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Introducing Impax A specialist asset manager, investing in the opportunities arising from the transition to a more sustainable global economy. Why Impax? 3

Philosophy and mission 4

Our values 5

Investment strategies 6

Impax in your region 7

Executive Committee 8

Our team 10

Award winning team 12

Sustainable practices 14

2 | Introducing Impax Asset Management Why Impax?

An acknowledged global leader We are one of the largest and longest established dedicated to investing in the transition to a more sustainable economy. We manage for some of the world’s largest investors.

Partnership with our clients We are committed to outstanding levels of client service with comprehensive and transparent reporting. We also continue to evolve our thought leadership work, stewardship and engagement and our ground-breaking impact reporting.

Our values and our stakeholders Sustainability is important to us. We ensure our investee companies meet our rigorous ESG requirements and we hold ourselves accountable to the same high standards. We measure our own environmental footprint annually and aspire to run our business in line with best practices of governance, diversity and inclusion.

We value our commitment to our philanthropic partners. Our strong financial results allow us to support these partners both financially and through direct participation.

2020 UNPRI assessment: A+ Strategy and Governance

Introducing Impax Asset Management | 3 Philosophy and mission

Founded in 1998, Impax Asset Management has pioneered investment in the transition to a more sustainable global economy and today is one of the largest investment managers dedicated to this area.

We believe capital markets will be shaped We invest in companies and assets that are profoundly by global sustainability challenges, well positioned to benefit from the shift to a particularly climate change, environmental more sustainable global economy. We seek pollution, natural resource constraints, higher quality companies with strong business demographic and human capital issues such as models and governance that demonstrate sound diversity, inclusion and gender equity. management of .

These trends will drive growth for well-positioned companies and create a well-rounded suite of investment for those unable or unwilling to adapt. We offer solutions spanning multiple asset classes, aiming Fundamental analysis which incorporates to deliver superior risk-adjusted returns over the long-term risks, including environmental, social medium to long term. and governance (ESG) factors, enhances investment decisions.

US$30bn+ 20+ years 55+

of assets under of specialist investment team members management2 investment experience (UK, US, HK)

2As of 31 December 2020. Assets under advice represent ~2%.

4 | Introducing Impax Asset Management Our values

Be the solution Our core focus and motivation is to offer solutions. It defines the investment approach we offer our clients, the contribution we make to the broader global community and the attitude we bring to work each day.

A passion for excellence We are passionate about our mission and our work. We strive for excellence in everything we do. We hold ourselves to high standards and trust each other to share these aspirations and contribute to the results.

All voices valued We make better decisions if we are diverse and inclusive. All voices are welcomed and all voices are heard. We aspire to a dynamic culture that embraces change and inspires the evolution of new ideas.

Doing better together We believe we can do far more, far better, working together as a team. True collaboration means treating others as we want to be treated. We value and respect our colleagues, clients and partners, their families and the wider community. We are all interconnected and cannot hope to succeed alone.

Building a common future We have a responsibility to promote prosperity while protecting the planet. We are committed to sustainable development and to stewarding our environmental and societal impact for the benefit of current and future generations.

Introducing Impax Asset Management | 5 Investment strategies

At Impax, every strategy is designed to intentionally allocate clients’ capital towards a more sustainable economy. Each is underpinned by proven, proprietary investment tools.

Sustainability Lens strategies Gender Lens strategies • Global Opportunities • Global Women’s Leadership • US Large Cap • Global Women’s Select • US Small Cap We have two strategies using the Gender • Core Bond Leadership Index to identify a universe of • High Yield Bond companies led by women. We manage one The Impax Sustainability Lens translates systematic and one active strategy. our investment beliefs into a practical investment tool to help our teams identify the winners and avoid the losers in the transition to a more sustainable economy.

Environmental Markets strategies SmartCarbonTM strategies • Specialists • ESG Beta Quality • Leaders • ESG Beta Dividend • Asian Environmental • MSCI EAFE ESG Leaders Index • Water SmartCarbon™ is a proprietary, • Sustainable Food risk-based investment approach for • Climate managing exposure to companies with Our strong conviction is that population fossil fuel reserves on their balance sheets. dynamics, resource scarcity, inadequate SmartCarbon™ is applied across this range infrastructure and environmental of systematic strategies. constraints will create high growth investment opportunities.

New Energy strategies Multi-Asset strategies • New Energy Funds • Sustainable Allocation

We are one of the longest established fund A risk-focused asset allocation strategy managers in the large and rapidly growing offering a diversified portfolio of Impax renewable energy sector. The firm manages strategies invested in the transition to a three new energy funds that follow an more sustainable economy. industrially-focused value-add strategy, investing in renewable power generation and related assets.

