IMPORTANT LEGAL INFORMATION

The following information applies to every page on this web site, whether or not such pages individually contain a disclaimer notification.

This material has been drawn up by AS Avaron Asset Management (hereafter: Avaron), a fund management company registered in Estonia which is authorised and supervised by the Estonian Financial Supervision Authority. The contact details of Avaron are as follows: address Narva mnt. 5-58, Tallinn 10117, Estonia; phone +372 6644200; fax +372 6644201. This material is the copyright property of Avaron, unless noted otherwise, and all rights are reserved.

This material contains data and facts on investments and funds managed by Avaron, which are provided for information purposes only. No investment advice is offered or given by Avaron to persons using this material. This material is complimentary to and not a substitute for independent professional advice from a person qualified to provide it in your home country. Reliance on this material for the purpose of buying the securities to which this material relates may expose a person to a significant risk of losing all of the property or other assets invested. The information herein is, to the best of the knowledge of Avaron, in accordance with the facts. However, Avaron, none of its affiliates, directors or officers accept any liability in respect of the accuracy or completeness of any information herein, or omitted to be included herein, or any information provided, or omitted to be provided, by any third party. All information and expressions of opinion contained in this material are subject to change without notice.

This material does not constitute or form part of a distribution or an offer or solicitation to buy or sell any securities (in particular, shares or units in any of Avaron funds) to any person in any jurisdiction in which such distribution, offer or solicitation would be contrary to local law or regulation.

In particular, the information herein is not for distribution, and does not constitute an offer to sell or buy, or the solicitation of any offer to sell or buy, any securities in the United States of America or to or for the benefit of United States persons (within the meaning of Regulation S under the Securities Act of 1933).

In relation to persons in the United Kingdom, the information herein is directed only at Investment Professionals in the meaning of Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. This material should not be relied on by persons in the United Kingdom who are not Investment Professionals. Any investment or investment activity to which this material relates is available in the United Kingdom only to Investment Professionals and will be engaged in only with Investment Professionals.

In relation to persons in Switzerland, this material is directed only at Swiss Qualified Investors in the meaning of Article 10 (3) of the Collective Investment Schemes Act. Swiss private individuals are not allowed to use this material. The funds managed by Avaron are not authorised for distribution in Switzerland.

Subscription of Avaron funds should be made on the basis on the funds' prospectus and simplified prospectus, the relevant fund rules and the latest available annual or semi-annual reports. These documents can be obtained from Avaron. Past performance is not indicative of future results. The value of investments and any income derived from the funds may fall as well as rise and investors may not get back the amount invested. An investment in the funds entails risks, some of which are described in the prospectuses of the funds. Investors should be aware of the high risks associated with investments in emerging markets such as Central and Eastern Europe.

This material may include forward looking statements which are based on Avaron's current opinions, expectations and projections. We undertake no obligation to update or revise any forward looking statements. Actual results could differ materially from those anticipated in the forward looking statements.

Any dispute, controversy or claim arising out of or in connection with the information provided in this material shall be settled in accordance with Estonian law exclusively in Estonian courts. Information provided in this material has originally been prepared in the Estonian language and has been translated into English. In case of any discrepancy between the two versions, the Estonian version shall prevail.

I confirm that I have read and understood the information contained in this page and accept its contents. I confirm that I am eligible to read the materials in this web site.

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Contacts:
Phone: +372 6644 205
Fax: +372 6644 201
E-mail: info@avaron.com

Address:
Foorum House
Narva Road 5/58
6th floor
Tallinn 10117, Estonia

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About Us

Independent with focus on serving institutional investors

Avaron is an independent, management owned asset management company established in 2007. We research and invest in quoted companies of European Union new member states and accession countries. We manage €80m+ of institutional and high-net-worth investor assets, including leading European family offices, pension funds, insurance companies and private banks. Avaron is supervised by the Estonian Financial Supervision Authority and is compliant with EU regulations.

Local experience

Avaron investment managers have been active in regional equity markets since 1997, having on average 12 years of industry experience. Today Avaron has one of the largest dedicated teams to Emerging Europe investments comprising nine professionals based in Estonia and Poland. We are dedicated investors in Emerging Europe, covering around 250 companies with in-house research. Our team makes 300+ company meetings and management interviews a year to assess companies' business models, management quality, development plans and outlook. We believe it is crucial to understand local business environment and regional sector trends while making investments in Emerging Europe.

Benchmark agnostic, all-cap investor with small cap bias

Markets in Emerging Europe are inefficient and offer lucrative opportunities for stock-pickers. Avaron is an all-cap investor that prefers small and mid-cap companies should they offer better risk-return, while most of the regional funds focus solely on 30-40 blue chips. Our focus on stock-picking and value-driven investments has resulted in lower volatility and risk level of our portfolios while providing investors with market average or better returns.