Post on 05-Mar-2018
FO
R IN
ST
ITU
TIO
NA
L IN
VE
ST
OR
S O
NLY
· C
ON
FID
EN
TIA
L
Investm
en
ts i
n In
tern
ati
on
al W
ind
En
erg
y P
roje
cts
An
In
vesto
r`s P
ers
pecti
ve
Aq
uil
a C
ap
ital -
Th
e A
ltern
ati
ve I
nvestm
en
t C
om
pan
y
Se
pte
mber
20
16
Confidential In
form
ation
© 2
016 A
QU
ILA
CA
PIT
AL
Ag
en
da
22
Aqu
ila G
rou
p | O
ve
rvie
w1
Alte
rna
tive
In
ve
stm
en
ts
2
Inte
rna
tio
nal W
ind E
ne
rgy P
roje
cts
–R
isks a
nd
Op
po
rtu
nitie
s3
© 2
016 A
QU
ILA
CA
PIT
AL
Aq
uil
a G
rou
p
| F
ocu
se
d o
n A
lte
rna
tive
In
ve
stm
en
ts
33
Str
on
g T
rac
k R
ec
ord
sin
ce
20
01
�M
an
ag
ing
ove
r E
UR
7.1
bill
ion
in r
ea
l a
sse
t,
fin
an
cia
l asse
t a
nd
pri
va
te
ma
rke
t str
ate
gie
s
10
0%
Alt
ern
ati
ve
s
�H
as b
ee
n e
mb
ed
de
d in
th
e
Gro
up
’s D
NA
sin
ce
20
01
�In
de
pe
nd
en
t
�F
ully
fo
cu
se
d o
n in
ve
sto
rs
Fu
lly R
eg
ula
ted
�A
IFM
-lic
en
se
d
�O
pe
ratin
g U
CIT
S p
latf
orm
Str
ing
en
t In
ve
stm
en
t
Pro
ce
ss
�M
ulti-
dis
cip
lina
ry a
pp
roa
ch
�H
igh
ly m
otiva
ted
an
d
sp
ecia
lise
d in
ve
stm
en
t
pro
fessio
nals
Op
era
tio
na
l M
an
ag
em
en
t
�H
an
ds-o
n p
ort
folio
ma
na
ge
me
nt to
sa
feg
ua
rd
asse
ts a
nd
en
ha
nce
va
lue
Bro
ad
Ne
two
rk
�S
tro
ng
de
al flo
w
�O
ve
r 1
30
re
alis
ed
tra
nsa
ctio
ns in
mo
re th
an
16
co
un
trie
s
Rig
oro
us
Ris
k M
an
ag
em
en
t
�E
mb
ed
de
d w
ith
in a
rig
id
inve
stm
en
t d
iscip
line
2001
Esta
blis
he
d
11
De
dic
ate
din
ve
stm
en
t
tea
ms
7.1
bn
EU
R A
uM
100%
Ind
ep
en
de
ntly
ow
ne
d
an
do
pe
rate
d
Germ
any | B
aF
in·
Luxem
bourg
| C
SS
F ·
Sw
itzerland |
FIN
MA
·
United K
ingdom
| F
CA
As a
t 31.1
2.2
015;
Locations s
how
n in the m
ap a
lso inclu
de investm
ent
aff
iliate
s
Pri
va
te M
ark
ets
Fin
an
cia
l Asse
tsR
ea
l A
sse
ts
Ins
titu
tio
na
l In
fra
str
uc
ture
�M
ore
th
an
20
0 e
mp
loye
es
loca
ted
in e
igh
t o
ffic
es
glo
ba
lly
© 2
016 A
QU
ILA
CA
PIT
AL
Aq
uil
a G
rou
p
| N
ee
d f
or
Alte
rna
tive
Asse
ts
44
1.0
2.5
3.6
6.5
(7
.4)
0.5
0.8
1.4
2.5
(2.9
)
1.0
2.0
