KGAL has been active in renewable energies since 2003, initially focusing on wind farms and later expanding into photovoltaics. They now manage over EUR 2.2 billion in renewable energy investments, including 47 wind farms totaling 583 MW of capacity and 55 solar parks with 356 MW of capacity across Germany, France, Spain, Italy, and the UK. KGAL tailors renewable energy portfolios to provide stable returns through diversification across technology types, locations, and countries to reduce risk.

1. RENEWABLE ENERGIES
EXPERTISE AND EXPERIENCE SINCE 2003
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2. expertise / RENEWABLE ENERGIES 3
KGAL EXPERIENCE
in RENEWABLE ENERGIES
2003 Structuring of three wind farms in Germany. 2005 Structuring and
placement of the ‘Miegersbach’ solar park. Placement of the wind farm with an
institutional investor. 2006 Structuring and commissioning of two German solar
parks in Althegnenberg and Buchheim. 2007 Founding of the Infrastructure
division with five employees and focussing on renewable energies. 2008 Expansion
of the Infrastructure division to a total of nine employees. 2009 Acquisition of
eleven solar parks (with a total of 68.0 MW) for institutional and retail funds. With
a market share of 41.2 % (equity), KGAL is the market leader in the energy fund market
segment. Launch of the first cross-border photovoltaic fund for institutional investors.
2010 Placement of the first mixed renewables fund for institutional investors.
KGAL once again market leader with 40.2 % (equity energy fund). Acquisition of
the Delbrück wind farm. 2012 Structuring of 25 wind farms in Germany and
France with a capacity of 281 MW (2010 to 2012). First single account mandate for
an individual renewable energy portfolio. 2013 Total investment volume in the
infrastructure asset class: EUR 1.8 billion. Launch of the third mixed renewables fund
for institutional investors – Enhanced Sustainable Power Fund 3 (ESPF3). 2014 KGAL
Group has further expanded its solar portfolio by more than EUR 120 million. The
portfolio now consists of more than 60 solar parks with a total capacity of more than
350 MW.
THE KGAL GROUP
The KGAL Group’s service portfolio includes the design and management of
funds for institutional investors as well as family offices and foundations.
The Group manages an investment volume of EUR 24.6 billion and has 316
employees (as of 31.12.2013).
The core asset classes are real estate, aviation and infrastructure.
Real asset investments are increasingly popular with investors, because they
showlittlecorrelationtootherassetclasses.Portfoliodiversificationand using
a professional management lead to a positive return on appropriate risk
structures.
Since 1968, the KGAL Group has been designing innovative finance
solutions for real assets. Over the past 35 years, they have created an
increasing number of interesting investment solutions for private and
institutional investors and have thereby established themselves as an
asset manager for long-term real capital investment.

3. expertise / RENEWABLE ENERGIES 54 expertise / RENEWABLE ENERGIES
6.07 % p. a.* AVERAGE ANNUAL cash
distribution OF KGAL
INFRASTRUCTURE FUNDS
INVESTMENT FOCUS
As a wholly owned subsidiary of KGAL GmbH & Co. KG, KGAL Investment
Management performs the role of an investment manager for new funds
- in the real estate, aviation and infrastructure asset class - as a regulated
investment management company.
KGAL Group’s 50 employees in the Infrastructure department ensure ex-
cellent market access (transaction management), develop attractive invest-
ment offers (portfolio management), manage the transactions with various
financing and investment concepts (asset management) and enable quick
responses to market trends (risk management).
WIND POWER
The KGAL Group has been active in wind energy investments since 2003.
Their success in this sector can be attributed to the KGAL group‘s profound
asset management competence and the expertise to manage portfolios
down to the level of each individual investment.
◼◼ 2003 first investments in wind energy
◼◼ 47 wind farms in Germany and France
◼◼ Approx. EUR 1.0 billion investment volume
◼◼ 583 MW total capacity installed
PHOTOVOLTAICS
As one of the first solar fund providers, KGAL Group has acquired an exten-
sive portfolio of photovoltaic parks and facilities and plants for private and
institutional investors.
◼◼ 2005 first involvement in photovoltaics
◼◼ > 60 solar parks solar farms Germany, Spain, Italy, France and England
◼◼ Approx. EUR 1.2 billion investment volume
◼◼ 356 MW total capacity installed
EXPERTISE IN
RENEWABLE ENERGIES
“KGAL has been a player in renewable energies for
many years and has currently acquired
55 photovoltaic plants and 47 wind farms, both
domestically and abroad, for its investors.”
Dr. Klaus Wolf, Managing Director, KGAL Investment Management GmbH & Co. KG
WIND INVESTMENTS
APPROX. EUR 1.0 Billion
PHOTOVOLTAIc INVESTMENTS
APPROX. EUR 1.2 Billion
Investments in renewable Energies
since 2003
approx. EUR 2.2BILLION
KGAL’s investment focus is defined by primary locations and technologies that are determined on the basis of ongoing
market observations and analyses. We are currently focusing our investment on the countries of Germany and France. Our
priority technologies are investments in onshore wind power and photovoltaics. Recently in 2014, KGAL acquired the solar
park Marsh Farm near Bristol (UK), its first photovoltaic facility in England.
EMPLOYEES
6.07% *Balance as of 2012

