1. Impax Asset Management Renewable Energy Infrastructure Investment Workshop “How to address key deal flow challenges” 19 June 2018 – London, Guildhall

2. Policies, Processes, Practices, and Governance
Impax Asset Management
The specialist investment manager focused on the transition to a more sustainable economy
Specialist manager, 20 years’ experience
High quality investment solutions for institutional investors
London LE managed / US LE managed2/ London PE team managed
Investment products 31 March 2018
£11.0bn
AUM1
2017 UNPRI assessment: A+
Policies, Processes, Practices, and Governance
1. Assets under advice represent ~3%, increased to £11.8bn as at 31 May 2018.
2. US- managed AUM refers to Pax World Funds. Impax acquired Pax World Management LLC on 18 January 2018.

3. NEF II: €330m Fund - Risk Management Diversification: Country, site, resource, technology
NEF II INVESTED & COMMITTED CAPITAL1 (€277M)
Pan European 2%
Italy 6% € €
France 25% €
Poland 20%
105MW
Finland 20%
Ireland 13% €
Germany 14% € €
78MW € €
48MW
High credit rated EU countries
Germany – AAA/Aaa
Finland – AA+/Aaa
France – AA/Aa1
Poland – A-/A2
Ireland – A/ Baa1
Italy – BBB-/Baa2
Diversified natural resource base/site location
Proven exit-market demand for operating assets € € € € € € € € € € €
Key as of 31 March 2018 € € € €
82MW
Owned (Wind) € €
Owned (Solar PV) € € €
Realised
138MW
Current operating & in construction capacity
Current operating & in construction capacity € € MW € €
22MW
Sources: Impax internal analysis as at 31 March 2018 / Standard & Poor’s / Moody’s
1 Net invested + committed capital, post refinancing proceeds, up to 31 March 2018

4. Global Metrics: Declining LCOE – all in cost basis
Source: Bloomberg New Energy Finance

5. Renewables Projects and Companies Investment 2017
Source: Bloomberg New Energy Finance

6. Institutional investment into European renewables projects
Source: Bloomberg New Energy Finance

7. Current Support Schemes within Key European Markets
France
Feed in Premium – 15 years
Feed in Tariff – 20 years
Netherlands
Variable Feed in Premium – 15 years
Norway/Sweden
Tradeable E Certificates – 15 years UK
Not eligible
Contract for Difference – 20 years
Italy
Feed in Premium determined by auction – 20 years
No support for PV
Germany
Feed in Tariff determined by auction– 20 years
Feed in Tariff determined by auction – 20 years
Ireland
New feed in Premium under consultation. To be determined by auction – 15 years
Finland
Yet to be finalised.
Technology neutral Feed in Premium - 12 years
Determined through an auction system

8. Impax Transactions Closed in NEF III in 2017-2018
Germany - Wind:
Developer Framework Agreement
Project Co-development Agreement
France - Wind:
Operating Asset Repowering
Norway - Hydro
Developer Joint Venture

9. France: gap to achieve 2023 renewables target4
An update of France’s five year energy sector plan is due at the end of 2018.
It is expected to increase the targets for renewables
Source: Bloomberg New Energy Finance