2.9
4.6
(5
.0)
02468
10
12
14
16
2004
2007
2013
2020 B
ase C
ase (
Hig
h C
ase)
Alt
ern
ati
ve A
ssets
(in
US
D 1
,000b
n)
Hedge F
unds &
FoH
F
Sourc
e:
Pw
C M
ark
et R
esearc
h C
entr
e a
naly
sis
based o
n P
reqin
, H
FR
and L
ipper
data
Real A
ssets
CA
GR
Private
Equity
9.9
%
2.5
5.3
7.9
13.6
(15.3
)
8.1
%
6.9
%
Sourc
e:
Blo
om
berg
, ow
n c
alc
ula
tion
Aq
uila C
ap
ital b
eliev
es t
here
will b
e s
tro
ng
gro
wth
of
alt
ern
ati
ve a
ssets
in
th
e f
ort
hco
min
g f
ive y
ears
Pre
vailin
g L
ow
-In
tere
st
Bo
nd
Mark
et
En
vir
on
men
t an
d O
verv
alu
ed
Eq
uit
y M
ark
ets
Germ
an 1
0 y
ear
inte
restra
te
Retu
rn 1
991 –
2014: 7.1
5%
p.a
.
(of w
hic
h a
ppro
x. 3%
are
pri
ce g
ain
s
Dow
Jones 1
900 –
2014 inclu
din
g it
s S
hille
r P
E R
atio
+2
Sta
nd
ard
De
via
tio
n
-2 S
tan
da
rdD
evi
atio
n
© 2
016 A
QU
ILA
CA
PIT
AL
Ag
en
da
55
Aqu
ila G
rou
p | O
ve
rvie
w1
Alte
rna
tive
In
ve
stm
en
ts
2
Inte
rna
tio
nal W
ind E
ne
rgy P
roje
cts
–R
isks a
nd
Op
po
rtu
nitie
s3
2.1
Re
al A
sse
ts
2.2
Fin
an
cia
l Asse
ts
2.3
P
riva
te M
ark
ets
© 2
016 A
QU
ILA
CA
PIT
AL
Aq
uil
a G
rou
p
| A
lte
rna
tive
In
ve
stm
en
ts –
Ou
r A
sse
t C
lasse
s
66
Aquila
Capital fo
llow
s a
multi-str
ate
gy a
ppro
ach a
nd c
om
bin
es e
xpert
know
ledge w
ith a
n institu
tional in
frastr
uctu
re.
�Launched in 2
001,
we o
ffer
a c
om
pre
hensiv
e r
ange o
f altern
ative investm
ent solu
tions,
�m
anaged b
y d
edic
ate
d s
pecia
lists
in t
he r
espective a
sset
cla
sses
�w
ith e
ntr
epre
neurial m
ind-s
et,
�based o
n o
pera
tional sta
bili
ty, str
ingent
corp
ora
te g
overn
ance a
nd a
successfu
l tra
ck r
ecord
,
�w
ith t
he a
im to g
enera
te s
usta
inable
positiv
e r
etu
rns f
or
our
investo
rs:
As a
t 30.0
6.2
016;
All
perf
orm
ance d
ata
p.a
.; T
he t
arg
et
IRR
describes the t
arg
ete
d r
etu
rn o
f th
e p
lanned investm
ents
by the f
und
and d
oes n
ot
constitu
te a
bin
din
g p
rofita
bili
ty r
equirem
ent
or
any
guara
nte
e o
f re
turn
s,
aft
er
local ta
xes a
nd b
efo
re f
ees.
