IGO LIMITED — Major Shareholding Notification 2016

Nov 13, 2016

Form 604 Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme Windward Resources Ltd ( Windward )

ACN/ARSN

158 432 270

1. Details of substantial holder (1)

Name Independence Group NL (ACN 092 786 304) ( Independence ) and each of the entities listed in Annexure A ACN/ARSN (if applicable) See Annexure A

There was a change in the interests of the

substantial holder on N/A – clarification of nature of Independence’s relevant interest in Windward shares as set out in section 4 below. The previous notice was given to the company on 14/11/2016 The previous notice was dated 13/11/2016

2. Previous and present 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 or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice	Previous notice	Present notice	Present notice
	Person’s votes	Voting power(5)	Person’s votes	Voting power(5)
Fully paid ordinary shares	98,303,789	90.97% (based on108,057,031 ordinaryshares on issue)	98,303,789	90.97% (based on108,057,031 ordinaryshares on issue)

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date ofchange	Person whoserelevant interestchanged	Nature ofchange (6)	Considerationgiven in relationto change (7)	Class andnumber ofsecuritiesaffected	Person’s votesaffected
N/A	N/A	N/A	N/A	N/A	N/A

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder ofrelevantinterest	Registeredholder ofsecurities	Person entitledto be registeredas holder (8)	Nature of relevantinterest (6)	Class andnumber ofsecurities	Person’s votes
Independence	Independence	Independence	Independence has a relevantinterest under section 608(1)of the Corporations Act.	97,213,376 fully paidordinary shares	97,213,376
			Independence has a relevant
			interest under section 608(1)
			and/or section 608(8) of the
Independence	Various offerees whohave accepted the Offer	Independence	Corporations Act. The shareswhich are the subject of	856,241 fully paidordinary shares	856,241
			acceptances of the Offer have
			not yet been transferred from
			the offerees.

Independence has a relevant interest under section 608(1) and/or section 608(8) of the Corporations Act. Various sellers of The shares which are the ordinary shares onsubject of the on-market 234,172 fully paid Independence market (pending Independence purchase have not yet been 234,172 settlement of on-market transferred from the sellers. ordinary shares purchases) IGO’s power to vote or dispose of the shares the subject of the on-market purchases is qualified since it is not presently registered as the holder of the shares.

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)		Nature of association
N/A	N/A

6. Addresses

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

Name Address Independence and each company listed Suite 4, Level 5, South Shore Centre, 85 South Perth Esplanade, South Perth, Western in Annexure A Australia

Signature

print name JOANNE MCDONALD sign here

capacity Company Secretary date 14/11/2016

ANNEXURE A

This Annexure A of 1 page referred to in Form 604 – Notice of change of interests of substantial holder signed by me and dated 14 November 2016

==> picture [108 x 54] intentionally omitted <==

Joanne McDonald Company Secretary Independence Group NL (ACN 092 786 304)

Related bodies corporate of Independence Group NL (ACN 092 786 304)

Independence Long Pty Ltd (ACN 098 270 789) Independence Jaguar Pty Ltd (ACN 060 620 751) Independence Karlawinda Pty Ltd (ACN 146 899 863) Independence Newsearch Pty Ltd (ACN 142 192 701) Independence Nova Holdings Pty Ltd (ACN 009 150 083) Independence Nova Pty Ltd (ACN 146 091 527) Independence Europe Pty Ltd (ACN 167 644 519) Independence Stockman Parent Pty Ltd (ACN 124 695 549) Independence Stockman Project Pty Ltd (ACN 124 695 567) Independence Jaguar Project Parent Pty Ltd (ACN 145 736 278) Independence Jaguar Project Pty Ltd (ACN 145 739 251) Independence Group Europe AB (entity registered in Sweden)