JOM Silkkitie Asia Equity Investment Fund’s NAV was 230.62 at the end ofFebruary, so the performance during the month stood at +3.58%. Since fundinception (31st July 2009) the NAV has increased by +130.62%, thus the annualperformance has been +9.11%.

During February Asia’s wider stock indexes rose as President Trump’s tweetsbecame more positive on possible trade deal with China. Also China’s newsubsidies and liquidity programs lifted investor sentiment especially amongChina’s domestic market players as A-shares rose more than 20% in February.Other gainers in Asia were Vietnam (+6%), Taiwan (+4.6%), however, othermarkets declined: India (-1%), Korea (-0.4%), the Philippines (-3.8%), Pakistan (-4.4%, Indonesia (-1.4%). Thus, performance dispersion among countries wasvery wide.

2018 reporting season has now slowly started in Asia, despite the fact that inmany countries the deadline for reporting in only end of March. So far withinportfolio companies we have seen good results from banks, while J. KumarInfra, WTON, Savico and PNJ all posted results that were above expectations.Cebu Landmasters, that is our largest holding in the Philippines has notreported yet, but they already lifted dividend by 33%, which indicates a goodresults and also a bright future.

Some changes were made to portfolio in China, India and Indonesia: Sritex wassold off and it was replaced by digital economy company MCAS. From India webought Reliance Industries, that has become a dominant force in India’s onlineand offline retail space. At the same time US based Walmart and Amazon havestruggled with Indian expansion strategy amid e-commerce legislation woes.Notable also is that Apple’s strategy has not worked in India as their productsare just too expensive for Indian consumers. Thus, it is interesting to ponderhow American companies will do in largely patriotic Asia if trade war continues,and also interesting to see how Asian companies will fare in western world asthey climb up the value chain in technology (Huawei & 5G, for example), thathas been largely dominated by western companies.

J O M F u n d M a n a g e m e n t L t dS a l o m o n k a t u 1 7 B , 0 0 1 0 0 H e l s i n k i , F I N L A N D

T e l : + 3 5 8 9 6 7 0 1 1 5 , F ax : + 3 5 8 9 6 7 0 1 1 7in fo @j om . f i w w w . j om . f i

Pastperformance is noguaranteeforfuturereturns.The Fundvalue mayincrease ordecrease, andthe investor mayincur losses whenredeeming hisshares. MSCI AC Asia ex-Japan (EUR) is a price index, which takes dividends into account. Further details on JOM Silkkitie Investment Fund may befoundinthekey investor information document, fundprospectus andfundrules,which areavailable byrequest fromJOM Fund ManagementLtd, oron the website www.jom.fi. *For the fiscal period since 1.1.2019, % of fund average net assets. **Based on daily returns during 12 months. Detailedformulasavailable fromtheFundManagement Company.

JOM SILKKITIE, NET ASSET VALUE (28 February 2019) 230.62

Fund size 31.34 mEUR

Number of fund units 135 895.6661

Inception date 31.7.2009

Last month’s performance +3.58%

Performance since inception +130.62%

Annualized performance since inception +9.11%

Accumulated management fee* 0.19%

Accumulated performance fee* 0.00%

Accumulated custodian fee* 0.03%

Net investment position (prior to subscriptions on 28 Feb 2019) 96.5%

Volatility** 14.1%

Portfolio turnover 245.6%

Name:JOM Silkkitie Fund (UCITS)

Portfolio Manager:Juuso Mykkänen

Custodian: SEB. Helsinki branch

Benchmark index:No official index

Profit sharing:The Fund has only accumulating units

Fund rules last confirmed:7.7.2017

Inception date: 31.7.2009

ISIN-code: FI4000003470

Bloomberg-ticker: JOMSILK FH

Fund target group:Demanding investors who understand the potential of Asian equity markets in the long run.

Minimum subscription: 5 000 €

Subscription account:IBAN: FI81 3301 0001 1297 17

BIC: ESSEFIHXXXX

Management fee:1.2% p.a.

