EVLI MUTUAL FUNDS...Equity market review, 31 December, 2018 4 Fixed income market review, 31 December, 2018EQUITY FUNDS 5 Evli Emerging Frontier 6 Evli Equity Factor Europe 9 Evli

EVLI MUTUAL FUNDSANNUAL REVIEW 31 DECEMBER 2018

Contents

2

CEO's review 3Equity market review, 31 December, 2018 4Fixed income market review, 31 December, 2018 5

EQUITY FUNDSEvli Emerging Frontier 6Evli Equity Factor Europe 9Evli Equity Factor USA 17Evli Europe 24Evli Finland Select 27Evli Finnish Small Cap 30Evli GEM 32Evli Global 35Evli Global X 38Evli Japan 41Evli Nordic 44Evli North America 47Evli Russia 50Evli Sweden Equity Index 52Evli Sweden Select 54Evli Swedish Small Cap 56

BALANCED FUNDSEvli Factor Premia 58Evli Finland Mix 61Evli Global Multi Manager 30 64Evli Global Multi Manager 50 66Evli Q7 68Evli Wealth Manager 70

FIXED INCOME FUNDSEvli Corporate Bond 72Evli Emerging Markets Credit 76Evli Euro Government Bond 80Evli Euro Liquidity 82Evli European High Yield 88Evli European Investment Grade 93Evli Nordic Corporate Bond 96Evli Short Corporate Bond 101

Portfolio management policy 106Portfolio managers 107Glossary 108

2018 – dark clouds on the growth frontCEO's review

3

When considering 2018, we can summarize by saying that the year was difficult from aninvestment point of view. Economic growth weakened throughout the world. At the same time,the US Federal Reserve continued to tighten monetary policy. Thus, it is no surprise that equitieswere in decline and equity market returns were negative at the end of the year. The future growthoutlook weakened substantially during the year and the fear of a potential recession grew amonginvestors. As we head into 2019, uncertainty in the global economy has increased, and theoutlook with respect to the continuity of global economic growth is uncertain.

Economic growth slowed down in 2018During 2018, economic growth, which has continued forseveral years, showed signs of slowing, and economicuncertainty increased especially towards the end of the year.The waning of growth was the most visible in Europe, Japan,and export-driven countries in the emerging markets. Factorscontributing to the decline included the weakened globaleconomic outlook, uncertainty over the escalation of thetrade war between the USA and China, rising protectionism,and increased political risks in Europe. The equity andcorporate bond markets declined considerably during thefinal quarter of the year, and the quarter was the weakestin over 10 years. The poor performance of the markets isalso illustrated by the fact that in the USA, equity marketperformance in December was the weakest since the GreatDepression in 1931.

The US Federal Reserve continued to raise interest rates inDecember and reduced its balance sheet during the fourthquarter. At the same time, the Fed indicated that it wasconsidering slowing the tightening of monetary policy as aresult of a lackluster economic outlook and the weakeningof the global economic environment. The European CentralBank stopped its bond purchases according to plan at theend of December, but Mario Draghi, President of the ECB,affirmed that the ECB will remain cautious in its monetarypolicy.

Investment market returns weak in 2018Despite relatively strong profit performance and still-moderate economic growth, the valuation levels of equityindexes declined steeply during the final quarter of the year.Market returns were poor on all equity markets. US equities(S&P 500) declined 13.5 percent and European equities(Stoxx 600) declined 11.6 percent during the fourth quarter.Finnish equities (OMX Helsinki Cap) were down 14.4 percentduring the same period.

In fixed income investments, the values of euro areagovernment bonds rose 1.5 percent in the final quarter ofthe year, as investors fled to safer asset classes such asgovernment bonds. The values of higher-rated corporatebonds fell 0.6 percent in the final quarter of the year, whilethe values of lower-rated high yield corporate bonds fell 3.7percent. The euro weakened further and was 1.3 percentdown in relation to the dollar.

Performance of Evli's fundsThe high demand for Evli's mutual funds that are based ontraditional equity and fixed income instruments continued,as in previous years. In a comparison of fund managementcompanies, Evli received the highest number of netsubscriptions in Finland, totaling EUR 518.3 million (EUR991.0 million). This was an especially good achievementconsidering the negative performance of the entire mutualfund market. As a whole, net subscriptions in the Finnishmutual fund market were nearly EUR 4 billion negativeduring the review period. According to the Mutual FundReport carried out by Investment Research Finland, EvliFund Management Company's market share increased by 0.5percentage points on the previous year and was 7.1 percentat the end of December.

At the end of December, Evli had 29 mutual funds registeredin Finland. The combined assets of the mutual fundsmanaged by the company were EUR 7,844 million (EUR 7,720million). Of this, EUR 2,077 million were invested in equityfunds (EUR 2,631 million), EUR 5,614 million in fixed incomefunds (EUR 4,988 million) and EUR 98 million in balancedfunds (EUR 85 million). During the review period Evli's clientsinvested the most new assets in the Evli Nordic CorporateBond (EUR 467 million), the Evli Short Corporate Bond (EUR244 million) and the Evli Euro Liquidity (EUR 208 million)funds.

Competitive fund selectionWe responded to the challenges of the day by launchingtwo new funds during the year. In April, the Evli Rental YieldFund (AIF), which invests in office premises in Finland, startedoperations. The fund's first year started briskly and the fundcollected real estate assets worth EUR 37.6 million by the endof the year. The fund returned 8.3 percent by the end of 2018from the start of its operations.

In May, Evli Global X Fund, which invests globally in equities,was launched. The fund complies with Evli's responsibleinvestment policies, and the same investment strategy asin the Evli Global Fund is applied to it. It also excludescompanies operating in certain sectors from its investments.

We updated our fund selection during the year by mergingtwo funds with similar investment policies into one largerentity: Evli Global Asset Allocation was merged with the EvliGlobal Multi Manager 30 Fund in April 2018.

Expectations for 2019Although uncertainty and risks in the global economyhave increased, we believe that global economic growthwill remain moderate. We also do not expect the globaleconomy to slip into recession this year. Corporate earningsgrowth is likely to weaken compared with 2018, but willremain positive. We believe that the equity markets will offerinvestors moderate returns in 2019.

I would like to thank all our clients for their trust in Evli's funds,and extend a warm welcome to our new clients in particular.

Helsinki, February 15, 2019

Kim PessalaCEO

Year 2019 begins amid increased uncertaintyEquity market review, 31 December, 2018

4

The year 2018 saw contrasting trends, as after a strong first half, the equity markets went intoa steep decline in September. In the first half of the year, the equity markets continued theprevious year's rising trend regardless of the uncertainty related to global political risks. OnNasdaq Helsinki the year ended in decline for the first time since 2011.

December was downright terrible: The S&P 500 Index fellby 9 percent, making it the worst December on the USmarket since 1931. The markets already started pricing asubstantial decrease in economic growth and weakeningearnings growth. The decline was accelerated when the Fedraised the federal funds rate as expected by 0.25 percentagepoints on December 19, which disappointed the markets. Ontop of this was the federal government shutdown as Trumpdemanded funding for the US-Mexico border wall, whichmeant no agreement was reached on federal funding.

During the first half of the year, market uncertainty started torise by the fear of a trade war breaking out and political risks.Trade tensions between the USA and China and the USAand other countries worsened during the early summer. InEurope, Brexit and Italy's elections increased volatility. Risinginterest rates also pushed share prices down. Weakeningeconomic indicators and tightening central bank policyappeared to turn around the seven-year bull market.

2018 was weak in all main asset classesEquity market performance was the weakest since 2008. TheUS equity markets produced the best returns at 0.4 percentcalculated in euros. The global equity markets (MSCI WorldIndex) declined 4.9 percent in euros. Emerging marketsequities declined 9.9 percent in euros and European equitiesdeclined 10.8 percent. The Finnish equity market fell 3.9percent. The euro exchange rate weakened by 4.6 percentagainst the dollar, causing European equities to lose value inrelation to US equities.

On Nasdaq Helsinki, the first half was still very strongmainly owing to the strong price performance of five majorcompanies: Nokia (+27%), Neste (+26%), Fortum (+24%) andforestry companies UPM Kymmene (+18%) and Stora Enso(+26%). From the beginning of September to the end of theyear, share prices fell by 16.4 percent. The best annual returnswere earned by Marimekko (+106%) and Pöyry (+115%), forwhich the Swedish company ÅF launched a takeover bid inearly December. Kotipizza Group also received a takeoverbid from abroad, and the share rose by 63 percent. InDecember, a tender offer for Amer that had been anticipatedthroughout the fall was made, in which Mascot Bidco Oyoffered EUR 40 per share as cash consideration. Amer'sshare price rose by 71 percent in 2018 as a result ofthe tender offer. The poorest-performing stocks were themining technology company Outotec (-57%) and the miningcompany Outokumpu (-59%).

A substantial change on Nasdaq Helsinki was the bankinggroup Nordea moving from Sweden to Finland in earlyOctober. The transfer of the headquarters doubles Nordea'sweight in the index. The transfer did not cause a particularshare price reaction, and Nordea's share price declinedalong with the market by 28% from the beginning of the year.

Corporate profit performance in 2019 is positive butsubstantially slower than last yearEarnings growth outlooks for the current year are around 5percent at the beginning of the year, which represents a clearslowdown from the last three years.

Global economic growth is slowing. However, especially inthe USA, growth continues to be relatively healthy, althoughthe growth peaks are also in the past there. President Trump'sprotectionist measures pose a real threat to both economicgrowth and corporate earnings growth. However, a downturnis forecast to be more likely in 2020.

In the euro area, economic growth was already weak duringthe last quarter of 2018. The growth of the entire euro areawas 0.2 percent in the last quarter. The Italian economycontracted for the second consecutive quarter, which meansthat the country is in recession.

According to the Bank of Finland's forecasts, Finland'seconomic growth will slow down to 1.9 percent this year andto 1.7 percent in 2020. Thus, Finland's economy will continueto grow, but the fastest phase of growth is in the past. Exportsare continuing to grow, but uncertainty regarding globaleconomic performance and a weakening growth outlook inthe euro area increase the probability of weaker than forecasteconomic performance.

Slowing global economic growth increases uncertaintyThis year, the markets will focus above all on the slowingof global economic growth and the subsequent decline incorporate earnings growth. The trade war between the USAand China, uncertainty regarding Brexit and the politicalrisks in the euro area make the global economic outlookmore uncertain than before. Central banks' measures arealso connected to economic growth. The slowing downof the global business cycle will shift the central banks'tightening attitude. For example, the European Central Bankis not expected to raise interest rates this year, contrary topredictions at the end of 2018.

At Evli Wealth Management, our view at the beginning ofthe year is a neutral equity weighting. In our basic scenario,political uncertainties will sustain a cautious sentiment andglobal economic growth will slow down. The positive factorsare the still-sustained US economic growth, China's stimulusto combat the effects of slower foreign trade and the positive,if substantially lower sustained corporate earnings growth.

Eija KoskimiesHead of Equities

Few winners on fixed income marketsFixed income market review, 31 December, 2018

5

2018 was difficult for European fixed income investors. At the index level the yields on bothshort rates and investment grade and high yield bonds were negative. Only government bondsoffered a slightly positive yield. In the second half of the year, fears of economic stagnationin particular, but also Brexit and trade war weighed on the markets. The markets were alsoconcerned about the end of the European Central Bank's support purchases.

ECB announced end of support purchasesAt the end of the year, the ECB announced that thesupport purchases would end in January 2019. At thispoint, the corporate bond portfolio had grown to aroundEUR 177 billion, which is approximately 8 percent of thetotal investment grade bond stock. The impact of thesupport purchases is difficult to gauge. Fears of the eurocollapsing remained in check, but European economicgrowth remained weak, and Italy in particular remains apossible problem also in the future.

Money market interest rates remained negative throughoutthe year, which we believed to support the markets. Theexpectations of a rapidly rising refinancing rate in the firsthalf of the year died down in the second half of the year inconjunction with the lowering of economic growth forecasts.We believe that the ECB would like to raise official interestrates to zero, but it will probably not be able to do so duringthis business cycle.

Corporate bonds currently at attractive levelsCorporate bond spreads widened in relation to governmentbonds during the first half and the spreads of the higher ratedinvestment grade BBB bonds were 154 basis points at theend of the review period, compared with 91 basis points ayear earlier. Spreads have been narrower than this as muchas 75 percent of the time.

The spreads of high yield bonds also widened in the firsthalf of the year, and the spreads of B-rated bonds were713 basis points at the turn of the year, for example,which is around 250 basis points more than a year earlier.The current yield level has previously offered good yieldsover a three-year period, so we are confident with respectto corporate bonds also in the future. Corporate bondshave usually produced positive yields also over a one-yearperiod, but one-year periods during which corporate bondreturns have been negative can be found in history. Thisis a possibility also this year, if European economic growthremains negative. However, the corporate bond market canwithstand economic growth falling short of expectations. Theeuro area economy is expected to grow by 1.5 percent in2019. Substantial negative economic growth has not beenpriced into corporate bonds in our opinion.

Nordic corporate bonds are a growing and healthy marketWe are still positive about Nordic corporate bonds. Manybonds lack an official rating, which actually increases theirattractiveness. The spreads of unrated bonds compared withrated bonds are still considerable. The market for unratedbonds continued to grow in 2018, and according to ourestimates, there are over 480 issuers on the market, which ismore than on the European high yield market.

Outlook for 2019We believe that 2019 will be better than last year forfixed income investors. The delay of interest rate increasessupports short-term fixed income investments, in particular,as investors seek alternatives for deposits and other cashproducts. The hunt for returns supports short-term corporatebonds, in particular. We also still have faith in Nordiccorporate bonds.

Mikael LundströmHead of Fixed Income

Evli Emerging Frontier 31 December 2018

6

Trade wars and FED interest rate hikes turned the market negativein 2018. In annual terms both the Emerging markets and FrontierEmerging markets returned -10% when as the fund returned -17%.The difference is fully attributable to the Fund's Turkey losses inthe first half of the year. Macro headwinds have led us to build aframework to diminish unwanted macro risk, leading to a significantdrop in our Turkey weight where we now hold only defensive, mostlyexport focused, names.

In contrast, company selection supported the fund again. The greatestreturns came from Malaysian technology companies Dufu andFrontken, whereas the largest losses came from Malaysian GeorgeKent and Puerto Rican Triple-S. On the sector front materials weightdecreased some and was replaced by consumer discretionary.

The markets may be more favorable in 2019 if trade wars andother pressures dissipate. However, our holdings are even betterpositioned than last year as valuations are 15% lower at a median P/Eof 8, while earnings (EPS growth of 33%) and returns on capital (ROE22) remain very healthy.

FUND FACTS Fund Category Equity fund investing in emerging

markets (UCITS)Launch Date 8 October 2013Fund Manager Evli Fund Management CompanyBloomberg A/B/IB EVEMFRA FH/EVEMFRB FH/EVEMFIB

FHReuters A/B/IB LP68234770/LP68234771/

LP68390100ISIN A/B/IB FI4000066907/FI4000066915/

FI4000220272Sales Registration FI/SE/NO/FR/ES/ITSubscription Fee 0%Redemption Fee 0%Management and CustodyFee

1.90% p.a. (A, B)* / 0.95% p.a. (IB)**In addition to the fixed fee a dailydetermined performance fee of*20%/**10% of the return that exceeds8% p.a., which is used as a referencereturn, applying the High Water Markprinciple for a minimum period of 24months.

Morningstar Rating™Morningstar Category™ Global Frontier Markets EquityBenchmark No official benchmark index

TOP 10 HOLDINGS % Dufu Technology Corp Bhd 7.06EGE Endustri Ve Ticaret AS 4.04Engro Polymer & Chemicals Ltd 3.92CEO Group JSC 3.83Emaar Misr for Development 3.79Nam Long Investment Corp 3.64United International Transportation Co 3.63Egypt Kuwait Holding Co SAE 3.58TAV Havalimanlari Holding AS 3.40Bermaz Auto Bhd 3.16

SECTOR BREAKDOWN % Industrials 24.72Consumer Discretionary 15.87Real Estate 12.17Financials 9.03Materials 8.61Consumer Staples 5.41Utilities 3.02Information Technology 2.78Other 9.80Cash 8.59

PERFORMANCE SINCE LAUNCH

-20,0

0,0

20,0

40,0

60,0

80,0

01/14

05/14

09/14

01/15

05/15

09/15

01/16

05/16

09/16

01/17

05/17

09/17

01/18

05/18

09/18

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month -5.73 - -3 Months -6.70 - -6 Months -5.07 - -1 Year -16.70 - -3 Years p.a. 1.20 - -5 Years p.a. 7.48 - -Since Launch 36.63 - -Since Launch p.a. 6.15 - -

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 115.98 / 136.63 -NAV per IA/IB unit, EUR - / 90.97 -Fund Size, EUR million 74.43 -Volatility, % 12.00 -Sharpe Ratio -1.36 -Tracking Error, % - -Information Ratio - -R2 - -Beta - -Alpha, % - -TER (Total Expence Ratio), % *) 1.90 -Portfolio Turnover 0.68 -*) 31 Dec 2018

COUNTRY BREAKDOWN % Malaysia 15.74Turkey 11.92Pakistan 11.47Egypt 10.34Vietnam 9.50Saudi Arabia 7.22Mexico 6.67South Africa 6.03Other 12.52Cash 8.59

Evli Emerging FrontierInvestments 31 December 2018

7

Quantity/

Nominal value EURRate EUR/

Market price %Market value EUR/

Change in value EUR % of Fund value

SECURITIES

Securities publicly traded on a securities exchange list 62,625,802.25 84.14

Equities 84.14Dufu Technology Corp Bhd 12,077,300 0.44 5,255,335.33 7.06EGE Endustri Ve Ticaret AS 53,000 56.78 3,009,198.95 4.04Engro Polymer & Chemicals Ltd 12,476,620 0.23 2,915,299.30 3.92CEO Group JSC 5,924,000 0.48 2,852,881.34 3.83Emaar Misr for Development 17,700,000 0.16 2,822,172.22 3.79Nam Long Investment Corp 2,793,791 0.97 2,711,891.50 3.64Egypt Kuwait Holding Co SAE 2,840,000 0.94 2,663,523.00 3.58TAV Havalimanlari Holding AS 640,000 3.95 2,526,723.61 3.39Bermaz Auto Bhd 5,170,000 0.45 2,347,969.01 3.15ElSewedy Electric 2,520,500 0.88 2,208,499.33 2.97Frontken Corporation Bhd 14,729,425 0.15 2,193,503.18 2.95Lotte Chemical Pakistan Ltd 17,560,000 0.11 1,865,943.38 2.51Engro Fertilizers Ltd 3,750,000 0.43 1,629,068.15 2.19Qualitas Controladora SAB de C 820,000 1.84 1,506,361.87 2.02First Generation Corporation 4,462,153 0.33 1,486,448.05 2.00SNC Former PCL (foreign) 3,800,000 0.36 1,385,710.02 1.86Malaysian Pacific Industries 645,179 2.10 1,356,021.77 1.82Adamjee Insurance Company 4,990,000 0.26 1,319,170.39 1.77Celebi Hava Servisi A.S. 120,000 10.46 1,255,703.47 1.69Unifin Financiera SAB de CV SOFOM ENR 660,000 1.87 1,231,780.34 1.66San Miguel Corp 501,821 2.45 1,229,917.44 1.65Astral Foods Ltd 120,000 9.71 1,165,332.58 1.57Nemak SAB de CV 1,750,000 0.65 1,138,428.12 1.53Triple-S Management Corp 72,900 15.19 1,107,033.95 1.49Thai Vegetable Oil PCL 1,540,000 0.72 1,102,355.28 1.48Industrias Bachoco 380,000 2.86 1,088,699.18 1.46Vestel Beyaz Esya Sanayi ve Ticaret AS 540,000 1.98 1,071,309.16 1.44Yunsa Yunlu Sanayi VE Ticare A 1,400,000 0.72 1,007,467.66 1.35Comair 3,171,000 0.32 1,001,240.23 1.35Somboon Advance Technology PCL 2,070,000 0.41 855,493.61 1.15Lewis Group Ltd 390,000 2.12 828,604.44 1.11Transportadora de Gas del Sur S.A. 62,000 13.10 812,113.59 1.09Raubex Group Ltd 750,000 1.03 774,192.37 1.04PetroVietnam Nhon Trach 2 Po 820,000 0.93 758,940.36 1.02Phuoc Hoa Rubber JSC 590,290 1.26 742,882.69 1.00Indus Motor Company Ltd 93,882 7.67 720,398.06 0.97Alviva Holdings Ltd 670,000 1.07 716,021.68 0.96Bekasi Fajar Industrial Estate 53,230,000 0.01 670,153.96 0.90Almacenes Exito SA 200,000 3.33 666,717.85 0.90Hong Leong Industries 300,000 1.80 538,646.12 0.72Kohinoor Textile Mills 305,400 0.28 86,615.82 0.12Cotec Construction JSC 3 6.02 18.06 0.00PT Citra Maharlika Nusantara Corpora Tbk 9,575,300 0.00 5.80 0.00Dat Xanh Real Estate Service 6 0.90 5.37 0.00Hoa Phat Group 4 1.16 4.66 0.00

TOTAL VALUE OF SECURITIES 62,625,802.25 84.14

DERIVATIVE CONTRACTS

Equity Warrants 5,394,848.99 7.252) Merrill-CW19 United Intern Warrant 440 000/ 2 701 184 *) 6.14 2,701,184.11 3.632) Middle East Paper Warrant 07.11.2019 496 000/ 2 291 243 *) 4.62 2,291,243.15 3.082) Merrill-Cw21 Al Tayyar Tra 0Call Warrant 5.5.2021 82 000/ 380 226 *) 4.64 380,226.34 0.512) Gadang Holdings Warrant 29.11.2021 1.06 1 167 500/ 22 195 *) 0.02 22,195.39 0.03

Evli Emerging FrontierInvestments 31 December 2018

8

Quantity/




TOTAL VALUE OF DERIVATIVE CONTRACTS 5,394,848.99 7.25

CASH AND OTHER ASSETS, NET. 6,405,583.49 8.612) For purposes of efficiency *) Market value of the underlying assets

31 Dec 2016 31 Dec 2017 31 Dec 2018NAV per A/B unit, EUR 144,09 / 156,36 145,07 / 164,03 115,98 / 136,63NAV per IA/IB unit, EUR - / 102,22 - / 108,17 - / 90,97Fund Size, EUR 81,860,256.23 108,617,164.86 74,426,234.73Number of yield units (A) 29,840.30Number of yield units (IA) 0.00Number of growth units (B) 476,228.32Number of growth units (IB) 64,818.05Number of unitholders 1,945Commission Fees (12 months), % 0.61Commissions paid to an associated company of total commissions (12 months), % 2.33Fees paid to the management company for asset management (Year-to-Date), EUR 1,684,262.26Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR -

Evli Equity Factor Europe 31 December 2018

9

Evli Equity Factor Europe invests in the equities of major and mid-sized European companies and its investment strategy focuses onfour factors: value, low risk, momentum and quality.

The fund returned -10.58% and the MSCI Europe Daily Net TRbenchmark -10.57% in 2018. Low volatility was by far the strongestfactor in 2018. Momentum and quality also outperformed thebenchmark, while value was clearly the weakest.

The fund will aim to track the ERI Scientific Beta Low Carbon factorindex and pursue better returns than the markets on average.

FUND FACTS Fund Category European equity fund (UCITS)Launch Date 14 October 2015Fund Manager Mattias Lagerspetz, Peter Lindahl, Antti

SivonenBloomberg A/B/IB EVLEQAI FH/EVLEQBA FH/EVLEIBA


LP68341437ISIN A/B/IB FI4000153804/FI4000153820/

FI4000153838Sales Registration FI/SE/FR/ES/ITSubscription Fee 0%Redemption Fee 0%Management and CustodyFee

0.95% p.a. (A, B)0.65% p.a. (IA, IB)

Morningstar Rating™Morningstar Category™ Europe Large-Cap Blend EquityBenchmark MSCI Europe TR Net (EUR)

TOP 10 HOLDINGS % Innogy SE 0.91Munich Re 0.74Sanofi 0.73Orsted A/S 0.73Galp Energia 0.70Pernod-Ricard 0.68Gas Natural SDG 0.67Akzo Nobel 0.67Carlsberg B 0.66Swiss Life 0.66

SECTOR BREAKDOWN % Financials 18.16Industrials 14.97Consumer Staples 10.68Materials 10.48Consumer Discretionary 10.45Health Care 7.30Real Estate 7.00Communication Services 6.99Other 13.25Cash 0.71


-20,0

-10,0

0,0

10,0

20,0

30,0

01/16

04/16

07/16

10/16

01/17

04/17

07/17

10/17

01/18

04/18

07/18

10/18

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference Year-to-Date -10.58 -10.57 -0.011 Month -5.36 -5.53 0.173 Months -12.77 -11.32 -1.466 Months -11.21 -10.14 -1.071 Year -10.58 -10.57 -0.013 Years p.a. 0.64 0.37 0.275 Years p.a. - - -Since Launch 6.15 3.74 2.41Since Launch p.a. 1.87 1.15 0.73

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 93.87 / 106.15 -NAV per IA/IB unit, EUR 100.97 / 105.19 -Fund Size, EUR million 198.4 -Volatility, % 13.60 13.82Sharpe Ratio -0.75 -0.74Tracking Error, % 2.56 -Information Ratio 0.00 -R2 0.97 -Beta 0.97 -Alpha, % -0.34 -TER, % 0.95 -Portfolio Turnover 0.45 -

COUNTRY BREAKDOWN % United Kingdom 21.00France 17.51Switzerland 12.73Germany 11.10Sweden 8.92Netherlands 5.56Denmark 4.94Spain 3.70Other 13.83Cash 0.71

Evli Equity Factor EuropeInvestments 31 December 2018

10

Quantity/




SECURITIES


Rights Issue GVC Holdings PLC Contingent value right 164,491 0.00 0.00 0.00

Equities 99.28Munich Re 7,759 190.55 1,478,477.45 0.75Sanofi 19,298 75.66 1,460,086.68 0.74Orsted A/S 24,987 58.36 1,458,171.35 0.73Galp Energia 101,478 13.80 1,399,889.01 0.71Pernod-Ricard 9,417 143.30 1,349,456.10 0.68Gas Natural SDG 60,314 22.26 1,342,589.64 0.68Akzo Nobel 19,029 70.40 1,339,641.60 0.68Swiss Life 3,911 336.39 1,315,626.73 0.66Carlsberg B 14,214 92.77 1,318,577.57 0.66Industriforvaltnings Kinnevik 62,050 21.02 1,304,133.20 0.66Philips Electronics 41,780 30.93 1,292,255.40 0.65TeliaSonera 309,527 4.13 1,277,958.10 0.64Deutsche Telekom 85,686 14.82 1,269,866.52 0.64Eiffage SA 17,028 72.96 1,242,362.88 0.63Zurich Financial Services 4,702 260.42 1,224,511.04 0.62Investor B 32,885 36.94 1,214,784.03 0.61Pearson 113,119 10.44 1,181,502.68 0.60BHP Group Plc 64,240 18.38 1,180,922.94 0.60Merlin Properties Socimi 109,071 10.79 1,176,330.74 0.59Roche Holding 5,435 216.26 1,175,396.48 0.59Koninklijke DSM 16,287 71.44 1,163,543.28 0.59Ericsson B 151,587 7.66 1,161,680.09 0.59WM Morrison Supermarkets plc 484,109 2.37 1,149,061.70 0.58Wolters Kluwer 22,098 51.66 1,141,582.68 0.58Ageas 28,642 39.30 1,125,630.60 0.57Swiss Prime Site AG 15,766 70.68 1,114,361.17 0.56Hexagon 27,763 40.13 1,114,043.63 0.56Swiss Re Ltd 13,806 80.07 1,105,486.17 0.56Smith & Nephew 67,853 16.29 1,105,659.20 0.56Alstom 31,509 35.27 1,111,322.43 0.56SCOR SE 28,264 39.40 1,113,601.60 0.56Coca-Cola European Partners 27,075 40.24 1,089,498.00 0.55DNB Holding 78,425 13.95 1,093,781.74 0.55Coca-Cola HBC AG 39,872 27.29 1,088,177.24 0.55Vonovia SE 27,089 39.59 1,072,453.51 0.54Experian 50,626 21.20 1,073,444.88 0.54Meggitt 203,823 5.24 1,068,526.38 0.54NN Group 30,569 34.80 1,063,801.20 0.54Anglo American 54,512 19.45 1,060,461.74 0.53Segro 159,005 6.55 1,041,698.87 0.53Loreal 5,158 201.20 1,037,789.60 0.52Siemens Healthineers AG 28,346 36.55 1,035,904.57 0.52Kesko B 21,867 47.10 1,029,935.70 0.52Dassault Systemes 9,838 103.70 1,020,200.60 0.51UCB 14,180 71.30 1,011,034.00 0.51Amer Sports A 26,245 38.37 1,007,020.65 0.51Castellum 62,738 16.07 1,007,918.58 0.51Kone B 24,245 41.64 1,009,561.80 0.51Swedish Match 29,036 34.33 996,924.53 0.50Arkema 13,273 74.96 994,944.08 0.50


11

Quantity/




Veolia Environnement 55,361 17.96 994,006.76 0.50Novozymes B 25,303 38.96 985,876.74 0.50Amadeus IT Group SA 16,195 60.84 985,303.80 0.50RSA Insurance Group plc 171,508 5.72 980,438.94 0.49Psp Swiss Property 11,199 86.05 963,702.83 0.49Electricite de France 70,895 13.80 978,351.00 0.49Novartis (registered) 13,045 74.67 974,079.47 0.49Iberdrola 137,998 7.02 968,469.96 0.49Helvetia Holding 1,854 510.45 946,376.67 0.48Schneider Electric 15,744 59.72 940,231.68 0.47The British Land Company Public Limited Company 157,663 5.93 935,688.05 0.47Orkla 136,216 6.87 935,659.18 0.47Rio Tinto 22,512 41.52 934,617.84 0.47Vivendi 43,694 21.28 929,808.32 0.47Innogy SE 22,757 40.73 926,892.61 0.47Gecina SA 8,172 113.00 923,436.00 0.47Swatch Group 3,554 254.74 905,335.14 0.46Chocoladefabriken Lindt & Spruengli AG 14 65,128.07 911,793.04 0.46Compass Group 49,758 18.37 913,814.43 0.46Carrefour Supermarche 61,273 14.91 913,580.43 0.46Diageo 28,852 31.11 897,571.16 0.45Orange 63,469 14.16 898,403.70 0.45Givaudan 445 2,022.26 899,904.72 0.45Bunzl plc 34,169 26.37 900,966.17 0.45Innogy SE 24,135 37.12 895,891.20 0.45ASR Nederland 25,562 34.58 883,933.96 0.45Hannover Rueckversicherungs 7,606 117.70 895,226.20 0.45Halma plc 58,044 15.18 881,216.98 0.44Swedbank 45,022 19.45 875,622.51 0.44Teleperformance 6,269 139.60 875,152.40 0.44Spirax-Sarco Engineering 12,572 69.45 873,172.63 0.44SSE plc 72,694 12.04 875,056.80 0.44Elisa 24,079 36.08 868,770.32 0.44CHR Hansen Holding A/S 11,085 77.23 856,085.65 0.43Clariant 53,658 16.07 862,456.72 0.43ICA Gruppen 27,386 31.16 853,275.78 0.43Sonova Holding 5,912 142.70 843,614.88 0.43Uniper 37,454 22.60 846,460.40 0.43Hermes International 1,748 484.80 847,430.40 0.43Croda International 16,291 52.15 849,509.99 0.43Securitas B 59,785 13.99 836,411.80 0.42Fiat Chrysler Automobiles N.V. 65,950 12.68 836,377.90 0.42CRH 35,670 23.10 823,977.00 0.42Rubis & Cie 17,644 46.88 827,150.72 0.42LVMH Moet Hennessy 3,205 258.20 827,531.00 0.42Stora Enso R 82,233 10.09 829,319.81 0.42CNP Assurances 44,814 18.52 829,955.28 0.42Assicurazioni Generali 56,848 14.60 829,980.80 0.42Phoenix Group Holdings Plc 132,394 6.27 830,225.95 0.42Symrise 12,535 64.50 808,507.50 0.41Colruyt NV 12,929 62.24 804,700.96 0.41Davide Campari 109,902 7.39 811,626.27 0.41Publicis Groupe 16,303 50.08 816,454.24 0.41Exor S.p.A. 17,148 47.26 810,414.48 0.41Svenska Cellulosa B 118,720 6.76 802,384.78 0.40


12

Quantity/




Ferguson 14,162 55.84 790,824.01 0.40Poste Italiane SpA 111,751 6.98 780,468.98 0.39Fabege 66,264 11.62 770,058.60 0.39ABN AMRO Group NV 37,939 20.54 779,267.06 0.39Swisscom 1,870 417.34 780,416.48 0.39Partners Group Holding AG 1,446 529.55 765,735.56 0.39Skandinaviska Enskilda Banken A 88,993 8.47 753,589.16 0.38Legrand 15,264 49.30 752,515.20 0.38Fresenius Medical Care 13,220 56.64 748,780.80 0.38Covivio 8,833 84.20 743,738.60 0.37Telefonica de Espana 99,415 7.34 729,606.69 0.37Auto Trader Group 140,410 5.06 710,770.92 0.363i Group 83,418 8.61 718,083.74 0.36Kering 1,694 411.60 697,250.40 0.35Hiscox 38,865 18.04 701,217.65 0.35Berkeley Group Holdings 18,055 38.72 699,138.27 0.35Aegon 170,950 4.08 697,305.05 0.35Adecco 16,358 40.81 667,560.93 0.34Schindler Holding AG 3,931 172.99 680,038.12 0.34Persimmon 31,463 21.48 675,878.44 0.34Coloplast 8,317 81.03 673,951.99 0.34National Grid 76,792 8.51 653,181.93 0.33Alfa Laval 34,830 18.65 649,653.77 0.33Barry Callebaut 477 1,360.31 648,870.21 0.33Societe Generale Surveillance Holding 330 1,963.62 647,993.24 0.33Andritz 16,137 40.12 647,416.44 0.33Adidas-Salomon 3,548 182.40 647,155.20 0.33Sandvik 50,541 12.43 628,050.72 0.32Koninklijke Vopak 16,247 39.68 644,680.96 0.32Siemens 6,592 97.38 641,928.96 0.32Mowi ASA 34,734 18.44 640,646.71 0.32Peugeot Citroen 34,255 18.65 638,684.48 0.32Danske Bank 36,940 17.26 637,759.14 0.32Basf 10,470 60.40 632,388.00 0.32Land Securities 70,476 8.95 630,992.88 0.32ABB 37,801 16.61 627,903.67 0.32Smurfit Kappa 26,621 23.26 619,204.46 0.31Klepierre SA 22,589 26.96 608,999.44 0.31Logitech International 22,295 27.47 612,507.24 0.31SSP Group 85,115 7.21 613,323.99 0.31Osram Licht 16,202 37.92 614,379.84 0.31BMW 8,767 70.70 619,826.90 0.31Industrivarden C 34,527 17.62 608,516.69 0.31Relx Plc 34,464 17.99 620,086.88 0.31Lagardere SCA 28,082 22.02 618,365.64 0.31Trasmissione Elettricita Rete Nazionale 119,674 4.95 592,745.32 0.30Royal Unibrew 9,884 60.14 594,409.80 0.30Ackermans & van Haaren 4,553 131.80 600,085.40 0.30ISS Intl Service System B 24,678 24.38 601,738.12 0.30Compagnie Financiere Richemont SA 10,563 55.98 591,278.51 0.30Covestro AG 13,458 43.18 581,116.44 0.29Brenntag AG 15,310 37.70 577,187.00 0.29Remy Cointreau 5,835 98.95 577,373.25 0.29Ferrari NV 6,655 86.78 577,520.90 0.29Nokian Renkaat 21,070 26.82 565,097.40 0.28Rheinmetall Berlin 7,322 77.16 564,965.52 0.28


13

Quantity/




BioMerieux 9,819 57.50 564,592.50 0.28Puma 1,322 427.00 564,494.00 0.28Sunrise Communications 7,282 76.81 559,345.23 0.28Telefónica Deutschland Holding AG 163,297 3.42 558,149.15 0.28Danone 8,996 61.51 553,343.96 0.28Societe BIC Société Anonyme 6,139 89.15 547,291.85 0.28Unibail Rodamco Westfield 4,040 135.40 547,016.00 0.28Icade S.A. 8,213 66.50 546,164.50 0.28Derwent London plc 17,155 31.76 544,758.04 0.27Next 12,259 44.42 544,562.74 0.27Micro Focus International plc 34,810 15.39 535,842.75 0.27Beiersdorf 5,805 91.16 529,183.80 0.27Storebrand 87,667 6.22 545,536.77 0.27Kingfisher 235,942 2.31 544,922.21 0.27William Demant Holding A/S 21,026 24.77 520,715.44 0.26Ambu A/S 24,682 20.97 517,700.98 0.26Daimler AG 11,272 45.91 517,497.52 0.26Sika AG 4,647 110.71 514,463.99 0.26Heineken 6,654 77.20 513,688.80 0.26Beazley 91,510 5.60 512,836.80 0.26Henkel AG & Co. KGaA 5,475 95.40 522,315.00 0.26Neste 7,756 67.36 522,444.16 0.26Belgacom 22,151 23.62 523,206.62 0.26Royal Mail plc 173,344 3.03 524,986.95 0.26Bollore 144,722 3.50 506,527.00 0.26Acciona 7,107 73.90 525,207.30 0.26Wienerberger 29,186 18.00 525,348.00 0.26Axel Springer 9,956 49.38 491,627.28 0.25Gea Group 21,931 22.50 493,447.50 0.25Kuehne + Nagel International AG 4,412 112.26 495,307.62 0.25Tesco 234,487 2.12 496,148.91 0.25Volvo B 43,661 11.40 497,897.65 0.25Travis Perkins 41,848 11.91 498,390.36 0.25BT Group 189,750 2.65 502,866.07 0.25Straumann Holding AG 921 549.10 505,722.61 0.25Pargesa Holding SA 7,803 62.95 491,208.33 0.25Hugo Boss 9,018 53.92 486,250.56 0.25Burberry Group plc 25,194 19.32 486,668.12 0.25Rightmove plc 100,858 4.81 485,239.91 0.24Trelleborg B 35,370 13.71 484,749.84 0.24Temenos Group 4,597 104.76 481,562.40 0.24WH Smith 24,866 19.14 476,042.28 0.24Vinci 6,559 72.02 472,379.18 0.24Smiths Group 31,055 15.18 471,473.25 0.24Moncler 16,117 28.93 466,264.81 0.24Mediobanca 63,263 7.38 466,627.89 0.24Saipem 139,202 3.27 454,494.53 0.23Ubi Soft Entertainment 6,535 70.48 460,586.80 0.23Ipsen 3,997 112.85 451,061.45 0.23Randstad N.V. 11,067 40.09 443,676.03 0.22Rexel 47,590 9.30 442,587.00 0.22Bureau Veritas 23,981 17.80 426,741.90 0.22Britvic 48,731 8.90 433,645.61 0.22Credit Agricole 45,040 9.43 424,727.20 0.21Victrex plc 16,549 25.47 421,443.08 0.21ING Groep 44,140 9.41 415,357.40 0.21


14

Quantity/




Inditex 18,580 22.35 415,263.00 0.21Tryg A/S 18,857 21.95 413,960.06 0.21BNP Paribas 10,323 39.48 407,500.43 0.21BBA Aviation plc 170,400 2.43 413,842.88 0.21Credit Suisse 42,049 9.60 403,500.14 0.20UBS Group AG 37,364 10.87 406,182.87 0.20Antofagasta 44,720 8.72 389,839.31 0.20Societe Generale 13,407 27.82 372,982.74 0.19Spectris 15,179 25.37 385,033.61 0.19RPC Group 52,248 7.26 379,165.16 0.19H. Lundbeck 9,816 38.23 375,228.14 0.19Swedish Orphan Biovitrum 19,415 18.98 368,527.88 0.19Banca Unione di Banche Italiane 138,735 2.53 351,415.76 0.18Flughafen Zuerich 2,466 144.38 356,049.76 0.18Christian Dior 1,056 333.90 352,598.40 0.18MAN 3,904 90.15 351,945.60 0.18Aareal Bank AG 12,206 26.99 329,439.94 0.17Wärtsilä 23,838 13.90 331,229.01 0.17Jyske Bank 10,555 31.50 332,508.26 0.17Royal Bank of Scotland Group P 138,970 2.41 335,190.05 0.17EMS-Chemie Holding AG 819 414.94 339,832.61 0.17Barratt Developments 65,992 5.15 339,934.94 0.17Casino 9,368 36.34 340,433.12 0.17Shaftesbury 37,109 9.24 343,028.38 0.17Nokia 68,831 5.03 346,219.93 0.17Commerzbank 59,361 5.78 343,284.66 0.17Husqvarna B 50,645 6.46 327,248.44 0.16Aeroports de Paris 1,947 165.50 322,228.50 0.16Volkswagen PFD 2,295 138.92 318,821.40 0.16AXA 16,873 18.86 318,191.03 0.16Bankiter 45,290 7.02 317,845.22 0.16Electrolux B 17,081 18.40 314,313.28 0.16Euronext 6,208 50.30 312,262.40 0.16TGS Nopec Geophysical Company 14,710 21.08 310,076.19 0.16Inchcape 50,129 6.14 307,712.91 0.16Informa 43,232 7.01 303,245.85 0.15Bellway 10,705 27.99 299,664.86 0.15BillerudKorsnäs 27,909 10.38 289,582.54 0.15Fuchs Petrolub 8,108 35.98 291,725.84 0.15Pennon Group Plc 37,890 7.71 292,175.39 0.15Mapfre 126,669 2.32 293,872.08 0.15Voestalpine 11,291 26.10 294,695.10 0.15Porsche Automobil Holding SE 5,350 51.64 276,274.00 0.14Dixons Carphone plc 204,765 1.34 273,722.12 0.14Simcorp 4,657 59.68 277,944.64 0.14Rotork 101,017 2.76 278,391.68 0.14Electrocomponents PLC 49,415 5.64 278,634.66 0.14Aurubis AG 6,448 43.22 278,682.56 0.14Nexity 7,155 39.40 281,907.00 0.14Deutsche Euroshop AG 10,607 25.34 268,781.38 0.14Taylor Wimpey 189,664 1.52 287,628.93 0.14Sainsbury J 97,249 2.95 286,841.62 0.14Acerinox 30,640 8.66 265,403.68 0.13Software 8,463 31.59 267,346.17 0.13Boliden 13,721 18.88 259,070.16 0.13Daily Mail and General Trust plc 38,910 6.40 249,023.44 0.13


15

Quantity/




Raiffeisen International Bank 11,559 22.20 256,609.80 0.13Subsea 30,397 8.51 258,630.96 0.13William Hill 136,515 1.73 235,517.52 0.12Hammerson 65,321 3.67 239,490.10 0.12Renault 4,225 54.55 230,473.75 0.12Faurecia 6,680 33.07 220,907.60 0.11IMCD NV 3,922 56.00 219,632.00 0.11Tecan Group AG 1,327 169.53 224,964.28 0.11INTU Properties 179,244 1.26 226,239.71 0.11K+S Aktiengesellschaft 14,474 15.72 227,531.28 0.11Inmobiliaria Colonial Socimi 26,422 8.14 214,942.97 0.11Eutelsat Communications 12,277 17.21 211,225.79 0.11Novo Nordisk B 5,054 39.90 201,656.69 0.10Fielmann AG 3,644 54.00 196,776.00 0.10UDG Healthcare PLC 28,289 6.64 187,976.29 0.09TP ICAP PLC 50,823 3.35 170,269.93 0.09Italgas 36,332 5.00 181,514.67 0.09Man Group 123,701 1.48 183,120.09 0.09Sodexo 1,900 89.50 170,050.00 0.09Phoenix Group Holdings 26,029 6.27 163,224.55 0.08VAT Group AG 2,077 76.68 159,261.78 0.08United Utilities 20,370 8.19 166,916.01 0.08Banco Santander 41,503 3.97 164,891.42 0.08Hennes & Mauritz B 11,965 12.39 148,295.45 0.07Natixis 35,593 4.12 146,607.57 0.07ASM International 3,960 36.20 143,352.00 0.07Dometic Group 26,131 5.41 141,349.53 0.07NIBE Industrier B 15,286 8.94 136,687.54 0.07Vifor Pharma AG 1,404 94.98 133,354.93 0.07BTG 14,193 9.24 131,118.34 0.07Moneysupermarket.com 40,620 3.07 124,558.30 0.06Outokumpu 37,194 3.20 118,834.83 0.06Centamin PLC 97,855 1.21 118,501.29 0.06Jupiter Fund Management Plc 35,217 3.29 115,712.39 0.06IMI 10,320 10.51 108,433.34 0.05Pandora 2,637 35.53 93,703.17 0.05IG Group Holdings plc 15,113 6.34 95,881.91 0.05Sartorius Stedim Biotech 987 87.35 86,214.45 0.04Balfour Beatty 26,785 2.77 74,323.32 0.04Konecranes 2,470 26.39 65,183.30 0.03BE Semiconductor Industries 2,888 18.48 53,364.46 0.03Playtech 10,685 4.29 45,787.44 0.02Rolls Royce C share 2,918,597 0.00 3,248.52 0.00Eurazeo 61.80 24.72 0.00Ingenico S.A. 34 49.54 1,684.36 0.00Bank of Ireland Group 1 4.86 4.86 0.00



Equity Futures Contracts 2) DJ STOXX 600 March 2019 81/ 1 351 890 *) 333.80 0.00 0.00

TOTAL VALUE OF DERIVATIVE CONTRACTS 0.00 0.00

CASH AND OTHER ASSETS, NET. 1,426,333.95 0.72*) Market value of the underlying assets 2) For purposes of efficiency


16

31 Dec 2016 31 Dec 2017 31 Dec 2018NAV per A/B unit, EUR 99,57 / 103,72 109,36 / 118,70 93,87 / 106,15NAV per IA/IB unit, EUR 102,17 / 102,17 117,27 / 117,27 100,97 / 105,19Fund Size, EUR 113,795,883.00 259,615,171.06 198,404,196.51Number of yield units (A) 132,894.94Number of yield units (IA) 0.00Number of growth units (B) 1,617,789.03Number of growth units (IB) 135,019.08Number of unitholders 1,756Commission Fees (12 months), % 0.06Commissions paid to an associated company of total commissions (12 months), % 32.90Fees paid to the management company for asset management (Year-to-Date), EUR 2,089,566.31Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR -

Evli Equity Factor USA 31 December 2018

17

Evli Equity Factor USA invests in the equities of major and mid-sizedUS companies and its investment strategy focuses on four factors:value, low risk, momentum and quality.

