Portfolio Update

Impax Environmental Markets PLC
05 January 2005


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

Holding                                                    Country

Itron                                                      United States
Casella Waste Systems                                      United States
BWT                                                        Austria
RPS Group                                                  United Kingdom
Kurita Water Industries                                    Japan
Vestas Wind Systems                                        Denmark
Zenon Environmental                                        Canada
CDS Technologies                                           Australia
Quantum Fuel Systems Technologies Worldwide                United States
Tetra Technologies                                         United States

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


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