6 | Introducing Impax Asset Management Impax in your region

In the UK and the US, we have specialist teams focused on servicing our institutional and intermediary clients. In addition, throughout continental Europe, Asia and North America, we have successful long-term relationships with a number of distribution partners.

North America Desjardins AM (Canada) FÉRIQUE (Canada) Mackenzie Investments (Canada) NEI Investments (Canada) Delaware Fund Pax World Funds

Europe ASN Bank BNP Paribas Asset Management Asia Pacific Formuepleje BNP Paribas Asset Management St. James’s Place IEM plc Impax (Ireland) Funds UCITS Impax New Energy Funds

Distribution partners. Distributed directly by Impax.

Introducing Impax Asset Management | 7 Executive Committee

Ian Simm Charlie Ridge Founder and Chief Executive

Ian Simm founded Impax in 1998. Prior to Impax, Ian Charlie began his career in 1987. Before joining Impax was an engagement manager at McKinsey & Company he was a Managing Director within the Division advising clients on environmental strategy. of , most recently serving as UK Asset and Wealth Management CFO, and previously holding Outside Impax, Ian is a member of the UK government’s various financial and related roles for the Net Zero Board which provides strategic Global Markets Division. Before working at Deutsche, oversight of public sector funding of energy innovation Charlie worked at SG Warburg and qualified as a programmes. He is also a Board member of the chartered accountant at Ernst & Young. Institutional Investors Group on Climate Change, a member of the Energy & Climate Change Board of the Confederation of British and a Commissioner with the Energy Transitions Commission.

Joseph Keefe Bruce Jenkyn-Jones President of Impax Asset Executive Director, Co-Head of Management LLC Listed Equities

Joe oversees U.S.-managed strategies as well as Bruce is responsible for all Impax listed equity distribution of Impax’s full capabilities across North strategies, is Chair of the LE investment committee, and America. Before joining Impax in May 2005, Joe was is on the Portfolio Construction team for all London President of NewCircle Communications, he served as managed strategies. Bruce joined Impax in 1999 where Senior Advisor for Strategic Social Policy at Calvert he worked initially on investments Group between 2003-2005 and as Executive Vice before developing the listed equity business. Before President and General Counsel of Citizens Advisers joining Impax, he worked as a utilities analyst at from 1997-2000. Joe is a former member of the US SIF Bankers Trust and as an environmental consultant for (2000-2006). Before entering the Environmental Resources Management (ERM). industry, he worked in private law practice for 16 years.

Hubert Aarts Mary Alexander Executive Director, Co-Head of Executive Director, Global Head Listed Equities of HR

Hubert has worked for Impax since 2007, is an Mary is the Global Head of and Executive Director and Co-Head of the Listed Equity has considerable expertise in building dynamic, agile Team, together with Bruce Jenkyn-Jones. He is cultures and developing talent in fast-paced growth also co- for Impax’s Leaders and environments. Before joining Impax in September Water strategies, as well as leading Impax’s macro- 2020, Mary worked in several senior roles across digital economic research process. Hubert joined Impax from and mature industries. She worked at Cambrian Capital Partners LLP, where he was a partner PayPal as VP Human Resources for EMEA, Asia Pacific and portfolio manager. Having started his career in and Americas and EVP for HR for Colt Technology. the investment industry in 1990, and has extensive Thereafter Mary moved into the private equity arena experience investing in Pan-European equities. with Montagu PE. A Social Science graduate of University College Dublin, Mary has on-the-ground business experience in 50+ countries.

8 | Introducing Impax Asset Management Daniel Von Preyss David Richardson Private Equity/Infrastructure, Executive Director, Client Service Executive Director and

Daniel joined Impax in 2009 and has primary David leads Client Service and Consultant Relations responsibility for the New Energy funds investing in across Impax and manages the institutional and the renewable energy sector. Daniel is a member of the intermediary sales teams in North America. David Investment Committees of the fund and a Director of joined Impax in August 2012 from Global Energy Impax Asset Management Limited. He is both involved Investors, where he was a Managing Partner. Previously, in investments and is Head of Asset Management. he co-founded and served for 22 years as Managing Daniel has significant business and senior transactional Director of Dwight Asset Management Company. experience within the energy and utility sectors. David is a member of the Global Leadership Council Before joining Impax he was responsible for Babcock and the Sustainable Investment Advisory Council of & Brown’s Northern European infrastructure activities the World Resources Institute. He serves on the Ceres where he focused on regulated utilities, gas storage President’s Council. and broader power generation.

