Interim Management Statement

The following are the main events/activities which occurred during the interim period:

The Management Board issued a press release on 22 August 2011 announcing the group’s 2011 first half-year results. This release along with the 2011 first half-year report is available at: www.envipco.com

On 6 October 2011, the company completed reverse split and listing of its shares, delisting and exchange for shares of the Envipco Trust certificates.

On 6 October 2011, the ordinary Envipco shares were admitted to trading on the regulated market of Euronext Brussels under the new ISIN code NL0009901610 and the new trading symbol ENVI.

The company launched its innovative compacting technology in the European RVM deposit market in the second half of 2011 as reported in our earlier press releases. We received an order from a major German retail group for 500 compactors in August 2011 and additional order of 140 compactors in October 2011.

In conjunction with Bee’ah, new Envipco technology was launched at “Green Middle East” exhibition in October 2011.

Envipco continues its Pilot Program in collaboration with Coca-Cola Recycling LLC for the automated recovery of beverage containers in non-deposit markets. The fourth site in Irving, Texas was grand opened on 14 November 2011 and the 5th site is due to open in the beginning of December 2011. We, along with Coca-Cola Recycling, continue to evaluate the Pilot Program and are optimistic about further program expansion in 2012.

Sorepla plastics recycling business had some negative impact on the results due to the drop in demand of recycled PET caused by a large decrease in the pricing of virgin PET. On a net basis, we expect to breakeven for 2011. The final plant upgrade originally expected to be completed by September 2011 is delayed to the 1st quarter of 2012. Completion of this upgrade is expected to mitigate negative market fluctuations.

US RVM operations continue to develop in a positive fashion, however, anticipated RVM sales outside the US have been delayed until early 2012. This delay will negatively impact our RVM operations in 2011.

There are no other significant events which may have a material impact on the financial position of the group.