BASIC INFORMATION:

Fund structure: open ended mutual qualifiedinvestorsfund

ISIN: CZ0008474053 CZ0008474673

Inception: 29thJanuary2013

AUM: 35.604 mil. EUR 962.747 mil. CZK

Strategy capacity: 170mil.EUR 4.68 mld CZK

Base currencyshare class: CZK

Available currencyshare classes: EUR, CZK

Administrator: REDSIDEinvestiční společnost,a.s.

Depository: UniCreditBank Czech Republic andSlovakia,a.s.

General advisor: ArcaCapital Slovakia,a.s.

Minimum initial subscription: EUR 125,000 CZK 3,500,000

Additionalsubscription: 10,000EUR 250,000 CZK

Dealing day: last10workingdays in a month

Subscriptions: monthly

Redemptions: monthly

Target return: 8-9 % p.a. netoffees

PERFORMANCE:as of April, 30th 2016:

NAV 35,604,556 €

NAV 962,747,190 CZK

YTD RETURN 2.18 %

FEES

Up-front Fee: max.3%(over250,000EUR not applied)

Management Fee: 1.95%

Performance Fee:30%over10%threshold

NOVA Green Energy,open-endedmutualfundofREDSIDEinvestičníspolečnost,a.s.PriceasofApril,30th2016denominated in EUR 0.1215 pershare denominated in CZK 1.0718 pershare

INVESTMENT INSTRUMENTS:

equity,subordinateddebt

INVESTMENT GOAL:

Togeneratestableandsustainableaboveaveragereturnviainvestmentsintorenewableenergyprojectswithlongtermpowerpurchasecontracts,usingreliabletechnologyandstrongsupplierguarantees

REGIONAL FOCUS:

CentralandEasternEurope

PRIMARY INVESTMENT FOCUS

Renewableenergyprojects

-photovoltaicplants

-smallhydroplants

-waste-to-energy

-electricityandheatcogeneration

-biogasplants

-biomassplants

APRIL2016

FUNDwww.novagreenenergy.eu

MANAGER COMMENTARY AS OF APRIL 30Th 2016

TheFund’sauditfor2015,donebytheKPMGCzechRepublic,finishedinApril.TheFund’sperformancegot to +0.91% in April.Theperformanceincludes0.46%,whichisthevalueoftheFund’sstandardperformance’sgrowthinApril,and0.45%,beinginApril’sperformancethankstore-valuingtheFund’sassetsof2015.

Sincethebeginningof2016,theFund’sappreciationhasgotto+2.18%,withatotalnetappreciationgettingto22.6%sincestartingFund’sactivityinJune2013.

The Fund’s audited result for 2015showedanetappreciationforitsinvestors,amountingto8.25%p.a.Thisfigurediffersfromtheappreciationfor2015asshownintheFund’sPerformancetableonthesecondsideoftheclient’sreport.TheFund’sPerformancetableintheReportisbasedonthevaluesofmutual-fundshares.Therefore,italsoincludestheresultsofrevaluingtheFund’sassetswhicharealwaysknowninApril,which,however,relatetotheassetvalueforthepreviousyear.Accordingtothevaluesofthemutual-fundshares,theFundincreasedby8.98%p.a.in2015.Nevertheless,thisresultalreadyincludestheaforementionedrevaluationrelatingto2014(therevaluationoftheassetsfor2014isintegratedintheresultof4/2015andtherevaluationoftheassetsfor2015isintegratedintheresultof4/2016).

Theportfolio’sperformancewasatthelevelofthepower-producing(energy)audit.Worksonpreparingthedocumentationtopurchasea3-MWbiogaspowerplantintotheFund’sportfolioareinprogress.Theacquisitionprocessinvolvingfurther7MWsofbio-gasstations,5MWsofbiomassandasmallphotovoltaicpowerplanthavebeentakingplaceincompliancewiththeplan.

TheAmericanandEuropeanstockmarketsdevelopedvariouslyinApril.ThestockindexS&P500increasedinAprilby0.3%,Nasdaqtechnologicalindexedweakenedby1.9%andDowJonesIndexincreasedby0.5%.Therewasaslightincreaseby1.2%inWestEurope,butCentralEurope

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wentdownby4.4%mainlybecauseofthePolishshares’downfall.

