Impax Asian Environmental Markets (Ireland) Fund Euro X Distribution

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The Fund aims to generate long term capital growth, investing mainly in the shares of publicly quoted companies that conduct their business in the Asia Pacific Region and that provide, utilise, implement or advise upon technology-based systems, products or services in environmental markets. The Fund invests mainly in China, Hong Kong, Taiwan, Japan, South Korea, India, Australia, New Zealand, Singapore, Malaysia, the Philippines, and Thailand. Most of these countries are classified as emerging markets, regions of the world that are typically still developing their economies. Investments will be made on a "long-only" basis and will be predominantly in equity securities. The Fund may utilise equity-linked notes providing economic exposure to underlying shares or securities when it is considered to be impracticable or not in the best interests of the Fund to invest directly in those shares or securities. In particular Impax Asset Management Limited (the "Investment Manager") expects the Fund's investments to include Participatory Notes in order to gain economic exposure to shares and securities in the Indian and Chinese "A" stock markets. The Investment Manager adds rigorous environment, social and corporate governance analysis for risk management. Any income the Fund generates for this share class will be reinvested to grow the value of your investment.

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