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InvestInvent Wind Energy Fund

sub-fund of InvestInvent Funds SICAV plc
Environment and Return
in Balance
Advisor’s Report 2010
Advisor’s summary
Advisor’s summary
As shown ln thls graµh, there ls no correlatlon of the fund's NAv µerformance to ßnanclal markets
Price Fluctuations 2010 in %
Fund NAV +5.87%
Bund Future +4.6%
SMI -1.68%
MSCI Europe +8.04%
-5
-10
J F M A M J J A S O N D
0
5
10
15
-15
2 1 2 3 4 5 6 7 8 9 1 0 1 1 1 2
Independence and ecology
The InvestInvent Wind Energy Fund offers investors the greatest possible independence from international financial
markets. The stock market is incalculable: a comparison of investments in publicly traded securities with a sailing boat
shows, that the investor can only adjust the sail to the wind conditions. In the worst case scenario, seen frequently in
the recent past, the harsh winds of the stock market lead to a ship wreck. This analogy also offers a good explanation
for both the strategy and philosophy of InvestInvent: to circumvent the moods of financial markets, the investor needs
efficient and reliable investment funds. For InvestInvent, these instruments are called Real Assets: tangible and
producing wind energy plants. Analysts might now think of private equity, but the purpose of the InvestInvent Wind
Energy Fund goes beyond that. While investment strategies in private equity are mostly intended to make assets go
public, the purpose of this fund is not an IPO, but to grant a steady income stream to investors.
Uncertainty accompanies every investment decision. Cyclical economic data, fluctuating commodity prices and a volatile
demand move all kind of securities. The best case scenario is an increase in share prices; the unfavorable, but no less
frequent alternative, is a loss of money. The recent financial crisis of 2008 illustrated it in a remarkable way. In this
context, products like the InvestInvent Wind Energy Fund are a rarity on the financial market, as they reward investors
with steady rates of return. A look back into the recent past shows that when global stock markets tumbled in 2008,
the net asset value of the fund increased, just as in other years. It’s a keystone of both our strategy and philosophy, to
provide investors with funds that offer the greatest possible independence from financial markets.
InvestInvent does something for clean air – and investors make money out of it: clear proof of the fact that money and
return are not mutually exclusive, but complement each other. All our decisions are based on this conviction and it is
a central theme we pursue in every detail. Therefore, all com-ponents of our wind parks are manufactured in countries
where safety is a top priority. The successful development of the InvestInvent Wind Fund, which has evolved from a
small wind park to a respectable electricity provider, shows that we are on the right track. Meanwhile, the market itself
has successfully refuted the belief that return and ecology do not match. The ecological and commercial success of
wind power has made it become a favorite of energy investors.
Advisor’s summary
2010 was another positive year for the fund:
· 1he NAv inoreased by 5.87º to 121.76 (C-3hares)
· 1he fund volume grew 60.91º to LuR 65.17 Mio
NAV-Performance in EUR since inception
The historical NAV performance does not imply any guarantee for future NAV development.
The NAV remained at EUR 100 for 6 months after the fund‘s inception due to the installation of the initial wind turbines.
95
110
100
105
115
120
125
Oct Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec
05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10
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Advisor’s summary
The fund:
In 2010 the fund received substantial subscriptions from institutional investors. They represented about two thirds of the
total fund volume. Lue to the aotive pipeline management by the advisor, the intows oould be invested in new wind farm
projects immediately.
ln the trst quarter the wind farm Birkholz was purohased. lt is looated in Brandenburg, 0ermany, northeast of Berlin. 0ur
investors had the possibility to visit this wind farm in October and to climb or drive up the 105 metres in one of the two
vestas v90 turbines. 1hey were impressed by the teohnology and size.
