Fortis Investments                               19 February 2008 | 1




Sustainable Performance Strategies:
Asian Enviro...
Fortis Investments | 2




Why Asia Environmental Focus Now?
Fortis Investments | 3




Asia Environmental C ontext



                           ENVIRONMENTAL    ENVIRONMENTAL   ENVI...
Fortis Investments | 4




 What are the key Sustainability issues in Asia?


        Environment            Social       ...
Fortis Investments | 5




Fortis Sustainability Radar
How do sustainability issues develop?
                             ...
Fortis Investments | 6




Fortis Sustainability Radar
Sustainability dynamics: Developed Asia




                       ...
Fortis Investments | 7




Fortis Sustainability Radar
Sustainability dynamics: Emerging Asia




                        ...
Fortis Investments | 8




Transition to Sustainability
Application of different policy instruments
                  INCE...
Fortis Investments | 9




Fortis Sustainability Radar
C ompany response
                         Fortis Sustainability Ra...
Fortis Investments | 10




Fortis Sustainability Radar
The Investment O pportunity Zone
                                 ...
Fortis Investments | 11




Asian Environmental Strategy

            Business                 Fortis Sustainability Radar...
Fortis Investments | 12




SRI Investment C entre
Fortis Investments | 13




SRI Investment C enter
Leverages on Fortis Investments´ global platform

   International SRI
...
Fortis Investments | 14




Asian Environmental Strategy
Fortis Investments | 15




Water Focus: China
Severe water crisis
! China is facing a water crisis of daunting scale as a...
Fortis Investments | 16




Water Focus: China
Radical policy shift to ensure clean water
! The government has made the se...
Fortis Investments | 17




Water Focus: India
Increased demand for water technology
! India has 16 percent of the world's...
Fortis Investments | 18




Water Focus: Australia
C oping with increased water scarcity
! Australia is vulnerable to clim...
Fortis Investments | 19




Air Pollution Focus: China
Deadly air pollution in urban centres
! World Bank research has fou...
Fortis Investments | 20




Clean Energy Focus: Japan
Global leader in solar technology

! Japan has established iteself a...
Fortis Investments | 21




Clean Energy Focus: China
Rapid growth in renewable energy
! China’s energy consumption has ri...
Fortis Investments | 22




Clean Energy Focus: China
Main beneficiary from growing C ER market
! China is the main produc...
Fortis Investments | 23




Clean Energy Focus: India
Growing global player wind energy
! India has a goal of installing 1...
Fortis Investments | 24




Clean Energy Focus: Australia
New political momentum
! Prime Minister Rudd’s first act as new ...
Fortis Investments | 25




Clean Energy Focus: Wider Asia
Policy Infrastructure for Renewable Energy
                    ...
Fortis Investments | 26




Clean Energy Focus: Wider Asia
Forecasted solar and wind capacity additions
                  ...
Fortis Investments | 27




Clean Energy Focus: Wider Asia
G eothermal potential in Indonesia and Philippines

! G eotherm...
Fortis Investments | 28




Energy Efficiency Focus: Australia
Rich in coal seam gas (methane)

! Australia has one of the...
Fortis Investments | 29




Energy Efficiency Focus: Taiwan
Growing Demand for LED Technology
! Global energy consumption ...
Fortis Investments | 30




Eco-Efficient Materials Focus: Japan
Leaner, Lighter, Stronger …
! There is an increased deman...
Fortis Investments | 31




Waste & Recycling Focus: Japan
Recycling high on the domestic agenda
                         ...
Fortis Investments | 32




Waste & Recycling Focus: China
Growing demand for waste management solutions

! China has surp...
Fortis Investments | 33




Asia Environmental Investment O pportunities



                          ENVIRONMENTAL   ENVI...
Fortis Investments | 34




Why Asia Environmental Focus Now

 ! The Asian region is facing growing environmental challeng...
Fortis Investments | 35




This document has been prepared solely for informational purposes and does not constitute 1) a...
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Sustainable Performance Strategies: Asian Environmental Solutions Strategy

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Talk given by 30 May 2008 Designator | author 1 Stewart Armer, Head of SRI, Fortis Investments

TBLI Asia
Bangkok
May 2008

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Sustainable Performance Strategies: Asian Environmental Solutions Strategy

