Listing Rule 21.20(l)(ii)

Impax Environmental Markets PLC
05 January 2004


The below announcement was previously released under RNS number 8437T at 15:11
on 5 January 2004. Please note the amended headline, all other details remain
unchanged.


Impax Environmental Markets Plc announces that its top ten holdings as at 31
December 2003 were as follows:-

Holding                                        Country

RPS Group                                      United Kingdom
Casella Waste Systems                          United States
Vestas Wind Systems                            Denmark
Wedeco                                         Germany
Ionics                                         United States
BWT                                            Austria
Tetra Tech                                     United States
Hydrogenics                                    Canada
Shanks Group                                   United Kingdom
Trojan Technology                              Canada



No other investments were held on 31 December 2003 which represented more than
5% of gross assets.







                      This information is provided by RNS
            The company news service from the London Stock Exchange