Performance at Month End

IMPAX ENVIRONMENTAL MARKETS plc

All information is at 30 November 2008 (unless otherwise stated) and
unaudited.

DATA AND PERFORMANCE


  Data                            Pricing and Performance
                                                      IEM     FTSE
                                                      Net    Global
  Share price                                        Asset  All Cap*
(pence)                     82.13                    Value
  Warrants (pence)       GBP 25.5
  Total fund size       GBP 268.7        Diluted NAV 87.97     n/a
(m)                                          (pence)
  Market                GBP 250.8   Premium/discount  0.0
capitalisation (m)                               (%)
  Management fee (%)          1.0      Undiluted NAV 87.97
                                             (pence)
  Established         22 February       Performance*
                             2002
  Fund structure       Investment        1 month (%)  -0.7    -1.8
                            Trust
  Number of holdings           93       3 months (%) -32.1    -22.8

  (including
unlisted)
  Exchange                 London         1 year (%) -29.0    -26.5
  Currency                    GBP        3 years (%)  -3.1    -11.7
  ISIN number        GB0031232498        5 years (%) +34.1    +18.8
  Sedol                   3123249
  Reuters RIC code          IEM.L *           Performance data is for
                                    undiluted NAV.
                                  *          Performance data is in
                                  Total Return.
  Bloomberg code           IEM LN


TOP TEN HOLDINGS


Company        Holding %   Description                     Country
Clean Harbors        2.9   Hazardous waste                 US
Regal Beloit         2.8   High efficiency electric motors US
Pall Corp            2.8   Filtration                      US
Ormat                2.7   Geothermal                      Israel/US
Pentair              2.5   Water treatment                 US
Kurita               2.3   Water treatment & desalination  Japan
Covanta              2.2   Waste to energy incineration    US
Chloride Group       2.2   UPS systems                     UK
Novozymes            2.1   Industrial enzymes              Denmark
Mayr-Melnhof         2.1   Cartonboard                     Austria

TOTAL               24.6



PORTFOLIO ANALYSIS*



  Geographical            Company Size
  US and Canada      40%  >$2bn        17%
  EU and EFTA        42%  $200-2bn     64%
  Rest of the World  13%  <$200m       14%
  Cash                5%  Cash         5%

  Sectoral                PE ratios
  Energy             39%  PER >20x     12%
  Water              27%  PER  15-20x  13%
  Waste              29%  PER <15x     68%
Cash                  5%  Unprofitable 2%
                          Cash         5%
* of funds invested as of 30 November 2008

IMPAX ENVIRONMENTAL MARKETS plc

MANAGER'S COMMENTARY (November 2008)



As markets began to stabilise during the month, the Company NAV
decreased by 0.7% compared to the FTSE Global All Cap which decreased
by 1.8%.

In the Alternative Energy & Energy Efficiency sector, three bills
became law in the UK that will play an important part in shaping the
country's energy future. The Climate Change Bill committing the UK to
cutting GHG emissions by 80% by 2050, the Energy Bill and planning
reforms all received Royal approval. The Energy and Planning Acts
will remove barriers to enable investment in new renewable energy
infrastructure, and by 2010 introduce a feed-in-tariff for
small-scale renewables projects. The International Energy Agency
published its annual World Energy Outlook revising forecasts for
world primary energy demand growth due to the impact of economic
slowdown, and predicting that soon after 2010 renewables will become
the 2nd highest source of electricity behind coal. In the Water
Treatment & Pollution Control sector, the Chinese government
announced an Rmb4trn fiscal stimulus package, the majority of which
will go to infrastructure and construction. 9% will go to
environmental projects including urban sewage, solid waste
infrastructure, water system pollution treatment and emissions
projects. In the US, water and other infrastructure projects are
likely to be boosted as part of an economic stimulus package early in
2009, potentially redressing a dire need for water infrastructure
funding.

The Alternative Energy & Energy Efficiency sector outperformed the
rest of the portfolio during the month, reversing the
underperformance in October. Wind turbine manufacturers Vestas
(Denmark) and Gamesa (Spain) recovered losses as investors realised
that current share prices discount any growth in 2009. The companies
rose 9.6% and 2.9% respectively. Centrotec (buildings energy
efficiency, Germany) benefited from upgrades during the Q3 results
season, and rose 38%. In Water Treatment & Pollution Control, China
Everbright (water infrastructure, Hong Kong) benefited from a major
government investment plan for infrastructure in China, and was up
55.4% over the month. Badger Meter (AMR, US) rose 24.5%, recovering
from previous weakness. Continued appreciation of the Yen benefited
Japanese stocks Horiba (analytical instruments) and Kurita (water
treatment). In the Waste Technologies & Resource Management sector,
Stantec (environmental consultancy, Canada) benefited from upgrades,
rising 19.4%. Highly indebted companies continued to underperform,
for example Polypore (filtration, US) and Transpacific Industries
(hazardous waste management, Australia). Kingspan (buildings
insulation, UK) also suffered following a downgrade of estimates
after Q3 results, and RPS (environmental consultancy, UK) declined on
perceived commodity risk related to the oil price.





Latest information available at:


http://www.impax.co.uk/impax/funds/listed_funds/environmental_plc/

18 December 2008

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