Ph
oto
vo
ltaic
s
Sin
ce 2
009 |
Pro
jects
: 23 | 5
05 M
Wp
from
tra
nsactions
Tra
nsacti
on
Au
M:
EU
R 1
.312m
Realis
ed p
roduction o
f all
pla
nts
: 63%
in, 13%
belo
w
and 2
4%
above p
lan
Perf
orm
ance: ø
5.4
0%
(all
photo
voltaic
and
win
d p
ow
er
funds)
Alt
ern
ati
ve F
inan
cin
g
Sin
ce 2
010
Perf
orm
ance:
ø 6
.40%
AuM
:
EU
R 2
84m
Real E
sta
te
Sin
ce 2
012 |
Pro
jects
: 13 | 2
87,5
00 s
qm
Tra
nsacti
on
Au
M:
EU
R 4
19m
Retu
rn e
xpecta
tions c
urr
ent
investm
ents
Spain
:
12 –
17%
IR
R
Perf
orm
ance logis
tic
investm
ents
(re
alis
ed):
14.5
% I
RR
Ris
k P
ari
ty
Sin
ce 2
004
Perf
orm
ance:
7 V
ol: ø
1.7
5%
12 V
ol: ø
4.1
8%
AuM
:
EU
R 1
45m
Infr
astr
uctu
re
Launch in 2
016
Annual div
idend t
arg
et:
ø 4
–5%
Perf
orm
ance targ
et:
ø 7
–9%
IR
R
Win
d P
ow
er
Sin
ce 2
010 |
Pro
jects
: 16 | 7
24 M
W fro
m t
ransactions
Tra
nsacti
on
Au
M:
EU
R 5
78m
Realis
ed p
roduction o
f all
pla
nts
: 70%
in, 10%
belo
w
and 2
0%
above p
lan
Perf
orm
ance: ø
5.4
0%
(all
photo
voltaic
and
win
d p
ow
er
funds)
Lo
ng
/Sh
ort
Eq
uit
y
Sin
ce 2
014
Perf
orm
ance:
Fund 1
: ø
10.5
1%
Fund 2
: ø
-3.7
8%
AuM
(all
str
ate
gie
s):
EU
R 1
44m
Tim
ber
Sin
ce 2
007 |
Pro
jects
: 16 | 3
5,0
75 h
a
Hyd
rop
ow
er
Sin
ce 2
009 |
Pro
jects
: 6 | 4
00 M
W
Tra
nsacti
on
Au
M:
EU
R 7
88m
Perf
orm
ance targ
et
ø:
6 –
8%
avera
ge I
RR
on c
ore
and
7 –
10%
on c
ore
plu
s investm
ents
Tra
nsacti
on
Au
M:
EU
R 4
07m
Ag
ricu
ltu
re
Sin
ce 2
008 |
Pro
jects
: 61 | 2
9,2
50 h
a f
rom
tra
nsactions
© 2
016 A
QU
ILA
CA
PIT
AL
Re
al A
ss
ets
| T
rack R
eco
rd
77
As
se
t C
las
sA
cti
ve
Sin
ce
Inve
stm
en
tF
oc
us
Fu
nd
sT
ran
sa
cti
on
sT
ran
sa
cti
on
Vo
lum
e (
m
EU
R)
Ph
oto
vo
lta
ics
20
09
Gro
un
d &
roo
f p
ow
er
pla
nts
82
31
,31
2
Win
d P
ow
er
20
10
Op
era
tio
na
l pla
nts
incl. p
ossib
le r
ep
ow
eri
ng
an
d p
lan
ts u
nd
er
co
nstr
uctio
n3
16
57
8
Hyd
rop
ow
er
20
09
Ru
n-o
f-ri
ve
rp
ow
er
sta
tio
ns
56
78
8
Re
al E
sta
te2
01
2H
ote
ls, lo
gis
tics,re
sid
en
tia
l an
d c
om
me
rcia
l re
al e
sta
te2
13
41
9
Ag
ricu
ltu
re2
00
8A
ustr
alia
np
asto
ral d
air
y fa
rms
56
13
14
Tim
be
r2
00
7G
lob
ally
div
ers
ifie
dfo
restr
y p
roje
cts
41
69
3
To
tal
27
13
53
,50
4
505 M
Wp
(Photo
voltaic
s)
30+
Win
d P
ark
s/7
24 M
W (
Win
