Result of Equity Issue

Impax Environmental Markets PLC
22 February 2002


Impax Environmental Markets plc (the 'Company') is pleased to announce that 50
million ordinary shares have been allotted at 100 pence per share pursuant to
the Placing described in the Company's prospectus dated 15 February 2002. These
shares have been admitted to the Official List of the UK Listing Authority and
will trade on the London Stock Exchange as of today's date.


The Company is a new closed-ended UK investment fund formed to enable investors
to benefit from rapid and sustained growth anticipated by the Directors in the
markets for cleaner or more efficient delivery of basic services, particularly
energy, water and waste management ('environmental markets'). The Company
proposes to invest in companies operating in these environmental markets,
particularly in the key sectors of alternative energy and energy efficiency,
water treatment and pollution control and waste technologies and resource
management.


The Company is sponsored by Dresdner Kleinwort Wasserstein Securities Limited
and will be managed by Impax Asset Management Limited ('IAM'), a subsidiary of
Impax Group plc ('Impax'), whose shares are traded on the Alternative Investment
Market. Impax has, since 1994, provided financial advisory services to companies
operating in environmental markets. IAM acts as investment adviser to funds in
Denmark and the Netherlands which invest in quoted companies that are active in
environmental markets, and also has a 10-year contract with the International
Finance Corporation, the private sector lending arm of the World Bank, to manage
a US$25m investment facility focused on the solar energy industry.


Following the Placing the initial assets of the Company are £49.125 million,
representing an opening net asset value of 98.25 pence per ordinary share.


Commenting on the launch of the fund today, Ian Simm, Chief Executive Officer of
IAM, said:

'We are delighted by the level of support we have received which demonstrates
that the Company's strategy of investing in key environmental markets is
attractive to investors. We believe that continued liberalisation of basic
services, legislative and regulatory changes and falling costs of technology
will continue to provide attractive investment opportunities in environmental
markets.'


22 February 2002


Enquiries:


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


Dresdner Kleinwort Wasserstein                    Tel: [phone]
Andrew Zychowski
David Yovichic
Dominic Waters

Binns & Co PR Ltd                                 Tel: [phone]
Judith Parry/Sophie Morton

Copies of the prospectus are available upon request.  Please contact either
Judith Parry, Binns PR & Co Ltd or David Yovichic, Dresdner Kleinwort
Wasserstein on the above numbers.


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