12.16% 19.71% Portfolio Benchmark Difference Volatility 17.01% 12.29% 4.73% Sharpe 1.78 0.86 0.92 Tracking Error 14.10% - - Information Ratio 1.40 - - Beta 0.80 - - CONFIDENTIAL
Slide 35: Net of fee returns - 1 Year
38 Net of fee returns - 1 Year Portfolio Benchmark Difference 1 Month -0.31% -1.78% 1.47% 3 Months 21.84% 3.21% 18.63% 6 Months 31.62% 9.57% 22.05% 1 Year 32.21% 19.27% 12.94% Portfolio Benchmark Difference Volatility 18.22% 11.37% 6.85% Sharpe 1.65 1.51 0.14 Tracking Error 13.68% - - Information Ra
Slide 36: Net of fee returns - 5 Years
39 Net of fee returns - 5 Years Portfolio Benchmark Difference 1 Year 32.21% 19.27% 12.94% 3 Years 84.07% 56.01% 28.06% 5 Years 94.39% 66.42% 27.97% 5 Years, 14.22% 10.72% 3.50% annualized return Portfolio Benchmark Difference Volatility 17.22% 12.88% 4.34% Sharpe 0.70 0.67 0.03 Tracking Error 11.14
Slide 37: Net of fee returns - Since launch
40 Net of fee returns - Since launch Portfolio Benchmark Difference 1 Year 32.21% 19.27% 12.94% 3 Years 84.07% 56.01% 28.06% 5 Years 94.39% 66.42% 27.97% Since launch 102.95% 76.66% 26.29% Since launch, 13.88% 11.01% 2.87% annualized return Portfolio Benchmark Difference Volatility 16.82% 12.58% 4.2
Slide 38: Annual returns, after fees, 30.09.2026
41 Annual returns, after fees, 30.09.2026 Past returns are no guarantee of future returns. 2021 2022 2023 2024 2025 2026 Portfolio 9.39% -8.13% 14.17% 14.19% 17.46% 31.87% Benchmark 11.68% -5.08% 9.83% 15.22% 17.42% 12.16% Difference -2.29% -3.04% 4.34% -1.03% 0.04% 19.71% Volatility 11.67% 19.59% 1
Slide 39: Portfolio structure 30.09.2026
42 Portfolio structure 30.09.2026 Evli UK Value Fund B CONFIDENTIAL
Slide 40: Top holdings 30.09.2026
43 Top holdings 30.09.2026 10 LARGEST INVESTMENTS % Victrex PLC 5.45% Morgan Advanced Materials PLC 4.29% Future PLC 4.22% Mondi PLC 3.98% Marshalls PLC 3.96% Workspace Group PLC 3.77% Reach PLC 3.76% Hilton Food Group PLC 3.72% Clarivate PLC 3.71% IP Group PLC 3.71% Evli UK Value Fund B CONFIDENTIA
Slide 41: Peer analysis – 3 years
44 Peer analysis – 3 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 UK Value Fund B 84,93 1,06 0,73 1,13 81,89 126,36 -10,52 The upper quartile 46,54 1,06 1,04 1,11 112,77 109,13 -10,35 Median 38,24
Slide 42: Peer analysis – Since launch
45 Peer analysis – Since launch Past returns are no guarantee of future returns. Return (cum.) Beta Bear Beta Bull Beta Down Capture Ratio Up Capture Ratio Max Drawdown Evli UK Value Fund B 100,69 0,95 0,64 0,90 73,27 119,56 -21,28 The upper quartile 28,26 1,06 1,07 1,10 109,22 108,18 -27,28 Median
Slide 43: ESG Metrics 30.06.2026
46 EVLI UK VALUE FUND ESG Metrics 30.06.2026 Responsibility score AA Carbon footprint 93 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 Excel
Slide 44: UK stock markets YTD (EUR) – returns by sector
47 UK stock markets YTD (EUR) Past returns are no guarantee of future returns. RETURNS BY SECTOR (%) Index Fund Energy Fund Materials Financials Index Industrials Information Technology Communication Services Utilities Real Estate Consumer Discretionary Consumer Staples Health Care -150 -100 -50 0 5
Slide 45: Attribution by sector YTD
48 Attribution by sector YTD ATTRIBUTION EFFECTS AVERAGE WEIGHTS Total Allocation Selection Currency Industrials Portfolio weight Consumer Staples Health Care Active weight Materials Communication Services Utilities Financials Energy Consumer Discretionary Real Estate Information Technology Other an
Slide 46: UK stock markets YTD (EUR) – returns by country