  1. 1. Fortis Investments 19 February 2008 | 1 Sustainable Performance Strategies: Asian Environmental Solutions Strategy Stewart Armer, Head of SRI, Fortis Investments TBLI Asia Bangkok 30 May 2008 Designator | author May 20081
  2. 2. Fortis Investments | 2 Why Asia Environmental Focus Now?
  3. 3. Fortis Investments | 3 Asia Environmental C ontext ENVIRONMENTAL ENVIRONMENTAL ENVIRONMENTAL ENVIRONMENTAL PRESSURES INFRASTRUCTURE STRESS POLICY CHINA VERY HIGH VERY POOR EXTREME EMERGING INDIA VERY HIGH POOR VERY HIGH DEVELOPING VERY JAPAN HIGH EXCELLENT MODERATE DEVELOPED AUSTRALIA HIGH GOOD MODERATE DEVELOPED WIDER ASIA HIGH POOR GROWING EMERGING
  4. 4. Fortis Investments | 4 What are the key Sustainability issues in Asia? Environment Social Governance ! Water Scarcity ! Rising Food Prices ! Transparency & Disclosure ! Air Pollution ! Social Access & Poverty ! Shareholder protection ! G H G Emissions ! Human / Labour Rights ! Non compliance with ! Natural Resource ! Product Safety environmental and Depletion social regulation ! Urbanisation ! Waste Problem ! Bribery & C orruption ! Demographic Change ! Eco-Toxicity Sources: Fortis Investments
  5. 5. Fortis Investments | 5 Fortis Sustainability Radar How do sustainability issues develop? Fortis Sustainability Radar™ Growing Political/ Voluntary Media Codes Attention Strong Scientific Some Evidence Scientific Evidence Legislation Calls for in place tighter legislation Sustainability EMERGING MOMENTUM ESTABLISHED Issues Sources: Fortis Investments
  6. 6. Fortis Investments | 6 Fortis Sustainability Radar Sustainability dynamics: Developed Asia Greenhouse Gases (E) Nanotechnology (E) Water Scarcity (E) Air Pollution (E) Biodiversity (E) Food Crisis (S) Asbestos (S) Waste (E) Sustainability Issues EMERGING MOMENTUM ESTABLISHED Sources: Fortis Investments
  7. 7. Fortis Investments | 7 Fortis Sustainability Radar Sustainability dynamics: Emerging Asia Greenhouse Gases (E) Nanotechnology (E) Water Scarcity (E) Air Pollution (E) Biodiversity (E) Food Crisis (S) Asbestos (S) Waste (E) Sustainability Issues EMERGING MOMENTUM ESTABLISHED Sources: Fortis Investments
  8. 8. Fortis Investments | 8 Transition to Sustainability Application of different policy instruments INCENTIVES Subsidies Japan Grants, Feed-in-tariff, etc China Fiscal Incentives Tax credit, sales tax, etc Procurement Public investment, loans, etc Consumer Choice Labels, product info. Mandatory targets Targets, tradable certificates Mandatory Standards Specifications, bans, etc Effective Enforcement Effective penalty regimes PENALTIES EMERGING ESTABLISHED Sources: Fortis Investments
  9. 9. Fortis Investments | 9 Fortis Sustainability Radar C ompany response Fortis Sustainability Radar™ PRODUCT Companies with products or STRATEGIC services that solve the problem INcluded BEST Companies who achieve PRACTICES competitive advantage through better practices WORST PRACTICES Companies with a defensive EXcluded or minimalist approach Sources: Fortis Investments
  10. 10. Fortis Investments | 10 Fortis Sustainability Radar The Investment O pportunity Zone Fortis Sustainability Radar™ Business INVESTMENT Response O PP ORTUNITY Z O NE PRODUCT STRATEGIC Sustainable Winners PARAMETERS ARE PARAMETERS ARE BEST NOT CLEAR – VERY CLEAR – PRACTICES TOO EARLY TOO LATE WORST PRACTICES Unsustainable Losers Sustainability EMERGING MOMENTUM ESTABLISHED Issues Sources: Fortis Investments
  11. 11. Fortis Investments | 11 Asian Environmental Strategy Business Fortis Sustainability Radar™ Response Asian PRODUCT STRATEGIC Environmental Strategy BEST PRACTIC ES WORST PRACTIC ES Sustainability EMERGING MOMENTUM ESTABLISHED Issues Sources: Fortis Investments
  12. 12. Fortis Investments | 12 SRI Investment C entre
  13. 13. Fortis Investments | 13 SRI Investment C enter Leverages on Fortis Investments´ global platform International SRI Committee 40 dedicated Investment Centres: Japan China, Indonesia, Emerging Equities, etc.,
  14. 14. Fortis Investments | 14 Asian Environmental Strategy
  15. 15. Fortis Investments | 15 Water Focus: China Severe water crisis ! China is facing a water crisis of daunting scale as a result of water scarcity, pollution linked to rapid industrialisation, urbanisation, and a poor record in enforcing local environmental regulations. ! Although China ranks sixth in the world in terms of water resources, its per-capita water resources are only 28% of the world’s average ranking it among the 13 lowest countries in the world. ! More than 70% of the water in five of China’s seven major river systems is unsuitable for human contact, according China’s State Environmental Protection Agency (SEPA). Less than 50% of the Chinese population is connected to sewerage systems. Sources: Fortis Investments, www.china.org.cn, Citi Group, Credit Suisse
