Performance at month end

Impax Environmental Markets PLC
7 May 2002

IMPAX ENVIRONMENTAL MARKETS plc


All information is at 30 April 2002 and unaudited


DATA AND PERFORMANCE


Data                                          Pricing & Performance
Total Fund Size (m)                  GBP 50.3                       Net Asset Value   Ord. Share Price
Management fee                           1.0%       Pence (30/4/02)       100.6             102.75
Established                  22 February 2002
Fund structure               Investment Trust           Performance
Number of stocks held                      41           1 month (%)       -4.3%             -1.0%
Exchange                               London          3 Months (%)        na                 na
Currency                                  GBP            1 year (%)        na                 na
ISIN Number                      GB0031232498      Since launch (%)       +2.4%             +2.75%
Sedol                                 3123249
Reuters RIC Code                        IEM.L
Bloomberg Code                         IEM LN




TOP TEN HOLDINGS


Company                             Holding %           Description               Country
Vestas Windsystems                        9.1           Wind                      Denmark
Vivendi Environnement                     7.1           Water & Waste             France
Ballard Power                             6.0           Fuel Cells                Canada
Astropower                                4.8           Solar                     US
Nordex                                    4.7           Wind                      Germany
FuelCell Energy                           4.4           Fuel Cells                US
Insituform                                3.7           Water                     US
Kurita Water                              3.2           Water                     Japan
NEG Micon                                 3.2           Wind                      Denmark
Tomra Systems                             3.2           Waste                     Norway
                     Total               49.4



PORTFOLIO ANALYSIS


Portfolio Analysis- Geographical*   Portfolio Analysis- Company Size*     Portfolio Analysis - Sectoral
North America              49%      >£500m                   39%          Energy               50%
Europe                     46%      £100-500m                54%          Water                29%
Rest of the World          5%       <£100m                   7%           Waste                17%
                                                                          Cash                 4%
* of funds invested as of April 02



MANAGER'S COMMENTARY


During the month of April, the Company performed in line with global markets as
the NAV fell -4.3% compared with the MSCI World Index which fell -5.7%.  It is
also interesting to compare the fund's performance with that of the Impax ET50
(an index of the fifty largest Environmental Markets companies) which fell by -
5.8% during the last month.  There have been a number of interesting
developments for global Environmental Markets during April 2002 and some of the
major news items for the energy, water and waste sectors are shown below.


Last month there was further developments in US energy policy that should favour
the alternative energy companies with the passing of a revised version of the
national energy program by the Senate. The key items of the Bill include a 5-
year extension to the 1.5 c/kWh tax credit (PTC) for wind energy producers
(favouring Vestas, NEG Micon & Nordex) and a call on utilities to increase
electricity generation from renewables from 2% to 10% in 2010 (Astropower). 
There are also significant tax incentives for alternative fuels (Abengoa), fuel
cell vehicles (Ballard Power), and energy efficiency.  While adjustments may be
made in the coming months as the President seeks to integrate the
recommendations from the Senate and the House, an Energy Bill favourable to
alternative energy is now expected to be passed later this year. There were
commercial sales of stationary fuel cells to 'early adopters' during April as
FuelCell Energy sold two 250 kW units to Sheraton Hotels and Plug Power
confirmed the sale of 17 additional 5 kW fuel cells to the Long Island Power
Authority -although only small volumes, these developments highlight the
emergence of the distributed generation market.


In the water sector, there have been announcements from all the main companies
active in the UV disinfection market confirming the high growth potential of
this market.  Trojan Technologies successfully completed a C$18m equity
financing on the back of strong second quarter results while both Wedeco AG and
Calgon Carbon also confirmed their high growth rate expectations for the UV
disinfection market of between 20 and 30% per annum.


The main news in the European waste sector was the announcement that Seche
Environnement is acquiring a controlling stake in Tredi Environnement to form
one of the largest waste processing and recovery companies in France. The move
is likely to reinforce Seche Environnement's strategic position as a leading
player in the European waste management industry.


In the UK budget, the environmental technology industry was given a boost this
month with the announcement of further measures to promote environmental
protection. Key measures included an exemption from the Climate Change Levy for
electricity generated by good quality combined heat and power (CHP) and coal
mine methane, enhanced capital allowances for investment in small-scale
environmental technologies, and additional incentives to promote the development
of cleaner and zero-emission vehicles.




Latest information available at: www.impax.co.uk/asset


7 May 2002



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