Performance at month end

IMPAX ENVIRONMENTAL MARKETS plc

All information is at 31 March 2009 (unless otherwise stated) and
unaudited.

DATA AND PERFORMANCE


  Data                                 Pricing and Performance
                                                          IEM   MSCI
                                                          Net   World
                                                         Asset  Small
  Share price (pence)             80.9                   Value  Cap*
  Warrants (pence)            GBP 12.5
  Total fund size (m)        GBP 266.0       Diluted NAV  87.3   n/a
                                                 (pence)
  Market capitalisation      GBP 246.4  Premium/discount  -7.3
(m)                                                  (%)
  Management fee (%)               1.0     Undiluted NAV  87.3
                                                 (pence)
  Established              22 February     Performance**
                                  2002
  Fund structure            Investment       1 month (%)  +3.1  +8.7
                                 Trust
  Number of holdings                90      3 months (%) -11.7  -8.6
  (including unlisted)
  Exchange                      London        1 year (%) -27.7  -20.9
  Currency                         GBP       3 years (%) -22.2  -32.3
  ISIN number             GB0031232498       5 years (%) +29.4  +5.9
  Sedol                        3123249
  Reuters RIC code              IMPX.L * Performance data is in Total
                                       Return.
                                       ** Performance data is for
                                       undiluted NAV.
  Bloomberg code                IEM LN


TOP TEN HOLDINGS


Company        Holding %   Description                     Country
Regal Beloit         2.9   High efficiency electric motors US
Ormat                2.7   Geothermal                      Israel/US
Clean Harbors        2.7   Hazardous waste                 US
LKQ Corp             2.6   Recycled automotive parts       US
Pall Corp            2.6   Filtration                      US
EDP Renovaveis       2.5   Renewable energy utility        Portugal
Pentair              2.4   Water treatment                 US
Mayr-Melnhof         2.2   Cartonboard                     Austria
Tomra Systems        2.1   Reverse vending machines        Norway
Stericycle           2.0   Hazardous waste management      US

TOTAL               24.7



PORTFOLIO ANALYSIS*



  Geographical          Company Size
  US and Canada     40% >$2bn        21%
  EU and EFTA       44% $200-2bn     61%
  Rest of the World 13% <$200m       15%
  Cash              3%  Cash         3%

  Sectoral              PE ratios
  Energy            41% PER >20x     14%
  Water             24% PER  15-20x  15%
  Waste             32% PER <15x     64%
Cash                3%  Unprofitable 4%
                        Cash         3%
* of funds invested as of 31 March 2009

IMPAX ENVIRONMENTAL MARKETS plc

MANAGER'S COMMENTARY (March 2009)


During March the Company NAV increased by 3.1% compared to the MSCI
World Small Cap which increased by 8.7%.

In renewable energy news, the Chinese government announced a subsidy
for solar installations that will effectively halve system costs. The
subsidy is only for projects of 50kW+ but should significantly boost
installations in a country that supplies much of the world's solar
goods but only accounts for 1% of demand. Japan also announced plans
to boost the domestic solar market from 1trn yen currently to 10trn
yen ($102bn) in 2020, and create 110,000 solar industry jobs. In
Europe, the European Commission announced that ¤105bn will be spent
on 'green economy' initiatives, representing more than 30% of the
regional policy budget for 2007-13, and a threefold increase from the
sum allocated in 2000-06. Some ¤48bn will be directed towards
achieving EU climate change objectives, including renewable energy
projects, clean urban transport, energy efficiency and
environmentally friendly products and production (eco-innovation).
The rest of the sum will be earmarked for water management, waste
management, biodiversity and nature protection initiatives. In energy
efficiency, the European Commission announced plans to require smart
meters to be fitted to 80% of homes by 2020. This should become law
by the end of 2010. In the water sector, the governor of California
declared a state emergency due to drought and requested conservation
measures to avoid total economic losses topping $3bn in 2009 as a
result of water over-consumption and scarcity. In the UK, the
Environment Agency proposed that every home in London and south-east
England should be fitted with a water meter within 6 years, and every
home in England and Wales by 2020. Highlighting the links between
water consumption and GHG emissions, the Agency predicts that water
meters in every household would reduce usage, saving up to 1.6m
tonnes of CO2 each year. In waste news, a group of House Democrats
introduced legislation to authorise the EPA to research better
recycling technologies and the use of more environmentally sensitive
materials to address the growing amount of electronic waste. The bill
would authorise EPA to give grants for e-waste reduction research and
development. According to EPA, there were 1.9m to 2.2m tons of used
or unwanted electronics in 2005, of which only 345,000 to 379,000
tons were recycled.

In the Alternative Energy & Energy Efficiency sector Kingspan
(insulation, Ireland) was up 24% amid signs of improvement in the
housing market. Ormat (geothermal, Israel/US) rose 7% following
strong 2008 results. Epistar (LEDs, Taiwan) rose 17% helped by
reports of relative strength in LED backlights for laptops. In the
Water Technologies & Pollution Control sector Mueller Water
(infrastructure, US) recovered from significant weakness on debt
concerns, up 54% over the month. Similarly, Spice (facilities
management, UK) rose 41% regaining some of the ground recently lost
due to an uncertain 2009 outlook. In Waste Technologies & Resource
Management, Lee & Man (paper recycling, Hong Kong) was up 17% as
investor appetite returned following a period of concern on the
company's outlook, and that of the Chinese economy. In the US, LKQ
(end-of-life vehicle recycling) continued to perform strongly on the
increased use of low-cost alternative automotive parts, rising 6%
during the period. Micro-caps suffered over the period, as did those
issuing uncertain guidance for the year ahead, e.g. Pall and Polypore
(both filtration, US). Cost overruns and financing issues continued
to impact smaller wind project developers, e.g. Canadian Hydro. Wind
turbine manufacturer order postponements have weighed on the
performance of Gamesa (Spain) and Vestas (Denmark).



Latest information available at:


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

16 April 2009

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