Net Asset Value(s)

Impax Environmental Markets plc announces that as at the close of
business on 20 September 2006 its undiluted net asset value ("NAV")
per ordinary share was 99.45p.  The diluted NAV per ordinary share
(assuming full conversion of all outstanding warrants) was 99.00p.

The NAV per C share as at the close of business on 15 September 2006
was 99.90p.

The investments in the Company's portfolios have been valued at bid
prices in the above calculations.

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