d P
ow
er)
105 H
yd
rop
ow
er
Pla
nts
/400 M
W (
Hydro
pow
er)
287,5
00 s
qm
(Real E
sta
te)
35,0
75 h
a (
Tim
ber)
61 F
arm
s (
Agriculture
)
As a
t 30.0
6.2
016;
Calc
ula
tion b
ased o
n r
ealis
ed p
roje
cts
, in
clu
din
g p
roje
ct
develo
pm
ent
(in
m E
UR
)
11
5
1
10
45
10
5
63
4
15
4
30
71
2
11
0
55
56
4
29
01
91
27
7
7
30
22
8
1
31
23
10
70
© 2
016 A
QU
ILA
CA
PIT
AL
Re
ne
wa
ble
In
fra
str
uc
ture
| P
ho
tovo
lta
ics &
Win
d P
ow
er
88
Ph
oto
vo
lta
ics
& W
ind
Po
we
r
Ph
oto
vo
ltaic
In
vestm
en
ts –
Tra
ck R
eco
rd b
y G
eo
gra
ph
yC
urr
en
t In
vestm
en
t O
pp
ort
un
itie
s
Win
d P
ow
er
Inv
estm
en
ts –
Tra
ck R
eco
rd b
y G
eo
gra
ph
y
20
09
Active
Sin
ce
1,8
90
mE
UR
Tra
nsa
ctio
nV
olu
me
50
5M
Wp
in P
ho
tovo
lta
ics³
72
4M
W in
Win
d P
ow
er³
Germ
any
Fra
nce
Jap
an
UK
Germ
any
Fra
nce
Sw
eden
UK
US
AN
orw
ay
As a
t 30.0
6.2
016;
1W
ith a
2x1 y
ear
exte
nsio
n o
ption;
2T
he t
arg
et
IRR
describes the t
arg
ete
d r
etu
rn o
f th
e p
lanned investm
ents
by t
he f
und a
nd d
oes n
ot
constitu
te a
bin
din
g p
rofita
bili
ty
requirem
ent
or
any g
uara
nte
e o
f re
turn
s;
³ R
esultin
g f
rom
tra
nsactions.
Fu
nd
Na
me
Aq
uil
a C
ap
ita
l R
en
ew
ab
les
Fu
nd
III
S.A
.,
SIC
AV
-SIF
Str
ate
gy
To
inve
stin
op
era
tio
na
l PV
& w
ind
po
we
r p
lan
ts,
with
a c
on
se
rva
tive
co
un
try a
pp
roa
ch
(co
re E
uro
pe
)
Fu
nd
Te
rm/S
tru
ctu
re1
5 y
ea
rs1/S
ICA
V-S
IF
Ta
rge
t R
etu
rn
5 –
7%
IR
R2
aft
er
loca
l ta
xe
s a
nd
fe
es
Fir
st C
losin
gM
ay,
20
15
Se
co
nd
Clo
sin
gA
pri
l, 2
01
6
Inve
stm
en
t g
rad
e s
ecu
ritisa
tio
n o
ptio
n
Str
ate
gy N
am
eA
qu
ila
Ca
pit
al R
en
ew
ab
les
IV
Str
ate
gy
Str
ate
gy
To
co
nstr
uct a
div
ers
ifie
d p
ort
folio
of re
ne
wa
ble
en
erg
y in
ve
stm
en
tsp
rim
ari
ly lo
ca
ted
in
Eu
rop
e
Inve
stm
en
t T
erm
12
ye
ars
1
Ta
rge
t R
etu
rn7
–9
% IR
R2
aft
er
loca
l ta
xe
s a
nd
fe
es
Inve
stm
en
t g
rad
e s
ecu
ritisa
tio
n o
ptio
n
© 2
016 A
QU
ILA
CA
PIT
AL
No
rway
1
110 M
W | A
cquis
itio
n: 2015
Sw
ed
en
61.2
MW
| A
cquis
itio
n: 2014
US
A4
150 M
W | A
cquis
itio
n: 2014
No
rth
West
En
gla
nd
2 M
W | A
cquis
itio
n: 2014
Germ
an
y
28 M
W | A
cquis
itio
n: 2013
Germ
an
y
57 M
W | A
cquis
itio
n: 2012
No
rth
ern
Germ
an
y
13.6
MW
| A
cquis
itio
