IMPORTANT INFORMATION

This document is a marketing communication. This document is solely for the use of professional investors or investors with an equivalent classification. This material is being provided for informational purposes only. The material is not intended for use by persons in jurisdictions which prohibit or restrict the distribution of the material and in certain countries, the material is provided upon specific request. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from Impax. The material does not constitute a distribution, an offer, an invitation, recommendation or solicitation to sell or buy any securities in any jurisdiction.

Impax Asset Management Group plc includes Impax Asset Management Ltd, Impax Asset Management (AIFM) Ltd., Impax Asset Management Ireland Ltd, Impax Asset Management LLC, and Impax Asset Management (Hong Kong) Limited (together, "Impax").

Impax Asset Management Ltd, Impax Asset Management (AIFM) Ltd and Impax Asset Management LLC are registered as investment advisers with the U.S. Securities and Exchange Commission ("SEC"), pursuant the Investment Advisers Act of 1940 ("Advisers Act"). Registration with the SEC does not imply a certain level of skill or training.

Impax Asset Management Ltd & Impax Asset Management (AIFM) are authorized and regulated by the Financial Conduct Authority. Impax Asset Management Ireland Ltd is authorized and regulated by the Central Bank of Ireland (Reference No: C186651).

The statements and opinions expressed are those of the author, as of the date provided, and may not reflect current views. While the author has used reasonable efforts to obtain information from reliable sources, we make no representations or warranties as to the accuracy, reliability or completeness of third-party information presented herein. Any forward-looking statements or forecasts are based on assumptions and actual results are expected to vary. References to specific securities are for illustrative purposes only and should not be considered as a recommendation to buy or sell. This material may not be relied upon as constituting any form of investment advice and prospective investors are advised to ensure that they obtain appropriate independent professional advice before making any investment decision.

This document may contain past performance information. Past performance does not predict future return. These figures refer to the past and past performance is not a reliable indication of future performance. This also applies to historical market data, exchange rate fluctuations and the performance shown. The performance data does not take into account any associated commissions and costs. If the currency in which the past performance is displayed differs from the currency of the country in which you reside, then you should be aware that value may increase or decrease if converted into your local currency. Investments in funds/securities are subject to risk. Investments in funds or securities are subject to risk. The money invested in a security or fund can increase and decrease in value and there is no guarantee that you will get back the full amount invested.

European Economic Area (EEA) - The material is only being made available to and is only directed at persons in member states of the European Economic Area (the "EEA") who are professionals, defined as Eligible Counterparties, or Professional Clients, as defined by the applicable jurisdiction. Under no circumstances should any information contained within be regarded as an offer or solicitation to deal in investments in any jurisdiction. 

United Kingdom - The material is only being made available to and is only directed at persons in the United Kingdom who are professionals, defined as Eligible Counterparties, or Professional Clients, within the meaning of the rules of the Financial Conduct Authority. Under no circumstances should any information contained within be regarded as an offer or solicitation to deal in investments in any jurisdiction. In the United Kingdom, this material is a financial promotion and has been approved by Impax Asset Management Limited OR Impax Asset Management (AIFM) Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority.   

Australia - This material is being made available by Impax Asset Management Limited. Impax Asset Management Limited is exempt from the requirement to hold an Australian financial services license in respect of the financial services it provides to wholesale investors in Australia and is regulated by the Financial Conduct Authority of the United Kingdom under the laws of the United Kingdom which differ from Australian laws.  This material is only to be made available to 'wholesale investors' under the Corporations Act 2001 (Cth) receiving this document in Australia. Impax Asset Management Limited is exempt from the requirement to hold an Australian financial services license by operation of ASIC Class Order 03/1099: UK FCA regulated financial service providers, as modified by ASIC Corporations (Repeal and Transitional) Instrument 2016/396.  

