Performance at month end

IMPAX ENVIRONMENTAL MARKETS plc

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

DATA AND PERFORMANCE


  Data                                 Pricing and Performance
                                                          IEM   MSCI
                                                          Net   World
                                                         Asset  Small
  Share price (pence)            96.88                   Value  Cap*
  Warrants (pence)            GBP 15.0
  Total fund size (m)        GBP 312.8       Diluted NAV 102.14  n/a
                                                 (pence)
  Market capitalisation      GBP 295.6  Premium/discount -5.49
(m)                                                  (%)
  Management fee (%)               1.0     Undiluted NAV 102.51
                                                 (pence)
  Established              22 February     Performance**
                                  2002
  Fund structure            Investment       1 month (%)  -0.4  -0.7
                                 Trust
  Number of holdings                90      3 months (%) +17.4  +11.4
  (including unlisted)
  Exchange                      London        1 year (%) -17.9  -11.0
  Currency                         GBP       3 years (%)  -0.5  -16.0
  ISIN number             GB0031232498       5 years (%) +48.2  +16.1
  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                2.5   Geothermal                       Israel/US
Clean Harbors        2.3   Hazardous waste                  US
Regal Beloit         2.3   High efficiency electric motors  US
Gamesa               2.2   Wind turbine manufacturer        Spain
EDP Renovaveis       2.1   Renewable energy utility         Portugal
                           Environmental monitoring &
Horiba               2.1   testing                          Japan
Chloride Group       2.1   UPS systems                      UK
LKQ                  2.1   Industrial enzymes               Denmark
Pentair              2.1   Water treatment                  Japan
Sims Group           2.0   Metals recycling                 Australia
`
TOTAL               21.8



PORTFOLIO ANALYSIS*



  Geographical          Company Size
  US and Canada     38% >$2bn        28%
  EU and EFTA       44% $200-2bn     55%
  Rest of the World 14% <$200m       13%
  Cash              4%  Cash         4%

  Sectoral              PE ratios
  Energy            43% PER >20x     30%
  Water             23% PER  15-20x  33%
  Waste             30% PER <15x     30%
Cash                4%  Unprofitable 3%
                        Cash         4%
* of funds invested as of 30 June 2009

IMPAX ENVIRONMENTAL MARKETS plc

MANAGER'S COMMENTARY (June 2009)


During June the Company NAV decreased by 0.4% compared to the MSCI
World Small Cap which decreased by 0.7%.

In legislative developments the US House of Representatives passed  a
bill approving a federal cap-and-trade system for CO2 emissions,  and
a national  renewable electricity  standard. The  bill would  require
utilities to source 6% of their electricity from renewables by  2012,
scaling up  to  20% by  2020  (with  a 5%  provision  for  efficiency
improvements).  The  cap-and-trade  programme  aims  to  reduce   GHG
emissions in the US by 17% below  2005 levels by 2020. The bill  will
now go to  the Senate  for consideration, where  it is  likely to  be
modified. In addition  solar saw  further Asian  stimulus as  Jiangsu
Province has become the first  Chinese province to set fixed  feed-in
tariffs  for  solar  power  to  help  lower  the  electricity  prices
generated from solar farms. The US Department of Energy has issued  a
USD 3.9bn call for smart grid project proposals and has increased the
maximum size of  the grants  it will  award under  the programme.  In
Water & Pollution  Control, the  US Senate approved  the Clean  Water
Restoration Act. The bill would remove  any bounds from the scope  of
Clean Water Act jurisdiction, so that the regulatory reach of the act
would extend  to  all  water.  Also  in  the  US,  the  Environmental
Protection Agency reversed an  earlier Bush administration  decision,
to enable California to enforce  a state-level GHG emission  standard
for new cars  and trucks for  model years 2009  and after. In  Japan,
Prime Minister  Taro Aso  has  pledged to  cut the  country's  carbon
emissions by 15% from 2005 levels by 2020.

In Alternative Energy & Energy Efficiency, project specific news
boosted Canadian Hydro (wind and hydro developers, Canada), up 21%
following the opening of a 198MW wind facility. Smaller cap companies
reversed a long period of underperformance, benefiting Westport
(natural gas engines, Canada) and Active Power (flywheels, US), up
48% and 76% respectively. In Water & Pollution Control, Kurita Water
(water purification, Japan) rose 19% based on market perception that
the closely linked semiconductor industry has reached its cyclical
low. In Waste Technologies & Resource Management, further signs of a
recovery in commodity prices benefited both Sims (metal recycling,
Australia) and Covanta, rising 11% and 13% respectively. Finally, in
the first sign of acquisition activity, Energy Developments
(renewable IPP, Australia) has received multiple takeover offers,
driving share price gains. Wind and solar energy related stocks
disappointed during the month, as visibility on the timing of
stimulus fund allocation into the US renewable energy market remained
unclear. As a result, Sunpower (solar, US) disappointed, while
concerns over the availability of project finance, and pricing
pressure added to stimulus fund uncertainty to weigh on the
performance of wind turbine stocks Gamesa (Spain) and Vestas
(Denmark).



Latest information available at:


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

14 July 2009

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