IGO LIMITED — Major Shareholding Notification 2016

Oct 25, 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 25/10/2016 The previous notice was given to the company on 21/10/2016 The previous notice was dated 21/10/2016

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:

	Previous notice		Present notice
Class of securities (4)	Person’s votes	Voting power(5)	Person’s votes	Voting power(5)
		50.92% (based on		52.01% (based on
Fully paid ordinary shares	55,024,380	108,057,031 ordinary	56,200,801	108,057,031 ordinary
		shares on issue)		shares 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
24/10/2016	Independence	On-market purchases aspermitted by section 611 Item 2of the Corporations Act.	Total of $79,800.00cash	420,000 fully paidordinary shares	420,000
		Acquisition of a relevant
		interest as a result of
24/10/2016	Independence	acceptances of offers dated 17October 2016 under IGO’stakeover bid for all of the fullypaid ordinary shares inWindward on the terms set out	$0.19 for eachordinary Windwardshare, subject to theterms of the Offer	161,000 fully paidordinary shares	161,000
		in IGO’s bidder’s statement
		dated 10 October 2016 (Offer).
25/10/2016	Independence	On-market purchases aspermitted by section 611 Item 2of the Corporations Act.	Total of $54,324.99cash	285,921 fully paidordinary shares	285,921
		Acquisition of a relevant
		interest as a result of
25/10/2016	Independence	acceptances of offers dated 17October 2016 under IGO’stakeover bid for all of the fullypaid ordinary shares inWindward on the terms set out	$0.19 for eachordinary Windwardshare, subject to theterms of the Offer	309,500 fully paidordinary shares	309,500
		in IGO’s bidder’s statement
		dated 10 October 2016 (Offer).

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.	55,024,380 fully paidordinary shares	55,024,380
Independence	Various offerees whohave accepted the Offer	Independence	Independence has a relevantinterest under section 608(1)and/or section 608(8) of theCorporations Act. The shareswhich are the subject ofacceptances of the Offer havenot yet been transferred fromthe offerees.	470,500 fully paidordinary shares	470,500
Independence	Various sellers ofordinary shares on-market (pendingsettlement of on-marketpurchases)	Independence	Independence has a relevantinterest under section 608(1)and/or section 608(8) of theCorporations Act.The shares which are thesubject of the on-marketpurchase have not yet beentransferred from the sellers.IGO’s power to vote or disposeof the shares the subject of theon-market purchases isqualified since it is notpresently registered as theholder of the shares.	705,921 fully paidordinary shares	705,921

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
Zero Nominees Pty Ltd	Level 18, 58 Mounts Bay Road, Perth, WA 6000

Signature

print name JOANNE MCDONALD capacity Company Secretary sign here date 25/10/2016

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 25 October 2016

==> picture [108 x 53] 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)