Thereweredistinctivegrowthsinthedevelopingcountries’marketsinApril,beingprimarilydrawnbygrowingpricesofcommodities(thepriceofoilroseby19.8%andthatoneofsilverby15.6%).ThehighestincreasewasinRussianmarkets,particularlythankstooil.Inaddition,agreatgrowthwasalsoinBrazilianmarketswheretheSenatedismissedthePresident,Ms.Rouseff,afternumerouscorruptionscandals.TheirlocalstockindexIbovestyhasbecomethesecondmostperformingindexintheworldthisyear,havingincreasedbymorethan22%,andRealhasbecomeoneofthemostgrowingcurrenciesindevelopingmarkets–comparedtoUSD,Realrosebyapprox.14%.Moreover,fearsrelatingtoChinahavecalmeddown,withpublishingbetterdatainAprilthanitwasexpected,fortheirkeyindustrialproductionfirstofall.

The Fund’s financial results have still been proving that the Fund’sperformance is stable and has no relation to the performance bothin inland- and world’s financial markets.

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DISCLAIMER

REDSIDE investiční společnost, a.s.VCelnici1031/411000Praha1+420222500757www.redside.cz

CONTACT DETAILS DEALING

www.novagreenenergy.eu

Source:Thismaterialisconfidentialandisintendedsolelyfortheuseofthepersonorpersonstowhomitisgivenorsentandmaynotbereproduced,copiedorgiven,inwholeorinpart,toanyotherperson.

It is aimed at sophisticated, professional, eligible, institutional and/or qualifi ed investors who have the knowledge and fi nancial sophistication to understandand bear the risks associated with the investments described herein.

Nothingcontainedhereinconstitutesinvestment,legal,taxorotheradvicenorisittobesolelyreliedoninmakinganinvestmentorotherdecision.Itisnotaninvitationtosubscribeandisbywayofinformationonly.Sharesarenotavailableforsaleinanystateorjurisdictioninwhichsuchsalewouldbeprohibited.Investorsshouldonlyrelyonthefund’sofferingdocumentswhenmakingadecisiononwhethertoinvestinthefund.

The price of Shares may go down as well as up and the price will depend on fl uctuations in fi nancial markets outside NOVA fund’s control, as a resultan investor may not get back the amount invested. Past performance is not indicative of future performance.

Referencetoasecurityisnotarecommendationtobuyorsellthatsecurity.Holdingsandallocationsaresubjecttochange.PricesquotedrefertoaccumulationSharesunlessotherwisestated.Historicdatamaybesubjecttorestatementfromtimetotime.

FUND PERFORMACE - CUMULATIVE - NOT ANNUALIZED

FUND PERFORMANCE *

year Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec yearly **

2013 - - - - - 0.0991 0.1001 0.1011 0.1017 0.1020 0.1025 0.1029 share € 2014 0.1033 0.1037 0.1042 0.1048 0.1050 0.1059 0.1065 0.1071 0.1078 0.1081 0.1088 0.1091price 2015 0.1098 0.1105 0.1110 0.1128 0.1133 0.1153 0.1156 0.1163 0.1170 0.1176 0.1182 0.1189 2016 0.1193 0.1199 0.1204 0.1215 - - - - - - - -

2013 - - - - - - 1.01% 1.00% 0.59% 0.29% 0.49% 0.49% 7.67% performance % 2014 0.39% 0.39% 0.48% 0.58% 0.57% 0.47% 0.57% 0.56% 0.65% 0.28% 0.65% 0.91% 6.50% *** 2015 0.64% 0.63% 0.45% 1.62% 0.44% 1.77% 0.26% 0.61% 0.60% 0.51% 0.51% 0.59% 8.98% **** 2016 0.34% 0.50% 0,42% 0.91% - - - - - - - - 6.51%*net of Sponzor and Investment manager fees, **annualized performance, ***Fund’s performance in 2014 does not refl ect revaluation of assets for the year 2014 upwards. Audited fund’s performance for 2014 is 7.71% p.a.****Fund’s performance in 2015 comprises revaluation of assets for the year 2014. Audited fund’s performance for 2015 is 8.2% p.a.

