Eastern European Markets
May 18, 2005

Evli Bank´s Baltic and Russia funds successful

Evli’s local expertise in the Baltics has accelerated its mutual funds investing in the Baltics and Russia into good performances. According to Morningstar’s one year returns comparison, the Evli Baltic Equity fund is currently the best out of all mutual funds registered in Finland. The fund has returned 55 percent in the last 12 months. Using the same criteria, it is also number one out of all Baltic funds and all funds investing in Middle and Eastern Europe within the Morningstar comparison.

Founded in July 2003, Evli Baltic Equity currently has its major investments in the telecommunications, financial and energy sectors. At the moment, 16 percent of the fund portfolio is in cash, but the growing Baltic markets will provide inexpensive investment opportunities also in the future, as IPO activity is increasing.

Equity fund Evli Greater Russia was founded in October 2004, and its returns since the beginning of the year currently stand at 22 percent. Instead of emphasizing the oil sector, the fund has succeeded in finding good investments such as companies operating in the steel and mining sector, chemical industry and shipping as well as several new listings from the undervalued Russian equity markets. As Russian consumption is strong, Evli Greater Russia intends to increase its investments in companies operating in the consumer markets.

Since it was founded, Evli Baltic Equity’s Portfolio Manager has been Veikko Maripuu, and Vadim Ogneshtshikov is the Portfolio Manager of Evli Greater Russia. Both operate from Evli’s office in Tallinn where Evli’s Eastern European investment team, headed by Veikko Maripuu, is located.

Baltic know-how is Evli’s asset not only in mutual fund portfolio management, but also, for example, in its Corporate Finance activities, where transactions more and more often cross country borders. By
increasing its stake in Baltcap, the leading private equity investor in the Baltics, Evli is also strongly involved in private equity operations in the Baltic area.

For further information
Evli Baltic Equity / Veikko Maripuu
tel. +372 640 5788
Evli Greater Russia / Vadim Ogneshtshikov
tel. +372 640 5723

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