Performance at month end

Impax Environmental Markets PLC
03 November 2004



The following replaces the 'Performance at month end' announcement released on
03 November 2004 at 12:56hrs under RNS: 8109E.


Performance 3 Months(%) under the MSCI World Index should read +3.7% and not 
-3.7% as previously reported. Performance 1 year (%) under the Impax ET50 Index 
should read -2.6% and not +2.6% as previously reported.


All other details remain unchanged.  The full amended text appears below.



MPAX ENVIRONMENTAL MARKETS plc

All information is at 31 October 2004 and unaudited


DATA AND PERFORMANCE

Data                                      Pricing & Performance

                                                                  IEM            MSCI         Impax
Share Price (pence)                  66.5                   Net Asset Value      World         ET50
Total Fund Size (m)                  35.5  Pence (31.10.04)       70.9            n/a          n/a
Management fee                       1.0%  Premium/discount      -6.2%
Established              22 February 2002
Fund structure           Investment Trust       Performance
Number of stocks                       60       1 month (%)      +3.5%           +1.1%        +0.1%
held
Exchange                           London      3 Months (%)      +7.4%           +3.7%        +3.2%
Currency                              GBP        1 year (%)      +5.8%           +3.2%        -2.6%
ISIN Number                  GB0031232498        2 year (%)      +28.9%         +15.7%        +10.3%
Sedol                             3123249  Year to date (%)      +7.0%           +1.1%        -2.3%
Reuters RIC Code                    IEM.L
Bloomberg Code                     IEM LN


TOP TEN HOLDINGS

Company                     Holding %      Description                  Country

Itron                             3.5      Meters & software            US
RPS Group                         3.5      Environmental consulting     UK
Casella Waste                     3.3      Waste disposal & recycling   US
Ionics                            3.3      Water treatment              US
Vestas Wind Systems               3.1      Wind                         Denmark
Kurita Water                      2.9      Water treatment              Japan
Zenon Environmental               2.8      Membranes                    Canada
BWT                               2.6      Water treatment              Austria
Shanks                            2.6      Waste management             UK
Quantum Fuel                      2.4      Fuel cells & hydrogen        US

              Total              30.0


PORTFOLIO ANALYSIS*

Geographical                         Company Size
North America             52%        >£500m                  17%
Europe                    39%        £100-500m               61%
Rest of the World          9%        <£100m                  22%

Sectoral                             Profitability
Energy                    34%        Profitable              88%
Water                     34%        Pre-Profitable          12%
Waste                     31%
Cash                       1%
* of funds invested as of 31 October 2004



MANAGER'S COMMENTARY (October 2004)


The Company NAV was up +3.5% during the month compared with the MSCI World Index
which increased +1.1% and the Impax ET50, which increased +0.1%.  Markets were
led by an unusual combination of utilities and technology while healthcare
continued to underperform.  The price of oil rose to another all-time high
(Brent Crude $51.6 per bbl) before falling back at the end of the month. 
Specific developments in EM during the month are discussed below.

It has been another positive month in the alternative energy sector. Companies
operating in power electronics and uninterruptible power supply (UPS) markets
such as Active Power (flywheels, US), Chloride (UPS, UK) and Vacon (frequency
converters, Finland) all reported strong results with a favourable outlook. 
Itron (meters & utility software, US) upgraded its expectations and confirmed
the ongoing success of integrating the Schlumberger metering business, while
Quantum Fuel (fuel cells & hydrogen, US) supplied a fuel cell vehicle to the US
Army and, together with GM, announced the successful adaption of the HUMMER to
run on hydrogen fuel.  In the wind sector, Siemens announced that it is to
acquire the privately owned Danish turbine manufacturer Bonus for an undisclosed
sum (estimated as €200-300 million); the American Wind Energy Association
reported that its capacity estimates for 2004 were slightly ahead of many
analysts' estimates (though down on 2003); and Vestas (wind turbines, Denmark)
announced several large orders in Spain and Italy but also that its CEO (Svend
Sigaard) will leave the company in June 2005.  Elsewhere, Impco Technologies
(clean engines, US) announced that it is to acquire the remaining 50% of BRC
(clean engines, private, Italy) to create a fully integrated global offering to
its OEM customers.

Water treatment and pollution control markets continue to be strong.  In North
America, Badger Meter (water meters, US) reported strong results, the turnaround
of Insituform Technologies (trenchless sewer repair, US) continued with both
margins and backlog both increasing, and Pure Technologies (infrastructure
monitoring, Canada) announced a large project for a water pipeline in Arizona. 
In Europe, BWT (water treatment, Austria) reported strong growth for all of its
products and forecasted strong growth for the next twelve months.  Finally in
Asia, Horiba (environmental testing & monitoring, Japan) raised its forecast for
the year and Global Power Equipment (pollution control) reported an increased
backlog with the bulk of the orders coming from the Asian market.  In summary,
the capital spending environment in the water and pollution control sector
remains strong and we expect this to continue into 2005.

The hazardous waste markets have been in focus during the month.  Stericycle's
(clinical waste, US) results met expectations despite the hurricanes in North
America and rising energy prices, and Seche Environnement (hazardous waste,
France) reported good growth in the French market.  New legislation to promote
the recycling of waste electrical and electronic equipment (WEEE) is creating
interesting market opportunities.  Citiraya (WEEE recycling, Singapore) reported
strong results and announced an investment in a new facility in South Wales,
while Sims Group (recycling, private, UK) acquired a WEEE recycling company,
MIREC, with operations across Europe.  Other news included the IPO of the
Abengoa (EM conglomerate, Spain) subsidiary Telvent (utility software, Spain) on
Nasdaq, an increase in margins for Novozymes (industrial enzymes, Denmark) and a
minor profit warning followed by an acquisition from LKQ (vehicle recycling,
US).



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


3 November 2004
Visit our website at http://www.pro-asset.com/




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