Re Contract

Impax Group PLC
25 March 2003

Impax Group plc is pleased to announce that its investment management
subsidiary, Impax Asset Management Ltd. ('IAM') has been selected as manager of
The Recycling Fund, a £5 million venture capital fund targeting the recycling
sector in the UK. The Recycling Fund is sponsored by the Waste and Resources
Action Programme (WRAP), a company established by the Government to promote
sustainable waste management in the UK. IAM's appointment will commence when the
Fund is launched and is subject to contract.



Commenting Ian Simm, managing director of IAM said:



'We are delighted to be selected by WRAP to manage The Recycling Fund. This
appointment enables us to build on our venture capital experience managing funds
for the International Finance Corporation, and further extends our assets under
management.'



Enquiries:


Ian Simm,              020 7434 1122
Impax Group plc










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