Wood Stove Ratings

Impax Environmental Markets PLC Half Yearly Report -2-

However, the implications of a global reduction in nuclear generation capacity and ongoing political instability in the Middle East resulted in an increase in the gas price and an improving outlook for future power prices. This led to resilient performance from EDP Renovaveis (renewable energy independent power producer ("IPP"), Spain). Several European utilities also made offers to buy back their listed renewable energy IPPs during the period, indicating that these assets offer good value at current stock market ratings. IPPs represent about half of IEM's renewable energy exposure.

M&A activity led to strong performance in the solar sector as Total took a 60% stake in Sunpower (solar, US) at a significant premium. However, the fundamentals in both the solar and wind generation equipment sectors remain challenging, and significant overcapacity, pricing pressure and a number of profit warnings have led to weakness in Vestas and China High Speed Transmissions (wind power generation equipment, Denmark and China respectively). This sub-sector continued to benefit from positive policy momentum during the Period, as governments increasingly recognised energy efficiency as the most cost effective means for climate change mitigation and improved energy security. Further details of the proposed new EU Energy Efficiency Directive were released in June and included an obligation for member states to deliver a 1.5% annual reduction in energy consumption. Germany's "six point plan" also contained measures to reduce energy consumption by 10% by 2020 compared to 2008. This generated strong performance from portfolio holding Centrotec Sustainable (buildings energy efficiency, Germany). M&A activity continued over the Period, as Schneider bid for Telvent (power network efficiency, Spain), a company with a strong franchise in utility software and smart grid activities. Other positive performers included Vacon (industrial energy efficiency, Finland), which continued to beat earnings expectations and released an ambitious five year plan. Volatile and unpredictable rainfall patterns continued to highlight the need for investment to establish and upgrade water infrastructure globally, with severe flooding in Australia contrasting with drought in parts of Europe. Regulatory developments continued to be especially favourable in Asia, with China's Five Year Plan targeting investments of up to USD300m in water conservation over five years. Performance in the water infrastructure sector was mixed, reflecting an uneven recovery in construction activity and regional concerns. In India, a banking scandal (unrelated to any IEM holdings) led to constrained availability of project finance which, combined with macro concerns on inflation and rising interest rates, led to underperformance of IVRCL (water infrastructure). On the positive side, Hydro International (water infrastructure, UK) outperformed as it benefitted from escalating investment by UK water utilities. Ongoing strength in the PC sector was reinforced by continued positive policy momentum. In March the US Environmental Protection Agency ("EPA") announced rules to control emissions from utilities, with a targeted 91% reduction in mercury emissions and a 55% reduction in SO(2) emissions. The EPA stated that this will lead to the closure of 9.9GW of coal plants by 2015. Consolidation continued in the hazardous waste sector as Stericycle and Clean Harbours (both US) both made material acquisitions. Tomra (waste technology equipment, Norway) also performed well following new contract wins. Concerns about the macroeconomic outlook, falling commodity prices and weakness in the Asian markets led to negative performance in the value-added waste processing sector, notably from Lee & Man (China). There were no new holdings or exits during the Period. Fears of government budget cuts in the infrastructure and environmental services sectors led to volatile performance by consultancies during the Period. However, in the US, where these fears are particularly acute, Tetra Tech and ICF International both announced new Government contracts. In Europe, there were signs of earnings stabilisation at RPS (UK), which led to strong relative performance for the company. During the Period, one investment valuation was uplifted by GBP3.3m following good commercial progress and comparison with a competitor's valuation on IPO. Three others were written down by GBP6.7m in aggregate, reflecting the difficult market conditions faced by those companies and the continuing challenge of raising new money. The annual report referred to GBP3.5m of these write-downs. Two small additional investments in support of portfolio companies' fund raising efforts added GBP0.6m. At 30 June 2011, the Company's unlisted portfolio was valued at GBP13.7m. The Company's investments in unquoted companies originated from a pre-IPO investment strategy, implemented before markets effectively closed with the 2008 financial crisis. As a result, the portfolio now includes investments that we have held for longer than originally planned, and we are increasingly focused on encouraging these companies towards appropriate exits. As reported in the Chairman's Statement there has been a substantial correction in global equity markets since the end of June. This has been due to renewed concerns about European sovereign debt and a downgrade to the debt rating of the United States by the credit agency Standard and Poor's. With this backdrop we believe that equity markets will continue to be volatile for the rest of the year. However, we remain confident that the fundamentals for the environmental markets continue to be positive and that the sell-off represents a good opportunity for long term investors seeking exposure to this growth sector at an attractive valuation. NIBE Industrier provides systems for domestic heating products such as ground source heat pumps, electric heating applications, and wood-burning stoves. NIBE listed on the Stockholm stock exchange in 1997 and has seen strong organic growth complemented by acquisitions, such as its soon-to-be-completed purchase of Switzerland-based Schulthess. http://www.nibe.com / Regal Beloit is a leading global manufacturer of electric motors, ranging from HVAC (heating, ventilation and air conditioning) motors, electric generators and mechanical motion controls. The company benefits from the increasing emphasis being placed on energy efficiency as a means to reduce greenhouse gas emissions. It is an active acquirer of businesses and has been increasing its presence in the Asia-Pacific and Brazil. http://www.regal-beloit.com / Horiba is a manufacturer of measuring instruments and systems for the automotive, environmental, medical and semiconductor industries. The company benefits from tightening regulations in the automotive sector space and is set to profit from a recovery in the semiconductor market and in car manufacturer's capex. Horiba has a strong management team and balance sheet and is well positioned to grow.

Boxwood Cast Iron Wood Stove

All cast iron construction for better heat radiation. Ideal for workshops, hunting camps, cabins, etc. Accepts logs up to 20″ in length. Large “lift-off” cooking lid with cast iron lid lifter. Slide damper lifts off for easy ash removal. NOT AVAILABLE IN MASSACHUSETTS. All cast iron construction for better heat radiation. Ideal for workshops, hunting camps, cabins, etc. Accepts logs up to 20″ in length. Large “lift-off” cooking lid with cast iron lid lifter. “Cool Touch” spring handle with latch prevents unwanted openings. Slide damper lifts off for easy ash removal. Cast iron flue collar uses standard 6″ stove pipe. Overall 25″H x 23″W x 10″D. NOT FOR USE IN MOBILE HOMES.

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