1he fourth quarter was a very busy quarter for the fund and the advisor. Lue to signitoant subsoriptions, three new wind
farms were bought from the advisor's projeot pipeline: Pansohow ll, wolsiokendorf and Pauteurs de 0átine. Pansohow ll is
a single vestas v90 wind turbine in Meoklenburg - western Pomerania , wolsiokendorf oonsists of tve vestas v90 looated
in Brandenburg and Pauteurs de 0átine represents 18º of the fund's investments now and oan be found northeast of La
Roohelle and south of Nantes in lranoe. 1he nine vestas v90 turbines of this farm were oommissioned in Maroh 2011.
ln addition to the wind farm visit near Berlin in 0otober, the advisor organized breakfast presentations in Bern and Basle,
and seminars with Professor Reto Knutti from the L1P Lurioh, lnstitute for Atmospherio and Climate 3oienoe in Lurioh, 0e-
neva and Lieohtenstein. 1he attendees learned about olimate physios and how preoise weather and olimate ohanges oan
be calculated and forecasted, he also showed the climatic developments for the past couple of thousand years. It was very
interesting to reoeive trsthand information from Prof. Knutti.
1he wind situation in 2010 was not satisfying. Aooording to the wind lndex of the operator database (also known as Keiler-
Päuser-wind lndex or lwL1 lndex), the year 2010 stood at 74.3º. 1he fund's revenues from power sales reaohed 83.5º of
foreoast and therefore exoeeded this benohmark signitoantly. 1he diversitoation of wind farms led to this exoellent result.
The advisors tested and implemented the necessary equipment in order to receive the system service ordinance in the
following wind farms:
Petersdorf l, 0yten-0st, 1rattendorf and Rottelsdorf. 1hey are now entitled to reoeive additional 0.07 Cent per kwh for tve
years.
0utlook:
The overall economic and environmental situation and the trust of the investors showed that the fund is a future-oriented
investment that supports the interest of the coming generations and the need to achieve the climate goals. Due to the
faot that the wind farms are real assets whioh are not quoted on tnanoial markets, the fund does not depend on market
tuotuations. lt is an impaot investment beoause the investor has the possibility to aohieve a return and at the same time
helps to save CO
2
emissions.
The InvestInvest Wind Energy Fund in the portfolio context!
1he lnvestlnvent wind Lnergy lund meets the 3Rl (sooially responsible investment) oriteria, beoause it is an environmental
friendly, eoologioal investment fund. 1he fund's assets are wind farms in 0ermany and lranoe whioh produoe power from
wind. The turbines do not pollute the air, land or water, they produce electricity by using a source at no charge and reduce
the CO
2
emissions.
ln 2010 the lnvestlnvent Wlnd £nergy Fund's assets µroduced 154.3 Mlo kWh of energy and avolded
131’968 tons of CO
2
l 1hls means 243 kg carbon reductlon µer share.
By ohoosing the fund for the portfolio, the investor generates double impaot: a tnanoial performanoe and a positive impaot
on the environment. lt also reduoes the Beta due to its' independent struoture whioh does not oorrelate with the tnanoial
markets.
4
Advisor‘s summary
The fund within the portfolio analysis process:
The advisor‘s principles:
The advisor does only evaluate and purchase assets which generate power from renewable energy resources
The investor‘s best interests are the basis of the advisor‘s work
No assets will be purchased which use plants for producing power instead of nutrition
Renewable energy projects have all permits, no development risks are taken
Only projects are evaluated which are located in countries with a stable political and economic system and preferably with
a txed-in tariff system
Euro is the only currency within the fund and of the assets
Only projects with proven and tested technologies are taken into consideration
Screening
· Negative screening, e.g. exemptions like no child labour, weapons, nuclear power etc.
· Positive screening, e.g. ecological, social etc.; topics: could be renewable energy, water, infrastructure..
