Avaron Season’s Greetings

Dear investors.

What a year! The Russian invasion to Ukraine brought along foreign institutional investors fleeing Emerging Europe ex-Russia region, leaving us with great businesses at appealing valuations.

As we see great value in the region, we have launched last week a smaller companies fund focusing on fast-growing and well-managed small and mid-cap companies. The fund is in the investment phase currently and we will release more information on it in January.

Till then, enjoy the Christmas time and may the Santa bring us hope for peace in Ukraine in 2023.