The fund returned -1.45% and the MSCI USA Daily Net TR benchmark-0.31% in 2018. The performance of value was especially weakfor the second year in a row. Momentum also underperformedthe benchmark. Low risk was clearly the strongest and quality alsooutperformed the benchmark index.

The fund will aim to track the ERI Scientific Beta Low Carbon factorindex and pursue better returns than the markets on average.

FUND FACTS Fund Category American equity fund (UCITS)Launch Date 4 August 2016Fund Manager Mattias Lagerspetz, Peter Lindahl, Antti

SivonenBloomberg A/B/IB EVEFUSA FH/EVEFUSB FH/EVEFUIB


LP68377674ISIN A/B/IB FI4000210802/FI4000210810/

FI4000210836Sales Registration FI/SESubscription Fee 0%Redemption Fee 0%Management and CustodyFee

0.95% p.a. (A, B)0.65% p.a. (IA, IB)

Morningstar Rating™ -Morningstar Category™ US Equity Large Cap BlendBenchmark MSCI USA TR Net (USD)

TOP 10 HOLDINGS % Ingersoll-Rand PLC 0.84Walgreens Boots Alliance Inc 0.83Walt Disney Co. 0.78Medtronic 0.78Anthem Inc 0.78Verizon Communications 0.74Alphabet - A 0.73Danaher Corp 0.72Exelon Corp 0.71FirstEnergy Corp 0.70

SECTOR BREAKDOWN % Financials 14.41Information Technology 14.16Health Care 12.55Industrials 10.55Consumer Discretionary 10.35Consumer Staples 9.64Utilities 9.40Communication Services 5.90Other 11.86Cash 1.19


-10,0

0,0

10,0

20,0

30,0

40,0

10/16

01/17

04/17

07/17

10/17

01/18

04/18

07/18

10/18

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference Year-to-Date -1.45 -0.31 -1.141 Month -10.35 -10.14 -0.213 Months -12.09 -12.59 0.506 Months -6.25 -5.64 -0.611 Year -1.45 -0.31 -1.143 Years p.a. - - -5 Years p.a. - - -Since Launch 12.29 16.29 -4.00Since Launch p.a. 4.93 6.47 -1.54

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 103.41 / 112.29 -NAV per IA/IB unit, EUR 104.19 / 113.10 -Fund Size, EUR million 159.42 -Volatility, % 17.04 18.48Sharpe Ratio -0.07 0.00Tracking Error, % 2.90 -Information Ratio -0.39 -R2 0.98 -Beta 0.91 -Alpha, % -1.14 -TER, % 0.95 -Portfolio Turnover 0.39 -

COUNTRY BREAKDOWN % United States 96.95Israel 0.60United Kingdom 0.60Netherlands 0.34Canada 0.20Sweden 0.13Cash 1.19

Evli Equity Factor USAInvestments 31 December 2018

18

Quantity/




SECURITIES


Equities 98.80Ingersoll-Rand PLC 16,862 79.67 1,343,323.43 0.84Walgreens Boots Alliance Inc 22,452 59.67 1,339,677.56 0.84Walt Disney Co. 13,172 95.75 1,261,229.70 0.79Medtronic 15,833 79.43 1,257,614.38 0.79Anthem Inc 5,467 229.34 1,253,797.03 0.79Verizon Communications 24,254 49.09 1,190,715.60 0.75Alphabet - A 1,283 912.50 1,170,739.18 0.73Danaher Corp 12,914 90.05 1,162,887.00 0.73Exelon Corp 28,838 39.38 1,135,731.08 0.71FirstEnergy Corp 34,430 32.79 1,128,965.82 0.71Prologis Inc 21,874 51.28 1,121,626.04 0.70Kinder Morgan Inc/DE 82,869 13.43 1,112,966.94 0.70Worldpay Inc 16,665 66.74 1,112,251.52 0.70JP Morgan Chase & Co 12,944 85.25 1,103,420.73 0.69McDonald's 7,086 155.06 1,098,764.38 0.69Welltower Inc 18,099 60.61 1,097,009.67 0.69Coca-Cola Company 26,124 41.35 1,080,173.43 0.68YUM! Brands 13,367 80.27 1,072,945.82 0.67Boston Scientific Corp 34,402 30.86 1,061,656.61 0.67BB&T Corp 27,818 37.83 1,052,320.86 0.66Aflac Inc 26,375 39.78 1,049,324.99 0.66Comcast Corp. A 35,138 29.73 1,044,787.54 0.66Clorox Co/The 7,768 134.60 1,045,582.73 0.66Procter & Gamble 13,043 80.27 1,046,938.91 0.66Public Service Enterprise Grou 22,946 45.45 1,042,945.35 0.65Nike 15,969 64.74 1,033,865.71 0.65Sysco Corp 18,841 54.72 1,030,927.61 0.65Cisco 26,985 37.84 1,021,045.14 0.64NextEra Energy Inc 6,720 151.79 1,020,006.29 0.64Costco Wholesale 5,733 177.89 1,019,830.79 0.64Ecolab Inc 7,876 128.67 1,013,420.48 0.64Intuit 5,853 171.90 1,006,115.35 0.63Xcel Energy 23,324 43.02 1,003,504.73 0.63Equity Residential 17,301 57.64 997,274.63 0.63Synopsys 13,564 73.56 997,791.89 0.63Roper Technologies Inc 4,192 232.74 975,629.47 0.61Humana Inc 3,880 250.17 970,643.75 0.61Motorola Solutions Inc 9,658 100.46 970,219.29 0.61Checkpoint Software 10,803 89.64 968,360.71 0.61CME Group Inc/IL 5,809 164.27 954,267.60 0.60Thermo FisherScientific 4,893 195.42 956,202.16 0.60Emerson Electric 18,257 52.18 952,579.33 0.60Home Depot Inc. 6,216 150.04 932,649.69 0.59IHS Markit Ltd 22,422 41.89 939,242.85 0.59Twenty-First Century Fox Inc 22,254 42.02 935,120.40 0.59ANSYS Inc 7,489 124.82 934,784.36 0.59Consolidated Edison Inc 13,979 66.77 933,349.35 0.59Starbucks 16,468 56.24 926,105.70 0.58VF 14,810 62.30 922,618.15 0.58L3 Technologies 5,989 151.65 908,213.47 0.57PPL Corp 35,973 24.74 889,932.49 0.56Intercontinental Exchange Inc 13,267 65.78 872,719.19 0.55


19

Quantity/




Intuitive Surgical Inc 2,056 418.21 859,844.49 0.54Zoetis Inc 11,471 74.70 856,849.12 0.54IAC/InterActiveCorp 5,321 159.84 850,497.61 0.53Mastercard Incorporated 5,102 164.74 840,487.18 0.53Entergy Corp 11,283 75.16 848,028.06 0.53UnitedHealth Group 3,891 217.54 846,454.57 0.53T-Mobile US Inc 15,167 55.55 842,478.67 0.53Mondelez International Inc 24,063 34.96 841,141.75 0.53TJX Cos Inc/The 21,274 39.07 831,149.15 0.52Intel 20,180 40.98 827,000.07 0.52Adobe Systems Inc 4,150 197.56 819,881.94 0.51Centene 8,014 100.68 806,886.55 0.51Norfolk Southern Corp 6,198 130.58 809,361.94 0.51Stryker Corporation 5,932 136.88 811,974.75 0.51American Express Company 9,667 83.24 804,654.76 0.50Edison International 16,034 49.57 794,867.25 0.50FedEx Corp 5,633 140.88 793,576.35 0.50Travelers Cos Inc/The 7,558 104.57 790,344.14 0.50Kellogg 15,872 49.78 790,162.70 0.50Union Pacific Corp 6,542 120.71 789,671.89 0.50S&P Global Inc 5,214 148.40 773,749.66 0.49Estee Lauder Cos Inc/The 6,785 113.61 770,834.21 0.48Accenture 6,252 123.14 769,843.97 0.48Xilinx 10,323 74.37 767,761.63 0.48Eversource Energy 13,530 56.80 768,443.89 0.48CenterPoint Energy Inc 31,218 24.65 769,572.93 0.48Bank of America 35,254 21.52 758,547.77 0.48Citrix Systems 8,443 89.47 755,413.90 0.47T Rowe Price Group Inc 9,306 80.62 750,226.97 0.47Brown-Forman Corp 17,991 41.55 747,504.09 0.47Fortive Corp 12,609 59.08 744,983.18 0.47Host Hotels & Resorts Inc 51,015 14.56 742,621.16 0.47DTE Energy Co 7,650 96.32 736,835.90 0.46Realty Income Corp 13,234 55.05 728,519.47 0.46AvalonBay Communities Inc 4,784 151.99 727,108.18 0.46Verisk Analytics Inc 7,676 95.22 730,894.41 0.46Quest Diagnostics 9,761 72.71 709,768.48 0.45Bank of New York Mellon Corp/T 17,335 41.10 712,527.90 0.45Alexion PHARM Inc 8,450 85.02 718,407.91 0.45Hewlett Packard Enterprise Co 61,244 11.54 706,480.53 0.44Lowe´s Companies 8,707 80.65 702,241.19 0.44Essex Property Trust Inc 3,277 214.13 701,695.11 0.44MSCI Inc 5,429 128.74 698,939.42 0.44Hartford Financial Services Gr 17,961 38.82 697,165.85 0.44Kohl's Corp 12,019 57.93 696,269.92 0.44Microsoft 7,841 88.70 695,457.73 0.44Dover Corp 11,333 61.96 702,151.97 0.44Sempra Energy 7,275 94.48 687,312.03 0.43Visa Inc 5,926 115.22 682,766.11 0.43Stanley Black & Decker Inc 6,506 104.56 680,279.12 0.43Agilent Technologies 11,728 58.91 690,882.39 0.43Dominion Energy Inc 10,672 62.40 665,951.59 0.42American Water Works Co Inc 8,438 79.26 668,829.91 0.42Chubb Ltd 5,937 112.81 669,724.46 0.42Becton Dickison 3,443 196.76 677,439.62 0.42


20

Quantity/




PPG Industries 7,376 89.27 658,465.61 0.41Paychex 11,363 56.89 646,459.40 0.41Colgate-Palmolive 12,228 51.98 635,553.60 0.40General Mills Inc 18,825 34.00 640,124.96 0.40Cintas 4,341 146.70 636,805.85 0.40Kraft Heinz Co/The 16,916 37.58 635,775.47 0.40Anadarko Petroleum 16,707 38.28 639,591.74 0.40Amphenol Corp 9,041 70.75 639,650.20 0.40Cadence Design Systems Inc 16,784 37.97 637,263.19 0.40American International Group I 17,856 34.41 614,503.62 0.39Alleghany Corp 1,145 544.31 623,232.91 0.39Hewlett - Packard 34,886 17.87 623,290.68 0.39CVS Health Corp 10,838 57.21 620,093.05 0.39Loews Corp 15,434 39.75 613,500.02 0.38Capital One Financial Corp 8,880 66.01 586,153.20 0.37AT&T 23,570 24.92 587,418.18 0.37CMS Energy Corp 13,549 43.36 587,435.69 0.37Illinois Tool Works Inc 5,152 110.63 569,970.03 0.36Hershey Co/The 6,114 93.59 572,233.16 0.36Arthur J Gallagher & Co 8,964 64.36 576,903.49 0.36Viacom 25,739 22.44 577,641.81 0.36Markel Corp 619 906.47 561,103.21 0.35Marathon Oil 44,477 12.52 556,952.90 0.35JM Smucker Co/The 6,802 81.64 555,310.16 0.35Red Hat 3,687 153.38 565,497.12 0.35Macy´s 21,029 26.01 546,861.24 0.34Annaly Capital Management Inc 63,463 8.58 544,209.25 0.34FNF Group 19,584 27.45 537,672.43 0.34ServiceNow Inc 3,452 155.48 536,718.54 0.34Johnson & Johnson 4,762 112.69 536,637.76 0.34Pepsico 5,538 96.48 534,281.88 0.34Mosaic Co/The 20,924 25.51 533,715.85 0.33Juniper Networks 22,622 23.50 531,592.11 0.33Grainger W W 2,152 246.57 530,614.69 0.33Tiffany & Co 7,492 70.30 526,721.96 0.33Cigna Corp 3,160 165.85 524,072.79 0.33Edwards Lifesciences Corporation 3,906 133.75 522,444.04 0.33Sherwin-Williams Co/The 1,519 343.59 521,905.88 0.33Ross Stores Inc 7,171 72.65 520,998.99 0.33Pinnacle West Capital Corp 6,981 74.40 519,386.99 0.33Xylem 8,861 58.26 516,264.91 0.32Dollar Tree Inc 6,507 78.87 513,214.08 0.32NetApp Inc 9,810 52.11 511,162.37 0.32Henry Schein Inc 7,441 68.57 510,205.84 0.32NiSource Inc 23,026 22.14 509,718.38 0.32National Oilwell Varco 22,579 22.44 506,724.21 0.32Hess Corp 14,285 35.37 505,206.70 0.32Duke Reality 22,319 22.62 504,787.19 0.32Expeditors International of Washington 8,424 59.46 500,882.11 0.31Amazon.Com 379 1,311.58 497,089.17 0.31Autodesk 4,417 112.31 496,062.01 0.31Booking Holdings Inc 322 1,504.09 484,315.94 0.30Broadridge Financial Solutions 5,699 84.05 478,997.48 0.30Zimmer 5,059 90.57 458,206.26 0.29Newmont Mining Corp 15,232 30.26 460,886.51 0.29ConAgra Brands Inc 24,753 18.65 461,703.24 0.29


21

Quantity/




Cern 10,121 45.79 463,468.20 0.29Verisign 3,617 129.49 468,375.54 0.29Chipotle Mexican Grill Inc 1,208 377.06 455,484.23 0.29LAM Research 3,771 118.91 448,406.40 0.28MetLife Inc 12,472 35.86 447,186.70 0.28Targa Resources Corp 13,705 31.45 431,078.71 0.27Best Buy Co Inc 9,253 46.25 427,921.76 0.27Fifth Third Bancorp 20,676 20.55 424,836.95 0.27Snap-on Inc 3,345 126.87 424,390.52 0.27Arch Capital Group Ltd. 18,041 23.33 420,950.37 0.26Prudential 5,860 71.21 417,306.75 0.26Franklin Resources 15,728 25.90 407,360.09 0.26Nielsen Holdings PLC 19,615 20.37 399,610.49 0.25Morgan Stanley 11,639 34.62 402,988.53 0.25Nasdaq Inc 5,659 71.23 403,091.82 0.25Allergan plc 3,471 116.72 405,125.80 0.25Sirius XM Holdings Inc 81,516 4.99 406,455.31 0.25PG&E Corporation 19,219 20.74 398,591.68 0.25EOG Resources Inc 5,173 76.16 393,951.35 0.25Varian Medical Systems Inc 4,000 98.95 395,787.49 0.25International Flavors & Fragra 3,328 117.25 390,207.97 0.24Goldman Sachs Group 2,611 145.87 380,879.13 0.24F5 Networks 2,662 141.49 376,649.43 0.24SL Green Realty 5,353 69.06 369,655.98 0.23DaVita Inc 7,998 44.94 359,405.74 0.23Ally Financial Inc 17,723 19.79 350,696.13 0.22JB Hunt Transport Services Inc 4,306 81.25 349,846.52 0.22Amgen 2,046 169.99 347,807.14 0.22PVH Corp 4,199 81.17 340,823.16 0.21Progressive Corp/The 6,427 52.68 338,591.04 0.21Apple Computer 2,386 137.74 328,659.44 0.21State Street Corp 5,982 55.08 329,460.29 0.21Oracle 8,364 39.43 329,765.80 0.21Bristol-Myers Squibb 7,364 45.39 334,259.60 0.21WestRock Co 10,049 32.97 331,351.29 0.21Torchmark Corp 4,957 65.08 322,614.49 0.20CSX Corporation 5,866 54.25 318,256.47 0.20CH Robinson Worldwide Inc 4,293 73.43 315,238.37 0.20Wells Fargo & Co 7,814 40.24 314,426.91 0.20Freeport-McMoran Copper 34,098 9.00 306,988.00 0.19WellCare Health Plans Inc 1,481 206.16 305,327.89 0.19Paccar 6,061 49.90 302,425.46 0.19Lululemon Athletica Inc 2,824 106.19 299,894.02 0.19DR Horton Inc 9,815 30.27 297,065.82 0.19DowDuPont Inc 5,980 46.70 279,271.37 0.18Fortune Brands Home & Security 8,419 33.17 279,295.30 0.18Qurate Retail, Inc. Series A 16,584 17.05 282,685.11 0.18Noble Energy Inc 17,240 16.38 282,425.51 0.18Everest Re Group Ltd 1,473 190.16 280,101.02 0.18Monster Beverage Corp 6,629 42.98 284,920.34 0.18Advanced Micro Devices Inc 17,896 16.12 288,483.85 0.18Boston Properties Inc 2,994 98.28 294,259.93 0.18Hologic 7,370 35.89 264,510.64 0.17Bunge Ltd 5,750 46.67 268,329.32 0.17AMETEK Inc 4,454 59.12 263,313.25 0.17McCormick & Co Inc/MD 2,202 121.59 267,741.17 0.17


22

Quantity/




LKQ Corp 12,839 20.72 266,049.70 0.17Lennar Corp 7,776 34.19 265,840.93 0.17CBRE Group Inc 7,972 34.96 278,737.36 0.17Rockwell Automation 2,119 131.41 278,447.66 0.17XPO Logistics Inc 5,590 49.81 278,435.85 0.17MGM Mirage 12,962 21.18 274,597.54 0.17Citizens Financial Group Inc 10,561 25.96 274,178.74 0.17Las Vegas Sands 5,452 45.45 247,805.20 0.16Lincoln National Corp 5,577 44.81 249,882.87 0.16Tapestry Inc 8,671 29.47 255,550.53 0.16Omnicom Group 4,013 63.96 256,655.94 0.16Acronic Inc. 17,623 14.72 259,460.49 0.16Constellation Brands Inc 1,676 140.43 235,368.26 0.15Ball Corp 6,074 40.15 243,880.79 0.15Tractor Supply Co 3,360 72.86 244,820.29 0.15Ulta Beauty 1,070 213.80 228,770.48 0.14Synchrony Financial 11,044 20.49 226,249.82 0.14Unum Group 8,728 25.66 223,923.85 0.14Ford Motor Company 32,966 6.68 220,222.41 0.14Interpublic Group of Cos Inc/T 12,202 18.01 219,818.42 0.14Total System Services 3,036 70.99 215,512.63 0.14Albemarle Corp 3,072 67.30 206,747.56 0.13DENTSPLY SIRONA Inc 6,373 32.49 207,079.65 0.13Devon Energy 10,464 19.68 205,961.23 0.13Autoliv 3,303 61.33 202,565.31 0.13Qorvo Inc 3,577 53.03 189,695.07 0.12Hasbro Inc 2,808 70.95 199,229.80 0.12CoStar Group Inc 646 294.58 190,297.98 0.12Perrigo Co PLC 5,829 33.84 197,242.09 0.12Lear Corp 1,652 107.29 177,237.00 0.11Biogen Idec 673 262.78 176,847.92 0.11Willis Towers Watson PLC 1,268 132.61 168,149.85 0.11CDK Global Inc 4,020 41.81 168,079.22 0.11BorgWarner Inc 6,024 30.34 182,746.31 0.11Gilead Sciences 2,923 54.62 159,657.73 0.10Fastenal Co 3,397 45.66 155,112.94 0.10CIT Group 4,581 33.42 153,092.03 0.10ONEOK Inc 2,918 47.11 137,470.83 0.09CBS Corporation 3,658 38.18 139,655.38 0.09Expedia 1,418 98.37 139,489.42 0.09LyondellBasell Industries NV 1,928 72.62 140,008.80 0.09Mettler-Toledo International I 290 493.89 143,227.32 0.09Moodys Corporation 1,203 122.29 147,113.17 0.09Cabot Oil & Gas Corp 6,229 19.52 121,570.92 0.08Applied Materials 4,612 28.59 131,856.58 0.08Sealed Air Corp 4,258 30.42 129,544.10 0.08BlackRock Inc 369 343.03 126,576.71 0.08Aptiv PLC 1,978 53.77 106,347.99 0.07DexCom Inc 1,041 104.61 108,903.38 0.07Veeva Systems Inc 1,442 78.00 112,472.88 0.07NVIDIA 834 116.58 97,225.72 0.06Electronic Arts 1,394 68.91 96,056.92 0.06Packaging Corp of America 1,098 72.88 80,022.95 0.05Wynn Resorts Ltd 1,004 86.37 86,717.70 0.05NVR Inc 41 2,128.08 87,251.21 0.05Western Union Co/The 4,703 14.90 70,062.86 0.04


23

Quantity/




Coty Inc 11,063 5.73 63,373.92 0.04Wyndham Destinations Inc 1,130 31.30 35,365.54 0.02Resideo Technologies Inc 997 17.95 17,891.26 0.01Garrett Motion Inc 598 10.78 6,443.92 0.00



Equity Futures Contracts 2) S&P 500 E-mini Future March 2019 12/ 1 312 611 *) 2,187.69 0.00 0.00


CASH AND OTHER ASSETS, NET. 1,911,284.29 1.20*) Market value of the underlying assets 2) For purposes of efficiency

31 Dec 2016 31 Dec 2017 31 Dec 2018NAV per A/B unit, EUR 108,93 / 108,93 109,33 / 113,95 103,41 / 112,29NAV per IA/IB unit, EUR 109,07 / 109,07 109,80 / 114,43 104,19 / 113,10Fund Size, EUR 111,506,513.99 160,408,817.22 159,418,359.24Number of yield units (A) 140,710.76Number of yield units (IA) 124,674.76Number of growth units (B) 1,101,315.83Number of growth units (IB) 72,013.43Number of unitholders 1,646Commission Fees (12 months), % 0.05Commissions paid to an associated company of total commissions (12 months), % 34.21Fees paid to the management company for asset management (Year-to-Date), EUR 1,568,606.85Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR -

Evli Europe 31 December 2018

24

The fund's return was -22.25% in 2018, while the return of thebenchmark index was -10.57%. By sector, it was mainly stock selection-e.g. in consumer discretionary, materials, and communicationservices- that detracted the relative return. Geographically as well,stock selection weakened the return differential. Harmful selectioneffects came from several countries, e.g. the UK and Germany. Thenet effect of country weights on the return differential was somewhatpositive and that of currency weights almost neutral. By stock, thetop attributors were Wolters Kluwer, Vestas Wind Systems, and Next,while the bottom attributors were Pandora, Playtech, and Aurubis. Wesold 25 stocks from the portfolio during the year and bought 25 newstocks. 21 stocks remained the same. As a result of stock selection,the largest end-of-year country weights were in the UK, the Nordics,and France, and the largest sector weights in consumer discretionaryand industrials.

We focus on companies that generate cash flow and that are notexcessively dependent on debt financing. Our investment philosophycan at times lead to a negative return differential relative to thebenchmark, but we believe our approach will pay off over time.

FUND FACTS Fund Category European equity fund (UCITS)Launch Date 31 August 2000Fund Manager Hans-Kristian SjöholmBloomberg A/B/IB EVLEGRA FH/EVLEGRB FH/EVLEGIB


LP68375643ISIN A/B/IB FI0008802038/FI0008802046/

FI4000210620Sales Registration FI/SE/FR/IT (QI)/ES/PTSubscription Fee 0%Redemption Fee 0%Management and CustodyFee

1.60% p.a. (A, B)1.00% p.a. (IB)

Morningstar Rating™Morningstar Category™ Europe Flex-Cap EquityBenchmark MSCI Europe TR Net (EUR)

(MSDEE15N, .dMIEU00000NEU)

TOP 10 HOLDINGS % Vestas Wind Systems 3.69Roche Holding 3.69Wolters Kluwer 3.45JM 3.19Novo Nordisk B 3.16Carlsberg B 3.02Relx Plc 3.02Publicis Groupe 2.73Electrolux B 2.73Moneysupermarket.com 2.68

SECTOR BREAKDOWN % Consumer Discretionary 30.56Industrials 24.42Consumer Staples 9.54Materials 9.46Health Care 6.85Communication Services 5.78Financials 4.51Information Technology 4.19Other 3.52Cash 1.18


-80,0

-60,0

-40,0

-20,0

0,0

20,0

40,0

60,0

01/01

01/02

01/03

01/04

01/05

01/06

01/07

01/08

01/09

01/10

01/11

01/12

01/13

01/14

01/15

01/16

01/17

01/18

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month -6.19 -5.53 -0.663 Months -13.97 -11.32 -2.656 Months -17.63 -10.14 -7.491 Year -22.25 -10.57 -11.683 Years p.a. -4.00 0.37 -4.375 Years p.a. 2.99 3.18 -0.18Since Launch 6.20 13.93 -7.73Since Launch p.a. 0.33 0.71 -0.38

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 50.29 / 106.20 -NAV per IA/IB unit, EUR - / 91.98 -Fund Size, EUR million 552.8 -Volatility, % 14.35 13.82Sharpe Ratio -1.53 -0.74Tracking Error, % 6.86 -Information Ratio -1.70 -R2 0.78 -Beta 0.92 -Alpha, % -12.54 -TER, % 1.60 -Portfolio Turnover 0.45 -

COUNTRY BREAKDOWN % United Kingdom 25.23Sweden 18.85France 14.43Denmark 12.84Netherlands 5.92Germany 5.72Switzerland 4.68Finland 3.73Other 7.41Cash 1.18

Evli EuropeInvestments 31 December 2018

25

Quantity/




SECURITIES


Equities 98.82Vestas Wind Systems 309,711 65.91 20,413,472.09 3.69Roche Holding 94,307 216.26 20,395,237.49 3.69Wolters Kluwer 368,734 51.66 19,048,798.44 3.45JM 1,036,307 17.01 17,632,349.21 3.19Novo Nordisk B 437,521 39.90 17,457,268.44 3.16Carlsberg B 180,003 92.77 16,698,179.08 3.02Relx Plc 927,107 17.99 16,680,794.12 3.02Publicis Groupe 301,374 50.08 15,092,809.92 2.73Electrolux B 818,917 18.40 15,069,169.50 2.73Moneysupermarket.com 4,835,772 3.07 14,828,546.12 2.68WH Smith 770,376 19.14 14,748,312.94 2.67Swedish Match 427,833 34.33 14,689,255.08 2.66Barratt Developments 2,846,493 5.15 14,662,722.76 2.65Burberry Group plc 744,307 19.32 14,377,648.92 2.60Schneider Electric 231,232 59.72 13,809,175.04 2.50Randstad N.V. 341,803 40.09 13,702,882.27 2.48Capgemini SA 154,475 86.80 13,408,430.00 2.43Compagnie Generale des Etablissements Michelin 153,684 86.70 13,324,402.80 2.41Norsk Hydro 3,193,772 3.96 12,642,297.47 2.29Dassault Aviation SA 10,406 1,210.00 12,591,260.00 2.28Taylor Wimpey 8,241,036 1.52 12,497,682.15 2.26Hugo Boss 225,566 53.92 12,162,518.72 2.20UPM-Kymmene 543,254 22.15 12,033,076.10 2.18Persimmon 559,567 21.48 12,020,445.29 2.17Mediaset Espana Comunicacion 2,168,692 5.49 11,906,119.08 2.15Gaztransport Et Technigaz 171,887 67.15 11,542,212.05 2.09Azimut Holding 1,201,171 9.53 11,451,964.31 2.07Boliden 568,896 18.88 10,741,489.57 1.94Royal Mail plc 3,242,421 3.03 9,819,945.97 1.78Aurubis AG 226,925 43.22 9,807,698.50 1.77Mycronic 839,216 11.62 9,747,635.85 1.76Axfood 650,972 14.92 9,712,332.31 1.76Continental 79,856 120.75 9,642,612.00 1.74Pandora 266,399 35.53 9,466,222.85 1.71Valmet 478,767 17.95 8,593,867.65 1.55Playtech 1,980,552 4.29 8,487,076.79 1.54Bravida Holding 1,312,596 6.03 7,913,474.27 1.43Savills 1,003,241 7.87 7,894,703.77 1.43IG Group Holdings plc 1,230,591 6.34 7,807,279.78 1.41Hexpol 1,025,831 6.89 7,067,398.86 1.28Dfds 197,191 35.12 6,925,109.75 1.25Cloetta 2,490,326 2.39 5,951,660.09 1.08Oriflame Holding AG 291,237 19.48 5,674,226.50 1.03Jupiter Fund Management Plc 1,722,127 3.29 5,658,387.44 1.02Bobst 90,439 60.69 5,488,336.34 0.99Atresmedia Corp de Medios de C 1,138,090 4.36 4,964,348.58 0.90


CASH AND OTHER ASSETS, NET. 6,545,066.20 1.18

Evli EuropeInvestments 31 December 2018

26

31 Dec 2016 31 Dec 2017 31 Dec 2018NAV per A/B unit, EUR 63,96 / 124,31 67,42 / 136,60 50,29 / 106,20NAV per IA/IB unit, EUR - / 106,35 - / 117,59 - / 91,98Fund Size, EUR 729,499,026.29 911,823,591.96 552,795,902.46Number of yield units (A) 701,859.27Number of yield units (IA) -Number of growth units (B) 4,499,427.26Number of growth units (IB) 431,028.52Number of unitholders 2,638Commission Fees (12 months), % 0.04Commissions paid to an associated company of total commissions (12 months), % 26.42Fees paid to the management company for asset management (Year-to-Date), EUR 11,627,527.44Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR -

Evli Finland Select 31 December 2018

27

The Finnish equity market returned -3.9% in 2018, which was not badat all in an international comparison. In Finland, the market returnwas supported by the good returns of a few stocks with large indexweighting (Nokia, Neste and Fortum, etc). The overall performance ofSME equities was clearly poorer than the rest of the market.

The fund's return of -3.84% in 2018 was on the same level as thebenchmark return. The fund's overweight in Amer Sports (+71%,Chinese Anta's purchase offer at a premium) and the absence ofOutokumpu (-57%) from the portfolio had the most positive impacton relative return. The fund's underweight in Nokia (+34%, positiveexpectations of 5G demand boosted the stock) and overweight inMetsä-Board (-25%, softening of the pulp market lowered the sector'sstocks) had the most negative impact on relative return.

During 2018 the fund's positions in Lehto, YIT, Kesko, Revenio Group,Konecranes, SSAB, Terveystalo, Telia, Outotec, Rovio and Tieto, etc,were sold. During the year new positions in Kojamo, Telia, DNA,Outotec, Terveystalo, Cargotec, Metsä-Board and NoHo Partners, etc.,were opened. The weights of Neste, Orion, Cramo and Fortum wereraised during the year.

FUND FACTS Fund Category Finnish equity fund (UCITS)Launch Date 16 October 1989Fund Manager Janne KujalaBloomberg A/B EVLSELA FH / EVLSELB FHReuters A/B LP60062039 / LP60080997ISIN A/B FI0008801220 / FI0008800107Sales Registration FI/ SESubscription Fee 0%Redemption Fee 0%Management and CustodyFee

1.80% p.a.

Morningstar Rating™Morningstar Category™ Finland EquityBenchmark OMX Helsinki Cap Yield

(HEXYP, .OMXHCAPGI)

TOP 10 HOLDINGS % Neste 9.62Nokia 8.78Fortum 8.73Nordea 6.46UPM-Kymmene 6.25TeliaSonera 4.45Wärtsilä 4.41Sampo A 4.14Kone B 3.96Huhtamäki 3.95

SECTOR BREAKDOWN % Industrials 20.05Materials 15.53Communication Services 13.12Financials 10.60Energy 9.62Information Technology 9.15Utilities 8.73Consumer Discretionary 7.29Other 5.09Cash 0.82


-500

0

500

1000

1500

2000

2500

3000

01/90

01/92

01/94

01/96

01/98

01/00

01/02

01/04

01/06

01/08

01/10

01/12

01/14

01/16

01/18

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month -3.36 -3.34 -0.023 Months -14.60 -14.43 -0.176 Months -11.13 -12.34 1.221 Year -3.84 -3.89 0.063 Years p.a. 5.95 6.69 -0.745 Years p.a. 6.56 9.26 -2.70Since Launch 2267.72 567.85 1699.87Since Launch p.a. 11.44 6.71 4.72

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 13.71 / 34.90 -Fund Size, EUR million 157.78 -Volatility, % 13.79 14.39Sharpe Ratio -0.25 -0.25Tracking Error, % 2.76 -Information Ratio 0.02 -R2 0.96 -Beta 0.94 -Alpha, % -0.16 -TER, % 1.80 -Portfolio Turnover 0.77 -

COUNTRY BREAKDOWN % Finland 99.18Cash 0.82

Evli Finland SelectInvestments 31 December 2018

28

Quantity/




SECURITIES


Equities 99.06Neste 225,000 67.36 15,156,000.00 9.61Nokia 2,750,000 5.03 13,832,500.00 8.77Fortum 720,000 19.10 13,752,000.00 8.72Nordea 1,400,000 7.27 10,178,000.00 6.45UPM-Kymmene 445,000 22.15 9,856,750.00 6.25TeliaSonera 1,720,000 4.08 7,010,720.00 4.44Wärtsilä 500,000 13.90 6,947,500.00 4.40Sampo A 170,000 38.41 6,529,700.00 4.14Kone B 150,000 41.64 6,246,000.00 3.96Huhtamäki 230,000 27.07 6,226,100.00 3.95Stora Enso R 560,000 10.09 5,647,600.00 3.58Orion B 185,000 30.28 5,601,800.00 3.55Amer Sports A 140,000 38.37 5,371,800.00 3.40Cramo 320,000 14.92 4,774,400.00 3.03Elisa 130,000 36.08 4,690,400.00 2.97Nokian Renkaat 160,000 26.82 4,291,200.00 2.72Valmet 220,000 17.95 3,949,000.00 2.50Finnair 540,000 7.09 3,825,900.00 2.42Alma Media 643,912 5.54 3,567,272.48 2.26Sanoma 415,000 8.49 3,521,275.00 2.23Metso 148,000 22.90 3,389,200.00 2.15Metsä Board B 477,606 5.12 2,445,342.72 1.55Kojamo Oyj 235,000 8.11 1,904,675.00 1.21DNA Oy 110,000 17.08 1,878,800.00 1.19NoHo Partners Oyj 211,009 8.66 1,827,337.94 1.16Cargotec 65,000 26.72 1,736,800.00 1.10Basware 15,000 39.50 592,500.00 0.38Oriola - B 259,517 1.98 513,843.66 0.33Lehto Group 112,609 4.25 478,588.25 0.30Ahlström-Munksjö 24,464 12.12 296,503.68 0.19Exel 63,000 4.00 252,000.00 0.16



Equity Lending Contracts Nokia 27.12.2018 - -500 000/ *) 0.00 0.00Nokia 14.12.2018 - -66 295/ *) 0.00 0.00Sampo A 27.12.2018 - -5 000/ *) 0.00 0.00Stora Enso R 27.12.2018 - -10 000/ *) 0.00 0.00Nokia 18.12.2018 - -50 000/ *) 0.00 0.00Valmet 24.12.2018 - -29 800/ *) 0.00 0.00Metsä Board B 24.12.18 - -5 000/ *) 0.00 0.00Lehto Group 24.12.2018 - -995/ *) 0.00 0.00Stora Enso R 27.12.2018 - -500 000/ *) 0.00 0.00



Evli Finland SelectInvestments 31 December 2018

29

31 Dec 2016 31 Dec 2017 31 Dec 2018NAV per A/B unit, EUR 13,87 / 32,51 14,86 / 36,29 13,71 / 34,90Fund Size, EUR 114,968,057.52 123,900,577.99 157,777,548.52Number of yield units (A) 429,405.13Number of growth units (B) 4,352,320.70Number of unitholders 1,856Commission Fees (12 months), % 0.21Commissions paid to an associated company of total commissions (12 months), % 62.08Fees paid to the management company for asset management (Year-to-Date), EUR 2,598,479.25Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR -

Evli Finnish Small Cap 31 December 2018

30


The fund's return of -10.05% was clearly higher than the benchmarkreturn of -17.96% in 2018. The fund's overweights in Amer Sports(+71%, Chinese Anta's purchase offer at a premium) and KotipizzaGroup (+70%, Norwegian Orkla's purchase offer at a premium) hadthe most positive impact on relative return. The absence of Pöyry fromthe portfolio (+117%, Swedish ÅF's purchase offer at a premium) andoverweight in Lehto Group (-65%, several profit warnings) had themost negative impact on relative return.

During 2018 the fund's positions in Pihlajalinna, Rovio, Silmäasema,Tieto, YIT and L&T, etc, were sold. New positions in the fund's portfoliowere opened in Talenom, Terveystalo and Huhtamäki, for example.

FUND FACTS Fund Category Finnish Equity fund (UCITS)Launch Date 4 December 1992Fund Manager Janne KujalaBloomberg A/B - / CARSUOS FHReuters A/B - / LP60047076ISIN A/B - / FI0008804422Sales Registration FI/SE/DKSubscription Fee 0%Redemption Fee 0%Management and CustodyFee

1.60% p.a.

Morningstar Rating™Morningstar Category™ Finland EquityBenchmark Carnegie Small CSX Return Finland

TOP 10 HOLDINGS % Amer Sports A 8.61DNA Oy 6.76Valmet 6.27Metsä Board B 5.72Konecranes 5.40Revenio Group Oyj 4.40Talenom Oyj 4.30Kotipizza Group 4.27NoHo Partners Oyj 4.19Terveystalo Oy 4.05

SECTOR BREAKDOWN % Industrials 38.80Consumer Discretionary 21.71Materials 11.29Communication Services 10.68Health Care 9.97Information Technology 6.90Cash 0.65


-200

0

200

400

600

800

1000

1200

01/96

01/98

01/00

01/02

01/04

01/06

01/08

01/10

01/12

01/14

01/16

01/18

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month -5.49 -5.34 -0.153 Months -15.02 -15.84 0.816 Months -15.27 -17.56 2.291 Year -10.05 -17.96 7.913 Years p.a. 5.05 5.34 -0.295 Years p.a. 8.68 7.61 1.07Since Launch 930.86 610.25 320.61Since Launch p.a. 10.20 8.51 1.70

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR - / 293.59 -Fund Size, EUR million 178.31 -Volatility, % 14.09 14.12Sharpe Ratio -0.69 -1.25Tracking Error, % 3.83 -Information Ratio 2.07 -R2 0.93 -Beta 0.96 -Alpha, % 7.23 -TER, % 1.60 -Portfolio Turnover 0.10 -

COUNTRY BREAKDOWN % Finland 99.35Cash 0.65

Evli Finnish Small CapInvestments 31 December 2018

31

Quantity/




SECURITIES


Equities 99.30Amer Sports A 400,000 38.37 15,348,000.00 8.61DNA Oy 705,000 17.08 12,041,400.00 6.75Valmet 623,000 17.95 11,182,850.00 6.27Metsä Board B 1,990,000 5.12 10,188,800.00 5.71Konecranes 365,000 26.39 9,632,350.00 5.40Revenio Group Oyj 623,691 12.56 7,833,558.96 4.39Talenom Oyj 402,000 19.05 7,658,100.00 4.29Kotipizza Group 334,000 22.80 7,615,200.00 4.27NoHo Partners Oyj 862,000 8.66 7,464,920.00 4.19Terveystalo Oy 900,000 8.03 7,222,500.00 4.05Asiakastieto Group 285,000 24.60 7,011,000.00 3.93Sanoma 823,950 8.49 6,991,215.75 3.92Cargotec 242,000 26.72 6,466,240.00 3.63Ponsse 260,000 24.75 6,435,000.00 3.61Cramo 420,000 14.92 6,266,400.00 3.51Huhtamäki 210,000 27.07 5,684,700.00 3.19Tokmanni Group 750,000 7.18 5,385,000.00 3.02Caverion 1,051,357 5.09 5,351,407.13 3.00Detection Technology 327,259 16.35 5,350,684.65 3.00QT Group Oyj 577,082 7.90 4,558,947.80 2.56Outokumpu 1,330,000 3.20 4,249,350.00 2.38Glaston 8,419,500 0.39 3,241,507.50 1.82Verkkokauppa.com 700,000 4.10 2,870,000.00 1.61Oriola - B 1,370,000 1.98 2,712,600.00 1.52Consti Yhtiöt 490,000 5.50 2,695,000.00 1.51Gofore Oyj 283,441 8.45 2,395,076.45 1.34Lehto Group 370,000 4.25 1,572,500.00 0.88VMP Oyj 255,000 3.28 836,400.00 0.47Exel 200,000 4.00 800,000.00 0.45



31 Dec 2016 31 Dec 2017 31 Dec 2018NAV per A/B unit, EUR - / 305,21 - / 326,38 - / 293,59Fund Size, EUR 187,259,088.28 208,524,636.88 178,305,285.66Number of yield units (A) 0.00Number of growth units (B) 607,328.11Number of unitholders 1,835Commission Fees (12 months), % 0.09Commissions paid to an associated company of total commissions (12 months), % 47.33Fees paid to the management company for asset management (Year-to-Date), EUR 3,538,837.48Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR -

Evli GEM 31 December 2018

32

The fund's return was -6.15% in 2018, while the return of thebenchmark index was -10.52%. In terms of sectors, especially stockselection but also sector weights improved the return differentialin the aggregate. The most positive impacts came from selectionin information technology, materials, and communication services,and the most negative ones from selection in energy and from anunderweight in financials. From a geographical perspective, stockselection and country weights improved the return differential in theaggregate, while currency weights weakened it somewhat. The mostbeneficial impacts came from selection in Taiwan, Turkey, and China,and from an underweight in China. The most harmful effects camefrom selection in Brazil and Indonesia and from an overweight inTRY. By stock, the top attributors were Yageo, Hyundai Elevator, andChina Communications Services, while the bottom attributors wereCia Hering, St.Shine Optical, and Ereğli Demir ve Çelik Fabrikaları. Wesold 30 stocks from the portfolio during the year and bought 39 newstocks. 19 stocks remained the same. As a result of stock selection, thelargest end-of-year country weights were in Taiwan, China, and SouthKorea, and the largest sector weights in materials, energy, informationtechnology, and consumer discretionary.