Concept and strategy
· Definition of the portfolio structure and the strategy
· Evaluation of the SRI criteria and its implementation in the portfolio
· Investment products selection
Rlsk and µerformance control
· Reduction of market risk by using „market unrelated“ impact investments like the InvestInvent Wind
· Energy Fund
· 0eneration of an ,added value¨ or impaot
· Achievement of „sustainable Alpha“ by using SRI principles
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Advisor’s summary
The fund‘s asset portfolio to the end of 2010 is shown in the table below:
Wind farms held Fund‘s participation
Krummensee I 4% 55%
Momerstroff 8º 95º
Nateln 3º 100º
Petersdorf I 5% 100%
Petersdorf ll 3º 100%
Rottelsdorf 4% 100%
Trattendorf 2% 100%
Oyten-Ost 2% 100%
Oyten-West 1% 100%
Radegast 1% 100%
Steinau 8% 100%
Dübrichen-Priessen 7% 100%
Stretense 5% 100%
0elsig 9º 100º
Bad Berleburg 4% 100%
Panschow I 2% 100%
Birkholz 3º 100º
wolsiokendorf 9º 100º
Panschow II 2% 100%
Pauteurs de 0átine 18º 100º
Total rated capacity 111.25 MW
The fund‘s 5th anniversary
The fund celebrated its 5th anniversary in 2010. It
was launched in August 2005 and proved during
these years that investments in real assets are a va-
lid alternative and a successful opportunity as well.
Especially in the years of the subprime crisis 2008
and 2009 the fund kept its path, didn't lose any va-
lue and stabilised the investor‘s portfolios. Thanks
to the successful years and as an appreciation to
our investors, the advisor created and published
the book „WINDPARK“. „WINDPARK“ is a collection
of photographs and detailed information of all wind
farms belonging to the fund. It also describes the
history of wind energy and gives some general and
soientito information. 1he book oan be viewed on
the fund‘s website www.investinventfund.com.
6
1he global developments of wind energy are impressive. wind power is already a signitoant supplier of energy! 1here was
a steady increase of installed capacity over the last years and the industry expects similar growth in the future. China
became the new overall leader of installed capacity in 2010.
In Europe:
· 5.3º of the Lu oountries' energy demand is produoed from wind.
· Wind power accounted for 16.7% of total 2010 power capacity installations.
· More renewable power oapaoity was installed during 2010 than any other year, an inorease of 31º oompared to
2009.
· Renewable power installations accounted for 41% of all new power installations in Europe during 2010.
· Annual installations of wind power have inoerased steadily over the last 15 years from 814 Mw in 1995 to 9,259 Mw
in 2010, an annual average market growth of 17.6%.
· A total of 84,074 MW is now installed in the European Union, an increase in installed cumulative capacity of 12.2%
· 0ermany remains the Lu oountry with the largest installed oapaoity, followed by 3pain, italy, lranoe and the uK.
(3ouroe: wind in power, 2010 Luropean statistios, lebruary 2011, LwLA)
0
50000
100000
150000
200000
250000
95 96 97 98 99 0 01 02 03 04 05 06 07 08 09 10
The development of the global installed capacity
+27%+23º +36º +33º
+28%
+21%
+27%
+31º
+30º
+32º
+28%
+27%
+26%
+24%
+22%
(3ouroe: 0lobal wind Lnergy Counoil)
Global developments
7
Installed capacity in MW 2010
Distribution per country
0
10'000
20'000
30'000
40'000
50'000
60'000
70'000
80'000
90'000
100'000
Europe Asia North America Pacific Region Latin America Africa & Middle
East
China
22%
India
7%
Japan
1%
Germany
14%
Spain
10%
Italy
3%
France
3%
UK
3%
Portugal
2%
Denmark
2%
Netherlands
1%
USA
21%
Canada
2%
Rest
9%
Europe is the leader
8
Business model
InvestInvent
Wind Energy Fund
SICAV Plc.