n: 2012
Fra
nce
4
32 M
W | A
cquis
itio
n: 2012
99
Tra
ck
Re
co
rd
| S
ele
cte
d W
ind
Po
we
r P
roje
cts
1T
ota
l in
sta
lled c
apacity o
f th
e w
ind p
ark
with a
64.8
4%
share
held
by A
quila
Capital. 2
aft
er
local ta
xes a
nd b
efo
re f
ees. T
he t
arg
et
IRR
describes the t
arg
ete
d r
etu
rn o
f th
e p
lanned investm
ents
by t
he f
und a
nd d
oes n
ot
constitu
te a
bin
din
g p
rofita
bili
ty r
equirem
ent
or
any g
uara
nte
e o
f re
turn
s.
3T
ypic
al fu
nd a
nd s
tructu
ring c
osts
am
ount
to 1
–1.5
% p
.a.
dependin
g o
n t
ax c
om
ple
xity a
nd
countr
y-s
pecific
regula
tion.
4 D
iveste
d.
6 –
8%
avera
ge targ
et IR
R2
on c
ore
and 8
–10%
on c
ore
plu
s investm
ents
3.
Easte
rn G
erm
an
y
46.2
MW
| A
cquis
itio
n: 2016
Easte
rn G
erm
an
y
34 M
W | A
cquis
itio
n: 2016
© 2
016 A
QU
ILA
CA
PIT
AL
Re
ne
wa
ble
In
fra
str
uc
ture
| D
ea
l F
low
of A
qu
ila G
rou
p
10
10
Co
un
try-S
pecif
ic T
rack R
eco
rd
(in
m E
UR
): Pro
ven S
trate
gic
Appro
ach
JP 5JP 5
SE
&
NO
759
SE
&
NO
759
US
30
US
30
FR
823
FR
823D
E
853
DE
853
UK
54
UK
54
Str
ong O
rigin
ation C
apabili
ties R
esult in C
onsis
tent In
vestm
ent F
low
Investm
ent
opport
unitie
s
30
0+
Fir
stscre
enin
g
30
+
Inte
rnaldue
dili
gence
10
+
Exte
rnaldue
dili
gence
6
Acquir
ed
Hydro
pow
er
�A
ssets
with s
table
and p
redic
table
cash flo
ws
�F
ocus o
n c
reating tangib
le v
alu
e t
hro
ugh o
wners
hip
acro
ss the e
ntire
asset acquis
itio
n a
nd m
anagem
ent lif
ecycle
�C
aptu
ring r
etu
rns thro
ugh a
ctive investm
ent, fund a
nd p
ort
folio
managem
ent
Investm
ent
opport
unitie
s
42
0+
Fir
stscre
enin
g
60
+
Inte
rnaldue
dili
gence
15
+
Exte
rnaldue
dili
gence
12
Acquir
ed
Win
d P
ow
er
Investm
ent
opport
unitie
s
70
0+
Fir
stscre
enin
g
10
0+
Inte
rnaldue
dili
gence
25
+
Exte
rnal due d
iligence
20
Acquir
ed
Photo
voltaic
s
TR
154
TR
154
As a
t 30.0
6.2
016
© 2
016 A
QU
ILA
CA
PIT
AL
Ag
en
da
11
11
Aqu
ila G
rou
p | O
ve
rvie
w1
Alte
rna
tive
In
ve
stm
en
ts
2
Inte
rna
tio
nal W
ind E
ne
rgy P
roje
cts
–R
isks a
nd
Op
po
rtu
nitie
s3
© 2
016 A
QU
ILA
CA
PIT
AL
Inte
rna
tio
na
l W
ind
En
erg
yP
roje
cts
| R
isks
an
dO
pp
ort
un
itie
s1
/2
12
12
.Inte
rna
tio
na
lW
ind
En
erg
y P
roje
cts
Op
po
rtu
nit
ies
Ris
ks
�D
ive
rsific
atio
n
�H
igh
