EMU NL — Major Shareholding Notification 2008

Feb 26, 2008

603 Page 1/2 15 July 2001

Form 603 Corporations Act 2001 Section 671B Notice of initial substantial holder

To Company Name/Scheme EMU NICKEL NL ACN/ARSN 127 291 927 1. Details of substantial holder (1) Name CAIRNGLEN INVESTMENTS PTY LTD (CAIRNGLEN) ACN/ARSN (if applicable) 006 643 769 The holder became a substantial holder on 27 FEBRUARY 2008

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)	Number of securities	Number of securities	Person’s votes (5)	Person’s votes (5)	Voting power (6)
ORDINARY	4,964,091		4,964,091		8.30%
of relevant interests of the relevant interest the substantial holder or an associate had in the holder became a substantial holder are as follows:				following voting securities on the d
Holder of relevant interest		Nature of relevant interest (7)		Class and number of securities
CAIRNGLEN INVIA CUSTODIAN PTY LTD (INVIA)		OWNER NOMINEE FOR CAIRNGLEN		ORD 1,780,755 ORD 3,183,336

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Class and number of securities
CAIRNGLEN INVIA	CAIRNGLEN INVIA	CAIRNGLEN CAIRNGLEN	ORD 1,780,755 ORD 3,183,336

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration	(9)	Class and number ofsecurities
		Cash	Non-cash
CAIRNGLEN INVIA CAIRNGLEN	20/11/2007 20/11/2007 19/02/2008	$178,075.50	BONUS SHARES BONUS SHARES	ORD 1,424,604 ORD 2,546,669 ORD 356,151
INVIA	19/02/2008	$318,333.50		ORD 636,667

pEMU_Form 603_Woodford_27Feb08.doc/TP

603 Page 2/2 16 July 2001

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN (if applicable) Nature of association
INVIA CUSTODIAN PTY LTD NOMINEE FOR CAIRNGLEN
(ACN 006 127 984)
7. Addresses
The addresses of persons named in this form are as follows:
Name Address
CAIRNGLEN LEVEL 3, 15 QUEEN STREET, MELBOURNE
INVIA C/- GOLDMAN SACHS JB WERE, 101 COLLINS STREET,
MELBOURNE
Signature
print name DR PETER WOODFORD capacity DIRECTOR OF CAIRNGLEN
sign here date 27/02/2008
DIRECTIONS
(1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or
the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group
of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each
group, with the names and addresses of members is clearly set out in paragraph 7 of the form.
(2) See the definition of ‘associate’ in section 9 of the Corporations Act 2001.
(3) See the definition of ‘relevant interest’ in sections 608 and 671B(7) of the Corporations Act 2001.
(4) The voting shares of a company constitute one class unless divided into separate classes.
(5) The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or
an associate has a relevant interest in.
(6) The person’s votes divided by the total votes in the body corporate or scheme multiplied by 100.
(7) Include details of:
(a) any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a
copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate
details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying	this
contract, scheme or arrangement; and
(b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers
or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the
qualification applies).
See the definition of ‘relevant agreement’ in section 9 of the Corporations Act 2001.
(8) If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write
‘unknown’.
(9) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest	was
acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is
conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or
its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

pEMU_Form 603_Woodford_27Feb08.doc/TP

603 GUIDE page 1/1 13 March 2000

GUIDE

This guide does not form part of the prescribed form and is included by ASIC to assist you in completing and lodging form 603.

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Signature This form must be signed by either a director or a secretary of the substantial holder.
Lodging period Nil
Lodging Fee Nil
Other forms to be Nil
completed
Additional information
(a) If additional space is required to complete a question, the information may be included on a separate piece
of paper annexed to the form.
(b) This notice must be given to a listed company, or the responsible entity of a listed managed investment
scheme. A copy of this notice must also be given to each relevant securities exchange.
(c) The person must give a copy of this notice:
(i) within 2 business days after they become aware of the information; or
(ii) by 9.30am on the next trading day of the relevant securities exchange after they become aware
of the information if:
(A) a takeover bid is made for voting shares in the company or voting interests in the
scheme; and
(B) the person becomes aware of the information during the bid period.
Annexures
To make any annexure conform to the regulations, you must
1 use A4 size paper of white or light pastel colour with a margin of at least 10mm on all sides
2 show the corporation name and A.C.N. or A.R.B.N.
3 number the pages consecutively
4 print or type in BLOCK letters in dark blue or black ink so that the document is clearly legible when photocopied
5 identify the annexure with a mark such as A, B, C, etc
6 endorse the annexure with the words:
This is annexure (mark) of (number) pages referred to in form (form number and title)
7 sign and date the annexure. The annexure must be signed by the same person(s) who signed the form.
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Information in this guide is intended as a guide only. Please consult your accountant or solicitor for further advice.

pEMU_Form 603_Woodford_27Feb08.doc/TP