Subscription fee:1.5% - 0%

Redemption fee:1% (min. 20 €)

Performance fee:10% on the return exceeding the hurdle rate of 5%. (pls see Fund prospectus for details)

OVERVIEW OF THE FUND

JOM SILKKITIE ASIA EQUITY INVESTMENT FUND Monthly Report February 2019

FUND CORRELATION (12M, DAILY) WITH SOME EQUITY INDICES (EUR)

Jakarta Composite Index JCI

Philippine composite

Index PCOMP

HK China H sharesHSCEI

MSCI Asia ex-Japan

TopixMSCI World

S&P 500Bloomberg Europe 500

Index

Indonesia Philippines China Asia Japan World US Europe

0.53 0.34 0.64 0.65 0.40 0.26 0.17 0.32

FUND PERFORMANCE MONTHLY (%)

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

2009 - - - - - - - -2.74 +7.49 +1.52 +0.40 +7.07 +14.08

2010 +3.55 -0.05 +9.66 +4.00 -8.12 +0.74 +7.55 +2.46 +13.95 +2.45 +2.73 +6.39 +53.60

2011 -8.11 -1.34 +2.81 +3.17 -2.47 -0.62 +7.75 -10.15 -14.07 +5.83 -4.11 +4.73 -17.59

2012 +8.75 +4.07 +2.35 +1.85 -4.68 -2.26 +2.58 -5.49 +0.90 +4.59 +5.35 +2.51 +21.44

2013 +6.18 +6.82 +3.25 -0.51 +10.17 -11.08 -1.57 -6.91 +2.00 +3.54 -1.15 +2.88 +12.31

2014 +2.31 +7.46 +0.14 +2.94 +2.21 -1.48 +7.98 +3.98 -1.25 -0.58 -0.33 -4.53 +19.72

2015 +6.02 +3.20 +5.89 +2.38 +3.81 -8.69 -3.22 -16.41 -2.44 +15.52 -1.36 -0.51 +0.61

2016 -9.61 +0.65 +5.97 +1.25 +1.71 +8.58 +7.75 +1.84 -1.66 +0.30 -3.26 +1.38 +14.44

2017 -0.55 +4.73 +1.51 -0.13 -0.67 -0.93 -4.23 -0.73 -0.40 +1.62 -2.73 +0.30 -2.46

2018 +1.54 +0.55 -5.46 +2.03 +4.85 -9.28 -4.14 +0.32 -5.39 -7.39 +6.50 -1.52 -17.23

2019 +1.56 +3.58 +5.21

+ 14.08 %

+ 9.25 %

+ 40.60 %

- 6.80 %- 11.58 %

+ 9.92 %

+ 10.48 %+ 14.13 %

- 1.59 %

+ 14.13 %

+ 4.90 %

+ 12.45 %

- 10.52 %

+ 7.80 %+ 6.16 %

+ 3.90 %

- 6.13 %- 6.32 %

- 11.64 %

+ 5.21 %

-20 %

+ 0 %

+ 20 %

+ 40 %

+ 60 %

FUND PERFORMANCE BI-ANNUALLY (%)

Pastperformance is noguaranteeforfuturereturns.The Fundvalue mayincrease ordecrease, andthe investor mayincur losses whenredeeming hisshares. MSCI AC Asia ex-Japan (EUR) is a price index, which takes dividends into account. Further details on JOM Silkkitie Asia Equity Investment Fundmaybefoundinthekeyinvestorinformationdocument,fundprospectusandfundrules,whichareavailablebyrequestfromJOMFundManagementLtd,oronthewebsitewww.jom.fi.

80

100

120

140

160

180

200

220

240

260

280

300

320

31.7.2009 30.6.2011 30.5.2013 30.4.2015 30.3.2017 28.2.2019

JOM SILKKITIE NAV VS. THE REGIONAL EQUITY MARKET INDEX

MSCI AC Asia ex-Japan (Total return, EUR)

JOM Silkkitie

JOM SILKKITIE ASIA EQUITY INVESTMENT FUND Monthly Report February 2019

J O M F u n d M a n a g e m e n t L t dS a l o m o n k a t u 1 7 B , 0 0 1 0 0 H e l s i n k i , F I N L A N D

T e l : + 3 5 8 9 6 7 0 1 1 5 , F ax : + 3 5 8 9 6 7 0 1 1 7in fo @j om . f i w w w . j om . f i

China 27 %

Indonesia 28 %Philippines 13 %

India 13 %

Vietnam 13 %

Myanmar 3%Pakistan 3 %

Equities Geographical Break-down

Consumers;

41%

Infra; 20%Construction & Real

Estate; 7%

Green &

Clean; 4%

Financials;

14%

Technology; 15%

Equities by Investment Themes

Monthly Report February 2019JOM SILKKITIE ASIA EQUITY INVESTMENT FUND

Bank loan growth cycle has also started to rise meaningfully after a long cyclical downturn,however, we are still far away from high growth rates of 2011-2014. As the upcycle last time wastoo prolonged, also the down-cycle lasted for too long as loans acquired needed to work throughthe system before bank customers would commit to new loans. Loan cycle also correlates clearlywith both investment cycle and small cap index.