  16. 16. Fortis Investments | 16 Water Focus: China Radical policy shift to ensure clean water ! The government has made the securing of drinking water Drinking water quality survey of 118 cities in China resources a top priority and plans to significantly raise fines for water polluters. The security of drinking water and purification of key rivers and lakes, were highlighted in the country's 11th Five-Year Plan (2006-10) of Environmental Protection. Key highlights include: – The Chinese government has pledged to make safe drinking water available to 160 mn rural residents by 2010 and clean drinking water to all of China’s rural residents by 2015. – A total investment of Rmb1 trn (EUR 92 billion) has been set aside to address the water issues including water Source: Ministry of Water Resources Chine supply, waste water treatment, water reusage, sewage, and water environment protection over 2006-10 (see graph). Investment by Chinese Government Rmb 1tn between 2006-10 – A steady increase in tariff rates to promote awareness of conservation and efficiency of water and wastewater treatment fees. ! Another draft regulation released in November 2007 saw the maximum fines for individuals or companies that discharge highly toxic pollutants into drinking water resources raised by five times to Rmb 500,000 (source: Xinhua News Agency). Sources: Fortis Investments, www.china.org.cn, Credit Suisse
  17. 17. Fortis Investments | 17 Water Focus: India Increased demand for water technology ! India has 16 percent of the world's population, 2.5 percent of the land mass and 4 percent of the world's water resources. These limited water resources are depleting rapidly while the demands on them are increasing. ! Drinking water supplies in many parts of India are intermittent. Transmission and distribution networks for water are generally old and badly maintained, and as a result, are deteriorating. Estimates reveal that by 2020, India's demand for water will exceed all sources of supply. ! India is heavily dependent on ground water resources, which has led to extraction levels creating water shortages. These resources have also reached unhealthy contamination levels as a result of the pollution associated with the region’s economic development and dependence on fossil fuels. As result, there is an increasing demand for water technology that can help improve the supply, distribution and quality of India’s water. Source: Fortis Investments
  18. 18. Fortis Investments | 18 Water Focus: Australia C oping with increased water scarcity ! Australia is vulnerable to climate change because of its natural water scarcity. Following a number of years of well below average rainfall, much of Australia is officially classed as “drought”. This can be seen in the graph which highlights water levels in the Murray-Darling Basin C atchment, which accounts for about 40% of Australia’s agricultural production. ! Agriculture and food & beverage industries are negatively impacted by increased water scarcity. Water infrastructure and technology (e.g. desalination) companies benefit from increased government action to tackle the water problem. ! Beginning 2007, the Australian government launched a ten year plan to ensure water security totalling A$ 10 billion (see graph). Recently, the new elected government in Australia has committed a further A$ 1bn for investment in desalination projects, stormwater harvesting, and increased wastewater recycling and this will be linked to a series of tax credits, rebates and loans. Sources: Fortis Investments, JP Morgan, Australian Federal Government
  19. 19. Fortis Investments | 19 Air Pollution Focus: China Deadly air pollution in urban centres ! World Bank research has found that 16 of the world’s 20 most polluted cities are in China and about 750,000 people die prematurely in China each year as a result of air pollution in large cities. ! The Chinese government is concerned that the environmental crisis will lead to social unrest. The 2008 Olympics in Beijing is adding international pressure to the situation. ! The Government’s five years environmental protection plan targets that by 2010 75 percent of China's large cities will enjoy more than 292 days of good air quality (air quality level II or better) every year. In 2005, the percentage was 69.4. Measures include stricter emission standards for industry and cars. ! Beijing is leading the way amongst Chinese cities. By 2006, Beijing had spent Rmb 9.7 billion, 3 percent of its G DP, on environmental protection since it won the bid to host the G ames in 2001. According to the monitoring results on air pollutants, the density of nitrogen oxides, carbon monoxide and dust particles in 2006 had dropped by 23 percent, 8 percent and 19 percent compared with that of five years ago. Sources: Fortis Investments
