APS Funds SICAV plc

Jan – Jun 2020

Performance Review & Outlook

Review for Jan to Jun 2020:

COVID-19 – the main shock for the year which hit most asset marketsbadly until Central Banks reacted with conviction. Interest Rates –Expected to remain at current levels throughout 2020.

Global Economy – the global economy experienced severe contractionas a result of COVID-19 lockdowns.

Equities – impacted negatively by COVID-19 at first. Recovered afteraggressive easing by Central Banks. Technology leaders were particularwinners.

Fixed Income – Government bonds supported as investors looked forsafety. High rated corporate debt outperformed low rate ones.

Commodities – Expected to be supported as global trade increases.

Emerging Markets – The economies of some developing countriessuffered greatly as a result of COVID-19.

2

Q1 & Q2 2020

COVID-19

Equities

Fixed Income

Global Economy

Commodities

Emerging Markets

2020 Jan - Mar PerformanceAPS Income Fund

Jan – Mar 2020 Return: -5.41%

3

170

175

180

185

190

195

200

31/12/2019 31/01/2020 29/02/2020 31/03/2020

NA

V p

er S

har

e (€

)

Income Fund Class A Q1 Performance

2020 Jan - Mar PerformanceAPS Diversified Bond Fund

Jan – Mar 2020 Return: -6.34%

4

0.98

1

1.02

1.04

1.06

1.08

1.1

1.12

1.14

31/12/2019 31/01/2020 29/02/2020 31/03/2020

NA

V p

er S

har

e (€

)

Diversified Bond Fund Class A Q1 Performance

2020 Jan - Mar PerformanceAPS Ethical Regular Income Fund

Jan – Mar 2020 Return: -7.75%

5

1.25

1.3

1.35

1.4

1.45

1.5

1.55

31/12/2019 31/01/2020 29/02/2020 31/03/2020

NA

V p

er S

har

e (€

)

Ethical Regular Income Fund Class A Q1 Performance

2020 Apr - Jun PerformanceAPS Income Fund

Apr – Jun 2020 Return: 1.70%

Jan – Jun 2020 Return: -3.80%

6

178

179

180

181

182

183

184

185

186

187

188

31/03/2020 30/04/2020 31/05/2020 30/06/2020

NA

V p

er S

har

e (€

)

Income Fund Class A Q2 Performance

2020 Apr - Jun PerformanceAPS Diversified Bond Fund

Apr – Jun 2020 Return: 4.93%

Jan – Jun 2020 Return: -1.73%

7

1.03

1.04

1.05

1.06

1.07

1.08

1.09

31/03/2020 30/04/2020 31/05/2020 30/06/2020

NA

V p

er S

har

e (€

)

Diversified Bond Fund Class A Q2 Performance

2020 Jan - Mar PerformanceAPS Ethical Regular Income Fund

Apr – Jun 2020 Return: 6.00%

Jan – Jun 2020 Return: -2.21%

8

1.36

1.37

1.38

1.39

1.4

1.41

1.42

1.43

1.44

1.45

31/03/2020 30/04/2020 31/05/2020 30/06/2020

NA

V p

er S

har

e (€

)

Ethical Regular Income Fund Class A Q2 Performance

Outlook for 2020:

COVID-19 – Second wave expected, the scale of it, as well as theresponse will determine how the global economy performs in the 2nd

half of 2020. We believe that future lockdowns will be done by region,rather than country to minimize economic impact.

European Union – movement towards further integration of the blocthrough the COVID-19 recovery fund. Potential for debt mutualisationwill have significant long term positive implications, should it pass.

Brexit – Expectation of a deal to be passed, the scope of which willdetermine the impact across the UK and EU.

United States of America Presidential Election – Biden victory lookingmore likely for the moment. Likely consequences of a Biden victoryinclude increased taxes, a movement away from deregulation, whichwill negatively impact earnings. It is also likely that volatility will alsoincrease.

Interest Rates – Expected to remain at current levels throughout 2020.

Equities – Expected to be supported by central bank stimulus.

Fixed Income – High rated corporate debt expected to perform well.

Commodities – Expected to be supported as global trade increases.

Emerging Markets (“EM”) – Macro environment is supportive ofinvesting in EM, however, the poor response to COVID-19 in many EMmay dampen their performance.

9

Q2 & Q3 2020

Outlook

COVID-19

Interest Rates & Bonds

Equities

Geo-politics

Commodities

Emerging Markets

The information in this presentation is given in summary form and does not purport to be complete. It represents the opinionof the contributors and is solely provided for information purposes. The information provided should not be considered asadvice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities or otherfinancial products or instruments and does not take into account one’s particular investment objectives, financial situation orneeds. Before acting on any information one should consider the appropriateness of the information having regard to thesematters, any relevant offer document and in particular, one should seek independent financial advice. All securities andfinancial products or instrument transactions involve risks, which include (among others) the risk of adverse or unanticipatedmarket, financial or political developments and, in international transactions, currency risk.

The value of the investment may go up as well as down, and past performance is not a guarantee of future performance.

This presentation was issued by ReAPS Asset Management Limited, a subsidiary of APS Bank Plc. ReAPS Asset ManagementLimited is the Investment Manager of APS Funds SICAV plc.

APS Bank plc (C2192) with registered address at APS Centre, Tower Street, Birkirkara BKR 4012 is licensed by the MaltaFinancial Services Authority (‘MFSA’) to provide investment services. ReAPS Asset Management Limited (C77747) withregistered address at APS Centre, Tower Street, Birkirkara BKR 4012 is licensed by the MFSA as a UCITS Fund ManagementCompany. APS Funds SICAV plc (SV 78) with registered address at APS Centre, Tower Street, Birkirkara BKR 4012 and its threesub-funds are licensed by the MFSA as retail UCITS Collective Investment Schemes. The MFSA has it’s registered address atTriq l-Imdina, Zone 1 Central Business District, Birkirkara, CBD 1010.

* Prices are sourced from Bloomberg L.P.

10

Disclaimer