Source: CLSABelow: Bank loan growth cycle in Indonesia making a comeback. Source: tradingeconomics.com

Indonesia’s economic cycle analysis, small-cap returns and risks

Every once in a while Indonesia’s small cap companies make rapid rallies, whenthey may perform much better than country’s main JCI-index. YTD 2019 small capshave, so far, performed better than JCI-index. This was also the case in early 2018,however, when trade war issues surfaced, many investors transferred back to largecap stocks that are considered safer amid market uncertainties.Anyway, it is good to analyse what kind of indicators we should look at in order toforesee more profound and longer periods of small cap over-performance.

Investment cycle’s revival (measured by Real Gross Fixed Asset Investment, seeright) is one good indicator, that shows us we are currently in the cycle. During2013-2017 cycle was in long bottoming out process, but now the indicator isclearly heading north. Also the long-term correlation to MSCI Indonesia Small Cap–index is substantial.

J O M F u n d M a n a g e m e n t L t dS a l o m o n k a t u 1 7 B , 0 0 1 0 0 H e l s i n k i , F I N L A N D

T e l : + 3 5 8 9 6 7 0 1 1 5 , F ax : + 3 5 8 9 6 7 0 1 1 7in fo @j om . f i w w w . j om . f i

Source: Bloomberg

800

1000

1200

1400

1600

1800

MSCI Indonesia Small Cap Index 2010-2019 (IDR)

Monthly Report February 2019JOM SILKKITIE ASIA EQUITY INVESTMENT FUND

Fund flow issues

Foreign investors’ flows to Indonesia’s equity markets are also substantial determinant over smallcap performance naturally due to liquidity and increased confidence. The graph below clearlyillustrates the outflow from May 2017 until end of 2018 – instigator for the outflow was abovementioned Jakarta election outcome the subsequent infamous blasphemy sentence for GovernorAhok. Thus from May 2017 onwards the outflow was a massive +8bnUSD until end 2018 – this isaround the same amount that was flowing into Indonesian equities during 2009-2017! YTD in2019 equity flows have turned positive by nearly 1bnUSD worth due to above mentioned cyclicalfactors, and also due to the fact that many investors are looking at equities in domestic drivenand structurally growing countries – from countries and economies that are not highly correlatedto weakening global economic trade cycle.

What you can also see from the fund flow chart is that JCI-index correlation to foreign monetaryflows has nearly vanished since May 2017. This is due to the fact that domestic investors, bothinstitutional investors and retail investors, have strengthened quite substantially in recent years.It is also notable that while small caps have performed quite nicely in 2019 so far, hardly anyforeign money has flowed to the sector – most of the inflows in 2019 has been passive money(ETF money), that has been flowing into large caps. Therefore, if election period is peacefulwithout any major mishaps, we may see a rerating small caps toward levels where they were in2011-2013. This means, depending on company, some 30-50% higher valuations on average.

Politics plays a major role

As in other parts of Asia, politics has a major role also in Indonesia. For example, in2017 Jakarta’s Governor election, many dirty tricks (race, religion etc) were used,that scared many local and foreign investors. Thus, many projects by investorswere put on hold, and many investors stated that they wish to wait until there ismore clarity on politics, and if Jokowi wins a second term in 2019.

In 2017 when a Christian Ahok lost Jakarta Governor elections, small cap indexdeclined from May until end of 2017 by 10%, while at the same time JCI-indexreturned +13% due to large bank stocks outperformance. Thus, it was somewhatpeculiar and rare to see two domestic indexes having highly negative correlationduring that time.

Above: MSCI Indonesia Small Cap (white line) vs JCI-index 04/2017 – 12/2017. Return difference a whopping 22%. Source: Bloomberg

President Jokowi’s popularity is currently very wide-spread and polls state that his lead over opposition candidate Subianto Prabowo is more than 15%. So if Jokowi wins a second term, as is widely expected, many investors, both local and foreign, will go forward with their investment plans that have been on hold since 2017.

Thus, elections on April 17th will be the most important happening in Indonesia in 2019.

