Final Results

Annual Financial Report Announcement Impax Environmental Markets plc Year ended 31 December 2008 CHAIRMAN'S STATEMENT Since my last communication with shareholders at the end of August 2008, the global economy and financial markets have experienced an unprecedented upheaval. Impax Environmental Markets plc ("IEM", or the "Company") has not been immune to these difficult conditions and the value of the Company fell slightly more than global equity markets over the year with particular weakness in the second half. While the environmental markets undoubtedly face challenges in the form of weakening economies, tighter credit conditions and low commodity prices, I am encouraged by the continued government support for the sector through stimulus packages and new legislation. The various positive and negative developments for the Company are discussed in more detail in the Manager's Report. In particular, I would like to highlight the potential implications for IEM following the election of Barack Obama as the new President of the United States. Domestically, Mr. Obama has allocated a substantial part of the US$ 787 billion economic stimulus package to promote various environmental markets, and is set to support several environmental regulations that had been blocked by the previous Administration. At an international level, the new President has already signalled that he will be constructive in seeking a successor to the Kyoto Protocol for the control of global carbon dioxide emissions, which expires in 2012. Performance and Current Status During the year, the Company's net asset value ("NAV") per Ordinary Share (excluding current year net revenue and taking into account the dilution effect of the warrants in issue) decreased from 127.9p to 98.8p, an overall decline of 23 per cent while the share price fell 34 per cent from 128.9p to 85.0p. Over the same period, the MSCI World and the MSCI World Small Cap Indices (priced in Pounds Sterling) fell by 21 per cent and 22 per cent respectively. Whilst slightly under performing these indices, the Company out-performed most competing environmental markets funds, thereby further demonstrating the benefits of a portfolio diversified across the energy, water and waste sub sectors. Over a longer five year period, the Company has out-performed, with growth in NAV of 49 per cent compared to 22 per cent for the MSCI World Index and 23 per cent for the MSCI World Small Cap Index. The IEM share price tended to trade on a small discount during the second half of the year, and this widened in late December to almost 15 per cent. The warrants in the Company that were issued in December 2005 were priced at 45.0p at the start of 2008 and at 21.5p at the end of December 2008. Into 2009, credit issues and macroeconomic concerns have continued to drive equity markets, which have generally seen further declines. As at 13 March 2009, the diluted NAV has fallen 14 per cent since the start of the year, while the share price has decreased by 4 per cent. The MSCI World Index (in Pounds Sterling) has also fallen 14 per cent over the same period. The discount of the Company's share price to NAV has narrowed from 15 per cent at the end of the year to 5 per cent. The universe of Environmental Markets stocks continues to expand and comprises over 800 companies with an aggregate market capitalisation of more than £160 billion. With Initial Public Offering ("IPO") markets closed, the Manager is also seeing strong deal flow in the late stage development capital area, although the current focus remains on the existing unquoted portfolio. Against a challenging macro economic backdrop, IEM's unquoted investments have been marked down, and represented 5 per cent of the IEM portfolio as at 31 December 2008. Dividend The Company's net revenue return for the year was £2.7 million reflecting strong cash flow generation by a number of IEM's companies. In order to retain investment trust status, IEM must pay a dividend in respect of the year ended 31 December 2008 of at least 0.7p per share. The directors recommend a dividend of 0.85p per Ordinary Share (0.3p per share in 2007), which, if approved at the Company's Annual General Meeting, will be paid to shareholders on the register as at the close of business on 17 April 2009. It should not be assumed that this level of dividend will be paid in future years. Share Issues and Buybacks The Company issued 3.5 million shares at a premium to NAV during the course of the year through a tap issue. In addition 659,168 shares were issued following the warrant subscription in June 2008. In March 2009, the Company has commenced selective share buy-backs in response to the increased share price discount to NAV. VAT on investment management fees Since the year end, the Company has received a repayment from the Manager of £343,000 in relation to unrecovered VAT paid in previous years. This repayment has been accrued in the accounts for the year just ended. In aggregate, through the above repayment and its own