er
retu
rns
on
in
ve
stm
en
t /
go
od
ris
k –
retu
rn r
ela
tio
n
�F
ee
d in
Ta
riff
(“F
IT”)
sch
em
es
�T
ran
sfe
r o
f A
qu
ila k
no
w h
ow
an
d c
on
tacts
esp
ecia
lly in
Sca
nd
ina
via
�V
isib
ility
of A
qu
ila in
th
e m
ark
et -
acce
ss to
va
rio
us p
roje
cts
an
d p
roje
ct p
ipe
line
s
�T
ax b
en
efits
�N
o c
urr
en
cy r
isks in
ca
se
of
EU
R in
ve
stm
en
ts
�C
urr
en
cy r
isks
�G
eo
gra
ph
ica
ldis
tan
ce
�C
om
ple
x s
tru
ctu
res (
de
bt vs.
eq
uity in
ve
stm
en
ts)
�L
on
gco
nstr
uctio
n p
eri
od
s
�D
iffe
ren
t le
ga
l sta
nd
ard
s
�Y
ou
ng
ma
rke
ts la
ckin
g e
xp
eri
en
ce
d p
laye
rs (
pro
ject p
art
ne
rs, b
an
ks, e
tc.)
As
se
ss
me
nt
of
inte
rna
tio
na
l w
ind
en
erg
y p
roje
cts
–m
ain
fo
cu
s:
�P
olit
ica
l an
dle
ga
l sta
bili
ty
�C
ap
ex
�L
on
g te
rm p
ow
er
pu
rch
ase
ag
ree
me
nts
�F
un
din
g o
f F
IT
�W
ind
stu
die
s
�A
qu
ila‘s
inve
sto
r n
ee
ds (
cu
rre
ntly m
ain
ly in
ve
sto
rs fro
m D
AC
H r
eg
ion
fo
cu
ssin
g
on
in
ve
stm
en
ts in
Eu
rop
e / w
ith
lo
w c
ou
ntr
y r
isks)
�L
oca
lco
nd
itio
ns
�P
rofe
ssio
na
l se
llers
an
d p
roje
ct p
art
ne
rs
© 2
016 A
QU
ILA
CA
PIT
AL
Inte
rna
tio
na
l W
ind
En
erg
yP
roje
cts
| R
isks
an
dO
pp
ort
un
itie
s2
/2
13
13
.Co
un
try s
pe
cif
icR
isk
s a
nd
Op
po
rtu
nit
ies
Sc
an
din
avia
UK
/F
ran
ce
�H
igh
le
ve
l o
fle
ga
l a
nd
po
litic
als
ecu
rity
�M
an
y p
erm
itte
d p
roje
cts
�P
PA
s w
ith
pri
va
te c
om
pa
nie
s (
e.g
. la
rge
IT
co
mp
an
ies th
at h
ave
th
eir
se
rve
rs in
S
ca
nd
ina
via
)
�S
tro
ng
win
d a
rea
s
�L
ow
po
pu
latio
n
�T
ech
nic
ally
ch
alle
ng
ing
du
e to
lo
w t
em
pe
ratu
res / d
ark
ne
ss
�S
ho
rt m
arg
ins r
eq
uir
ing
pro
fessio
na
l pa
rtn
ers
�H
igh
leve
l o
f le
ga
l a
nd
po
litic
al s
ecu
rity
�S
tro
ng
win
d a
rea
s
�Ir
ela
nd
: F
IT c
lose
to
ma
rke
t p
rice
; cu
rta
ilme
nt is
su
es
�E
ng
lan
d: cu
rre
ncy r
isks d
ue
to
Bre
xit
�F
ran
ce
: F
IT;
pre
do
min
an
t p
ositio
n o
f E
DF
(u
tilit
y)
Ja
pa
nIn
Co
mp
ari
so
n-
Ge
rma
ny
�H
igh
FIT
�R
ela
tive
lyn
ew
ma
rke
t /
firs
t m
ove
r
�L
an
gu
ag
ed
ifficu
ltie
s
�C
om
ple
x s
tru
ctu
re (
„TK
/ G
K s
tru
ctu
re“)
�E
art
hq
ua
ke
ris
ks
�L
on
g c
on
str
uctio
np
eri
od
s
�N
on
re
co
urs
e p
roje
ctfin
an
ce
no
t ve
ry c
om
mo
n y
et
�M
ark
et