lnvestment & Capital 0ains
Power capacity for 318’808 people
Total
lnvestment: LuR 193 Mio
Rated Capacity: 111.25 MW
Production: 262 kWh/a
Revenue: LuR 23 Mio/a
lnternal Rate of Return : oa. 9.5º
Project Acquisitions
Dividends
As of December 2010
New Windfarms Momerstroff Rottelsdorf Trattendorf Oyten-Ost
Sold Windfarms
· Crussow
Krummensee Petersdorf I Oyten-West Radegast
Dübrichen Stretense Steinau Nateln
Petersdorf II Oelsig Bad Berleburg Panschow I
Hauteurs de
0átine
Panschow II Wölsickendorf Birkholz
9
Overview of the fund’s wind farms in Germany
P E T E R S D O R F
MO ME R S T R O F F
T R AT T E N D O R F
K R U MME N S E E N O R D
R A L L 0 A 3 1
N A1 L L N
Saxony-Anhalt
Brandenburg
Lower Saxony
N O R T H S E A
B A L 1 l C
S E A
C Z E C H R E P U B L I C
A U S T R I A
N E T H E R L A N D S
P O L A N D
F R A N C E
B E L G I U M
L U X E MB O U RG
S WI T Z E R L A N D
OY T E N O S T & WE S T
R 01 1 L L 3 L 0 R l
Mecklenburg-
Pomerania
Saxony
S T E I N A U
D Ü B R I C H E N
Hesse
S T R E T E N S E
P E T E R S D O R F I
P E T E R S D O R F I I
0 L L 3 l 0
B A L B L R L L B u R 0
P A N S C H O W
w 0 L 3 l C K L N L 0 R l
BlRKP0LL
P E T E R S D O R F
MO ME R S T R O F F
T R AT T E N D O R F
K R U MME N S E E N O R D
R A L L 0 A 3 1
N A1 L L N
Saxony-Anhalt
Brandenburg
Lower Saxony
N O R T H S E A
B A L 1 l C
S E A
C Z E C H R E P U B L I C
A U S T R I A
N E T H E R L A N D S
P O L A N D
F R A N C E
B E L G I U M
L U X E MB O U RG
S WI T Z E R L A N D
OY T E N O S T & WE S T
R 01 1 L L 3 L 0 R l
Mecklenburg-
Pomerania
Saxony
S T E I N A U
D Ü B R I C H E N
Hesse
S T R E T E N S E
P E T E R S D O R F I
P E T E R S D O R F I I
0 L L 3 l 0
B A L B L R L L B u R 0
w 0 L 3 l C K L N L 0 R l
BlRKP0LL
P A N S C H O W I
P A N S C H O W I I
10
Overview of the fund’s wind farms in France
MO ME R S T R O F F
H A U T E U R S
L L 0 A1 l N L
Wind farm Hauteurs de Gâtine, purchased in 2010
PARIS
11
Wind farm data and production figures
Looation Brandenburg
Type of wind turbine vestas v90
Number of wind turbines 4
Rated capacity in MW 8
Power purchase agreement envia verteilnetz 0mbP
Financing bank Deutsche Kreditbank
Production forecast in Euro 1'611'137
Production forecast in kWh 17'512'361
Price in Euro/ kWh 0.0920
Year of commissioning 2009
Wind farm Steinau
Wind farm Dübrichen- Priessen
Looation Hesse
Type of wind turbine vestas v90
Number of wind turbines 4
Rated capacity in MW 8
Power purchase agreement
uwag Netz 0mbP
Financing bank Deutsche Kreditbank
Production forecast in Euro 1'624'980
Production forecast in kWh 17'662'829
Price in Euro/ kWh 0.097
Year of commissioning 2009
12
Wind farm Momerstroff
13
Wind farm data and production figures
Looation Dèpartement Moselle, France
Type of wind turbine Nordex N90
Number of wind turbines 5
Rated capacity in MW 11.5
Power purchase agreement
Electricitè de France
Financing bank HSH Nordbank
Production forecast in Euro 2‘402‘764
Production forecast in kWh 28'377'906
Price in Euro/ kWh 0.08718 (2009/2010)
Year of commissioning 2005
Looation Lower 3axony
Type of wind turbine Repower MD77
Number of wind turbines 4
Rated capacity in MW 6
Power purchase agreement L.0N edis A0
Financing bank Deutsche Kreditbank
Production forecast in Euro 1‘144‘704
Production forecast in kWh 13'692'634
Price in Euro/ kWh 0.0836
