IGO LIMITED — Director's Dealing 2004

Nov 30, 2004

Appendix 3Y

Rule 3.19A.2

Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/9/2001.

Name of entity	Independence Group NL
ABN	46 092 786 304

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Kelly Ross
Date of last notice	23 December 2003

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest	Direct
		Indirect
Nature of indirect interest
(including registered holder)
		300,000 partly paid contributing shares
George Dickson Ross (spouse)	750,000 unlisted \$1.03 options
		310,000 fully paid ordinary shares
Date of change	I December 2004
No. of securities held prior to change		300,000 partly paid contributing shares
	750,000 unlisted \$1.03 options
		10,000 fully paid ordinary shares
		300,000 unlisted 34 cent options
Class		Unlisted options exercised, converted to ordinary shares
Number acquired	Nil	300,000 fully paid ordinary shares
Number disposed	Nil	300,000 unlisted 34 cent options
Value/Consideration
Note: If consideration is non-cash, provide details and estimated valuation	Nil	\$102,000

⁺ See chapter 19 for defined terms.

No. of securities held after change	Nil 300,000 750,000	310,000 fully paid ordinary shares unlisted contributing shares Nil unlisted \$1.03 options Nil
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back-	Exercise of options

Part 2 - Change of director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

Detail of contract	n/a
Nature of interest	n/a
Name of registered holder (if issued securities)	n/a
Date of change	n/a
No, and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	n/a
Interest acquired	n/a
Interest disposed	n/a
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	n/a
Interest after change	n/a

Ching 1

1 December 2004

$\overline{C}$ M Bonwick Managing Director Date

$+$ See chapter 19 for defined terms.

Appendix 3Y Page 2