Interim Management Statement

Impax Environmental Markets plc (the 'Company')
                    Interim Management Statement
               For the four months ended 30 April 2009

This interim management  statement covers the  period from 1  January
2009 to 30  April 2009,  and is prepared  in accordance  with the  UK
Listing Authority's Disclosure and Transparency Rule 4.3.

Investment objective and policy

The Company's objective is to enable investors to benefit from  rapid
and sustained growth anticipated in  the markets for cleaner or  more
efficient delivery  of  basic services  of  energy, water  and  waste
("Environmental Markets").  Investments  are  made  predominantly  in
quoted companies  which provide,  utilise, implement  or advise  upon
technology-based  systems,  products  or  services  in  Environmental
Markets,  particularly  those  of   alternative  energy  and   energy
efficiency,  water  treatment  and   pollution  control,  and   waste
technology and resource management.

Performance

The period under review has  been characterised by pronounced  market
volatility.  Deteriorating  macroeconomic data,  continued stress  in
financial markets and poor financial results led to ongoing  weakness
in equity  markets  in  January  and  February,  prompting  a  global
response by Governments in the form of stimulus packages designed  to
restore the world  economy to  growth.  Subsequently,  over the  last
couple of months, there have been early signs of a reversal of  these
trends, leading to a strong rally in equity markets.

During the period from 1 January 2009 to 30 April 2009, the Company's
diluted Net Asset Value ("NAV") per Ordinary Share (excluding current
year net revenue) rose by 1.1% from 98.8p to 99.9p, outperforming the
MSCI World Index,  which fell 3.2%  but slightly underperforming  the
MSCI World Small Cap Index, which  rose 2.2% during the period  (both
priced in pounds sterling).

A dividend of 0.85p per Ordinary  Share in respect of the year  ended
31 December 2008 will be paid on 18 May 2009 to shareholders who were
on the register at the close of business on 17 April 2009.

Share buybacks

Having generally traded at  a premium since the  middle of 2005,  the
share price has traded at a discount to NAV since the market upheaval
in the middle  of last  year.  This  discount has  widened in  recent
months and the Board has responded by buying in shares.  In aggregate
the Company has bought back 716,505 shares which are currently  being
held in treasury.  The share price  discount to NAV at 30 April  2009
was 9%.

Portfolio activity

The Manager has  sought to selectively  increase weightings in  early
cycle companies,  higher  beta  companies and  those  companies  well
positioned to benefit from global stimulus packages.  Simultaneously,
the Manager has  selectively reduced holdings  in defensive  holdings
which have outperformed.  The  top ten holdings as  at 30 April  2009
are set out below.




Company       Activity                     % of net assets
Ormat         Geothermal power                  2.9%
Pall Corp     Filtration                        2.8%
LKQ           Automotive recycling              2.6%
Regal Beloit  Electric motors                   2.5%
Pentair       Water treatment                   2.5%
Clean Harbors Hazardous waste                   2.4%
Chloride      Uninterruptible power supply      2.3%
Gamesa        Wind turbines                     2.2%
Nibe          Heat pumps                        2.2%
Kurita Water  Water treatment                   2.1%


In the unquoted holdings part of the portfolio, the Company has  made
small follow-on investments in those companies that show promise  but
has undertaken  several additional  write-downs of  the valuation  of
others.  As at 30 April 2009, unquoted companies represented 3.9%  of
the Company's net assets.

Outlook

In recent weeks, stock markets have  moved up sharply to reflect,  in
part, tentative signs of economic recovery and the partial easing  of
credit  markets.   In  the  environmental  sector,  new  legislation,
particularly in the US, and  increased visibility on the  substantial
environmental  components  of   government  stimulus  packages   have
underpinned an  improvement  of  investor sentiment  for  stocks,  as
evidenced by a number of successful rights issues.

With a portfolio valuation at the lower end of the historical  range,
the Directors and the  Manager continue to  believe that the  Company
represents a compelling medium-term investment opportunity.

The interim  management  statement  will be  made  available  on  the
Manager's website www.impax.co.uk

12 May 2009

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