Year of commissioning 2006
Wind farm Momerstroff
Wind farm Nateln
14
Wind farm Oyten-Ost
15
Wind farm data and production figures
Wind farm Petersdorf I
Looation Mecklenburg- Western Pomerania
Type of wind turbine vestas v90
Number of wind turbines 3
Rated capacity in MW 6
Power purchase agreement
L.0N edis A0
Financing bank Umweltbank
Production forecast in Euro 1'388'155
Production forecast in kWh 16‘604‘720
Price in Euro/ kWh 0.0836 (2 turbines 4Mw)
0.0819 (1 turbine 2 Mw)
Year of commissioning 2007
Wind farm Oyten-Ost
Looation Lower 3axony
Type of wind turbine Vestas V52
Number of wind turbines 4
Rated capacity in MW 3.4
Power purchase agreement
LwL Netz 0mbP
Financing bank 0ldenburgisohe Landesbank
Production forecast in Euro 445'499
Production forecast in kWh 5'328'933
Price in Euro/ kWh 0.0836
Year of commissioning 2006
16
Wind farm Trattendorf
17
Wind farm data and production figures
Wind farm Rottelsdorf
Looation Saxony- Anhalt
Type of wind turbine vestas v90
Number of wind turbines 2
Rated capacity in MW 4
Power purchase agreement
envia NL1L, RwL Lnergy A0
Financing bank Deutsche Kreditbank
Production forecast in Euro 962'520
Production forecast in kWh 11'513'398
Price in Euro/ kWh 0.0836
Year of commissioning 2006
Wind farm Trattendorf
Looation Saxony
Type of wind turbine
Vestas V80
Vestas V52
Number of wind turbines 2
Rated capacity in MW 2.85
Power purchase agreement
envia NL1L, RwL Lnergy A0
Financing bank Deutsche Kreditbank
Production forecast in Euro 460‘571
Production forecast in kWh 5'509'221
Price in Euro/ kWh 0.0836
Year of commissioning 2006
18
Wind farm Petersdorf I
19
Wind farm data and production figures
Looation Mecklenburg West Pomerania
Type of wind turbine vestas v90
Number of wind turbines 1
Rated capacity in MW 2
Power purchase agreement L.0N edis A0
Financing bank Deutsche Kreditbank
Production forecast in Euro 642'235
Production forecast in kWh 6'980'813
Price in Euro/ kWh 0.097
Year of commissioning 2009
Wind farm Petersdorf II
Wind farm Oelsig
Looation Brandenburg
Type of wind turbine vestas v90
Number of wind turbines 4
Rated capacity in MW 2
Power purchase agreement envia NL1L, RwL Lnergy A0
Financing bank Deutsche Kreditbank
Production forecast in Euro 1'668'330
Production forecast in kWh 18'134'018
Price in Euro/ kWh 0.097
Year of commissioning 2009
20
Wind farm Stretense
21
Wind farm data and production figures
Wind farm Oyten- West
Looation Lower 3axony
Type of wind turbine Enercon E48
Number of wind turbines 2
Rated capacity in MW 1.7
Power purchase agreement LwL Netz 0mbP
Financing bank Commerzbank
Production forecast in Euro 129'974
Production forecast in kWh 1'586'989
Price in Euro/ kWh 0.0819
Year of commissioning 2007
Wind farm Stretense
Looation Mecklenburg- Western Pomerania
Type of wind turbine vestas v90
Number of wind turbines 2
Rated capacity in MW 4
Power purchase agreement L.0N edis A0
Financing bank Deutsche Kreditbank
Production forecast in Euro 996'210
Production forecast in kWh 10'828'371
Price in Euro/ kWh 0.097
Year of commissioning 2009
22
Wind farm Krummensee
23
Wind farm data and production figures
Wind farm Bad Berleburg
Looation North Rhine- Westphalia
Type of wind turbine vestas v90
Number of wind turbines 2
Rated capacity in MW 4
Power purchase agreement RWE Westfalen
