Performance at month end

IMPAX ENVIRONMENTAL MARKETS plc

All information is at 30 April 2009 (unless otherwise stated) and
unaudited.

DATA AND PERFORMANCE


  Data                                 Pricing and Performance
                                                          IEM   MSCI
                                                          Net   World
                                                         Asset  Small
  Share price (pence)             90.6                   Value  Cap*
  Warrants (pence)              GBP 13
  Total fund size (m)        GBP 305.0       Diluted NAV  99.9   n/a
                                                 (pence)
  Market capitalisation      GBP 276.1  Premium/discount  -9.5
(m)                                                  (%)
  Management fee (%)               1.0     Undiluted NAV 100.1
                                                 (pence)
  Established              22 February     Performance**
                                  2002
  Fund structure            Investment       1 month (%) +14.7  +12.8
                                 Trust
  Number of holdings                88      3 months (%)  +5.7  +10.7
  (including unlisted)
  Exchange                      London        1 year (%) -20.2  -14.4
  Currency                         GBP       3 years (%) -13.0  -22.0
  ISIN number             GB0031232498       5 years (%) +47.1  +20.8
  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
Ormat                2.9   Geothermal                      Israel/US
LKQ Corp             2.6   Recycled automotive parts       US
Regal Beloit         2.5   High efficiency electric motors US
Clean Harbors        2.4   Hazardous waste                 US
Pall Corp            2.4   Filtration                      US
Chloride Group       2.3   UPS systems                     UK
Pentair              2.3   Water treatment                 US
Gamesa               2.2   Wind turbine manufacturer       Spain
Nibe                 2.2   Heat pumps                      Sweden
Kurita               2.1   Water treatment                 Japan

TOTAL               23.9



PORTFOLIO ANALYSIS*



  Geographical          Company Size
  US and Canada     40% >$2bn        25%
  EU and EFTA       43% $200-2bn     61%
  Rest of the World 14% <$200m       11%
  Cash              3%  Cash         3%

  Sectoral              PE ratios
  Energy            43% PER >20x     22%
  Water             24% PER  15-20x  33%
  Waste             30% PER <15x     38%
Cash                3%  Unprofitable 4%
                        Cash         3%
* of funds invested as of 30 April 2009

IMPAX ENVIRONMENTAL MARKETS plc

MANAGER'S COMMENTARY (April 2009)


During April the Company NAV increased by 14.7% compared to the MSCI
World Small Cap which increased by 12.8%.

In energy news a key US House of Representatives committee drafted an
energy bill including a 25% by 2025 renewable energy standard, a
cap-and-trade programme for CO2, energy efficiency and carbon capture
and storage provisions. The bill is expected to move to the full
House floor in late May, and the Senate is expected to respond with
its own proposals in the coming months. In China, media reports
announced that the recent economic stimulus package has benefited
efforts to reduce energy use. The amount of energy needed to generate
a unit of gross domestic product fell 2.89% in the first quarter from
a year earlier. In water news, a European Commission report found
that climate change could cause rainfall to drop by up to 40% across
the region by the end of the century, with food harvests threatened
with a 30% fall due to water scarcity. In waste news, car scrapping
schemes gained a lot of attention as Germany announced plans to
treble the size of its subsidy scheme for motorists to trade old cars
for new ones. In Japan, a vehicle scrap incentive was included in a
$154bn stimulus package, and the UK government announced a version of
the scheme in its latest budget.

In the Alternative Energy & Energy Efficiency sector wind turbine
manufacturers performed strongly: Vestas (Denmark) rose 51% following
a successful share placing, and Gamesa (Spain) was up 49% largely on
the back of Vestas' optimistic outlook for 2009. Kingspan
(insulation, Ireland) continued to outperform, up 43% based on early
cycle housing market exposure and a compelling valuation. In the
Water Technologies & Pollution Control segment companies reporting
better than expected results outperformed, Badger Meter (AMR, US) was
up 35%; and Dionex (testing and measuring, US) rose 33%. Polypore
(filtration/battery separators, US) rose 88% on exposure to early
cycle automotive end markets. In Waste Technologies & Resource
Management, Energy Developments (waste-to-energy, Australia) was up
38% following positive news of an advanced national renewable energy
target. LKQ continued to perform strongly on the increasing use of
low-cost alternative auto parts, rising 19%. On the negative side,
wind IPP EDP Renovaveis (Portugal) underperformed due to profit
taking following Q1 outperformance, and Itron (advanced metering, US)
suffered due to debt concerns. In Australia, Transpacific (integrated
waste management) remained suspended pending a satisfactory solution
to refinancing requirements.




Latest information available at:


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

20 May 2009

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