Key Information Document Purpose This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products. Product: Impax Environmental Markets plc, (“the Company”) -Ordinary Shares (Product ISIN: GB0031232498 ) Priips Manufacturer: Impax Asset Management (AIFM) Limited https://www.impaxenvironmentalmarkets.co.uk Competent Authority: FCA (https://www.fca.org.uk) Call +44 (0)20 3912 3000 for more information This document was published on 31-01-2025 What is this product? Type The Company is a closed-ended investment trust with its shares Intended retail investor The Company is suitable for investors seeking admitted to trading on the Main Market of the London Stock Exchange capital growth as part of a diversified investment portfolio and who have a (within the Premium segment) (Ticker symbol: IEM) and an Alternative medium to long term investment horizon. Investors should be capable of Investment Fund under the UK version of the Alternative Investment Fund evaluating the potential benefits and risks of such an investment. and should Managers Directive. have sufficient resources to bear losses up to 100% of their investment. The Objectives The Company's objective is to enable investors to benefit from Company does not offer capital protection. growth in the markets for cleaner or more efficient delivery of basic Term This product has no maturity date and an unlimited lifespan although services of energy, water and waste. Investments are made predominantly the directors are required to propose a continuation resolution at every third in quoted companies which provide, utilise, implement or advise upon AGM of the Company, the next such vote to be held in 2025. If the technology-based systems, products or services in environmental markets, continuation resolution is not passed the directors are required to formulate particularly those of alternative energy and energy efficiency, water proposals for the voluntary liquidation or reorganization of the Company. treatment and pollution control, and waste technology and resource management (which includes sustainable food, agriculture and forestry). What are the risks and what could I get in return? Risk IndicatorThe summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not 1 2 3 4 5 6 7 able to pay you.Lower risk Higher riskWe have classified this product as 5 out of 7, which is a medium-high risk class. This rates the potential losses from future performance at a medium- The risk indicator assumes you keep the product for 5high level, and poor market conditions will likely impact the capacity to Years. pay you. This product does not include any protection from future market performance so you could lose some or all of your investment. The actual risk can vary significantly if you cash in at an If we are not able to pay you what is owed, you could lose your entire early stage and you may get back less. investment. Investment performance information The value of an investment in the Company, and any income derived from • Shares of the Company may trade at a discount or a premium to it, may fluctuate and can go down as well as up depending on a number of Net Asset Value for variety of reasons including market factors. The main factors likely to affect future returns from an investment sentiment and market conditions. On a sale you could realise in the Company include: less than the Net Asset Value and less than you initially • Changes in general economic and market conditions suchinvested.as currency exchange rates, interest rates, rates of inflation, • Other risks arising from events which are outside of theindustry conditions, tax laws, political events, policy Company’s control, such as the Covid-19 pandemic and thedevelopment, technological change and any other factors that conflict in Ukraine.may cause price movements, volatility or illiquidity in theThe performance of the Company is compared to a global equitymarket generally. comparator, the MSCI All Country World Index (MSCI ACWI) and a • Fluctuations in the value of the Company's underlying thematic environmental markets comparator, the FTSE Environmentalinvestments, particularly those investments in companies with Technology 100 Index (ET 100). The Company provides performance andsmall capitalisations and/or unlisted securities, which are likely risk comparisons in marketing documentation against the benchmark(s) forto be subject to higher valuation uncertainties and liquidity risksillustrative purposes only.than companies with larger capitalisations and other securitiesThe Company's portfolio is actively managed and the Company'slisted or traded on a regulated market.investment manager does not use either index for portfolio construction • Events or conditions impacting the Company's investments inpurposes. Moreover, the environmental markets thematic nature of thecompanies operating in environmental markets, such as Company's investment strategy means that the Company's portfolio is likelygovernments altering the regulatory and financial support for to differ significantly from both the MSCI ACWI and the ET 100. As aenvironmental improvement, costs of technology not falling or result, the Company's performance may diverge – both negatively andincreasing, reduced or deferred capital spending by customers or positively - from both indices. The Company can invest in companies thatproducts or services not being adopted.are not included in the index. The Company's share price may also experience a higher volatility compared with both indices. • Increased risks arising from borrowing by the Company. Ifinvestment markets fall in value, any borrowing will enhance the The Company and its investment manager seek to mitigate risks throughlevel of loss. various policies and procedures and further details