ve
ryco
mp
etitive
–ra
the
r fo
r str
ate
gic
inve
sto
rs
�L
ow
am
ou
nt o
f p
erm
itte
d p
roje
cts
–ri
sk p
rem
ium
is g
en
era
lly to
o lo
w
�B
est w
ind
lo
ca
tio
ns n
ot a
va
ilab
le a
nym
ore
© 2
016 A
QU
ILA
CA
PIT
AL
Aq
uil
a G
rou
p
| C
on
tact
De
tails
15
15
Imp
ort
an
tN
oti
ce:
This
pre
senta
tion
conta
ins
info
rmation
and
assessm
ents
.It
constitu
tes
neither
investm
ent
advic
e,
nor
off
ers
any
investm
ent
serv
ices
or
the
invitation
tom
ake
off
ers
or
any
decla
ration
of
inte
nt.
This
pre
senta
tion
serv
es
for
info
rmation
purp
oses
only
.A
decis
ion
upon
the
acquis
itio
nof
apro
duct
shall
be
made
by
apply
ing
the
rele
vant
pro
spectu
sas
well
as
the
com
ple
tesale
sdocum
ents
in
consid
era
tion
of
the
respective
risks
as
well
as
tax
and
legal
consultin
g.
The
valid
ity
of
the
pro
vid
ed
info
rmation
islim
ited
toth
edate
of
pre
para
tion
of
this
mediu
mand
may
change
inth
ecours
eof
your
obje
ctives
or
inth
ecours
eof
oth
er
reasons,
especia
llym
ark
et
develo
pm
ents
.T
he
sourc
es
of
info
rmation
are
relia
ble
,how
ever
we
cannot
guara
nte
eth
evalid
ity
and
the
actu
alit
yof
the
pro
vid
ed
info
rmation.
His
torical
info
rmation
cannot
be
unders
tood
as
aguara
nte
eof
futu
rere
turn
s.
Pre
dic
tions
concern
ing
futu
redevelo
pm
ents
only
repre
sent
fore
casts
.S
ole
basis
for
the
purc
hase
of
units
are
the
offering
docum
ents
of
this
fund
(the
late
st
pro
spectu
s,
the
"Key
Investo
rIn
form
ation
Docum
ents
",th
eannualre
port
and
–if
old
er
than
8m
onth
s–
the
late
st
sem
i-annualre
port
)th
at
can
be
requeste
dfr
ee
of
charg
e
from
the
managem
ent
com
pany,
Alc
eda
Fund
Managem
ent
S.A
.,A
irport
Cente
rLuxem
bourg
,5,
Heie
nhaff,
L-1
736
Sennin
gerb
erg
,w
ww
.alc
eda.lu
as
well
as
at
the
repre
senta
tive
inS
witzerland
AC
OLIN
Fund
Serv
ices
AG
,A
ffoltern
str
asse
56,
CH
-8050
Zurich,
ww
w.a
colin
.ch
and
the
payin
gagentin
Sw
itzerland,
Fra
nkfu
rter
Bankgesells
chaft
(Schw
eiz
)A
G,
Börs
enstr
asse
16,P
ostfach,
8022
Zürich;th
edis
trib
ution
and
info
rmation
agent
inG
erm
any,A
quila
CapitalC
oncepts
Gm
bH
,V
ale
ntinskam
p70,
D-2
0355
Ham
burg
;th
ein
form
ation
and
payin
gagentin
Austr
ia,
Ers
teB
ank
der
oeste
rreic
his
chen
Spark
assen
AG
,G
raben
21,
A-1
010
Wie
n.
