Net Asset Value(s)

Impax Environmental Markets plc announces that as at the close of
business on 17 August 2006 its undiluted net asset value ("NAV") per
ordinary share was 100.48p.  The diluted NAV per ordinary share
(assuming full conversion of all outstanding warrants) was 99.89p.

The NAV per C share after share issue expenses at the commencement of
dealings on 15 August 2006 was 98.25p.

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

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