BASIC INFORMATION:

Fund structure: open ended qualifiedinvestorsfund

ISIN: CZ0008474053

Inception: 29thJanuary2013

AUM: 32,804 mil.EUR

Strategy capacity: 170mil.EUR

Base currencyshare class: EUR

Available currencyshare classes: EUR, CZK

Administrator: REDSIDEinvestiční společnost,a.s.

Custodian: UniCreditBankCzech RepublicandSlovakia,a.s.

Investment Advisor: ArcaCapitalSlovakia,a.s.

Minimum Initialsubscription: EUR 125,000

Additionalsubscription: EUR 10000

Dealing day: Firstworkingdayinamonth

Subscriptions: monthly

Redemptions: Quarterly,90daysperiod ofnotice

Lock-up period: 12months

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

PERFORMANCE:as of January, 31st 2015:

NAV 32 804 312 €

YTD RETURN 0.64% p.a.

Volatility 0.64%

Sharpe Ratio 8.45

FEES

Up-front Fee: max.2%(over250000notapplied)

Management Fee: 1.95%

Performance Fee:30%over10%threshold

NOVAGreenEnergy,Open-EndedFundofREDSIDEinvestičníspolečnost,a.s.

EURdenominated/Priceasof31thofjanuary2015EUR0,1098 pershare

INVESTMENT INSTRUMENTS:

equity,subordinateddebt

INVESTMENT GOAL:

Togeneratestableandsustainableaboveaveragereturnviainvestmentsintorenewableenergyprojectswithlongtermpowerpurchasecontracts,usingreliabletechnologyandstrongsupplierguarantees

REGIONAL FOCUS:

CentralandEasternEurope

PRIMARY INVESTMENT FOCUS

Renewableenergyprojects

-photovoltaicplants

-windfarms

-smallhydroplants

-waste-to-energy

-electricityandheatcogeneration

-biogasplants

-biomassplants

JANUARy2015

FUNDwww.novagreenenergy.eu

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MANAGER COMMENTARY AS 31th OF JANUARY 2015

PORTFOLIO:

TheFund’sperformanceforJanuary2015showedapositivemonth-to-monthincreaseby+0.64%.ThepositivedifferencebetweentheDecemberandJanuary’sperformancecanbeattributed,amongotherthings,tothefact,thatDecember’sresultwereaffectedbythecostsassociatedwiththechangeofcustodianbankandthefundadministrator.Inasituationwherethefundisstillinastageoffulfillment,itisaverygoodoutcome.

Thefund’sportfoliointhecomingdayswillgrowbyanadditional5.5MWsolarpowerplantintheSlovakRepublic.Inthecomingmonths,theplanned

acquisitionsofsixbiogaspowerplantswithatotaloutputof6MWandhydroandsolarpowerplantsintheCEEregionwilltakeplace.

INVESTORS:

InvestmentbankinggroupJ&TinvestedintothefundinDecember.SaleofthesharessuccessfullycontinuedinJanuaryamongretailclients.NegotiationsareongoingwithinstitutionalclientsintheCzechandSlovakRepublicsaswellaswithpartnernetworksandpartnerorganizations.ExtensionofthepossibilityofinvestingintheCzechcrownisconsideredbeingamajorplus.

Theregistrationfortheshares’salesinAustriashouldbeterminatedinthefirstquarteroftheyear.

ExPECTATIONS FOR 2015:

TheFund’sobjectivesaretocontinueinachievingtheplannedyieldsabovethelevelofbankdeposits;tohavetheFund’sNAVincreasedto80millionEURandtokeepahighqualityoftheshares’portfolios.

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Rudolf VřešťálBoDChairman

+420222500757

Ing. Juraj DvořákInvestmentCommitteeChairman

+421905666369

DISCLAIMER

REDSIDE investiční společnost, a.s.VCelnici1031/411000Praha1

+420222500757www.redside.cz

CONTACT DETAILS DEALING

www.novagreenenergy.eu

Source:Thismaterialisconfidentialandisintendedsolelyfortheuseofthepersonorpersonstowhomitisgivenorsentandmaynotbereproduced,copiedorgiven,inwholeorinpart,toanyotherperson.

Itisaimedatsophisticated,professional,eligible,institutionaland/orqualifiedinvestorswhohavetheknowledgeandfinancialsophisticationtounderstandandbeartherisksassociatedwiththeinvestmentsdescribedherein.

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

ThepriceofSharesmaygodownaswellasupandthepricewilldependonfluctuationsinfinancialmarketsoutsideNOVAfund’scontrol,asaresultaninvestormaynotgetbacktheamountinvested.Pastperformanceisnotindicativeoffutureperformance.

Referencetoasecurityisnotarecommendationtobuyorsellthatsecurity.Holdingsandallocationsaresubjecttochange.PricesquotedrefertoaccumulationSharesunlessotherwisestated.Historicdatamaybesubjecttorestatementfromtimetotime.

