Ann: Quarterly Activity Report and Appendix 4C, page-34

Management/board of IP1 subscribed for the placement at 1.5c recently:

Paul Collins = 33,710,000 shares @ 1.5c = $505,650
Collin Scully = 49,843,745 shares @ 1.5c = $747,656
Don Sharp = 23,242,303 shares @ 1.5c = $348,635

$15mil MC only and management put alot of their own $$$. Been awhile since I seen directors putting alot of their own money.

Don has always been a believer and he has mentioned that he has NOT SOLD a single share and when I spoke to him last year, his average holding was 10c.....he has always been buying and topping up. Looks like IP1 has finally managed to turn this company around and not far off this will be the company changer.....cashflow positive very fast once the integration and fees are in place