Update regarding possible disposal of gas turbines

As stated in the announcement made on 24th October 2008, IPSA Group PLC ("IPSA" or "the Company") is providing shareholders with an update on progress since that date. IPSA continues to be in advanced discussions with selected parties outside South Africa for the sale of the four Fiat Avio 501 D gas turbines previously intended for its Coega project near Port Elizabeth, South Africa. However, the Company wishes to emphasize that any such sale may or may not proceed to completion and that the current financial climate may impact on the timetable to completion.

Shareholders will be updated on progress.

For further information contact:

Peter Earl, Chief Executive  +44 (0)20 7793 5615

Elizabeth Shaw, COO, IPSA Group PLC:   +44 (0)20 7793 5615

Nick Naylor / Jamie Boyd, Noble & Company Ltd:  +44 (0)20 7763 2200

Sean Lunn, Hichens, Harrison (South Africa) Ltd:  +27 21 950 2711

Allan Piper, Tavistock Communications:  +44 (0)20 7920 3150

Dino Theodorou / Melissa Harris, PSG Capital (Pty.) Limited:  +27 11 797 8400

Jacques de Bie, College Hill (South African PR Advisers):  +27 11 447 3030