FUND PERFORMACE - CUMULATIVE AS OF 7/2013 – NOT ANNUALIzED

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% July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec Jan 2013 2014 2015

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 price € 2014 0.1033 0.1037 0.1042 0.1048 0.105 0.1059 0.1065 0.1071 0.1078 0.1081 0.1088 0.1091*** 2015 0.1098 - - - - - - - - - - -

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% - - - - - - - - - - - n.a.* net of Sponzor and Investment manager fees** annualized performance*** december final Figures

www.novagreenenergy.eu

Energy Union: the EU won’t get rid of reducingemissions and becoming green

Longrowsofsolarpanelshavebecomeaninterestinginvestmentagain.Bytheendofthelastyear,theinterestinpurchasingthepowerplantsbuiltduringthesolarboomfrom2009to2010hasbeenincreasing.Thepurchasers’groupincludesalsomorefamousnames–e.g.PražskáenergetikaorJ&Tgroup.Evenifthepurchasers’motivationsdiffer,theyoftenwanttodeposittheirmoneyrelativelysafely,expectingitsrevaluationby7%ayear.

The“Pražskáenergetika”company(PRE)hasbeenpurchasingfinishedphotovoltaicpowerplantsforalreadyfouryears.PRE’sassetsalreadyincludesolarpowerplantswithatotalcapacityofalmost19Megawatts,havingthuspenetratedthetenlargestownersofthosepowersourcesintheCzechRepublic.PREdoesnothidetheireffortstofindanotherinvestmentopportunityintherenewable-powerengineeringarea.Onthethefourthandmostprobablythelastpowerplant

foritsfundofqualifiedinvestorslastautumn.J&TFVEclosed-endmutualfundcurrentlyownsphotovoltaicpanelswithatotalpower-outputcapacityof16.2Megawatts.

(TakenandeditedfromtheEkonomweeklymagazine,issuedon15/01/2015).

SOLAR BUSINESS hAS BEEN CONCENTRATINGThe investing into photovoltaics (PV) has been reviving at the moment.Larger capital-stock companies have been purchasing power plants from the businessmen who built them more than four years ago.

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AdraftofestablishingtheEnergyUnionshallcomeupintwoweekstohelptheEUbettersupportitscomplexgeopoliticalsituationandrecognisetheworldeconomiccompetition.TheVice-PresidentoftheEuropeanCommission,MarošŠefčovič,wantstoprepareanewstrategyby25thFebruary.ThedocumentwillfirstbecommentedbyleadersofEUMemberStatesduringtheEUsummittakingplacethisMarch.TheEnergyUniondoesnotjusthavetostandongaspipelines,oilpipelinesandsearchingfornewenergysources.AccordingtotheCommission,EUMemberStateshavetoimprovetheircooperationalsointransportation,agriculture, businessor scienceto consequentlyincreaseenergysafety.

It will be easier going together.

“ItwouldbemoreaccurateifthenameofthiskeyEuropeanprojectwasthe“EnergyandClimateUnion”oreventhe“ClimateandEnergyUnion”,remindstheinfluentialBrussels’sblogger,AliceStollmeyer,mentioningthefactthatmoreover,theEuropeanEnergyPolicyisinseparablyconnectedtofightingagainstclimatechanges.Onherblog,shepublishedadocumentthatsupposedlyhadescapedfromtheCommissionandthatcontainedbasicpointsoftheprepareddraft.ThepapershowsthatoneofthemainreasonswhytheEUneedsitsEnergyUnionisjusttheClimatePolicythattheEUhasintensivelyfocusedoninrecentyears.“Europehasn’tgot

Basic features of the European Energy Union are beginning to show up. The Commissiontries to interconnect safety of deliveries with reducing the electricity consumption usingrenewable sources. Nevertheless, the EU needs a fully-working energy market for that reason,and also an injection to its research and innovations. Moreover, it still has to rememberviability of its economics and companies. What foundations will the Energy Union stand on?

anyotherchoice.Andifitwantstocontinueinitsexistingorientation,itwillhavetofaceeconomic,socialandenvironmentalcostsproducedbybeingdividedtolocalnationalpower-producingmarkets.Thiswillalsoemphasisethechallengesbroughtbytransitionstothelow-carboneconomics“,asitisreportedlywritteninthepaperthathasleaked. Five pillars of the Energy Union

Lastweek,ŠefčovičintroducedabasicideatooutlinewheretheEUshouldfocusitsEnergyUnion.HediscussedthatonWednesdaywithotherCommissionersinBrussels,andthenonFridaywiththeMinisters,headsofpower-producingcompaniesandrepresentativesofnon-profitorganisationsattheConferenceinRiga,Latvia.His“subordinated”EnergyandClimateCommissioner,MiguelAriasCañete,alsogaveaspeechthere.

(Takenfromwww.euractiv.cz).