Changes to the Board of Directors

3 July 2013

IPSA Group PLC

("IPSA" or "the Company")

Board Changes

IPSA PLC (AIM: IPSA), the developer, owner and operator of power generation capacity in Southern Africa, announces a number of changes to its board of directors following the recent sale of its last two Siemens Westinghouse 701 gas turbines.

Although the Company's cashflow remains tight pending receipt of the final payment of US$6.5m from the turbine sale, the Company is now actively considering new power plant capacity at Newcastle and elsewhere in South Africa as a direct response to recent initiatives by South Africa's Department of Energy.

To meet this new challenge, the Company intends to build up an executive team in South Africa. With that in mind, the Company announces the resignations of Mike Eyre (executive director responsible for engineering) and Michael Cox (finance director) who are both stepping down from the Board with immediate effect. In addition, Rizelle Sampson, a non-executive director, has also stepped down with immediate effect to focus on her other business activities.

Richard Linnell, Phil Metcalf, Neil Bryson and Peter Earl will continue in their present roles. Elizabeth Shaw will step down as chief operating officer and resume her original role of finance director.

Speaking today, Richard Linnell, Chairman of IPSA said, "I am hugely grateful to Rizelle, Mike and Michael for their contributions to the business, especially in recent years. The board reorganisation allows us to cut costs in the short term and provides a base upon which to build a local executive presence."

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