Financing bank Deutsche Kreditbank
Production forecast in Euro 841'349
Production forecast in kWh 9'145'097
Price in Euro/ kWh 0.097
Year of commissioning 2009
Wind farm Krummensee
Looation Brandenburg
Type of wind turbine 0L wind 1.5 3L
Number of wind turbines 5
Rated capacity in MW 7.5
Power purchase agreement L.0N edis A0 (edis Lnergie Nord A0)
Financing bank Deutsche Bank
Production forecast in Euro 748'534
Production forecast in kWh 8'317'041
Price in Euro/ kWh 0.090
Year of commissioning 2002
24
Wind farm Radegast
25
Wind farm data and production figures
Wind farm Panschow
Looation Mecklenburg- Western Pomerania
Type of wind turbine vestas v90
Number of wind turbines 1
Rated capacity in MW 2
Power purchase agreement L.0N edis A0
Financing bank Deutsche Kreditbank
Production forecast in Euro 461'792
Production forecast in kWh 5'019'481
Price in Euro/ kWh 0.097
Year of commissioning 2009
Wind farm Radegast
Looation Mecklenburg- Western Pomerania
Type of wind turbine Enercon E70
Number of wind turbines 1
Rated capacity in MW 2.3
Power purchase agreement L.0N edis A0
Financing bank Deutsche Kreditbank
Production forecast in Euro 391'780
Production forecast in kWh 4'686'360
Price in Euro/ kWh 0.0836
Year of commissioning 2006
26
Wind farm Steinau
27
Wind farm data and production figures
Wlnd farm Blrkholz
Looation Brandenburg
Type of wind turbine vestas v90
Number of wind turbines 2
Rated capacity in MW 4
Power purchase agreement L.0N edis A0
Financing bank Deutsche Kreditbank
Production forecast in Euro 857‘042
Production forecast in kWh 8'918'236
Price in Euro/ kWh 0.0961
Year of commissioning 2010
Wlnd farm Wðlslckendorf
Looation Brandenburg
Type of wind turbine vestas v90
Number of wind turbines 5
Rated capacity in MW 10
Power purchase agreement L.0N edis A0
Financing bank Deutsche Kreditbank
Production forecast in Euro 2'036'470
Production forecast in kWh 21'191'152
Price in Euro/ kWh 0.0961
Year of commissioning 2010
28
Wlnd farm Wðlslckendorf
29
Wind farm data and production figures
Wind farm Panschow II
Looation Mecklenburg-Vorpommern
Type of wind turbine vestas v90
Number of wind turbines 1
Rated capacity in MW 2
Power purchase agreement L.0N edis A0
Financing bank Deutsche Bank
Production forecast in Euro 510'039
Production forecast in kWh 5'258'130
Price in Euro/ kWh 0.0970
Year of commissioning 2010
Wind farm Hauteurs de Gâtine
Looation Département Deux-Sèvres, France
Type of wind turbine vestas v90
Number of wind turbines 9
Rated capacity in MW 18
Power purchase agreement Séolis SIEDS Energies Service
Financing bank Bremer Landesbank
Production forecast in Euro 3'906'645
Production forecast in kWh 45'341'749
Price in Euro/ kWh 0.08616
Year of commissioning 2011
Wind farm Crussow
Sold in August 2008
30
Financial evaluation of a wind farm
Manufacturer
Type
Number
Rated capacity in MW
Hub height in m
Rotor diameter in m
Tower type
Location
Federal State
Turbine
Wind speed in m/s
Commissioning
Rottelsdorf
Saxony-Anhalt
Vestas
v90
2
4
105
90
Steel
6.5 m/s
December 2006
A. Project data
7'610'590
142'360
7’752’950
0.69
Investment
Project price
Liquidity requirements
Total
Investment costs €/kWh
Financing
Lquity (lnvestlnvent wind Lnergy lund)
Bank loans:
LRP (interest rate 4.5º)
Kfw (interest rate 4.35º)
Total