FUND FACTS Fund Category Equity fund investing in emerging

markets (UCITS)Launch Date 25 January 2016Fund Manager Hans-Kristian Sjöholm, Wilhelm Bruun,

Marjaana Haataja, Kati ViljakainenBloomberg A/B EVLGEMA FH / EVLGEMB FHReuters A/B LP68352956 / LP68352955ISIN A/B FI4000153689 / FI4000153697Sales Registration FI/SE/NO/DKSubscription Fee 0%Redemption Fee 0%Management and CustodyFee

1.80% p.a.

Morningstar Rating™ -Morningstar Category™ Global Emerging Markets EquityBenchmark MSCI Emerging Markets TR Net (USD)

TOP 10 HOLDINGS % China Communications Services Corporation Ltd 2.62Polski Koncern Naftowy Orlen SA 2.59Motor Oil Hellas 2.38Gedeon Richter 2.27Soda Sanayii 2.20Truworths International Ltd 2.18Guangzhou Automobile 2.14SFA Engineering Corp 2.04PTT Plc 1.99Vodacom Group Ltd 1.98

SECTOR BREAKDOWN % Materials 19.12Energy 16.61Information Technology 15.98Consumer Discretionary 14.51Industrials 9.65Communication Services 8.33Consumer Staples 5.63Health Care 3.97Other 5.11Cash 1.10


-20,0

0,0

20,0

40,0

60,0

80,0

07/16

01/17

07/17

01/18

07/18

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month -5.20 -4.03 -1.173 Months -9.98 -6.37 -3.616 Months -10.79 -6.89 -3.901 Year -6.15 -10.52 4.373 Years p.a. - - -5 Years p.a. - - -Since Launch 35.17 36.43 -1.26Since Launch p.a. 10.85 11.20 -0.35

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 124.53 / 135.17 -Fund Size, EUR million 188.76 -Volatility, % 14.13 16.15Sharpe Ratio -0.41 -0.62Tracking Error, % 8.33 -Information Ratio 0.50 -R2 0.73 -Beta 0.75 -Alpha, % 1.67 -TER, % 1.80 -Portfolio Turnover 0.58 -

COUNTRY BREAKDOWN % Taiwan 19.77South Korea 16.35China 15.08Brazil 7.12South Africa 5.92Turkey 5.72Russia 5.23Thailand 3.83Other 19.88Cash 1.10

Evli GEMInvestments 31 December 2018

33

Quantity/




SECURITIES


Equities 99.16China Communications Services Corporation Ltd 6,872,000 0.72 4,964,899.20 2.63Polski Koncern Naftowy Orlen SA 194,590 25.22 4,906,609.62 2.60Motor Oil Hellas 214,160 21.00 4,497,360.00 2.38Gedeon Richter 253,315 16.92 4,286,656.52 2.27Soda Sanayii 3,555,165 1.17 4,166,148.06 2.21Truworths International Ltd 771,643 5.35 4,127,917.73 2.19Guangzhou Automobile 4,652,000 0.87 4,050,820.68 2.15SFA Engineering Corp 142,298 27.13 3,861,148.93 2.05PTT Plc 3,028,300 1.24 3,762,805.07 1.99Vodacom Group Ltd 466,512 8.02 3,739,172.10 1.98Emirates Telecommunications Gr 924,745 4.04 3,733,430.35 1.98China Shenhua Energy Co Ltd 1,943,000 1.91 3,717,426.27 1.97Hindustan Zinc Ltd 1,036,065 3.49 3,617,509.37 1.92Hyundai Greenfood Co Ltd 321,009 11.21 3,599,937.03 1.91Beijing Capital International 3,858,000 0.93 3,574,501.85 1.89Phison Electronics Corp 548,000 6.50 3,564,628.56 1.89Uni-President Enterprises Corp 1,778,000 1.99 3,540,674.94 1.88KT&G CORP 44,116 79.60 3,511,590.20 1.86Formosa Chemicals & Fibre Corp 1,168,000 3.00 3,498,895.88 1.85Alrosa 2,821,110 1.23 3,463,297.08 1.83Formosa Petrochemical 1,109,000 3.11 3,448,711.95 1.83Novolipetsk 1,754,190 1.97 3,457,400.71 1.83Enka Insaat ve Sanayi AS 4,544,314 0.76 3,435,187.13 1.82Bolsa Mexicana de Valores SAB 2,260,150 1.49 3,361,107.11 1.78JSE Ltd 331,368 10.05 3,331,230.53 1.76Multiplus SA 588,000 5.66 3,326,589.47 1.76Sinbon Electronics Co Ltd 1,410,000 2.36 3,330,798.24 1.76Elite Material 1,772,000 1.87 3,321,451.88 1.76Anhui Conch Cement Co Ltd 777,000 4.24 3,291,977.77 1.74Sihuan Pharmaceutical Holdings 21,154,000 0.15 3,231,211.20 1.71Samsung Electronics 106,153 30.35 3,221,698.51 1.71China Oriental Group Co Ltd 6,114,000 0.52 3,176,608.04 1.68Lotte Chemical Corp 14,528 217.23 3,155,929.25 1.67Esso Thailand Plc Foreign 11,355,100 0.28 3,128,571.81 1.66Copa Holdings 45,000 68.73 3,092,973.91 1.64S&T Motiv Co Ltd 145,133 21.21 3,078,754.79 1.63Huchems Fine Chemical Corp 161,844 18.90 3,058,829.74 1.62E Ink Holdings Inc 3,539,000 0.86 3,044,154.96 1.61China Petroleum & Chemical Cor 4,870,000 0.62 3,035,240.08 1.61Cleanaway Co Ltd 638,000 4.75 3,030,636.11 1.61Soulbrain Co Ltd 80,381 37.29 2,997,406.09 1.59Mahle-Metal Leve SA 527,700 5.65 2,981,883.16 1.58Inter Rao Ues 61,033,000 0.05 2,976,075.59 1.58Teco Electric and Machinery Co 5,867,000 0.50 2,920,857.68 1.55Kroton Educacional SA 1,420,100 2.00 2,833,521.03 1.50Asia Optical Co Inc 1,430,000 1.89 2,700,802.98 1.43Matahari Department Store Tbk 7,656,800 0.34 2,595,315.25 1.37Epistar Corp 3,547,000 0.73 2,590,598.03 1.37Adaro Energy Tbk PT 34,912,400 0.07 2,567,501.88 1.36Catcher Technology Co Ltd 378,000 6.42 2,426,460.33 1.29Grendene 1,261,700 1.84 2,327,307.93 1.23Eregli Demir ve Celik Fabrikal 1,938,277 1.19 2,309,774.75 1.22

Evli GEMInvestments 31 December 2018

34

Quantity/




LOTTE Himart Co Ltd 62,418 36.58 2,283,511.25 1.21Tianneng Power International L 3,094,000 0.73 2,252,608.77 1.19Lonking Holdings Ltd 9,748,000 0.23 2,206,296.30 1.17DB HiTek Co Ltd 256,290 8.51 2,180,735.82 1.16QGEP Participacoes SA 956,800 2.10 2,012,410.94 1.07Vestel Beyaz Esya Sanayi ve Ticaret AS 464,223 1.98 920,974.72 0.49Esso Thailand Plc 1,286,000 0.28 354,320.38 0.19



31 Dec 2016 31 Dec 2017 31 Dec 2018NAV per A/B unit, EUR 130,79 / 130,79 138,25 / 144,03 124,53 / 135,17Fund Size, EUR 125,767,471.56 160,698,663.96 188,762,725.58Number of yield units (A) 156,064.68Number of growth units (B) 1,054,017.04Number of unitholders 1,741Commission Fees (12 months), % 0.27Commissions paid to an associated company of total commissions (12 months), % 0.51Fees paid to the management company for asset management (Year-to-Date), EUR 3,100,644.10Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR -

Evli Global 31 December 2018

35

The fund's return was -10.44% in 2018, while the return of thebenchmark index was -4.17%. By sector, stock selection weakenedthe return differential. Negative selection effects came e.g. fromconsumer discretionary and health care, while positive ones camee.g. from consumer staples. The net effect of sector weights on thereturn differential was somewhat positive, and the most beneficialsector weight was an underweight in financials. Looking at the returndifferential geographically, stock selection was harmful, and the mostnegative impacts came from selection in the UK and Germany.Country weights, such as an overweight in Japan, also affectedsomewhat negatively. Currency weights had a neutral net effect on therelative return. By stock, the top attributors were Helen of Troy, Church& Dwight, and W.W. Grainger. The bottom attributors were Pandora,Jupiter Fund Management, and Playtech. We sold 41 stocks fromthe portfolio during the year and bought 30 new stocks. 41 stocksremained the same. As a result of stock selection, the largest end-of-year sector weights were in industrials, consumer discretionary, healthcare, and information technology, and the largest country weights inthe US, Japan and the UK.

FUND FACTS Fund Category International equity fund (UCITS)Launch Date 8 April 1994Fund Manager Hans-Kristian SjöholmBloomberg A/B/IB EVLGLOA FH/EVLGLOB FH/EVLGLIB


LP68466517ISIN A/B/IB FI0008800131/FI0008801188/

FI4000301312Sales Registration FI/SE/NO/DK/FR/ES/IT/PTSubscription Fee 0%Redemption Fee 0%Management and CustodyFee

1.60% p.a. (A, B)1.00% p.a. (IB)

Morningstar Rating™Morningstar Category™ Global Flex-Cap EquityBenchmark MSCI World TR Net (USD)

(NDDUWI, .dMIWO00000NUS)

TOP 10 HOLDINGS % Helen of Troy Ltd 2.37Church & Dwight Co Inc 2.29Roche Holding 1.85Shionogi 1.82Amgen 1.81Walgreens Boots Alliance Inc 1.78Wolters Kluwer 1.77United Therapeutics Corporation 1.72Maeda Road Construction 1.71Johnson & Johnson 1.71

SECTOR BREAKDOWN % Industrials 24.79Consumer Discretionary 17.84Health Care 16.05Information Technology 15.79Consumer Staples 9.80Communication Services 7.16Financials 4.43Materials 1.21Real Estate 1.18Cash 1.74


-50

0

50

100

150

200

250

300

350

01/96

01/98

01/00

01/02

01/04

01/06

01/08

01/10

01/12

01/14

01/16

01/18

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month -9.43 -8.71 -0.723 Months -12.69 -12.19 -0.506 Months -10.92 -7.31 -3.601 Year -10.44 -4.17 -6.273 Years p.a. 3.35 4.46 -1.115 Years p.a. 8.55 8.51 0.03Since Launch 225.29 260.14 -34.85Since Launch p.a. 4.88 5.31 -0.43

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 5.81 / 19.24 -NAV per IA/IB unit, EUR - / 89.34 -Fund Size, EUR million 212.32 -Volatility, % 14.66 15.72Sharpe Ratio -0.69 -0.24Tracking Error, % 4.48 -Information Ratio -1.40 -R2 0.92 -Beta 0.89 -Alpha, % -6.68 -TER, % 1.60 -Portfolio Turnover 0.40 -

COUNTRY BREAKDOWN % United States 54.40Japan 16.04United Kingdom 9.70Sweden 4.06Netherlands 3.01France 2.64Denmark 2.48Germany 1.99Other 3.93Cash 1.74

Evli GlobalInvestments 31 December 2018

36

Quantity/




SECURITIES


Equities 98.21Helen of Troy Ltd 43,822 114.55 5,019,883.65 2.36Church & Dwight Co Inc 84,526 57.42 4,853,845.54 2.29Roche Holding 18,176 216.26 3,930,819.95 1.85Shionogi 77,200 49.94 3,855,135.88 1.82Amgen 22,594 169.99 3,840,837.94 1.81Walgreens Boots Alliance Inc 63,282 59.67 3,775,943.15 1.78Wolters Kluwer 72,763 51.66 3,758,936.58 1.77Maeda Road Construction 200,000 18.17 3,634,387.45 1.71United Therapeutics Corporation 38,286 95.10 3,640,840.93 1.71Johnson & Johnson 32,143 112.69 3,622,248.55 1.71Omnicom Group 56,153 63.96 3,591,328.48 1.69Allison Transmission Holdings 93,224 38.34 3,574,579.83 1.68Cisco 93,205 37.84 3,526,644.88 1.66Generac Holdings Inc 81,150 43.40 3,521,913.97 1.66Oracle 86,314 39.43 3,403,085.25 1.60Foot Locker Inc 72,239 46.46 3,355,963.18 1.58Novo Nordisk B 84,109 39.90 3,355,983.81 1.58Citrix Systems 37,422 89.47 3,348,229.17 1.58ICF International 58,682 56.57 3,319,553.56 1.56Relx Plc 183,504 17.99 3,301,660.37 1.56Ain Holdings 52,500 62.67 3,290,179.74 1.55Aica Kogyo Co Ltd 109,900 29.30 3,220,557.81 1.52Cummins Inc 27,557 116.70 3,215,897.76 1.51F5 Networks 22,730 141.49 3,216,093.73 1.51Axfood 215,210 14.92 3,210,877.02 1.51Robert Half International Inc 62,957 49.95 3,144,661.36 1.48Eaton Corp PLC 51,643 59.96 3,096,343.20 1.46Southwest Airlines Co 75,853 40.59 3,078,737.85 1.45NTT DOCOMO Inc 155,000 19.69 3,051,782.56 1.44Gentex Corporation 170,813 17.65 3,014,540.09 1.42Steven Madden Ltd 113,492 26.42 2,998,941.56 1.41KDDI Corporation 143,500 20.90 2,998,481.13 1.41Crane Co 47,452 63.03 2,990,922.98 1.41Kaken Pharmaceutical Co Ltd 76,700 38.74 2,971,418.32 1.40Burberry Group plc 151,553 19.32 2,927,522.96 1.38Publicis Groupe 58,333 50.08 2,921,316.64 1.38Moneysupermarket.com 940,794 3.07 2,884,876.96 1.36NIC Inc 264,559 10.90 2,883,174.68 1.36Nexon Co Ltd 256,000 11.25 2,880,498.91 1.36WH Smith 149,961 19.14 2,870,899.09 1.35Swedish Match 83,185 34.33 2,856,080.96 1.35J2 Global 46,835 60.59 2,837,518.16 1.34Procter & Gamble 35,030 80.27 2,811,797.13 1.32LAM Research 23,302 118.91 2,770,820.97 1.31Fujitec Co Ltd 293,900 9.40 2,763,981.12 1.30Diamond Hill Investment Group 21,074 130.51 2,750,278.83 1.30Astellas Pharma Inc 245,000 11.16 2,734,291.26 1.29Maxim Integrated Products 61,500 44.40 2,730,862.94 1.29Schneider Electric 44,931 59.72 2,683,279.32 1.26McKesson Corporation 27,516 96.47 2,654,382.37 1.25Acuity Brands Inc 26,395 100.38 2,649,503.34 1.25Tokyo Broadcasting System 190,600 13.86 2,640,935.13 1.24

Evli GlobalInvestments 31 December 2018

37

Quantity/




Randstad N.V. 65,569 40.09 2,628,661.21 1.24Hexpol 371,208 6.89 2,557,414.43 1.20The Children's Place Inc 32,239 78.67 2,536,249.53 1.19Savills 318,532 7.87 2,506,591.92 1.18Mednax 85,072 28.82 2,451,514.20 1.15Ambarella Inc 78,938 30.55 2,411,236.19 1.14Hugo Boss 44,234 53.92 2,385,097.28 1.12Persimmon 109,717 21.48 2,356,906.67 1.11Skyworks Solutions Inc 39,940 58.52 2,337,471.45 1.10Evercore 36,572 62.49 2,285,350.80 1.08Azimut Holding 234,701 9.53 2,237,639.33 1.05Lear Corp 20,209 107.29 2,168,149.20 1.02Jupiter Fund Management Plc 649,532 3.29 2,134,165.31 1.01Deluxe Corp 60,195 33.57 2,020,587.34 0.95Pandora 53,483 35.53 1,900,465.08 0.90Continental 15,290 120.75 1,846,267.50 0.87Playtech 374,055 4.29 1,602,903.39 0.75Computershare Ltd 110,000 10.57 1,162,963.94 0.55Australian Pharmaceutical Industries Ltd 1,184,551 0.85 1,005,380.68 0.47



31 Dec 2016 31 Dec 2017 31 Dec 2018NAV per A/B unit, EUR 6,68 / 20,37 6,76 / 21,49 5,81 / 19,24NAV per IA/IB unit, EUR - / - - / - - / 89,34Fund Size, EUR 200,418,886.60 258,207,924.52 212,318,667.06Number of yield units (A) 9,008,677.59Number of yield units (IA) 0.00Number of growth units (B) 6,850,412.99Number of growth units (IB) 100.00Number of unitholders 891Commission Fees (12 months), % 0.04Commissions paid to an associated company of total commissions (12 months), % 30.46Fees paid to the management company for asset management (Year-to-Date), EUR 4,088,722.19Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR -

Evli Global X 31 December 2018

38

Equity fund Evli Global X was launched on 31.5.2018. It investsits assets primarily in developed market equities in Europe, NorthAmerica, Japan and Australia, and excludes companies operatingin certain sectors. The fund's return during the period was -10.80%,while the benchmark index returned -7.41%. By sector, stock selectionweakened the return differential. Negative selection effects camee.g. from consumer discretionary, financials, and health care, whilepositive ones came e.g. from industrials and consumer staples.The net effect of sector weights on the return differential wassomewhat positive, and the most beneficial sector weight was alack of investments in energy. Looking at the return differentialgeographically, stock selection was harmful, and the most negativeimpacts came from selection in the UK and Germany. Countryweights, such as an overweight in Japan, also affected somewhatnegatively. Currency weights had a neutral net effect on the relativereturn. By stock, the top attributors were Helen of Troy, Church &Dwight, and Shionogi & Co. The bottom attributors were Pandora,Continental, and Deluxe. As a result of stock selection, the largest end-of-year sector weights were in industrials, consumer discretionary,information technology, and health care, and the largest countryweights in the US, Japan and the UK.

FUND FACTS Fund Category International equity fund (UCITS)Launch Date 31 May 2018Fund Manager Wilhelm Bruun, Marjaana HaatajaBloomberg A/B/IB EVLGLXA FH/EVLGLXB FH/EVLGXIB


LP68492840ISIN A/B/IB FI4000320940/FI4000320957/

FI4000320965Sales Registration FI/SE/NO/DKSubscription Fee 0%Redemption Fee 0%Management and CustodyFee

1.60% p.a. (A, B)1.00% p.a. (IB)

Morningstar Rating™ -Morningstar Category™ Global Flex-Cap EquityBenchmark MSCI World TR Net (USD)

(NDDUWI, .dMIWO00000NUS)

TOP 10 HOLDINGS % Helen of Troy Ltd 2.38Church & Dwight Co Inc 2.30Roche Holding 1.86Amgen 1.81Walgreens Boots Alliance Inc 1.78Shionogi 1.78Wolters Kluwer 1.77Johnson & Johnson 1.74United Therapeutics Corporation 1.73Procter & Gamble 1.72

SECTOR BREAKDOWN % Industrials 25.16Consumer Discretionary 17.17Information Technology 17.14Health Care 15.61Consumer Staples 8.88Communication Services 7.18Financials 4.37Materials 1.21Real Estate 1.17Cash 2.12

PERFORMANCE 1 YEAR

-15,0

-10,0

-5,0

0,0

5,0

10,0

06/18

07/18

08/18

09/18

10/18

11/18

12/18

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference Year-to-Date - - -1 Month -9.39 -8.71 -0.683 Months -12.20 -12.19 -0.016 Months -9.95 -7.31 -2.641 Year - - -3 Years p.a. - - -5 Years p.a. - - -Since Launch -10.80 -7.41 -3.39Since Launch p.a. - - -

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 89.21 / 89.21 -NAV per IA/IB unit, EUR - / 89.52 -Fund Size, EUR million 5.61 -Volatility, % - -Sharpe Ratio - -Tracking Error, % - -Information Ratio - -R2 - -Beta - -Alpha, % - -TER, % - -Portfolio Turnover - -

COUNTRY BREAKDOWN % United States 55.85Japan 15.96United Kingdom 8.94Netherlands 3.01Sweden 2.72France 2.64Denmark 2.48Germany 2.00Other 4.28Cash 2.12

Evli Global XInvestments 31 December 2018

39

Quantity/




SECURITIES


Equities 97.88Helen of Troy Ltd 1,166 114.55 133,567.26 2.38Church & Dwight Co Inc 2,241 57.42 128,687.83 2.30Roche Holding 481 216.26 104,023.13 1.86Amgen 598 169.99 101,656.24 1.81Walgreens Boots Alliance Inc 1,676 59.67 100,004.44 1.78Shionogi 2,000 49.94 99,873.99 1.78Wolters Kluwer 1,925 51.66 99,445.50 1.77Johnson & Johnson 867 112.69 97,703.68 1.74United Therapeutics Corporation 1,022 95.10 97,187.99 1.73Procter & Gamble 1,200 80.27 96,321.91 1.72Maeda Road Construction 5,300 18.17 96,311.27 1.72Omnicom Group 1,495 63.96 95,614.41 1.71Oracle 2,417 39.43 95,294.59 1.70Allison Transmission Holdings 2,477 38.34 94,978.06 1.69Cisco 2,482 37.84 93,912.69 1.68Generac Holdings Inc 2,158 43.40 93,657.31 1.67Maxim Integrated Products 2,100 44.40 93,248.98 1.66Acuity Brands Inc 900 100.38 90,341.09 1.61Foot Locker Inc 1,925 46.46 89,428.55 1.60Citrix Systems 993 89.47 88,845.91 1.59Novo Nordisk B 2,225 39.90 88,778.42 1.58ICF International 1,554 56.57 87,907.47 1.57Ain Holdings 1,400 62.67 87,738.13 1.57Relx Plc 4,854 17.99 87,334.66 1.56F5 Networks 605 141.49 85,602.14 1.53Cummins Inc 728 116.70 84,957.49 1.52Aica Kogyo Co Ltd 2,900 29.30 84,982.87 1.52Axfood 5,692 14.92 84,923.15 1.52Robert Half International Inc 1,670 49.95 83,415.42 1.49Eaton Corp PLC 1,375 59.96 82,440.45 1.47Southwest Airlines Co 2,014 40.59 81,744.66 1.46NTT DOCOMO Inc 4,100 19.69 80,724.57 1.44Gentex Corporation 4,551 17.65 80,316.91 1.43Steven Madden Ltd 3,024 26.42 79,906.95 1.43KDDI Corporation 3,800 20.90 79,402.29 1.42Crane Co 1,258 63.03 79,292.36 1.41Kaken Pharmaceutical Co Ltd 2,000 38.74 77,481.57 1.38Burberry Group plc 4,009 19.32 77,441.16 1.38Publicis Groupe 1,543 50.08 77,273.44 1.38Nexon Co Ltd 6,800 11.25 76,513.25 1.37Computershare Ltd 7,230 10.57 76,438.45 1.36NIC Inc 7,009 10.90 76,384.37 1.36Moneysupermarket.com 24,886 3.07 76,311.12 1.36WH Smith 3,967 19.14 75,945.46 1.35J2 Global 1,241 60.59 75,186.51 1.34LAM Research 616 118.91 73,248.04 1.31Astellas Pharma Inc 6,500 11.16 72,542.42 1.29Schneider Electric 1,188 59.72 70,947.36 1.27McKesson Corporation 730 96.47 70,420.81 1.26Randstad N.V. 1,734 40.09 69,516.06 1.24Fujitec Co Ltd 7,400 9.40 69,593.26 1.24Tokyo Broadcasting System 5,000 13.86 69,279.52 1.24

Evli Global XInvestments 31 December 2018

40

Quantity/




Diamond Hill Investment Group 527 130.51 68,776.55 1.23Hexpol 9,818 6.89 67,640.50 1.21The Children's Place Inc 857 78.67 67,420.39 1.20Savills 8,315 7.87 65,432.40 1.17Mednax 2,263 28.82 65,212.72 1.16Ambarella Inc 2,104 30.55 64,268.68 1.15Hugo Boss 1,170 53.92 63,086.40 1.13Persimmon 2,902 21.48 62,339.87 1.11Skyworks Solutions Inc 1,059 58.52 61,977.52 1.11Evercore 969 62.49 60,551.92 1.08Azimut Holding 6,208 9.53 59,187.07 1.06Lear Corp 537 107.29 57,612.75 1.03Jupiter Fund Management Plc 17,180 3.29 56,448.27 1.01Deluxe Corp 1,589 33.57 53,338.54 0.95Pandora 1,415 35.53 50,280.61 0.90Continental 404 120.75 48,783.00 0.87


CASH AND OTHER ASSETS, NET. 118,874.17 2.12

31 Dec 2016 31 Dec 2017 31 Dec 2018NAV per A/B unit, EUR - / - - / - 89,21 / 89,21NAV per IA/IB unit, EUR - / - - / - - / 89,52Fund Size, EUR - - 5,605,326.93Number of yield units (A) 3,745.22Number of yield units (IA) 0.00Number of growth units (B) 58,937.12Number of growth units (IB) 100.00Number of unitholders 27Commission Fees (12 months), % 0.05Commissions paid to an associated company of total commissions (12 months), % 26.26Fees paid to the management company for asset management (Year-to-Date), EUR 56,189.38Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR -

Evli Japan 31 December 2018

41

The fund's return was -20.81% in 2018, while the return of thebenchmark index was -9.04%. By sector, especially stock selectionbut also sector weights weakened the return differential. The mostharmful impacts came from selection in consumer discretionary,communication services, and industrials. By stock, the bottomattributors were Tsugami, Miraca Holdings, and Mixi, while the topattributors were Tokai Carbon, Shinnihon, and Information ServicesInternational-Dentsu. We sold 28 stocks from the portfolio duringthe year and bought 51 new stocks. 19 stocks remained the same.As a result of stock selection, the largest end-of-year sector weightswere in industrials and consumer discretionary, and small caps had animportant role in the portfolio. We focus on companies that generatecash flow and that are not excessively dependent on debt financing.Our investment philosophy can at times lead to a negative returndifferential relative to the benchmark, but we believe our approachwill pay off over time.

FUND FACTS Fund Category Equity fund investing in Japan (UCITS)Launch Date 25 August 2005Fund Manager Hans-Kristian SjöholmBloomberg A/B EVLJQIA FH / EVLJQIB FHReuters A/B LP65011806 / LP65011807ISIN A/B FI0008807714 / FI0008807722Sales Registration FI/ SESubscription Fee 0%Redemption Fee 0%Management and CustodyFee

1.60% p.a.

Morningstar Rating™Morningstar Category™ Japan Small/Mid-Cap EquityBenchmark MSCI Japan TR Net (USD)

(NDDUJN, .dMIJP00000NUS)

TOP 10 HOLDINGS % SG Holdings Co Ltd 2.07Suzuken 1.98Maeda Road Construction 1.86BML 1.80Shionogi 1.79Sanwa Holdings Corp 1.77Toho Holdings Co Ltd 1.69Ain Holdings 1.63Nexon Co Ltd 1.57Wowow Inc 1.56

SECTOR BREAKDOWN % Industrials 32.54Consumer Discretionary 17.54Information Technology 11.98Health Care 11.51Materials 8.96Communication Services 8.30Consumer Staples 5.85Financials 1.21Cash 2.09


-60,0

-40,0

-20,0

0,0

20,0

40,0

60,0

80,0

100,0

01/06

01/07

01/08

01/09

01/10

01/11

01/12

01/13

01/14

01/15

01/16

01/17

01/18

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month -10.65 -8.29 -2.363 Months -18.82 -13.49 -5.336 Months -18.10 -9.82 -8.281 Year -20.81 -9.04 -11.773 Years p.a. 2.20 1.65 0.555 Years p.a. 7.10 6.83 0.27Since Launch 44.03 49.87 -5.84Since Launch p.a. 2.77 3.08 -0.31

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 84.16 / 144.03 -Fund Size, EUR million 35.24 -Volatility, % 17.95 14.62Sharpe Ratio -1.14 -0.56Tracking Error, % 6.95 -Information Ratio -1.76 -R2 0.86 -Beta 1.14 -Alpha, % -11.11 -TER, % 1.60 -Portfolio Turnover 0.52 -

COUNTRY BREAKDOWN % Japan 97.91Cash 2.09

Evli JapanInvestments 31 December 2018

42

Quantity/




SECURITIES


Equities 98.46SG Holdings Co Ltd 32,200 22.81 734,369.23 2.08Suzuken 15,800 44.51 703,322.46 2.00Maeda Road Construction 36,300 18.17 659,641.32 1.87BML 28,400 22.47 638,206.08 1.81Shionogi 12,700 49.94 634,199.81 1.80Sanwa Holdings Corp 63,000 9.95 626,597.38 1.78Toho Holdings Co Ltd 28,000 21.40 599,339.48 1.70Ain Holdings 9,200 62.67 576,564.83 1.64Nexon Co Ltd 49,300 11.25 554,721.08 1.57Wowow Inc 22,800 24.17 551,034.93 1.56Inaba Denki Sangyo 16,800 32.69 549,171.55 1.56Kaken Pharmaceutical Co Ltd 14,100 38.74 546,245.09 1.55Aica Kogyo Co Ltd 18,600 29.30 545,062.56 1.55Kajima Corp 46,300 11.77 544,930.37 1.55Yondoshi Holdings Inc 31,100 17.42 541,867.74 1.54Obayashi Corp 68,100 7.92 539,037.63 1.53NTT DOCOMO Inc 27,300 19.69 537,507.51 1.53Mitsui Sugar Co Ltd 24,000 22.16 531,875.56 1.51KDDI Corporation 25,300 20.90 528,652.07 1.50Suzuki Motor Corp 11,900 44.33 527,538.03 1.50Meitec 14,600 35.56 519,110.61 1.47Kokuyo Co Ltd 40,500 12.78 517,625.48 1.47Piolax Inc 29,300 17.56 514,472.07 1.46United Arrows Ltd 18,300 27.99 512,226.46 1.45Makino Milling Machine Co Ltd 16,500 30.98 511,115.60 1.45Mazda Motor Corp 56,500 9.04 510,657.72 1.45Osaki Electric Co Ltd 94,900 5.29 501,787.55 1.42Qol Holdings Co Ltd 37,700 13.28 500,752.34 1.42ZEON Corporation 62,400 8.01 499,882.76 1.42Hazama Ando Corp 86,400 5.78 499,500.53 1.42Keihin Corp 34,000 14.68 499,258.45 1.42Kyokuto Kaihatsu Kogyo Co Ltd 44,100 11.22 494,806.24 1.40Toyota Boshoku Corp 37,800 13.07 493,953.39 1.40Kaga Electronics Co Ltd 31,300 15.71 491,764.32 1.40Tosoh Corp 43,100 11.40 491,480.03 1.39Taisei 13,000 37.47 487,066.85 1.38Press Kogyo Co Ltd 111,600 4.30 479,892.04 1.36EPS Holdings Inc 36,000 13.31 479,318.69 1.36Astellas Pharma Inc 42,800 11.16 477,663.94 1.36F@N Communications Inc 111,400 4.28 476,370.73 1.35Asahi Diamond Industrial Co Lt 96,900 4.86 470,694.58 1.34Fujitec Co Ltd 49,700 9.40 467,403.41 1.33Asahi Kasei 52,200 9.00 469,715.11 1.33Tadano 58,700 7.96 466,970.21 1.33Tokyo Broadcasting System 33,700 13.86 466,943.93 1.33cocokara fine Inc 10,900 42.68 465,239.82 1.32Citizen Watch Co Ltd 107,200 4.32 462,678.86 1.31Sumitomo Seika Chemicals Co Lt 13,700 33.60 460,382.29 1.31Shinnihon 55,300 8.30 458,858.14 1.30Sinko Industries 38,800 11.80 457,894.60 1.30Subaru Corporation 24,300 18.79 456,671.45 1.30Tamron 36,400 12.50 455,078.82 1.29

Evli JapanInvestments 31 December 2018

43

Quantity/




Lintec Corporation 23,900 18.83 450,105.83 1.28Mitsubishi Research Institute 17,900 25.12 449,715.63 1.28Brother Industries 34,500 12.99 448,083.18 1.27Casio Computer Co Ltd 42,900 10.38 445,472.06 1.26Kurabo Industries Ltd 22,300 19.76 440,572.33 1.25TS Tech 17,900 24.05 430,472.65 1.22Sparx Group Co Ltd 292,000 1.47 430,170.05 1.22Fukui Computer Holdings Inc 38,600 10.99 424,181.75 1.20Persol Holdings Co Ltd 32,200 13.03 419,493.04 1.19Zojirushi Corp 54,700 7.68 420,339.52 1.19Aida Engineering Ltd 72,900 5.74 418,551.00 1.19Mitsubishi Gas Chemical 30,800 13.18 405,914.25 1.15Takeuchi Manufacturing Co Ltd 29,900 13.49 403,338.97 1.14Japan Aviation Electronics Ind 39,500 10.13 400,101.15 1.14Nitto Denko Corp 9,000 44.14 397,258.30 1.13COOKPAD Inc 161,100 2.37 382,293.92 1.08Tsugami Corp 74,500 5.10 380,276.85 1.08Hosokawa Micron Corp 10,800 33.37 360,349.04 1.02



31 Dec 2016 31 Dec 2017 31 Dec 2018NAV per A/B unit, EUR 102,15 / 160,93 110,76 / 181,87 84,16 / 144,03Fund Size, EUR 40,444,898.61 41,590,331.93 35,236,718.32Number of yield units (A) 29,942.00Number of growth units (B) 227,153.85Number of unitholders 183Commission Fees (12 months), % 0.08Commissions paid to an associated company of total commissions (12 months), % 20.33Fees paid to the management company for asset management (Year-to-Date), EUR 637,566.97Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR -

Evli Nordic 31 December 2018

44

The fund's return was -9.07% in 2018, while the return of thebenchmark index was -7.28%. Sector weights had a negativenet effect on the return differential. Harmful impacts came e.g.from overweights in consumer discretionary and industrials, whilebeneficial effects came from a lack of investments in financials andfrom an overweight in consumer staples. Stock selection in theaggregate affected positively. Selection in consumer discretionaryand industrials improved the relative return the most, while selectionin information technology weakened it the most. Geographically, thenet effect of stock selection was negative, mainly due to selection inSweden. Country weights improved the return differential thanks toan underweight in Denmark. By stock, the most positive attributioneffects came from our investment in SalMar, from Danske Bankmissing from the portfolio, and from our investment in Mr. Green & Co.The most negative attribution effects came from the fact that Nokiaand Ericsson were not in the portfolio and from our investment inByggmax. We sold 22 stocks from the portfolio during the year andbought 18 new stocks. 33 stocks remained the same. As a result ofstock selection, the largest end-of-year country weight was in Swedenand the largest sector weight in industrials.

FUND FACTS Fund Category Nordic equity fund (UCITS)Launch Date 29 September 2006Fund Manager Wilhelm BruunBloomberg A/B EVDIAAA FH / EVDIBBB FHReuters A/B LP65035386 / LP65035387ISIN A/B FI0008810890 / FI0008810908Sales Registration FI/SE/NO/FR/DKSubscription Fee 0%Redemption Fee 0%Management and CustodyFee

1.60% p.a.

Morningstar Rating™Morningstar Category™ Nordic EquityBenchmark VINX Benchmark Cap EUR_NI

(.VINXBCAPEURNI)

TOP 10 HOLDINGS % SalMar 2.83Vestas Wind Systems 2.78Leroy Seafood 2.76NIBE Industrier B 2.71Sweco B 2.70Mycronic 2.69Royal Unibrew 2.60ICA Gruppen 2.57Axfood 2.51Valmet 2.48

SECTOR BREAKDOWN % Industrials 36.94Consumer Staples 22.95Consumer Discretionary 13.06Materials 10.50Communication Services 6.87Information Technology 6.72Health Care 2.36Cash 0.60


-10...

-50,0

0,0

50,0

100,0

150,0

200,0

01/07

01/08

01/09

01/10

01/11

01/12

01/13

01/14

01/15

01/16

01/17

01/18

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month -5.08 -4.93 -0.153 Months -10.55 -13.15 2.606 Months -8.79 -8.20 -0.591 Year -9.07 -7.28 -1.793 Years p.a. 2.59 1.72 0.875 Years p.a. 9.86 5.83 4.02Since Launch 126.45 96.91 29.54Since Launch p.a. 6.90 5.68 1.21


COUNTRY BREAKDOWN % Sweden 58.29Denmark 16.48Norway 15.91Finland 8.73Cash 0.60

Evli NordicInvestments 31 December 2018

45

Quantity/




SECURITIES


Equities 100.01SalMar 53,253 43.21 2,300,981.36 2.85Vestas Wind Systems 34,247 65.91 2,257,266.22 2.79Leroy Seafood 336,782 6.66 2,241,935.26 2.77NIBE Industrier B 246,342 8.94 2,202,792.22 2.73Sweco B 113,209 19.37 2,192,311.76 2.71Mycronic 187,985 11.62 2,183,477.59 2.70Royal Unibrew 35,083 60.14 2,109,842.07 2.61ICA Gruppen 67,041 31.16 2,088,821.36 2.59Axfood 136,566 14.92 2,037,529.07 2.52Valmet 112,253 17.95 2,014,941.35 2.49Securitas B 142,359 13.99 1,991,649.21 2.46Bravida Holding 326,592 6.03 1,968,981.61 2.44NetEnt AB 543,638 3.59 1,954,217.20 2.42Lindab 308,016 6.25 1,923,634.89 2.38Telenor 113,647 16.91 1,921,755.09 2.38Novo Nordisk B 48,080 39.90 1,918,411.84 2.37Carlsberg B 20,414 92.77 1,893,727.48 2.34Indutrade 92,868 20.22 1,877,867.07 2.32Elisa 51,748 36.08 1,867,067.84 2.31Loomis B 64,427 28.13 1,812,214.44 2.24JM 105,768 17.01 1,799,600.23 2.23DNA Oy 105,139 17.08 1,795,774.12 2.22Swedish Match 52,066 34.33 1,787,638.53 2.21Hexpol 256,145 6.89 1,764,695.04 2.18Europris 754,967 2.34 1,764,429.12 2.18Atea ASA 154,050 11.21 1,726,274.82 2.14Cloetta 692,940 2.39 1,656,065.65 2.05ISS Intl Service System B 66,663 24.38 1,625,482.96 2.01Husqvarna B 245,101 6.46 1,583,748.06 1.96Sandvik 125,715 12.43 1,562,204.88 1.93Columbus A/S 916,175 1.70 1,555,982.02 1.93Orkla 223,972 6.87 1,538,449.65 1.90Concentric 129,713 11.78 1,528,325.87 1.89Inwido 270,806 5.47 1,480,841.98 1.83SKF 109,286 13.22 1,445,110.25 1.79Holmen 83,946 17.21 1,444,324.48 1.79Norsk Hydro 363,868 3.96 1,440,343.11 1.78Electrolux B 78,126 18.40 1,437,623.03 1.78UPM-Kymmene 64,054 22.15 1,418,796.10 1.76Kindred Group PLC 167,639 8.03 1,345,367.29 1.67Boliden 70,101 18.88 1,323,597.21 1.64Dfds 37,033 35.12 1,300,554.23 1.61Trelleborg B 93,477 13.71 1,281,112.84 1.59SSAB Svenskt Stal A 382,620 3.00 1,147,362.72 1.42Atlas Copco A 54,003 20.70 1,118,009.85 1.38Oriflame Holding AG 51,390 19.48 1,001,241.26 1.24Pandora 20,648 35.53 733,706.09 0.91Epiroc A 54,147 8.25 446,479.28 0.55


CASH AND OTHER ASSETS, NET. 481,937.75 -0.011) For hedging purposes *) Market value of the underlying assets

Evli NordicInvestments 31 December 2018

46

Quantity/




31 Dec 2016 31 Dec 2017 31 Dec 2018NAV per A/B unit, EUR 150,94 / 227,73 158,42 / 249,04 138,27 / 226,45Fund Size, EUR 58,679,461.89 105,493,801.62 80,802,693.33Number of yield units (A) 10,573.20Number of growth units (B) 350,370.84Number of unitholders 2,330Commission Fees (12 months), % 0.04Commissions paid to an associated company of total commissions (12 months), % 26.59Fees paid to the management company for asset management (Year-to-Date), EUR 1,673,482.55Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR -

Evli North America 31 December 2018

47

The fund's return was -7.71% in 2018, while the return of thebenchmark index was -1.04%. By sector, stock selection in theaggregate weakened the return differential. Harmful selection effectscame e.g. from consumer discretionary and information technology.On the other hand, the beneficial impact of selection in consumerstaples canceled out some of those negative effects. The net effect ofsector weights on the return differential was somewhat positive dueto e.g. an underweight in financials and an overweight in consumerdiscretionary. Some harmful impacts came e.g. from an overweightin industrials. By stock, the top attributors were Church & Dwight,W.W. Grainger, and F5 Networks. The most negative attribution effectscame from the fact that Amazon was not in the portfolio and from ourinvestments in ManpowerGroup and Deluxe. We sold 39 stocks fromthe portfolio during the year and bought 45 new stocks. 36 stocksremained the same. As a result of stock selection, the largest end-of-year sector weights were in information technology, industrials, andconsumer discretionary, and small and medium-sized companies hadan important role in the portfolio.

FUND FACTS Fund Category Equity fund investing in North America

(UCITS)Launch Date 6 October 2003Fund Manager Hans-Kristian SjöholmBloomberg A/B SPEVUQA FH / SPEVUQB FHReuters A/B LP65011227 / LP65011228ISIN A/B FI0008806922 / FI0008806930Sales Registration FI/ SESubscription Fee 0%Redemption Fee 0%Management and CustodyFee

1.60% p.a.