Israel - Neither Impax Asset Management Limited nor Impax Asset Management (AIFM) Limited ("Impax") has been licenced by the Israel Securities Authority ("ISA") under the Israeli Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, 5755-1995 (the "Investment Advice Law"). As such, Impax does not hold any insurance in Israel as generally prescribed by the ISA for Israeli-licenced entities.   

Canada - The material is being provided by Impax Asset Management Limited. This entity is not registered as an adviser in Canada and would provide any investment advice pursuant either to the terms of the "international adviser exemption" from registration or the "international sub-adviser exemption" from registration in the applicable jurisdiction(s) of Canada.  Disclosure about such entity's non-resident and unregistered status in Canada will be provided at the time of onboarding.  

USA - This material is being provided by Impax Asset Management LLC which is registered as an investment adviser with the U.S. Securities and Exchange Commission.

Impax is trademark of Impax Asset Management Group Plc. Impax is a registered trademark in the EU, US, Hong Kong, and Australia. © Impax Asset Management LLC, Impax Asset Management Limited and/or Impax Asset Management (Ireland) Limited. All rights reserved.

Important Key Risks

•     Market risk: investments in funds or securities are subject to market fluctuations, so they can fall as well as rise in value.

•     Currency risk: Fluctuation in exchange rates may reduce investment gains or income and increase losses. Additional risk should be considered where the Fund's base currency differs from the currency of your own investments.

•     Emerging market risk: emerging markets' future is dependent on (i) widespread adoption of their products and services and (ii) timely implementation of anticipated changes in local governmental policies; investments in companies in emerging markets or less developed countries in the region may face more political, economic or structural challenges than developed countries, putting your money at greater risk. Emerging markets securities may be negatively impacted by changes in government policies, changes in taxation, restrictions in foreign investment and the movement of money from one country to another, currency fluctuations and other developments in the laws and regulations of countries in which investments may be made. Emerging markets or less developed countries may face more political, economic or structural challenges than developed countries, putting your money at greater risk. ​

•     Liquidity risk: Substantial selling by shareholders may necessitate the Investment Manager having to sell investments, incurring losses that would otherwise not have arisen.

•     Sustainability risk: Sustainability risks are environmental, social and governance events or conditions whose occurrence could have an actual or potential material negative impact on the value of a security or fund and all known types of risk of a fund. Sustainability risks may result in a material negative impact on the value of an investment and performance of the portfolio. Sustainability risks are environmental, social and governance events or conditions whose occurrence could have an actual or potential material negative impact on the value of the portfolio and all known types of risk of the portfolio.​ Governmental liberalisation of basic services and increased environmental legislation may not occur at the anticipated rate. The costs of technology in environmental markets may not continue to fall or may not maintain price competitiveness. ​

•     Market fluctuations: Potential investors should note that the investments of a fund are subject to market fluctuations and that there can be no assurance that any appreciation in value will occur. The value of investments and the income from them, and therefore the value of, and income from a fund's shares, can go down as well as up and an investor may not get back the amount invested.

•     Political or regulatory risks: The value of a security or fund's assets may be affected by uncertainties such as international political developments, changes in government policies, changes in taxation, restrictions in foreign investment and currency repatriation, currency fluctuations and other developments in the laws and regulations of countries in which investments may be made.

•     Capital risk - the value of your investment will vary and is not guaranteed. It will be affected by changes in the exchange rate between the base currency of the portfolio and the currency in which you subscribed, if different. ​

•     Equities - may decline in value due to both real and perceived general market, economic and industry conditions. Investing in foreign-denomination and/or - domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets.​

•     The portfolio of a fund may include a number of relatively newly established companies and companies whose future is dependent on widespread adoption of their products and services. ​

•     The portfolio of investments of an Impax fund may be denominated in currencies other than the currency of the share class purchased by the investor and, therefore, the Net Asset Value of the portfolio may be affected by currency movements.

•     The valuations of companies in environmental markets may remain at current level or may fall. ​