Performance at month end

Impax Environmental Markets PLC 03 November 2004 The following replaces the 'Performance at month end' announcement released on 03 November 2004 at 12:56hrs under RNS: 8109E. Performance 3 Months(%) under the MSCI World Index should read +3.7% and not -3.7% as previously reported. Performance 1 year (%) under the Impax ET50 Index should read -2.6% and not +2.6% as previously reported. All other details remain unchanged. The full amended text appears below. MPAX ENVIRONMENTAL MARKETS plc All information is at 31 October 2004 and unaudited DATA AND PERFORMANCE Data Pricing & Performance IEM MSCI Impax Share Price (pence) 66.5 Net Asset Value World ET50 Total Fund Size (m) 35.5 Pence (31.10.04) 70.9 n/a n/a Management fee 1.0% Premium/discount -6.2% Established 22 February 2002 Fund structure Investment Trust Performance Number of stocks 60 1 month (%) +3.5% +1.1% +0.1% held Exchange London 3 Months (%) +7.4% +3.7% +3.2% Currency GBP 1 year (%) +5.8% +3.2% -2.6% ISIN Number GB0031232498 2 year (%) +28.9% +15.7% +10.3% Sedol 3123249 Year to date (%) +7.0% +1.1% -2.3% Reuters RIC Code IEM.L Bloomberg Code IEM LN TOP TEN HOLDINGS Company Holding % Description Country Itron 3.5 Meters & software US RPS Group 3.5 Environmental consulting UK Casella Waste 3.3 Waste disposal & recycling US Ionics 3.3 Water treatment US Vestas Wind Systems 3.1 Wind Denmark Kurita Water 2.9 Water treatment Japan Zenon Environmental 2.8 Membranes Canada BWT 2.6 Water treatment Austria Shanks 2.6 Waste management UK Quantum Fuel 2.4 Fuel cells & hydrogen US Total 30.0 PORTFOLIO ANALYSIS* Geographical Company Size North America 52% >£500m 17% Europe 39% £100-500m 61% Rest of the World 9% <£100m 22% Sectoral Profitability Energy 34% Profitable 88% Water 34% Pre-Profitable 12% Waste 31% Cash 1% * of funds invested as of 31 October 2004 MANAGER'S COMMENTARY (October 2004) The Company NAV was up +3.5% during the month compared with the MSCI World Index which increased +1.1% and the Impax ET50, which increased +0.1%. Markets were led by an unusual combination of utilities and technology while healthcare continued to underperform. The price of oil rose to another all-time high (Brent Crude $51.6 per bbl) before falling back at the end of the month. Specific developments in EM during the month are discussed below. It has been another positive month in the alternative energy sector. Companies operating in power electronics and uninterruptible power supply (UPS) markets such as Active Power (flywheels, US), Chloride (UPS, UK) and Vacon (frequency converters, Finland) all reported strong results with a favourable outlook. Itron (meters & utility software, US) upgraded its expectations and confirmed the ongoing success of integrating the Schlumberger metering business, while Quantum Fuel (fuel cells & hydrogen, US) supplied a fuel cell vehicle to the US Army and, together with GM, announced the successful adaption of the HUMMER to run on hydrogen fuel. In the wind sector, Siemens announced that it is to acquire the privately owned Danish turbine manufacturer Bonus for an undisclosed sum (estimated as €200-300 million); the American Wind Energy Association reported that its capacity estimates for 2004 were slightly ahead of many analysts' estimates (though down on 2003); and Vestas (wind turbines, Denmark) announced several large orders in Spain and Italy but also that its CEO (Svend Sigaard) will leave the company in June 2005. Elsewhere, Impco Technologies (clean engines, US) announced that it is to acquire the remaining 50% of BRC (clean engines, private, Italy) to create a fully integrated global offering to its OEM customers. Water treatment and pollution control markets continue to be strong. In North America, Badger Meter (water meters, US) reported strong results, the turnaround of Insituform Technologies (trenchless sewer repair, US) continued with both margins and backlog both increasing, and Pure Technologies (infrastructure monitoring, Canada) announced a large project for a water pipeline in Arizona. In Europe, BWT (water treatment, Austria) reported strong growth for all of its products and forecasted strong growth for the next twelve months. Finally in Asia, Horiba (environmental testing & monitoring, Japan) raised its forecast for the year and Global Power Equipment (pollution control) reported an increased backlog with the bulk of the orders coming from the Asian market. In summary, the capital spending environment in the water and pollution control sector remains strong and we expect this to continue into 2005. The hazardous waste markets have been in focus during the month. Stericycle's (clinical waste, US) results met expectations despite the hurricanes in North America and rising energy prices, and Seche Environnement (hazardous waste, France) reported good growth in the French market. New legislation to promote the recycling of waste electrical and electronic equipment (WEEE) is creating interesting market opportunities. Citiraya (WEEE recycling, Singapore) reported strong results and announced an investment in a new facility in South Wales, while Sims Group (recycling, private, UK) acquired a WEEE recycling company, MIREC, with operations across Europe. Other news included the IPO of the Abengoa (EM conglomerate, Spain) subsidiary Telvent (utility software, Spain) on Nasdaq, an increase in margins for Novozymes (industrial enzymes, Denmark) and a minor profit warning followed by an acquisition from LKQ (vehicle recycling, US). Latest information available at: www.impax.co.uk/asset/iemdown.htm 3 November 2004 Visit our website at http://www.pro-asset.com/ This information is provided by RNS The company news service from the London Stock Exchange MSCQKNKKOBDDFDK
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