Annual Report 2020

Author: 3K Investment Partners – Reference Date: December 31st, 2020 At the same time, the bond part of the fund continued to yield profits in During the 4th quarter of 2020 the Fund recorded profits of 10,77% and absolute terms, as both the higher weight it held in the bond segment throughout the year, profits of 4,78%, while its composite benchmark (50,8%), consisting of 46,7% Greek government bonds and 4,1% Greek increased by 15,10% and retreated by 1 ,82 %, respectively. bank bonds, as well as its higher maturity by 0,66 years compared to the corresponding benchmark, strengthened it even more. In this quarter, Both asset classes contributed positively to the good performance of the fund, but the equity part contributed to a larger extent, although it was Greek government bonds continued their upward trend, due to the underinvested in Greek banks that outperformed the other sectors (but continuation of the ECB's quantitative easing program. recorded very ne gative returns in an annual basis). Equities such as PPC, Finally, despite the challenges the country has during the year, Mytilineos, OPAP, GEK Terna and Infoquest were the protagonists of the fund been facing and the effects of the pandemic on its economy, the positive in the last quarter of the year. developments in this field with the vaccine, as well as the continuation of the expansionary monetary policy by the ECB and the selection of equities with low market capitalization/profit ratio, leaves us room to look forward to a positive 2021.

. Performances

Cumulative Performances Annual Performances

45 80 35 60 25 40 20 15 0 5 -20 -5 1Y 3Y 5Y -15 2016 2017 2018 2019 2020

Mutual Fund’s Net Price evolution versus Benchmark –7 years’ period

170

150

130

110

90

70

50

Fund Benchmark

UCITS DO NOT HAVE GUARANTEED PERFORMANCE AND PAST RETURNS DO NOT ENSURE FUTURE ONES

Annual Report 2020

Distribution by Capitalization size Weight of main holdings

< 50mln (1 companies) 0,08%

Top 3 equity holdings 11,86% 100kmln > 50mln (5 company) 4,72%

500mln > 100mln (8 companies) 14,16%

1bn > 500mln (5 companies) 8,77% Top 3 bond holdings 32,19%

≥ 1bn (12 companies) 23,25% 0,00% 10,00% 20,00% 30,00% 40,00% 0,00% 10,00% 20,00% 30,00%

Distribution of Holdings per sector Top 3 equity holdings Indicators10,78%

Receivables-Liabilities -1,42% Fund: 19,37% Top 3 bond holdings 34,15% Communications 1,09% 1-year volatility Benchmark: 32,83% Cash 1,86% Number of Lines 41 Technology 2,59% Average cap. of0,00% equities 10,00% 20,00%1,324 30,00%mln. 40,00% Energy 3,03% Basic Materials 3,24% Median cap. of equities 653 mln. Corporate Bonds 4,12% Duration of the bond part (years) 4,49 Industrial 5,32% Yield to maturity of the bond part 0,71% Consumer, Cyclical 6,42% Convexity 0,59% Financial 8,12% Utilities 8,61% Consumer, Non-cyclical 12,54% Greek Government Bonds 44,47% -10,00% 0,00% 10,00% 20,00% 30,00% 40,00% 50,00%

Asset Allocation

Receivables-Liabilities -1,42%

Cash 1,86%

Equities 50,97%

Corporate Bonds 4,12%

Sovereign Bonds 44,47%

-10,00% 0,00% 10,00% 20,00% 30,00% 40,00% 50,00% 60,00%

Main Holdings Main contributions to annual performance in absolute terms Name Contrib. Name Contrib. Equities Sector Country %Net Assets Consumer, Public Power Corpor. 2,07% National Bank of -1,27% Jumbo SA Cyclical Greece 4,24% 1,76% Eurobank SA -1,12%

Public Power Corpor. Utilities Greece 3,98% GGB 4% 30/01/2037 1,55% Jumbo SA -0,78% Mytilineos SA Industry Greece 3,64% GGB 4,20% 30/01/42 1,51% Fourlis SA -0,71% GGB 3,90% 30/01/33 1,48% Autohellas -0,71% Bonds Currency Country % Net Assets GGB 3,75% 30/01/28 EUR Greece 12,79% GGB 4% 30/01/2037 EUR Greece 9,93% GGB 3,90% 30/01/33 EUR Greece 9,47% UCITS DO NOT HAVE GUARANTEED PERFORMANCE AND PAST RETURNS DO NOT ENSURE FUTURE ONES

Annual Report 2020

Main Characteristics Legal Form UCITS / Greek Mutual Fund Launch Date 26/5/2015 Unit Class Retail Recommended Investement Period Over 5 years ISIN Code GRF000071008 Custodian Bank of Piraeus Bloomberg Code INGDOBF GA Maximum Subscription Fee 1,50% 50% ASE (TR) + 50% Bloomberg Barclays Series-E Benchmark Greece Govt All>1yr Bond Index Exit Fee 0%, NAV/AuM 4,64 € / 6,54 M€ Management Fee 1,73% Unit NAV period Daily based on prices on market close Performance Fee 20% per annum on the potential positive difference between the performance of UCITS Decision 29/634/08-02-2006 of HCMC Gov.gazette 264/02-03-2006 Part Β' and the performance of the benchmark. In case unit price underperforms in relation to the performance of the benchmark for one or more years, the performance fee calculation will begin only after the accumulated underperformance is previously eliminated.

Disclaimer

The elements contained in this document have been prepared solely for informational purposes. Under no circumstances should this document be considered as an investment advice or an offer - incitement for investing in mutual funds managed by 3K Investment Partners M.F.M.C. Single Member SA For the disposal of units of UCITS in Greece, the provisions of Law 4099/2012 and the decisions of the Capital Market Commission, which have been delegated by virtue of this law, are in force and are applied. Investments may be suitable for professional or private investors only upon personal investment advice from a professional who has signed a written agreement with the investor concerned. While particular attention has been paid to the contents of this document, no guarantee, warranty or representation, expressed or implied, is given, regarding the accuracy, correctness and adequacy of the contents of this document.

Any information contained in this document is subject to change or update without notice. Neither 3K Investment Partners, nor any of its officers, directors or employees can be held direct or indirect liable or responsible with respect to the information and judgements of any kind expressed herein. No direct or indirect liability or obligation is accepted for losses that may be incurred by readers / investors / prospective investors from the use of this document or basing any decision on it. Investments involve risks; while investments in UCITS do not offer guaranteed performance and any past returns do not secure future ones. Please note that the value of your investments may increase or decrease and that past returns are not indicative of future performance and are never considered as such. This presentation and information contained herein may not be copied, reproduced, distributed or passed to any person at any time without prior written consent of 3K Investment Partners. Any claims arising out of or relating to the terms and conditions of the "disclaimer" are subject to the applicable law.

The prospectus and the Key Investor Information document of the Mutual Fund are available (free of charge) in Greek and in English in the offices of 3K Investment Partners, 25-29 Karneadou Str, 106 75, , Greece and on the website: www.3kip.gr.

Management Company: 3K Investment Partners M.F.M.C. Single Member SA– Address: 25-29 Karneadou Str, 10675 Athens- General Commercial Registry Number: 1003501000 - Ministry of National Economy decision: 38476/Β 1288/13-09-1990 Custodian: - Supervising Authority: Hellenic Capital Market Commission

UCITS DO NOT HAVE GUARANTEED PERFORMANCE AND PAST RETURNS DO NOT ENSURE FUTURE ONES