49 UK stock markets YTD (EUR) Past returns are no guarantee of future returns. RETURNS BY COUNTRY (%) Index Fund Netherlands South Africa Fund United States Index United Kingdom Eurozone France Denmark Ireland Austria -100 -50 0 50 100 Index data is derived from the components of the FTSE All-Share
Slide 47: Attribution by country YTD
50 Attribution by country YTD ATTRIBUTION EFFECTS AVERAGE WEIGHTS Total Allocation Selection Currency United Kingdom Portfolio weight Netherlands Active weight Denmark France Eurozone Austria South Africa Ireland United States Other and Cash Excess return (GoF) Fee Impact Excess return (NoF) -5% 0%
Slide 48: Top/Bottom attributors YTD
51 Top/Bottom attributors YTD Past returns are no guarantee of future returns. TOP ATTRIBUTORS % Port % Active Return, % Attrib., % Hays Plc 2.59 2.57 144.61 5.65 Sthree Plc 1.78 1.77 94.26 3.23 Tate & Lyle Plc 1.27 1.21 40.52 3.01 Victrex Plc 5.62 5.60 58.32 2.74 Dfds A/S 3.55 3.55 74.96 2.44 Micha
Slide 49: Contribution by sector and country YTD
52 Contribution by sector and country YTD Past returns are no guarantee of future returns. CONTRIBUTION BY SECTOR CONTRIBUTION BY COUNTRY Contribution Contribution Industrials United Kingdom Materials Netherlands Consumer Staples Denmark Communication Services Financials France Energy Austria Health
Slide 50: Top/Bottom contributors YTD
53 Top/Bottom contributors YTD Past returns are no guarantee of future returns. TOP CONTRIBUTORS % Port Return, % Contrib., % Hays Plc 2.59 144.61 5.68 Sthree Plc 1.78 94.26 3.40 Victrex Plc 5.62 58.32 3.16 Tate & Lyle Plc 1.27 40.52 2.84 Dfds A/s 3.55 74.96 2.67 Michael Page Plc 1.72 64.33 1.98 Tre
Slide 51: Fund management team
54 Fund management team PETTER LANGENSKIÖLD Henrik Kyynäräinen PORTFOLIO MANAGER PORTFOLIO MANAGER Licentiate of Science (Economics and Business M.Sc. (Finance), Hanken. Henrik has over 25 years Administration). Petter has worked in the field of versatile experience in various investment since the e
Slide 52: Evli UK Value Fund in a nutshell
55 Evli UK Value Fund in a nutshell Type of Fund International, UK-focused equity fund (UCITS) Benchmark FTSE All-Share Index Fund Units Growth unit B (min. investment EUR 1000) and institutional growth unit IB (min investment EUR 3m) Bloomberg/ISIN B-series: SIZUVAE FH / FI4000496724 | IB-series: S
Slide 53: Considerations and risk factors 1/2
56 Considerations and risk factors 1/2 In the fund's investment activities, the aim is to use active asset management to obtain a return that exceeds the return of the FTSE All-Share index, which measures the performance of the broad British stock market. As the fund’s assets are invested in equitie
Slide 54: Considerations and risk factors 2/2
57 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 55: Ambition
58 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 56: Responsible investing with 20 years of experience
59 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 57: Four pillars of responsible investing at Evli
60 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 58: Monitoring, engagement and active ownership
61 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 59: Exclusions in practice in all Evli funds
62 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 60: Evli's Climate and Nature Principles
63 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 61: Evli's climate targets
64 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 62: Important information
65 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 63: Disclaimer statement
66 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 64: 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