IGO LIMITED — Director's Dealing 2006

Aug 23, 2006

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	28 April 2006

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)
	675,000	ordinary shares nil
George Dickson Ross (spouse)	375,000	nil unlisted \$1.03 options
		20,000 ordinary shares
Date of change	24 August 2006
No. of securities held prior to change	675,000	210,000 ordinary shares
	375,000	nil unlisted \$1.03 options
Class	ordinary shares
Number acquired	nil	ordinary shares nil
Number disposed	nil	190,000 ordinary shares
Value/Consideration
Note: If consideration is non-eash, provide details and estimated valuation
	nil	\$498,000

⁺ See chapter 19 for defined terms.

No. of securities held after change	675,000 375,000	20,000 ordinary shares 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-	gift of shares for nil consideration	On-market trade to fund exercise of unlisted options and

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

Chander Line

24 August 2006

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

$+$ See chapter 19 for defined terms.

Appendix 3Y Page 2