IGO LIMITED — Major Shareholding Notification 2006

Mar 22, 2006

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

ĬΩ Independence Group NL ACN/ARSN 092 786 304

1. Details of substantial holder

Name	Barclays Global Investors Australia Limited ("BGIA")
ABN	33 001 804 566 (Barclays Global Investors Australia Limited)

The holder became a substantial holder on 21 March 2006.

2. Details of 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 an associate had a relevant interest on the date the substantial holder became a substantial holder are as follows:

Class of securities	Number of securities	Person's votes	Voting power
Ordínarv	6,345,188	6,345,188	5.27%

3. Details of relevant interests

The nature of the relevant interest the substantial holder had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	I Nature of relevant interest	- Class and number of securities
BGIA	Fund Manager-see Annexure A	1-6.345.188 ordinarv

4. Details of present registered holders

The persons registered as holder of the securities referred to in paragraph 3 above are as follows:

Holder of relevant interest	Registered holder of securities Class and number of
		securities
BGIA	JP Morgan & other custodians 6,345,188 ordinary
	-see Annexure A

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant	Date of acauisition	Consideration	- Class and number of
interest		. Cash/Non-cash.	securities
- BGIA	Past 4 months	Avg price \$1.87	-6,345,188 ordinary

6. Addresses

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

1/111 Harrington Street, Sydney NSW 2000

Signature

Andrew Kuo Company Secretary
Barclays Global Investors Australia Date

This is "Annexure A" of 1 page referred to in Form 603 Notice of initial substantial holder

Relevant interest in Independence Group NL ("IGO") held by Barclays Global Investors Australia Limited ("BGIA").

The JP Morgan Chase Bank Inc. and various other custodians (Custodians) hold shares in IGO as custodian and for which BGIA is either:

• the responsible entity or trustee of pooled investment products such as registered managed investment schemes (Funds); or
• the investment manager of Portfolios held for a number of institutional investors. The $\bullet$ institutional investors are generally superannuation funds regulated under the Superannuation Industry Supervision Act 1993.

The holding of shares in IGO was acquired as part of the wide portfolio of Australian shares and units acquired for the Funds and the Portfolios.

BGIA and the Custodians may hold relevant interests due to the capacity of these entities to dispose of the shares in IGO.

Each investor in a Fund owns an undivided interest in the Fund's assets, no client directly owns any asset of the Fund. The unitholding of each Fund varies from time to time as clients enter and withdraw from the Funds. The various institutional investors with portfolios delegate the management of the portfolios to BGIA.

Barclays Global Investors Australia

Andrew Kuo

Company Secretary

Date