Performance at month end

IMPAX ENVIRONMENTAL MARKETS plc

All information is at 30 April 2008 (unless otherwise stated) and
unaudited.

DATA AND PERFORMANCE


Data                         Pricing & Performance
                                                   IEM   MSCI   FTSE
                                                   Net   World  ET50
Share price                                       Asset
(pence)                128.0                      Value
Warrants                41.0
(pence)
Total fund size    GBP 379.7  Diluted NAV (pence) 123.6   n/a   n/a
(m)
Market             GBP 387.5 Premium/discount (%)  +3.5
capitalisation
(m)
Management fee           1.0        Undiluted NAV 125.4
(%)                                       (pence)
Established      22 February         Performance*
                        2002
Fund structure    Investment          1 month (%)  +3.9  +5.3   +7.3
                       Trust
Number of                 94         3 months (%) +10.0  +3.3  +11.8
stocks held
Exchange              London           1 year (%)  +2.5  -3.4  +27.1
Currency                 GBP          3 years (%) +77.2  +29.5 +133.9
ISIN number     GB0031232498          5 years (%) +138.1 +49.7 +173.5
Sedol                3123249         Since launch +27.7  +15.1 +59.2
                                 (22/02/2002) (%)
Reuters RIC            IEM.L
code                         * Performance data is for undiluted NAV.
Bloomberg code        IEM LN


TOP TEN HOLDINGS


Company             Holding %   Description               Country
Ormat                     2.4   Geothermal                Israel / US
Itron                     2.3   Meters & software         US
Clean Harbors             2.3   Hazardous waste           US
Chloride Group            2.2   UPS systems               UK
Gamesa                    2.2   Wind                      Spain
                                High efficiency electric
Regal Beloit              2.1   motors                    US
Vestas Wind Systems       2.0   Wind                      Denmark
Pentair                   2.0   Water treatment           US
Mayr Melnhof Karton       2.0   Recycled packaging        Austria
Vacon                     2.0   Power electronics         Finland

TOTAL                    21.5


PORTFOLIO ANALYSIS*


Geographical          Company Size
North America     45% >£1bn          32%
Europe            46% £100-1bn       62%
Rest of the World 9%  <£100m         6%

Sectoral              Profitability
Energy            41% Profitable     96%
Water             27% Pre-Profitable 4%
Waste             32%
* of funds invested as of 30 April 2008


MANAGER'S COMMENTARY (April 2008)


During the month the oil price reached a new high of almost $120 per
barrel, and the Fed cut interest rates by a further 25bps.  The
Company NAV increased by 3.9% over the month compared with the MSCI
World, which rose by 5.3%, and the FTSE ET50 which gained 7.3% over
the same period.

In the Alternative Energy & Energy Efficiency sector, the European
Wind Energy Association announced that total installed wind power
capacity across the region could reach 300GW by 2030, from an
installed base of 56GW, with 40% generated offshore.  The UK
government announced that energy companies will be required to spend
nearly £1 billion a year over the next three years to help homeowners
cut energy usage, twice the amount required under the previous
scheme. The money will be spent on assistance such as subsidies for
improved insulation, energy efficient light bulbs, microgeneration
technologies and advice. Elsewhere, biofuels came under scrutiny on a
global scale this month, as food prices continued to rise.  The EU is
currently re-appraising its decision to mandate 10% biofuels by 2010,
considering stricter sustainability and emissions reductions
standards.

In the Water Treatment & Pollution Control sector, Spain's government
unveiled new measures to relieve the impact of the driest winter in
memory, including diverting water between regions to reach 2.5m
people in the southeast.  As Australia tries to recover from its
worst drought on record, the government announced that US$12 billion
will be spent over the next 10 years to improve water productivity
and efficiency of use, and to ensure supply in the face of climate
change.  Meanwhile, US regulators proposed benchmarks for automakers
to hit on their way to reaching a fuel-economy requirement of 35mpg
by 2020.

In the Waste Technology & Resource Management sector, the European
Parliament's environment committee defied EU governments and voted in
favour of setting EU-wide waste prevention and recycling targets in a
revised framework directive on waste management. A second-reading
agreement must now be negotiated with the Council of Ministers before
the summer break, otherwise conciliation talks will continue into the
autumn.  In the UK, landfill tax increased by £8 per tonne at the
beginning of the month, in line with the tax escalator proposed last
year.

Stocks that contributed to performance during the month included
Ormat, which gained 15% following positive project announcements, and
Spice (utility support services, UK), up 28% on acquisition news.
Metal recyclers Metalico (US) and Sims Group (Australia) were up 32%
and 17% respectively, benefiting from high recycled metals pricing.
Lassila & Tikanoja (waste management, Finland) disappointed following
margin erosion caused by underperformance in the biomass and
industrial services businesses, and Abengoa (bioethanol & recycling,
Spain) suffered from negative newsflow associated with the biofuels
sector.


Latest information available at:


http://www.impax.co.uk/impax/funds/listed_funds/environmental_plc/

30 April 2008

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