Investment Characteristics

• The Fund was set up to invest globally in liquid equities across the renewable energy space, including wind, solar, geothermal, hydro and others.
• The Fund was set up to focus on well-run companies with healthy balance sheets, robust business models and sustainable competitive advantages.
• The Fund was set up to invest only in businesses whose intrinsic value we have understood well and which offer a significant return potential combined with a relatively low-risk investment profile.
• Investments are expected to benefit from periodic significant value dislocations / deficient market pricing associated among others with:
  1. Market sentiments; and
  2. Occasional high volatility associated with the fledgling nature of the industry and sporadic lack of understanding among investors about fundamental values of some renewable energy companies.