Notifiable Interests

The Company wishes to provide a summary position of the notifiable interests in IPSA made to the Company over the past twelve months:

• On 5 July 2006 UBS AG, acting through its business group and legal entities, had an interest in 3,025,000 ordinary shares of 2p each in the Company, representing 5.54% of the issued share capital of the Company. This represents the entire holding of UBS AG in the issued share capital of the Company as at the date of notification.
• On 4 April 2006 Morgan Stanley Securities Limited ("MSSL") had an interest in 2,530,000 ordinary shares of 2p each in the Company, representing 4.63% of the issued share capital of the Company. This represents the entire holding of MSSL in the issued share capital of the Company as at the date of notification.
• On 29 March 2006 Equity Special Situations Limited ("ESSL") had an interest in 2,611,108 ordinary shares of 2p each in the Company, representing 4.78% of the issued share capital of the Company. This represents the entire holding of ESSL in the issued share capital of the Company as at the date of notification.
• On 8 March 2006 FMR Corp. and its direct and indirect subsidiaries had an interest in 3,246,075 ordinary shares of 2p each in the Company, representing 5.94% of the issued share capital of the Company. This represents the entire holding of FMR Corp. in the issued share capital of the Company as at the date of notification.
• On 27 September 2005, following the Company's Admission to AIM on 20 September 2005, Moore Credit Fund (Master), L.P. had an interest in 3,703,700 ordinary shares of 2p each in the Company, representing 6.78% of the issued share capital of the Company.
  
  This represents the entire holding of Moore Credit Fund (Master), L.P. in the issued share capital of the Company as at the date of notification. The above represents all the notifiable interests received by the Company as of 4 September 2006.

For further information please contact:

Peter Earl, CEO, IPSA Group plc 020 7793 7676
Mark Froggatt, Noble & Company Limited 020 7763 2200
Allan Piper, First City Financial 07736 064982 / 020 7436 7486