Open Letter to Boaz Weinstein, Saba Capital

This announcement is for information purposes only and it does not constitute an offer to sell, or a solicitation of an offer to acquire, securities in any jurisdiction in which the same would be unlawful. Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.

For immediate release.

Legal Entity Identifier: 213800RAR6ZDJLZDND86

27 February 2026

Impax Environmental Markets PLC

Open Letter to Boaz Weinstein, Saba Capital

Impax Environmental Markets plc ("IEM" or the "Company") today publishes a letter sent yesterday by Glen Suarez, Chair of IEM, to Boaz Weinstein, Founder and Chief Investment Officer of Saba Capital Management, L.P. ("Saba"), outlining his concerns regarding the detrimental implications for wider shareholders of Saba's rejection of the Company's Continuation Tender Offer, and reminding Mr Weinstein of his responsibilities to the wider market.

The full text of the letter can be found below.

BY EMAIL

FAO: Boaz Weinsteincc: Paul Kazarian

25 February 2026

Dear Boaz,

I was surprised to hear from Paul Kazarian that you do not intend to make an election for the Continuation Tender Offer and I wanted to ask you to consider whether in all the circumstances, this is wise.

Of course, you have the right to reject the tender proposal we have made and if you do, the tender will fail. But I just wanted to make sure that you fully understand the Board's point of view and thinking, before you finally decide on what to do, and have considered the full implications of your decision for other shareholders.

As a Board, we are balancing the varied desires of all of our different shareholders and are working hard to find a way through responsibly for all those involved, including the London Investment Trust market itself.

As you know from the Company's 2025 continuation vote, the vast majority of shareholders were supportive of the Company's continuation.

It is clear Saba does not share the same objectives as its fellow Shareholders and as a result, we presented a tender offer proposal to you in January. This was an attempt to reconcile the different views and interests of Saba and the rest of the Shareholder base, as well as ensure that the Company did not become enmeshed in an ongoing, destabilizing and expensive dispute that the Board has seen elsewhere. I was disappointed this was rejected outright.

Instead, you presented a "strategic" option suggesting we combine with another investment company in which you have a large holding and which has an entirely different investment focus. The Board failed to see how this proposal could ever be in the interests of any of its Shareholders aside from Saba.

We therefore put forward another proposal for you to exit at NAV less costs in the form of the Continuation Tender Offer, in an attempt to reconcile Saba's motivations with the wishes of shareholders who may wish to remain invested. We even managed to negotiate a substantial financial contribution from the Company's investment manager, Impax Asset Management such that you and others who wished to, could exit at an even more attractive price, a near identical proposal to one you accepted as recently as last week. Your insistence that Impax Asset Management cover all the costs of the transaction including stamp duty is unreasonable, not workable and has never been done before. 

You have the right to pursue your interests, however, I would urge you to be 'reasonable' in your next steps as unless you accept the Continuation Tender Offer, the outcome now is the Exit Tender Offer (which will give other shareholders an ability to exit at NAV less costs and not end up in a Saba controlled and likely Saba managed trust). You could tender in the Exit Tender Offer, which would in effect destroy a UK listed company, or you could decide not to tender and take control. Both outcomes carry significant reputational risk for Saba - imposing an outcome the majority of your fellow shareholders do not wish to see.

Having been an activist investor for many years, I understand the importance of bringing other shareholders with you on your activist journey. I believe Saba's pursuit of its own goals at the expense of all others, will in the long run ultimately lead to policy changes in the UK which will close investment strategy avenues for Saba.

As market participants, we all have wider responsibilities if we want to operate sustainably. 

I am available to speak.

Yours sincerely,

Glen SuarezChairman

Impax Environmental Markets plc