Impax Asset Management LLC | Pax World Funds Invest in Women: The Business Case for Including Women in Corporate Leadership Anne Greenwood Impax Asset Management LLC | Pax World Funds

The case for gender equality in 2018

The gender gap isn’t a myth In a survey of nearly 22,000 firms globally:

We cannot wait this long…

Harvard Business School The research is in: Credit Suisse Morgan Stanley Harvard Business School McKinsey MSCI Thomson/Reuters Wells Fargo Not only is closing the gender gap the right thing to do, it’s the SMART thing to do – and research from top organizations proves it.

Women deliver results These studies show that women deliver results – consider these stats….

Investing in women isn’t just the right thing to do Investing in women isn’t just the right thing to do. It’s the smart thing to do. When women are at the table, companies simply perform better. And research shows that when companies have more gender diverse boards, they simply perform better. Past performance does not guarantee future results. Source: Credit Suisse Research Institute, “The CS Gender 3000: Reward for Change,” September 2016. WoB indicates Women on Boards, or the number of female board members.

Invest in companies that invest in women

Pax Ellevate Global Women’s Leadership Fund* Snapshot Overview - The first broadly diversified mutual fund that invests in the highest- rated companies in the world in advancing women’s leadership Investment Objective - Long-term growth of capital Investment Process - Quantitative, factor-based Investment Style - Large Cap World Equity Benchmark - MSCI World Index Assets & Inception Dates - Assets Under Management: $204.5 million as of 3/31/18 - Institutional Class (PXWIX) - Inception Date: 4/19/06 - Investor Class (PXWEX) - Inception Date: 10/1/93 MORNINGSTAR RATINGTM Out of 717 World Large Stock Funds based on risk-adjusted returns as of 3/31/18 ƒ The Morningstar Ratings™ shown are as of 3/31/18. The Morningstar Rating for funds, or ‘star rating’, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five- and ten- year (if applicable) Morningstar Rating metrics. The weights are 100% three-year rating for 36-59 months of total returns, 60% five-year rating, 40% three-year rating for 60-119 months of total returns, and 50% ten-year rating, 30% five-year rating, 20% three-year rating for 120 or more months of total returns. While the ten-year overall rating formula seems to give the most weight to the ten-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings are subject to change every month. Pax Ellevate Global Women’s Leadership Fund Institutional Class (PXWIX) Morningstar ratings were 4 stars out of 717 funds overall, 4 stars out of 717 funds for 3-years, 4 stars out of 591 funds for 5-years. Pax Ellevate Global Women’s Leadership Fund Investor Class (PXWEX) Morningstar ratings were 4 stars out of 717 funds overall, 4 stars out of 717 funds for 3-years, 4 stars out of 591 funds for 5-years. *Effective February 26, 2018, the name of the Pax Ellevate Global Women’s Index Fund changed to the Pax Ellevate Global Women’s Leadership Fund. RISKS: Equity investments are subject to market fluctuations, the fund's share price can fall because of weakness in the broad market, a particular industry, or specific holdings. The Fund does not take defensive positions in declining markets. The Fund’s performance would likely be adversely affected by a decline in the Index. Investments in emerging markets and non-U.S. securities are generally less liquid and less efficient than investments in developed markets and are subject to additional risks, such as risks of adverse governmental regulation, intervention and political developments. There is no guarantee that the objective will be met and diversification does not eliminate risk.

Where are the women?

Why not more women in corporate leadership roles? Source: LeanIn.org and McKinsey & Company’s Women in the Workplace 2016 Report.

What are the top barriers to women in leadership? Source: “Navigating disruption without gender diversity? Think again.” EY, 2016. http://www.ey.com/Publication/vwLUAssets/EY-women-in-industry/$FILE/EY-women-in-industry.pdf

How to promote women’s leadership at your company

Strategies that work Break goals into bite-sized pieces Bring in a “change agent” Engage male champions of change Change must come from the top

Sponsorship not mentorship “While mentors help you skill up, sponsors help you move up.” - Jo Miller of BeLeaderly Sponsors Get you ‘in the room’ Are plugged in Have the influence and confidence to recommend you Know you will deliver

Why should this matter to you?

"We're facing a retirement savings crisis in this country, and if you actually dig through the numbers, it is, in large part, a women's crisis.” – Sallie Krawcheck

The retirement crisis is a women’s crisis Women live longer Women earn less Women take time off from work for family Women invest more conservatively Women live longer 20 years longer than men Women earn less 80 cents on the dollar Women take time off from work for family Less in savings & investments Only 45% participate in a retirement plan Have 50% less in retirement savings than men Women invest more conservatively Earning less on their investments New study: https://www.rbcwealthmanagement.com/us/en/wealth-transfer

What can you do?

Take ownership of your financial future -- partnering with your Financial Advisor Take action Engage in planning and investing for your future Have confidence in you ability to reach your retirement goals Align your investments with your values Other tips to add here?

Impax Asset Management LLC | Pax World Funds Thank You Anne Greenwood Impax Asset Management LLC | Pax World Funds a.greenwood@impaxam.com Anne Greenwood is a registered representative of ALPS Distributors, Inc.