Pax World Launches Global Green Fund

Fund to Focus on Investing in Environmental Leaders and Markets

PORTSMOUTH, N.H. – March 31, 2008 – Pax World Management Corp., investment adviser to Pax World Funds ("Pax"), which launched the nation's first socially responsible mutual fund in 1971, today announced that it has added the Pax World Global Green Fund to its family of fund offerings, providing shareholders access to one of the fastest-growing segments of the investment market.

The Pax World Global Green Fund invests in environmental leaders around the globe, across sectors and market capitalizations, seeking to take advantage of the rapid expansion of environmental markets – including alternative energy and energy efficiency; water treatment and pollution control; and waste technology and resource management. The Fund is managed by London-based sub-advisor Impax Asset Management, one of the world's leading specialist environmental asset managers. Impax CEO Ian Simm heads the team of 13 portfolio managers and research analysts of the Pax World Global Green Fund.

"We are pleased to partner with Impax in the management of the Global Green Fund," said Pax President and CEO Joe Keefe. "The Impax investment team has been working together for almost a decade and has a unique depth of experience in the environmental sector. We believe this fund allows investors to gain exposure to leaders in environmental technology and solutions – including alternative energy – without the volatility sometimes associated with more narrowly focused, alternative energy funds."

"We are very excited to partner with Pax to bring this investment strategy to the United States for the first time," said Mr. Simm. "Impax sees a significant opportunity to invest in companies that are forward-thinking in addressing pressing environmental problems, and as a result are growing or have the potential to grow at a tremendous pace."

About Impax Group PLC
Impax was founded in 1994 as a specialist finance house focusing on the markets for cleaner or more efficient delivery of basic services of energy, water and waste. These markets are expanding rapidly, as business and political leaders encourage the development of cleaner products and services in response to the increasing pressures placed on the environment. Impax's dedicated team of professionals, with many years of experience in the financial and environmental sectors, is ideally placed to understand and take advantage of the investment opportunities arising from these growing markets. Acting through its wholly owned subsidiary Impax Asset Management Ltd, Impax manages or advises over US $2 billion of assets as at 28 March 2008 for institutional and private investors, across a range of listed and private equity funds. Impax is listed on the Alternative Investment Market of the London Stock Exchange.

For more information please visit: www.impax.co.uk

For more information, contact Cosabeth Bullock at 617.933.5277 and cbullock@solomonmccown.com, or Ashley McCown at 617.933.5012 and amccown@solomonmccown.com.