Morningstar Rating™Morningstar Category™ US Flex-Cap EquityBenchmark MSCI North America TR Net (USD)

(NDDUNA, .dMINA00000NUS)

TOP 10 HOLDINGS % Church & Dwight Co Inc 1.95Sleep Number Corp 1.57Kimberly-Clark 1.55Amgen 1.55Walgreens Boots Alliance Inc 1.54WellCare Health Plans Inc 1.51Omnicom Group 1.48Steelcase Inc 1.48Allison Transmission Holdings 1.47United Therapeutics Corporation 1.46

SECTOR BREAKDOWN % Information Technology 26.73Industrials 25.12Consumer Discretionary 19.78Health Care 8.08Consumer Staples 7.73Materials 4.03Communication Services 2.78Energy 2.32Financials 2.02Cash 1.41


-50,0

0,0

50,0

100,0

150,0

200,0

250,0

01/04

01/05

01/06

01/07

01/08

01/09

01/10

01/11

01/12

01/13

01/14

01/15

01/16

01/17

01/18

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month -11.34 -10.10 -1.233 Months -15.43 -12.67 -2.766 Months -12.13 -6.04 -6.091 Year -7.71 -1.04 -6.673 Years p.a. 3.77 6.45 -2.685 Years p.a. 8.01 11.16 -3.15Since Launch 133.57 171.43 -37.86Since Launch p.a. 5.72 6.77 -1.05


COUNTRY BREAKDOWN % United States 98.59Cash 1.41

Evli North AmericaInvestments 31 December 2018

48

Quantity/




SECURITIES


Equities 98.60Church & Dwight Co Inc 9,163 57.42 526,178.77 1.95Sleep Number Corp 15,314 27.71 424,319.06 1.57Kimberly-Clark 4,203 99.50 418,185.95 1.55Amgen 2,459 169.99 418,014.54 1.55Walgreens Boots Alliance Inc 6,959 59.67 415,233.22 1.54WellCare Health Plans Inc 1,973 206.16 406,760.25 1.51Omnicom Group 6,263 63.96 400,557.23 1.48Steelcase Inc 30,834 12.95 399,305.09 1.48Allison Transmission Holdings 10,359 38.34 397,205.36 1.47United Therapeutics Corporation 4,145 95.10 394,172.43 1.46Johnson & Johnson 3,489 112.69 393,181.26 1.46World Fuel Services Corp 20,705 18.70 387,102.28 1.43Cisco 10,154 37.84 384,202.05 1.42Generac Holdings Inc 8,835 43.40 383,439.43 1.42Hackett Group 27,252 13.98 380,998.74 1.41Juniper Networks 16,197 23.50 380,611.68 1.41MicroStrategy Inc. A 3,375 111.56 376,503.07 1.39EnerSys 5,530 67.77 374,780.21 1.39Oracle 9,440 39.43 372,189.04 1.38H&R Block Inc 16,775 22.15 371,635.19 1.38Foot Locker Inc 7,997 46.46 371,511.75 1.38Citrix Systems 4,117 89.47 368,357.10 1.36Sanderson Farms Inc 4,233 86.70 367,018.21 1.36Expedia 3,721 98.37 366,036.75 1.36Procter & Gamble 4,477 80.27 359,361.00 1.33F5 Networks 2,525 141.49 357,265.14 1.32Carlisle Cos Inc 4,058 87.78 356,203.64 1.32ICF International 6,272 56.57 354,797.72 1.31Cummins Inc 3,020 116.70 352,433.55 1.31Williams-Sonoma Inc 7,975 44.05 351,338.46 1.30Interpublic Group of Cos Inc/T 19,451 18.01 350,408.79 1.30Maxim Integrated Products 7,862 44.40 349,106.41 1.29Southwest Airlines Co 8,500 40.59 344,999.83 1.28Robert Half International Inc 6,901 49.95 344,700.48 1.28Xperi Corp 21,441 16.06 344,318.69 1.28Acuity Brands Inc 3,388 100.38 340,084.01 1.26Sykes Enterprises Inc 15,538 21.60 335,546.77 1.24La-Z-Boy Inc 13,794 24.20 333,780.21 1.24Perficient Inc 17,063 19.44 331,676.25 1.23Gentex Corporation 18,790 17.65 331,609.47 1.23TrueBlue Inc 16,944 19.43 329,215.13 1.22Crane Co 5,209 63.03 328,325.84 1.22Steven Madden Ltd 12,382 26.42 327,185.13 1.21Spirit AeroSystems Holdings Inc 5,170 62.95 325,461.33 1.21Sturm Ruger & Co Inc 6,909 46.47 321,087.87 1.19InterDigital Communications 5,461 58.01 316,789.12 1.17Hillenbrand Inc 9,415 33.12 311,843.72 1.16Teradyne 11,344 27.40 310,851.51 1.15J2 Global 5,127 60.59 310,621.45 1.15NIC Inc 28,292 10.90 308,327.36 1.14LAM Research 2,557 118.91 304,050.69 1.13Curtiss-Wright Corp 3,409 89.18 303,998.64 1.13

Evli North AmericaInvestments 31 December 2018

49

Quantity/




KLA-Tencor 3,839 78.15 300,003.59 1.11McKesson Corporation 3,097 96.47 298,757.89 1.11EMCOR Group Inc 5,719 52.12 298,095.56 1.10Best Buy Co Inc 6,439 46.25 297,783.23 1.10Ralph Lauren Corporation 3,271 90.35 295,519.98 1.09Reliance Steel & Aluminum 4,709 62.15 292,657.38 1.08Cirrus Logic 10,038 28.97 290,842.19 1.08Benchmark Electronics Inc 15,723 18.50 290,800.53 1.08Target 5,037 57.71 290,697.66 1.08Diamond Hill Investment Group 2,193 130.51 286,199.18 1.06Worthington Industries 9,319 30.42 283,518.43 1.05Advanced Energy Industries Inc 7,483 37.49 280,524.28 1.04Cabot Corp 7,352 37.50 275,677.53 1.02The Children's Place Inc 3,496 78.67 275,031.12 1.02Manpowergroup 4,823 56.59 272,914.18 1.01Mednax 9,425 28.82 271,599.60 1.01Nautilus Inc 28,610 9.52 272,319.15 1.01NetApp Inc 5,117 52.11 266,627.71 0.99Apogee Enterprises Inc 10,135 26.07 264,181.21 0.98Hooker Furniture Corp 11,411 23.00 262,466.15 0.97Evercore 4,128 62.49 257,954.94 0.96Skyworks Solutions Inc 4,387 58.52 256,747.30 0.95Wabash National Inc 21,653 11.42 247,320.23 0.92Lear Corp 2,233 107.29 239,570.35 0.89Valero Energy Corporation 3,652 65.47 239,084.88 0.89Quad/Graphics Inc 21,969 10.76 236,349.58 0.88Steel Dynamics Inc 8,967 26.23 235,223.62 0.87Deluxe Corp 6,481 33.57 217,550.07 0.81Hibbett Sports Inc 16,781 12.49 209,550.02 0.78



31 Dec 2016 31 Dec 2017 31 Dec 2018NAV per A/B unit, EUR 148,41 / 253,94 141,90 / 253,07 125,68 / 233,57Fund Size, EUR 56,163,308.24 30,438,738.99 26,997,466.29Number of yield units (A) 59,385.43Number of growth units (B) 83,634.03Number of unitholders 239Commission Fees (12 months), % 0.04Commissions paid to an associated company of total commissions (12 months), % 31.70Fees paid to the management company for asset management (Year-to-Date), EUR 486,074.64Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR -

Evli Russia 31 December 2018

50

Evli Russia fund ended 2018 almost flat, i.e. return was -0.14%. TheBM index was up by +3.79%. All in all the Russian market was on arather upward trend during 2018, yet with periods of strong volatility.The oil price rose through the year to reach USD 85 per bbl in earlyOctober but corrected to USD 54 by year-end. The US announcedmore sanctions against Russian individuals, companies and publiclytraded instruments of Russian companies, yet Rusal and En+ groupwere released from sanctions in December 2018.

During 2018 the fund portfolio became more invested in the Oil andGas sector, with the second largest sector exposure being Metals andMining. In 2018 the fund underperformed the BM due to investmentsin Lenta, Etalon, Sollers. Admittedly in the case of Lenta, the stockshould have been sold much earlier, i.e., once it became obviousthat the food retail sector was continuing to struggle due to weakconsumer demand, considerable selling space expansion that hasbeen going on for a number of years and intensified competitionfrom specialized food retailers. External developments are likely toinfluence Russian market performance in 2019.

FUND FACTS Fund Category Russian equity fund (UCITS)Launch Date 30 September 2004Fund Manager Olga MarjasovaBloomberg A/B EVLIGRA FH / EVLIGRB FHReuters A/B LP65011225 / LP65011226ISIN A/B FI0008807557/ FI0008807565Sales Registration FI/ SESubscription Fee 0%Redemption Fee 0%Management and CustodyFee

2.75% p.a.

Morningstar Rating™Morningstar Category™ Russia EquityBenchmark MSCI Russia 10/40 TR Net (USD)

TOP 10 HOLDINGS % Novatek - GDR 6.58Gazprom 6.43Alrosa 5.65Norilsk Nickel 4.88Tatneft - ordinary 4.77Surgutneftegaz - preferred 4.73Evraz PLC 4.71Inter Rao Ues 4.64Sberbank 4.55Globaltrans Investment PLC 4.15

SECTOR BREAKDOWN % Energy 40.11Materials 28.56Financials 6.38Health Care 4.71Utilities 4.64Consumer Staples 4.32Industrials 4.15Communication Services 2.80Other 1.88Cash 2.44


-50

0

50

100

150

200

250

300

01/05

01/06

01/07

01/08

01/09

01/10

01/11

01/12

01/13

01/14

01/15

01/16

01/17

01/18

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month -4.88 -4.74 -0.153 Months -9.73 -7.37 -2.366 Months -3.78 -2.08 -1.711 Year -0.14 3.79 -3.933 Years p.a. 16.47 13.49 2.985 Years p.a. 0.34 2.37 -2.03Since Launch 66.20 111.46 -45.26Since Launch p.a. 3.63 5.39 -1.77

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 93.03 / 166.20 -Fund Size, EUR million 10.20 -Volatility, % 21.27 22.09Sharpe Ratio 0.01 0.20Tracking Error, % 4.80 -Information Ratio -0.87 -R2 0.95 -Beta 0.94 -Alpha, % -3.89 -TER, % 2.75 -Portfolio Turnover 0.50 -

COUNTRY BREAKDOWN % Russia 95.06United Kingdom 2.49Ukraine 0.01Cash 2.44

Evli RussiaInvestments 31 December 2018

51

Quantity/




SECURITIES


Equities 97.45Novatek - GDR 4,490 149.32 670,465.26 6.57Gazprom 341,000 1.92 654,967.99 6.42Alrosa 469,300 1.23 576,129.72 5.65Norilsk Nickel 3,030 164.12 497,269.87 4.88Tatneft - ordinary 52,500 9.26 486,264.09 4.77Surgutneftegaz - preferred 986,500 0.49 481,939.14 4.73Evraz PLC 89,800 5.35 480,264.94 4.71Inter Rao Ues 9,697,000 0.05 472,842.64 4.64Sberbank 198,100 2.34 463,807.53 4.55Globaltrans Investment PLC 53,400 7.91 422,477.21 4.14Novolipetsk - GDR 20,300 19.98 405,588.74 3.98Tatneft PJSC 58,800 6.41 376,905.66 3.70Lukoil - ADR 5,870 62.42 366,400.85 3.59Lukoil 5,420 62.21 337,179.42 3.31Severstal 25,410 11.77 299,118.23 2.93X5 Retail Group 13,500 21.64 292,125.12 2.86MTS - ordinary 96,000 2.97 285,502.67 2.80Polyus PJSC 3,800 67.69 257,221.77 2.52Polymetal International 27,800 9.15 254,347.67 2.49Highland Gold Mining 161,000 1.58 254,105.03 2.49Gazprom Neft PJSC 54,500 4.32 235,426.62 2.31Rosneft ordinary 37,720 5.35 201,699.36 1.98Moscow Exchange 185,000 1.01 186,492.72 1.83Etalon Group Plc USD 125,833 1.42 179,108.41 1.76PhosAgro PJSC GDR USD 14,300 11.13 159,213.56 1.56Magnitogorsk Iron&Steel Works PJSC 287,000 0.54 154,314.25 1.51Magnit 3,400 43.62 148,322.82 1.45Bashneft - preferred 6,600 22.47 148,310.27 1.45Transneft - preferred 62 2,051.91 127,218.68 1.25Novolipetsk 26,500 1.97 52,229.87 0.51PIK Group 2,400 4.72 11,316.46 0.11Anthousa Ltd GDR 90,000 0.01 900.00 0.01



31 Dec 2016 31 Dec 2017 31 Dec 2018NAV per A/B unit, EUR 108,25 / 178,05 97,06 / 166,43 93,03 / 166,20Fund Size, EUR 23,523,332.82 11,855,897.21 10,199,692.33Number of yield units (A) 197.14Number of growth units (B) 61,260.14Number of unitholders 273Commission Fees (12 months), % 0.19Commissions paid to an associated company of total commissions (12 months), % -Fees paid to the management company for asset management (Year-to-Date), EUR 325,117.02Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR -

Evli Sweden Equity Index 31 December 2018

52

Evli Sweden Equity Index is an index fund that follows the SIX30 indexas closely as possible and invests on the basis of the composition ofthe index.

Evli Sweden Equity Index returned -7.64% and the benchmark -7.04%in 2018. The fund's tracking error in relation to the benchmark was 3%in 2018. This was a result of the different valuation times of the indexand the fund. The fund's valuation time was changed to correspondto the index's valuation time as of October 29, 2018, after which thefund's tracking error has been 0.05%.

FUND FACTS Fund Category Swedish equity index fund (UCITS)Launch Date 30 May 2013Fund Manager Evli Fund Management CompanyBloomberg A/B -/ EVLSWEB FHReuters A/B - / LP68212591ISIN A/B - / FI4000058821Sales Registration FI/ SESubscription Fee 0%Redemption Fee 0%Management and CustodyFee

0.50% p.a.

Morningstar Rating™Morningstar Category™ Sweden Large-Cap EquityBenchmark SIX30 Return Index

TOP 10 HOLDINGS % Ericsson B 6.91Swedbank 6.46Volvo B 5.52Svenska Handelsbanken A 5.42Skandinaviska Enskilda Banken A 5.39Hennes & Mauritz B 5.31TeliaSonera 5.25Atlas Copco A 5.10Investor B 4.94Nordea 4.89

SECTOR BREAKDOWN % Industrials 32.03Financials 28.59Information Technology 10.97Consumer Discretionary 8.07Communication Services 7.42Consumer Staples 5.78Health Care 3.09Materials 3.05Other 0.45Cash 0.54


-20,0

0,0

20,0

40,0

60,0

80,0

07/13

01/14

07/14

01/15

07/15

01/16

07/16

01/17

07/17

01/18

07/18

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month -7.02 -6.99 -0.033 Months -15.00 -14.92 -0.096 Months -8.98 -9.24 0.251 Year -7.64 -7.04 -0.603 Years p.a. 2.84 3.08 -0.245 Years p.a. 4.58 4.88 -0.30Since Launch 35.03 38.06 -3.03Since Launch p.a. 5.53 5.95 -0.42

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, SEK - / 1.350.33 -Fund Size, SEK million 1.448.31 -Volatility, % 15.78 16.68Sharpe Ratio -0.46 -0.40Tracking Error, % 3.03 -Information Ratio -0.20 -R2 0.97 -Beta 0.93 -Alpha, % -1.07 -TER, % 0.50 -Portfolio Turnover 0.07 -

COUNTRY BREAKDOWN % Sweden 94.10Switzerland 2.85United Kingdom 2.51Cash 0.54

Evli Sweden Equity IndexInvestments 31 December 2018

53

Quantity/

Nominal value SEKRate SEK/

Market price %Market value SEK/

Change in value SEK % of Fund value

SECURITIES

Securities publicly traded on a securities exchange list 1,440,310,144.04 99.45

Equities 99.45Ericsson B 1,290,229 77.92 100,534,643.68 6.94Swedbank 475,377 197.75 94,005,801.75 6.49Volvo B 692,831 115.95 80,333,754.45 5.55Svenska Handelsbanken A 801,637 98.30 78,800,917.10 5.44Skandinaviska Enskilda Banken A 911,283 86.10 78,461,466.30 5.42Hennes & Mauritz B 613,398 126.02 77,300,415.96 5.34TeliaSonera 1,818,386 41.98 76,335,844.28 5.27Atlas Copco A 352,497 210.50 74,200,618.50 5.12Investor B 191,277 375.60 71,843,641.20 4.96Nordea 953,983 74.58 71,148,052.14 4.91Assa Abloy B 443,060 158.15 70,069,939.00 4.84Sandvik 526,770 126.35 66,557,389.50 4.60Hexagon 144,751 408.00 59,058,408.00 4.08Essity B 268,070 217.60 58,332,032.00 4.03ABB 242,865 170.65 41,444,912.25 2.86Astra Zeneca 54,158 673.70 36,486,244.60 2.52Alfa Laval 176,147 189.65 33,406,278.55 2.31Atlas Copco B 163,870 193.32 31,679,348.40 2.19Tele2 B 279,596 112.95 31,580,368.20 2.18Swedish Match 73,889 349.10 25,794,649.90 1.78SKF 177,214 134.45 23,826,422.30 1.65Skanska B 168,048 141.00 23,694,768.00 1.64Electrolux B 126,288 187.10 23,628,484.80 1.63Boliden 114,859 191.98 22,050,630.82 1.52Industriforvaltnings Kinnevik 101,589 213.70 21,709,569.30 1.50Securitas B 146,105 142.25 20,783,436.25 1.44Svenska Cellulosa B 267,820 68.72 18,404,590.40 1.27Autoliv SDR 26,064 629.80 16,415,107.20 1.13Getinge B 106,729 79.90 8,527,647.10 0.59SSAB Svenskt Stal A 127,739 30.49 3,894,762.11 0.27

TOTAL VALUE OF SECURITIES 1,440,310,144.04 99.45


Equity Futures Contracts 2) OMXS30 Index Future January 2019 47/ 6 618 775 *) 0.00 0.00


CASH AND OTHER ASSETS, NET. 8,002,538.48 0.552) For purposes of efficiency *) Market value of the underlying assets

31 Dec 2016 31 Dec 2017 31 Dec 2018NAV per A/B unit, SEK - / 1 353,47 - / 1 462,11 - / 1 350,33Fund Size, SEK 1,617,266,444.62 1,652,421,596.86 1,448,312,682.52Number of yield units (A) 0.00Number of growth units (B) 1,072,560.77Number of unitholders 161Commission Fees (12 months), % 0.01Commissions paid to an associated company of total commissions (12 months), % 33.19Fees paid to the management company for asset management (Year-to-Date), SEK 8,060,602.85Fees paid to the custodian for custodian services (Year-to-Date), SEK -Fees paid to other Evli funds (Year-to-Date), SEK -

Evli Sweden Select 31 December 2018

54

2018 was challenging for equities globally and the Swedish equitymarket was no exception. An interesting observation was that Swedishsmall caps did rather well in relation to European and Swedish largecaps. Swedish Small caps returned 6.87% higher than Swedish largecaps in 2018.

Economic growth in Sweden slowed slightly compared with the fairlyrapid speed of growth of previous years. The economy is still strongand stable, though there are signs of weakness in the constructionindustry in particular. The difficulties in the trade sector, not includingthe food sector, worsened during the year when online stores greweven more at the expense of brick and mortar stores. This trendcontinued from 2017 and is likely to continue for many more years.The clear winners last year were companies operating in one way oranother in the health care sector.

Evli Sweden Select returned -11.54% and the benchmark -4.41% (afterexpenses in SEK) in 2018. The fund's considerable underperformancewas mainly due to the underweight in mobile network producerEricsson and unsuccessful small caps, such as Dometic, ScandicHotels, Boozt and Tobii.

FUND FACTS Fund Category Swedish equity fund (UCITS)Launch Date 30 May 2013Fund Manager Marcus BjörksténBloomberg A/B - / EVLSSLB FHReuters A/B - / LP68212590ISIN A/B - / FI4000058813Sales Registration FI/ SESubscription Fee 0%Redemption Fee 0%Management and CustodyFee

1.40% p.a.

Morningstar Rating™Morningstar Category™ Sweden Large-Cap EquityBenchmark SIX PRX

TOP 10 HOLDINGS % Atlas Copco A 4.62Beijer Ref. AB 4.57Sandvik 3.94Astra Zeneca 3.82Volvo B 3.62Hexagon 3.47Thule Group 3.45TeliaSonera 3.20Investor B 3.19Assa Abloy B 3.16

SECTOR BREAKDOWN % Industrials 32.76Consumer Discretionary 18.46Health Care 14.09Financials 9.57Information Technology 6.45Materials 5.00Communication Services 4.86Consumer Staples 3.08Cash 5.73


-20,0

0,0

20,0

40,0

60,0

80,0

100,0

07/13

01/14

07/14

01/15

07/15

01/16

07/16

01/17

07/17

01/18

07/18

Fund Benchmark

%


FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, SEK - / 1.513.08 -Fund Size, SEK million 71.06 -Volatility, % 17.78 16.26Sharpe Ratio -0.63 -0.25Tracking Error, % 6.26 -Information Ratio -1.14 -R2 0.88 -Beta 1.02 -Alpha, % -7.04 -TER, % 1.40 -Portfolio Turnover 0.27 -

COUNTRY BREAKDOWN % Sweden 88.74United Kingdom 3.82Switzerland 1.72Cash 5.73

Evli Sweden SelectInvestments 31 December 2018

55

Quantity/




SECURITIES


Equities 93.60Atlas Copco A 15,500 210.50 3,262,750.00 4.59Beijer Ref. AB 22,089 145.88 3,222,343.32 4.53Sandvik 22,000 126.35 2,779,700.00 3.91Astra Zeneca 4,000 673.70 2,694,800.00 3.79Volvo B 22,000 115.95 2,550,900.00 3.59Hexagon 6,000 408.00 2,448,000.00 3.44Thule Group 15,000 162.10 2,431,500.00 3.42TeliaSonera 53,700 41.98 2,254,326.00 3.17Investor B 6,000 375.60 2,253,600.00 3.17Assa Abloy B 14,100 158.15 2,229,915.00 3.14Essity B 10,000 217.60 2,176,000.00 3.06Elekta B 20,000 105.35 2,107,000.00 2.97Skandinaviska Enskilda Banken A 24,300 86.10 2,092,230.00 2.94Troax Group 8,000 254.50 2,036,000.00 2.87Dometic Group 36,000 55.00 1,980,000.00 2.79Swedish Orphan Biovitrum 10,000 193.00 1,930,000.00 2.72Boliden 10,000 191.98 1,919,800.00 2.70Nordic Waterproofing Holding A/S 25,000 71.30 1,782,500.00 2.51Veoneer Inc 7,900 224.65 1,774,735.00 2.50Electrolux B 9,300 187.10 1,740,030.00 2.45Lifco 5,000 327.50 1,637,500.00 2.30Gränges 20,000 80.50 1,610,000.00 2.27SKF 11,750 134.45 1,579,787.50 2.22Attendo AB 20,000 78.70 1,574,000.00 2.21Scandic Hotels Group 20,000 78.10 1,562,000.00 2.20Svenska Handelsbanken A 14,550 98.30 1,430,265.00 2.01Boozt AB 30,085 45.25 1,361,346.25 1.92Epiroc A 15,500 83.84 1,299,520.00 1.83ABB 7,100 170.65 1,211,615.00 1.71Autoliv SDR 1,900 629.80 1,196,620.00 1.68Modern Times Group B 4,000 293.00 1,172,000.00 1.65Alfa Laval 6,100 189.65 1,156,865.00 1.63THQ Nordic AB 8,000 144.40 1,155,200.00 1.63Swedbank 4,940 197.75 976,885.00 1.37Nobia 19,832 49.24 976,527.68 1.37Tobii 35,000 27.08 947,800.00 1.33



31 Dec 2016 31 Dec 2017 31 Dec 2018NAV per A/B unit, SEK - / 1 562,80 - / 1 710,54 - / 1 513,08Fund Size, SEK 80,985,702.07 86,080,569.74 71,060,948.19Number of yield units (A) 0.00Number of growth units (B) 46,964.54Number of unitholders 26Commission Fees (12 months), % 0.06Commissions paid to an associated company of total commissions (12 months), % 40.93Fees paid to the management company for asset management (Year-to-Date), SEK 1,170,221.37Fees paid to the custodian for custodian services (Year-to-Date), SEK -Fees paid to other Evli funds (Year-to-Date), SEK -

Evli Swedish Small Cap 31 December 2018

56

2018 was challenging for equities globally and the Swedish equitymarket was no exception. However, Swedish small caps did very wellin relation to European and Swedish large caps. Swedish Small capsreturned 6.87% higher than Swedish large caps in 2018.

Economic growth in Sweden slowed slightly compared with the fairlyrapid speed of growth of previous years. The economy is still strongand stable, though there are signs of weakness in the constructionindustry in particular. The difficulties in the trade sector, not includingthe food sector, worsened during the year when online stores greweven more at the expense of brick and mortar stores. This trendcontinued from 2017 and is likely to continue for many more years.The clear winners last year were companies operating in one way oranother in the health care sector.

Evli Swedish Small Cap returned -3.06% and the benchmark -0.17%(after expenses in SEK) in 2018. The biggest changes in the fund werethe addition of online store and IT sector companies at the expenseof real estate companies. The fund's greatest underweight at the endof the year was in real estate companies.

FUND FACTS Fund Category Swedish smaller companies fund

(UCITS)Launch Date 29 May 2008Fund Manager Marcus BjörksténBloomberg A/B EVSWSCA FH / EVSWSCB FHReuters A/B LP65163349 / LP68021299ISIN A/B FI0008813134 / FI0008813142Sales Registration FI/SE/DKSubscription Fee 0%Redemption Fee 0%Management and CustodyFee

1.60% p.a.

Morningstar Rating™Morningstar Category™ Sweden Small/Mid-Cap EquityBenchmark Carnegie Small Cap Return Index

Sweden

TOP 10 HOLDINGS % Kungsleden 5.17Elekta B 4.41Thule Group 3.88AarhusKarlshamn 3.87Beijer Ref. AB 3.81Dometic Group 3.76Swedish Orphan Biovitrum 3.73AF B 3.20Troax Group 3.16THQ Nordic AB 3.13

SECTOR BREAKDOWN % Industrials 27.10Consumer Discretionary 18.35Information Technology 17.26Health Care 16.42Materials 5.18Real Estate 5.17Consumer Staples 3.87Financials 3.20Communication Services 2.42Cash 1.02


-100

0

100

200

300

400

01/09

01/10

01/11

01/12

01/13

01/14

01/15

01/16

01/17

01/18

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month -7.84 -5.62 -2.223 Months -15.47 -11.96 -3.516 Months -11.13 -6.18 -4.951 Year -3.06 -0.17 -2.893 Years p.a. 1.69 6.82 -5.135 Years p.a. 11.75 13.84 -2.09Since Launch 251.45 214.64 36.82Since Launch p.a. 12.60 11.43 1.17

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, SEK 2.426.08 /

3.514.53-

Fund Size, SEK million 498.54 -Volatility, % 18.95 15.42Sharpe Ratio -0.14 0.01Tracking Error, % 7.28 -Information Ratio -0.40 -R2 0.87 -Beta 1.14 -Alpha, % -2.91 -TER, % 1.60 -Portfolio Turnover 0.62 -

COUNTRY BREAKDOWN % Sweden 98.98Cash 1.02

Evli Swedish Small CapInvestments 31 December 2018

57

Quantity/




SECURITIES


Equities 98.89Kungsleden 409,399 62.90 25,751,197.10 5.17Elekta B 208,459 105.35 21,961,155.65 4.41Thule Group 119,357 162.10 19,347,769.70 3.88AarhusKarlshamn 157,049 122.70 19,269,912.00 3.87Beijer Ref. AB 129,934 145.88 18,954,771.92 3.80Dometic Group 340,334 55.00 18,718,370.00 3.75Swedish Orphan Biovitrum 96,265 193.00 18,579,145.00 3.73AF B 99,465 160.40 15,954,186.00 3.20Troax Group 61,893 254.50 15,751,768.50 3.16THQ Nordic AB 108,055 144.40 15,603,142.00 3.13Lagercrantz Group B 177,224 86.10 15,258,986.40 3.06Indutrade 73,290 205.60 15,068,424.00 3.02Boozt AB 327,490 45.25 14,818,922.50 2.97Nobia 297,168 49.24 14,632,552.32 2.94Vitrolife 98,760 147.00 14,517,720.00 2.91Proact IT Group 88,290 163.40 14,426,586.00 2.89Concentric 120,000 119.80 14,376,000.00 2.88Gränges 172,999 80.50 13,926,419.50 2.79Lifco 41,880 327.50 13,715,700.00 2.75Attendo AB 165,265 78.70 13,006,355.50 2.61JM 73,290 173.00 12,679,170.00 2.54Addtech 79,517 158.20 12,579,589.00 2.52Modern Times Group B 41,120 293.00 12,048,160.00 2.42Nordic Waterproofing Holding A/S 167,519 71.30 11,944,104.70 2.40Hexpol 169,869 70.05 11,899,323.45 2.39Tobii 425,274 27.08 11,516,419.92 2.31Bygghemma Group First AB 348,021 32.20 11,204,536.10 2.25Inwido 198,787 55.60 11,052,557.20 2.22Munters Group AB 319,399 34.00 10,859,566.00 2.18Knowit 68,055 153.60 10,453,248.00 2.10NCAB Group AB 109,934 86.00 9,454,324.00 1.90HMS Networks 75,433 123.00 9,278,259.00 1.86TF Bank AB 125,639 72.00 9,046,008.00 1.81Green Landscaping Holding AB 291,749 28.97 8,450,509.79 1.70Volati AB 209,399 33.00 6,910,167.00 1.39



31 Dec 2016 31 Dec 2017 31 Dec 2018NAV per A/B unit, SEK 2506,59/3345,06 2607,20/3625,29 2426,08/3514,53Fund Size, SEK 755,677,935.12 719,651,366.60 498,539,531.33Number of yield units (A) 779.65Number of growth units (B) 141,312.83Number of unitholders 418Commission Fees (12 months), % 0.22Commissions paid to an associated company of total commissions (12 months), % 25.48Fees paid to the management company for asset management (Year-to-Date), SEK 8,826,742.32Fees paid to the custodian for custodian services (Year-to-Date), SEK -Fees paid to other Evli funds (Year-to-Date), SEK -

Evli Factor Premia 31 December 2018

58

The fund invests its assets in a market-neutral manner in several assetclasses and uses factors or investment strategies with broad academicapproval. The fund uses eight factors: carry, trend, value, momentum,quality, low risk, volatility and size. The fund's goal is a return thatis independent of conventional asset classes at an 8% volatility levelusing short-selling and leveraging with derivatives.

Evli Factor Premia returned -12.83% during 2018. The volatile marketenvironment in many asset classes and huge movements in individualmarkets posed a challenge for the fund. More broadly viewed,the performance of market neutral factor strategies was weak onaverage in 2018 compared with previous years. During the year, themomentum and carry strategies were especially weak and caused thegreatest negative return contribution.

FUND FACTS Fund Category Global alternative investment fund

(AIF)Launch Date 1 November 2017Fund Manager Mattias Lagerspetz, Peter Lindahl, Antti

SivonenBloomberg A/B/IB EVLFPRA FH/EVLFPRB FH/EVLFPIB FHReuters A/B/IB LP68451227/LP68451226/

LP68451228ISIN A/B/IB FI4000282751/FI4000282777/

FI4000282785Sales Registration FISubscription Fee 0%Redemption Fee 0%Management and CustodyFee

1.00% p.a. (A, B) / 0.50% p.a. (IA, IB)In addition to the fixed fee a dailydetermined performance fee of10% of the return that exceeds thereturn of the reference value applyingthe High Water Mark principle for aminimum period of 24 months. Thereference value is 3-month Euriborindex added by 3 percentage points.

Morningstar Rating™ -Morningstar Category™ Alt - MultistrategyBenchmark No official bencmark

TOP 10 HOLDINGS % SciBeta Developed Europe HFE 6F MS EW 65.09SciBeta USA HFE 6F MS EW 54.52Swiss Federal Bond (CONF) Future March 2019 39.13CHF IRS Pay Variable 32.52EUR IRS Pay Variable 31.43BUND March 2019 30.85Evli Euro Liquidity B 28.34Japanese Government Bond(JGB) Future March2019

25.25

Bund volatility risk premium 19.4410-year US Treasury Note volatility risk premium 18.58

RISK ALLOCATION OF INVESTMENTS % Money Market 101.02Fixed Income Investments 61.42Other 120.41

PERFORMANCE 1 YEAR

-12,0

-10,0

-8,0

-6,0

-4,0

-2,0

0,0

2,0

4,0

11/17

12/17

01/18

02/18

03/18

04/18

05/18

06/18

07/18

08/18

09/18

10/18

11/18

12/18

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference Year-to-Date -12.83 2.74 -15.581 Month -1.90 0.23 -2.133 Months -4.65 0.70 -5.356 Months -6.32 1.38 -7.701 Year -12.83 2.74 -15.583 Years p.a. - - -5 Years p.a. - - -Since Launch -11.81 3.18 -15.00Since Launch p.a. -10.23 2.73 -12.96

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 84.65 / 88.19 -NAV per IA/IB unit, EUR 88.70 / 88.70 -Fund Size, EUR million 15.38 -Volatility, % 9.67 0.03Sharpe Ratio -1.29 116.16Tracking Error, % 9.67 -Information Ratio -1.61 -R2 0.01 -Beta 44.16 -Alpha, % -148.39 -TER, % *) 1.00 -Portfolio Turnover -0.33 -*) 31 Dec 2018

Evli Factor PremiaInvestments 31 December 2018

59

Quantity/




UNITS IN MUTUAL FUNDS

Fixed Income Funds 4,356,502.46 28.33

Money Market 28.33Evli Euro Liquidity B 173,614 25.09 4,356,502.46 28.33



Equity Futures Contracts -366,289.06 -2.381) S&P500 MS TRS QL2H8 -1 615/ -6 841 793 *) 4,236.40 588,114.79 3.821) MSCI Daily TR Gross Europe Index TRS QK5UD -1 196/ -9 817 657 *) 8,208.74 459,778.48 2.991) XAI E-mini Industrial March 2019 -6/ -337 787 *) 562.98 10,836.91 0.072) XAV Health Care March 2019 4/ 302 700 *) 756.75 5,274.37 0.031) XAF Financial March 2019 -5/ -319 606 *) 255.68 4,136.98 0.032) XAY Consumer Discretionary March 2019 4/ 348 458 *) 871.14 1,362.26 0.012) S&P 500 E-mini Future March 2019 2/ 218 769 *) 2,187.69 82.96 0.001) XAB Materials March 2019 -7/ -326 478 *) 466.40 -4,680.57 -0.032) XAU Utilities March 2019 7/ 325 439 *) 464.91 -19,516.92 -0.132) Morgan Stanley TRS Equity Short Volatility QGU7Q 11 875/ 2 416 857 *) 203.52 -82,173.56 -0.532) SciBeta USA HFE 6F MS TRS QL2HA 18 618/ 8 380 148 *) 450.11 -688,223.22 -4.481) Ibex 35 Index Future January 2019 -6/ -511 026 *) 8,517.10 2,784.00 0.021) S&P/TSX 60 IX March 2019 -2/ -219 794 *) 549.48 1,758.76 0.012) Amsterdam Index Future March 2019 2/ 194 328 *) 485.82 378.00 0.002) OMXS30 Index Future January 2019 13/ 180 052 *) 138.50 -6,084.93 -0.042) Nikkei 225 (CME) March 2019 3/ 260 138 *) 17,342.55 -19,123.97 -0.121) DAX Mini March 2019 -10/ -528 075 *) 10,561.50 3,225.00 0.021) MSCI Singapore IX ETS January 2019 -23/ -503 502 *) 218.91 1,105.14 0.012) ASX SPI 200 Index Future March 2019 1/ 85 505 *) 3,420.19 107.63 0.001) CAC40 10 Euro Future March 2019 -4/ -188 920 *) 4,723.00 -880.00 -0.011) DJ Euro STOXX 50 March 2019 -17/ -505 580 *) 2,974.00 3,740.00 0.021) FTSE/MIB Index Future March 2019 -4/ -364 120 *) 18,206.00 7,180.00 0.052) CBOE VIX Future February 2019 44/ 855 863 *) 19.45 13,351.85 0.092) SciBeta Dev Europe HFE 6F MS TRS QL2H9 19 891/ 10 004 341 *) 502.96 -648,823.02 -4.22

Fixed Income Futures Contracts -88,215.57 -0.572) Swiss Federal Bond (CONF) Future March 2019 43/ 5 055 384 *) 1.40 53,728.44 0.352) BUND March 2019 29/ 2 979 135 *) 1.64 51,910.00 0.342) LONG GILT Future March 2019 19/ 2 679 811 *) 1.37 20,513.35 0.132) BTP March 2019 3/ 351 734 *) 1.28 19,900.00 0.132) AUST 10yr Future March 2019 18/ 1 474 978 *) 0.60 16,709.21 0.112) Japanese Government Bond(JGB) Future March 2019 32/ 2 594 498 *) 0.01 15,798.91 0.101) US 10yr Note Future (CBT) March 2019 -49/ -4 213 362 *) 1.07 -125,446.44 -0.821) CAN 10yr Note Future March 2019 -50/ -2 949 884 *) 0.88 -141,329.04 -0.92

Other derivates 234,420.21 1.522) EUR IRS Pay Variable 18.01.2028 1 500 000/ 1 546 984 *) 1.03 46,983.87 0.311) Coffee Future March 2019 -17/ -566 990 *) 0.89 40,179.97 0.262) EUR IRS Pay Variable 20.04.2028 1 300 000/ 1 334 307 *) 1.03 34,306.81 0.222) CHF IRS Pay Variable 18.01.2028 1 800 000/ 1 630 224 *) 0.91 30,898.69 0.202) CHF IRS Pay Variable 19.04.2028 1 500 000/ 1 363 461 *) 0.91 30,689.57 0.202) EUR IRS Pay Variable 06.11.2027 1 920 000/ 1 950 186 *) 1.02 30,185.80 0.201) WTI Crude Oil Future March 2019 -5/ -199 623 *) 39.92 27,880.18 0.181) Lean Hog Future April 2019 -14/ -328 007 *) 0.59 21,582.86 0.142) CHF IRS Pay Variable 06.11.2027 2 240 000/ 2 005 532 *) 0.90 15,260.46 0.102) GOLD 100 OZ Future February 2019 3/ 335 665 *) 1,118.88 13,465.37 0.091) GBP IRS Pay Variable 02.11.2027 -1 700 000/ -1 880 437 *) 1.11 11,732.58 0.081) COPPER Future March 2019 -3/ -172 312 *) 2.30 10,642.62 0.071) Sugar No.11 (WORLD) Future March 2019 -44/ -517 690 *) 0.11 1,672.43 0.011) GBP IRS Pay Variable 16.01.2028 -1 300 000/ -1 445 615 *) 1.11 1,338.25 0.01

Evli Factor PremiaInvestments 31 December 2018

60

Quantity/




1) SOYBEAN OIL Future March 2019 -48/ -700 409 *) 0.24 -1,760.45 -0.011) Soybean Futures March 2019 -5/ -195 388 *) 7.82 -2,783.45 -0.022) WHEAT Future (CBT) March 2019 5/ 109 865 *) 4.39 -7,055.39 -0.051) GBP IRS Pay Variable 17.04.2028 -1 000 000/ -1 131 002 *) 1.13 -17,961.05 -0.121) Silver Futures March 2019 -8/ -542 806 *) 13.57 -35,418.63 -0.232) Cotton No. 2 Future March 2019 18/ 567 432 *) 0.63 -48,172.33 -0.312) Natural Gas Futures February 2019 13/ 333 752 *) 2.57 -77,561.21 -0.501) USD IRS Pay Variable 18.01.2028 -2 000 000/ -1 730 516 *) 0.87 15,964.44 0.102) Morgan Stanley TRS Commodity Curve Carry QGU7L 11 819/ 2 523 375 *) 213.50 16,616.53 0.112) Morgan Stanley TRS JPY Short Volatility QGU7O 10 416/ 1 502 299 *) 144.23 20,989.68 0.142) Morgan Stanley TRS Euro FX Short Volatility QGU7N 10 372/ 1 554 641 *) 149.89 22,152.71 0.142) Morgan Stanley TRS US Treasury Short Vola. QGU7R 26 341/ 2 856 278 *) 108.43 23,522.00 0.152) Morgan Stanley TRS Bund Short Volatility QGU7P 26 623/ 2 988 000 *) 112.23 30,988.16 0.201) USD IRS Pay Variable 06.11.2027 -2 240 000/ -1 901 545 *) 0.85 54,513.95 0.351) USD IRS Pay Variable 19.04.2028 -1 600 000/ -1 418 447 *) 0.89 -21,262.75 -0.142) Morgan Stanley TRS Oil Short Volatility QGU7M 13 531/ 2 420 999 *) 178.92 -55,171.46 -0.36

Currency Futures Contracts 7,465.01 0.052) ZAR/USD Currency Future March 2019 22/ 661 589 *) 0.06 -2,161.27 -0.012) INR/USD Currency Future January 2019 11/ 688 196 *) 125.13 6,027.54 0.042) TRY/USD Turkish lira Currency Future March 2019 7/ 555 123 *) 0.16 7,854.80 0.051) NOK/USD Norwegian Krone Future March 2019 -6/ -1 215 132 *) 0.10 19,176.36 0.121) AUD/USD Australian Dollar Future March 2019 -20/ -1 231 618 *) 0.62 32,484.54 0.212) Mexican Peso Currency Future March 2019 58/ 1 272 783 *) 0.04 48,010.76 0.312) JPY/USD Japanese Yen Future March 2019 26/ 2 602 759 *) 80.08 72,668.85 0.471) CHF/USD Currency Future March 2019 -12/ -1 341 821 *) 0.89 -2,292.26 -0.012) NZD/USD New Zealand Future March 2019 42/ 2 464 634 *) 0.59 -60,332.18 -0.391) SEK/USD Swedish Krona Future March 2019 -13/ -2 571 711 *) 0.10 -39,959.48 -0.262) Hungarian forint Currency Future March 2019 22/ 1 911 805 *) 0.87 -30,232.53 -0.202) CAD/USD Canadian Dollar Future March 2019 20/ 1 283 838 *) 0.64 -23,315.52 -0.151) Brazilian Real Currency Future February 2019 -57/ -1 284 436 *) 0.23 -15,246.99 -0.101) Polish zloty Currency Future March 2019 -5/ -583 674 *) 0.23 -5,217.61 -0.03

Currency Forward Contracts 56,643.59 0.371) FX forward SELLUSD21022019 1 381 439 -9,820.63 -0.062) FX forward BUYIDR13032019A 885 800 4,524.48 0.031) FX forward BUYUSD13052019 -15 017 -83.04 0.001) FX forward SELLKRW20032019A -599 978 -7,182.82 -0.051) FX forward SELLKRW20032019 -658 309 -4,504.73 -0.032) FX forward BUYIDR13032019 1 044 103 73,710.33 0.48

TOTAL VALUE OF DERIVATIVE CONTRACTS -155,975.82 -1.01

CASH AND OTHER ASSETS, NET. 11,176,937.51 72.681) For hedging purposes *) Market value of the underlying assets 2) For purposes of efficiency

31 Dec 2016 31 Dec 2017 31 Dec 2018NAV per A/B unit, EUR - / - 101,17 / 101,17 84,65 / 88,19NAV per IA/IB unit, EUR - / - 101,25 / 101,25 88,70 / 88,70Fund Size, EUR - 10,556,979.08 15,377,464.15Number of yield units (A) 5,681.86Number of yield units (IA) 0.00Number of growth units (B) 99,592.13Number of growth units (IB) 68,764.43Number of unitholders 51Commission Fees (12 months), % 0.03Commissions paid to an associated company of total commissions (12 months), % -Fees paid to the management company for asset management (Year-to-Date), EUR 152,751.29Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR 17,274.20

Evli Finland Mix 31 December 2018

61


Evli Finland Mix returned -2.89% and the benchmark -0.92% in 2018.The underweight in Neste and overweight in Sanoma had the mostnegative impact on relative return. Correspondingly, the overweightin Amer Sports and Pöyry had the most positive impact on relativereturn in the equity portfolio. The fixed-income portfolio's credit riskthat was lower than the benchmark came at a slight cost and the worst-performing individual investment was HKScan's bond that matures in2022. In contrast Finnish corporate bonds were overall very stable alsoin 2018 in relation to the extensive European corporate bond market.