voluntary VAT registration, the Company has recovered 97 per cent of the total VAT on investment management fees it had previously suffered. Outlook The economic outlook remains extremely challenging, affecting the prospects for certain environmental markets in the short term, and thereby explaining the reduced earnings growth expectations for the Company's holdings over the next twelve months. Whilst not immune to the economic cycle, continued strong legislative support and government spend should offer the Company some limited protection from a protracted recession. On valuation, it is interesting to note that the price-earnings ratio of the portfolio has fallen to a level that is only slightly higher than that of the MSCI World Index despite offering substantially higher growth prospects. On this basis, the Manager and directors continue to believe that the shares of IEM offer an attractive opportunity for investors to gain exposure to the long term growth potential inherent in Environmental Markets. Richard Bernays 17 March 2009 MANAGER'S REPORT Notwithstanding weak markets in the second half, the Company's full year performance was ahead of many funds investing in the environmental space, some of which saw declines of 30-40 per cent (priced in pounds sterling). With a 23 per cent decline in diluted NAV (ex income) during the year, the Company performed slightly behind small cap markets (the MSCI World Small Cap Index declined 22 per cent). This reflects a relatively strong first half (the Company NAV was down 4 per cent vs. MSCI World Small Cap Index down 10 per cent) and pronounced relative weakness in the second half, when the Company NAV declined 20 per cent vs. a 13 per cent decline for the MSCI World Small Cap Index. Overall, positive performance in 2008 relative to competing funds was due to our focus on companies with more defensive business models, visible earnings and strong balance sheets. The ongoing theme of sector consolidation also provided some upside, with two of IEM's holdings acquired by large multinationals. The main contributors to weak performance were typically companies with high debt levels, requirements for new project debt or to refinancing existing debt, or exposure to falling commodity prices. Drivers of Environmental Markets in 2008 Many of the long term drivers of Environmental Markets have developed positively during 2008, with political leaders continuing to support the sector, and in a number of cases, using spending on environmental infrastructure as a stimulus for the global economy. Nevertheless, in the shorter term and along with the rest of the market, the environmental sector has faced a number of difficulties as financial markets have collapsed. The main challenges that have affected the sector have been macroeconomic weakness, falling oil and commodity prices and lack of credit availability. This affects a number of sectors such as renewable energy and metals recycling. Notwithstanding this, for the short term, the diversity of the investment universe has allowed the Company to focus on sectors with greater earnings visibility such as hazardous waste and filtration, which have been less exposed to these issues. Over the medium term, we expect all the above issues to be addressed. Over the longer term, we were encouraged in November 2008 to see the International Energy Agency raise its forecast oil price to US$ 200 by 2030. In last year's annual report, we highlighted the emergence of a "mini-bubble" in the solar power market which had led to very high valuations. During 2008, the share prices of all solar companies fell significantly as it emerged that demand growth was slowing and that margins were falling due to overcapacity in the industry. As detailed later in this report, we have started to buy shares in selected solar companies where we now see attractive valuations and a strong long term technological competitive advantage. Development of Companies and Markets by Sub-Sector Alternative Energy and Energy Efficiency Legislative support for the alternative energy and energy efficiency sub-sector saw continued positive momentum in 2008. The election of Barack Obama signalled a sea-change in US environmental policy, with proposals for aggressive medium-term goals for 10 per cent of electricity generation from renewables by 2012 (compared to less than 4 per cent in 2007) and implementation of a cap-and-trade programme to reduce greenhouse gas emissions 80 per cent by 2050. More imminently the US economic stimulus bill includes ca. US$ 63bn direct spend and tax incentives for alternative energy and energy efficiency. Developments in Europe were also positive, with the EU formally adopting a Climate and Energy Package to target 20 per cent of energy from renewables by 2020, to reduce greenhouse gas emissions by 20 per cent by 2020 (relative to a 1990 baseline), and to extend the EU Emissions Trading Scheme into a third phase beyond 2012. These legislative targets will underpin the growth prospects of portfolio companies in