Meg Brown Darren Johnson Executive Director, Marketing Executive Director, Chief and Business Development Operating Officer, Listed Equities

Meg leads marketing across Impax and the Darren is responsible for global operations, including London-based sales team. Meg also co-heads our portfolio services, technology, and impact investing work. She has extensive experience client onboarding. He also serves as a Non-Executive in sustainable investing and research, having begun Director of Impax Asset Management’s Irish subsidiary. her career in 2002. As head of Citi’s Climate and Prior to Impax, Darren was Head of Operations at Sustainable Investment Research team she worked Talisman Global Asset Management. He has also with clients across Europe on impact and responsible worked for RAB Capital, AXA IM, Mercers, and Legal & investment. Meg joined Impax in 2014 following a General in various senior investment, operational, and period as a consultant helping private sector and positions. not-for-profit clients design responsible investment strategies.

Lisa Beauvilain Zack Wilson Executive Director, Head Executive Director, Group of Sustainability and ESG General Counsel

Lisa is responsible for the development and oversight Zack serves as Group General Counsel and is also of Impax’s Sustainability and Environmental, Social Company Secretary. Prior to joining Impax in 2011, Zack and Governance (ESG) analysis, including overseeing was Director & General Counsel for the investment stewardship work in the Listed Equity team. She is management and advisory group the Chair of Impax’s ESG, Sustainability Lens and Development Capital Management. Previously he was Environmental Committees and co-heads Impax’s Corporate Counsel for Telewest Global Inc (renamed impact investment work. Lisa started in the financial Virgin Media Inc), where he played a leading role in industry in 1999. Previously, she was an executive managing the successful execution of high-profile director in the Investment Management Division of transactions including the Group’s $10bn . financial restructuring.

Introducing Impax Asset Management | 9 Our team

Impax has a collegial working culture. Our highly experienced team is made up of individuals with diverse backgrounds, bringing together complementary skills and experience.

Our team’s skills, experience and commitment We firmly believe that the diversity of our are both our greatest assets and the people and the promotion of equal opportunities cornerstones of our business. We value everyone is key to enhancing our success. We actively in the Impax community as an individual and seek to hire people from different backgrounds foster an environment where employees feel who bring divergent skill sets to our business. engaged, motivated and enjoy their work. We An example of this is our investment team. believe this ultimately enhances our creativity As well as highly experienced portfolio and problem-solving, the quality of our risk managers and financial analysts with regional management, our client understanding and our and sector expertise, the team also contains decision making. former business analysts, bankers, venture capitalists, scientists and policy specialists. Maintaining a supportive and empowering Several of our staff have leadership roles within culture as well as providing a good working organisations that promote the transition to a environment is key to the engagement and more sustainable economy. retention of our staff. As such, we invest significantly in our people—including through continuous professional development, formal qualifications and wellness initiatives.

Listed Equities Corporate

Fixed Income

Private Markets

Investment

Support

Communications

Client Service

Marketing Client Service & Business Development Sales

10 | Introducing Impax Asset Management Corporate Independent Non-Executive Directors We firmly believe Chief Executive that the diversity of Board of Directors our people and the promotion of equal Investment opportunities is key to enhancing Information Technology our success. Support Human Resources

Portfolio Services

Compliance

Client Service & Finance Business Development Legal

Introducing Impax Asset Management | 11 Award winning team

We are committed to delivering superior, risk-adjusted returns while helping our clients invest in the transition to a more sustainable economy. This has been recognised through a range of industry awards.

Funds Europe Awards, 2020 LGPS Awards, 2020 European Specialist Investment Manager Impact Manager of the Year

Better Society Awards, 2020 Investment Week Sustainable & ESG Sustainable Reporting Investment Awards, 2020 Sustainable and ESG Fund Management Group of the Year & Best ESG and Sustainable Fund category: Global Opportunities

Financial News Asset Management Investment Week Specialist Awards, 2020 Investment Awards, 2020 Boutique Equity Manager of the Year Best Specialist Equity Group of the Year

Global Investment finnCap Ambition Nation Listed 50 Excellence Awards, 2020 Awards, 2020 Boutique Manager of the Year Best Performing Company: Financials

12 | Introducing Impax Asset Management Environmental Finance Awards, 2019 Funds Europe Awards, 2019 Sustainable Investment Awards: European Specialist Investment Firm Boutique Manager of the Year & of the Year Best Environmental Fund

London Stock Exchange Awards, World Economic Forum 2019 ‘Circulars Awards’, 2019 Green Economy Mark Investor Category

Shares Awards, 2019 Portfolio Adviser Fund AIM Company of the Year Awards, 2019 ESG Fund Management Group

Professional Pensions Awards, 2019 Investment News Awards, 2018 UK Pensions Awards (Finalist) Excellence in Diversity and Inclusion & Diversity Champion

Introducing Impax Asset Management | 13 Sustainable business practices

Measuring our own environmental impact We acknowledge and measure the environmental impact of our business activities and act to reduce this wherever possible. We have reported CO2 emissions to the Carbon Disclosure Project since 2009 and were one of the first signatories to the Task Force on Climate-Related Financial Disclosures (TCFD).