  20. 20. Fortis Investments | 20 Clean Energy Focus: Japan Global leader in solar technology ! Japan has established iteself as world leader in environmental technology including clean air / water technology, eco-efficient materials, and renewable energy. ! Japan has become the world leading exporter of solar technology. With Sharp as the global leader Kyocera, Sanyo, and Mitsubishi are all positioned amongst the top ten cell manufactures (see graph) ! The photovoltaic industry has been growing by more than 40% p.a. over the last five years driven legislation to promote renewable energy as response to climate change and energy security concerns. Sources: Fortis Investments, Deutsche Bank estimates 2007 ( Graph) , Cheuvreux
  21. 21. Fortis Investments | 21 Clean Energy Focus: China Rapid growth in renewable energy ! China’s energy consumption has risen by 11.2% C A GR during the past five years, making China the second- largest energy consumer after the US. China is set to China’s development plan for renewable energy overtake the US to become the world’s largest energy consumer soon after 2010, and even earlier is set to become the world’s largest carbon emitter. ! China’s renewable energy expansion is driven by energy security concerns, the climate change challenge, and providing access to energy in remote areas. ! On 4 September 2007, the Chinese government published its guideline for Renewable Energy expansion. It aims to increase the use of renewable energy sources (including hydropower) to account for 10% of total energy consumption by 2010F (from about 7.5% at present) and further to 15% by 2020F. Sources: Fortis Investments, DB Research
  22. 22. Fortis Investments | 22 Clean Energy Focus: China Main beneficiary from growing C ER market ! China is the main producer and beneficiary of C ertified Emission Reductions (C ER) trade. Verified emission reduction projects undertaken within developing countries that have ratified the Kyoto Protocol are able to claim C ERs for sale into various emissions trading schemes. ! While the cost of producing a C ER can be as low as a couple of euros, the sale prices achieved within the global Kyoto or regional European trading schemes have reached more than €20. This creates a significant margin opportunity for many operators of G H G-emitting plants within China to participate in emissions abatement, despite the lack of local incentives to take part in efforts to tackle climate change. ! In May, the World Bank and IETA estimated an overall carbon market size of $30 billion 2006. More recently IETA has commented that carbon emissions trading will probably double to at least $60 billion this year. Sources: Fortis Investments, Citi Group
  23. 23. Fortis Investments | 23 Clean Energy Focus: India Growing global player wind energy ! India has a goal of installing 10% of all added electric power from renewable energy sources, or at least achieving an installed capacity of around 10 G W by 2012. ! India is already one of the top global players in terms of installed wind capacity, with around 4,200 MW in 2005. Further capacity of 2200 MW are planned until 2010. India has also become one of the leading manufacturers of wind turbines. ! India plans 5000 MW capacity addition through “non- conventional” energy sources under the XI plan (2007-2012). As part of this India is focussing on deployment of its hydro energy potential through both large and small scale schemes. Providing access to energy in rural areas is a key priority in terms of reaching India’s development goals. The government is focussing on both solar and biomass energy generation. ! India is also behind China the second largest beneficiary of C ERs (C ertificate of Emission Reduction). Sources: Fortis Investments, Goldman Sachs, SustainAsia
  24. 24. Fortis Investments | 24 Clean Energy Focus: Australia New political momentum ! Prime Minister Rudd’s first act as new leader was to announce immediate ratification of the Kyoto Protocol which followed at the UN Climate Change conference in Bali (December 2007). ! Australia has the highest per-capita C O2 emissions in the world and expanding the cost effectiveness of clean energy will be critical to meet targets to cut greenhouse gas emissions by 60% by 2050. Specific election pledges were: A$500 million Renewable Energy Fund - to develop, commercialise and deploy renewable energy in Australia. A$240 million Clean Business Fund – to help business and industry deliver energy and water efficiency projects, with a focus on productivity and innovation. ! This change of the political landscape will benefit Australia’s emerging biofuels industry and innovative green product solutions such as bioplastics (see pictures). Sources: Fortis Investments
  25. 25. Fortis Investments | 25 Clean Energy Focus: Wider Asia Policy Infrastructure for Renewable Energy Feed-in-tariff Tax reductions or Public loans / Renewable Energy Target credits financing Indonesia seeks to generate 5% of its energy from Indonesia quot; quot; renewable sources by 2020. Korea has a renewable target for electricity generation Korea quot; quot; quot; of 5% by 2010. Malaysia seeks to generate 350 MW renewable energy Malaysia quot; quot; by 2010. Main potential is biomass based on palm oil. Main goal is to increase self-sufficiency to 60% and to Philippines quot; quot; double renewable energy capacity to around 5G W by 2013. Government focuses on waste to energy, biomass Singapore quot; quot; cogeneration, and solar power offering up to 50% public financing for innovative projects. Taiwan has a target of achieving 10% from renewable Taiwan quot; quot; quot; energy by 2010. 5% of all new capacity must come from renewable Thailand quot; sources. Main projects are using biomass, such as sugar cane and rice husks. Sources: Goldman Sachs Research, Fortis Investments
  26. 26. Fortis Investments | 26 Clean Energy Focus: Wider Asia Forecasted solar and wind capacity additions Solar Energy - Wind Energy - Forecasted capacity additions until 2010 Forecasted capacity additions until 2010 Rooftop solar has potential as the island’s geography means Total wind potential estimated at just 448 MW. No clear Indonesia that grid connection is difficult. government guidance or targets available. 628 MW 2250 MW ( by 2012) Korea Government has budgeted W1.9tn for R&D, subsidies, and Government has budgeted W1.6tn for R&D, subsidies, and feed-in tariffs until 2012. feed-in tariffs until 2012. Energy C ommission state limited grid connection for solar, Energy C ommission state that wind potential is not high due Malaysia but rooftop programs could be important. to low average wind speed. 392 MW But plans to become key manufacturer. Cypress Sunpower Philippines Department of Energy estimates a total 76,000 MW of opened a US$ 300 mn plant in 2004. potential wind energy. Has plans to install 50,000 m2 of solar thermal capacity by Singapore Wind is not considered a viable source of energy. 2012. Seeks to become a solar manufacturing hub. 2,049 MW 20 MW Taiwan Strong potential in Taiwan Strait: Taipower plans a further Actively promoting innovate solar PV systems. 546 offshore turbines between 2010 and 2020. 142 MW 52 MW Thailand Environmental groups believe Thailand has potential to Government does not consider wind as priority due to low provide 30% of energy needs from solar by 2020. wind speeds. Sources: Goldman Sachs Research, Fortis Investments
  27. 27. Fortis Investments | 27 Clean Energy Focus: Wider Asia G eothermal potential in Indonesia and Philippines ! G eothermal resources range in temperature and depth Installed and expected geothermal capacity and are used mostly for direct heating and electricity generation. ! The Philippines and Indonesia have great geothermal potential due to their geological context. The Philippines already has a lot of geothermal capacity, so most of the growth is planned in Indonesia. Taiwan also plans to develop additional geothermal capacity, but this is very small in comparison. ! Asia’s major suppliers of geothermal generating equipment are based in Japan (Fuji, Sumitomo). Sources: Goldman Sachs Research, Fortis Investments
  28. 28. Fortis Investments | 28 Energy Efficiency Focus: Australia Rich in coal seam gas (methane) ! Australia has one of the largest supplies of coal seam gas. C oal seam gas (predominately methane) is a natural gas found in coal deposits and is one of the cleanest burning fuels. In Australia, coal seam gas is predominantly used by gas-fired power stations to generate electricity and it creates less than half of greenhouse gas emissions of equivalent coal fired power stations. ! The Australian government is increasingly supporting clean coal solutions. The new government announced it will commit A$50 million from the existing Clean C oal Fund towards the establishment of a pilot gasification plant in Queensland, supporting the development of integrated coal gasification and combined cycle power generators ! China and India are the world’s second and fifth biggest energy consumers, and both see coal seam gas as key to long-term energy needs. Sources: Fortis Investments
  29. 29. Fortis Investments | 29 Energy Efficiency Focus: Taiwan Growing Demand for LED Technology ! Global energy consumption is forecasted to grow White LEDs: Expected market development by application by 53% until 2030. Rising energy prices and tighter regulation on greenhouse gas emissions will key drivers for energy efficient technologies in different industry sectors. ! White LEDs make the production of lighter and leaner electronic equipment possible, and can be used to illuminate larger surface areas for longer periods. LEDs have lower power consumption, longer lifespans, and a lower environmental impact than conventional lighting. ! Many of the leading players in the LED value change are based in Japan and Taiwan. Sources: Nikko Citigroup Limited, Fortis Investments
