Settlement with Ethos Energy Italia S.p.A.

 21 November 2014

IPSA Group PLC

("IPSA" or the "Company")

Settlement with Ethos Energy Italia S.p.A. (formerlyTurbocare S.p.A.)

IPSA announces that the sum of 3 million euros due to be paid by 21st November 2014 to Ethos Energy Italia S.p.A.under the Settlement Agreement announced on 29th October 2014 remains outstanding but the Company is working toward a solution involving bridge funding of the deferred consideration due to the Company on the sale of turbines in 2013.

Further announcements will be made in due course

For further information contact: