Dear co-investor,

Today we are starting a series of quarterly communications in which we will delve into different aspects of our understanding of investment, as well as the portfolios and different characteristics of our investment products.

As we made clear in the fund presentation letter (read letter), it is very important that you understand how we invest if you are to have a reasonable idea of what to expect as co-investor in our funds. For this reason, this first quarterly letter will be largely devoted to answering the following question: What does it mean to be a value investor? In addition, we will comment on the main positions of our funds and provide update on the weights of the principal themes of their portfolios, as well as their respective potentials.

Finally, I would like to thank each and every one of the more than one thousand people already joining us on this journey. You can count on us to work to meet your expectations and I take this opportunity to remind you that our investor relations team (Juanjo Ferrer and Rodrigo Blanco), as well as the other members of Horos, are entirely at your disposal as necessity demands.

Yours sincerely,

ı———ı

Javier Ruiz, CFA
CIO
Horos Asset Management