RNS Number:9954T
Impax Environmental Markets PLC
08 January 2004

IMPAX ENVIRONMENTAL MARKETS plc



All information is at 31 December 2003 and unaudited



DATA AND PERFORMANCE


Data                                      Pricing & Performance
Price (pence)                        55.5                         IEM            MSCI         Impax

                                                            Net Asset Value      World         ET50
Total Fund Size (m)                  33.1  Pence (31.12.03)       66.3            n/a          n/a
Management fee                       1.0%
Established              22 February 2002       Performance
Fund structure           Investment Trust       1 month (%)      +1.1%           +2.0%        +2.2%
Number of stocks                       56      3 Months (%)      +5.2%           +5.7%        +4.9%
held
Exchange                           London        1 year (%)      +21.7%         +17.6%        +18.3%
Currency                              GBP  Year to date (%)      +21.7%         +17.6%        +18.3%
ISIN Number                  GB0031232498
Sedol                             3123249
Reuters RIC Code                    IEM.L
Bloomberg Code                     IEM LN



TOP TEN HOLDINGS


Company                        Holding %      Description                  Country
RPS Group                            4.3      Environmental consulting     UK
Casella Waste                        3.9      Waste disposal & recycling   US
BWT                                  3.7      Water treatment              Austria
Vestas Wind Systems                  3.6      Wind                         Denmark
Wedeco                               3.6      UV disinfection              Germany
Ionics                               3.4      Water treatment              US
Tetra Tech                           3.4      Environmental consulting     US
Hydrogenics                          3.2      Fuel cells                   Canada
Shanks                               2.8      Waste management             UK
Trojan Tech                          2.7      UV disinfection              Canada

                 Total              34.6



PORTFOLIO ANALYSIS*


Geographical                         Company Size
North America             53%        >#500m                  22%
Europe                    41%        #100-500m               57%
Rest of the World          6%