4. Marshfarm
13.9 MW
Arsac1/Arsac3
20.4 MW
Sénézergues
4.9 MW
Arpajon-sur-cère
8.2 MW
Sisteron
4.5 MW
Germany
France
Spain
ItalY
900 – 960 kWh/m2
960 – 1020 kWh/m2
1020 – 1080 kWh/m2
1080 – 1140 kWh/m2
1140 – 1200 kWh/m2
1200 – 1260 kWh/m2
1260 – 1320 kWh/m2
1320 – 1380 kWh/m2
1380 – 1440 kWh/m2
1440 – 1500 kWh/m2
1500 – 1560 kWh/m2
1560 – 1620 kWh/m2
1620 – 1680 kWh/m2
1680 – 1740 kWh/m2
1740 – 1800 kWh/m2
1800 – 1860 kWh/m2
1860 – 1920 kWh/m2
1920 – 1980 kWh/m2
Source: Meteotest; database Meteonorm
(www.meteonorm.com)
PHOTOVOLTAIC
55 photovoltaic facilities
Output: 356 MWp
Total investment: EUR 1.2 billion
OVERVIEW OF KGAL‘S
PHOTOVOLTAICS PORTFOLIO
Sulzemoos
Guglionesi
Turra
Villanueva
de la Jara
Osa de la Vega
1.9 MW
2.3 MW
4.1 MW
5.3 MW
10.6 MW
Carlino II
9.9 MW
Moos
Niederöfflingen I + II
15.8 MW
5.7 MW
Preschen
10.0 MW
Rothenburg
15.2 MW
Perleberg I + II
Perleberg I: 15.4 MW
Perleberg II: 18.9 MW
Miegersbach
5.3 MW
San Clemente
Buchheim
5.3 MW
2.2 MW
Malching
4.7 MW
Carlino I + III
Carlino I: 5.5 MW
Carlino III: 6.1 MW
Mezzanotte
4.0 MW
Belmez
10.9 MW
Algodoliva
2.3 MW
Caravaca
2.4 MW
Lorca
1.3 MW
Le Castellet
4.1 MW
Hasborn I + II
6.2 MW
Althegnenberg
2.2 MW
Jocksdorf
7.9 MW
Piazza Armerina
3.6 MW
Troina
5.3 MW
Noce Laccu
2.0 MW
Ardea
2.9 MW
Viterbo
10.8 MW
Collerferro
Castel Volturno
San Tammaro
4 photovoltaic plants
18.2 MW
4.0 MW
1.9 MW
Brindisi
San Severo: 1.0 MW
Stonara: 1.0 MW
Brindisi: 1.0 MW
GINOSA
6.5 MW
Monalto Di Castro
2.7 MW
Zamora
9.9 MW
Toledo
15.3 MW
Palau I + II
3.0 MW
La Solana
6.5 MW
Lucet
12.0 MW Pintéséque
10.6 MW