The main changes to the asset class allocation were shifting fromequity overweight to neutral in January, shifting to equity underweightin August and equity neutral weighting in December. Throughout theyear the fixed income portfolio was underweight in interest rate riskand overweight in Finnish corporate bonds.

FUND FACTS Fund Category Finnish balanced fund (UCITS)Launch Date 1 November 1995Fund Manager Janne Kujala, Juhamatti PukkaBloomberg A/B EVLMIXA FH / EVLMIXB FHReuters A/B LP60047387 / LP60080987ISIN A/B FI0008800149 / FI0008801212Sales Registration FI/ SESubscription Fee 0%Redemption Fee 0%Management and CustodyFee

1.83% p.a.

Morningstar Rating™Morningstar Category™ EUR Moderate AllocationBenchmark OMX Helsinki Cap Yield

(HEXYP, .OMXHCAPGI) 40%Citigroup Finland GBI All MaturitiesEUR (SBFMEU) 40%3 month Euribor 20%

TOP 10 EQUITY HOLDINGS % Neste 5.20Fortum 5.08Nokia 4.86Nordea 3.53Stora Enso R 3.25Huhtamäki 2.32Elisa 2.32TeliaSonera 2.10NoHo Partners Oyj 1.85Amer Sports A 1.81

RISK ALLOCATION OF INVESTMENTS % Fixed Income Investments 55.72Equities 39.53Money Market 4.76


-100

0

100

200

300

400

500

01/96

01/98

01/00

01/02

01/04

01/06

01/08

01/10

01/12

01/14

01/16

01/18

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month -0.33 -1.16 0.833 Months -5.16 -5.56 0.406 Months -4.27 -4.89 0.621 Year -2.89 -0.92 -1.973 Years p.a. 2.99 3.43 -0.445 Years p.a. 4.50 5.09 -0.59Since Launch 399.51 339.98 59.52Since Launch p.a. 7.19 6.60 0.59


Evli Finland MixInvestments 31 December 2018

62

Quantity/




SECURITIES


Fixed Income Investments 50.23Teollisuuden Voima 08.05.2024 2% CALL 800,000 99.85 809,157.04 3.47Technopolis 28.05.2020 3.75% Call 650,000 101.25 672,616.44 2.89Citycon 16.09.2022 2.375% Call 634,000 102.77 655,934.66 2.82Sanoma 27.11.2019 3.5% 610,000 102.97 630,099.67 2.71Kojamo Oyj 29.5.2020 3.25% 580,000 104.18 615,381.67 2.64Lassila & Tikanoja 17.09.2023 1.25% Call 600,000 100.07 602,595.53 2.59Cramo 28.02.2022 2.375% 500,000 103.49 527,420.48 2.26Ahlstrom Munksjö 09.06.2022 1.875% Call 500,000 101.03 510,415.41 2.19Sponda 20.05.2020 2.375% 500,000 100.75 511,070.21 2.19Neste Oyj 07.06.2024 1.5% Call 500,000 101.20 510,253.42 2.19YIT 11.06.2021 3.15% Call 500,000 100.75 504,581.25 2.17Pohjolan Voima 08.06.2023 1.75% Call 500,000 99.81 504,008.36 2.16Finnair 29.03.2022 2.25% 450,000 102.00 466,683.90 2.00HKScan 21.09.2022 2.625% Call 500,000 84.00 423,631.85 1.82Nokia 15.03.2024 2% Call 378,000 101.23 388,661.57 1.67Konecranes 09.06.2022 1.75% 350,000 101.80 359,726.07 1.54Nokia 15.03.2021 1% Call 300,000 100.71 304,512.78 1.31Outokumpu Oyj Conv. 26.02.2020 3.25% Soft Call 300,000 99.54 301,984.81 1.30Citycon 01.10.2024 2.5% Call 300,000 99.89 301,524.86 1.29Huhtamäki 04.10.2024 1.625% Call 300,000 99.91 300,893.34 1.29Outokumpu 18.06.2024 4.125% Call 300,000 95.75 287,662.50 1.24Cargotec 28.3.2022 1.75% Call 250,000 101.73 257,647.19 1.11Teollisuuden Voima 17.03.2021 2.500% 200,000 103.49 210,932.90 0.91Ramirent 21.03.2019 4.375% 200,000 100.89 208,614.19 0.90Sato 10.09.2020 2.25% Call 200,000 102.44 206,262.82 0.89Tornator 19.12.2019 3.125% 200,000 102.79 205,785.48 0.88University Properties of Finland 02.11.2023 1.875% 200,000 99.96 200,528.16 0.86Kojamo Oyj 17.10.2023 1.625% Call 150,000 101.10 152,149.36 0.65Huhtamäki 14.05.2020 3.375% 66,000 104.17 70,162.59 0.30

Equities 39.53Neste 18,000 67.36 1,212,480.00 5.21Fortum 62,000 19.10 1,184,200.00 5.08Nokia 225,000 5.03 1,131,750.00 4.86Nordea 113,000 7.27 821,510.00 3.53Stora Enso R 75,000 10.09 756,375.00 3.25Huhtamäki 20,000 27.07 541,400.00 2.32Elisa 15,000 36.08 541,200.00 2.32TeliaSonera 120,000 4.08 489,120.00 2.10NoHo Partners Oyj 49,733 8.66 430,687.78 1.85Amer Sports A 11,000 38.37 422,070.00 1.81Nokian Renkaat 15,700 26.82 421,074.00 1.81Valmet 23,000 17.95 412,850.00 1.77QT Group Oyj 45,000 7.90 355,500.00 1.53Revenio Group Oyj 24,622 12.56 309,252.32 1.33Metsä Board B 34,800 5.12 178,176.00 0.76

Securities traded on another marketplace 2,322,826.56 9.97

Fixed Income Investments 9.97Mercada Oy 24.10.2022 1.875% 1,000,000 99.75 1,000,993.15 4.30Rettig Group 25.04.2022 2.375% Call 600,000 102.63 625,510.27 2.69DNA 27.03.2025 1.375% Call 500,000 100.20 506,275.14 2.17DNA 12.03.2021 2.875% 177,000 105.06 190,048.00 0.82


Evli Finland MixInvestments 31 December 2018

63

Quantity/





31 Dec 2016 31 Dec 2017 31 Dec 2018NAV per A/B unit, EUR 3,33 / 7,90 3,36 / 8,33 3,13 / 8,09Fund Size, EUR 21,304,632.92 22,346,528.13 23,292,389.43Number of yield units (A) 957,384.27Number of growth units (B) 2,508,414.12Number of unitholders 420Commission Fees (12 months), % 0.08Commissions paid to an associated company of total commissions (12 months), % 68.53Fees paid to the management company for asset management (Year-to-Date), EUR 428,215.44Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR -

Evli Global Multi Manager 30 31 December 2018

64

2018 proved challenging for the equity markets. The year had a strongstart as hopes of synchronized global economic growth brought beliefin the markets, but in February the equity markets hade already madetheir first correction. In the summer the markets neared January'shighs again but in the final quarter the equity markets crashed,resulting in the weakest equity year since the 2008 financial crisis. Thedeveloped markets' MSCI World Index declined 4.2% in euros and theemerging markets' MSCI Emerging Markets Index declined 10.5% in2018. European HY corporate bonds declined 3.7%, while euro areagovernment bonds just barely made it into positive territory at 0.9%.

Evli Global Multi Manager 30 returned -4.99% and the benchmark-3.37% in 2018. The underperformance of the benchmark was largelydue to overweights in risk-bearing asset classes, such as equities,corporate and emerging market bonds, and underweights in moredefensive fixed-income classes, such as government bonds andmoney markets. The fund's equity weighting varied during the yearbetween 23% and 39% with an average equity weighting of 32%.The fund's equity portfolio was geographically widely diversified withthe year's biggest weightings in Europe and the emerging markets.The fixed-income portfolio's biggest weights during the year were incorporate bonds and money market funds.

FUND FACTS Fund Category International allocation fund (UCITS)Launch Date 21 February 2002, current investment

strategy since 31 August 2017Fund Manager Evli Fund Management CompanyBloomberg A/B EVLG40A FH / EVLG40B FH.Reuters A/B LP65011223 / LP60070955ISIN A/B FI0008805643 / FI0008805650Sales Registration FI/SESubscription Fee 0%Redemption Fee 0%Management and CustodyFee

0.75% p.a

Morningstar Rating™Morningstar Category™ EUR Moderate Allocation - GlobalBenchmark 3-month Euribor index 70%

MSCI Europe TR Net 30%

TOP 10 HOLDINGS % Evli Short Corporate Bond B 19.27Evli Nordic Corporate Bond B 18.03Evli European High Yield B 14.87Evli Euro Liquidity B 10.18Evli Emerging Markets Credit B 7.75Evli GEM B 3.89Evli Equity Factor Europe B 3.69Evli Equity Factor USA B 3.36iShares Core MSCI Emerging Markets IMI UCITSETF

3.01

Evli Finnish Small Cap B 2.88

RISK ALLOCATION OF INVESTMENTS % Fixed Income Investments 59.91Equities 28.86Money Market 11.22


-20,0

0,0

20,0

40,0

60,0

80,0

100,0

120,0

140,0

01/03

01/04

01/05

01/06

01/07

01/08

01/09

01/10

01/11

01/12

01/13

01/14

01/15

01/16

01/17

01/18

Fund Benchmark

%


FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 85.10 / 171.39 -Fund Size, EUR million 19.53 -Volatility, % 4.59 4.13Sharpe Ratio -1.01 -0.73Tracking Error, % 1.41 -Information Ratio -1.15 -R2 0.91 -Beta 1.06 -Alpha, % -1.44 -TER (Total Expence Ratio), % *) 1.57 -Portfolio Turnover 0.36 -*) 31 Dec 2018

Evli Global Multi Manager 30Investments 31 December 2018

65

Quantity/





Equity Funds 5,636,144.52 28.86

Europe 10.38Evli Europe B 5,104 106.20 542,070.07 2.78Evli Equity Factor Europe B 6,795 106.15 721,273.11 3.69DB X-Trackers Euro Stoxx 50 ETF DR 9,172 42.66 391,231.66 2.00Evli Nordic B 1,645 226.45 372,397.68 1.91

Emerging Markets 9.03Evli GEM B 5,618 135.17 759,402.89 3.89iShares Core MSCI Emerging Markets IMI UCITS ETF 26,240 22.40 587,776.00 3.01Evli Emerging Frontier B 3,041 136.63 415,497.79 2.13

North America 5.62Evli Equity Factor USA B 5,847 112.29 656,566.33 3.36iShares Core S&P 500 UCITS ETF 2,060 213.60 440,016.00 2.25

Finland 3.84Evli Finnish Small Cap B 1,913 293.59 561,666.59 2.88Evli Finland Select B 5,394 34.90 188,246.40 0.96


Corporate Bonds 52.16Evli Short Corporate Bond B 131,061 28.70 3,761,974.16 19.27Evli Nordic Corporate Bond B 25,412 138.53 3,520,220.06 18.03Evli European High Yield B 10,482 276.95 2,903,024.24 14.87


Emerging Markets Debt 7.75Evli Emerging Markets Credit B 13,956 108.47 1,513,695.48 7.75



31 Dec 2016 31 Dec 2017 31 Dec 2018NAV per A/B unit, EUR 93,85 / 174,15 93,31 / 180,38 85,10 / 171,39Fund Size, EUR 19,105,152.55 19,463,506.11 19,526,519.76Number of yield units (A) 14,824.59Number of growth units (B) 106,572.46Number of unitholders 477Commission Fees (12 months), % 0.02Commissions paid to an associated company of total commissions (12 months), % 99.29Fees paid to the management company for asset management (Year-to-Date), EUR 151,369.15Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR 182,753.88

Evli Global Multi Manager 50 31 December 2018

66

2018 proved challenging for the equity markets. The year had a strongstart as hopes of synchronized global economic growth brought beliefin the markets, but in February the equity markets hade already madetheir first correction. In the summer the markets neared January'shighs again but in the final quarter the equity markets crashed,resulting in the weakest equity year since the 2008 financial crisis. Thedeveloped markets' MSCI World Index declined 4.2% in euros and theemerging markets' MSCI Emerging Markets Index declined 10.5% in2018. European HY corporate bonds declined 3.7%, while euro areagovernment bonds just barely made it into positive territory at 0.9%.

Evli Global Multi Manager 50 returned -6.58% and the benchmark-5.41% in 2018. The underperformance of the benchmark was largelydue to overweights in risk-bearing asset classes, such as equities,corporate and emerging market bonds, and underweights in moredefensive fixed-income classes, such as government bonds andmoney markets. The fund's equity weighting varied during the yearbetween 42% and 59% with an average equity weighting of 52%.The fund's equity portfolio was geographically widely diversified withthe year's biggest weightings in Europe and the emerging markets.The fixed-income portfolio's biggest weights during the year were incorporate bonds and money market funds.

FUND FACTS Fund Category International allocation fund (UCITS)Launch Date 16 November 1999, current

investment strategy since 31 August2017

Fund Manager Evli Fund Management CompanyBloomberg A/B EVLG75A FH / EVLG75B FHReuters A/B LP65011224 / LP60048920ISIN A/B FI0008801246 / FI0008801253Sales Registration FISubscription Fee 0%Redemption Fee 0%Management and CustodyFee

0.75% p.a.

Morningstar Rating™Morningstar Category™ EUR Aggressive Allocation – GlobalBenchmark 3-month Euribor index 50%

MSCI Europe TR Net 50%

TOP 10 HOLDINGS % Evli Short Corporate Bond B 18.83Evli Nordic Corporate Bond B 12.92Evli European High Yield B 10.67Evli Equity Factor Europe B 6.42Evli Equity Factor USA B 5.89Evli Emerging Markets Credit B 5.45Evli Europe B 5.41Evli Finnish Small Cap B 4.64Evli GEM B 4.60iShares Core S&P 500 UCITS ETF 4.38

RISK ALLOCATION OF INVESTMENTS % Equities 48.80Fixed Income Investments 47.87Money Market 3.33


-50,0

0,0

50,0

100,0

150,0

01/00

01/01

01/02

01/03

01/04

01/05

01/06

01/07

01/08

01/09

01/10

01/11

01/12

01/13

01/14

01/15

01/16

01/17

01/18

Fund Benchmark

%


FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 71.66 / 157.67 -Fund Size, EUR million 12.43 -Volatility, % 7.05 6.90Sharpe Ratio -0.89 -0.74Tracking Error, % 2.07 -Information Ratio -0.57 -R2 0.91 -Beta 0.98 -Alpha, % -1.28 -TER (Total Expence Ratio), % *) 1.66 -Portfolio Turnover 0.35 -*) 31 Dec 2018

Evli Global Multi Manager 50Investments 31 December 2018

67

Quantity/





Equity Funds 6,066,902.96 48.82

Europe 18.38Evli Europe B 6,333 106.20 672,612.06 5.41Evli Equity Factor Europe B 7,523 106.15 798,573.51 6.43Evli Nordic B 1,863 226.45 421,791.85 3.39DB X-Trackers Euro Stoxx 50 ETF DR 9,172 42.66 391,231.66 3.15

Emerging Markets 13.10Evli GEM B 4,227 135.17 571,320.32 4.60JPM Emerging Markets Opportunities I Acc EUR 3,316 415,656.52 3.34iShares Core MSCI Emerging Markets IMI UCITS ETF 16,619 22.40 372,265.60 3.00Evli Emerging Frontier B 1,970 136.63 269,185.42 2.17

North America 10.27Evli Equity Factor USA B 6,517 112.29 731,743.88 5.89iShares Core S&P 500 UCITS ETF 2,549 213.60 544,466.40 4.38

Finland 7.07Evli Finnish Small Cap B 1,965 293.59 576,861.49 4.64Evli Finland Select B 8,630 34.90 301,194.25 2.42


Corporate Bonds 42.44Evli Short Corporate Bond B 81,581 28.70 2,341,710.99 18.84Evli Nordic Corporate Bond B 11,597 138.53 1,606,520.55 12.93Evli European High Yield B 4,790 276.95 1,326,597.90 10.67

Emerging Markets Debt 5.45Evli Emerging Markets Credit B 6,242 108.47 677,004.74 5.45

Money Market 2.12Evli Euro Liquidity B 10,477 25.09 262,908.94 2.12



31 Dec 2016 31 Dec 2017 31 Dec 2018NAV per A/B unit, EUR 79,82 / 161,84 79,92 / 168,78 71,66 / 157,67Fund Size, EUR 13,924,572.13 13,976,537.03 12,428,230.02Number of yield units (A) 1,694.79Number of growth units (B) 78,055.76Number of unitholders 534Commission Fees (12 months), % 0.02Commissions paid to an associated company of total commissions (12 months), % 100.00Fees paid to the management company for asset management (Year-to-Date), EUR 100,524.28Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR 146,398.91

Evli Q7 31 December 2018

68

In the capital market, the latter half of 2018 proved very challengingfor investors. The poor second half meant the annual return of almostall key investment classes remained negative. Only governmentbonds returned 0.4% on average during the year. Most of theequity markets recorded a negative return of over 10% in euros.Even diversification of investments was not enough to avoid losses.The performance of both the equity and fixed income markets wasnegative at the same time on several occasions during 2018. So itwas not possible to escape the decline in value of investments on theequity market on the fixed income market or with commodities. Thiscould also be seen in the performance of the Evli Q7 fund that activelyallocates its assets in various investment classes. The fund's full-yearperformance was -4.78%, which was the worst year in the history ofthe quantitative model (since 2005) that is the basis of the fund'sinvestment activity. However, among the funds with the same risk level(volatility), Evli Q7's return was almost two percentage points higherthan the comparison group's average return. In the volatile capitalmarkets the fund's investments emphasized fixed income investmentin the review period. The share of equity investments was on average26%, the share of long-term fixed income investments was about24% and the share of short-term fixed income investments was 48%of the fund's assets. Commodities made up on average only 2%.Fluctuations in the distribution of investments were very strong. In itsemphasis of fixed income investment the fund was unable to reach itsrisk target (7% deviation risk), and achieved about 5% in the reviewperiod.FUND FACTS Fund Category International balanced fund (AIF)Launch Date 7 October 2016Fund Manager Evli Fund Management CompnayBloomberg A/B/IB EVLIQ7A FH/EVLIQ7B FH/EVLQ7IB FHReuters A/B/IB LP68389655/LP68389656/

LP68446916ISIN A/B/IB FI4000220256/FI4000220264/


0.30% p.a. (A, B, IA, IB) + a dailydetermined performance fee of 20%(A, B) / 10% (IA, IB) of the return thatexceeds 3% p.a., which is used as areference return, applying the HighWater Mark principle for a minimumperiod of 24 months.

Morningstar Rating™ -Morningstar Category™ EUR Flexible Allocation – GlobalBenchmark No official benchmark index

TOP 10 HOLDINGS % Evli Euro Liquidity B 73.12Evli Short Corporate Bond B 18.36BUND March 2019 7.00Xetra-Gold ETC 6.55S&P 500 index 3.90MSCI Emerging Markets Index (USD) 3.61EUR/USD FX RATE -6.95

RISK ALLOCATION OF INVESTMENTS % Money Market 67.13Fixed Income Investments 25.36Equities 7.51


-4,0

-2,0

0,0

2,0

4,0

6,0

8,0

10,0

12,0

01/17

04/17

07/17

10/17

01/18

04/18

07/18

10/18

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference Year-to-Date -4.78 - -1 Month -2.41 - -3 Months -3.16 - -6 Months -2.71 - -1 Year -4.78 - -3 Years p.a. - - -5 Years p.a. - - -Since Launch 2.65 - -Since Launch p.a. 1.18 - -

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 98.54 / 102.65 -NAV per IA/IB unit, EUR 95.01 / 95.01 -Fund Size, EUR million 28.05 -Volatility, % 6.50 -Sharpe Ratio -0.68 -Tracking Error, % - -Information Ratio - -R2 - -Beta - -Alpha, % - -TER (Total Expence Ratio), % *) 0.53 -Portfolio Turnover 4.01 -*) 31 Dec 2018

Evli Q7Investments 31 December 2018

69

Quantity/







Corporate Bonds 18.36Evli Short Corporate Bond B 179,444 28.70 5,150,759.20 18.36

Balanced and other funds 1,836,748.80 6.55Xetra-Gold ETC 51,200 35.87 1,836,748.80 6.55



Equity Futures Contracts 2) mini MSCI Emerging Markets Index March 2019 24/ 1 013 099 *) 844.25 0.00 0.002) S&P 500 E-mini Future March 2019 10/ 1 093 843 *) 2,187.69 0.00 0.00

Fixed Income Futures Contracts 2) BUND March 2019 12/ 1 232 745 *) 1.64 0.00 0.001) Euro E-mini EUR/USD March 2019 -31/ -1 949 580 *) 1.01 0.00 0.00



31 Dec 2016 31 Dec 2017 31 Dec 2018NAV per A/B unit, EUR 102,54 / 102,54 107,80 / 107,80 98,54 / 102,65NAV per IA/IB unit, EUR - / - 99,75 / 99,75 95,01 / 95,01Fund Size, EUR 6,829,351.41 24,445,109.44 28,047,310.81Number of yield units (A) 12,654.29Number of yield units (IA) 0.00Number of growth units (B) 157,201.77Number of growth units (IB) 112,242.23Number of unitholders 71Commission Fees (12 months), % 0.15Commissions paid to an associated company of total commissions (12 months), % 99.17Fees paid to the management company for asset management (Year-to-Date), EUR 102,081.10Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR 137,135.60

Evli Wealth Manager 31 December 2018

70

2018 was challenging in almost all markets. The final quarter wasthe weakest on the equity markets in a decade. Of the asset classesgovernment bonds did relatively well as investors sought a safe havenat the end of the year. The developed markets' MSCI World Indexdeclined 4.2% in euros and the emerging markets' MSCI EmergingMarkets Index declined 10.5%. Euro area government bonds justmade it into positive territory at 0.9%. European HY corporate bondsdeclined 3.7%. The euro declined against the US dollar, by 4,6%.

Evli Wealth Manager returned -6.43% and the benchmark 0.88%during 2018. The underperformance was due to the equity markets'weaker performance especially at the end of the year and the lowweighting of government bonds in the portfolio.

We adjusted the fund's equity weighting tactically during the year.We reduced the equity weighting in January but raised it duringthe spring. We reduced the equity weighting again during summeras market risks increased and raised it again in November to about50%. In fixed-income investments we favored money markets andEuropean HY corporate bonds throughout the year.

FUND FACTS Fund Category International balanced fundLaunch Date 21 November 2006Fund Manager Evli Fund Management CompanyBloomberg A/B -Reuters A/B -ISIN A/B -/ FI0008811450Sales Registration FISubscription Fee 0%Redemption Fee 0%Management and CustodyFee

0.29% p.a.

Morningstar Rating™ -Benchmark Citigroup EMU Government Bond

index

TOP 10 HOLDINGS % Evli Euro Liquidity B 14.84Evli Short Corporate Bond B 13.64Evli Nordic Corporate Bond B 10.78Spanish Government 30.04.2026 1.950% 10.66Spanish Government 30.07.2028 1,4% 9.92Evli Equity Factor USA B 7.97Evli European High Yield B 6.99Evli Europe B 4.54Vanguard Energy VIPERs ETF 4.52Evli Equity Factor Europe B 4.30

RISK ALLOCATION OF INVESTMENTS % Equities 50.73Fixed Income Investments 29.80Money Market 19.47


-40,0

-20,0

0,0

20,0

40,0

60,0

80,0

01/07

01/08

01/09

01/10

01/11

01/12

01/13

01/14

01/15

01/16

01/17

01/18

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month -4.24 0.94 -5.183 Months -6.95 1.46 -8.426 Months -5.94 0.33 -6.271 Year -6.43 0.88 -7.303 Years p.a. -0.27 1.40 -1.675 Years p.a. 3.42 3.71 -0.29Since Launch 50.32 62.85 -12.53Since Launch p.a. 3.42 4.11 -0.69

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR - / 150.32 -Fund Size, EUR million 51.39 -Volatility, % 7.62 2.82Sharpe Ratio -0.80 0.43Tracking Error, % 8.51 -Information Ratio -0.86 -R2 0.02 -Beta -0.40 -Alpha, % -5.61 -TER (Total Expence Ratio), % *) 0.76 -Portfolio Turnover 0.40 -*) 31 Dec 2018

Evli Wealth ManagerInvestments 31 December 2018

71

Quantity/




SECURITIES


Fixed Income Investments 20.28Spanish Government 30.04.2026 1.950% 5,000,000 106.69 5,399,845.21 10.51Spanish Government 30.07.2028 1,4% 5,000,000 99.85 5,021,984.25 9.77

Equities 0.16Fondia Oyj 6,540 12.85 84,039.00 0.16


Units in mutual funds 76.18Evli Euro Liquidity B 299,443 25.09 7,513,927.59 14.62Evli Short Corporate Bond B 240,529 28.70 6,904,135.87 13.44Evli Nordic Corporate Bond B 39,400 138.53 5,457,881.43 10.62Evli Equity Factor USA B 35,923 112.29 4,033,773.74 7.85Evli European High Yield B 12,780 276.95 3,539,373.84 6.89Evli Europe B 21,663 106.20 2,300,704.71 4.48Vanguard Energy VIPERs ETF 34,000 67.34 2,289,409.34 4.46Evli Equity Factor Europe B 20,494 106.15 2,175,463.31 4.23DB X-Trackers MSCI Em.Markets Index UCITS ETF 56,000 38.69 2,166,360.00 4.22Vanguard Health Care ETF 15,000 140.24 2,103,636.17 4.09Vanguard Financials ETF 12,800 51.84 663,495.06 1.29



Fixed Income Futures Contracts 1) Euro-OAT Future March 2019 -73/ -8 724 618 *) 150.80 0.00 0.00

Equity Futures Contracts 2) DJ STOXX 600 March 2019 180/ 3 004 200 *) 333.80 0.00 0.002) mini MSCI Emerging Markets Index March 2019 70/ 2 954 871 *) 844.25 0.00 0.002) S&P 500 E-mini Future March 2019 9/ 984 459 *) 2,187.69 0.00 0.002) Topix Index Future March 2019 28/ 3 316 657 *) 11.85 0.00 0.00


CASH AND OTHER ASSETS, NET. 1,734,046.88 3.372) For purposes of efficiency 1) For hedging purposes *) Market value of the underlying assets

31 Dec 2016 31 Dec 2017 31 Dec 2018NAV per A/B unit, EUR - / 156,19 - / 160,65 - / 150,32Fund Size, EUR 99,360,545.76 69,839,120.37 51,388,076.40Number of yield units (A) 0.00Number of growth units (B) 341,848.58Number of unitholders 68Commission Fees (12 months), % 0.07Commissions paid to an associated company of total commissions (12 months), % 97.17Fees paid to the management company for asset management (Year-to-Date), EUR 169,212.44Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR 264,837.08

Evli Corporate Bond 31 December 2018

72

Evli Corporate Bond returned -2.73% and the benchmark -1.64%in 2018. Short duration and high-risk credit risk profile wereunsuccessful in the challenging market and the fund underperformedits benchmark. The fund's annual return in 2018 was negative for onlythe third time since the fund started operations in 1999. Since itslaunch the fund has returned 4.70% a year.

During the second half we reduced the fund's credit risk and loweredthe weight of bonds with lower credit ratings, in particular, in theportfolio. We also reduced the number of cyclical company bonds. Atthe end of the period, the fund's return level (YTM) was 2.89% and themodified duration 3.5.

We will continue to overweight Nordic companies and selectedbanks. Corporate bond spreads have clearly widened and currentlyoffer attractive returns over the long term. We expect the market tocalm over the coming months. It is rare for the corporate bond marketreturn to be negative for many years in a row, which also supports themarket.

FUND FACTS Fund Category European corporate bond fund

(UCITS)Launch Date 15 September 1999Fund Manager Mikael Lundström, Jani KurppaBloomberg A/B/IB EVLCOBA FH/EVLCOBB FH/EVLCOIB


LP68425006ISIN A/B/IB FI0008801089/FI0008801097/

FI4000243217Sales Registration FI/SE/DK/FR/ES/IT/DESubscription Fee 0%Redemption Fee 0%Management and CustodyFee

0.85% p.a. (A, B)0.45 % p.a. (IB)

Morningstar RatingMorningstar Category™ EUR Corporate BondBenchmark ICE BofAML EMU Corporate Index

75%ICE BofAML Euro High Yield BB-BRated Constrained Index 25%

TOP 10 HOLDINGS % DNA 27.03.2025 1.375% Call 1.83Caruna 24.05.2023 1.5% 1.82ISS Global 02.12.2024 2.125% Call 1.76Storebrand Livsfors.4.4.2043 6.875 STEP call 1.70Kojamo Oyj 17.10.2023 1.625% Call 1.69Mercada Oy 24.10.2022 1.875% 1.67Municipality Finance (perp.) 4.50% Call 1.61Adler Real Estate 27.04.2023 1.875% Call 1.58Huhtamäki 04.10.2024 1.625% Call 1.58Statkraft AS 20.03.2025 1.125% Call 1.54

SECTOR BREAKDOWN % Banks 17.85Real Estate 12.99Utility 10.77Basic Industry 9.06Telecommunications 6.86Services 5.90Capital Goods 5.55Insurance 5.28Other 22.73Cash 2.99


-50,0

0,0

50,0

100,0

150,0

200,0

01/00

01/01

01/02

01/03

01/04

01/05

01/06

01/07

01/08

01/09

01/10

01/11

01/12

01/13

01/14

01/15

01/16

01/17

01/18

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month -0.45 0.06 -0.513 Months -2.12 -1.28 -0.846 Months -1.55 -0.82 -0.731 Year -2.73 -1.64 -1.093 Years p.a. 2.28 2.50 -0.225 Years p.a. 2.50 2.97 -0.46Since Launch 142.85 149.94 -7.09Since Launch p.a. 4.70 4.86 -0.16

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 113.18 / 242.85 -NAV per IA/IB unit, EUR - / 99.91 -Fund Size, EUR million 299.64 -Volatility, % 1.47 1.65Sharpe Ratio -1.63 -0.79Tracking Error, % 0.83 -Information Ratio -1.32 -R2 0.75 -Beta 0.77 -Alpha, % -1.39 -TER, % 0.85 -Portfolio Turnover 0.15 -Modified Duration 3.50 -

ASSET ALLOCATION BY CREDIT RATING

A 7,24 %

BBB 47,44 %

BB 21,49 %

B 6,02 %

Not Rated 17,81 %

Evli Corporate BondInvestments 31 December 2018

73

Quantity/




SECURITIES


Fixed Income Investments 91.69Caruna 24.05.2023 1.5% 5,250,000 102.91 5,450,351.51 1.82ISS Global 02.12.2024 2.125% Call 5,000,000 105.12 5,264,491.78 1.76Storebrand Livsfors.4.4.2043 6.875 STEP call 4,300,000 113.12 5,083,737.44 1.70Kojamo Oyj 17.10.2023 1.625% Call 5,000,000 101.10 5,071,645.21 1.69Municipality Finance (perp.) 4.50% Call 4,400,000 106.44 4,832,083.62 1.61Adler Real Estate 27.04.2023 1.875% Call 5,000,000 93.57 4,742,248.63 1.58Huhtamäki 04.10.2024 1.625% Call 4,710,000 99.91 4,724,025.48 1.58Statkraft AS 20.03.2025 1.125% Call 4,500,000 101.34 4,599,742.81 1.54Konecranes 09.06.2022 1.75% 4,450,000 101.80 4,573,660.01 1.53Sato 24.03.2021 2.375% Call 4,200,000 103.04 4,404,831.12 1.47Nykredit Realkredit 03.06.2036 4.000% STEP 4,020,000 103.64 4,259,203.22 1.42Kemira 30.05.2024 1.75% Call 4,100,000 100.43 4,159,852.70 1.39Finnair 29.03.2022 2.25% 4,000,000 102.00 4,148,301.37 1.38Cargotec 28.3.2022 1.75% Call 4,000,000 101.73 4,122,355.07 1.38Mölnlycke Holding 28.02.2025 1.875% 4,000,000 98.78 4,014,076.71 1.34Tennet Holding (perp) Step Call 4,000,000 97.27 3,960,550.68 1.32Intrum Justitia 15.07.2022 2.75% Call 4,250,000 91.87 3,958,000.21 1.32Cramo 28.02.2022 2.375% 3,600,000 103.49 3,797,427.45 1.27Thermo Fisher Scientific 23.01.2026 1.4% Call 3,700,000 98.49 3,692,665.89 1.23Abn Amro Bank (Perp) 4.75% Call STEP 4,000,000 86.91 3,529,006.19 1.18Citycon 01.10.2024 2.5% Call 3,450,000 99.89 3,467,535.92 1.16Deutsche Bank Ag 20.1.2022 1.5% 3,400,000 98.10 3,383,571.48 1.13HKScan 21.09.2022 2.625% Call 3,920,000 84.00 3,321,273.70 1.11UBS 12.02.2026 4.75% Call STEP 3,000,000 105.79 3,299,545.00 1.10Tele2 Ab 15.05.2024 1.125% Call 3,300,000 99.16 3,276,991.77 1.09Teollisuuden Voima 08.05.2024 2% CALL 3,200,000 99.85 3,236,628.16 1.08Metsä Board 29.09.2027 2.75% Call 3,200,000 99.86 3,217,813.92 1.07BNP Paribas 20.03.2026 2.875% STEP Call 3,000,000 103.15 3,162,052.19 1.06ZF NA Capital 27.04.2023 2.75% 3,000,000 103.45 3,159,644.79 1.05Vonovia Finance 08.04.2074 4.625% STEP Call 3,000,000 100.62 3,120,036.58 1.04Lincoln Finance 15.04.2021 6.875% Call 3,000,000 102.02 3,103,508.75 1.04Deutsche Telekom 30.01.2024 0.875% 3,000,000 100.51 3,039,302.47 1.01Fastighets AB Balder 14.03.2022 1.125% Call 3,000,000 98.87 2,992,950.00 1.00Nordea Bank 07.09.2026 1% Call STEP 3,000,000 99.36 2,990,222.05 1.00Electricite De France (perp) 4% Call Step 3,000,000 96.95 2,937,431.51 0.98Allfunds LHC TREE 15.8.2024 4.125 PIK Call 3,000,000 95.25 2,893,653.75 0.97Kommunal Landspensjonska 10.06.2045 4.25%STEP Call 2,700,000 102.97 2,844,324.25 0.95Nidda Healthcare 30.09.2024 3.5% Call 3,000,000 93.45 2,829,600.00 0.94Vodafone Group 03.01.2079 3.1% Step Call 3,000,000 93.48 2,827,016.71 0.94Volvo 10.03.2078 4.85% Call Step 2,500,000 105.18 2,727,903.77 0.91Wepa Hygieneprodukte 15.05.2024 3.75% Call 2,850,000 94.62 2,710,000.88 0.90Suominen 03.10.2022 2.500% 2,750,000 94.25 2,608,638.70 0.87Ellevio 28.02.2024 2.24% 25,000,000 0.10 2,581,402.79 0.86Kojamo Oyj 19.06.2024 1.5% Call 2,600,000 97.84 2,564,779.62 0.86Caverion (perpetual) 4.625% Call Step 2,500,000 99.50 2,550,222.60 0.85YIT 11.06.2023 4.25% Call 2,500,000 101.50 2,543,107.64 0.85Bank Of Ireland 19.12.2022 10.00 % 2,000,000 126.55 2,537,655.34 0.85DNB Bank 01.03.2027 1.25% Call Step 2,500,000 99.77 2,520,288.01 0.84Corral Petroleum Hold. 15.05.2021 11.75% Call PIK 2,250,000 104.63 2,485,560.63 0.83Allianz Se 07.07.2045 2.241% Call STEP 2,500,000 98.27 2,483,993.29 0.83Nordea Bank (Perp) 3.5 % Call Step 2,700,000 88.33 2,461,000.81 0.82Ing Groep Nv 26.09.2029 1.625% STEP Call 2,500,000 94.94 2,384,059.93 0.80


74

Quantity/




Cnp Assurances 20.10.2022 1.875% 2,300,000 101.47 2,342,362.85 0.78Rci Banque 10.11.2021 0.625% Call 2,250,000 98.97 2,228,879.90 0.74Fastighets AB Balder 07.03.2078 Step CALL 2,250,000 93.00 2,147,749.52 0.72ING Bank 11.04.2028 3% Call Step 2,000,000 103.64 2,116,217.26 0.71Merck 12.12.2074 3.375% Call Step 2,000,000 103.93 2,082,033.70 0.69Stora Enso 16.06.2023 2.125% Call 2,000,000 102.37 2,070,354.79 0.69Orsted A/S 26.11.2029 STEP Call 2,200,000 93.53 2,062,633.81 0.69Credit Suisse 14.04.2022 1.25% 2,000,000 100.72 2,032,316.71 0.68Societe Generale (perp) 6.75% Call STEP 2,000,000 100.93 2,050,044.73 0.68Zuercher Kbk 15.6.2027 2,625% Call Step 2,000,000 100.98 2,048,143.29 0.68Ellevio Ab 12.02.2025 2.875% 20,000,000 0.10 2,021,286.96 0.67Morgan Stanley 02.12.2022 1% 2,000,000 100.63 2,014,089.04 0.67Securitas 20.02.2024 1.125% Call 2,000,000 99.53 2,009,936.16 0.67SAP 10.12.2024 0,75% Call 2,000,000 100.06 2,002,083.01 0.67Telia Company Ab 04.04.2078 3% Step Call 2,000,000 97.62 1,996,967.95 0.67Citigroup 26.10.2023 0.75% Call 2,000,000 98.16 1,965,932.33 0.66Jyske Bank 05.04.2029 2.25% Step Call 2,000,000 96.03 1,953,947.67 0.65Vattenfall 19.03.2077 3.00% Call Step 2,000,000 94.34 1,934,018.08 0.65Volvo Car 24.01.2025 2% Call 2,000,000 93.56 1,915,194.79 0.64Rabobank Nederland (perp) 4.625% Call STEP 2,000,000 95.83 1,917,008.24 0.64RSA Insurance Group (perp) FRN Call 19,000,000 0.10 1,907,081.91 0.64Danone (Perp) 1.75% Call Step 2,000,000 93.73 1,892,935.07 0.63Teollisuuden Voima 13.01.2023 2.625% 1,700,000 104.17 1,813,840.62 0.61Color Group 23.11.2023 FRN 18,000,000 0.10 1,771,141.98 0.59Hi Bidco As 30.10.2022 FRN Call 17,000,000 0.10 1,753,013.04 0.59Nokia 15.03.2024 2% Call 1,700,000 101.23 1,747,948.85 0.58Citycon 08.09.2026 1.25% Call 2,000,000 86.47 1,737,148.22 0.58SSAB 06.09.2023 2.875% 1,700,000 99.13 1,700,657.88 0.57BillerudKorsnäs 21.02.2022 1.625% 17,000,000 0.10 1,717,579.09 0.57Volvo Car 18.05.2021 3.25% 1,620,000 104.14 1,693,161.90 0.57Thyssenkrupp 3.3.2022 1.375% Call 1,700,000 97.58 1,678,315.45 0.56Credit Suisse 18.09.2025 5.750% Call Step 1,500,000 106.89 1,627,895.34 0.54La Finac Atalian 15.05.2024 4.00% Call 2,000,000 81.07 1,631,360.00 0.54Hoist Finance 19.05.2027 3.875% Call Step 1,600,000 97.27 1,594,661.04 0.53Danone 30.05.2024 1.25% Call 1,500,000 102.34 1,546,174.52 0.52Nykredit Realkredit 17.11.2027 2.75% STEP Call 1,500,000 103.63 1,559,482.60 0.52B2 Holding 08.12.2020 FRN 1,500,000 104.00 1,566,562.50 0.52Vonovia (perp) 4% Call Step 1,500,000 102.86 1,545,201.37 0.52Sponda 20.05.2020 2.375% 1,510,000 100.75 1,543,432.02 0.52Solvay S.A (perpetual) 4.25% Call Step 1,500,000 99.88 1,502,960.75 0.50Elia System Op (perp) STEP Call 1,500,000 97.74 1,479,352.60 0.49Hema Bondco I BV 15.07.2022 FRN Call 1,700,000 84.70 1,462,659.69 0.49Polygon Ab 23.02.2023 4% Call 1,400,000 99.75 1,408,944.44 0.47Norlandia Health Care 20.12.2021 FRN Call 15,000,000 0.09 1,373,277.39 0.46B&M European Value Ret 01.02.2022 4.125% Call 1,200,000 1.08 1,322,577.06 0.44Senvion Holding 25.10.2022 3,875% Call 1,800,000 65.69 1,193,761.25 0.40Anglo American Capital 18.09.2025 1.625% 1,250,000 94.54 1,187,562.67 0.40Allianz Finance II 08.07.2041 5.750% Call STEP 1,000,000 110.79 1,135,646.03 0.38Jyske Bank (perp.) 4.75% Call Step 1,100,000 91.48 1,020,880.04 0.34Smurfit Kappa 1.2.2024 2.375% Call 1,000,000 100.53 1,015,149.86 0.34WFS Global Hldgs 15.08.2023 6.75% Call 1,000,000 96.46 990,870.00 0.33Husqvarna 01.03.2024 FRN 10,000,000 0.10 988,541.60 0.33Progroup 31.03.2024 FRN Call 1,000,000 98.67 986,690.00 0.33Verisure Holding 15.05.2023 3.5% Call 1,000,000 98.19 986,177.78 0.33HSBC Holdings 06.09.2024 0.875% 1,000,000 96.62 968,960.82 0.32


75

Quantity/




Koninklijke KPN 09.04.2025 0.625% Call 1,000,000 95.99 964,444.79 0.32Citycon 16.09.2022 2.375% Call 500,000 102.77 517,298.63 0.17Intertrust Group Bv 15.11.2025 3.375% Call 500,000 98.41 494,226.25 0.16Elenia Finance 17.12.2020 2.875% 144,000 104.84 151,122.63 0.05


Fixed Income Investments 5.14DNA 27.03.2025 1.375% Call 5,400,000 100.20 5,467,771.48 1.82Mercada Oy 24.10.2022 1.875% 5,000,000 99.75 5,004,965.75 1.67Dkt Finance 17.06.2023 7% Call 2,800,000 105.38 2,957,633.78 0.99Rettig Group 25.04.2022 2.375% Call 1,900,000 102.63 1,980,782.53 0.66



Fixed Income Futures Contracts 1) BUND March 2019 -50/ -5 136 439 *) 163.54 0.00 0.001) BOBL March 2019 -100/ -10 916 133 *) 132.52 0.00 0.00

Currency Forward Contracts 499,152.92 0.171) FX forward SEKSELL_200219 15 580 268 -160,788.32 -0.051) FX forward NOKSELL_270319 3 654 678 -17,958.45 -0.011) FX forward SEKSELL_200219_1 1 739 613 -31,264.21 -0.012) FX forward SEKBUYH_210318 -42 001 814 684,106.57 0.232) FX forward GBPSELL_220119 1 361 537 26,850.30 0.011) FX forward NOKBUYH_070219_1 -976 -18.02 0.001) FX forward NOKBUYH_070219 -49 971 -1,774.95 0.00

TOTAL VALUE OF DERIVATIVE CONTRACTS 499,152.92 0.17


31 Dec 2016 31 Dec 2017 31 Dec 2018NAV per A/B unit, EUR 118,39 / 238,96 119,96 / 249,66 113,18 / 242,85NAV per IA/IB unit, EUR - / - - / 102,31 - / 99,91Fund Size, EUR 282,415,616.93 389,915,036.19 299,637,925.13Number of yield units (A) 294,961.22Number of yield units (IA) 0.00Number of growth units (B) 845,274.00Number of growth units (IB) 186,332.70Number of unitholders 324Commission Fees (12 months), % **) 0.00Commissions paid to an associated company of total commissions (12 months), % -Fees paid to the management company for asset management (Year-to-Date), EUR 2,687,445.95Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR - **) Fund trades net of commissions

Evli Emerging Markets Credit 31 December 2018

76

2018 was weaker than previous years for the emerging markets.From the start of the year, the factor that most strongly steered themarket was the USA's relatively strong economic development, whichsuppressed emerging markets. The fund returned -5.58% and thebenchmark -4.40% in 2018. Geographically, the fund was successfulin its picks and its overweight in parts of Asia. However, Brazil andArgentina were weak spots for the fund. Notably the performanceof Argentina's energy sector investments was weaker than average.During the year the fund reduced its allocation in the oil and gas sectorand geographically in Russia.

The fund's duration was shortened from 4.9 years to 3.6 years during2018. This shorter duration strategy supported rising rates in the USAand increasing credit risk on the market. The fund's relatively shorterduration worked well in the fall until long dollar rates plummeted atthe end of the year.

At the start of 2019 emerging markets corporate bond valuationsare attractive but a lot depends on the countries' relative economicdevelopment in relation to the USA. If US economic growth subsidesand the Fed raises rates moderately this will create good conditionsfor emerging markets to make up for the previous year.

FUND FACTS Fund Category Corporate bond fund investing in

emerging markets (UCITS)Launch Date 10 October 2013Fund Manager Juha MäntykorpiBloomberg A/B/IB EVEMCDA FH/EVEMCDB FH/EVEMCIB


LP68425009ISIN A/B/IB FI4000066881/FI4000066899/


1% p.a. (A, B)0.55% p.a. (IB)

Morningstar Rating™Morningstar Category™ Global Emerging Markets Corporate

Bonds - euro biasBenchmark J.P Morgan CEMBI Broad Diversified

EUR-hedged

TOP 10 HOLDINGS % JSW Steel 12.11.2019 4.75% 2.29Vedanta Resources Plc 07.06.2021 8.25% 2.28Naspers 21.07.2025 5.5% Call 2.24Parkway Pantai (perpetual) 4.25% STEP Call 2.00National Bank of Kuwait (perp) 5.75% Call 1.87United Overseas Bank Ltd (Perp) 3.875% CallSTEP

1.86

China Power (Perp.) 4.05% Call 1.72First Abu Dhabi Bank (perp) 5.25% Call 1.72China Communications Constr (perp) 3.5% CallSTEP

1.70

Dbs Bank Ltd/Singapore (perpetual) 3.6% CallSTEP

1.66

SECTOR BREAKDOWN % Banks 32.86Utility 13.79Energy 9.59Services 9.13Basic Industry 5.72Mining and Metals 4.85Consumer Cyclical 4.30Real Estate 4.27Other 10.83Cash 4.67


-5,0

0,0

5,0

10,0

15,0

20,0

25,0

01/14

04/14

07/14

10/14

01/15

04/15

07/15

10/15

01/16

04/16

07/16

10/16

01/17

04/17

07/17

10/17

01/18

04/18

07/18

10/18

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month 0.32 0.41 -0.093 Months -0.74 -0.86 0.126 Months -0.48 -0.23 -0.241 Year -5.58 -4.40 -1.183 Years p.a. 1.28 3.03 -1.755 Years p.a. 1.60 2.91 -1.31Since Launch 8.47 17.13 -8.67Since Launch p.a. 1.57 3.07 -1.50



AA 0,76 %

A 11,03 %

BBB 40,13 %

BB 24,68 %

B 13,35 %

Not Rated 10,06 %

Evli Emerging Markets CreditInvestments 31 December 2018

77

Quantity/




SECURITIES


Fixed Income Investments 91.64JSW Steel 12.11.2019 4.75% 4,000,000 0.87 3,498,527.13 2.29Vedanta Resources Plc 07.06.2021 8.25% 4,000,000 0.87 3,484,371.90 2.28Naspers 21.07.2025 5.5% Call 3,800,000 0.88 3,422,049.61 2.24Parkway Pantai (perpetual) 4.25% STEP Call 3,700,000 0.81 3,052,614.70 2.00National Bank of Kuwait (perp) 5.75% Call 3,200,000 0.88 2,852,820.57 1.87United Overseas Bank Ltd (Perp) 3.875% Call STEP 3,500,000 0.80 2,835,650.27 1.86China Power (Perp.) 4.05% Call 3,000,000 0.87 2,628,058.52 1.72First Abu Dhabi Bank (perp) 5.25% Call 3,000,000 0.87 2,621,675.14 1.72China Communications Constr (perp) 3.5% Call STEP 3,000,000 0.86 2,593,336.30 1.70Dbs Bank Ltd/Singapore (perpetual) 3.6% Call STEP 3,000,000 0.83 2,528,869.33 1.66Petron Corp (perp.) 4.6% Call Step 3,000,000 0.81 2,482,715.66 1.63Tnb Global Ventures Cap 19.10.2026 3.244% 3,000,000 0.81 2,448,490.75 1.60Petroliam Nasional Bhd 15.10.2026 7.625% 2,000,000 1.09 2,208,382.09 1.45Bank of East Asia 02.12.2099 5.5%(perp) Call STEP 2,500,000 0.85 2,141,966.57 1.40International Container (perpetual) 5.5% Call Step 2,400,000 0.86 2,091,842.77 1.37Hidrovias Int 24.01.2025 5.95% Call 2,500,000 0.79 2,042,603.94 1.34Country Garden Hldg Co 09.03.2020 7.500% Call 2,250,000 0.88 2,035,042.05 1.33Perusahaan Listrik Negara 25.10.2025 2.875% 2,000,000 99.22 1,994,874.79 1.31Siam Commercial Bank 16.05.2023 2.75% 2,300,000 0.83 1,918,918.37 1.26Union Bank of Philippines 29.11.2022 3.369% 2,250,000 0.83 1,880,483.90 1.23Oil & Gas Hlding 07.11.2024 7,625% 2,000,000 0.90 1,810,848.61 1.19Energuate 03.05.2027 5.875% Call 2,200,000 0.81 1,790,092.72 1.17Bumi Serpong Damai 26.04.2021 7.25% Call 2,000,000 0.88 1,773,269.92 1.16Woori Bank 30.04.2024 4.75% 2,000,000 0.88 1,772,218.14 1.16ICBC China Macau 10.09.2024 3.875% Call STEP 2,000,000 0.87 1,765,413.18 1.16Ictsi Treasury B.V 16.01.2023 4.625% 2,000,000 0.86 1,751,946.36 1.15Thaioil Trsry 23.01.2023 3.625% 2,000,000 0.86 1,753,028.45 1.15Pccw-Hkt Capital No5 08.03.2023 3.750% 2,000,000 0.87 1,753,443.48 1.15Emirates Nbd Tier 1 30.05.2043 5.750% Call 2,000,000 0.87 1,750,605.44 1.15Access Bank Plc 19.10.2021 10.5% 1,850,000 0.93 1,749,287.37 1.15Yapi Kredi Bankasi As 22.10.2019 5.125% 2,000,000 0.86 1,736,771.38 1.14China ConstructionBank 13.05.2025 3.875% Call STEP 2,000,000 0.87 1,745,850.41 1.14Credito Real Sab De Cv 20.07.2023 7.25% Call 2,000,000 0.84 1,745,873.45 1.14CK Hutchison 05.04.2022 2.875% 2,000,000 0.86 1,726,882.17 1.13Reliance Industries 28.01.2025 4.125% 2,000,000 0.85 1,732,276.13 1.13Investment Corp of Dubai 21.05.2024 4.625% 2,000,000 0.86 1,732,859.02 1.13TMB Bank 01.10.2021 3.108% 2,000,000 0.85 1,721,250.59 1.13Baoxin Auto Finance I Lt (Perp) 8.75% Call Step 2,000,000 0.84 1,695,947.88 1.11Axis Bank/Dubai 08.08.2022 3% 2,000,000 0.84 1,695,367.17 1.11Castle Peak Power Fin Co 25.07.2027 3.25% 2,000,000 0.83 1,685,988.08 1.10GOHL Capital 24.01.2027 4.25% 2,000,000 0.82 1,680,248.46 1.10Kia Motors Corporation 25.04.2023 3.00% 2,000,000 0.83 1,679,375.22 1.10Banistmo SA 19.09.2022 3.65% 2,000,000 0.83 1,671,295.33 1.09Africa Finance Corp 13.04.2024 3.875% 2,000,000 0.83 1,665,737.88 1.09Azure Power Energy 03.11.2022 5.5% Call 2,000,000 0.82 1,652,552.19 1.08Banco General SA 07.08.2027 4.125% Call 2,000,000 0.80 1,627,974.11 1.07Office Cherifien Des Phosphates 25.04.2024 5.625% 1,800,000 0.89 1,623,665.91 1.06Haier Group (Perp) 3.875% Call STEP 2,000,000 0.80 1,615,568.76 1.06African Export-Import Bank 20.06.2024 4.125% 1,950,000 0.82 1,601,783.49 1.05Shinsegae Inc 08.05.2045 2.625% STEP Call 1,800,000 0.86 1,548,305.04 1.01East.& Southern Afric. T&D Bank 14.3.2022 5.375% 1,700,000 0.86 1,491,272.71 0.98Banco De Bogota Sa 03.08.2027 4.375% 1,800,000 0.80 1,470,456.75 0.96


78

Quantity/




Sri Rejeki Isman Tbk 07.06.2021 8.25% Call 1,600,000 0.89 1,429,852.01 0.94Banco Do Brasil (Cayman) 19.04.2023 4.875% 1,600,000 0.86 1,390,526.50 0.91BBVA Bancomer 10.03.2021 6.5% 1,500,000 0.90 1,378,865.55 0.90Agile Property Hldgs Ltd 21.05.2020 9.000% Call 1,500,000 0.90 1,357,657.45 0.89Bharat Petroleum 25.10.2022 4.625% 1,500,000 0.88 1,329,850.01 0.87Road King Overseas 09.08.2019 5% 1,500,000 0.87 1,326,578.82 0.87YPF Sociedad Anonima 23.03.2021 8.5% 1,500,000 0.86 1,323,997.67 0.87Turkiye Garanti Bankasi 17.10.2019 4.75% 1,500,000 0.86 1,304,453.46 0.85Gnl Quintero Sa 31.07.2029 4.634% Sinkable 1,500,000 0.84 1,280,294.89 0.84Braskem 10.01.2028 4.5% 1,550,000 0.81 1,279,945.16 0.84National Bank Of Oman 25.09.2023 5.625% 1,500,000 0.85 1,289,064.96 0.84Bancolombia 18.10.2027 4.875% Call 1,500,000 0.84 1,274,887.35 0.83Hyundai Capital America 29.08.2027 3.625% 1,500,000 0.82 1,239,828.57 0.81Enel Americas SA 25.10.2026 4% Call 1,500,000 0.81 1,229,033.50 0.80Itau Unibanco (perp.) STEP Call 1,500,000 0.82 1,227,002.12 0.80Listrindo Capital Bv 14.09.2026 % 1,500,000 0.78 1,182,417.74 0.77Neerg Energy 13.02.2022 6% Call 1,350,000 0.82 1,135,837.79 0.74Apicorp Arab Petroleum Inv. Corp 01.11.2022 3.141% 1,300,000 0.85 1,106,103.15 0.72AES Argentina 2.2.2024 7.75% Call 1,500,000 0.70 1,096,957.34 0.72Aeropuertos Dominicanos 30.3.2029 6.75% Call Sink 1,250,000 0.84 1,053,073.37 0.69Sabic Capital II BV 10.10.2023 4% 1,200,000 0.87 1,051,387.29 0.69Banque Ouest Africaine Dev. 06.05.2021 5.5% 1,100,000 0.89 984,367.25 0.64Ecopetrol Sa 18.09.2023 5.875% 1,000,000 0.91 925,194.58 0.61Teva Pharmaceuticals Ne 01.10.2046 % 1,500,000 0.58 887,923.23 0.58Ind & Comm Bank of China (Perp) 6% Call STEP 1,000,000 0.88 884,848.69 0.58Ecopetrol 28.05.2045 5.875% 1,000,000 0.82 826,227.09 0.54Tecpetrol S.A. 12.12.2022 4.875% Call 1,000,000 0.80 805,649.43 0.53Turkiye Is Bankasi A.S 25.06.2021 5.000% 1,000,000 0.80 795,997.45 0.52Albanesi 27.7.2023 9.625% Call 1,000,000 0.74 770,893.37 0.50Teva Pharmaceuticals 01.10.2026 3.15% 1,000,000 0.67 673,440.83 0.44Glenmark Pharmaceuticals 02.08.2021 4.5% Call 500,000 0.84 426,553.93 0.28Vale Overseas Limited 11.01.2022 4.375% 433,000 0.89 392,148.56 0.26Petrobras Global Finance 20.05.2023 4.375% 237,000 0.84 199,093.80 0.13Energocenter receivables 15,032,072 0.01 105,770.72 0.07


Fixed Income Investments 3.32Empresa Metro de Santiago 25.1.2047 5% Call 2,000,000 0.85 1,746,546.82 1.14Latam Airlines Group Sa 09.06.2020 7.250% 1,500,000 0.89 1,343,706.34 0.88Rio Energy SA 01.02.2025 6.875% Call 1,500,000 0.64 993,260.58 0.65Genneia Sa 20.1.2022 8.75% Call 1,200,000 0.79 984,793.98 0.64



Currency Forward Contracts 606,378.87 0.402) FX forward USDSELL_310119 50 789 915 267,621.42 0.182) FX forward USDSELL_220119 45 485 778 244,733.11 0.162) FX forward USDSELL_280119 49 752 416 89,342.08 0.062) FX forward SEKBUY_310119_1 -17 056 161.72 0.001) FX forward SEKSELL_310119_3 34 242 -193.88 0.002) FX forward SEKBUY_310119_2 -236 721 5,317.57 0.001) FX forward SEKSELL_310119_2 41 704 -603.15 0.00


CASH AND OTHER ASSETS, NET. 7,090,015.63 4.641) For hedging purposes 2) For purposes of efficiency *) Market value of the underlying assets


79

31 Dec 2016 31 Dec 2017 31 Dec 2018NAV per A/B unit, EUR 97,51 / 110,23 98,53 / 114,87 90,23 / 108,47NAV per IA/IB unit, EUR - / - - / 101,54 - / 96,31Fund Size, EUR 171,288,843.64 215,104,692.01 152,711,176.01Number of yield units (A) 74,578.39Number of yield units (IA) 0.00Number of growth units (B) 1,277,341.02Number of growth units (IB) 75,312.26Number of unitholders 1,487Commission Fees (12 months), % **) 0.00Commissions paid to an associated company of total commissions (12 months), % -Fees paid to the management company for asset management (Year-to-Date), EUR 1,760,209.01Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR - -**) Fund trades net of commissions -

Evli Euro Government Bond 31 December 2018

80

The weakened economic environment in the second half sparked arally in euro area government bonds consistent with the USA. Euroarea government bonds, not including Italy, did well last year andproduced positive returns, which was rare. The ECB concluded itslong-lasting purchase program by the end of 2018 but will keep themarket liquid for a long time. A highly liquid market means euro areacountries' problems do not need to be solved yet and a potential newrecession could be even more bleak for some euro area countries.Italy's yield spread remained fairly wide despite the mediocre budgetdeal. Italy's weak growth prospects may make the situation escalateagain, even this winter. France was unable to make any significanteconomic reforms, which is not a good sign for the euro area, asnow only Germany is in the role of Europe's economic growth driver.Inflation has remained very moderate in developed economies dueto slow wage growth.

Evli Euro Government Bond fund returned 0.15% and the benchmark0.88% in 2018. During the rally in during the second half the fund'srisk level was lower than the index, so we lost the return gained in thefirst half. The underweight in Italy and overweight in Germany weregood choices, as were the removal of the underweights in Ireland andPortugal. The direction of long rates in 2019 largely depends on thedevelopment of growth outlooks, as indicators pointed down at thestart of the year.

FUND FACTS Fund Category Euro-zone long-term fixed income

fund (UCITS)Launch Date 16 December 1994Fund Manager Juhana HeikkiläBloomberg A/B/IB EVLEGBA FH/EVLEGBB FH/EVEGBIB


EVLEUOBLIB.HEISIN A/B/IB FI0008800487/FI0008800495/


0.65% p.a. (A, B)0.30% p.a. (IA, IB)

Morningstar Rating™Morningstar Category™ EUR Government BondBenchmark Citigroup EMU Government Bond

(SBEGEU, SBEGEU=)

TOP 10 HOLDINGS % Italian Government 01.05.2023 4.500% 10.16French Government OAT 25.11.2028 0,75% 9.05French Government 25.05.2030 2.5% 8.61German Government 04.07.2028 4.75% 7.85German Government 04.07.2039 4.25% 7.67Spanish Government 30.04.2025 1.600% 7.67Belgium Kingdom 22.06.2026 1.000% 5.63French Government 25.05.2022 0% 5.46Italian Government 01.12.2028 2.8% 3.64Finnish Government 15.09.2028 0.500% 3.59

COUNTRY BREAKDOWN % France 23.11Italy 16.00Germany 15.52Spain 12.84Belgium 5.63Finland 5.53Austria 3.21Ireland 1.87Portugal 1.87Cash 14.41


-50

0

50

100

150

200

250

300

01/95

01/96

01/97

01/98

01/99

01/00

01/01

01/02

01/03

01/04

01/05

01/06

01/07

01/08

01/09

01/10

01/11

01/12

01/13

01/14

01/15

01/16

01/17

01/18

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month 0.70 0.94 -0.243 Months 1.03 1.46 -0.436 Months 0.01 0.33 -0.321 Year 0.15 0.88 -0.733 Years p.a. 0.85 1.40 -0.555 Years p.a. 2.55 3.71 -1.16Since Launch 224.20 283.33 -59.13Since Launch p.a. 5.01 5.74 -0.73

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 20.14 / 48.35 -NAV per IA/IB unit, EUR 32.66 / 50.22 -Fund Size, EUR million 55.51 -Volatility, % 2.46 2.82Sharpe Ratio 0.20 0.43Tracking Error, % 0.65 -Information Ratio -1.13 -R2 0.96 -Beta 0.85 -Alpha, % -0.55 -TER, % 0.65 -Portfolio Turnover -0.58 -Modified Duration 7.11 -

Evli Euro Government BondInvestments 31 December 2018

81

Quantity/




SECURITIES


Fixed Income Investments 85.59Italian Government 01.05.2023 4.500% 5,000,000 112.00 5,637,093.00 10.16French Government OAT 25.11.2028 0,75% 5,000,000 100.38 5,022,548.63 9.05French Government 25.05.2030 2.5% 4,000,000 117.94 4,777,873.97 8.61German Government 04.07.2028 4.75% 3,000,000 142.96 4,359,133.97 7.85German Government 04.07.2039 4.25% 2,500,000 168.13 4,255,647.26 7.67Spanish Government 30.04.2025 1.600% 4,000,000 105.30 4,254,878.90 7.67Belgium Kingdom 22.06.2026 1.000% 3,000,000 103.73 3,127,590.82 5.63French Government 25.05.2022 0% 3,000,000 100.99 3,029,790.00 5.46Italian Government 01.12.2028 2.8% 2,000,000 100.66 2,017,775.38 3.64Finnish Government 15.09.2028 0.500% 2,000,000 99.55 1,994,152.88 3.59Spanish Government 31.10.2023 4.4% 1,500,000 119.04 1,796,645.14 3.24Italian Government 01.09.2044 4.75% 1,000,000 120.76 1,223,477.07 2.20Finnish Government 15.09.2022 1.625% 1,000,000 107.21 1,076,893.70 1.94Spanish Government 31.10.2046 2.9% 1,000,000 107.10 1,075,886.58 1.94Portuguese Government 17.10.2028 2.125% 1,000,000 103.60 1,040,356.44 1.87Irish Tsy 1% 2026 15.05.2026 1.000% 1,000,000 102.95 1,035,761.37 1.87Austrian Government 15.07.2023 0% 1,000,000 100.73 1,007,320.00 1.81Austrian Government 15.03.2037 4.15% 500,000 151.83 775,683.15 1.40



31 Dec 2016 31 Dec 2017 31 Dec 2018NAV per A/B unit, EUR 21,42 / 48,36 20,74 / 48,28 20,14 / 48,35NAV per IA/IB unit, EUR 34,48 / 49,88 33,50 / 49,97 32,66 / 50,22Fund Size, EUR 135,337,086.16 43,479,803.52 55,506,819.32Number of yield units (A) 77,537.87Number of yield units (IA) 41,567.80Number of growth units (B) 770,518.05Number of growth units (IB) 305,271.91Number of unitholders 164Commission Fees (12 months), % **) 0.00Commissions paid to an associated company of total commissions (12 months), % -Fees paid to the management company for asset management (Year-to-Date), EUR 231,475.01Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR - **) Fund trades net of commissions

Evli Euro Liquidity 31 December 2018

82

Evli Euro Liquidity returned 0.06% in 2018 as the return/risk ratiowas still relatively good. The benchmark (3-month Euribor) returned-0.33% in the same period. Commercial papers made up around one-third of the portfolio almost throughout the year, but we reducedtheir amount during the second half as it was more expensive tohedge the Swedish krona after Sweden's central bank, Riksbank,raised the interest rate. Market turbulence during the second halfdid not produce significant sales at the short end of the yield curve,though brokers eagerly lowered prices, which may have driven awaythe few sellers. Supply of domestic commercial papers remainedscarce and companies actively used certain financing channels thatdo not function entirely on market terms. Cash remained excessive,but the end of the ECB's purchase program is likely to reduce this.Emerging signs of rising short rates disappeared as global economysentiment declined.

This year's biggest question for Evli Euro Liquidity is whether the ECBwill raise the interest rate in the second half before the end of MarioDraghi's term. Sweden's yield curve indicates how rates rise well inadvance in anticipation of the ECB's actions. The normalization of thefinancial markets would be a welcome move, which would graduallyget rid of economies' over-optimistic projects. It would also force thesolving of old problems that the ECB's purchase program has helpedto push aside.

FUND FACTS Fund Category Euro-zone short-term fixed income

fund (UCITS)Launch Date 31 January 1996Fund Manager Juhana HeikkiläBloomberg A/B/IB CARLIKV FH/CARLIKB FH/CARLIIB FHReuters A/B/IB LP60047538/LP65011142/

LP68468792ISIN A/B/IB FI0008804455/FI0008804463/


0.30% p.a. (A, B)0.15% p.a. (IB)

Morningstar Rating™Morningstar Category™ EUR Money Market, DynamicBenchmark 3 month Euribor

TOP 10 HOLDINGS % SSAB 10.04.2019 3.875% 3.28B2 Holding 08.12.2020 FRN 2.99Sanoma 27.11.2019 3.5% 2.96Nokia 15.05.2019 5.375% 2.74Sponda 20.05.2020 2.375% 2.35Stora Enso 07.03.2019 5.500% 2.27Aker ASA 24.07.2019 FRN Call 2.05Tornator 19.12.2019 3.125% 1.90Outokumpu Oyj Conv. 26.02.2020 3.25% SoftCall

1.79

Aker Solutions 09.10.2019 FRN 1.74

COUNTRY BREAKDOWN % Finland 49.86Sweden 31.79Norway 8.72Denmark 1.83Estonia 0.48Iceland 0.34Cash 6.99


-20,0

0,0

20,0

40,0

60,0

80,0

01/97

01/98

01/99

01/00

01/01

01/02

01/03

01/04

01/05

01/06

01/07

01/08

01/09

01/10

01/11

01/12

01/13

01/14

01/15

01/16

01/17

01/18

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month -0.08 -0.03 -0.053 Months -0.10 -0.08 -0.016 Months -0.06 -0.17 0.111 Year 0.06 -0.33 0.403 Years p.a. 0.40 -0.29 0.705 Years p.a. 0.58 -0.12 0.69Since Launch 75.60 62.34 13.25Since Launch p.a. 2.49 2.14 0.35

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 17.99 / 25.09 -NAV per IA/IB unit, EUR - / 100.16 -Fund Size, EUR million 1.762.27 -Volatility, % 0.12 0.00Sharpe Ratio 3.25 0.00Tracking Error, % 0.12 -Information Ratio 3.23 -R2 0.03 -Beta -5.45 -Alpha, % 0.40 -TER, % 0.30 -Portfolio Turnover 0.92 -Modified Duration 0.48 -

Evli Euro LiquidityInvestments 31 December 2018

83

Quantity/




SECURITIES


Fixed Income Investments 64.80SSAB 10.04.2019 3.875% 55,667,000 100.97 57,771,410.87 3.28B2 Holding 08.12.2020 FRN 50,500,000 104.00 52,740,937.50 2.99Sanoma 27.11.2019 3.5% 50,452,000 102.97 52,114,407.22 2.96Nokia 15.05.2019 5.375% 54,625,000 0.88 48,200,125.28 2.74Sponda 20.05.2020 2.375% 40,450,000 100.75 41,345,579.62 2.35Stora Enso 07.03.2019 5.500% 37,949,000 100.85 39,980,591.92 2.27Aker ASA 24.07.2019 FRN Call 362,000,000 0.10 36,122,566.28 2.05Tornator 19.12.2019 3.125% 32,533,000 102.79 33,474,095.02 1.90Outokumpu Oyj Conv. 26.02.2020 3.25% Soft Call 31,300,000 99.54 31,507,081.82 1.79Aker Solutions 09.10.2019 FRN 297,000,000 0.10 30,721,174.89 1.74Sato 10.09.2020 2.25% Call 29,245,000 102.44 30,160,781.13 1.71Intrum Justitia 15.05.2019 FRN 301,000,000 0.10 29,613,913.54 1.68Scania Cv Ab 15.09.2020 0.25% 300,000,000 0.10 29,312,689.17 1.66Teollisuuden Voima 17.03.2020 FRN 291,000,000 0.10 28,732,340.70 1.63Teollisuuden Voima 30.10.2019 5.3% 275,000,000 0.10 28,300,017.22 1.61Neste Oil 18.09.2019 4.000% 27,000,000 102.65 28,023,496.03 1.59Intrum Justitia 06.07.2020 FRN Call 265,000,000 0.10 25,764,224.98 1.46Säästöpankkien Keskuspankki 06.09.2021 0.38% 24,000,000 99.77 23,974,264.11 1.36Saab 12.12.2019 FRN 237,000,000 0.10 23,457,419.42 1.33Akelius Residential 23.09.2020 3.375% 20,754,000 104.68 21,914,856.51 1.24Nokia 04.02.2019 6.75% 20,407,000 100.54 21,762,787.97 1.23Ålandsbanken 13.09.2021 0.5% 21,000,000 99.44 20,913,546.16 1.19YIT 06.07.2019 7.375% 18,339,000 103.54 19,641,849.40 1.11Peab Finans 06.09.2021 FRN 200,000,000 0.10 19,543,128.70 1.11ST1 Nordic 04.06.2019 4.125% 17,100,000 101.56 17,772,421.19 1.01Metsä Board 13.03.2019 4% 17,000,000 100.73 17,669,453.01 1.00HK Scan 21.11.2019 3.625% 14,950,000 101.93 15,297,327.41 0.87Color Group 18.09.2019 FRN 146,000,000 0.10 15,253,180.50 0.87Huhtamäki 14.05.2020 3.375% 14,335,000 104.17 15,239,102.56 0.86Odfjell Se 20.09.2019 FRN 143,000,000 0.10 14,792,707.40 0.84Kojamo Oyj 29.5.2020 3.25% 13,250,000 104.18 14,058,288.12 0.80Ramirent 21.03.2019 4.375% 13,200,000 100.89 13,768,536.66 0.78Nibe Industrier 03.06.2019 FRN 133,000,000 0.10 13,115,846.54 0.74Kemira 27.05.2019 2.5% 11,530,000 100.91 11,806,506.77 0.67Postnord Ab 13.09.2021 FRN 120,000,000 0.10 11,762,781.20 0.67Postnord Ab 12.06.2019 FRN 115,000,000 0.10 11,347,795.76 0.64Intrum Justitia 15.05.2019 3.125% 103,000,000 0.10 10,379,697.67 0.59Cargotec 31.03.2020 3.375% 9,700,000 104.00 10,334,652.40 0.59Volvo Treasury 10.08.2020 FRN 10,000,000 99.76 9,976,662.78 0.57Ellevio 28.02.2020 FRN 100,000,000 0.10 9,862,983.95 0.56Volvo Treasury Ab 19.09.2019 0.3% 100,000,000 0.10 9,842,519.99 0.56Saab Ab 27.03.2020 FRN 100,000,000 0.10 9,838,704.00 0.56Volvo Treasury Ab 17.09.2020 0.245% 100,000,000 0.10 9,782,814.53 0.56Swedish Match AB 06.09.2021 0.75% 100,000,000 0.10 9,724,630.77 0.55Suominen 23.09.2019 4.375% 8,700,000 102.57 9,027,509.58 0.51YIT 11.06.2021 3.15% Call 8,500,000 100.75 8,577,881.25 0.49Luminor Bank Estonia 18.10.2021 1.5% 8,500,000 99.63 8,494,229.32 0.48Swedish Match Ab 15.02.2019 FRN 86,000,000 0.10 8,478,490.20 0.48Energi Danmark A/S 22.06.2020 FRN 58,000,000 0.14 7,867,636.32 0.45Teollisuuden Voima 04.02.2019 4.625% 6,860,000 100.36 7,171,341.57 0.41Elenia Finance 17.12.2020 2.875% 6,632,000 104.84 6,960,036.89 0.39Loomis Ab 18.12.2019 1,25% FRN 70,000,000 0.10 6,933,891.85 0.39


84

Quantity/




Tieto 23.5.2019 2.875% 6,050,000 101.02 6,217,562.62 0.35Landsbankinn Hf 22.6.2020 FRN 62,000,000 0.10 6,110,253.35 0.35Sato 16.04.2019 3.375% 5,500,000 100.93 5,682,592.47 0.32Metso 04.10.2019 2.75% 5,180,000 101.97 5,316,234.71 0.30Norwegian Air Shuttle 21.11.2020 FRN 50,000,000 0.10 4,949,401.65 0.28Ikano Bank 22.01.2020 FRN 50,000,000 0.10 4,926,118.77 0.28Technopolis 28.05.2020 3.75% Call 3,450,000 101.25 3,570,041.10 0.20Nordax Bank Ab 16.03.2019 FRN 34,000,000 0.10 3,355,101.92 0.19SSAB 25.02.2019 FRN 28,700,000 0.10 2,835,884.11 0.16Husqvarna 03.05.2019 FRN 25,000,000 0.10 2,466,331.86 0.14Lassila&Tikanoja 15.09.2019 2.125% 2,000,000 101.31 2,038,698.90 0.12Akelius Residential 27.03.2019 FRN 19,000,000 0.10 1,876,759.24 0.11Orion 11.06.2019 2.75% 1,785,000 101.14 1,832,560.47 0.10SSAB 25.02.2019 4.625% 3,300,000 0.10 339,038.95 0.02Elisa 04.10.2019 2.25% 218,000 101.65 222,786.12 0.01


Fixed Income Investments 28.81Oma Säästöpankki 03.04.2020 FRN 30,000,000 100.53 30,202,890.00 1.71CD Säästöpankkien Keskuspankki 08.05.2019 30,000,000 0.03 29,996,855.42 1.70CP Bergvik Skog 18.03.2019 280,000,000 0.00 27,523,041.11 1.56CP Konecranes 03.01.2019 20,000,000 0.14 19,999,765.84 1.13CP Hexagon 18.02.2019 200,000,000 0.00 19,664,955.16 1.12CP Loomis 15.03.2019 200,000,000 0.00 19,658,803.18 1.12CP Bonnier 28.02.2019 185,000,000 0.00 18,183,396.36 1.03CP Hoist Finance 13.03.2019 15,000,000 0.20 14,993,940.87 0.85CP Arjo AB 08.02.2019 150,000,000 0.00 14,748,093.84 0.84CP Sagax 05.03.2019 150,000,000 0.00 14,745,851.07 0.84CP Outokumpu 04.02.2019 14,000,000 0.81 13,989,024.44 0.79CP Sagax 27.03.2019 12,000,000 0.10 11,997,268.24 0.68CP Tornator 20.03.2019 11,000,000 0.34 10,991,830.61 0.62Oma Säästöpankki 06.05.2019 FRN 10,000,000 100.26 10,037,336.11 0.57CD Oma Säästöpankki 28.06.2019 10,000,000 0.09 9,995,535.19 0.57CP Outokumpu 15.02.2019 10,000,000 0.81 9,989,693.59 0.57CP NEOT 23.04.2019 10,000,000 0.38 9,988,161.11 0.57CP Peab 15.01.2019 100,000,000 0.00 9,834,610.15 0.56CP Danish Agro 09.01.2019 100,000,000 0.00 9,833,968.24 0.56CP Danish Agro 14.03.2019 100,000,000 0.00 9,823,153.28 0.56CP Hexagon 12.04.2019 100,000,000 0.00 9,825,819.20 0.56CP Hexagon 01.04.2019 8,000,000 0.05 7,998,987.95 0.45CP Bonnier 04.01.2019 65,000,000 0.00 6,392,744.58 0.36CP PKC Group 01.02.2019 6,000,000 0.33 5,998,262.66 0.34CP YIT 03.01.2019 5,500,000 0.46 5,499,788.95 0.31CP Teollisuuden voima 13.03.2019 5,000,000 0.04 4,999,579.51 0.28CP Outokumpu 28.02.2019 5,000,000 0.87 4,992,883.13 0.28CP NEOT 29.07.2019 5,000,000 0.40 4,988,342.82 0.28CP Sanoma 23.09.2019 5,000,000 0.51 4,981,334.29 0.28CP Hoist Finance 14.01.2019 5,000,000 0.13 4,999,749.33 0.28CP Teollisuuden voima 20.02.2019 5,000,000 0.01 4,999,913.88 0.28CP Teollisuuden voima 16.01.2019 5,000,000 0.00 5,000,000.68 0.28CD Bonum Pankki 04.03.2019 5,000,000 -0.03 5,000,231.66 0.28CP Intrum Justitia 30.01.2019 50,000,000 0.00 4,916,330.13 0.28CP Hexagon 16.04.2019 50,000,000 0.00 4,912,806.36 0.28CP Arjo AB 08.03.2019 50,000,000 0.00 4,913,561.62 0.28CP Arjo AB 11.03.2019 50,000,000 0.00 4,913,604.65 0.28CP Sagax 28.02.2019 50,000,000 0.00 4,915,478.06 0.28


85

Quantity/




CP Danish Agro 22.01.2019 50,000,000 0.00 4,915,948.05 0.28CP Ahlsell 05.02.2019 50,000,000 0.00 4,916,192.73 0.28CP PKC Group 28.02.2019 4,000,000 0.24 3,998,429.01 0.23CP Fortum 17.05.2019 4,000,000 0.07 3,998,986.39 0.23CP Patria 28.02.2019 4,000,000 0.13 3,999,149.68 0.23CP Ramirent 24.01.2019 4,000,000 0.13 3,999,645.98 0.23CP Cramo 29.03.2019 4,000,000 0.16 3,998,463.42 0.23CP Sagax 31.05.2019 3,500,000 0.12 3,498,273.23 0.20CP Sagax 03.01.2019 3,000,000 0.04 2,999,989.88 0.17CP Sato 11.03.2019 3,000,000 0.08 2,999,532.49 0.17CP Sato 21.03.2019 3,000,000 0.09 2,999,402.58 0.17CP Sagax 03.04.2019 3,000,000 0.09 2,999,288.79 0.17CP Elisa 16.01.2019 2,500,000 0.15 2,499,833.69 0.14CP Ramirent 15.02.2019 2,500,000 0.16 2,499,497.23 0.14CP Fortum 15.07.2019 2,500,000 0.10 2,498,619.53 0.14CP Ramirent 29.04.2019 2,500,000 0.24 2,497,998.75 0.14CP Kunta-asunnot 20.06.2019 2,000,000 1.08 1,989,759.40 0.11CP Vapo Oy 29.04.2019 2,000,000 0.01 1,999,918.27 0.11CP NEOT 29.05.2019 2,000,000 0.48 1,996,066.71 0.11CP Finnlines 07.06.2019 2,000,000 0.30 1,997,341.94 0.11CP Pohjois-Karjalan Kirjapaino 06.03.2019 2,000,000 0.43 1,998,464.94 0.11CP Sato 04.01.2019 2,000,000 0.02 1,999,995.94 0.11CP Ingman Group 28.02.2019 1,500,000 0.47 1,498,846.12 0.09CP SRV 18.02.2019 1,500,000 0.56 1,498,857.00 0.09CP Teknos 25.01.2019 1,500,000 0.25 1,499,736.34 0.09CP Sato 21.02.2019 1,500,000 0.08 1,499,819.96 0.09CP Teollisuuden voima 10.01.2019 1,500,000 0.00 1,500,001.09 0.09CP Ingman Group 07.03.2019 1,500,000 0.49 1,498,663.68 0.09CP Kunta-asunnot 21.08.2019 1,500,000 1.11 1,489,342.64 0.08CP Technopolis 24.01.2019 1,000,000 -0.08 1,000,055.29 0.06CP Teollisuuden voima 14.01.2019 1,000,000 -0.01 1,000,004.31 0.06CP Technopolis 14.01.2019 1,000,000 0.35 999,864.33 0.06CP Rettig 31.01.2019 1,000,000 0.20 999,831.71 0.06CP Wiklöf Holding 16.01.2019 1,000,000 0.44 999,804.62 0.06CP Atria 31.01.2019 1,000,000 0.25 999,788.68 0.06CP Sato 28.03.2019 1,000,000 0.10 999,767.42 0.06CP Wiklöf Holding 05.03.2019 1,000,000 0.46 999,174.95 0.06CP Ingman Group 04.03.2019 1,000,000 0.47 999,172.02 0.06CP Ponsse 21.05.2019 1,000,000 0.28 998,905.44 0.06CP SRV 19.06.2019 1,000,000 0.98 995,380.84 0.06CP SRV 17.07.2019 1,000,000 1.00 994,514.95 0.06CP Kunta-asunnot 02.08.2019 1,000,000 1.10 993,484.71 0.06CP SRV 14.02.2019 500,000 0.85 499,471.51 0.03



Fixed Income Futures Contracts 1) SCHATZ March 2019 -200/ -21 158 402 *) 111.94 0.00 0.00

Currency Forward Contracts -11,510,361.26 -0.651) FX forward SEKSELL_110118 28 428 007 -1,187,501.43 -0.071) FX forward SEKSELL_060218 28 414 096 -1,099,768.30 -0.061) FX forward SEKSELL_310119 13 922 495 -737,701.33 -0.041) FX forward SEKSELL_220119 28 944 531 -772,740.03 -0.041) FX forward SEKSELL_270218 22 092 124 -732,789.51 -0.041) FX forward SEKSELL_040319 9 486 494 -450,273.19 -0.031) FX forward SEKSELL_190219 19 150 499 -526,000.05 -0.031) FX forward SEKSELL_180319 19 221 214 -451,002.75 -0.03


86

Quantity/




1) FX forward SEKSELL_170119_1 19 251 915 -526,473.33 -0.031) FX forward SEKSELL_150419 9 539 099 -292,868.43 -0.021) FX forward SEKSELL_190319 27 224 057 -316,248.23 -0.021) FX forward SEKSELL_060219_1 25 733 372 -336,915.08 -0.021) FX forward SEKSELL_280219 31 831 999 -338,813.54 -0.021) FX forward SEKSELL_150219 9 499 208 -339,015.96 -0.021) FX forward SEKSELL_140119 11 419 479 -388,069.98 -0.021) FX forward SEKSELL_010319_1 9 431 898 -406,482.97 -0.021) FX forward SEKSELL_140118 16 486 513 -437,618.25 -0.021) FX forward SEKSELL_280119 13 018 909 -244,799.41 -0.011) FX forward SEKSELL_170119 9 584 769 -255,223.84 -0.011) FX forward USDSELL_150419 16 613 532 -262,396.38 -0.011) FX forward SEKSELL_110219 14 548 248 -208,775.28 -0.011) FX forward SEKSELL_270219 11 109 372 -204,589.47 -0.011) FX forward SEKSELL_100119 9 635 288 -203,478.12 -0.011) FX forward SEKSELL_180219 11 067 079 -197,638.36 -0.011) FX forward SEKSELL_120319 4 722 421 -196,215.37 -0.011) FX forward SEKSELL_070119 6 223 246 -170,889.52 -0.011) FX forward SEKSELL_090119_3 3 571 290 -167,350.26 -0.011) FX forward SEKSELL_260219 11 246 669 -165,650.69 -0.011) FX forward SEKSELL_220119_1 4 756 514 -163,574.27 -0.011) FX forward SEKSELL_010319 4 757 498 -161,662.23 -0.011) FX forward SEKBUY_090119 -4 782 226 -158,163.11 -0.011) FX forward SEKSELL_191319 9 696 958 -138,887.41 -0.011) FX forward SEKSELL_060319 14 627 871 -128,932.63 -0.011) FX forward SEKBUY_090119_1 -5 026 018 -106,795.10 -0.011) FX forward SEKSELL_110318 4 814 964 -103,673.46 -0.011) FX forward SEKSELL_060219 4 815 754 -103,186.29 -0.011) FX forward SEKSELL_09012019 8 865 488 -97,373.07 -0.011) FX forward SEKSELL_170419 4 816 018 -99,848.96 -0.012) FX forward NOKSELL_130319 30 378 292 579,378.55 0.032) FX forward SEKBUY_090119_5 -25 609 704 462,306.66 0.032) FX forward NOKSELL_250219 14 434 003 229,963.63 0.012) FX forward USDSELL_110319 46 016 273 221,753.70 0.012) FX forward NOKSELL_260219 15 624 234 211,978.91 0.012) FX forward SEKBUY_170119 -9 701 200 138,765.71 0.012) FX forward SEKBUY_090119_3 -7 720 760 130,357.60 0.012) FX forward SEKBUY_090119_7 -5 803 728 99,368.18 0.011) FX forward SEKSELL_090119_6 1 142 846 -37,775.21 0.001) FX forward SEKSELL_310119_4 4 878 653 -40,794.12 0.001) FX forward SEKSELL_140119_3 4 876 322 -43,467.58 0.001) FX forward SEKSELL_090119_7 2 965 911 -44,667.64 0.001) FX forward SEKSELL_270219_1 3 201 737 -44,868.20 0.001) FX forward SEKSELL_140119_1 1 922 249 -45,672.39 0.001) FX forward SEKSELL_040319_1 3 198 942 -47,648.63 0.001) FX forward SEKSELL_140119_2 2 507 310 -50,986.27 0.001) FX forward SEKSELL_310119_1 3 193 135 -53,711.10 0.001) FX forward SEKSELL_050319 8 303 535 -58,746.80 0.001) FX forward SEKSELL_160119 9 771 971 -67,877.49 0.001) FX forward SEKSELL_280119_1 7 032 732 -71,398.66 0.001) FX forward SEKSELL_230119 4 844 665 -75,377.54 0.001) FX forward USDBUY_150419 -16 954 119 -78,541.42 0.001) FX forward SEKSELL_180119 2 673 828 -81,394.84 0.002) FX forward NOKSELL_250219_2 2 771 791 51,873.72 0.002) FX forward SEKBUY_090119_8 -3 992 619 41,159.72 0.002) FX forward NOKSELL_250219_1 1 651 664 39,867.58 0.00


87

Quantity/




2) FX forward SEKBUY_180119 -2 716 333 38,878.99 0.002) FX forward SEKBUY_090119_2 -3 405 614 37,856.29 0.002) FX forward NOKSELL_250218 1 649 441 37,642.59 0.002) FX forward SEKBUY_090119_4 -959 892 23,958.51 0.002) FX forward SEKBUY_090119_6 -976 313 7,535.53 0.002) FX forward SEKSELL_090119 494 408 2,485.06 0.002) FX forward SEKSELL_090119_5 1 871 794 2,484.40 0.001) FX forward DKKSELL_210619 7 572 569 -1,497.06 0.001) FX forward SEKSELL_140119_4 2 456 986 -2,905.70 0.001) FX forward SEKSELL_090119_1 192 777 -3,993.30 0.001) FX forward SEKSELL_090119_4 388 926 -4,613.44 0.001) FX forward SEKSELL_090119_2 481 224 -10,701.36 0.001) FX forward SEKSELL_310119_ 1 950 016 -17,763.50 0.001) FX forward SEKSELL_260219_1 3 031 207 -18,619.06 0.001) FX forward SEKSELL_280219_1 3 913 187 -22,067.13 0.001) FX forward SEKSELL_110119 4 595 427 -28,897.36 0.001) FX forward SEKSELL_110119_1 2 425 145 -34,605.20 0.00

Currency Forward Contracts -17,897.02 0.001) FX spot (Conventional) -18 050 891/ -17 897 *) -17,897.02 0.00

TOTAL VALUE OF DERIVATIVE CONTRACTS -11,528,258.28 -0.65


31 Dec 2016 31 Dec 2017 31 Dec 2018NAV per A/B unit, EUR 18,08 / 25,01 18,02 / 25,08 17,99 / 25,09NAV per IA/IB unit, EUR - / - - / - - / 100,16Fund Size, EUR 1,409,312,208.84 1,554,852,238.03 1,762,272,690.32Number of yield units (A) 503,856.87Number of yield units (IA) 0.00Number of growth units (B) 64,965,948.30Number of growth units (IB) 841,875.28Number of unitholders 2,093Commission Fees (12 months), % **) 0.00Commissions paid to an associated company of total commissions (12 months), % -Fees paid to the management company for asset management (Year-to-Date), EUR 5,312,791.08Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR - **) Fund trades net of commissions

Evli European High Yield 31 December 2018

88

Evli European High Yield returned -4.28% and its benchmark -3.74%in 2018. There was considerable volatility in the corporate bondmarket during 2018 and the fund's annual return ended up in negativeterritory for the first time since 2011. The HY market spread widenedby over 200 points during the year to 500 basis points at the end ofthe year.

