Notifiable Interest

IPSA, the AIM and ALTx dual listed independent power plant developer with operations in southern Africa, announces that on 11 December 2006 it received the following notifications:

• Morgan Stanley Securities Limited ("MSSL") has an interest in 2,530,000 ordinary shares of 2p each in the Company ("Ordinary Shares"), representing 3.83% 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; and
• UBS AG ("UBS"), acting through its business group and legal entities, has increased its interest in the Company to 3,887,523 Ordinary Shares, representing 5.88% of the issued share capital of the Company. This represents the entire holding of UBS in the issued share capital of the Company as at the date of notification.

On 3 November 2006 UBS, acting through its business group and legal entities, had an interest in 3,025,000 Ordinary Shares, representing 4.57% of the issued share capital of the Company.

On 4 April 2006, prior to the placings of 5,499,839 Ordinary Shares at the time of the dual listing on 19 October 2006 and 6,000,000 Ordinary Shares to Stanlib Asset Management Limited on 2 October 2006, MSSL had an interest in 2,530,000 Ordinary Shares, representing 4.63% of the issued share capital of the Company.

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