IGO LIMITED — Major Shareholding Notification 2009

Aug 18, 2009

Facsimile Transmission

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

19.08.09 ASX Announcements 1300 135 638 Melanie Hassapis

Form 603 - Notice of Initial Substantial Holdings.

Message: Good afternoon

Please find attached Form 603 - Notice of Initial Substantial Holdings for Independence Group NL.

Please do not hesitate to contact me should you have any queries.

Kind regards,

Melanie Massapis 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

Independence Group NL To:

ACN 092 786 304

1. Details of Substantial holder

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

18^th August 2009 The Holder became a substantial holder on:

2. Details of Voting Power

The total number of votes attached to ail 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	5,902,977	5,902,977	5.19%

Orion Asset Management incorporates all client holdings in the total holdings reported

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.	476,601
ANZ Custodian Services	Ability to influence the voting and disposal of	Ordinary
Limited	the shares.	90.113
State Street Australia	Ability to influence the voting and disposal of	Ordinary
Limited	the shares.	810.194
BNP Paribas Securities	Ability to influence the voting and disposal of	Ordinary
Services	the shares.	781,842

JP Morgan Nominees Australia Limited	Ability to influence the voting and disposal of the shares.	Ordinary 3,531,411
Northern Trust	Ability to influence the voting and disposal of the shares.	Ordinary 34,488
National Nominees	Ability to influence the voting and disposal of the shares.	Ordinary 178,328

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 476,601
Orion Asset Management Limited	Investment in the ordinary course	ANZ Custodian Services Limited	Ordinary 90.113
Orion Asset Management Limited	Investment in the ordinary course	Northern Trust	Ordinary 34,488
Orion Asset Management Limited	Investment in the ordinary course	BNP Paribas Securities Services	Ordinary 781,842
Orlon Asset Management Limited	Investment in the ordinary course	JP Morgan Nominees Australia Limited	Ordinary 3,531,411
Orion Asset Management Limited	Investment in the ordinary course	State Street Australia Limited	Ordinary 810,194
Orion Asset Management Limited	Investment in the ordinary course	National Nominees	Ordinary 178,328

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	Cash	Class	Number of Shares
Orion Asset Management Limited	Four months prior to 17 th August 2009	Weighted average price of \$4.46	Ordinary	1,012,928

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

7. Addresses

The addresses of persons named in this form are:

Name	Address
RBC Global Services Australia Pty Limited	Level 17, 56 Pitt Street, Sydney, NSW 2000
JP Morgan Nominees Australia Limtied	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
The Northern Trust Company	One George Street $#12-06$ Singapore 049145
BNP Paribas Securities Services	Level 8, 60 Castlereagh St, Sydney, NSW, 2000
Orion Asset Management Limited	Level 23, 1 Alfred Street, Sydney, NSW, 2000

Name:

Tim Ryan

Capacity: Director

Signature:

Date: $19/08/09$ .