Portfolio update

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



Holding                     Country

Itron Inc                   United States
LKQ Corp                    United States
Chloride Group              United Kingdom
Regal Beloit                United States
Vestas Wind Systems         Denmark
Gamesa Corp Technologica SA Spain
Tomra Systems ASA           Norway
Abengoa                     Spain
Vacon OJY                   Finland
Kurita Water                Japan


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

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