IGO LIMITED — Major Shareholding Notification 2016

Nov 2, 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 02/11/2016 The previous notice was given to the company on 28/10/2016 The previous notice was dated 28/10/2016

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	63,190,940	58.48% (based on108,057,031 ordinaryshares on issue)	64,844,568	60.01% (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
31/10/2016	Independence	On-market purchases aspermitted by section 611 Item 2of the Corporations Act.	Total of $60,895.00cash	320,500 fully paidordinary shares	320,500
31/10/2016	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	491,628 fully paidordinary shares	491,628
01/11/2016	Independence	On-market purchases aspermitted by section 611 Item 2of the Corporations Act.	Total of $45,600.00cash	240,000 fully paidordinary shares	240,000
02/11/2016	Independence	On-market purchases aspermitted by section 611 Item 2of the Corporations Act.	Total of $38,950.00cash	205,000 fully paidordinary shares	205,000

	02/11/2016	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	396,500 fully paidordinary shares	396,500

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	Zero Nominees Pty Ltd	Independence	Independence has a relevantinterest under section 608(1)of the Corporations Act.	58,527,258 fully paidordinary shares	58,527,258
			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	5,551,810 fully paidordinary shares	5,551,810
			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
Independence	ordinary shares on-market (pendingsettlement of on-market	Independence	subject of the on-marketpurchase have not yet beentransferred from the sellers.	765,500 fully paidordinary shares	765,500
	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 listedin Annexure A	Suite 4, Level 5, South Shore Centre, 85 South Perth Esplanade, South Perth, WesternAustralia
Zero Nominees Pty Ltd	Level 18, 58 Mounts Bay Road, Perth, WA 6000

Signature

print name JOANNE MCDONALD capacity Company Secretary sign here date 02/11/2016

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 2 November 2016

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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)