the medium term. In the second half of 2008, a collapse in the price of oil and subsequently global power prices, together with the reduced availability of credit, had a negative impact on the renewable energy sector. Many companies have scaled back their forecasts for the coming year, and although the medium-term outlook is positive, in the near-term there is great uncertainty. Our concerns regarding the solar sector at the end of 2007 appear to be playing out going into 2009. An oversupply situation is widely recognised, and average selling prices have fallen, impacting company profitability and growth prospects. As discussed above, we have exploited share price weakness to add holdings in companies with strong long term competitive advantages. Energy efficiency markets remained positive over the year, with a further raft of European standards for energy efficient products announced. In the US a significant proportion of the forthcoming stimulus bill will be directed towards energy efficiency in buildings and on improving the efficiency of the power grid. Although construction markets remain weak, a growing number of governments are implementing building standards for energy efficiency and subsidies for insulation that bode well for these environmental markets in the long-term. Key contributors to performance included Fuel Systems Solutions (natural gas engines, US), which became the focus of investor attention during the period of high oil prices and Xantrex (solar inverter technology, Canada), which was acquired by Schneider Electric. Conversely, renewable energy companies suffered for reasons described above and equipment manufacturers and project developers were both hit, with Gamesa (wind turbines, Spain) and Canadian Hydro Developers (renewable project developer, Canada) particularly weak. Water Treatment and Pollution Control Water scarcity issues continued to preoccupy governments over the year. In the UK, the government announced plans for a review of water charging that could lead to compulsory meters in areas of water stress by 2030. In Australia the government's plans for recovering from the worst drought on record included investing AU$ 12bn over ten years on improving water productivity and efficiency of use. The familiar theme of investment requirements in water infrastructure continued to gain global attention. In China, 9 per cent of a fiscal stimulus package totalling RMB 4trn will focus on the environmental sector including urban sewage and water treatment projects. The US stimulus package includes ca. US$ 18bn spend on water infrastructure, a sector that has been consistently under-funded in past years. Although this commitment will take some time to translate into actual projects, we are confident that several portfolio companies will benefit. In pollution control, the European Parliament and Member States agreed a deal to cut carbon dioxide emissions from cars. The final compromise gave manufacturers an extra two years to meet targets compared to proposals made in 2007. Nevertheless, a target of an average of 120g of carbon dioxide per km for each manufacturer will be phased in from 2012, via a combination of vehicle motor technology, technical improvements and the use of alternative fuels. In China, the Beijing Olympics focused attention on pollution issues in the country. Several measures to curb air pollution were put into effect over the period, and have been continued following their success. At the stock level, defensive business models allowed Kurita (water treatment, Japan) and Clarcor (pollution control, US) to outperform. In addition, consolidation continued in the sector, with Whatman (separations technology, UK) acquired by General Electric in April. Exposure to the ailing automotive sector caused weakness in Horiba (testing and measuring, Japan), and falling commodity prices led to declines in Bioteq (pollution control, Canada). Waste Technologies and Resource Management The legislative drivers continued to tighten in the waste sector, with environment ministers from the EU Member States approving a new Waste Framework Directive that sets the first ever EU-wide recycling targets. By 2020, all EU countries must recycle 50 per cent of their household waste and 70 per cent of construction and demolition waste. In the US, the Recycling Investment Saves Energy Act was signed into law, providing tax breaks for business to buy recycling equipment. This should lead to significant investment over the medium term, which will benefit portfolio holdings such as Tomra (recycling technology, Norway). Falling commodity prices were another key feature of 2008, driven by slowing growth in emerging markets and recession in the rest of the world. This had an adverse impact on metal recyclers Metalico (US) and Sims Group (Australia). Highly leveraged companies that outperformed in 2007 such as Transpacific Industries (waste management, Australia) had a difficult year, due to concerns about these companies' ability to refinance and service