For
more
info
rmation
about
the
featu
red
Altern
ative
Investm
ent
Funds
ple
ase
refe
rto
the
respective
sale
spro
spectu
sand,
where
appro
priate
,th
ekey
investo
rin
form
ation.
These
sale
sdocum
ents
are
in
Germ
an
availa
ble
on
the
website
htt
p:/
/ww
w.a
lceda.d
e/fonds
and
free
ofcharg
eatth
ere
gis
tere
doff
ice
ofA
lceda
AssetM
anagem
entG
mbH
,V
ale
ntinskam
p70,20355
Ham
burg
.
“Aquila
Capital”
com
pro
mis
es
com
panie
sfo
raltern
ative
and
real
asset
investm
ents
as
well
as
dis
trib
ution,
fund
managem
ent
and
serv
ice
com
panie
sof
the
Aquila
Gro
up.
The
rele
vant
legally
responsib
le
entities,w
hic
hoff
er
pro
ducts
or
pro
vid
eserv
ices
ofth
eA
quila
Gro
up
toclie
nts
,are
nam
ed
inth
ere
levantcontr
acts
,m
ark
eting
docum
ents
or
oth
er
pro
duct-
specific
info
rmation.
Apublic
ation
of
Aquila
CapitalIn
stitu
tionalG
mbH
(Germ
any),
acting
as
tied
agents
inte
rms
of
§2
para
.10
sente
nce
1G
erm
an
Bankin
gA
ct
(KW
G)
of
Aquila
CapitalC
oncepts
Gm
bH
(Germ
any).
Used
data
as
at30.0
6.2
016.
Germ
an
y
Ham
bu
rg (
Head
qu
art
ers
)
Vale
ntinskam
p70
20355 H
am
burg
Tel.: +
49 (
0)4
0 8
7 5
0 5
0-1
00
info
@aquila
-capital.de
ww
w.a
quila
-capita
l.de
Fra
nkfu
rt
Neue
Main
zer
Str
aß
e75
60311 F
rankfu
rt/M
ain
Mu
nic
h
Josephspitals
traß
e15
80331 M
unic
h
Un
ited
Kin
gd
om
Lo
nd
on
17 G
rosvenor
Str
eet
London W
1K
4Q
G
Sin
gap
ore
Sin
gap
ore
No 8
Eu
Tong S
en S
treet
#19-8
9 T
he C
entr
al
Sin
gapore
059818
New
Zeala
nd
Feild
ing
8 M
ancheste
r S
quare
Feild
ing,
4702
Lu
xem
bo
urg
Sen
nin
gerb
erg
Airport
Cente
rLuxem
bourg
5, H
eie
nhaff
1736 S
ennin
gerb
erg
Sw
itzerl
an
d
Zu
rich
AQ
Investm
ent A
G
Posts
trasse
3
8001 Z
urich
Sp
ain
Mad
rid
Av.
de B
urg
os 1
2, pl13
Madrid 2
8036
Czech
Rep
ub
lic
Pra
gu
e
Palla
diu
m
Nám
ěstí
Republik
y1
110 0
0 P
rague 1