5. The quality of KGAL funds is based on the experience of our own in-house experts. They estimate risks and potential for
added value and actively look after the assets for the duration of the funds.
Our asset classes demonstrate a clear separation of functions in the areas of transaction, asset, portfolio and risk manage-
ment. The portfolio management assumes full responsibility for investments.
COMPREHENSIVE FUND MANAGEMENT
FROM acquisition TO MARKETING
1 Transaction management
◼◼ Continuous market presence and monitoring
◼◼ Acquisition and sales of investment objects
◼◼ Ensure access to relevant markets
◼◼ Completion of individual transactions
3 RisK management
◼◼ Identification, measuring, managing and reporting
of relevant risks
◼◼ Regular monitoring of key parameters for the market,
fund and investment level
◼◼ Development of recommendations for action
2 Portfolio management
◼◼ Clear strategic guidelines for funds
◼◼ Continous monitoring to reach objectives
◼◼ Reacting to changes in the market
◼◼ Active management of the portfolio
4 Asset management
◼◼ Primary responsibility for the professional
management as well as the performance of
the special purpose vehicle
◼◼ Close collaboration with portfolio management
of the funds
Acquisition
Sales
ASSET
MANAGEMENT
TRANSACTION MANAGEMENTTRANSACTION MANAGEMENT
PORTFOLIO MANAGEMENT
Risk Management /
Fund Controlling
2
3
41 1
expertise / RENEWABLE ENERGIES 9
OVERVIEW OF
KGAL‘S WIND FARM PORTFOLIO
C: Commissioning
France
Germany
LOWER SAXONY
Bavaria
Brandenburg
Mecklenburg-
Vorpommern
NORTH
RHINE-WESTPHALIA
SAXONY
Saxony-Anhalt
RHINELAND-
PALATINATE
more than 8.0 m/s
7.0 – 8.0 m/s
6.0 – 7.0 m/s
5.5 – 6.0 m/s
4.5 – 5.5 m/s
3.0 – 4.5 m/s
0.0 – 3.0 m/s
Wanlo
Delbrück
4 TURBINES, 8 MW, C: 2010
Hiddestorf
2 TURBINES, 3 MW, C: 2007
Langwedel I + II
Langwedel I: 10 TURBINES, 20 MW, C: 2009
Langwedel II: 4 TURBINES, 8 MW, C: 2013
Thransheide
12 TURBINES, 30 MW, C: 2012
Dessow
Calau
4 TURBINES, 8 MW, C: 2009
Coswig
7 TURBINES, 6 MW, C: 2007
Weibern
2 TURBINES, 5 MW, C: 2011
THRÄNA
3 TURBINES, 6 MW, C: 2006
Leddin I + II
Leddin I: 5 TURBINES, 10 MW, C: 2009
Leddin II: 5 TURBINES, 10 MW, C: 2013
Seehausen
4 TURBINES, 8 MW, C: 2007
Ebersgrün
4 TURBINES, 8.2 MW, C: 2013
Sonnenberg
2 TURBINES, 1.7 MW, C: 2005
Hollige
5 TURBINES, 10 MW, C: 2012
Niederrhein
13 TURBINES, 19.5 MW, C: 2005
Kaarst
Norath
Reich
Flomborn
Buch
6 TURBINES, 12 MW, C: 2007
3 TURBINES, 9 MW, C: 2013
1 TURBINE, 3 MW,
C: 2012
5 TURBINES, 15 MW, C: 2012/2013
3 TURBINES, 9 MW,
C: 2012
Eifel
23 TURBINES, 36.5 MW, C: 2006
ERBES-BÜDESHEIM
Offenheim: 5 TURBINES, 15 MW, C: 2013
Nack: 4 TURBINES, 12 MW, C: 2013
Auras I + II
2 TURBINES, 4 MW
Auras I: C: 2006
Auras II: C: 2009
4 TURBINES 9.2 MW, C: 2011
Eschweiler
2 TURBINES, 4 MW, C: 2007
Voyennes
8 TURBINES, 16 MW, C: 2011
Quatre Vallées i + ii
Moquepanier
Quatre Vallées I:
6 TURBINES, 12 MW, C: 2012
Quatre Vallées II:
10 TURBINES, 20 MW, C: 20138 TURBINES, 16 MW, C: 2013
Souvigné
Nozay
Dargies
Moréac
4 TURBINES, 8 MW, C: 2012
8 TURBINES, 16 MW, C: 2013
6 TURBINES, 12 MW, C: 2014
8 TURBINES, 16 MW, C: 2010
2 TURBINES, 3 MW, C: 2005
Buchbrunn
2 TURBINES, 3 MW, C: 2006
SAROW I + II
8 TURBINES, 16 MW, C: 2012
Wind
47 wind farms
275 wind turbines
Output: approx. 583 MW
Total Investment: EUR 1 billion
Ellenserdamm
5 TURBINES, 12.5 MW, C: 2011
Seine Rive Gauche Nord
30 TURBINES, 75 MW, C: 2013

6. ­­­ expertise / RENEWABLE ENERGIES 1110 expertise / RENEWABLE ENERGIES
THE BENEFITS OF PORTFOLIO DESIGN
Concepts that combine several investment objects in different locations with various usage types in one fund reduce classic
bulk risk.
THE PORTFOLIO
A renewable energy portfolio focuses on:
◼◼ apropriate combination of available investment types
◼◼ locations with stable feed-in tariff environments and regulatory stability
◼◼ adopting various technologies
This ensures the main objectives of the portfolio fund are met: risk-appropriate returns as well as stable cashflows from the
plants.
PORTFOLIO FEATURES
Fund performance is not solely dependent on the selection of suitable locations and investment types.
The portfolio must be:
◼◼ actively managed from a technical, commercial and administrative point of view.
◼◼ managed for the entire life cycle of the assets.
◼◼ continuously monitoring the market, in particular with respect to asset acquisitions and disinvestment.
◼◼ documented with investor reporting, made available on a regular basis, and tailored to the specific demands of investors.
BENEFITS OF DIVERSIFICATION
◼◼ Spreading risks by purchasing a number of objects.
◼◼ Diversification by selection of suitable locations.
◼◼ Optimising risk/return profile enabling stable returns for investors.
DIFFERENT INVESTMENT TYPES
+ DIFFERENT COUNTRIES
= DIVERSIFICATION FOR FUND STABILITY
Aviation Portfolio Fund 1 | HERSTELLER UND FLUGZEUGTYPEN 11
“We use a flexible, opportunity-
based investment strategy
when selecting our assets.
We acquire renewable energy
investments taking into account
the economic and political as
well as regulatory situation
in each particular location.“
Michael Ebner, HEAD OF INFRASTRUCTURE
KGAL Investment Management GmbH Co. KG

7. kgal gmbh co. kg
Tölzer Straße 15 · 82031 Grünwald
T + 49 89 64143 - 0
F + 49 89 64143 - 150
www.kgal-group.com
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