Strengthening the companies in which we invest We work on ESG engagement collaborations with clients, partners and industry organisations to promote sustainable investing and ESG considerations across the globe. We engage with the companies in our portfolios in an effort to help them become more sustainable, and therefore more resilient, long-term investments. We also engage with clients and investors to raise awareness of climate change as a near-term investment risk.

Measuring the environmental impact of business activities We publish an annual report quantifying and disclosing the environmental benefit derived from our portfolio companies’ activities. In this report we share data on carbon emissions avoided, renewable energy generated, water treated and materials/waste treated.

Charitable giving and We aim to support organisations that are aligned with our values and encourage our employees to make similar personal commitments. We have established multi-year charitable partnerships with Ashden, ClientEarth and CERES, with whom we have strong synergies.

In the UK, Impax promotes -efficient payroll giving for its staff through the Charities Aid Foundation ‘Give as You Earn’ scheme. In 2018, we achieved Platinum status for the first time, with more than 20% of our staff participating in this program. We match all UK and US staff donations up to a certain threshold. Our US division has established a donor-advised fund that supports organisations that prioritise women’s empowerment, environmental conservation and local communities. We encourage staff to give their time to community organisations, and we help make that feasible by offering paid service days.

Contributing to policies shaping the transition to a more sustainable economy We regularly contribute to discussions with policy makers on the design and implementation of environmental policy from the perspective of a private market investor. As the timescale for reducing

CO2 emissions and protecting natural resources shortens, it is crucial for investors to participate more closely in policy design so that it results in market-aware interventions which drive new investment.

14 | Introducing Impax Asset Management We aim to support organisations that are Measuring our own environmental aligned with our values impact and encourage our employees to make similar personal commitments.

Strengthening the companies in which we invest

Measuring the environmental impact of business activities

Charitable giving and partnerships

Contributing to policies shaping the transition to a more sustainable economy

Introducing Impax Asset Management | 15 DISCLAIMER

This document has been Issued in the UK by Impax before making any investment in any such fund. Any Asset Management Group plc, whose shares are offering is made only pursuant to the relevant offering quoted on AIM. Impax Asset Management Group plc document and the relevant subscription application, is registered in England & Wales, number 03262305. all of which must be read in their entirety. Prospective Impax Asset Management Group plc is the parent investors should review the offering memorandum, company of Impax Asset Management Limited, including the risk factors in the offering memorandum, Impax Asset Management (AIFM) Limited and Impax before making a decision to invest. Past performance of Asset Management LLC (“Impax”, Impax Asset a fund or strategy is no guarantee as to its Limited and Impax Asset Management in the future. This document is not an advertisement (AIFM) Limited are authorised and regulated by the and is not intended for public use or distribution. Financial Conduct Authority). This document may not be provided, sold, distributed The information and any opinions contained in this or delivered, or provided or sold or distributed or document have been compiled in good faith, but delivered to any person for forwarding or resale or no representation or warranty, express or implied, is redelivery, in any such case directly or indirectly, in made to their accuracy, completeness or correctness. the People’s Republic of China (the PRC, excluding Impax, its officers, employees, representatives and Hong Kong, Macau and Taiwan) in contravention of any agents expressly advise that they shall not be liable applicable laws. in any respect whatsoever for any loss or damage, whether direct, indirect, consequential or otherwise This document does not constitute an offer to sell however arising (whether in negligence or otherwise) or the solicitation of an offer to buy any strategies out of or in connection with the contents of or any or services referred to expressly or impliedly in the omissions from this document. This document does document in the People’s Republic of China (excluding not constitute an offer to sell, purchase, subscribe Hong Kong, Macau and Taiwan, the “PRC”) to any for or otherwise invest in units or shares of any person to whom it is unlawful to make the offer or fund managed by Impax. It may not be relied upon solicitation in the PRC. as constituting any form of investment advice and prospective investors are advised to ensure that they obtain appropriate independent professional advice Investments involve risk, including potential loss of principal.

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