J O M F u n d M a n a g e m e n t L t dS a l o m o n k a t u 1 7 B , 0 0 1 0 0 H e l s i n k i , F I N L A N D

T e l : + 3 5 8 9 6 7 0 1 1 5 , F ax : + 3 5 8 9 6 7 0 1 1 7in fo @j om . f i w w w . j om . f i

Source: Bloomberg

-3700-2800-1900-1000-100800170026003500440053006200710080008900

260029003200350038004100440047005000530056005900620065006800

mU

SD

JCI I

nd

ex

JCI Index (IDR) vs. Indonesian Equity Inflow (USD mln)

JCI Index, points (IDR) CUMULATIVE Indonesian equity netflow (Million USD)

Monthly Report February 2019JOM SILKKITIE ASIA EQUITY INVESTMENT FUND

IDR stability is also very important for corporate sector margins and also to foreign portfolioinflows. Currently IDR has been rising due to good cyclical situation, but when stress in EMmarkets rise (2015 China mini-devaluation and oil price decline, 2018 trade war, 2013 Fed QEtapering etc), CAD countries are vulnerable to outflows that affect their currencies negatively.

Source: MandiriSek

To summarise, we see risks in Indonesia being now more positive than negative when looking atsmall cap company returns. Election year has also historically been fairly good in capital marketsthat can be also seen in JOM Komodo Indonesia fund’s return in 2014 (+73.92%). However, backin 2014 Jokowi’s win was actually a watershed event for Indonesia as it represented the end of“the old power” and expectations for the future were very high. Country’s GDP did not growsubsequently at 6.6-7% annually, that was promised during election euphoria - this realised indisappointments in capital markets during 2015-2017. Currently expectations are not very highfor the economy, and it seems that main point is that Jokowi will be re-elected. Therefore we seethat there is some room for positive surprises in coming quarters.

Risks

Largest risks are naturally on politics as stated above, current account deficit (CAD)and currency, IDR. CAD was in 2018 -2.98% of GDP, while in 2017 it was -1.6% ofGDP. Large deficit is due to strong domestic demand in both consumer andinvestment goods, and due to small size of country’s export sector. Also fuel priceshave been kept at artificially low levels due to upcoming election. Fuel subsidy hasdeteriorated the deficit situation as Indonesia is net importer of oil – this situationshould be normalized sometime after the election, thus fuel prices should followworld market prices.

Source: CLSA

During last quarter of 2018 it was positive that Balance of Payments (BoP) rosesharply as portfolio and FDI investments flowed into Indonesia. Therefore it isimportant that now and in the future BoP will stay positive (especially FDI) to offsetCAD weakness.

J O M F u n d M a n a g e m e n t L t dS a l o m o n k a t u 1 7 B , 0 0 1 0 0 H e l s i n k i , F I N L A N D

T e l : + 3 5 8 9 6 7 0 1 1 5 , F ax : + 3 5 8 9 6 7 0 1 1 7in fo @j om . f i w w w . j om . f i

Past performance is no guarantee for future returns. The Fund value may increase or decrease, and the investor may incur losses when redeeming his shares. Jakarta Composite Index (EUR) and MV Indonesia SmallCap Index (EUR) are price indices, which take dividends into account. Further details on JOM Komodo Investment Fund may be found in the key investor information document, fund prospectus and fund rules, which areavailable by request from JOM Fund Management Ltd, or on the website www.jom.fi. *For the fiscal period since 1.1.2018, % of fund average netassets. **Will be calculated based on daily returns during 12 months. after the fund has sufficient track history. Detailed formulas availablefrom the Fund Management Company.

JOM Komodo Indonesia Equity Investment Fund’s NAV was 173.52 at the end ofFebruary, as it increased by +3.56% during the month. Since fund inception (15th

May 2012) the NAV has increased by +73.52%, thus the annual performance hasbeen +8.45%.

After a strong January Indonesia’s main equity index JCI declined by -1.37% alongwith other Asia’s smaller country indexes.

Only banks and few other companies have reported 2018 results so far. As notedabove bank results have been largely inline with expectations, however, WTONreported results that were clearly above expectations. Rest of portfolio companieswill report by end of March. So currently, especially among smaller companies, thereis a 5 month long quiet period when there is hardly any concrete news aboutcompanies as Q3 results were reported end of November. However, then again Q1results will come out already by end of May.

Sritex was sold off from the portfolio, while some minor changes were being madewithin existing holdings taking into account the upcoming reporting season.