regarding the specific risks applicable to this Company are included in the Annual Report which may be obtained from the Company's website: www.impaxenvironmentalmarkets.co.uk. What could affect my return negatively? What could affect my return positively? While the Company and the investment manager measure performance over While the Company and the investment manager measure performance over the long term, they recognise that investments in the Company's portfolio the long term, they recognise that investments in the Company's portfolio may generate lower returns in the following market conditions: markets may generate higher returns in markets which favour: growing small and which favour value equities (rather than growth), markets which favour mid-cap companies, increasing industrial production and expenditure,large cap companies, sector preferences outside of environmental markets supportive global environmental initiatives and consumer preferences. (such as energy and financial sectors), adverse changes to global environmental initiatives and consumer preferences. There are no guarantees that the Company will achieve its investment objective or that the value of the Company’s investments will increase. Under severely adverse market conditions or otherwise, investors may not get back the full value of their investment. What happens if Impax Asset Management (AIFM) Limited is unable to pay out? As the Company's shares are traded on the London Stock Exchange and not directly with Impax Asset Management (AIFM) Limited or the Company, Impax Asset Management (AIFM) Limited is not obliged to pay out the shares of the Company, and the Company is only obliged to pay out on a winding up of the Company. In the unlikely event of a default by the Company, you may suffer financial loss which could equal the amount of your investment. The amount you receive for your holding will be based on the value of assets available for distribution to shareholders. As a shareholder of a listed investment company, you would not be able to make a claim to the Financial Services Compensation Scheme in the event that the Company or Impax Asset Management (AIFM) Limited is unable to pay out. What are the costs? The Reduction in Yield (RIY) shows what impact the total costs you pay will have on the investment return you might get. The total costs take into account one- off, ongoing and incidental costs. The amounts shown here are the cumulative costs of the product itself, for three different holding periods. The figures assume you invest 10 000 GBP. The figures are estimates and may change in the future. Costs over time The person selling you or advising you about this product may charge you other costs. If so, this person will provide you with information about these costs, and show you the impact that all costs will have on your investment over time. Investment GBP 10 000 Scenarios If you cash inIf you cash in after 3 If you cash in after 5after 1 Year Years YearsTotal costs N/A* N/A* N/A* Impact on return (RIY) per year N/A* N/A* N/A* Composition of costs The table below shows the impact each year of the different types of costs on the investment return you might get at the end of the recommended holding period and the meaning of the different cost categories. This table shows the impact on return per year One-off costs Entry costs 0.00% The impact of the costs you pay when entering your investment. Exit costs 0.00% The impact of the costs of exiting your investment when it matures. Ongoing costs Portfolio transaction costs 0.16% The impact of the costs of the Company buying and selling underlying investments in the product’s portfolio. Other ongoing costs 0.89% The impact of the expenses necessarily incurred in the operation of the product. This includes the annual management fee paid to Impax Asset Management (AIFM) Limited. Incidental costsPerformance fees N/A There is no performance fee.Carried interestsN/A There are no carried interests.How long should I hold it and can I take my money out early? Recommended holding period: At least 5 Years Any investment in this product should be viewed as a medium to long-term investment and therefore you should be prepared to stay invested for at least 5 years. You may sell your investment before the end of the recommended holding period without penalty/charge.How can I complain? As a shareholder of a listed investment company, you do not have the right to complain to the Financial Ombudsman Service about the management of the Company. If you wish to make a complaint to the Company, please contact the Impax Asset Management Client Service team: Website:www.impaxenvironmentalmarkets.co.uk; E-mail: complaints@impaxam.com; Postal address: 7th floor, 30 Panton Street, London. SW1Y 4AJ Other relevant information N/A* is provided pursuant to FCA’s Statement 19 Sept 2024, which announced that the Government has introduced new legislation excluding closed-ended investment companies from the PRIIPs regulatory framework and modifying the application of relevant disclosure requirements under MiFID. Please note that the cost and risk calculations included in this KID are based on prescribed methodologies. The data used in these calculations and the specific methodology applied may change in the future. Depending on how you buy your shares, you may incur other costs including broker commission, platform fees and stamp duty. Please ask your broker or platform provider for additional information where necessary. Additional information, including the Company’s Annual Report, can be found on the Company’s website: Impax Environmental Markets plc - Investing globally in environmental solutions. The Other ongoing costs of 0.89% does not include the costs of the Company’s fixed-rate loans of 0.10%.