Net Asset Value(s)

Impax Environmental Markets plc announces that as at the close of
business on 17 July 2006 its net asset value (NAV) was £128.012
million, representing an undiluted NAV per ordinary share of 97.80p.
The diluted NAV per ordinary share (assuming full conversion of all
outstanding warrants) was 97.57p.

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

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