Internal rate of return
C. Financing (in EUR)
1'693'950
2’500’000
3'559'000
7’752’950
9.11º
12%
0,0836 €/kWh
Annual gross energy production
Deductions
Technical availability, transformer losses, shadowing effects
Annual net energy production
Power sales revenue
Price
Annual revenue
12'734'764 kwh
1’528’172 kWh
11'206'592 kwh
€ 936’871
B. Revenue
31
Financial evaluation of a wind farm
Profitability and liquidity forecast Rottelsdorf Total 2006 - 2026
in %
2.42
11.89
3.48
2.00
2.00
0.23
40.44
4.93
6.78
2.56
2.75
0.45
0.15
0.64
A. Proßtablllty Forecast
I. Revenue
Energy sales
Interest income
Total Revenue
II. Costs
Insurance
Maintenance
Land lease
Commercial management
Technical management
0uarantee
Depreciation
Interest payments ERP
Interest payment KfW
Transformer station
Industrial tax
Own power usage
Interest rebate
Miscellaneous
Total costs
lll. Proßt
B. Liquidity Forecast
Prott
Depreciation
Repayment ERP
Repayment KfW
Liquidity
C. Dividend Forecast
Liquidity
Dividends
Dividends in % of equity
Accumulated Result
in EUR
18'815'495
90'025
18’905’520
456’051
2'238'103
655’877
376'310
376'310
43'380
7'610'590
928'123
1'277'229
481’750
518’648
85'333
29'708
121'904
15’199’316
3’706’204
3'706'204
7'610'590
-2’500’000
-3'559'000
5’257’794
5'257'794
-5’255’000
310
2’794
32
Appendix
33
InvestInvent Wind Energy Fund
Net asset value EUR 31 December 2010 B-Share 119.15
C-Share 121.76
Fund volume Mio. EUR 31 December 2010 65.17
_____________________________________________________________________________________________
Dividend 2008 EUR per B-Share 31 May 2009 1.00
Dividend 2009 EUR per B-Share 31 July 2010 1.50
Dividend 2010 EUR per B-Share 22 August 2011 0.40
_____________________________________________________________________________________________
Performance
Since inception 2005 in % B-Share (ex-dividend) 19.15
C-Share 21.76
In 2010 in % B-Share (ex-dividend) 4.53
C-Share 5.87
_____________________________________________________________________________________________
Investment objective
1he investments of the lund in regenerative energies are high-yield txed-asset investments in eoologioally
and economically attractive technologies with a future. InvestInvent Wind Energy Fund Sicav Plc. invests in
renewable energies, especially wind power, in Europe. The aim is to earn stable, above-average returns with a
controlled risk for investors.
Fund µroßle
Type of fund SICAV, stock company with variable capital
according to Maltese law;
Professional lnvestor lund (Pll)
Domicile Malta
lund manager Crystal lund Management A0
lnvestment advisor lnvestlnvent A0
Administrator Crystal lund Management A0
Custodian Bank lriok & Co. A0
Auditors PricewaterhouseCoopers
Currency EUR
Launoh date 31 August 2005
Appropriation of protts distributing (B-3hare) or aooumulating (C-3hare)
Management fee 1.7 %
Front-end fee max. 5.0 %
Redemption fee none
Redemptions 45 business days notice to the month end
valor CP2268793 / CP2989507
l3lN M10000072992 / M10000074295
NAV calculation monthly
lnvestment horizon long-term
Subscriptions up to 2 business days before month end
Homepage www.investinventfund.com
InvestInvent Wind Energy Fund
www.investinventfund.com
Produced by:
InvestInvent AG
Bahnhofstrasse 24
8001 Zürich
5wltzerland
info@investinvent.ch
www.investinvent.ch