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

IPSA Group Plc

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

An acquisition or disposal of voting rights

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):

New disclosure rules coming into effect 1 June 2009

X

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

The Tudor Group (Tudor Capital Europe LLP)

The Tudor BVI Global Portfolio L.P.

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

The Tudor BVI Global Portfolio L.P.

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

1 June 2009

6. Date on which issuer notified:

3 June 2009

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

4%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type of
shares

if possible using
the ISIN CODE

Situation previous
to the triggering
transaction

Resulting situation after the triggering transaction

Number
of
Shares

Number
of
Voting
Rights

Number
of shares

Number of voting
rights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial
instrument

Expiration
date xiii

Exercise/ 
Conversion Period xiv

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

% of voting
rights

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

Resulting situation after the triggering transaction

Type of financial
instrument

Exercise price

Expiration date xvii

Exercise/
Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Equity swap

N/A

N/A

N/A

4,635,776

(Economic exposure to underlying shares)

Nominal

Delta

4.88%

(Economic exposure to underlying shares %)

N/A

Total (A+B+C)

Number of voting rights

Percentage of voting rights

Voting rights0

Economic exposure: 4,635,776

Combined exposure: 4,635,776

Voting rights: 0%

Economic exposure: 4.88%

Combined exposure: 4.88%

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

The Tudor BVI Global Portfolio L.P. is an investment fund advised by members of the Tudor Group of companies. The Tudor Group is making the disclosure on behalf of the investment manager.

Proxy Voting:

10. Name of the proxy holder:

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

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

13. Additional information:

14. Contact name:

Tudor Capital Europe LLP

15. Contact telephone number:

020 8786 3900

Elizabeth Shaw, COO, IPSA Group PLC

+44 (0)20 7793 7676

John Llewellyn-Lloyd / Sunil Sanikop

Noble & Company Ltd

(Nominated Adviser and Joint Broker)

+44 (0)20 7763 2200

Allan Piper, First City Financial Public Relations

(UK PR Advisers)

+44 (0)20 7436 7486

Dino Theodorou, PSG Capital (Pty.) Limited

(South African Sponsors)

+27 11 797 8400

Sugitha Naidoo, College Hill

(South African PR Advisers)

+27 11 447 3030