Warrant subscription

Warrant subscription

Impax Environmental Markets plc announces that on the first
subscription date of 15 June 2006 3,295,508 Warrants were exercised
in respect of 3,295,508 Ordinary Shares which will be allotted at a
subscription price of 96p per Ordinary Share.

Applications will be made to the UK Listing Authority for the above
Ordinary Shares to be admitted to the Official List and to the London
Stock Exchange for the above Ordinary Shares to be admitted to
trading.

Upon admission of the above Shares to the Official List and to
trading on the London Stock Exchange, the Company will have
130,887,352 Ordinary Shares and 19,814,382 Warrants in issue.

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