Performance at month end

IMPAX ENVIRONMENTAL MARKETS plc

All information is at 30 November 2005 and unaudited

DATA AND PERFORMANCE


Data                               Pricing & Performance
                                                     IEM  MSCI  Impax
                                                     Net  World ET50
                                                    Asset
Share Price (pence)           92.6                  Value
Total Fund Size (m)       GBP 45.4 Pence (30.11.05) 90.8   n/a   n/a
Market Capitalisation     GBP 46.3 Premium/discount +2.0
(m)
Management fee                1.0%
Established            22 February      Performance
                              2002
Fund structure          Investment      1 month (%) +4.1  +5.5  +2.1
                             Trust
Number of stocks held           68     3 Months (%) +0.5  +7.1  -1.0
Exchange                    London       1 year (%) +22.2 +20.7 +23.2
Currency                       GBP       3 year (%) +53.2 +32.9 +30.4
ISIN Number           GB0031232498 Year to date (%) +18.7 +16.8 +18.4
Sedol                      3123249
Reuters RIC Code             IEM.L
Bloomberg Code        IEM LN


TOP TEN HOLDINGS


Company        Holding %   Description                Country
Casella Waste        3.0   Waste disposal & recycling US
Itron                3.0   Meters & software          US
Kurita Water         2.9   Water treatment            Japan
RPS Group            2.8   Environmental consulting   UK
LKQ                  2.7   Automotive recycling       US
Stericycle           2.5   Clinical waste             US
Pentair              2.5   Water treatment            US
Pall Corp            2.4   Filtration                 US
Chloride Group       2.3   UPS systems                UK
Horiba               2.2   Environmental testing      Japan

Total               26.3


PORTFOLIO ANALYSIS*


Geographical           Company Size
North America       50%  >£500m          38%
Europe              41%  £100-500m       42%
Rest of the World   9%   <£100m          20%

Sectoral               Profitability
Energy              39%  Profitable      88%
Water               28%  Pre-Profitable  12%
Waste               31%
Cash                2%
* of funds invested as of 30 November 2005














MANAGER'S COMMENTARY (November 2005)


The Company NAV was up 4.1% over the month compared to the MSCI World
which gained 5.5%, and the Impax ET50, which rose 2.1% over the same
period.  Within the broader equity markets, technology and general
industries were the best performing sectors.  In Japan, the Nikkei
225 rose an impressive 9.3%.

During the month the International Energy Agency published a report
forecasting energy demand to grow by more than 50% by 2030.  Under
the scenario Saudi Arabia would have to invest $174 billion on oil
and gas projects, reversing the spending cuts of the late 1980s and
1990s, in order to avoid a global energy crisis.  Against this
backdrop, global investment in renewable energy hit a record $30
billion last year, according to a Worldwatch Institute report.  In
Germany, MTU CFC and RWE announced plans for the first wastewater
plant to be powered by fuel cells operating on anaerobic digester
gas.  Excess electricity will be supplied to the grid whilst the heat
byproduct will be used to operate the plant's digestion tower.  In
the UK, the government continues to support emerging renewable
technologies, with the announcement of a £50m program to support wave
and tidal energy.  Former Energy Minister Mike O'Brien who announced
the scheme predicted that the first large-scale wave and tidal power
projects in the UK could be generating electricity within 3 years.
Within the corporate sector, solar companies continue to raise funds,
with SunPower joining the Nasdaq after a $140 million IPO.  Siemens
announced the acquisition of AN Windenergie, a German turbine
supplier and project developer, having bought Bonus Energy in
December 2004.  As with General Electric, the company is rolling out
its business activities across environmental markets.  Last month it
bought Wheelabrator Air Pollution Control, a US supplier of flue gas
desulphurisation systems, and this month it also announced a deal in
Japan with Meidensha to develop and market a solid oxide fuel cell
system.

The main contributors to performance were Horiba (+20%), Pentair
(+18%) and Chloride (+18%).  On the downside Vestas (wind, Denmark)
fell 30% on a profit warning.  We had been aware of some component
supply difficulties in the industry but were surprised by the extent
to which this had affected Vestas.  Quantum (hydrogen systems, US)
was down 23% on continued uncertainty within the automotive sector.

During the month we participated in IPO's for Biopetrol (biofuels,
Germany) and Amiad Filtration (water filtration, Israel).



Latest information available at: www.impax.co.uk/asset/iemdown.htm

13 December 2005




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