IGO LIMITED — Major Shareholding Notification 2005

Feb 16, 2005

Form 605

Corporations Act 2001 Section 671B

Notice of ceasing to be a substantial holder

To Company Name/Scheme	INDEPENDENCE GROUP NL
ACN/ARSN	092 786 304
1. Details of substantial holder (1)
Name	452 Capital Pty Limited
ACN/ARSN (if applicable)	101 924 430
The holder ceased to be a substantial holder on		15 February 2005
The previous notice was given to the company on		16 September 2004
The previous notice was dated		14 September 2004

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change $(4)$	Consideration given in relation to change $(5)$	Class (6) and number of securities affected	Person's votes affected
	Refer Annexure "A"

3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to voting interests in the company or scheme area as follows:

Name and ACN/ARSN (if applicable)	Nature of Association
N/A

4. Addresses

The addresses of persons named in this form are as follows:

Name	Address
452 Capital Pty Limited	Level 26 Australia Square, 264-278 George
	Street Sydney NSW 2000

Signature

print name	Warwick Negus
------------	----------------------	--

capacity Director

sign here

date 17 / 2 / 05

DIRECTIONS

• If there are a number of substantial holders with similar or related relevant interests (eg. a corporation $(1)$ 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 interest 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 4 of the form.
• $(2)$ See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• $(3)$ See definition of "associate" in section 9 of the Corporations Act 2001.
• Include details of: $(4)$
• any relevant agreement or other circumstances because of which the change in relevant $(a)$ interest occured. 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
• any qualification of the power of a person to exercise, control the exercise of, or influence the $(b)$ 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. $(5)$
• Details of the consideration must include any and all benefits, money and other, that any persons from $(6)$ 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.
• The voting shares of a company constitute one class unless divided into separate classes. $(7)$
• $(8)$ Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

ANNEXURE A

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of Change	Person whose		Nature of Change Consideration given in	Class (6) and number of	Person's votes affected
	relevant interest	40)	relation to change (5)	securities effected
	changed			(ordinary shares
				unless stated)
16/09/2004	452 Capital Pty Ltd	BUY	10,110.39	9,420	9,420
27/09/2004	452 Capital Pty Ltd	BUY	41,946.38	35,141	35,141
28/09/2004	452 Capital Pty Ltd	BUY	23,672.57	20,000	20,000
29/09/2004	452 Capital Pty Ltd	BUY	84,174.04	70,000	70,000
29/09/2004	452 Capital Pty Ltd	BUY	96,198.90	80,000	80,000
30/09/2004	452 Capital Pty Ltd	BUY	170,851.51	142,355	142,355
6/10/2004	452 Capital Pty Ltd	BUY	54,166.05	45,000	45,000
7/10/2004	452 Capital Pty Ltd	BUY	4,814.76	4,000	4,000
14/10/2004	452 Capital Pty Ltd	BUY	3,324.49	2,933	2,933
8/11/2004	452 Capital Pty Ltd	SELL	16,380.18	14,994	14,994
8/11/2004	452 Capital Pty Ltd	SELL	32,383.75	30,000	30,000
9/11/2004	452 Capital Pty Ltd	SELL	2,667.71	2,476	2,476
9/12/2004	452 Capital Pty Ltd	SELL	9,587.45	8,843	8,843
9/12/2004	452 Capital Pty Ltd	BUY	10,169.45	8,843	8,843
20/12/2004	452 Capital Pty Ltd	BUY	195,768.14	171,200	171,200
20/12/2004	452 Capital Pty Ltd	BUY	21,497.91	18,800	18,800
20/12/2004	452 Capital Pty Ltd	BUY	50,771.65	44,400	44,400
20/12/2004	452 Capital Pty Ltd	BUY	67,352.47	58,900	58,900
20/12/2004	452 Capital Pty Ltd	BUY	21,840.95	19,100	19,100
20/12/2004	452 Capital Pty Ltd	BUY	84,162.00	73,600	73,600
20/12/2004	452 Capital Pty Ltd	BUY	89,422.12	78,200	78,200
20/12/2004	452 Capital Pty Ltd	BUY	12,807.26	11,200	11,200
20/12/2004	452 Capital Pty Ltd	BUY	59,251.75	51,800	51,800
20/12/2004	452 Capital Pty Ltd	BUY	71,354.74	62,400	62,400
20/12/2004	452 Capital Pty Ltd	BUY	156,431.56	136,800	136,800
20/12/2004	452 Capital Pty Ltd	BUY	13,035.96	11,400	11,400
20/12/2004	452 Capital Pty Ltd	BUY	79,130.58	69,200	69,200
20/12/2004 20/12/2004	452 Capital Pty Ltd 452 Capital Pty Ltd	BUY BUY	112,063.54	98,000 39,100	98,000 39,100
20/12/2004	452 Capital Pty Ltd	BUY	44,711.06 200,342.16	175,200	175,200
20/12/2004	452 Capital Pty Ltd	BUY	30,645.95	26,800	26,800
20/12/2004	452 Capital Pty Ltd	BUY	280,501.90	245,300	245,300
10/01/2005	452 Capital Pty Ltd	BUY	54,222.22	46,600	46,600
10/01/2005	452 Capital Pty Ltd	BUY	89,711.02	77,100	77,100
10/01/2005	452 Capital Pty Ltd	BUY	63,996.18	55,000	55,000
10/01/2005	452 Capital Pty Ltd	BUY	13,962.80	12,000	12,000
10/01/2005	452 Capital Pty Ltd	BUY	119,498.33	102,700	102,700
10/01/2005	452 Capital Pty Ltd	BUY	308,861.88	265,444	265,444
20/01/2005	452 Capital Pty Ltd	SELL	111,507.42	100,060	100,060
21/01/2005	452 Capital Pty Ltd	SELL	1,972.50	1,770	1,770
24/01/2005	452 Capital Pty Ltd	SELL	167,160.83	150.000	150,000
27/01/2005	452 Capital Pty Ltd	SELL	222,881.11	200.000	200,000
28/01/2005	452 Capital Pty Ltd	SELL	22,288.11	20,000	20,000
31/01/2005	452 Capital Pty Ltd	SELL	153,755.72	140,411	140,411
2/02/2005	452 Capital Pty Ltd	CONVER	124,966.30	118,720	118,720
2/02/2005	452 Capital Pty Ltd	CONVER	52,630.69	50,000	50,000
2/02/2005	452 Capital Pty Ltd	CONVER	32,481.18	30,000	30,000
2/02/2005	452 Capital Pty Ltd	CONVER	25,228.77	21,000	21,000
8/02/2005	452 Capital Pty Ltd	SELL	56,192.79	50,424	50,424
9/02/2005	452 Capital Pty Ltd	SELL	78,008.39	70,000	70,000
14/02/2005	452 Capital Pty Ltd	SELL	54,373.82	50,000	50,000
14/02/2005	452 Capital Pty Ltd 452 Capital Pty Ltd	SELL	134,047.61	122,866	122,866
14/02/2005 15/02/2005	452 Capital Pty Ltd	SELL SELL	141,678.83	127,134 95,900	127,134 95,900
15/02/2005	452 Capital Pty Ltd	SELL	104,733.55 11,392.66	10,500	10,500

