Portfolio update

Impax Environmental Markets Plc announces that its top ten holdings
as at 31 December 2006 were as follows:-



Holding             Country

Regal Beloit        United States
Itron Inc           United States
LKQ Corp            United Kingdom
Chloride Group      United States
Horiba              Japan
Tomra Systems ASA   Norway
Vestas Wind Systems Denmark
Kingspan Group      Ireland
Energy Developments Australia
Abengoa             Spain


No other investments were held on 31 December 2006 which represented
more than 5% of gross assets.

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