debt. Strong performers in the portfolio were Clean Harbors (waste management, US) and Covanta (waste-to-energy, US) reflecting the relatively defensive nature of their businesses in an economic downturn. China Everbright (water and waste project developer, Hong Kong) also performed well due to new project announcements and strong outlook for infrastructure investment in China under this country's US$585bn stimulus package. Portfolio Activity and Current Structure The Company started the year with 87 listed companies. Since that time we have sold out of 7 companies and we have invested in 8 new companies. As a result the Company was invested in a total of 88 listed companies on 31 December 2008. IEM continues to favour profitable companies, which represented 93 per cent of the portfolio at year end, flat on last year. Alternative energy & energy efficiency ended the year at 42 per cent of the total portfolio, water treatment & pollution control at 25 per cent and waste technologies & resource management at 33 per cent. There were no material changes in the sub sector weightings. In terms of company size, 8 per cent of the portfolio is invested in micro caps with a market capital of less than £100m, 48 per cent in companies between £100m and £1bn and 39 per cent in companies above £1bn, which is an increase of 9 per cent reflecting the bias towards larger more liquid, less volatile companies in the aftermath of the financial crisis. The balance of 5 per cent is in unquoted companies, discussed below. Taking advantage of the drop in valuations of Asian equities, and following good progress by our research resource in Hong Kong, the portfolio weighting invested in the Rest of World increased 4 per cent to 14 per cent. The remaining 44 per cent is invested in North America and 42 per cent in Europe. Unquoted Companies IEM's activity in unquoted companies has been extended during the year with 2 new additions to the portfolio, both in the wind turbine sector. Emergya Wind Technologies ("EWT", Netherlands) and Nordic Windpower (US). We also completed 4 follow-on investments in Ensyn (biomass pyrolysis, UK), Sterecycle (waste technology, UK), New Earth Solutions (waste technology, UK) and EWT. Acknowledging the severity of the market declines in environmental markets stocks, particularly in the second half of 2008, we marked down the value of holdings in 4 unquoted companies. The net impact of the valuation adjustments is that the total unquoted companies portfolio was held at £16.0 m at the year end, being 7 per cent below cost price. The Company ended the year with a portfolio of 7 unquoted companies, representing approximately 5 per cent of the IEM portfolio. Following the year end, and reflecting continued deterioration in market conditions, we have marked down further the values of 2 unquoted investments since the year end resulting in a further aggregate downward NAV reduction of £4.3m. Given the challenging environment, we continue to focus resources on the existing unquoted portfolio, whilst selectively reviewing new opportunities with compelling fundamentals and low valuations. Outlook for 2009 Despite the ongoing recession affecting a number of markets, we are optimistic about the prospects for the Company, which we expect to benefit from several positive developments in 2009, including infrastructure spending and further environmental legislation. New policy in the United States should provide a significant catalyst to performance, and many holdings stand to benefit from government stimulus packages. The portfolio continues to emphasize companies in the more defensive environmental markets such as hazardous waste, filtration and the power generation/IPP sectors while we are preparing to increase exposure to selected early-cycle, inexpensive companies. We also anticipate an easing of credit conditions later in the year, and will look for value in companies that will be the principal beneficiaries of this development. At the end of January (being the date of the most recent available data), the IEM portfolio was trading on 12x the average portfolio earnings over the next twelve months which is a substantial discount to the historical range. While we recognise that the 6 per cent forecast earnings growth for the portfolio over the next 12 months may be revised down further, and that short term volatility is likely, we remain positive on the long term prospects for the Company. We will continue to post monthly updates on sector news and on the Company's performance on www.impax.co.uk. Impax Asset Management Ltd. 17 March 2009 STATEMENT OF DIRECTORS' RESPONSIBILITIES The Directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations. Company law requires the Directors to prepare accounts for each financial year. Under that law, the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the Company as at the end of the year and of the total return for the year. In preparing those accounts, the Directors are required to: * select suitable accounting policies and then apply them consistently; * make judgements and estimates that are reasonable and prudent; and * state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts. The Directors confirm that they comply with these requirements. The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the accounts comply with the Companies Act 1985. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The accounts are published on the www.impax.co.uk website, which is maintained by the Company's Manager, Impax Asset Management Limited ("IAM"). The maintenance and integrity of the website maintained by IAM is, so far as it relates to the Company, the responsibility of IAM. The work carried out by the auditors does not involve consideration of the maintenance and integrity of this website and, accordingly, the auditors accept no responsibility for any changes that have occurred to the accounts since they were initially presented on the website. The accounts are prepared in accordance with UK legislation, which may differ from legislation in other jurisdictions. Statement under the Disclosure & Transparency Rules 4.1.12 The Directors each confirm to the best of their knowledge that: a) the accounts, prepared in accordance with applicable accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and b) this Annual Report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces. For and on behalf of the Board Richard Bernays Chairman 17 March 2009 PRINCIPAL RISKS AND UNCERTAINTIES The Board considers that the risks faced by the Company fall into two main categories. i) External risks Poor performance from stock markets in general and/or foreign currency movements. In addition, the specialist sectors in which the Company invests tend to be more volatile than general, broadly based stock market indices. As a consequence shareholders may experience higher variability in returns than investing in stock markets generally and, in particular, may experience higher levels of losses in the event of stock market falls. The Company has a specific remit and the Board is focussed on the medium and longer term performance of the Company and does not consider that short term volatility should unduly influence the Company's investment policy and management of risk. ii) Internal risks The main risk areas are poor allocation of the Company's assets by the Investment Manager, poor governance by the Board and poor compliance or administration including the loss of investment trust status. These factors could potentially result in unacceptable returns for shareholders. INCOME STATEMENT For the year ended 31 December 2008 2008 2007 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Gains on investments Disposals of investments - 17,396 17,396 - 20,202 20,202 Investments held - (109,485) (109,485) - 25,200 25,200 Total gains/(losses) on investments - (92,089) (92,089) - 45,402 45,402 Income 4,878 - 4,878 2,933 - 2,933 Investment management fee (824) (2,473) (3,297) (735) (2,206) (2,941) VAT recovered on investment management fees 86 257 343 - - - Other expenses (818) - (818) (855) - (855) Return on ordinary activities before 3,322 (94,305) (90,983) 1,343 43,196 44,539 taxation Taxation (665) 273 (392) (184) - (184) Return on ordinary activities after 2,657 (94,032) (91,375) 1,159 43,196 44,355 taxation Return per ordinary share - undiluted 0.88p (30.99)p (30.11)p 0.49p 18.39p 18.88p Return per ordinary share - diluted 0.88p (30.99)p (30.11)p 0.49p 18.05p 18.54p The total column is the profit and loss account of the Company. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued during the year. A Statement of Total Recognised Gains and Losses has not been presented as all gains and losses are recognised in the Income Statement. BALANCE SHEET At 31 December 2008 2008 2007 £'000 £'000 FIXED ASSETS Investments at fair value through profit 294,468 381,703 and loss CURRENT ASSETS Income receivable 261 101 Sales - future settlements 385 1,799 Taxation recoverable 9 17 Other debtors 377 90 Cash at bank and in hand 10,374 12,476 11,406 14,483 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Purchases - future settlements (278) (2,329) Accrued liabilities (666) (1,145) (944) (3,474) NET CURRENT ASSETS 10,462 11,009 TOTAL NET ASSETS 304,930 392,712 CAPITAL AND RESERVES: EQUITY Share capital 30,541 30,125 Share premium account 246,110 242,024 Share purchase reserve 44,125 44,125 Capital reserve (18,806) 75,226 Revenue reserve 2,960 1,212 SHAREHOLDERS' FUNDS 304,930 392,712 Net assets per Ordinary Share - undiluted 99.84p 130.36p Net assets per Ordinary Share - diluted 99.62p 128.25p Number of ordinary shares in issue 305,405,220 301,246,052 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS For the year ended 31 December 2008 Share Share Share Premium Purchase Capital Revenue Capital Account Reserve Reserve Reserve Total £'000 £'000 £'000 £'000 £'000 £'000 Opening shareholders' 30,125 242,024 44,125 75,226 1,212 392,712 funds as at 1 January 2008 Shares issued during the year 350 3,584 - - - 3,934 Exercise of 66 567 - - - 