IGO LIMITED — Major Shareholding Notification 2011

Mar 15, 2011

Facsimile Transmission

Date:	16/03/11
To:	ASX Announcements
Company:	ASX
Fax number:	1300 135 638
From:	Andrew Lane
Total pages:	4
(including this one)
Subject:	Form 604 - Notice Of Change Of Interests Of Substantial Holder

Message: Good Afternoon

Please find attached Form 604 - Notice Of Change Of Interests Of Substantial Holder for Independence Group NL.

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

Kind Regards

$\mathcal{O}$

Andrew Lane 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 604

Corporations Law Section 671B

Notice of change of interests of substantial holder

To: Independence Group NL

ACN/ARSN: 092 786 304

$\mathbf{1}$ . Details of substantial holder

Name Orion Asset Management Limited

ACN/ARSN: 092 873 160

There was a change in the interests of the substantial holder on 14 March 2011.

The previous notice was given to the company on 28 September 2010.

The previous notice was dated 30 September 2010.

$2.$ 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
	Person's Votes	Votina Power	Person's Votes ********	Votina	Power
Ordinary	7.101.174	6.24%	7.213.326	5.20%

3. Changes in Relevant Interests

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 aiven In relation to change	Class of securities affected	Number of securities affected	Current Person's votes affected
29 Sept 2010 to 14 March 2011	Orion Asset Management Limited	Sell	Average Price - \$6.97	Ordinary Shares	1,359,851	0.98%
29 Sept 2010 to 14 March 2011	Orion Asset Management Limited	Acquisitions	Average Price - \$6.65	Ordinary Shares	1,472,003	1.06%
19/08/09 to 11/05/10	Treasury Group Limited	Net of above	Net of above	As above	Net of above	Net of above

The shares in issue have changed in the period.

$1.11111111111111111111111111111111111$

$\overline{\mathbf{4}}$ Present Relevant Interests

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

Holder of	Registered holder	Person	Nature of	Class and	Person's
relevant	of securities	entitled to	relevant Interest	number of	votes
interest		be registered		securities
		as holder
			Ability to
Orion Asset	RBC Global	Orion Asset	influence the
Management	Services Australia	Management	voting and	Ordinary
Limited	Pty Limited	Limited	disposal of shares	228,610	0.17%
			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	5,170,971	3.73%
		Orion Asset	Influence the
Orion Asset Management	State Street	Management	voting and	Ordinary
Limited	Australia Limited	Limited	disposal of shares	1,102,678	0.79%
			Ability to
Orion Asset		Orlon Asset	influence the
Management	BNP Paribas	Management	voting and	Ordinary
Limited	Securities Services	Limited	disposal of shares	711,067	0.51%
			TRG holds over
			20% of the voting
			power in its
			investment
			managers
Treasury		As per	pursuant to
Group	As per column	column	Section 608(3)(a)	Ordinary
Limited	above	above		7,213,326	5.20%

5. Changes in Association

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:

Name and ACN	Nature of Association
Not applicable	Not applicable
'Not applicable --	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
BNP Paribas Securities Services	Level 8, 60 Castlereagh St, Sydney, NSW, 2000
Orion Asset Management Limited	Level 23, 1 Alfred Street, Sydney, NSW, 2000
Treasury Group Limited	Level 5, 50 Margaret St Sydney NSW 2000

Name:

Tim Ryan

Capacity: Director

Signature:

Ź $\overline{\phantom{a}}$

Date:

$16/03/11$