Announces it Intended to Participate in IEM Tender if Impax Asset Management Committed to Covering Full Tender Costs for All Shareholders Who Choose to Exit

Raises Concerns that Chairman Suarez Embodies Many of the Structural Problems Within the UK NED Community, Including the Inclination for Prioritising the Manager’s Interests Over Those of Shareholders

Saba Capital Management, L.P. (together with certain of its affiliates, “Saba” or “we”), a significant shareholder of Impax Environmental Markets PLC (IEM:LSE) (“IEM” or the “Company”), today issued the following statement regarding the 16 January 2026 proposal by the Company’s Board of Directors to offer eligible shareholders a cash exit by way of a tender offer for up to 100% of their shares at close to net asset value.

“Saba was prepared to tender our shares – with one condition that the Board was aware of for several weeks: the Company’s manager, Impax Asset Management, must first agree to pay the full tender costs for all shareholders who wish to exit.

After the Company significantly underperformed its benchmark over the past five years, there is no reason why shareholders who have already suffered so greatly should have to pay to leave. Over the past five years, IEM’s share price return (+2.3%) disastrously lagged its benchmark, the MSCI ACWI Index¹ (+85.3%), by 83%.² On a three-year basis, IEM’s share price return (+4.9%) lagged the benchmark (+59.2%) by more than 54%.³

Chairman Glen Suarez knows full well that all Impax Asset Management needed to do was say yes to paying the full tender costs and we would have participated – any claim otherwise is simply not true. For Saba, this decision was guided purely by our duty to hold management accountable to act in shareholders’ best interests by covering the costs of this exit. Unfortunately, Mr. Suarez represents many of the structural problems within the UK NED community – namely, the implicit understanding that directors serve the manager rather than the shareholders. It raises a fundamental question: whose side is Mr. Suarez on?

As someone who is meant to be a shareholder advocate, not an Impax representative protecting the manager’s bottom line, Mr. Suarez’s actions underscore the ongoing need for activism, because without it, shareholders have no true advocate. We urge Mr. Suarez not only to provide shareholders transparency on his dialogue with Impax Asset Management over the tender costs, but also to reveal what the actual tender take-up was among all shareholders.”

About Saba

Saba Capital Management, L.P. is a global alternative asset management firm that seeks to deliver superior risk-adjusted returns for a diverse group of clients. Founded in 2009 by Boaz Weinstein, Saba is a pioneer of credit relative value strategies and capital structure arbitrage. Saba has offices in New York City and London. Learn more at www.sabacapital.com.

Disclaimer

This announcement is not intended to be and does not constitute or contain any investment recommendation as defined by Regulation (EU) No 596/2014 (as it forms part of the domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018). No information in this announcement should be construed as recommending or suggesting an investment strategy. Nothing in this announcement or in any related materials is a statement of or indicates or implies any specific or probable value outcome in any particular circumstance. This announcement is provided merely for general informational purposes and is not intended to be, nor should it be construed as (1) investment, financial, tax or legal advice, or (2) a recommendation to buy, sell or hold any security or other investment, or to pursue any investment style or strategy. Neither the information nor any opinion contained in this announcement constitutes an inducement or offer to purchase or sell or a solicitation of an offer to purchase or sell any securities or other investments in the Company or any other company by Saba or any of its affiliates in any jurisdiction. This announcement does not consider the investment objective, financial situation, suitability or the particular need or circumstances of any specific individual who may access or review this announcement and may not be taken as advice on the merits of any investment decision. This announcement is not intended to provide the sole basis for evaluation of, and does not purport to contain all information that may be required with respect to, any potential investment in the Company. Any person who is in any doubt about the matters to which this announcement relates should consult an authorised financial adviser or other person authorised under the UK Financial Services and Markets Act 2000. To the best of Saba’s ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources that Saba believes to be accurate and reliable. However, such information is presented “as is”, without warranty of any kind, whether express or implied, and Saba has not independently verified the data contained therein. All expressions of opinion are subject to change without notice, and Saba does not undertake to update or supplement any of the information, analysis and opinion contained herein.

Saba may continue transacting in the shares and securities of the Company, and/or derivatives referenced to them (which may include those providing long and short economic exposure) for an indefinite period following the date of this announcement and may increase or decrease its interests in such shares, securities and/or derivatives at any time.

Forward-Looking Statements

This announcement contains certain forward-looking statements and information that are based on Saba’s beliefs, as well as assumptions made by, and information currently available to, Saba. These statements include, but are not limited to, statements about strategies, plans, objectives, expectations, intentions, expenditures and assumptions and other statements that are not historical facts. When used herein, words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan” and “project” and similar expressions (or their negative) are intended to identify forward-looking statements. These statements reflect Saba’s current views with respect to future events, are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Further, certain forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Actual results, performance or achievements may vary materially and adversely from those described herein. There is no assurance or guarantee with respect to the prices at which any securities of the Company or any other company will trade, and such securities may not trade at prices that may be implied herein. Any estimates, projections or potential impact of the opportunities identified by Saba herein are based on assumptions that Saba believes to be reasonable as of the date hereof, but there can be no assurance or guarantee that actual results or performance will not differ, and such differences may be material and adverse. No representation or warranty, express or implied, is given by Saba or any of its officers, employees or agents as to the achievement or reasonableness of, and no reliance should be placed on, any projections, estimates, forecasts, targets, prospects or returns contained herein. Neither Saba nor any of its directors, officers, employees, advisers or representatives shall have any liability whatsoever (for negligence or misrepresentation or in tort or under contract or otherwise) for any loss howsoever arising from any use of information presented in this announcement or otherwise arising in connection with this announcement. Any historical financial information, projections, estimates, forecasts, targets, prospects or returns contained herein are not necessarily a reliable indicator of future performance. Nothing in this announcement should be relied upon as a promise or representation as to the future. Nothing in this announcement should be considered as a profit forecast.

Permitted Recipients

In relation to the United Kingdom, this announcement is being issued only to, and is directed only at, (i) investment professionals specified in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 as amended (the “Order”), (ii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order and (iii) persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities of the Company or any member of its group may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “Permitted Recipients”). Persons who are not Permitted Recipients must not act or rely on the information contained in this announcement.

Distribution

Not for release, publication or distribution, in whole or in part, directly or indirectly, in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws of that jurisdiction. The distribution of this announcement in certain countries may be restricted by law and persons who access it are required to inform themselves and to comply with any such restrictions. Saba disclaims all responsibility where persons access this announcement in breach of any law or regulation in the country of which that person is a citizen or in which that person is residing or is domiciled.

¹ The MSCI ACWI Index is the benchmark cited in the Company’s latest factsheet dated 31 December 2025.
² Source: Bloomberg. Data is in GBP and as of 26 February 2026.
³ Source: Bloomberg. Data is in GBP and as of 26 February 2026.

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