New fund

Impax Group PLC
22 February 2002

                          New fund raises £50 million

The Company is pleased to announce that the placing by Impax Environmental
Markets plc, a new investment fund managed by Impax Asset Management Limited,
has raised £50 million from a broad range of institutions and other investors.
Shares in Impax Environmental Markets plc were admitted to the Official List
earlier today and began trading on the London Stock Exchange this morning.

22 February 2002


Enquiries:

Ian Simm, Director                                            Tel: [phone]
Impax Group plc


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