|Legal structure / Fund structure||S.A., SICAV-SIF|
|AIFM||Alceda Fund Management S.A.|
Aquila Capital Management GmbH1
|Portfolio manager||Aquila Capital Investmentgesellschaft mbH2|
|Investment period||Period from the first closing date until the third anniversary of the final closing date3|
|1. Closing||December 2016|
|2. Closing||February 2017|
|3. Closing||March 2017|
|Final Closing||Date on which the fund has (i) an aggregate commitment amount of the target fund size or (ii) 31 December 2019|
|Term||Limited period expiring on the 20. anniversary of the final closing (+extension option for two successive periods of three years by decision of the Board of Directors)|
|Minumum Commitment Amount||EUR 10m|
|Target Fund Size||EUR 200m of aggregate commitments. Commitments in excess of this amount may be accepted at the sole discretion of the Board of Directors up to a maximum amount of EUR 300m|
|Management fee|| |
|Administration fee||0,20% p.a.|
|Disposal fee||0,50% of the gross asst value of each hydropower invstment sold|
|Performance fee||15% p.a. of the excess performance5 amount of 7% IRR (hurdle rate)|
|Sedimentation risk||Hydrological risk|
|Counterparty risk||Regulatory risk|
|Erosion risk||Risk of natural disasters, e.g. flooding|
|Market price risk||Political risk|
|Risk of functional faults||Exchange rate risk|
|Interest rate risk|
1 On 26.07.2016 Aquila Capital Investment GmbH war renamed as Aquila Capital Management GmbH.
2 On 08.08.2016 Alceda Asset Management GmbH was renamed as Aquila Capital Investmentgesellschaft mbH.
3 Kindly note that the current prospectus is about to be amended.
4 Investments in foreign currencies possible as per country allocation.
5 The taret IRR describes the targeted return of the planned investments by the fund and does not constitute a binding profitability requirement or any guarantee of returns. Target IRR after local taxes and fees.