IGO LIMITED — Major Shareholding Notification 2006

Sep 11, 2006

INVESTMENT MANAGEMENT LTD

Level 40, 50 Bridge Street SYDNEY NSW 2000 Ph: 612 8222-0800 Fax: 612 9230-0543

facsimile transmittal

To:	Company Announcements	Fax:	1900 999 279
From:	Errol Martis	Date:	12/09/2006
Re:	Form 604	Pages:	4 (including cover page)
CC:

Message:

Please find attached Form 604 being the notice of change of interests of substantial holder.

Kind/Hegards antri Errol Ma

The information transmitted in this facsimile is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination, copy or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient is prohibited. If you received this facsimile in error, please notify us immediately by calling [+61 2 8222 0800] and return the original to the sender by mail. We will reimburse you for the postage.

Please note that personal information contained in communications with MIR Investment Management Ltd is subject to our privacy policy (available from our Privacy Officer).

$F$ orm 604

Corporations Act 2001

Section 671B

Notice of change of interests of substantial holder

To: Company Name/Scheme	Independence Group FPO _ ----
	46 092 786 304
ACN/ARSN

$\mathbf{1}$ Details of substantial holder (1)

Name	MIR Investment Management Limited ("MIR")
ACN (if applicable)	47 104 642 613
There was a change in the interests of the substantial holder on :	12/09/2006
The previous notice was given to the company on	01/08/2006
The previous notice was dated	01/08/2006

$2.$ Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of Securities (4)	----- Previous notice		Present notice
	Person's votes	Voting power $(5)$ ----	Person's votes	Voting power $(5)$
Ordinary	7,003,658 .	6.23%	8.174,683	7.24%
COLOR

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest or the substantial holder or an associate 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 tollows:

Date of change	Person whose relevant interest changed	Nature of change $(6)$	Consideration given in relation to change	Class and number of securities affected	Person's votes affected
12/09/06	MIR	On Market Buy of Ordinary shares	3,876,092	1,171,025 ordinary shares	1,171,025 ordinary shares

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

securities relevant interest registered as holder interest $(6)$ number of (B) securities
-------------------------------------------------------------------------------------------------------------

r 1.	1
---------	---

SEP-2006 11:08	FROM MIR INVESTMENT MGMNT		TΠ	1900999279
MIR.	Those holders listed in Annexure A	Those holders listed in Annexure A	MIR has the power exencisc, orl to . control the exercise of, a right to vote attached to he bhe securities	Ordinary - 8.174.683	8.174,683

5. Changes In association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN (if applicable) -----	--- Nature of association
Not Applicable .	Not Applicable .

6. Addresses

$12 -$

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

Name	Address
MIR	Level 40, 50 Bridge Street,
	Sydney, NSW 2000
.	_________ $\sim$

Directions

• $\mathbf{I}$ . If there are a number of substantial shareholders with similar or related relevant interests (eg, a corporation 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 interests 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 6 of the form.
• $2.$ See the definition of "associate" in section 9 of the Corporations Act 2001.
• 1. See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• The voting shares of a company constitute one class unless divided into separate classes. $\overline{4}$ .
• 1. The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
• б. Include details of:
• any relevant agreement or other circumstances by which the change in relevant interest occurred. If subsection 671B(4) $(2)$ 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
• $(b)$ any qualification of the power of a person to exercise, control the exercise of, or influence the 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.

$\overline{\phantom{a}}$

Annexure A

Present registered holders are detailed below:

National Custodian Services JP Morgan Australia Limited State Street Australia Limited UBS Nominees Pty Limited BNP Paribas Securities Services Westpac Custodian Nominees Limited