Portfolio Update

Impax Environmental Markets PLC
04 October 2004


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

Holding                                          Country

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

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




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