Portfolio update - amendment

The following announcement replaces the Hugin announcement made on
the 4 July 2005 at 15:56. Quantum Fuel Systems Technologies Worldwide
and Esco Technologies should have been included in the top ten
holdings and not Pentair and Horiba. All other information remains
unchanged.


Impax Environmental Markets Plc announces that its top ten holdings
as at 30 June 2005 were as follows:-


Holding                                     Country

RPS Group                                   United Kingdom
Kurita Water Industries                     Japan
Casella Waste Systems                       United States
Vestas Wind Systems                         Denmark
Zenon Environmental                         Canada
Itron                                       United States
Pall Corporation                            United States
Quantum Fuel Systems Technologies Worldwide United States
LKQ Corporation                             United States
Esco Technologies                           United States




No other investments were held on 30 June 2005 which represented more
than 5% of gross assets.




---END OF MESSAGE---