JOM KOMODO, NET ASSET VALUE (28 February 2019) 173.52

Size of the fund 14.41 mEUR

Number of fund units 83 072.4884

Inception date 15.5.2012

Last month’s performance +3.56%

Performance since inception +73.52%

Annualised performance since inception +8.45%

Accumulated management fee* 0.24%

Accumulated performance fee* 0.03%

Accumulated custodian fee* 0.05%

Net investment position (prior to subscriptions on 28 Feb 2019) 99.2%

Volatility** 16.4%

Portfolio turnover 205.9%

Fund’s correlation to JCI-Index (12m) 0.73

Name:JOM Komodo Fund (UCITS)

Portfolio Manager:Juuso Mykkänen

Custodian: SEB. Helsinki branch

Benchmark index:No official index

Profit sharing:The Fund has only accumulating units

Fund rules last confirmed:7.7.2017

Inception date: 15.5.2012

ISIN-code: FI4000043401

Fund target group:Demanding investors who understand the potential of Asian equity markets in the long run.

Minimum subscription:5 000 €

Subscription account:IBAN:FI75 3301 0001 1363 24

BIC: ESSEFIHXXX

Management fee:1.5% p.a.

Subscription fee:1.5% - 0%

Redemption fee:2% (min. 20 €)

Performance fee:10% on the return exceeding the hurdle rate of 5%. (pls see Fund prospectus for details)

FUND OVERVIEW

J O M F u n d M a n a g e m e n t L t dS a l o m o n k a t u 1 7 B , 0 0 1 0 0 H e l s i n k i , F I N L A N D

T e l : + 3 5 8 9 6 7 0 1 1 5 , F ax : + 3 5 8 9 6 7 0 1 1 7in fo @j om . f i w w w . j om . f i

JOM KOMODO INDONESIA EQUITY INVESTMENT FUND Monthly Report February 2019

Energy; 2%

Industrial; 26%

Financial; 17%

Consumer, Non-cyclical; 5%Communications; 6%

Consumer,

Cyclical; 22%

Basic Materials;

10%

Technology;

13%

Equities by Investment Themes

Past performance is no guarantee for future returns. The Fund value may increase or decrease, and the investor may incur losses when redeeming his shares. Jakarta Composite Index (EUR) and MV Indonesia SmallCap Index (EUR) are price indices, which take dividends into account. Further details on JOM Komodo Investment Fund may be found in the key investor information document, fund prospectus and fund rules, which areavailable by request from JOM Fund Management Ltd, or on the website www.jom.fi. *For the fiscal period since 1.1.2018, % of fund average netassets. **Will be calculated based on daily returns during 12 months. after the fund has sufficient track history. Detailed formulas availablefrom the Fund Management Company.

J O M F u n d M a n a g e m e n t L t dS a l o m o n k a t u 1 7 B , 0 0 1 0 0 H e l s i n k i , F I N L A N D

T e l : + 3 5 8 9 6 7 0 1 1 5 , F ax : + 3 5 8 9 6 7 0 1 1 7in fo @j om . f i w w w . j om . f i

JOM KOMODO INDONESIA EQUITY INVESTMENT FUND Monthly Report February 2019

40

60

80

100

120

140

160

180

200

15.5.2012 23.9.2013 1.2.2015 11.6.2016 20.10.2017 28.2.2019

JOM KOMODO NAV VS. INDONESIA EQUITY INDICES

JAKARTA COMPOSITE Index (EUR)

S&P Indonesia SmallCap Price (EUR)

JOM Komodo

FUND PERFORMANCE MONTHLY (%)

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

2012 - - - - -6.29 +0.42 +3.62 -8.02 +3.01 +0.71 +7.63 -4.57 -4.34

2013 +6.05 +17.64 +13.43 +1.54 +11.52 -11.79 -8.95 -20.95 -0.95 +7.28 -13.95 -3.40 -10.13

2014 +9.68 +15.86 +10.77 -1.42 +3.20 -6.05 +10.24 +8.15 -2.09 +2.30 +5.50 +2.61 +73.92

2015 +2.45 +0.04 +2.24 -8.35 +1.42 -6.30 +0.26 -16.99 -8.01 +21.09 -1.75 -0.47 -17.26

2016 -1.69 +3.01 +5.87 +0.63 -0.86 +8.49 +9.63 +4.12 -3.45 +7.33 -6.93 +2.44 +30.86

2017 -0.30 +5.05 -0.38 +1.37 +0.73 -2.46 -4.74 -1.73 +1.37 +3.63 -4.47 -1.28 -3.63

2018 +5.21 +0.16 -1.45 +1.09 +3.50 -6.29 -1.32 -4.18 -3.48 -4.27 +13.25 +0.13 +0.88

2019 +6.46 +3.56 +10.25