Listing Rule 21.20(l)(ii)

Impax Environmental Markets PLC
02 April 2004


Impax Environmental Markets Plc announces that its top ten holdings as at 31
March 2004 were as follows:-

Holding                                          Country

Vestas Wind Systems                              Denmark
Casella Waste Systems                            United States
BWT                                              Austria
Trojan Technology                                Canada
Ionics                                           United States
RPS Group                                        United Kingdom
Itron                                            United States
Tetra Tech                                       United States
Shanks Group                                     United Kingdom
Kurita Water Industries                          Japan

No other investments were held on 31 March 2004 which represented more than 5%
of gross assets.




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