1. Business, Finance & Cities: climate action for Paris Ian Simm 20 th March 2015 CLEAR INVESTMENT

2. Impax Asset Management  Investing in Environmental Markets since 1998  100+ institutional investor clients  Assets Under Management: £3.0 billion  Listed Equities  Infrastructure (Renewable Power Generation)  Property  Offices in London, Hong Kong and the United States  Experienced, multidisciplinary team of 30 investment professionals CLEAR INVESTMENT2 *As of December 31, 2014. Company and AUM history includes three private equity funds and four advisory accounts which are not included as part of Impax’s GIPS compliant business. Total AUM of the GIPS verified business is US$3.5bn as of December 31, 2014. This information is presented as supplemental to the Annual Disclosure Presentation which can be found at the back of this presentation.

3. Energy Energy Efficiency ■ Power Network ■ Industrials ■ Buildings ■ Transport ■ Consumer Alternative Energy ■ Developers & IPPs ■ Solar ■ Wind ■ Biofuels ■ Other CLEAR INVESTMENT3 Environmental Markets (FTSE definition) Some sub-sectors have an additional ‘diversified’ category not shown above for the sake of clarity. Food, Agriculture & Forestry ■ Sustainable & Efficient Agriculture ■ Logistics, Food Safety & Packaging ■ Sustainable Forestry & Plantations Water Water Infrastructure & Technologies ■ Infrastructure ■ Treatment ■ Utilities Pollution Control ■ Pollution Control Solutions ■ Testing & Gas Sensing ■ Public transportation Waste/Resource Recovery Waste Management & Technologies ■ Tech Equipment ■ Recycling & Processing ■ Hazardous ■ General Environmental Support Services ■ Consultancies ■ Carbon & Asset Trading

4. Total Assets of Institutional Investors Non-fund pension assets 11.6 Insurance companies 24.6 Pension funds 22.8 Investment managers 15.4 Foundations & endowments 1.5 Total = US $75.9 Trillion Source: Climate Policy Institute (2013) CLEAR INVESTMENT

5. Institutional Investors: one view of asset allocation Source: Merrill Lynch CLEAR INVESTMENT

6. Institutional investors’ intentions (3 year horizon) Percentage of respondents expecting to increase allocation* Stocks Bonds/Fixed Income Real Estate Private Equity Infrastructure Cash * Sample: 46 investors Source: bfinance (2012) CLEAR INVESTMENT

7. Total projected cumulative infrastructure spending 2005-2030 US/Canada $6.5T Europe $9.1T Asia/Oceania $15.8T Middle East $0.9T Africa $1.1T South America/ Latin America $7.4T Water $22.6T Power $9.0T Road and Rail $7.8T Air/Seaports $1.6T Total = US$ 41 Trillion Source: Booz Allen Hamilton, Global Infrastructure Partners, World Energy Outlook, OECD, Boeing, Drewry Shipping Consultants, US Department of Transportation. CLEAR INVESTMENT

8. France – Onshore Wind Farm (illustrative)* Operating assets: attractive equity cash flow profile over 20-25 years Source: Impax Asset Management * Revenues normalised to 100. CLEAR INVESTMENT

9. “Infrastructure returns are stable not because of the asset, but because of contracts and regulatory conditions. A power plant with a 25-year availability-based contract to produce power is infrastructure. A plant supplying kilowatts to an electricity grid, at the current price, is a private equity project with huge capital and commodity risks.” PEI: “The New Infrastructure”, 2011 CLEAR INVESTMENT

10. Disclaimer This document has been approved by Impax Asset Management Limited and Impax Asset Management (AIFM) Limited (“ Impax”, authorised and regulated by the Financial Conduct Authority). Both companies are wholly owned subsidiaries of Impax Asset Management Group plc. This document is solely for the use of professionals, defined as Eligible Counterparties or Professional clients. The information and any opinions contained in this document have been compiled in good faith, but no representation or warranty, express or implied, is made to their accuracy, completeness or correctness. Impax, its officers, employees, representatives and agents expressly advise that they shall not be liable in any respect whatsoever for any loss or damage, whether direct, indirect, consequential or otherwise however arising (whether in negligence or otherwise) out of or in connection with the contents of or any omissions from this document. This document does not constitute an offer to sell, purchase, subscribe for or otherwise invest in units or shares of any fund managed by Impax. It 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 in any such fund. Any offering is made only pursuant to the relevant offering document and the relevant subscription application, all of which must be read in their entirety. Prospective investors should review the offering memorandum, including the risk factors in the offering memorandum, before making a decision to invest. Past performance of a fund or strategy is no guarantee as to its performance in the future. This document is not an advertisement and is not intended for public use or distribution. Ian Simm Chief Executive i.simm@impaxam.comi.simm@impaxam.com / +44 20 7434 1122 Ian Simm is the Founder and Chief Executive of Impax Asset Management, which manages ca. US$4.6 billion on behalf of institutional investors worldwide and invests exclusively in the clean energy and resource efficiency markets. He is also a member of the Natural Environment Research Council, the UK government’s main agency for funding research in the environmental sciences, and a member of the steering committee of the Low Carbon Finance Group. Prior to Impax, Ian was an engagement manager at McKinsey & Company. He has a first class honours degree in physics from Cambridge University and a Master's in Public Administration from Harvard University. CLEAR INVESTMENT