IGO LIMITED — Capital/Financing Update 2010

Nov 3, 2010

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4 November 201 0

Australian Stock Exchange Limited Company Announcements Level 10, 20 Bond Street SYDNEY NSW 2000

Section 708AA(2)(f) Cleansing Notice

On 4 Novembe r 2010, I n dependenc e Group N L ( Independence ) ( ASX Code: IGO) annou n ced that it was conducting a n acceler a ted non-r e nounceabl e entitlem e nt offer ( Entitlement Offer ) of on e ordinary share in I n dependen c e ( New Share ) for e very 15 ordin a ry shares i n Independ e nce ( Share ).

In co n junction w ith the En t itlement O ffer, Inde p endence a l so announ c ed a plac e ment to instit u tional inve s tors of 17, 1 09,530 Ne w Shares ( Placement ).

This n otice is given by Inde p endence u n der sectio n 708AA(2)(f) of the C orporation s Act 2001 ( Cth) (the Act ) as mod i fied by th e Australian Securities a nd Invest m ents Com m ission Class O rder 08/3 5 ( CO 08/35 ).

Indep e ndence ad v ises that:

1. th e New Sha r es will be o ffered for i ssue with o ut disclosu r e to invest o rs under P art 6D.2 of the Act as m odified b y CO 08/35;

2. th i s notice is being give n under se c tion 708A A (2)(f) of t he Act as n otionally m odified b y CO 08/35;

3. as a disclosing entity, Independe n ce is sub j ect to regular repor ti ng and d i sclosure o b ligations;

4. as at the date of this noti c e, Independence has c omplied w i th:

   • i) the pr o visions of Chapter 2 M of the Ac t as they ap p ly to Inde p endence; a nd

   • ii) sectio n 674 of th e Act as it a pplies to I n dependenc e ;

5. as at the dat e of this no t ice, there i s no exclu d ed inform a tion of th e type refer r ed to in se c tions 708 A A(8) and 7 08AA(9) of the Act a s notionally modified b y CO 08/3 5 ;

6. th e potential effect that the issue o f the New Shares under the En t itlement O ffer and Pl a cement will have on the control o f Indepen d ence, and the conseq u ences of th a t effect, w i ll depend on a numbe r of factors, including i n vestor de m and.

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2

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The m aximum n umber of N ew Share s to be iss u ed pursua n t to the E ntitlement Offer is 7,604,236[1] New S hares and t he Placem e nt is 17,109,530 New Shares.

Follo w ing the E n titlement O ffer and t h e Placeme n t, the issued capital o f Independ e nce will comp r ise of 138, 7 77,305 Sh a res.[2]

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Christopher Bon w ick Mana g ing Direct o r

1 This number m ay increas e by up to a pproxima t ely 55,834 New Shar e s in the e v ent that existi n g option h o lders exer c ise their 8 3 7,500 opti o ns prior to the Record Date. 2 Assu m ing that existing optio n holders do n ot exercise their option s .