Net Asset Value(s)

Impax Environmental Markets plc announces that its unaudited Net
Asset Value (NAV) as at the close of business on 30 December 2005 was
£107.532 millions, representing a NAV of 93.06p per share.

The investments in the Company's portfolio have been valued at mid
market price in the above calculations.

To comply with the new guidelines issued by the AITC, the investments
in the Company's portfolio are now to be valued at the prevailing bid
price at the close of business on valuation days. Using this method
the Net Asset Value at the close of business on 30 December 2005 was
£106.984 millions, representing a NAV of 92.59p per share.

In future the portfolio will be valued on bid prices.




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