This is an annexure referred to in Form 605 - Notice of ceasing to be a substantial shareholder dated 15 February 2005

452 Capital Pty Ltd
A.C.N. 101 924 430

Date of Change	Person whose relevant interest changed	Nature of Change 441	Consideration given in relation to change (5)	Class (6) and number of securities effected (ordinary shares unless stated)	Person's votes affected
15/02/2005	452 Capital Pty Ltd	SELL	27,752.25	24,900	24,900
15/02/2005	452 Capital Pty Ltd	SELL	37,654.97	32,900	32,900
15/02/2005	452 Capital Pty Ltd	SELL	12,048.85	11,000	11,000
15/02/2005	452 Capital Pty Ltd	SELL	45.941.52	41,300	41,300
15/02/2005	452 Capital Pty Ltd	SELL	48.634.84	44,000	44,000
15/02/2005	452 Capital Pty Ltd	SELL	6.851.10	6,300	6,300
15/02/2005	452 Capital Pty Ltd	SELL	34,294.84	31,100	31,100
15/02/2005	452 Capital Pty Ltd	SELL	38,435.92	35,100	35,100
15/02/2005	452 Capital Pty Ltd	SELL	84.634.09	77.000	77,000
15/02/2005	452 Capital Pty Ltd	SELL	7.334.47	6,600	6,600
15/02/2005	452 Capital Pty Ltd	SELL	43,585.96	39,800	39,800
15/02/2005	452 Capital Pty Ltd	SELL	61,360.57	55,100	55,100
15/02/2005	452 Capital Pty Ltd	SELL	24.002.14	22,000	22,000
15/02/2005	452 Capital Pty Ltd	SELL	16,525.68	15,100	15,100
15/02/2005	452 Capital Pty Ltd	SELL	170,763.28	151.400	151,400

Print Name: Warwick Negus
Sign Here:

Capacity: Director
Date: 17/2/05