Net Asset Value(s)

Impax Environmental Markets plc announces that its unaudited net
asset value excluding revenue reserve as at 18 October 2005 was
£44.320 million. The net asset value per ordinary share was 88.64p.

The unaudited net asset value including revenue reserve was £44.382
million and the net asset value per ordinary share was 88.76p

The investments in the Company's portfolio have been valued at mid
market price in the above calculations.




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