IGO LIMITED — Major Shareholding Notification 2008

Sep 8, 2008

Form 604

Corporations Law Section 671B

Notice of change of interests of substantial holder

Independence Group NL To:

ACN/ ARSN: 092 786 304

Details of substantial holder $\mathbf{1}$

Name Orion Asset Management Limited

ACN/ ARSN: 092 873 160

There was a change in the interests of the substantial holder on 5 September 2008.

The previous notice was given to the company on 6 May 2008.

The previous notice was dated 2 May 2008.

$2.$ Previous and present voting power

The total number of votes attached to all the voting shares in Independence Group NL that Orion Asset Management Limited had a relevant interest in when last required, and when now required, to give a substantial holding notice to Independence Group NL and the ASX, are as follows:

Class of Securities	Previous Notice		,,,,,,,,,,,,, Present Notice
122137	Person's Votes	,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Voting Power	Person's Votes	Votinc	----- Power
_ Ordinary	6,303,190	5.39% $- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -$	.7.767 ' 50 ALLENWING	6.42%

Changes in Relevant Interests 3.

Particulars of each change in, or change in the nature of, a relevant interest of Orion Asset Management Limited in voting securities of Independence Group NL, since Orion Asset Management was last required to give a substantial holding notice to Independence Group NL and the ASX are as follows:

Date of Change	Person whose relevant interest changed	Nature of change	Consideration given in relation to change	Class of securities affected	Number of securities affected	Current Person's votes affected
2 May $2008 - 5$ Sept 2008	Orion Asset Management Limited	Sell	Average Price - \$6.57	Ordinary Shares	325,772	0.28%
2 May $2008 - 5$ Sept 2008	Orion Asset Management Limited	Acquisitions	Average Price - \$6.09	Ordinary Shares	1.530.349	1.31%

÷.

4. Present Relevant Interests

Particulars of each relevant interest of Orion Asset Management Limited in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder	Nature of relevant interest	Class and number of securities	Person's votes
			Ability to
Orion Asset	RBC Global Services Australia	Orion Asset Management	influence the voting and	Ordinary
Management Limited	Pty Limited	Limited	disposal of shares	700,111	0.60%
			Ability to
Orion Asset	JP Morgan	Orion Asset	influence the
Management	Nominees Australia	Management	voting and	Ordinary
Limited	Limited	Limited	disposal of shares Ability to	4,166,601	3.56%
Orion Asset		Orion Asset	influence the
Management	State Street	Management	voting and	Ordinary
Limited	Australia Limited	Limited	disposal of shares	1,198,139	1.03%
			Ability to
Orion Asset		Orion Asset	influence the
Management Limited	ANZ Custodian Services	Management Limited	voting and disposal of shares	Ordinary 94,046	0.08%
			Ability to
Orion Asset		Orion Asset	influence the
Management	BNP Paribas	Management	voting and	Ordinary
Limited	Securities Services	Limited	disposal of shares	880,545	0.75%
		Orion Asset	Ability to influence the
Orion Asset Management	The Northern Trust	Management	voting and	Ordinary
Limited	Company	Limited	disposal of shares	61,731	0.05%
			Ability to
Orion Asset		Orion Asset	influence the
Management	National Nominees	Management	voting and disposal of shares	Ordinary 217,055	0.19%
Limited		Limited	Ability to
Orion Asset		Orion Asset	influence the
Management	Citicorp Nominees	Management	voting and	Ordinary
Limited	Pty Ltd	Limited	disposal of shares	189,539	0.16%

5. Changes in Association

$\bar{z}$

The persons who have become associates of, ceased to be associates of, or have changed the nature of their association with, Orion Asset Management Limited in relation to voting interests in the company are as follows:

Which was a strong and the company of the con- Name and ACN	Nature of Association
Not applicable	Not applicable ------- ---
Not applicable AMERICA	Not applicable -----

6. Addresses

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

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 St, Melbourne, VIC 3000
BNP Paribas Securities Services	Level 8, 60 Castlereagh St, Sydney, NSW, 2000
Orion Asset Management Limited	Level 23, 1 Alfred Street, Sydney, NSW, 2000
The Nothern Trust Company	168 Robinson Road, #37-01 Capital Tower, SINGAPORE 068912
National Nominees	Level 5, 271 Collins Street Melbourne VIC 3000
Citicorp Nominees Pty Ltd	Level 5, 120 Collins Street, Melbourne, VIC, 3000

Name:

$\mathcal{A}$

$\bar{z}$

Tim Ryan

$\mathcal{L}$

Capacity:

Director

Signature:

$\mathbb{Z}$

Date:

$97/98$