Net Asset Value(s)

Impax Environmental Markets plc announces that as at the close of
business on 1 September 2006 its undiluted net asset value ("NAV")
per ordinary share was 100.46p.  The diluted NAV per ordinary share
(assuming full conversion of all outstanding warrants) was 99.87p.

The NAV per C share as at the close of business on 31 August 2006 was
98.94p.

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

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