Impax Asset Management LLC

Item 5. Fees and Compensation
Fund Clients

Regarding the Funds, each Prospectus and Statement of Additional Information sets forth the
applicable fees and expenses.

For the sub-advised Funds, a portion of the advisory fee received by the Adviser is paid to the applicable
Sub-Adviser(s).
SMA Clients

Fees and expenses are negotiated between the Adviser and its SMA clients and set forth in the
applicable investment management agreement based on the strategy and services provided. If
management fees are charged in advance and an SMA client terminates the investment management
agreement before all such fees have been earned, the prepaid management fees would be returned
on a prorated basis, minus reasonable expenses.

Item 12 below further describes the factors that the Adviser considers in selecting broker-dealers for
client transactions, determining the reasonableness of their compensation and eligible research costs.

Item 7. Types of Clients
The Adviser provides portfolio management services to the Funds and institutional owners of SMAs
(each Fund and SMA a “Client” and, together, the “Clients”).