Investment Policy

Impax Environmental Markets PLC
17 October 2003


The Board of Impax Environmental Markets plc notes the publication of the
Investment Entities (Listing Rules and Conduct of Business) Instrument 2003,
following consultation paper CP164 and confirms that no change will be made to
the company's investment objective which is 'to enable investors to benefit from
rapid and sustained growth anticipated by the directors in the markets for
cleaner or more efficient delivery of basic services of energy, water and waste.
Investments are made predominantly in quoted companies which provide, utilise,
implement or advise upon technology-based systems, products or services in
environmental markets, particularly those of alternative energy and energy
efficiency, water treatment and pollution control, and waste technology and
resource management. '

The company's policy is not to invest more than 15% of its gross assets in UK
listed investment companies.


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