IGO LIMITED — Major Shareholding Notification 2007

Jun 25, 2007

Facsimile Transmission

Date:

26.06.07

To: Fax number: From: Total pages: (including this one) Subject:

ASX Announcements 1900 999 279 Rebecca Waller $\overline{\mathbf{4}}$

Form 603 - Initial Notice of Substantial Holding

Message:

Please find attached Form 603 - Notice of Initial Substantial Holding in Independence Group NL.

Kind regards,

Ωŀ

Rebecca Waller Investment Administration Manager Orion Asset Management

Orion Asset Management Ltd AFS Licence No 232379 ABN 91 092 873 160 Level 23, 1 Alfred Street Sydney NSW 2000

PO Box R355 Royal Exchange Sydney NSW 1225

www.orionfunds.com.au phone 02 8247 8111 facsimile 02 8247 8110

Form 603 Corporations Law Section 671B

Notice of initial substantial holder

To: Independence Group NL

ACN 092 786 304

1. Details of Substantial holder

Name	Orion Asset Management Limited (Orion)
ACN	092 873 160

The Holder became a substantial holder on: 22 June 2007

2. Details of Voting Power

The total number of votes attached to all the voting shares in Independence Group NL that Orion had a relevant interest in on the date Orion became a substantial holder are as follows:

Class of Securities	Number of Securities	Persons Votes	Voting Power
Ordinary	6,110,344	6,110,344	5.33%

3. Details of relevant interests

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

Holder of relevant	Nature of relevant	Class and number of
interest	Interest	shares
Royal Bank of Canada	Ability to influence the voting and disposal of	Ordinary
Global Services Australia	the shares.	491,478
ANZ Custodian Services	Ability to influence the voting and disposal of	Ordinary
Limited	the shares.	101,895
State Street Australia	Ability to influence the voting and disposal of	Ordinary
Limited	the shares.	1,161,578
BNP Paribas Securities	Ability to influence the voting and disposal of	Ordinary
Services	the shares.	532,806
JP Morgan Nominees	Ability to influence the voting and disposal of	Ordinary
Australia Limited	the shares.	3,462,234
National Nominees	Ability to influence the voting and disposal of the shares.	Ordinary 153,369
Northern Trust	Ability to influence the voting and disposal of the shares.	Ordinary 65,851
Citicorp Nominees Pty	Ability to influence the voting and disposal of	Ordinary
Ltd	the shares.	141,133

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	Nature of relevant Interest	Person entitled to be registered as holder	Class and number of shares
Orion Asset Management Limited	Investment in the ordinary course	Royal Bank of Canada Global Services Australia	Ordinary 491,478
Orion Asset Management Limited	Investment in the ordinary course	ANZ Custodian Services Limited	Ordinary 101,895
Orion Asset Management Limited	Investment in the ordinary course	Citicorp Nominees Pty Ltd	Ordinary 141,133
Orion Asset Management Limited	Investment in the ordinary course	BNP Paribas Securities Services	Ordinary 532,806
Orion Asset Management Limited	Investment in the ordinary course	JP Morgan Nominees Australia Limited	Ordinary 3,462,234
Orion Asset Management Limited	Investment in the ordinary course	National Nominees	Ordinary 153,369
Orion Asset Management Limited	Investment in the ordinary course	Northern Trust	Ordinary 65,851
Orion Asset Management Limited	Investment in the ordinary course	State Street Australia Limited	Ordinary 1,161,578

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 Orion became a substantial holder is as follows:

Holder of Relevant Interest	Date of Acquisition	Consideration	Class and number of shares
Orion Asset Management Limited	22 February 2007 - 22 June 2007	\$15,765,599.54	Ordinary 2,257,124

$\bar{\mathcal{A}}$

6 Associates

The reasons the persons named in section 3 above, are associates of the substantial holder are as follows:

Name and ACN	Nature of Association
N/A	N/A
N/A	THE REAL PROPERTY N/A

$\bar{\alpha}$

7. Addresses

The addresses of persons named in this form are:

Name	Address
RBC Global Services Australia Pty Limited	Level 17, 2 Park Street Sydney, NSW 2000
JP Morgan Nominees Australia Limited	Level 37, AAP Centre, 259 George Street, Sydney, NSW 2000
State Street Australia Limited	338 Pitt Street, Sydney, NSW 2000
ANZ Custodian Services	Level 25, 530 Collins Street, Melbourne, VIC 3000
BNP Paribas Securities Services	Level 8, 60 Castlereagh Street, Sydney, NSW, 2000
Orion Asset Management Limited	Level 23, 1 Alfred Street, Sydney, NSW, 2000
National Nominees	Level 5, 271 Collins Street Melbourne VIC 3000
The Northern Trust Company	One George Street #12-06 Singapore 049145
Citicorp Nominees Pty Ltd	Level 5, 120 Collins Street, Melbourne, VIC, 3000

Name:

Tim Ryan

Capacity:

Director

Signature:

--------------------------------------' 1 q

Date:

$26/06/07$