Recommended Offer by ICE for IPE Holdings

This is to point out to you the approaching deadline for accepting ICE's
Offer for IPE Holdings. If we wish to accept this Offer, we must do so no
later than 3 pm on Tuesday 29 May.

In the meantime, Michael has received calls from Richard Ward (IPE's CEO)
inquiring as to our position, and it would be my view that we should accept
the Offer. (Note that if ICE receives acceptances of 90% or more, then our
shares in IPE Holdings will in any event be mandatorily acquired. And
assuming that such level of acceptances will be received, there is no reason
for not accepting the Offer).

Please would you let me know whether you wish to accept the Offer. Ideally,
if we are to do so, I would plan to send the acceptance by close of business
on Friday 25 May.

Thanks
Justin