IGO LIMITED — Capital/Financing Update 2010

Nov 21, 2010

22 November 2010

ASX Limited Company Announcements Level 10, 20 Bridge Street SYDNEY NSW 2000

Section 708A(5)(e) Cleansing Notice

On 4 November 2010, Independence Group NL (Independence) (ASX Code: IGO) announced that it was conducting an accelerated non-renounceable entitlement offer (Entitlement Offer) of one ordinary share in Independence (New Share) for every 15 ordinary shares in Independence.

In conjunction with the Entitlement Offer, Independence also announced a placement to institutional investors of 17,109,530 New Shares (Placement).

This notice is given by Independence Group NL (Independence) under section $708A(5)(e)$ of the Corporations Act 2001 (Cth) (Act).

Independence advises that:

• 1. it today issued 4,427,903 ordinary shares under the Entitlement Offer and 17,109,530 ordinary shares under the Placement announced on 4 November 2010;
• 1. the ordinary shares were issued by Independence without disclosure under Part 6D.2 of the Act;
• 1. this notice is being given under section $708A(5)(e)$ of the Act;
• 1. as a disclosing entity, Independence is subject to regular reporting and disclosure obligations;
• as at the date of this notice, Independence has complied with: 5.
• the provisions of Chapter 2M of the Act as they apply to Independence; and $i)$
• ii) section 674 of the Act as it applies to Independence;
• as at the date of this notice, there is no excluded information of the type referred to in sections 6. 708A(7) or 708A(8) of the Act.

Christopher Bonwick Managing Director