New fund launched

Impax Group PLC
09 December 2004






9 December 2004


                    Impax Group plc announces the launch of
      Impax Environmental Markets (Ireland), an open-ended investment fund
                      with £16.3 million of initial capital

Impax Asset Management Limited ('IAM'), a wholly owned subsidiary of Impax Group
plc, announces that it has successfully concluded the initial offer of 16.3
million shares at the offer price of £1 each in Impax Environmental Markets
(Ireland) ('the fund'), an open ended investment fund, with institutional and
certain other selected investors. IAM will manage the fund.

The fund has been formed to enable investors to benefit from the rapid and
sustained growth anticipated by the directors in the markets for cleaner or more
efficient delivery of basic services of energy, water and waste, collectively
'environmental markets'. The fund will invest predominately in quoted companies
which provide, utilise, implement or advise upon technology-based systems,
products or services in environmental markets, particularly those of alternative
energy and energy efficiency, water treatment and pollution control and waste
technology and resource management.

IAM is also the manager of Impax Environmental Markets plc ('IEM'), an
investment trust quoted on the London Stock Exchange, which invests in the same
portfolio of shares as the fund. In the year to 30 November 2004, IEM's net
asset value rose 12.2%, an out-performance over the MSCI World Index, which rose
1.9% over the same period.

Commenting on the launch of the fund today, Ian Simm, Managing Director of Impax
Asset Management said:

'Impax has established a solid reputation as a specialist investment manager in
the environmental markets sector. Following the strong performance of the Impax
investment trust, Impax Environmental Markets (Ireland) will provide investors
with access to our portfolio of stocks through an open-ended investment vehicle.
We are delighted by the level of support we have received for the fund, and are
encouraged by the number of attractive investment opportunities.'

Enquiries:

Impax Group plc                     Tel: [phone]
Ian Simm
Bruce Jenkyn-Jones







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