Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: ii

IPSO Ventures plc

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights:

X

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached:

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments:

An event changing the breakdown of voting rights:

Other (please specify):

3. Full name of person(s) subject to the notification obligation: iii

RAB Capital plc acting as discretionary manager for RAB Special Situations (Master) Fund Ltd

4. Full name of shareholder(s) (if different from 3.):iv

Credit Suisse Client Nominee (UK) Limited

5. Date of the transaction and date on which the threshold is crossed or reached: v

19.05.11

6. Date on which issuer notified:

25.05.11

7. Threshold(s) that is/are crossed or reached: vi, vii

26%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

ORDINARY SHARES*

GB00B1GDWB47

4,408,233

4,408,233

n/a

4,158,233

25.29%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise / Conversion Period xiv

Number of voting rights that may be acquired if the instrument is exercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

4,158,233

25.29%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: xxi

*RAB Capital plc acts as investment manager for RAB Special Situations (Master) Fund Limited who are the beneficial owners of the securities. The legal title to these securities is held on behalf of the beneficial owners by their nominee, Credit Suisse Client Nominees (UK) Limited.

Proxy Voting:

10. Name of the proxy holder:

n/a

11. Number of voting rights proxy holder will cease to hold:

n/a

12. Date on which proxy holder will cease to hold voting rights:

n/a

13. Additional information:

n/a

14. Contact name:

RAB Capital plc - Legal Team

15. Contact telephone number:

020 7389 7000