Portfolio update

Impax Environmental Markets Plc announces that its top ten holdings
as at 31 December 2007 were as follows:-



Holding                     Country


Clean Harbors               United States

Pall Corporation            United States

Gamesa Corp Technologica SA Spain

Itron Inc                   United States

Mayr Melnhof Karton AG      Austria

Ormat Technologies Inc      United States

Regal Beloit                United States

Tomra Systems ASA           Norway

Lassila & Tikanoja OJY      Finland

Vestas Wind Systems         Denmark


No other investments were held on 31 December 2007 which represented
more than 5% of gross assets.

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