Listing Rule 21.20 (l)(ii)

Impax Environmental Markets PLC
02 July 2004

Impax Environmental Markets Plc announces that its top ten holdings as at 30
June 2004 were as follows:-

Holding                                          Country

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

No other investments were held on 30 June 2004 which represented more than 5% of
gross assets.


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