3/Q 4/Q 1/Q 2/Q 3/Q 4/Q 1/Q 2/Q 3/Q 4/Q 01 02 03 04 05 06 07 08 09 10 11 12 2013 2014 2015 2016

23.00% 22.00% 21.00% 20.00% 19.00% 18.00% 17.00% 16.00% 15.00% 14.00% 13.00% 12.00% 11.00% 10.00% 9.00% 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00%

www.novagreenenergy.eu

SolarMedia,aBritishconsultingcompany,statedintheirreportcalledthe“PVManufacturing&TechnologyReport“thatthemajorworld’smanufacturerswillinvestarecord-breakingsuminnewproductioncapacitiesthisyear,amountingtoUSD5.3billion.Thegrowingcapitalinvestmentsinnewproductiontechnologieshavebeencausedbytwofactors.Firstly,it’sthenecessityofmodernisingtheexistingproductioncapacitiesformakingsolarcellsandpanels,emphasisingtheirhighperformance.ThesecondreasonofgrowingcapitalinvestmentsisthenecessityofplacingnewproductioncapacitiesoutofChina,whichenforcedtheUSAandEU’sdecisiononimposingsomedumpingdutyontheimportationsofinexpensivesolarpanels.NumerousChinesemanufacturersshallconsiderthe

photovoltaicboominSouthandNorthAmericaswheretherearenewmarketswithsomebigpotential.

TherewasalsoafeedbacktothestillgrowingdemandbyoneofthelargestChinesecompanies,JASolar,whichbelongedtothe5biggestworld’smanufacturersofsolarcellsandpanels.AtthebeginningofMay,JASolarannouncedbeginningtheproductionofhighlyperformingsolarpanelsinitsnewestplantinXingtai,China.

Thenewsolar-panelplantplacedinthetownofXingtaihasanannualproductioncapacityof1.5GWandisequippedbyfullyautomatizedproductionlinesusingthelatesttechnologies

The power engineering industry connected with the manufacture of photovoltaic panels willnote record-breaking amounts invested in the processing of poly-silicone and wafers thisyear, together with the issue of manufacturing photovoltaic cells and panels. Capitalinvestments in the new production sources and technologies will be growing in 2016by up to 60% of the year 2012’s level when capital investments got to the lowest amountfor the previous 6 years.

ofhowtomakethepanels.Thisfacilityisabletomanufacturepanelswith60and72cells,namelyusinghighlyperformingcellsofPERCtypemadebytheJASolarcompany.Infact,thefullyautomatizedproductionlinestomakestandardpanelswith60and72cellswillsubstantiallyincreaseproductivityofthatfacility.Thenewplantisdesignedtointegrateallitsoperationalsections,includingtheassemblyofpanels,subsequentmeasurementandtesting,togetherwithstoragepremisesunderoneroof,whichismuchmoreeconomicalconsideringthepowerconsumingfactor.

InadditiontoJASolar,thereareotherworld’sleadingmanufacturersofpanels,investinginnewproductioncapacities.Theyare,forexample,CanadianSolar;HanwhaQCELLS;JinkoSolarandTrinaSolar.Theirshareintheinvestmentsinnewproductiontechnologieswillgetto30%thisyear.Theywillbefollowedbyalsootherbigsolar-panelmanufacturers(SunPower,FirstSolar,LGElectronics).(Taken over and edited from www.solarninovinky.cz)

5 billion USD: Manufacturers of Solar Panels GreatlyInvesting in New Production Capacities

Recently,LiangZhipeng,DeputyDirectorofNewEnergyandRenewableEnergyDepartment,ChinaNationalEnergyAdministrationdisclosed,ChinaCSPdemonstrationprojectslistwithtotal1GWcapacityandFeed-inTariff(FIT)willbeformallyissuedsoon.ThesuggestedFITgivenbyNationalEnergyAdministrationshouldn’tbelessthanRMB1.18/kWh.

IndustryinsidersreportthatChinawouldliketoaddmoreConcentratingSolarPower(CSP)toitsenergymix.Todrivethatgrowth,thecountrywillissueafeed-intariff(FIT)ofRMB1.18perkWh(18UScentsperkWh).Atthatlevelofsubsidy,CSPdeveloperswillsurelyrespond.

(Takenoverandeditedfromwww.renewableenergyworld.com)

China To Issue Feed-in Tarifffor Concentrating Solar Power Plants

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