  30. 30. Fortis Investments | 30 Eco-Efficient Materials Focus: Japan Leaner, Lighter, Stronger … ! There is an increased demand for eco-efficient materials triggered by the search of industry to reduce their environmental impact – e.g. insulation and lightweight materials. ! Japanese companies are well positioned in this growing market. For example, Japan is the world leader in the carbon fibre market which provides ultra strong and lightweight solutions to the airline, automotive, and wind blade industry. ! Toray Industries and Mitsubishi Rayon are global leaders in the carbon fibre market, which is forecasted to grow by 20% p.a. to 2010 for the automotive and airline industry. Sources: Fortis Investments, C ontrium C onsulting, Freedonia Group
  31. 31. Fortis Investments | 31 Waste & Recycling Focus: Japan Recycling high on the domestic agenda Japan’s legal framework aimed a forming a recycling-friendly society ! Measures taken by the Japanese government have set the stage for a move away from a society built around high-volume production, consumption and waste to a more recycling-friendly society. ! This has been a positive driver for recycling companies, which are not only benefiting from the enhanced policy framework, but also from rising oil prices (e.g. industrial waste oil recycling, plastic recycling) and high metal prices (e.g. precious metal recycling). ! Another positive driver is the high awareness of environmental issues in Japan’s private sector. Japanese companies have one of the highest uptakes of IS O14001 (certified environmental management standard) and this has led to increased recycling volumes for a range of different materials. Sources: Fortis Investments, Goldman Sachs
  32. 32. Fortis Investments | 32 Waste & Recycling Focus: China Growing demand for waste management solutions ! China has surpassed the US as the world’s largest waste generator driven by rapid urbanisation and rising G DP per capita. Annual Municipal Waste G eneration has grown 8% pa per capita between 1980-2000 compared to 1% in the US. In 2004, 190 million tonnes were generated, and the World Bank predicts 484 million tonnes by 2030. ! Over 90% of waste is still dumped or land filled. In its 11 th five year plan the Chinese government states that it plans to invest Rmb 51.6 billion in sold waste treatment pants between 2006-2010. Incineration will play a key role in Chinese waste management strategy. ! The SARS incident in 2003 triggered the first national regulation for medical waste resulting in setting up 300 medical waste disposal centers (EUR 700 million budget) and 31 hazardous provincial waste centers. Sources: Fortis Investments
  33. 33. Fortis Investments | 33 Asia Environmental Investment O pportunities ENVIRONMENTAL ENVIRONMENTAL INVESTMENT STRESS POLICY OPPORTUNITIES CHINA EXTREME EMERGING quot;quot;quot;quot;quot; INDIA VERY HIGH DEVELOPING quot;quot;quot;quot; VERY JAPAN MODERATE quot;quot;quot; DEVELOPED AUSTRALIA MODERATE DEVELOPED quot;quot;quot; WIDER ASIA GROWING EMERGING quot;quot;quot;
  34. 34. Fortis Investments | 34 Why Asia Environmental Focus Now ! The Asian region is facing growing environmental challenges as a result of population growth, rapid industrialisation, and natural environmental constraints. ! Governments across Asia have started to act realising that the growing environmental problem is beginning to undermine economic growth and social stability. ! The global climate change debate is adding additional international political pressure. These developments create a whole range of environmental investment opportunities. ! The Asian environmental investment opportunity is already sizeable and is growing fast
  35. 35. Fortis Investments | 35 This document has been prepared solely for informational purposes and does not constitute 1) an offer to buy or sell or a solicitation of an offer to buy or sell any security or financial instrument mentioned in this document or 2) any investment advice. Any decision to invest in the securities described herein should be made after reviewing the most recent version of the prospectus, which can be obtained free of charge from Fortis Investments*. Moreover, prospective investors should conduct such investigations as the investor deems necessary and should seek their own legal, accounting and tax advice in order to make an independent determination of the suitability and consequences of an investment in the securities. The opinions contained herein are subject to change without notice. Investors should ensure themselves that they read the last available version of this document. Past performance or achievements are not indicative of current or future performance. The performance data do not take account of the commissions and costs incurred on the issue and redemption of units. For more information, please contact fortisfunds@fortisinvestments.com Fortis Investments is the trade name for all entities within the group of Fortis Investment Management. This document has been issued by Fortis Investment Management Belgium N.V./S.A. (address : Avenue de l’Astronomie 14, 1210 Brussels, Belgium, RPM/RPR 0882 221 433). www.sri.fortis.com

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