Performance at month end

Impax Environmental Markets PLC
12 April 2002



IMPAX ENVIRONMENTAL MARKETS plc

All information is at 31 March 2002 and unaudited


DATA AND PERFORMANCE


Data                                             Pricing & Performance
Total Fund Size (m)                     GBP 52.3                       Net Asset Value   Ord. Share Price
Management fee                              1.0%       Pence (31/3/02)      105.16            103.75
Established                     22 February 2002
Fund structure                  Investment Trust           Performance
Number of stocks held                         41           1 month (%)       +7.0%            +3.75%
Exchange                                  London          3 Months (%)        na                na
Currency                                     GBP            1 year (%)        na                na
ISIN Number                         GB0031232498      Since launch (%)       +7.0%            +3.75%
Sedol                                    3123249
Reuters RIC Code                           IEM.L
Bloomberg Code                            IEM LN


TOP TEN HOLDINGS

Company                             Holding %           Description               Country
Vestas Windsystems                        8.4           Wind                      Denmark
Vivendi Environnement                     7.0           Water & Waste             France
Ballard Power                             6.6           Fuel Cells                Canada
Astropower                                5.2           Solar                     US
Nordex                                    4.4           Wind                      Germany
FuelCell Energy                           4.3           Fuel Cells                US
Insituform                                3.0           Water                     US
Kurita Water                              2.9           Water                     Japan
Waste Recycling                           2.9           Waste                     UK
Impco Tech                                2.9           Energy Storage            US
                     Total               47.6



PORTFOLIO ANALYSIS


Portfolio Analysis- Geographical*  Portfolio Analysis- Company Size*     Portfolio Analysis - Sectoral
North America             50%      >£500m                   40%          Energy               51%
Europe                    45%      £100-500m                52%          Water                25%
Rest of the World         5%       <£100m                   8%           Waste                16%
                                                                         Cash                 8%
* of funds invested as of March 02





MANAGER'S COMMENTARY



The Company has made a good start since its launch on 22 February, 2002 with
positive developments in a

number of key areas that affect the environmental markets.  The NAV increased
7.0% which can be

compared to the MSCI World Index which increased by 8.9% over the same period.
Some of the major news

items for the energy, water and waste sectors are shown below.



It has been a positive period for fuel cell companies.  The California Power
Authority (CPA) released its

list of qualifying bidders for fuel cell projects to 2010 that included some IEM
holdings FuelCell

Energy, Hydrogenics and Plug Power.  At the New York International Auto Show,
Ford unveiled their

new zero-emissions Ford Focus vehicle using hybrid and fuel cell technology
employing fuel cells

manufactured by Ballard Power; Ford indicated that they expect to begin
production of the vehicle in

2004.



The wind sector also benefited as a slimmed-down economic stimulus bill was
approved by both the House

and the Senate in the US thus extending the wind energy Production Tax Credit
(PTC) for two years. The

PTC -- an important factor in financing new US wind power installations --
provides a 1.5 cent/kWh tax

credit for electricity generated with wind turbines.  This development
represents good news for the

wind turbine industry, particularly those companies with a strong US presence
(Vestas, NEG Micon and

Nordex).



In the water sector, there was more evidence of both the outsourcing trend in
the US and the move to

physical water treatment systems.  Vivendi Environnement won the largest ever US
municipal

outsourcing water contract with the City of Indianapolis and also received a
contract for the largest

microfiltration plant in the world (in California).  Also in California, Zenon
Environmental announced

that they will be supplying membranes to a large drinking water project in San
Joaquin.



The German recycling market received a boost as the German Environment Minister
announced the

implementation of a long-awaited deposit scheme for non-refillable containers in
Germany.  The scheme

will become effective on January 1, 2003 and will create a market for 35-40,000
Reverse Vending

Machines (i.e. US$300m in sales).  This is likely to benefit in particular Tomra
Systems ASA, which has a

market share of over 95% in the European RVM sector. In the UK, Shanks won the
25 year disposal

contract for the East London Waste Authority (ELWA); the successful bid focussed
on non-landfill

solutions particularly recycling, composting and waste-to-energy.



Latest information available at: www.impax.co.uk/asset/trust.htm



12 April 2002



                      This information is provided by RNS
            The company news service from the London Stock Exchange