2016 Annual Report

NOTICE AND DISCLAIMER:

This material is presented for informational and educational purposes only and expresses the views, analyses, and opinions of the General Partner as of the date indicated. Such views, analyses, and opinions are subject to change at any time without notice. The General Partner undertakes no duty or obligation to update, revise, or maintain any information, research, or commentary contained herein. Certain information concerning economic trends, industry data, and financial markets is derived from independent third-party sources. While the General Partner believes such sources to be reliable, it has not independently verified the accuracy or completeness of such data and assumes no responsibility for third-party errors or omissions.

No Offer, Solicitation, or Investment Advice: This material is not intended to constitute legal, tax, accounting, or investment advice. Prospective investors should consult their own professional advisors about such matters. This material does not constitute an offer to sell or the solicitation of an offer to purchase any interest in The Amvona Fund, LP, a Delaware limited partnership (the “Fund”), or any other fund managed or sponsored by Lemelson Capital Management, LLC, a Massachusetts limited liability company (the “General Partner”). Any such offer or solicitation may only be made to qualified prospective investors by means of delivery of the Fund’s approved Confidential Offering Memorandum, Limited Partnership Agreement, and Subscription Agreement (collectively, the “Offering Documents”). Interests in the Fund have not been registered under the Securities Act of 1933 or the Investment Company Act of 1940, and are available exclusively to qualified investors who meet the definition of “Accredited Investors” under Regulation D. An investment in the Fund is subject to a variety of significant risks, including illiquidity, transfer restrictions, and the potential loss of principal.

Performance Data & Calculation Methodology: The performance data included represents the net performance of The Amvona Fund, LP, and reflects the deduction of all Fund level expenses, including without limitation brokerage and other transaction costs, management fees, performance allocations/carried interest, as well as legal, audit, administration, and other operating expenses. The performance presented does not represent the return of any individual investor. An individual’s net return may differ significantly from the net performance as stated herein due to differences in fee arrangements, and timing of investment. In fact, net returns shown herein may be significantly higher than an investor’s actual return. Performance includes the reinvestment of all dividends, interest, and other income. Performance presented from January 2015 to the present represents a hypothetical investor in the Fund whose capital account has been charged (i) a quarterly asset management fee of 0.25%, payable in advance; (ii) a quarterly performance allocation of 25%, subject to a high-water mark and a 6% annualized hurdle rate. Net performance from the Fund’s inception to December 2014 is calculated using the average management fee and average performance allocation calculated among the capital accounts of all Fund investors except for the General Partner and its affiliates. Returns are estimated and unaudited unless specifically indicated as audited yearly figures, and actual returns may vary from the performance information presented above. Past performance is not necessarily indicative of future results. All investments involve risk, including the potential loss of principal. The value of investments and the income derived from investments can go down as well as up. Future returns are not guaranteed, and a loss of principal may occur.

Benchmark & Index Comparisons: Results compared to the S&P 500 Total Return Index (the “Index”) or hedge fund peer indices are for informational and contextual purposes only. The Fund’s investment program does not mirror the Index and the volatility of the Fund’s investment program may be materially different from the volatility of the Index. In addition, the Fund invests in a different mix of securities and sectors than the Index, which may cause differences in performance between the Fund and the Index. Indices are unmanaged, assume reinvestment of dividends, and do not reflect deductions for fees or expenses. You cannot invest directly in an index.

Specific Securities, Activist Research & Trading Conflict Disclosures: Any specific securities identified and described in this material do not represent all of the securities purchased, sold, or recommended for the Fund. The audience should not assume that investments in these securities identified and discussed will continue to be profitable. The Fund currently owns numerous other securities in various other industries and sectors unrelated to these securities. The purchase of these securities only will not create a diversified portfolio. The General Partner, its affiliated funds, partners, and personnel hold, have held, or may in the future establish long or short positions, options, debt, or other derivative contracts in the securities discussed, and stand to benefit financially from movements in the market price of such securities that align with stated theses. The General Partner explicitly reserves the right to buy, sell, cover, hedge, increase, or liquidate any position in any security mentioned at any time, before or after publication, without notice to anyone.

Third-Party Ratings, Rankings & Accolades: References to third-party rankings, ratings, or awards (including rankings by Barron’s, Morningstar, Preqin, and HFR) reflect historical industry recognitions based on criteria and historical data evaluated by the respective independent rating organizations. Such rankings reflect historical performance over specific past evaluation periods and do not represent client endorsements, customer satisfaction, or a guarantee of future fund performance. The General Partner did not pay any direct or indirect compensation to be included in, or to receive, any third-party ranking, rating, or award.

Forward-Looking Statements & Risk Management: Statements contained herein that are not historical facts, including predictions, forecasts, expectations, or statements concerning risk management policies, are forward-looking statements subject to known and unknown risks, uncertainties, and assumptions that may cause actual outcomes or results to differ materially from those expressed or implied. Any portfolio risk management processes discussed herein are an effort to monitor and manage risk, but should not be interpreted as and do not imply low risk or the ability to control risk.

Jurisdictional Restrictions: This information does not constitute an offer to sell or the solicitation of an offer to purchase any interest in the Fund or other investment product in any jurisdiction or country where such distribution, publication, availability, or use would be contrary to local law or regulation.