Avenir Corporation

Letters

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Please note that the commentary in the client letters represents the views of Avenir and its portfolio managers at the time indicated in the individual letters and these views are subject to change at any time due to changes in market and other conditions. The information within the client letters was prepared by Avenir's portfolio managers based upon information that is believed to be reliable. References to specific securities and issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities.

Avenir Corporation is registered as an investment advisor with the United States Securities and Exchange Commission.

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