Update re sale of turbines IPSA GROUP PLC (Incorporated and registered in England and Wales) (Registration Number 5496202) AIM Share Code IPSA ISIN GB00BOCJ3F01 JSE Share Code IPS ISIN GB00BOCJ3F01 ("IPSA" or "the company") Update re Sale of Turbines IPSA Group PLC (AIM:IPSA), the developer, owner and operator of power generation capacity in southern Africa, advises shareholders that the sale of the two turbines to Iris Eco Power Sdn BHD ("Iris") announced on 15 October 2012 and originally due to complete in November 2012, has now been abandoned. Iris did not complete the purchase by 28th February, as required by the IPSA Board. While this is disappointing, negotiations are now taking place with another party willing to acquire the turbines for the same USD31 million price agreed with Iris. A further announcement will be made as and when appropriate. The board continues discussions with other parties who have expressed interest in acquiring the turbines. The Company confirms that its working capital position remains extremely tight and that, without the continued support of all its creditors, additional working capital would be required by the Company in order to settle overdue indebtedness prior to completion of the sale of the remaining two Turbines. London 1 March 2013 For further information contact: Phil Metcalf, CEO +44 (0)20 7793 5615 IPSA Group PLC John Llewellyn-Lloyd / Harry +44 (0)20 7456 9191 Stockdale Execution Noble & Company Ltd Harry Ansell / James Joyce +44 (0)20 7220 1666 W H Ireland Ltd Riaan van Heerden, +27 (0)21 887 9602 PSG Capital (Pty) Ltd Date: 01/03/2013 01:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.