During the year we reduced the weight of the lowest-rated CCCbonds in the portfolio and purchased more BB-rated bonds. We alsoreduced the number of bonds of cyclical companies, which includecar manufacturer subcontractors. We purchased higher priority bondsand bonds that better withstand a potential slowing of economicgrowth. At the end of the review period, the fund's return level (YTM)was 6.35% and modified duration 3.0.

Corporate bond spreads have clearly widened and currently offerattractive returns over the long term. We expect the market to calmover the coming months. It is rare for the corporate bond marketreturn to be negative for many years in a row, which also supports themarket.


(UCITS)Launch Date 15 March 2001Fund Manager Mikael LundströmBloomberg A/B/IB EVLEHYA FH/EVLEHYB FH/EVEHYIB


LP68405588ISIN A/B/IB FI0008803911/FI0008803929/

FI4000233259Sales Registration FI/SE/DK/FR/ES/IT (QI)/PT/DESubscription Fee 0%Redemption Fee 0%Management and CustodyFee

0.95% p.a. (A, B)0.50% p.a. (IB)

Morningstar RatingMorningstar Category™ EUR High Yield BondBenchmark ICE BofAML European Currency

Developed Markets High YieldConstrained Index

TOP 10 HOLDINGS % Allfunds LHC TREE 15.8.2024 4.125 PIK Call 2.33Lincoln Finance 15.04.2021 6.875% Call 1.99Intesa Sanpaolo 13.09.2023 6.625% 1.94Intrum Justitia 15.07.2022 2.75% Call 1.87Corral Petroleum Hold. 15.05.2021 11.75% CallPIK

1.73

Storebrand Livsfors.4.4.2043 6.875 STEP call 1.68Nidda Healthcare 30.09.2024 3.5% Call 1.64Schaeffler 15.09.2026 3.75% Call PIK 1.55Telefonica Europe Bv 3.000% Call Perp 1.52Dkt Finance 17.06.2023 7% Call 1.42

SECTOR BREAKDOWN % Financial Services 11.38Banks 11.34Basic Industry 10.11Telecommunications 9.87Retail 6.26Car Industry 5.81Energy 5.61Services 4.96Other 31.58Cash 3.07


-50

0

50

100

150

200

250

01/02

01/03

01/04

01/05

01/06

01/07

01/08

01/09

01/10

01/11

01/12

01/13

01/14

01/15

01/16

01/17

01/18

Fund Benchmark

%




BBB 2,77 %

BB 41,59 %

B 34,85 %

CCC 2,91 %

Not Rated 17,88 %

Evli European High YieldInvestments 31 December 2018

89

Quantity/




SECURITIES


Fixed Income Investments 93.42Allfunds LHC TREE 15.8.2024 4.125 PIK Call 18,000,000 95.25 17,361,922.50 2.33Lincoln Finance 15.04.2021 6.875% Call 14,300,000 102.02 14,793,391.71 1.99Intesa Sanpaolo 13.09.2023 6.625% 12,500,000 113.44 14,427,053.08 1.94Intrum Justitia 15.07.2022 2.75% Call 14,950,000 91.87 13,922,847.79 1.87Corral Petroleum Hold. 15.05.2021 11.75% Call PIK 11,675,000 104.63 12,897,297.91 1.73Storebrand Livsfors.4.4.2043 6.875 STEP call 10,600,000 113.12 12,532,003.92 1.69Nidda Healthcare 30.09.2024 3.5% Call 12,900,000 93.45 12,167,280.00 1.64Telefonica Europe Bv 3.000% Call Perp 12,200,000 92.66 11,331,715.97 1.52Teollisuuden Voima 08.05.2024 2% CALL 10,200,000 99.85 10,316,752.27 1.39KBC Group (perp.) STEP Call 12,000,000 84.86 10,277,874.73 1.38La Finac Atalian 15.05.2024 4.00% Call 12,185,000 81.07 9,939,060.80 1.34Wepa Hygieneprodukte 15.05.2024 3.75% Call 10,250,000 94.62 9,746,494.38 1.31Raiffeisen Bank (perp.) 6.125% STEP Call 10,000,000 96.36 9,663,223.08 1.30Iceland Bondco 15.03.2025 4.625% Call 10,000,000 0.94 9,529,360.61 1.28Volvo Car 24.01.2025 2% Call 9,950,000 93.56 9,528,094.10 1.28Quintiles 15.03.2025 15.03.2025 3.25% Call 9,500,000 98.48 9,445,842.08 1.27Nexi Capital Spa 01.11.2023 4.125% CALL 9,000,000 98.86 8,928,157.50 1.20Hi Bidco As 30.10.2022 FRN Call 85,000,000 0.10 8,765,065.19 1.18Lloyds Bank (perp) 6.375% Call Step 8,870,000 98.49 8,742,612.02 1.18Wizink 01.08.2023 6,5% Call PIK 8,750,000 95.93 8,617,952.78 1.16HP Pelzer Holding 01.04.2024 4.125% Call 9,266,000 91.74 8,595,307.62 1.16Maxeda Diy Holding 15.07.2022 6.125% Call 9,000,000 91.57 8,493,776.25 1.14Hema Bondco I BV 15.07.2022 FRN Call 9,800,000 84.70 8,431,802.94 1.13Paternoster Holding III 15.02.2023 8.5% Call 8,000,000 98.42 8,128,760.00 1.09Tennet Holding (perp) Step Call 8,000,000 97.27 7,921,101.37 1.07Matterhorn Telecom 01.05.2022 3.875% Call 8,000,000 97.33 7,836,885.56 1.05Virgin Media Finance 15.10.2024 6.375% Call 6,650,000 1.12 7,534,222.57 1.01McLaren NMG Finco 01.08.2022 5% Call 7,250,000 1.01 7,509,879.15 1.01Telecom Italia Spa 19.01.2024 3.625% 7,000,000 103.00 7,450,401.10 1.00Volvo 10.03.2078 4.85% Call Step 6,800,000 105.18 7,419,898.25 1.00Pinnacle Bidco Plc 15.02.2025 6.375% Call 6,500,000 1.10 7,345,792.88 0.99Aker BP 2.7.2020 FRN 64,500,000 0.11 7,322,754.35 0.98Solvay Finance (perp) 5.425% Call 6,756,000 106.75 7,261,435.80 0.98Transcom Holding Ab 22.03.2023 6.5% Call 8,000,000 88.50 7,181,111.11 0.97Softbank Group Corp 20.04.2025 4.5% Call 7,000,000 99.84 7,050,120.00 0.95Goodvalley 26.05.2021 FRN Call 7,500,000 92.00 6,932,812.50 0.93Barclays Bank (perpetual) 8% Call STEP 6,490,000 105.70 6,881,693.13 0.93Wind Hellas 1.11.2021 10% Call 6,412,000 105.37 6,861,409.96 0.92RSA Insurance Group (perp) FRN Call 68,000,000 0.10 6,825,345.80 0.92Arqiva Broadc Finance Pl 30.09.2023 6.75% Call 6,000,000 1.11 6,795,833.07 0.91Perstorp Holding Ab 30.09.2021 11% Call 7,000,000 0.92 6,541,609.91 0.88Virgin Media Receivable 15.09.2024 5.5% Call 6,000,000 1.07 6,506,492.50 0.87Smurfit Kappa 1.2.2024 2.375% Call 6,200,000 100.53 6,293,929.14 0.85DOF Subsea ASA 14.03.2022 9.5% 7,700,000 0.77 6,106,084.60 0.82Allied Irish Bank 03.12.2099 Perp Step Call 7.375% 5,785,000 103.86 6,040,888.35 0.81Ax IV EG Holding III 02.12.2020 FRN Call 52,500,000 0.11 6,012,575.19 0.81Ax V Inv1 Hold 29.06.2022 FRN Call 6,100,000 97.25 5,932,250.00 0.80Lsf9 Balta Issuer Sa 15.09.2022 7.750% Call Sink 6,185,160 92.36 5,852,424.17 0.79Catena Media 02.03.2021 FRN Call 6,000,000 95.75 5,770,666.67 0.78DSV Miljo 10.05.2021 FRN 5,900,000 97.00 5,770,380.28 0.78Kvalitena 30.09.2020 FRN Call 59,000,000 0.10 5,737,870.65 0.77B2 Holding 08.12.2020 FRN 5,500,000 104.00 5,744,062.50 0.77


90

Quantity/




Abn Amro Bank (Perp) 4.75% Call STEP 6,500,000 86.91 5,734,635.06 0.77Nova Austral 26.05.2021 8.25% Call 7,200,000 0.79 5,715,567.17 0.77Odfjell Se 13.06.2022 FRN 58,000,000 0.10 5,668,891.44 0.76William Hill Plc 07.09.2023 4.875% 5,000,000 1.10 5,597,187.43 0.75Beerenberg Holdco II AS 24.02.2021 FRN 56,000,000 0.10 5,526,165.36 0.74Drax Finco 01.05.2022 4.25% Call 5,000,000 1.09 5,488,935.29 0.74Metalcorp Group 06.06.2022 7% Call 5,391,000 100.00 5,416,847.26 0.73Laeringsverkstedet AS 01.06.2022 FRN Call 54,000,000 0.10 5,377,463.34 0.72LGE Holdco IV 15.05.2024 Call 5,000,000 104.59 5,274,231.25 0.71Enquest 15.04.2022 7% Call PIK 8,728,725 0.59 5,242,245.38 0.70Loxam SAS 15.04.2025 6% Call 5,000,000 100.33 5,078,750.00 0.68Silgan Holdings 15.3.2025 3.25% Call 5,050,000 99.82 5,088,577.79 0.68ML 33 Holding 27.12.2021 5.5% 50,000,000 0.10 5,076,001.08 0.68Ineos 01.05.2023 4% Call 5,000,000 100.07 5,036,477.78 0.68Ikb Deutsche Industriebank 23.07.2022 4.5% 5,000,000 99.46 5,071,175.00 0.68WFS Global Hldgs 15.08.2023 6.75% Call 5,000,000 96.46 4,954,350.00 0.67Outokumpu 18.06.2024 4.125% Call 5,160,000 95.75 4,947,795.00 0.67Wind Tre SPA 20.01.2023 2.625% Call 5,400,000 90.21 4,934,124.00 0.66Banco Santander (perp.) 6.25% Call STEP 5,000,000 98.07 4,920,611.11 0.66Senvion Holding 25.10.2022 3,875% Call 7,406,000 65.69 4,911,664.34 0.66Scandinavian Airlines 24.11.2022 5.375% Call 49,000,000 0.10 4,893,258.85 0.66SSAB 06.09.2023 2.875% 4,800,000 99.13 4,801,857.53 0.65Unicredit Spa 03.01.2027 4.375% Step Call 4,500,000 99.88 4,689,901.85 0.63Aker Solutions 25.07.2022 FRN 45,000,000 0.10 4,567,524.10 0.61Premier Foods Finance 15.7.2022 FRN 4,000,000 1.10 4,436,593.74 0.60Norlandia Health Care 20.12.2021 FRN Call 49,000,000 0.09 4,486,039.47 0.60Radisson 15.07.2023 6,875% Call 4,000,000 106.39 4,388,636.67 0.59Progroup 31.03.2026 3% Call 4,500,000 95.91 4,349,565.00 0.58Polygon Ab 23.02.2023 4% Call 4,200,000 99.75 4,226,833.33 0.57West Atlantic 21.12.2019 7% Call 46,000,000 0.09 4,260,583.73 0.57Telecom Italia Spa 16.01.2023 3.250% 4,000,000 101.60 4,188,381.37 0.56Kirk Beauty Zero 15.07.2022 6.25% Call 5,500,000 72.93 4,168,427.08 0.56Outokumpu Oyj Conv. 26.02.2020 3.25% Soft Call 4,000,000 99.54 4,026,464.13 0.54Intrum Justitia 15.07.2024 3.125% Call 4,500,000 88.12 4,029,898.13 0.54Sunborn Finance 09.02.2023 FRN Call 4,000,000 98.00 3,948,022.22 0.53Codere Fin Luxembourg Sa 01.11.2021 6.75% Call 4,500,000 86.21 3,929,985.00 0.53Unicredit (perpetual) 6.75% CALL 4,000,000 95.37 3,898,175.91 0.52B2 Holding 23.05.2023 FRN Call 4,100,000 94.00 3,874,556.94 0.52Banco Bilbao Vizcaya 24.05.2022 (Perp) 5.875% Call 4,000,000 94.65 3,809,547.72 0.51Telecom Italia Spa 30.09.2025 3% 3,800,000 97.08 3,717,850.25 0.50Ardagh Packaging Finance 15.05.2024 6.75% Call 3,500,000 104.34 3,681,256.25 0.49Garfunkelux Holdco 01.08.2022 7,5% Call 4,000,000 88.19 3,651,766.67 0.49CBR Fashion Finance 01.10.2022 5.125% Call 4,150,000 81.74 3,444,749.58 0.46Kotkamills Group Oy 13.3.2020 8,25% Sink. 3,206,038 102.00 3,348,773.48 0.45Scan Bidco 27.06.2022 6.8% Call 26,000,000 0.13 3,328,299.19 0.45Virgin Media Finance 15.01.2025 5.125% Call 3,000,000 1.10 3,383,131.18 0.45SRV-Yhtiöt 23.03.2021 6.875% 3,200,000 99.50 3,354,575.34 0.45Bluewater Holding Bv 28.11.2023 10% Call 4,000,000 0.82 3,305,700.13 0.44Verisure Holding 15.05.2023 3.5% Call 3,000,000 98.19 2,958,533.33 0.40Casino Guichard Perracho 25.01.2023 3.311% 3,000,000 93.02 2,918,178.08 0.39Stockmann 11.01.2022 4.75% Call 3,000,000 92.00 2,826,895.83 0.38Hema Bondco II 15.01.2023 8.5% Call 3,600,000 69.75 2,654,470.00 0.36Softbank Group Corp 20.04.2023 4% Call 2,494,000 102.86 2,584,751.12 0.35B&M European Value Ret 01.02.2022 4.125% Call 2,375,000 1.08 2,617,600.44 0.35Gunnebo Industrier 12.5.2020 FRN 23,000,000 0.10 2,288,761.50 0.31


91

Quantity/




B2 Holding 04.10.2021 FRN 2,000,000 103.25 2,099,222.22 0.28Thomas Cook Finance 2 15.07.2023 3.875% Call 3,000,000 67.62 2,081,941.25 0.28Kleopatra Holdings 1 Sca 30.06.2023 8.5% PIK Call 4,000,000 41.42 1,812,553.33 0.24Almaviva The Italian Inn 15.10.2022 7.250% Call 2,000,000 81.70 1,664,208.33 0.22Intertrust Group Bv 15.11.2025 3.375% Call 1,500,000 98.41 1,482,678.75 0.20Takko Lux 2 Sca 15.11.2023 5.375% Call 2,000,000 70.70 1,427,437.50 0.19Cembrit Group 20.3.2021 5.5% FRN Call 1,500,000 88.00 1,322,520.83 0.18Nyrstar Netherlands Hold 15.09.2019 8.500% 2,000,000 42.12 892,063.33 0.12Galapagos Holding Sa 15.06.2022 7% Call 3,000,000 24.00 728,630.00 0.10Cooperativa Muratori & C 01.08.2022 6.875% Call 2,000,000 5.50 166,989.72 0.02


Fixed Income Investments 3.34Schaeffler 15.09.2026 3.75% Call PIK 12,000,000 95.67 11,537,010.00 1.55Dkt Finance 17.06.2023 7% Call 10,000,000 105.38 10,562,977.78 1.42Nortal As 24.5.2022 5% Call 2,700,000 100.00 2,713,500.00 0.36



Fixed Income Futures Contracts 1) BUND March 2019 -50/ -5 136 439 *) 163.54 0.00 0.001) BOBL March 2019 -100/ -10 916 133 *) 132.52 0.00 0.00

Currency Forward Contracts 1,703,049.77 0.231) FX forward SEKSELL_090119_8 29 274 651 -732,782.91 -0.101) FX forward GBPSELL_140319 69 714 435 -459,899.64 -0.061) FX forward NOKBUY_110219 -5 138 317 -98,480.30 -0.011) FX forward SEKSELL_090119_9 2 616 538 -39,854.97 -0.011) FX forward SEKSELH_250219_1 2 119 559 -44,855.69 -0.012) FX forward NOKSELL_110219 50 283 284 1,679,475.03 0.232) FX forward SEKBUYH_250219 -71 714 627 1,130,469.61 0.152) FX forward USDSELL_140319 28 872 195 255,562.63 0.031) FX forward DKKSELL_210319 9 351 153 -2,687.39 0.001) FX forward USDBUY_140319 -963 247 -8,549.13 0.001) FX forward SEKSELH_250219 1 942 192 -25,447.73 0.002) FX forward NOKSELL_110219_1 1 843 186 28,841.05 0.002) FX forward SEKBUY_090119_9 -674 787 13,907.53 0.002) FX forward GBPBUY_140319 -1 545 527 9,213.15 0.002) FX forward NOKSELH_200319 2 252 37.46 0.001) FX forward NOKBUH_200319_1 -1 561 -51.30 0.001) FX forward NOKBUH_200319 -56 497 -1,847.63 0.00




92

31 Dec 2016 31 Dec 2017 31 Dec 2018NAV per A/B unit, EUR 145,99 / 270,69 151,33 / 289,33 140,45 / 276,95NAV per IA/IB unit, EUR - / - - / 106,80 - / 102,69Fund Size, EUR 852,311,843.10 831,781,136.49 743,704,771.45Number of yield units (A) 331,449.68Number of yield units (IA) 0.00Number of growth units (B) 2,056,594.35Number of growth units (IB) 575,783.72Number of unitholders 2,413Commission Fees (12 months), % **) 0.00Commissions paid to an associated company of total commissions (12 months), % -Fees paid to the management company for asset management (Year-to-Date), EUR 7,647,312.83Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR - **) Fund trades net of commissions

Evli European Investment Grade 31 December 2018

93

In 2018 corporate bond market yield spreads widened considerablytowards the end of the year and government bond rates declined.

Evli European Investment Grade returned -2.15% and the benchmark-1.11% in 2018. The reason for this was its shorter duration thanthe benchmark as interest rates declined and its overweight incompanies' and banks' subordinated bonds, which are more sensitiveto changes in risk sentiment.

In 2018 we retained an overweight in Nordic corporate bonds andreduced the weighting of banks' subordinated bonds. The fund'sduration was underweight at roughly a year compared with the index.


(UCITS)Launch Date 8 May 2001Fund Manager Jani KurppaBloomberg A/B/IB EVLEIGA FH/EVLEIGB FH/EVLEIIB FHReuters A/B/IB LP60057930/LP60080983/

LP68425000ISIN A/B/IB FI0008803937/FI0008803945/

FI4000243209Sales Registration FI/SE/ESSubscription Fee 0%Redemption Fee 0%Management and CustodyFee

0.75% p.a. (A, B)0.40% p.a. (IB)

Morningstar Rating™Morningstar Category™ EUR Corporate BondBenchmark ICE BofAML EMU Non-Financial

Corporate Index 80%ICE BofAML EMU Financial CorporateIndex 20%

TOP 10 HOLDINGS % DNA 27.03.2025 1.375% Call 2.92Kojamo Oyj 17.10.2023 1.625% Call 2.77Caruna 24.05.2023 1.5% 2.75Merck 12.12.2074 3.375% Call Step 2.43Sato 24.03.2021 2.375% Call 2.41Mercada Oy 24.10.2022 1.875% 2.30Nykredit Realkredit 03.06.2036 4.000% STEP 2.27Deutsche Telekom 30.01.2024 0.875% 2.17Metsä Board 29.09.2027 2.75% Call 2.15Tele2 Ab 15.05.2024 1.125% Call 2.09

SECTOR BREAKDOWN % Utility 17.89Telecommunications 15.69Banks 14.30Real Estate 13.84Insurance 6.97Basic Industry 6.16Health Care 4.40Capital Goods 3.22Other 14.50Cash 3.04


-20,0

0,0

20,0

40,0

60,0

80,0

100,0

120,0

140,0

01/02

01/03

01/04

01/05

01/06

01/07

01/08

01/09

01/10

01/11

01/12

01/13

01/14

01/15

01/16

01/17

01/18

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month -0.26 0.18 -0.433 Months -1.36 -0.61 -0.756 Months -1.08 -0.65 -0.421 Year -2.15 -1.11 -1.043 Years p.a. 1.98 2.03 -0.055 Years p.a. 2.50 2.75 -0.24Since Launch 102.52 121.99 -19.47Since Launch p.a. 4.08 4.62 -0.54



AA 0,82 %

A 12,26 %

BBB 71,24 %

BB 4,73 %

Not Rated 10,95 %

Evli European Investment GradeInvestments 31 December 2018

94

Quantity/




SECURITIES


Fixed Income Investments 90.69Kojamo Oyj 17.10.2023 1.625% Call 7,000,000 101.10 7,100,303.29 2.76Caruna 24.05.2023 1.5% 6,810,000 102.91 7,069,884.53 2.75Merck 12.12.2074 3.375% Call Step 6,000,000 103.93 6,246,101.10 2.43Sato 24.03.2021 2.375% Call 5,900,000 103.04 6,187,738.96 2.41Nykredit Realkredit 03.06.2036 4.000% STEP 5,500,000 103.64 5,827,268.08 2.27Deutsche Telekom 30.01.2024 0.875% 5,500,000 100.51 5,572,054.52 2.17Metsä Board 29.09.2027 2.75% Call 5,500,000 99.86 5,530,617.67 2.15Tele2 Ab 15.05.2024 1.125% Call 5,400,000 99.16 5,362,350.16 2.09Vonovia (perp) 4% Call Step 5,000,000 102.86 5,150,671.23 2.00Kemira 30.05.2024 1.75% Call 5,000,000 100.43 5,072,991.10 1.97ZF NA Capital 27.04.2023 2.75% 4,800,000 103.45 5,055,431.67 1.97Cte Co Transp Elec 29.09.2024 0.875% 5,000,000 99.19 4,970,697.26 1.93UBS 12.02.2026 4.75% Call STEP 4,500,000 105.79 4,949,317.50 1.93Orange (perpetual) 5.25% Call STEP 4,250,000 108.42 4,807,660.55 1.87Storebrand Livsfors.4.4.2043 6.875 STEP call 4,000,000 113.12 4,729,058.08 1.84Municipality Finance (perp.) 4.50% Call 4,250,000 106.44 4,667,353.49 1.82Vattenfall 19.03.2077 3.00% Call Step 4,800,000 94.34 4,641,643.40 1.81Statkraft AS 20.03.2025 1.125% Call 4,500,000 101.34 4,599,742.81 1.79Kommunal Landspensjonska 10.06.2045 4.25%STEP Call 4,360,000 102.97 4,593,056.93 1.79Allianz Finance II 08.07.2041 5.750% Call STEP 4,000,000 110.79 4,542,584.11 1.77Gas Natural Fenosa Finance 29.01.2028 1.5% Call 4,500,000 97.67 4,457,106.99 1.73ING Bank 11.04.2028 3% Call Step 4,000,000 103.64 4,232,434.52 1.65Danone 30.05.2024 1.25% Call 4,000,000 102.34 4,123,132.05 1.60Deutsche Bank Ag 20.1.2022 1.5% 4,000,000 98.10 3,980,672.33 1.55Tennet Holding (perp) Step Call 4,000,000 97.27 3,960,550.68 1.54Neste Oyj 07.06.2024 1.5% Call 3,800,000 101.20 3,877,926.03 1.51Dsv 20.09.2024 1.75% Call 3,700,000 100.35 3,730,896.52 1.45Zuercher Kbk 15.6.2027 2,625% Call Step 3,382,000 100.98 3,463,410.30 1.35Cargotec 28.3.2022 1.75% Call 3,200,000 101.73 3,297,884.05 1.28Credit Suisse 18.09.2025 5.750% Call Step 3,000,000 106.89 3,255,790.68 1.27Teollisuuden Voima 13.01.2023 2.625% 3,000,000 104.17 3,200,895.21 1.25Solvay SA 02.12.2022 1.625% Call 3,000,000 103.94 3,122,073.29 1.21Telia Company Ab 04.04.2078 3% Step Call 3,070,000 97.62 3,065,345.80 1.19Citycon 01.10.2024 2.5% Call 3,000,000 99.89 3,015,248.63 1.17Mölnlycke Holding 28.02.2025 1.875% 3,000,000 98.78 3,010,557.53 1.17Orsted A/S 26.11.2029 STEP Call 3,200,000 93.53 3,000,194.63 1.17SAP 10.12.2024 0,75% Call 3,000,000 100.06 3,003,124.52 1.17Elisa 17.03.2024 0.875% Call 3,000,000 99.05 2,992,254.25 1.16Telia Company Ab 14.02.2024 3.625% 2,500,000 113.44 2,915,552.05 1.13Tieto 12.09.2024 1.375% Call 2,800,000 99.91 2,809,110.74 1.09Cargotec 28.3.2024 2.375% Call 2,500,000 103.06 2,621,672.60 1.02Citycon 16.09.2022 2.375% Call 2,500,000 102.77 2,586,493.15 1.01DNB Bank 01.03.2027 1.25% Call Step 2,500,000 99.77 2,520,288.01 0.98Elia System Op (perp) STEP Call 2,500,000 97.74 2,465,587.67 0.96Nordea Bank (Perp) 3.5 % Call Step 2,700,000 88.33 2,461,000.81 0.96Huhtamäki 04.10.2024 1.625% Call 2,325,000 99.91 2,331,923.40 0.91Esb Finance Limited 12.01.2024 3.494% 2,000,000 113.09 2,329,422.58 0.91Statnett 26.04.2030 1.25% Call 2,300,000 98.48 2,284,676.01 0.89Rci Banque 10.11.2021 0.625% Call 2,250,000 98.97 2,228,879.90 0.87Fastighets AB Balder 23.01.2026 1.875% Call 2,300,000 93.77 2,197,209.53 0.86Euroclear Investments 11.04.2048 2.625% STEP Call 2,200,000 97.24 2,180,983.86 0.85BNP Paribas 20.03.2026 2.875% STEP Call 2,000,000 103.15 2,108,034.79 0.82

Evli European Investment GradeInvestments 31 December 2018

95

Quantity/




ISS Global 02.12.2024 2.125% Call 2,000,000 105.12 2,105,796.71 0.82Stora Enso 16.06.2023 2.125% Call 2,000,000 102.37 2,070,354.79 0.81Sanofi 05.04.2024 0.625% Call 2,000,000 100.69 2,023,026.58 0.79Sampo 18.09.2023 1% 2,000,000 100.47 2,014,998.63 0.78Orange 12.05.2025 1% Call 2,000,000 99.74 2,007,487.12 0.78Allianz Se 07.07.2045 2.241% Call STEP 2,000,000 98.27 1,987,194.63 0.77Jyske Bank 05.04.2029 2.25% Step Call 2,000,000 96.03 1,953,947.67 0.76Vonovia Finance 06.12.2024 1.25% 2,000,000 97.28 1,947,292.33 0.76Koninklijke KPN 09.04.2025 0.625% Call 2,000,000 95.99 1,928,889.59 0.75Rabobank Nederland (perp) 4.625% Call STEP 2,000,000 95.83 1,917,008.24 0.75Danone (Perp) 1.75% Call Step 2,000,000 93.73 1,892,935.07 0.74Vodafone Group 03.01.2079 3.1% Step Call 2,000,000 93.48 1,884,677.81 0.73Teollisuuden Voima 17.03.2021 2.500% 1,515,000 103.49 1,597,816.75 0.62Coca-Cola 08.03.2024 0.500% 1,500,000 99.38 1,496,778.29 0.58Citycon 15.01.2027 2.375% Call 1,500,000 92.70 1,402,039.73 0.55Lassila & Tikanoja 17.09.2023 1.25% Call 1,300,000 100.07 1,305,623.66 0.51


Fixed Income Investments 6.07DNA 27.03.2025 1.375% Call 7,400,000 100.20 7,492,872.03 2.92Mercada Oy 24.10.2022 1.875% 5,900,000 99.75 5,905,859.59 2.30DNA 12.03.2021 2.875% 2,046,000 105.06 2,196,826.08 0.85



Fixed Income Futures Contracts 1) BOBL March 2019 -120/ -13 099 360 *) 132.52 0.00 0.00

Currency Forward Contracts 209,015.04 0.082) FX forward SEKBUY_270219 -14 351 524 209,015.04 0.08


CASH AND OTHER ASSETS, NET. 8,120,197.28 3.161) For hedging purposes 2) For purposes of efficiency *) Market value of the underlying assets

31 Dec 2016 31 Dec 2017 31 Dec 2018NAV per A/B unit, EUR 107,39 / 199,07 108,23 / 206,96 102,72 / 202,52NAV per IA/IB unit, EUR - / - - / 102,36 - / 100,55Fund Size, EUR 280,044,748.41 294,120,514.98 256,967,497.17Number of yield units (A) 172,177.26Number of yield units (IA) 0.00Number of growth units (B) 1,107,685.13Number of growth units (IB) 10.00Number of unitholders 219Commission Fees (12 months), % **) 0.00Commissions paid to an associated company of total commissions (12 months), % -Fees paid to the management company for asset management (Year-to-Date), EUR 2,133,711.01Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR - **) Fund trades net of commissions

Evli Nordic Corporate Bond 31 December 2018

96

In 2018 corporate bond market yield spreads widened considerablytowards the end of the year and government bond rates declined.However, the Nordic corporate bond market was one of the steadiestfixed income markets last year.

Though Evli Nordic Corporate Bond fund's annual return wasnegative, it outperformed its benchmark: the fund returned -0.29%and the benchmark -0.41% in 2018. In the fund's portfolio, unratedNordic bonds offered good returns. The most negative developmentwas in financial sector bonds, which are the most sensitive to changesin risk sentiment.

In 2018 we increased the weight of Swedish bonds in newissues through company selection. We also increased the share ofcompanies corresponding to BBB credit rating. The fund's durationremained stable, at around 2.5 years. The fund seeks steady returnswith a moderate risk.

FUND FACTS Fund Category Nordic corporate bond fund (UCITS)Launch Date 16 April 2007, current investment

strategy since 31 August 2017Fund Manager Jani KurppaBloomberg A/B/IB EVLALBA FH/EVLALBB FH/EVLALIB FHReuters A/B/IB LP65067690/LP65067691/

LP65067693ISIN A/B/IB FI0008811989/FI0008811997/

FI0008812011Sales Registration FI/DK/FR/ES/IT/DESubscription Fee 0%Redemption Fee 0%Management and CustodyFee

0.75% p.a. (A, B)0.40% p.a. (IA, IB)

Morningstar RatingMorningstar Category EUR Flexible BondBenchmark ICE BofAML 1-5 Year Euro Corporate

Index

TOP 10 HOLDINGS % Aker BP 2.7.2020 FRN 2.88Mercada Oy 24.10.2022 1.875% 2.82Konecranes 09.06.2022 1.75% 2.56Neste Oyj 07.06.2024 1.5% Call 2.25Dsv 20.09.2024 1.75% Call 2.12Ellevio Ab 12.02.2025 2.875% 1.75Volvo Car 07.03.2022 FRN 1.73Vestas Wind Systems 11.03.2022 2.75% Call 1.70Vattenfall 19.03.2077 3.125% Call Step 1.70Aker ASA 31.01.2023 FRN Call 1.65

ASSET ALLOCATION BY CREDIT RATING Money Market 28.93Government Bonds 0.57Investment Grade 39.02High Yield 27.36Other -0.17Cash 4.29


-10,0

0,0

10,0

20,0

30,0

40,0

50,0

07/07

01/08

07/08

01/09

07/09

01/10

07/10

01/11

07/11

01/12

07/12

01/13

07/13

01/14

07/14

01/15

07/15

01/16

07/16

01/17

07/17

01/18

07/18

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month -0.49 0.08 -0.573 Months -1.08 -0.39 -0.696 Months -0.77 -0.32 -0.451 Year -0.29 -0.41 0.133 Years p.a. 2.31 -0.26 2.575 Years p.a. 2.24 -0.10 2.33Since Launch 38.53 13.37 25.15Since Launch p.a. 2.82 1.08 1.74

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 90.10 / 138.53 -NAV per IA/IB unit, EUR 103.97 / 144.41 -Fund Size, EUR million 571.59 -Volatility, % 0.62 0.70Sharpe Ratio 0.08 -0.12Tracking Error, % 0.56 -Information Ratio 0.23 -R2 0.42 -Beta 0.58 -Alpha, % 0.09 -TER, % 0.75 -Portfolio Turnover 0.07 -Modified Duration 2.50 -

Evli Nordic Corporate BondInvestments 31 December 2018

97

Quantity/




SECURITIES


Fixed Income Investments 87.38Aker BP 2.7.2020 FRN 145,000,000 0.11 16,462,005.91 2.88Konecranes 09.06.2022 1.75% 14,250,000 101.80 14,645,989.93 2.56Neste Oyj 07.06.2024 1.5% Call 12,600,000 101.20 12,858,386.30 2.25Dsv 20.09.2024 1.75% Call 12,015,000 100.35 12,115,330.19 2.12Ellevio Ab 12.02.2025 2.875% 99,000,000 0.10 10,005,370.45 1.75Volvo Car 07.03.2022 FRN 99,000,000 0.10 9,870,837.13 1.73Vestas Wind Systems 11.03.2022 2.75% Call 9,109,000 104.73 9,742,039.31 1.70Vattenfall 19.03.2077 3.125% Call Step 94,500,000 0.10 9,690,424.85 1.70Aker ASA 31.01.2023 FRN Call 94,000,000 0.10 9,432,034.63 1.65Tieto 12.09.2024 1.375% Call 8,600,000 99.91 8,627,982.99 1.51Metsä Board 29.09.2027 2.75% Call 8,210,000 99.86 8,255,703.83 1.44Cargotec 28.3.2022 1.75% Call 7,600,000 101.73 7,832,474.63 1.37Kemira 30.05.2024 1.75% Call 7,600,000 100.43 7,710,946.47 1.35Finnair 29.03.2022 2.25% 7,395,000 102.00 7,669,172.16 1.34Telia 04.10.2077 FRN Call 77,000,000 0.10 7,633,323.85 1.34Huhtamäki 04.10.2024 1.625% Call 7,605,000 99.91 7,627,646.23 1.33Tele2 Ab 24.02.2023 2% 70,000,000 0.10 7,161,484.53 1.25Sato 24.03.2021 2.375% Call 6,544,000 103.04 6,863,146.40 1.20Intrum Justitia 15.07.2022 2.75% Call 7,100,000 91.87 6,612,188.58 1.16Fortum Värme 24.02.2025 FRN 68,000,000 0.10 6,609,621.44 1.16Nokia 15.03.2024 2% Call 6,250,000 101.23 6,426,282.53 1.12Sponda 20.05.2020 2.375% 6,265,000 100.75 6,403,709.67 1.12Nibe Industrier 04.09.2023 FRN 64,000,000 0.10 6,208,679.12 1.09Finnair (perp) 7.875% Call 5,500,000 107.88 6,026,869.86 1.05Caverion (perpetual) 4.625% Call Step 5,780,000 99.50 5,896,114.66 1.03University Properties of Finland 02.11.2023 1.875% 5,800,000 99.96 5,815,316.77 1.02Pohjolan Voima 08.06.2023 1.75% Call 5,800,000 99.81 5,846,496.93 1.02Stora Enso 16.06.2023 2.125% Call 5,615,000 102.37 5,812,521.09 1.02BillerudKorsnäs 20.03.2023 FRN 58,000,000 0.10 5,655,608.12 0.99Marine Harvest 12.06.2023 FRN Call 5,600,000 100.50 5,634,354.44 0.99Cargotec 28.3.2024 2.375% Call 5,325,000 103.06 5,584,162.64 0.98Ahlsell Ab 01.06.2022 FRN 56,000,000 0.10 5,431,928.73 0.95Elisa 22.01.2021 2.750% 5,000,000 104.71 5,364,812.33 0.94Lassila & Tikanoja 17.09.2023 1.25% Call 5,000,000 100.07 5,021,629.45 0.88SSAB 06.09.2023 2.875% 4,900,000 99.13 4,901,896.23 0.86Stora Enso 21.03.2028 2.5% Call 4,700,000 96.15 4,610,702.58 0.81Outotec 16.09.2020 3.75% 4,400,000 103.00 4,579,917.81 0.80YIT 11.06.2023 4.25% Call 4,457,000 101.50 4,533,852.30 0.79Cramo 28.02.2022 2.375% 4,225,000 103.49 4,456,703.05 0.78Ahlstrom Munksjö 09.06.2022 1.875% Call 4,250,000 101.03 4,338,530.99 0.76Outokumpu 18.06.2024 4.125% Call 4,500,000 95.75 4,314,937.50 0.75Fjord 1 Asa 22.11.2022 FRN 41,500,000 0.10 4,284,257.84 0.75Tele2 Ab 15.05.2024 1.125% Call 4,300,000 99.16 4,270,019.58 0.75Teollisuuden Voima 08.05.2024 2% CALL 4,053,000 99.85 4,099,391.86 0.72Arla Foods Finance 03.07.2023 FRN 42,000,000 0.10 4,091,886.92 0.72Ericsson 1.3.2024 1.875% 4,000,000 99.09 4,026,311.23 0.70Postnord Ab 13.09.2023 FRN 40,000,000 0.10 3,906,174.52 0.68Ax V Inv1 Hold 29.06.2022 FRN Call 3,800,000 97.25 3,695,500.00 0.65Stena Metall 27.11.2020 FRN 35,000,000 0.10 3,557,734.39 0.62Austevoll Seafood ASA 21.06.2023 FRN 34,500,000 0.10 3,486,283.97 0.61Getinge Ab 21.05.2021 FRN 34,000,000 0.10 3,274,401.11 0.57Arla Foods 03.07.2023 1,507% 33,000,000 0.10 3,252,528.86 0.57


98

Quantity/




Municipality Finance (perp.) 4.50% Call 2,950,000 106.44 3,239,692.42 0.57Storebrand Livsf. 27.03.2048 FRN Call 34,000,000 0.10 3,244,087.83 0.57Arla Foods 31.05.2021 1.875% 31,100,000 0.10 3,154,790.53 0.55Bilia Ab 11.10.2023 FRN 32,000,000 0.10 3,130,228.50 0.55Teollisuuden Voima 13.01.2023 2.625% 2,900,000 104.17 3,094,198.70 0.54Scandinavian Airlines 24.11.2022 5.375% Call 31,000,000 0.10 3,095,735.19 0.54Molnlycke Holding Ab 28.02.2022 1.500% 3,000,000 101.70 3,088,666.03 0.54Polygon Ab 23.02.2023 4% Call 3,000,000 99.75 3,019,166.67 0.53Citycon 01.10.2024 2.5% Call 3,000,000 99.89 3,015,248.63 0.53Laeringsverkstedet AS 01.06.2022 FRN Call 30,000,000 0.10 2,987,479.63 0.52Hexagon Ab 04.04.2023 FRN 30,000,000 0.10 2,922,983.07 0.51Kojamo Oyj 17.10.2023 1.625% Call 2,880,000 101.10 2,921,267.64 0.51Landsbankinn 30.05.2023 1% 3,000,000 96.37 2,908,861.23 0.51Kommunal Landspensjonska 10.06.2045 4.25%STEP Call 2,700,000 102.97 2,844,324.25 0.50Elkem Asa 06.12.2021 FRN 28,000,000 0.10 2,831,630.72 0.50Hexagon Ab 10.03.2022 FRN 28,000,000 0.10 2,782,036.71 0.49Nykredit Realkredit 26.10.2020 (perp.) STEP Call 2,600,000 103.77 2,727,432.29 0.48Suominen 03.10.2022 2.500% 2,850,000 94.25 2,703,498.29 0.47Tele2 Ab 24.02.2023 FRN 27,000,000 0.10 2,702,923.76 0.47Volvo Car 07.03.2022 2.5% 25,000,000 0.10 2,537,356.88 0.44Smakraft As 02.11.2023 1.585% FRN Call 2,500,000 98.10 2,458,821.94 0.43Heimstaden Bostad 07.12.2021 1.75% 2,400,000 99.70 2,395,513.64 0.42Aak Ab 10.12.2021 FRN 24,000,000 0.10 2,354,562.78 0.41Svenska Cellulosa SCA 24.05.2021 0.375% 24,000,000 0.10 2,351,508.22 0.41Neste Oil 17.03.2022 2.125% Call 2,200,000 103.98 2,324,575.75 0.41BillerudKorsnäs 21.02.2022 1.625% 22,000,000 0.10 2,222,749.41 0.39Sagax 15.02.2022 FRN Call 22,000,000 0.10 2,200,689.83 0.39Cibus Nor Re 26.05.2021 Call FRN 2,100,000 101.25 2,134,792.33 0.37Ellevio 28.02.2024 FRN 21,000,000 0.10 2,097,347.07 0.37HKScan 21.09.2022 2.625% Call 2,410,000 84.00 2,041,905.51 0.36Ericsson 1.3.2021 0.875% 2,000,000 99.96 2,013,863.29 0.35Sydbank 5.25% Perp call Step 2,000,000 98.00 1,995,725.76 0.35Husqvarna 01.03.2024 FRN 20,000,000 0.10 1,977,083.20 0.35Kojamo Oyj 07.03.2025 1.625% Call 2,000,000 96.24 1,951,403.29 0.34SSAB 05.04.2022 FRN 19,000,000 0.10 1,963,877.36 0.34Nordea Bank 26.09.2028 FRN Call 20,000,000 0.10 1,939,872.70 0.34Kongsberg Act Sys 15.07.2025 5% Call 2,000,000 93.71 1,917,731.11 0.34Castellum 17.05.2023 1.65% 20,000,000 0.10 1,935,771.38 0.34Dometic Group Ab 13.09.2023 3% Call 2,000,000 94.25 1,902,917.81 0.33Yara International 13.12.2022 FRN 19,000,000 0.10 1,901,340.35 0.33Stockmann 11.01.2022 4.75% Call 2,000,000 92.00 1,884,597.22 0.33B2 Holding 23.05.2023 FRN Call 2,000,000 94.00 1,890,027.78 0.33Color Group 23.11.2023 FRN 19,000,000 0.10 1,869,538.76 0.33B2 Holding 14.11.2022 FRN Call 2,000,000 92.00 1,851,097.22 0.32Nordea Bank (Perp) 3.5 % Call Step 2,000,000 88.33 1,822,963.56 0.32Castellum 20.11.2023 2.125% Call 1,800,000 100.16 1,807,158.58 0.32IA Hedin 05.10.2022 FRN Call 18,000,000 0.10 1,747,391.81 0.31Orsted A/S 26.11.2029 STEP Call 1,790,000 93.53 1,678,233.87 0.29Kojamo Oyj 19.06.2024 1.5% Call 1,700,000 97.84 1,676,971.29 0.29Volvo Car 24.01.2025 2% Call 1,700,000 93.56 1,627,915.58 0.28Aker Solutions 25.07.2022 FRN 16,000,000 0.10 1,624,008.57 0.28Ramirent 21.03.2019 4.375% 1,500,000 100.89 1,564,606.44 0.27DSV 18.03.2022 3.5% 10,500,000 0.14 1,561,264.38 0.27Hexagon Ab 10.03.2022 1,5% 15,000,000 0.10 1,508,378.72 0.26Sampo Oyj 23.05.2022 0.875% 15,000,000 0.10 1,478,948.83 0.26


99

Quantity/




Epiroc Ab 06.12.2023 1,553% 15,000,000 0.10 1,472,857.55 0.26Sanoma 27.11.2019 3.5% 1,400,000 102.97 1,446,130.38 0.25Citycon 15.01.2027 2.375% Call 1,500,000 92.70 1,402,039.73 0.25Peab Finans 06.09.2021 FRN 14,000,000 0.10 1,368,019.01 0.24Bewi Group Ab 19.04.2022 FRN 1,300,000 101.00 1,320,365.37 0.23Storebrand Livsfors.4.4.2043 6.875 STEP call 1,000,000 113.12 1,182,264.52 0.21Electrolux Ab 29.03.2023 FRN 12,000,000 0.10 1,171,969.98 0.21Kemira 13.05.2022 2.25% Call 1,070,000 103.76 1,125,480.97 0.20Husqvarna AB 14.02.2023 1.375% 11,000,000 0.10 1,096,673.97 0.19Energi Danmark A/S 22.06.2020 FRN 8,000,000 0.14 1,085,191.22 0.19Nykredit Realkredit 03.06.2036 4.000% STEP 1,000,000 103.64 1,059,503.29 0.19Tornator 19.12.2019 3.125% 1,000,000 102.79 1,028,927.40 0.18Sagax 09.09.2020 FRN Call 1,000,000 102.40 1,040,333.33 0.18Bewi Group Ab 08.06.2020 FRN Call 10,000,000 0.10 1,000,437.75 0.18Opus Group Ab 31.05.2022 FRN Call 10,000,000 0.10 998,638.90 0.17Nibe Industrier 11.04.2022 FRN 10,000,000 0.10 994,421.75 0.17Fortum Värme 24.02.2025 1.75% 10,000,000 0.10 993,377.27 0.17Castellum 01.09.2022 FRN 10,000,000 0.10 988,655.25 0.17Sunborn Finance 09.02.2023 FRN Call 1,000,000 98.00 987,005.56 0.17Verisure Holding 15.05.2023 3.5% Call 1,000,000 98.19 986,177.78 0.17Yara International 13.12.2024 2.45% 10,000,000 0.10 975,509.19 0.17TVO 04.02.2025 2.125% 900,000 99.55 913,214.10 0.16Citycon 16.09.2022 2.375% Call 700,000 102.77 724,218.08 0.13Volvofinans 11.04.2028 FRN Call 8,000,000 0.10 764,596.40 0.13Topdanmark A/S (perp.) FRN 5,000,000 0.13 656,353.21 0.11YIT 06.07.2019 7.375% 600,000 103.54 642,625.53 0.11Capman 16.04.2023 4.125% Call 600,000 100.38 607,417.58 0.11ST1 Nordic 04.06.2019 4.125% 500,000 101.56 519,661.44 0.09Nassa Topco 6.4.2024 2.875% Call 500,000 103.43 523,743.54 0.09Austevoll Seafood ASA 04.05.2021 FRN 5,000,000 0.10 517,961.13 0.09Fastighets AB Balder 14.03.2022 1.125% Call 500,000 98.87 498,825.00 0.09Ax Del One Oy 19.04.2021 FRN Call 500,000 99.13 500,694.44 0.09


Fixed Income Investments 8.46Mercada Oy 24.10.2022 1.875% 16,100,000 99.75 16,115,989.73 2.82Dkt Finance 17.06.2023 7% Call 7,500,000 105.38 7,922,233.33 1.39Rettig Group 25.04.2022 2.375% Call 6,690,000 102.63 6,974,439.55 1.22LocalTapiola 23.11.2043 3.5% Step Call 5,000,000 97.55 4,895,569.18 0.86Rettig Group 30.04.2023 2% Call 4,635,000 100.49 4,719,888.44 0.83Stena Metall 01.06.2023 FRN 42,000,000 0.10 4,083,185.57 0.71DNA 27.03.2025 1.375% Call 1,900,000 100.20 1,923,845.52 0.34DNA 12.03.2021 2.875% 882,000 105.06 947,018.87 0.17Ica Gruppen Ab 15.01.2021 0.465% 8,000,000 0.10 785,650.64 0.14



Fixed Income Futures Contracts 1) BOBL March 2019 -170/ -18 557 426 *) 132.52 0.00 0.00

Currency Forward Contracts -958,517.21 -0.171) FX forward SEKSELL_180319_1 153 475 690 -1,933,449.74 -0.342) FX forward NOKSELL_280319 50 667 523 813,057.53 0.142) FX forward SEKBUY_140319 -9 437 443 104,173.48 0.022) FX forward NOKSELL_280318_2 2 516 646 51,601.57 0.012) FX forward DKKSELL_140219 3 382 768 6,099.95 0.00

TOTAL VALUE OF DERIVATIVE CONTRACTS -958,517.21 -0.17

CASH AND OTHER ASSETS, NET. 24,725,749.64 4.331) For hedging purposes


100

Quantity/




*) Market value of the underlying assets 2) For purposes of efficiency

31 Dec 2016 31 Dec 2017 31 Dec 2018NAV per A/B unit, EUR 92,55 / 133,88 93,16 / 138,92 90,10 / 138,53NAV per IA/IB unit, EUR 99,81 / 138,63 103,91 / 144,32 103,97 / 144,41Fund Size, EUR 32,581,117.87 107,342,341.70 571,590,735.08Number of yield units (A) 391,758.69Number of yield units (IA) 30,835.98Number of growth units (B) 1,930,370.08Number of growth units (IB) 1,773,688.18Number of unitholders 1,855Commission Fees (12 months), % **) 0.00Commissions paid to an associated company of total commissions (12 months), % -Fees paid to the management company for asset management (Year-to-Date), EUR 2,123,570.05Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR - **) Fund trades net of commissions

Evli Short Corporate Bond 31 December 2018

101

2018 was exceptionally difficult in the financial markets. During thefirst half the corporate bond market managed to hold its own againstthe volatility of the equity markets, but spreads widened considerablyduring the second half as investor sentiment declined considerablywith the increase in trade policy tensions, the realization of politicalrisks and weakening of economic growth.

The fund returned -1.23% and the benchmark -0.33% in 2018. Lastyear was the first negative calendar year in the fund's return history.The weakness was broad-based but HY corporate bonds, in particular,were under pressure during the second half. Unrated Nordic bondsheld their own in the otherwise volatile markets. The leisure, utilitiesand transport sectors produced the best returns. Consumer goods,retail and materials produced the weakest returns.

The main change in the sector-specific allocation was the gradualreduction of the weight in banks from about 22% at the start of the yearto 18% at the end. At this weighting the bank sector was the secondlargest right after real estate. Otherwise no major changes were madeto sector or country allocations. However, it is worth mentioning thatwe make company and bond selections instead of sector allocations.

At the end of the year, the fund's average return was 1.93% and themodified duration 2.25.

FUND FACTS Fund Category Short-maturity corporate bond fund

(UCITS)Launch Date 17 May 2004Fund Manager Juhamatti PukkaBloomberg A/B/IB EVLEBFA FH/EVLEBFB FH/EVLEIBE FHReuters A/B/IB LP60080972/LP60047901/

LP68405589ISIN A/B/IB FI0008800503/FI0008800511/

FI4000233242Sales Registration FI/SE/DK/FR/ES/IT (QI)/PT/DESubscription Fee 0%Redemption Fee 0%Management and CustodyFee

0.55% p.a. (A, B)0.35% (IB)

Morningstar Rating™Morningstar Category™ EUR Corporate Bond - Short TermBenchmark 3 month Euribor

TOP 10 HOLDINGS % Vestas Wind Systems 11.03.2022 2.75% Call 2.12Commerzbank 16.03.2021 7.75% 2.07ABN Amro 27.04.2021 6.375% 2.04Bank Of Ireland 19.12.2022 10.00 % 1.98Neste Oil 17.03.2022 2.125% Call 1.93Rabobank Nederland 19.03.2020 6.875% 1.76Ferrari 16.01.2021 0.25% 1.76Akelius Residential 23.01.2022 1.5% 1.61Adler Real Estate 27.04.2023 1.875% Call 1.61Barclays Bank Plc 14.01.2021 6.000% 1.60

ASSET ALLOCATION BY CREDIT RATING Money Market 8.92Investment Grade 55.83Emerging Debt 2.97High Yield 27.35Other 0.41Cash 4.52


-5,0

0,0

5,0

10,0

15,0

20,0

25,0

30,0

35,0

01/05

01/06

01/07

01/08

01/09

01/10

01/11

01/12

01/13

01/14

01/15

01/16

01/17

01/18

Fund Benchmark

%

PERFORMANCE % Fund Benchmark Difference 1 Month -0.30 -0.03 -0.273 Months -1.19 -0.08 -1.106 Months -0.85 -0.17 -0.691 Year -1.23 -0.33 -0.903 Years p.a. 0.98 -0.29 1.275 Years p.a. 1.33 -0.12 1.45Since Launch 30.82 21.98 8.84Since Launch p.a. 1.85 1.37 0.49

FUND STATISTICS (12 MONTHS) Fund Benchmark NAV per A/B unit, EUR 15.64 / 28.70 -NAV per IA/IB unit, EUR - / 100.62 -Fund Size, EUR million 1.772.02 -Volatility, % 0.72 0.00Sharpe Ratio -1.25 0.00Tracking Error, % 0.72 -Information Ratio -1.25 -R2 0.00 -Beta -11.33 -Alpha, % -0.90 -TER, % 0.55 -Portfolio Turnover 0.31 -Modified Duration 2.25 -

Evli Short Corporate BondInvestments 31 December 2018

102

Quantity/




SECURITIES


Fixed Income Investments 92.52Vestas Wind Systems 11.03.2022 2.75% Call 35,176,000 104.73 37,620,592.26 2.12Commerzbank 16.03.2021 7.75% 30,700,000 113.47 36,724,732.01 2.07ABN Amro 27.04.2021 6.375% 30,855,000 113.04 36,215,286.99 2.04Bank Of Ireland 19.12.2022 10.00 % 27,607,000 126.55 35,028,525.52 1.98Neste Oil 17.03.2022 2.125% Call 32,400,000 103.98 34,234,661.10 1.93Rabobank Nederland 19.03.2020 6.875% 27,500,000 107.91 31,160,476.03 1.76Ferrari 16.01.2021 0.25% 31,450,000 98.72 31,121,045.92 1.76Akelius Residential 23.01.2022 1.5% 28,026,000 100.44 28,544,054.85 1.61Adler Real Estate 27.04.2023 1.875% Call 30,000,000 93.57 28,453,491.78 1.61Barclays Bank Plc 14.01.2021 6.000% 25,029,000 107.61 28,378,596.78 1.60Sato 10.09.2020 2.25% Call 26,903,000 102.44 27,745,443.49 1.57Iliad 25.11.2021 0.625% Call 27,300,000 96.50 26,361,328.77 1.49ZF NA Capital 27.04.2023 2.75% 25,000,000 103.45 26,330,373.29 1.49Fastighets AB Balder 14.03.2022 1.125% Call 25,500,000 98.87 25,440,075.00 1.44Davide Campari-Milano 30.9.2020 2.75% 22,836,000 103.51 23,796,516.57 1.34Telecom Italia Spa 24.06.2019 6.375% 20,200,000 1.13 23,594,669.59 1.33Konecranes 09.06.2022 1.75% 22,950,000 101.80 23,587,752.21 1.33Teollisuuden Voima 17.03.2021 2.500% 22,319,000 103.49 23,539,057.43 1.33Sponda 20.05.2020 2.375% 23,000,000 100.75 23,509,229.45 1.33Intrum Justitia 15.07.2022 2.75% Call 24,900,000 91.87 23,189,224.75 1.31Hoist Finance 03.04.2023 2.75% 23,000,000 97.81 22,659,880.41 1.28Nokia 15.03.2021 1% Call 21,850,000 100.71 22,178,680.87 1.25Mylan 23.11.2020 1.25% Call 21,800,000 100.96 22,037,213.86 1.24Ryanair 17.06.2021 1.875% 21,000,000 102.93 21,827,397.12 1.23Landsbankinn 15.03.2021 1.625% 20,400,000 101.18 20,905,623.78 1.18Deutsche Bank Ag 20.1.2022 1.5% 20,900,000 98.10 20,799,012.92 1.17Finnair 29.03.2022 2.25% 20,050,000 102.00 20,793,360.62 1.17Telecom Italia Spa 16.01.2023 3.250% 19,600,000 101.60 20,523,068.71 1.16Adler Real Estate 06.12.2021 1.5% Call 21,000,000 97.22 20,438,405.34 1.15Technopolis 28.05.2020 3.75% Call 19,704,000 101.25 20,389,591.23 1.15Cargotec 28.3.2022 1.75% Call 19,230,000 101.73 19,818,221.99 1.12Akelius Residential 23.09.2020 3.375% 17,940,000 104.68 18,943,457.93 1.07FCE Bank11.02.2021 1.66% 18,115,000 99.95 18,371,505.92 1.04Tesco Corp Treasury 24.10.2023 1.375 Call 18,000,000 97.40 17,577,929.59 0.99Prosegur Cia De Segurida 08.02.2023 1% Call 16,900,000 98.59 16,813,159.47 0.95Aker ASA 31.01.2023 FRN Call 166,000,000 0.10 16,656,571.79 0.94Fiat Chrysler Finance Europe 15.07.2022 4.75% 15,000,000 108.78 16,646,147.26 0.94Barclays Bank 30.03.2022 6.625% 14,000,000 112.04 16,386,802.47 0.92Allergan Funding SCS 01.06.2021 0.5% Call 15,720,000 99.73 15,723,895.55 0.89Bank Of America Corp 14.09.2022 1.625% 15,000,000 103.20 15,552,723.29 0.88Sixt Leasing 03.02.2021 1.125% Call 15,228,000 99.32 15,279,806.49 0.86Outokumpu Oyj Conv. 26.02.2020 3.25% Soft Call 14,900,000 99.54 14,998,578.89 0.85Royal Bank Of Scotland 25.3.2024 3.625% Call Step 14,500,000 100.22 14,936,414.25 0.84Vonovia Finance Bv 03.07.2023 0,875% Call 15,000,000 98.10 14,779,935.62 0.83Teva Pharma 25.07.2020 0.375% Call 15,000,000 97.35 14,626,553.42 0.83G4S 09.01.2023 1.5% 14,400,000 99.67 14,562,577.97 0.82Citycon 16.09.2022 2.375% Call 14,000,000 102.77 14,484,361.64 0.82Lincoln Finance 15.04.2021 6.875% Call 13,460,000 102.02 13,924,409.26 0.79Tdc A/S 02.03.2022 3.750% 12,000,000 109.90 13,562,314.52 0.77Elis SA 15.02.2023 1.875% Call 12,800,000 97.41 12,677,977.42 0.72Sato 24.03.2021 2.375% Call 11,600,000 103.04 12,165,724.05 0.69Ramirent 21.03.2019 4.375% 11,500,000 100.89 11,995,316.03 0.68


103

Quantity/




Ahlstrom Munksjö 09.06.2022 1.875% Call 11,475,000 101.03 11,714,033.68 0.66SSAB 06.09.2023 2.875% 11,700,000 99.13 11,704,527.74 0.66Sanoma 27.11.2019 3.5% 10,799,000 102.97 11,154,830.01 0.63Bank Of America 07.02.2022 0.736% Call Step 11,000,000 100.41 11,117,081.29 0.63B2 Holding 14.11.2022 FRN Call 11,900,000 92.00 11,014,028.47 0.62Cramo 28.02.2022 2.375% 10,300,000 103.49 10,864,861.88 0.61Ellevio Ab 12.02.2025 2.875% 100,000,000 0.10 10,106,434.79 0.57Scandinavian Airlines 24.11.2022 5.375% Call 100,000,000 0.10 9,986,242.55 0.56Kojamo Oyj 29.5.2020 3.25% 9,275,000 104.18 9,840,801.68 0.56Perstorp Holding Ab 30.06.2021 7.625% Call Sink 9,260,800 103.04 9,630,965.75 0.54Sato 16.04.2019 3.375% 9,000,000 100.93 9,298,787.67 0.52HKScan 21.09.2022 2.625% Call 10,670,000 84.00 9,040,303.66 0.51Sagax 09.09.2020 FRN Call 8,200,000 102.40 8,530,733.33 0.48Societe Generale 01.04.2022 1% 8,500,000 100.33 8,591,773.22 0.48FCA Bank 17.04.2020 1.375% 8,320,000 100.79 8,466,425.16 0.48Vodafone Group 25.08.2021 1.25% 8,000,000 102.20 8,211,068.49 0.46Ferrari 16.03.2023 1.5% 7,975,000 99.83 8,056,088.27 0.45Postnord Ab 13.09.2023 FRN 80,000,000 0.10 7,812,349.05 0.44Nokia 15.03.2024 2% Call 7,537,000 101.23 7,749,582.63 0.44Bonum Pankki 10.6.2019 FRN 7,700,000 100.32 7,728,180.72 0.44Pioneer Public Properties 28.05.2021 FRN Call 76,000,000 0.10 7,631,460.80 0.43Tornator 19.12.2019 3.125% 7,370,000 102.79 7,583,194.92 0.43BillerudKorsnäs 21.02.2022 1.625% 73,000,000 0.10 7,375,486.69 0.42Norlandia Health Care 20.12.2021 FRN Call 82,000,000 0.09 7,507,249.73 0.42Laeringsverkstedet AS 01.06.2022 FRN Call 73,000,000 0.10 7,269,533.77 0.41RCI Banque 17.11.2020 1.375% 7,137,000 101.44 7,251,459.88 0.41YIT 11.06.2021 3.15% Call 7,000,000 100.75 7,064,137.50 0.40Marine Harvest 12.06.2023 FRN Call 7,100,000 100.50 7,143,556.53 0.40Landsbankinn 14.03.2022 1.375% 7,000,000 99.60 7,049,210.00 0.40University Properties of Finland 02.11.2023 1.875% 7,000,000 99.96 7,018,485.75 0.40Neste Oyj 07.06.2024 1.5% Call 6,900,000 101.20 7,041,497.26 0.40Icelandair 26.10.2021 FRN Call 8,000,000 0.86 6,993,011.75 0.39B&M European Value Ret 01.02.2022 4.125% Call 6,200,000 1.08 6,833,314.81 0.39Teollisuuden Voima 13.01.2023 2.625% 6,340,000 104.17 6,764,558.53 0.38FCA Bank 17.04.2019 2.625% 6,500,000 100.70 6,665,846.16 0.38Kemira 27.05.2019 2.5% 6,485,000 100.91 6,640,520.07 0.37Teollisuuden Voima 08.05.2024 2% CALL 6,500,000 99.85 6,574,400.96 0.37B2 Holding 23.05.2023 FRN Call 6,700,000 94.00 6,331,593.06 0.36Abn Amro Bank 06.07.2022 7.125% 5,000,000 119.50 6,148,682.88 0.35Castellum 20.11.2023 2.125% Call 6,200,000 100.16 6,224,657.32 0.35McLaren NMG Finco 01.08.2022 5% Call 5,500,000 1.01 5,697,149.70 0.32Catena Media 02.03.2021 FRN Call 5,800,000 95.75 5,578,311.11 0.31Cargotec 31.03.2020 3.375% 5,100,000 104.00 5,433,683.22 0.31Bank Of America Corp 27.07.2020 2.500% 5,000,000 103.59 5,233,417.12 0.30Sbab Bank Ab 11.05.2021 0.5% 5,000,000 100.59 5,045,477.40 0.28Fce Bank Plc 24.06.2021 1.875% 5,000,000 99.62 5,030,001.37 0.28Deutsche Bank Ag 24.06.2020 5.000% 4,700,000 103.35 4,979,966.77 0.28Nexi Capital Spa 01.11.2023 4.125% CALL 5,000,000 98.86 4,960,087.50 0.28Nexi Capital Spa 01.05.2023 FRN CALL 5,000,000 98.69 4,949,893.84 0.28FCE Bank 13.9.2021 0.869% 4,800,000 96.94 4,665,528.46 0.26FCA Bank 12.10.2020 0.25% 4,750,000 98.49 4,680,782.74 0.26Heimstaden Bostad 07.12.2021 1.75% 4,700,000 99.70 4,691,214.22 0.26Sampo 16.09.2021 1.5% 4,454,000 103.05 4,609,293.90 0.26Sagax 15.02.2022 FRN Call 43,000,000 0.10 4,301,348.30 0.24B2 Holding 04.10.2021 FRN 4,000,000 103.25 4,198,444.44 0.24


104

Quantity/




Aker Solutions 25.07.2022 FRN 41,000,000 0.10 4,161,521.96 0.23Husqvarna 01.03.2022 FRN 42,000,000 0.10 4,148,850.13 0.23IA Hedin 05.10.2022 FRN Call 42,000,000 0.10 4,077,247.56 0.23Cap Gemini 09.11.2021 0.50% Call 4,000,000 100.30 4,014,689.32 0.23Iliad 25.04.2025 1.875% Call 4,200,000 91.63 3,902,524.36 0.22Teollisuuden Voima 30.10.2019 5.3% 37,000,000 0.10 3,807,638.68 0.21Fresenius SE & Co KGaA 31.1.2022 0.875% Call 3,700,000 99.83 3,723,335.34 0.21Akelius Residential 27.03.2019 FRN 38,000,000 0.10 3,753,518.48 0.21Samhällsbyggnadsbolaget 29.01.2021 FRN Call 38,000,000 0.10 3,806,245.71 0.21Cibus Nor Re 26.05.2021 Call FRN 3,700,000 101.25 3,761,300.78 0.21Pohjolan Voima 08.06.2023 1.75% Call 3,500,000 99.81 3,528,058.49 0.20Digiplex Norway 17.7.2019 Call FRN 33,478,261 0.10 3,422,306.64 0.19Husqvarna AB 14.02.2023 1.375% 34,000,000 0.10 3,389,719.56 0.19Polygon Ab 23.02.2023 4% Call 3,200,000 99.75 3,220,444.44 0.18Ardagh Packaging Finance 15.05.2023 4.125% Call 3,000,000 101.42 3,058,158.75 0.17Stora Enso 07.03.2019 5.500% 2,900,000 100.85 3,055,250.90 0.17Volvo Car 18.05.2021 3.25% 2,900,000 104.14 3,030,968.83 0.17Säästöpankkien Keskuspankki 06.09.2021 0.38% 3,000,000 99.77 2,996,783.01 0.17Color Group 23.11.2023 FRN 30,000,000 0.10 2,951,903.30 0.17Salini Impregilo Spa 24.06.2021 3.75% 3,500,000 82.02 2,939,161.92 0.17Kemira 13.05.2022 2.25% Call 2,500,000 103.76 2,629,628.42 0.15Vonovia Finance 15.12.2020 1.625% 2,500,000 102.36 2,560,880.82 0.14PSA Banque 17.01.2020 0.5% 2,500,000 100.18 2,516,442.81 0.14Fce Bank 17.09.2019 FRN 2,350,000 100.05 2,351,668.89 0.13Thomas Cook Finance 15.06.2022 6.25% Call 3,000,000 76.73 2,309,712.50 0.13British Telecom 10.03.2021 0.625% 2,250,000 100.48 2,272,181.61 0.13Outokumpu 18.06.2024 4.125% Call 2,300,000 95.75 2,205,412.50 0.12Betsson 28.11.2019 FRN 21,000,000 0.10 2,107,344.26 0.12Schaeffler 15.05.2020 2.5% Call 2,000,000 100.19 2,022,590.00 0.11Allergan Funding Scs 15.11.2023 1.5% Call 2,000,000 100.62 2,016,180.82 0.11Jaguar Land Rover 24.01.2021 2.75% 1,900,000 1.02 1,961,719.05 0.11Verisure Holding 15.05.2023 3.5% Call 2,000,000 98.19 1,972,355.56 0.11Tesco Corp Treasury 01.07.2019 1.375% 1,666,000 100.50 1,685,748.49 0.10Almaviva The Italian Inn 15.10.2022 7.250% Call 2,000,000 81.70 1,664,208.33 0.09Loxam 23.07.2021 4.875% Call 1,392,610 100.44 1,401,622.30 0.08Cap Gemini 01.07.2020 1.75% Call 1,300,000 101.93 1,336,509.16 0.08Vonovia Finance 08.10.2021 3.625% 1,100,000 108.22 1,199,541.71 0.07Stora Enso 16.06.2023 2.125% Call 1,060,000 102.37 1,097,288.04 0.06Huhtamäki 14.05.2020 3.375% 804,000 104.17 854,707.95 0.05Sagax 18.06.2020 FRN Call 6,000,000 0.10 604,255.00 0.03Kemira 30.05.2024 1.75% Call 500,000 100.43 507,299.11 0.03


Fixed Income Investments 2.55Mercada Oy 24.10.2022 1.875% 17,000,000 99.75 17,016,883.56 0.96DNA 27.03.2025 1.375% Call 9,800,000 100.20 9,922,992.68 0.56Dkt Finance 17.06.2023 7% Call 4,800,000 105.38 5,070,229.33 0.29Oma Säästöpankki 03.04.2020 FRN 3,700,000 100.53 3,725,023.10 0.21Rettig Group 25.04.2022 2.375% Call 2,300,000 102.63 2,397,789.38 0.14Oma Säästöpankki 06.05.2019 FRN 2,000,000 100.26 2,007,467.22 0.11CP Sato 04.01.2019 2,000,000 0.02 1,999,995.94 0.11Ica Gruppen Ab 15.01.2021 0.465% 16,000,000 0.10 1,571,301.27 0.09CP Rettig 11.01.2019 1,500,000 0.19 1,499,913.94 0.08



Fixed Income Futures Contracts 1) SCHATZ March 2019 -200/ -21 158 402 *) 111.94 0.00 0.00


105

Quantity/




1) BOBL March 2019 -200/ -21 832 266 *) 132.52 0.00 0.00

Currency Forward Contracts 7,310,572.42 0.411) FX forward SEKSELL_190219_1 92 250 878 -940,990.27 -0.051) FX forward USDSELL_240119 6 877 296 -103,925.59 -0.012) FX forward SEKBUY_310119 -192 476 340 4,292,765.32 0.242) FX forward SEKBUY_050319 -163 221 242 1,762,131.42 0.102) FX forward NOKSELL_240119 41 392 009 1,708,841.42 0.102) FX forward GBPSELL_040219 48 144 540 289,584.67 0.022) FX forward SEKBUY_190219 -19 387 209 289,144.75 0.021) FX forward SEKSELL_190219_2 3 894 841 -40,418.85 0.001) FX forward NOKSELL_240119_2 200 803 -945.00 0.002) FX forward NOKSELL_240119_1 3 080 578 54,384.55 0.00



31 Dec 2016 31 Dec 2017 31 Dec 2018NAV per A/B unit, EUR 16,20 / 28,62 16,12 / 29,06 15,64 / 28,70NAV per IA/IB unit, EUR - / - - / 101,67 - / 100,62Fund Size, EUR 1,073,568,154.11 1,557,455,101.74 1,772,019,083.73Number of yield units (A) 3,314,341.07Number of yield units (IA) 0.00Number of growth units (B) 42,691,385.37Number of growth units (IB) 1,320,928.98Number of unitholders 2,501Commission Fees (12 months), % **) 0.00Commissions paid to an associated company of total commissions (12 months), % -Fees paid to the management company for asset management (Year-to-Date), EUR 9,383,996.49Fees paid to the custodian for custodian services (Year-to-Date), EUR -Fees paid to other Evli funds (Year-to-Date), EUR - **) Fund trades net of commissions

Portfolio management policy

106

According to Evli's investment philosophy, our investment activities are systematic, rigorous, and well planned in advance. Webelieve that active portfolio management coupled with efficient risk management yields the best result in the long run andenables us to add value to our clients' investment operations.

Evli's fund management is largely based on teamwork, and on a mutually agreed investment strategy. During the investmentprocess, we draw up separate strategies for allocation, fixed income investments, and equity investments. Decision-making isdivided up between different teams. Our allocation committee is responsible for the allocation strategy, our equity team is incharge of the investment strategy for equity portfolios, and the fixed income team draws up the fixed income strategy.

CORPORATE GOVERNANCE EVENTS ON JANUARY 1 - DECEMBER 31, 2018

Evli Fund Management Company Ltd participated, on behalf of the funds, in the following general meetings in the first half of theyear: Amer Sports, Asiakastieto, Cargotec, Caverion, Consti Yhtiöt, Cramo, Kotipizza Group, Oriola, Outokumpu, Pihlajalinna,Restamax, Revenio Group, Sanoma, Silmäasema, Valmet and Verkkokauppa.com.

INVESTMENT RESEARCH COSTS CHARGED FROM THE EVLI FUNDS ON JANUARY 1 - DECEMBER 31, 2018

Evli Corporate Bond EUR 43,940.00Evli Emerging Markets Credit EUR 30,420.00Evli Euro Government Bond EUR 5,720.00Evli Euro Liquidity EUR 12,584.00Evli European High Yield EUR 74,256.00Evli European Investmen Grade EUR 28,964.00Evli Finland Mix EUR 10,972.00Evli Finland Select EUR 136,058.00Evli Finnish Small Cap EUR 151,008.00Evli Nordic Corporate Bond EUR 8,476.00Evli Russia EUR 19,968.00Evli Short Corporate Bond EUR 65,988.00Evli Sweden Select SEK 62,105.02Evli Swedish Small Cap SEK 522,068.87

Portfolio managers

107

BJÖRKSTÉN MARCUSM.Sc. (Econ. & Bus. Adm.), Swedish School of Economics and BusinessAdministration 1997

Evli Fund Management Company Ltd, Portfolio Manager 2010 -UB Tradegate, Founder 2008 - 2010FIM, Sales Director 2007 - 2008OKO, Head of Sales Trading 2003 - 2007Danske Bank, Head of Sales Trading 2001 - 2003Evli Bank Plc, Broker 2000 - 2001Handelsbanken, Trader 1996 - 2000

BRUUN WILHELMM.Sc. (Econ. & Bus. Adm.), Swedish School of Economics and BusinessAdministration 2009

Evli Fund Management Company Ltd, Portfolio Manager 2012 -Evli Fund Management Company Ltd, Analyst, Portfolio Manager2010 - 2012Evli Fund Management Company Ltd, Analyst 2009 - 2010Carnegie Asset Management Finland Ltd., Analyst 2007 - 2009

HAATAJA MARJAANAM.Sc. (Econ. & Bus. Adm.), Helsinki School of Economics 1993

Evli Fund Management Company Ltd, Portfolio Manager 2007 -Evli Investment Management Ltd, Portfolio Manager 2001 - 2007Evli Asset Management Ltd, Product Manager of Foreign Funds 2000- 2001Bank of Finland, Portfolio Manager 1999 - 2000Bank of Finland, Dealer 1994 - 1999

HEIKKILÄ JUHANAM.Sc. (Econ. & Bus. Adm.), Helsinki School of Economics 1994

Evli Fund Management Company Ltd, Senior Portfolio Manager 2009 -Carnegie Asset Management Finland, Head of Fixed Income 2006 -2009Sampo Bank, Hedge Fund Manager 2004 - 2006Etera Mutual Pension Insurance Company, Fixed Income PortfolioManager 2002 - 2004ABB Investment Management/Gyllenberg, Senior Portfolio Manager1997 - 2002Erik Selin Bankers Ltd, Portfolio Manager 1996 - 1997Kemira Oyj, Treasury, Trader/Head Trader 1994 - 1995

KUJALA JANNEM.Sc. (Econ. & Bus. Adm.), University of Tampere 2001CFA, CFA Institute 2004

Evli Fund Management Company Ltd, Senior Portfolio Manager 2009 -Carnegie Asset Management Finland, Head of Equities 2007 - 2009Carnegie Asset Management Finland, Portfolio Manager 2000 - 2009

KURPPA JANIM.Sc. (Econ. & Bus. Adm.), Turku School of Economics 2001

Evli Fund Management Company Ltd, Senior Portfolio Manager 2013 -eQ Asset Management Ltd., Senior Portfolio Manager 2007 - 2013Fides Asset Management, Portfolio Manager 2005 - 2007State Treasury, Portfolio Manager 2002 - 2005HEX Plc, Derivatives Specialist 2001 - 2002

LAGERSPETZ MATTIASB.Soc.Sc., University of Helsinki 2014

Evli Fund Management Company Ltd, Junior Portfolio Manager 2015 -Evli Fund Management Company Ltd, Trainee 2015SEB, Junior Client Associate 2015Swedbank, Intern 2012, 2014Valuatum Ltd., Junior Operations Specialist 2013

LINDAHL PETERM.Sc. (Econ. & Bus. Adm.), Swedish School of Economics and BusinessAdministration 1999

Evli Fund Management Company Ltd, Senior Portfolio Manager 2007 -Evli Investment Management Ltd, Senior Portfolio Manager 2003 -2007Evli Investment Management Ltd, Portfolio Manager 2000 - 2003Interfirst Capital Corp., Broker 1997 - 1998Interfirst Capital Corp., Investment Analyst 1996 - 1997

LUNDSTRÖM MIKAELM.Sc. (Econ. & Bus. Adm.), Swedish School of Economics and BusinessAdministration 1996

Evli Fund Management Company Ltd, Head of Fixed Income 2007 -Evli Investment Management Ltd, Head of Fixed Income 2004 - 2007Evli Investment Management Ltd, Co-Head of Fixed Income,Corporate Bond Funds 2002 - 2004Evli Investment Management Ltd, Portfolio Manager 1997 - 2002Evli Fixed Income Securities Ltd, Quant Analyst 1996 - 1997

MARJASOVA OLGAB.Sc (Econ.), Concordia International University Audentes, Estonia

Evli Fund Management Company Ltd, Portfolio Manager 2011 -Evli Securities AS, Portfolio Manager 2006 - 2011Evli Securities AS, Co-Portfolio Manager 2003 - 2005

MÄNTYKORPI JUHAM. Sc. (Econ. & Bus. Adm.), Turku School of Economics 2012

Evli Fund Management Company Ltd, Portfolio Manager 2018 -Municipality Finance Plc, Portfolio Manager 2016 - 2018Municipality Finance Plc, Senior Analyst 2014 - 2016Municipality Finance Plc, Analyst 2011 - 2014Municipality Finance Plc, Trainee 2010 - 2011

PUKKA JUHAMATTIM.Sc. (Econ. & Bus. Adm.), Helsinki School of Economics 2010

Evli Fund Management Company Ltd, Portfolio Manager 2011 -Evli Bank Plc, Treasury, Dealer 2010 - 2011Evli Fund Management Company Ltd, Junior Portfolio Manager 2009- 2010Evli Fund Management Company Ltd, Trainee/Portfolio Manager2009Evli Bank Plc, Trainee 2008Sp-Fund Management Company Ltd, Fund Assistant 2007 - 2008

SIVONEN ANTTIM.Sc. (Accounting), Aalto University Scholl of Business 2011

Evli Fund Management Company Ltd, Portfolio Manager 2013 -Evli Fund Management Company Ltd, Junior Portfolio Manager 2011- 2013Evli Bank Plc, Trainee 2010Danske Capital, Middle Office 2007 - 2010

SJÖHOLM HANS-KRISTIANM. Soc.Sc (Econ.), University of Helsinki 2000

Evli Fund Managment Company Ltd, Head of Equities 2011 -Evli Bank Plc, Research Director, Portfolio Manager 2009 - 2011Carnegie Asset Management Finland Ltd., Managing Director 2009Carnegie Asset Management Finland Ltd., Research Director 2006 -2009Hanken School of Economics, Researcher and Lecturer of FinancialMathematics 2004 - 2006Carnegie Asset Management Finland Ltd., Analyst, Portfolio Manager2000 - 2004European Central Bank, Risk Analyst 1999Carnegie Asset Management Finland Ltd., Investment Specialist 1998- 1999

VILJAKAINEN KATIM.Sc. (Econ.&Bus.Adm.), University of Vaasa 1997

Evli Fund Management Company Ltd, Portfolio Manager 2013 -Evli Fund Management Company Ltd, Junior Portfolio Manager,Analyst 2007 - 2012Evli Investment Management Ltd, Junior Portfolio Manager, Analyst2005 - 2007Evli Fund Management Company Ltd, Product Manager 2002 - 2005Evli Fund Management Company Ltd, Customer Service Manager1999 - 2002Evli Fund Management Company Ltd, Fund Advisor 1998 - 1999Interbank Osakepankki, Customer Service Advisor 1996 - 1998

EVLI FUND MANAGEMENT COMPANY LTDEvli Fund Management Company Ltd is Evli Bank Plc's subsidiaryfounded on 8 March 1988. The company is in charge of the portfoliomanagement of Evli mutual funds.

Glossary

108

ALPHA describes the effect of the portfolio manager’s investmentchoices on the fund’s return compared with the return of an indexportfolio with corresponding market risk, i.e. the additional returnsattained by the fund in relation to its market risk.

BETA describes the sensitivity of the fund’s value to changes in thebenchmark index. If the value of the benchmark index changes by onepercent, the expected change in the fund’s value is beta x 1 percent.On average, the fund’s value will change more than the value of thebenchmark index if the beta value is greater than 1. A beta value lessthan 1 indicates the opposite, i.e. that the fund’s value will change lessthan the benchmark value.

CORRELATION is a statistical indicator reflecting theinterdependence between two variable quantities (e.g. equity prices).Correlation may vary between -1 and +1. The higher the correlation,the greater the probability that the two variables are moving in thesame direction at the same time.

DURATION measures the average repayment term (in years) of a fixedincome instrument. Modified duration indicates the price sensitivityof a fixed income security to changes in interest rates. The higher theduration number, the greater the interest rate risk of the fund portfolio.

INFORMATION RATIO describes the long-term ability of a portfoliomanager to add value through active portfolio management. If theInformation Ratio is zero, the long-term return of the fund equals thatof the benchmark index. In practice this means that the fund hasoutperformed the benchmark index, on average, for five years out often. The higher the Information Ratio, the greater the probability thatthe fund will outperform its benchmark. With an IR of 0.5 the fund hasoutperformed the benchmark, on average, in seven years out of ten,and with an IR of 1.0 in 8.5 years out of ten.

PORTFOLIO TURNOVER RATE is a measure of the length of time thata security remains in a portfolio during a given period. The portfolioturnover rate is calculated by subtracting the sum of subscriptions andredemptions of fund units (EUR S+T) from the sum of the securitiesbought and sold by the fund (EUR X+Y). The turnover is the above-mentioned difference divided by the average market value of thefund, which has been calculated from the daily market values over thepast 12 months. For example, if all assets have been sold and boughtonce it would equal to a turnover rate of 1.

Portfolio turnover rate = ((X + Y) - (S + T)) / M x 100 / 2

X = Securities boughtY = Securities soldS = Fund's fund units issued / subscribedT = Fund's fund units cancelled / redeemedM = Average total value of net assets

R-SQUARE describes the extent to which the fund’s performance isdependent on the performance of the benchmark index. R-square isthe square of the correlation coefficient.

SHARPE RATIO indicates the size of return relative to risk taken. TheSharpe ratio measures the fund’s return (with volatility of one percent)in excess of a risk-free return. The higher the Sharpe ratio, the morefavorable the relationship between return and risk.

TER (Total Expense Ratio) is a measure of a fund's total expensesin relation to its average assets and is expressed as an annualizedpercentage. The expenses include all the fund's management andcustody fees and any profit-related fees. Securities commissions areexcluded.

TER = A + B + C + D

A = Management fee charged from the fund's assetsB = Custodian fee that may be charged separately from the fund'sassetsC = Account maintenance and other bank charges that may becharged from the fund's assetsD = Any other fees which, according to the fund's rules, are chargeddirectly from the fund's assets. As a rule, funds registered in Finlanddo not make such charges on top of trading fees.

SYNTHETIC TER is primarily reported for funds of funds. A syntheticTER is the ratio of the following figures:

The fund's total operating costs in accordance with TER, to which thecosts of funds constituting the investment instruments are added (i.e.the target fund's TER weighted by the fund of fund's relative share ofthe investment target) together with any subscription and redemptionfees that are charged from the target funds. The resulting figure isdivided by the fund's average net assets.

VOLATILITY is a risk measure generally used in financial markets. Itreflects variability in the return of an investment or a portfolio. Thehigher the volatility, the greater the variability in return and the riskinvolved. If the fund’s expected return is 12% and the volatility is 20%,then the fund’s return for two years out of three is 12 ± 20%, thatis, between -8% and +32%. Volatility is calculated on the basis ofthe standard deviation of weekly returns and expressed as an annualpercentage.

EVLI FUND MANAGEMENT COMPANY LTDAleksanterinkatu 19 A, P.O. Box 1081

FI-00101 Helsinki, Finland

Telephone +358 (0)9 4766 9701Fax +358 (0)9 4766 9353Business ID: 0744659-0

Domicile: Helsinki

www.evli.com

Documents

EVLI MUTUAL FUNDS...Equity market review, 31 December, 2018 4 Fixed income market review, 31 December, 2018EQUITY FUNDS 5 Evli Emerging Frontier 6 Evli Equity Factor Europe 9 Evli