Net Asset Value(s)

Impax Environmental Markets plc announces that as at the close of
business on 23 January 2006 its net asset value (NAV) was £116.769
million, representing an undiluted NAV per ordinary share of
97.68p.   The diluted NAV per ordinary share (assuming full
conversion of all outstanding warrants) was 97.41p.

The investments in the Company's portfolios have been valued at bid
prices in the above calculations.




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