633 warrants Share issue - (65) - - - (65) expenses Dividend paid - - - - (909) (909) (May 2008) Profit for the - - - (94,032) 2,657 (91,375) year Closing 30,541 246,110 44,125 (18,806) 2,960 304,930 shareholders' funds as at 31 December 2008 For the year ended 31 December 2007 Share Share Share Premium Purchase Capital Revenue Capital Account Reserve Reserve Reserve Total £'000 £'000 £'000 £'000 £'000 £'000 Opening shareholders' 20,036 127,796 44,125 32,030 454 224,441 funds as at 1 January 2007 Shares issued during the year 10,084 116,251 - - - 126,335 Exercise of 5 44 - - - 49 warrants Share issue (2,067) - - - (2,067) expenses Dividend paid - - - - (401) (401) (May 2007) Profit for the - - - 43,196 1,159 44,355 year Closing 30,125 242,024 44,125 75,226 1,212 392,712 shareholders' funds as at 31 December 2007 CASH FLOW STATEMENT For the year ended 31 December 2008 2008 2007 £'000 £'000 OPERATING ACTIVITIES Cash inflow from investment income and bank 4,781 2,892 interest Cash outflow from management expenses (4,599) (3,164) Cash inflow from disposal of investments 95,199 166,084 Cash outflow from purchase of investments (100,868) (281,091) Cash inflow/ (outflow) from foreign exchange 177 (43) costs Cash outflow from taxation (385) (184) NET CASH FLOW FROM OPERATING ACTIVITIES (5,695) (115,506) EQUITY DIVIDENDS PAID (909) (401) FINANCING Proceeds of share issues 4,567 126,384 Expenses of share issues (65) (2,067) NET CASH INFLOW FROM FINANCING 4,502 124,317 (DECREASE)/ INCREASE IN CASH (2,102) 8,410 2008 2007 £'000 £'000 Opening balance 12,476 4,066 Cash (outflow) / inflow (2,102) 8,410 Balance at 31 December 2008 10,374 12,476 NOTES 1. The accounts have been prepared in accordance with applicable UK accounting standards and policies. The accounts are prepared in accordance with UK Generally Accepted Accounting Practice ("GAAP") and the Statement of Recommended Practice "Financial Statements of investment trust companies" ("SORP") issued by the Association of Investment Companies in December 2005. 2. Returns per ordinary share Undiluted return per share is based on the net loss on ordinary activities after taxation of £91,375,000 comprising a revenue return of £2,657,000 and a capital loss of £94,032,000 (2007: £44,355,000 gain, comprising a revenue return of £1,159,000 and a capital return of £43,196,000) attributable to the weighted average of 303,459,331 (2007: 234,933,122) Ordinary Shares of 100p in issue during the year. The weighted average in the year ended 31 December 2007 takes account of the C share issue and warrant conversion during the year. There was no dilution to return per share in the year ended 31 December 2008. Diluted return per share during the year ended 31 December 2007 was based on the net gain on ordinary activities after taxation of £44,355,000 attributable to the diluted weighted average of 239,827,904 Ordinary Shares in issue during the year. 3. Net asset value per ordinary share Undiluted net assets per Ordinary Share is based on net assets of £304,930,000 (2007: £392,712,000) divided by 305,405,220 (2007: 301,246,052) Ordinary Shares in issue at the Balance Sheet date. Diluted net assets per Ordinary Share is based on net assets of £323,270,000 (2007: £411,685,000) divided by 324,509,373 (2007: 321,009,373) diluted Ordinary Shares in issue at the Balance Sheet date. The diluted figures are based on all warrants being converted in to Ordinary Shares at a price £0.96 per share. 4. Dividend The directors propose that the Company will pay a final dividend for the year ended 31 December 2008 of 0.85p per Ordinary Share. If approved at the Annual General Meeting the dividend will be paid on 18 May 2009 to shareholders on the register at the close of business on 17 April 2009. 5. Related party transactions Fees payable to the Manager are shown in the Income Statement; the relevant amount outstanding as an accrual at 31 December 2008 was £243,167 (2007: £304,501). 6. Financial information The financial information for 2008 is derived from the statutory accounts for 2008, which will be delivered to the registrar of companies following the company's Annual General Meeting. The statutory accounts for 2007 have been delivered to the registrar of companies. The auditors have reported on the 2007 and 2008 accounts; their reports were unqualified and did not include a statement under Section 237(2) or (3) of the Companies Act 1985. The Annual Report for the year ended 31 December 2008 was approved on 17 March 2009. It will be posted to shareholders and will be made available on the Manager's website at www.impax.co.uk This announcement contains regulated information under the Disclosure Rules and Transparency Rules of the FSA. 7. The Annual General Meeting will be held on 11 May 2009 at 11.00 a.m. at 145-157 St. John Street, London, EC1V 4RU. 17 March 2009 Secretary and registered office: Cavendish Administration Limited 145-157 St John Street London EC1V 4RU Tel: 020 7490 4355 announcement.

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