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 11/11/2016 The previous notice was given to the company on 08/11/2016 The previous notice was dated 08/11/2016

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	96,812,508	89.59% (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
09/11/2016	Independence	Acquisition of a relevantinterest as a result ofacceptances of offers dated 17October 2016 under IGO’stakeover bid for all of the fullypaid ordinary shares inWindward on the terms set outin IGO’s bidder’s statementdated 10 October 2016 (Offer).	$0.19 for eachordinary Windwardshare, subject to theterms of the Offer	400,868 fully paidordinary shares	400,868
10/11/2016	Independence	On-market purchases aspermitted by section 611 Item 2of the Corporations Act.	Total of $16,340.00cash	86,000 fully paidordinary shares	86,000
10/11/2016	Independence	Acquisition of a relevantinterest as a result ofacceptances of the Offer.	$0.19 for eachordinary Windwardshare, subject to theterms of the Offer	524,892 fully paidordinary shares	524,892
11/11/2016	Independence	On-market purchases aspermitted by section 611 Item 2of the Corporations Act.	Total of $28,152.68cash	148,172 fully paidordinary shares	148,172
11/11/2016	Independence	Acquisition of a relevantinterest as a result ofacceptances of the Offer.	$0.19 for eachordinary Windwardshare, subject to theterms of the Offer	331,349 fully paidordinary shares	331,349

4. Present relevant interests

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

		Holder ofrelevant	Registeredholder of	Person entitledto be registered	Person entitledto be registered	Nature of relevant	Nature of relevant	Class andnumber of	Class andnumber of	Person’s votes	Person’s votes
		interest	securities	as holder (8)		interest (6)		securities
						Independence has a	relevant
		Independence	Independence	Independence		interest under section	608(1)	90,351,813 fuordinary sh	lly paidares	90,351,813
						of the Corporations A	ct.
						Independence has a	relevant
						interest under sectiond/ i 6088	608(1)f h
		Independence	Various offerees who	Independence		anor secton (Corporations Act. Th	o tee shares	7,717,804 ful	ly paid	7,717,804
			have accepted the Offer			which are the subjectacceptances of the O	offfer have	ordinary sh	ares
						not yet been transferrthe offerees	ed from
						.
						Independence has ainterest under section	relevant608(1)
						and/or section 608(8)	of the
						Corporations Act.
			Various sellers ofordinary shares on-			The shares which aresubject of the on-mar	theket
		Independence	market (pending	Independence		purchase have not ye	t been	234,172 fullyordinary sh	paidares	234,172
			settlement of on-marketpurchases)			transferred from the sIGO’s power to vote	ellers.or dispose
						of the shares the subon-market purchases	ject of theis
						qualified since it is nol id	th
						presenty regstereholder of the shares.	s te

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 listedin Annexure A	Suite 4, Level 5, South Shore Centre, 85 South Perth Esplanade, South Perth, WesternAustralia

Signature

print name JOANNE MCDONALD capacity Company Secretary sign here date 13/11/2016

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 13 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)